The Daily Hit Archives - Page 2 of 4 - Green Market Report

StaffMarch 24, 2022
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9min5610

The Daily Hit is a recap of the top business stories in the cannabis industry for March 24, 2022.

On The Site

Col-Care

Columbia Care Inc. (CSE: CCHW) (OTCQX: CCHWF) reported revenue in the fourth quarter of 2021 rose 70% over last year to $139 million and increased 5% sequentially from the third quarter’s revenue of $132 million. Columbia Care said that whole revenue accounted for 19% of the fourth-quarter sales. The full-year 2021  revenue rose 156% to $460 million from 2020’s revenue of $179 million. The net losses increased in 2021 to $146 million from 2020’s net loss of $119 million. Read more here.

Charlotte’s Web

Charlotte’s Web Holdings, Inc. (TSX: CWEB) (OTCQX: CWBHF) reported that fourth-quarter revenue fell 7.8 % to $24.8 million from $26.9 million for the same time period in 2020. This missed the Yahoo Finance average analyst estimate for revenues of $27 million. The company blamed the drop on sales and channel mixes and competitive DTC pricing. The net loss for the quarter was an eye-popping $118 million or ($0.86) per share. This missed the analyst estimates for a loss of ($0.05) per share. Charlotte’s Web said it recognized impairments of $76 million related to goodwill and $22 million related to customer relationships, trade names, and other long-lived assets. The impairments were primarily triggered as a result of the decrease in the company’s market capitalization in the fourth quarter of 2021. This resulted in impairment charges of $98 million which were factored into the net losses. Read more here.

Jushi

Jushi Holdings Inc. (CSE: JUSH) (OTCQX: JUSHF) announced its financial results for the fourth quarter of 2021 and the full year ended December 31, 2021. Jushi said its total revenue rose 104% to $65.9 million over last year and increased 22% sequentially. The company attributed the sequential growth in revenue to the acquisition of Nature’s Remedy in Massachusetts, strong revenue growth at the company’s BEYOND / HELLO stores in Virginia and Illinois, and increased wholesale activity at the Company’s grower-processor facilities in Pennsylvania and Virginia. The net income was $9.1 million, or $0.05 per basic share with net loss per diluted share of $(0.14). Read more here

Hempacco

Hempacco applied to list its common stock on the Nasdaq Capital Market, under the symbol “HPCO.” In its filing, the company said it is focused on Disrupting Tobacco by manufacturing and selling nicotine-free and tobacco-free alternatives to traditional cigarettes. The company says it is using a proprietary, patented spraying technology for terpene infusion and patent-pending flavored filter infusion technology to manufacture hemp and herb-based smokable alternatives. Read more here.

Mushrooms

Medicinal mushrooms have major potential health benefits and are big business for makers of supplements, beauty products, confections and more. These medicinal fungi are finding their way into many of today’s cannabis product line-ups, such as CBD Tea’s CBD Mushroom Defense and the CBDFx line of CBD and mushroom tinctures that boast a supercharged synergy between CBD and mushrooms. The integration of medicinal mushrooms and cannabis has been seamless overall, without many of regulatory snafus that would plague a product made with “magic mushrooms”, aka fungi with the naturally-occurring hallucinogenic compound psilocybin. But that doesn’t mean such products aren’t finding their way into consumers’ hands at a steadily increasing rate. Read more here.

In Other News

Clever Leaves

Clever Leaves Holdings Inc. (Nasdaq: CLVR, CLVRW) reported financial and operating results for the fourth quarter and full-year ended December 31, 2021. Revenue increased 27% to $15.4 million compared to $12.1 million. Cannabinoid revenue increased 29% to $3.2 million compared to $2.5 million, and non-cannabinoid revenue increased 26% to $12.1 million compared to $9.6 million. Read more here.

Simplifya

Simplifya announced it launched a suite of cannabis compliance solutions for businesses in Connecticut, expanding the reach of the Company’s footprint to 25 states. The suite of services includes Simplifya Standard Operating Procedures (SOPs), Simplifya Smart Cabinet and Simplifya Self Audit, which have been specifically designed to help cannabis businesses stay up to date and remain compliant under Connecticut’s laws, as well as manage risks in a cost-effective way. Read more here.


StaffMarch 22, 2022
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7min6190

This is the Daily Hit recap of the day’s top business stories in the cannabis industry for March 22, 2022.

On The Site

Slang

SLANG Worldwide Inc. (CSE: SLNG) (OTCQB: SLGWF)  issued a letter to its shareholders from its Interim CEO and Chairman of Slang, Drew McManigle outlining the company’s reduction in operating costs. Four months ago, Slang overhauled its C-suite tossing CEO Chris Driessen and appointing McManigle as interim CEO and Chairman. McManigle also succeeded Peter Miller as Chairman of the Board.  McManigle is the Founder and Chief Executive Officer of MACCO Restructuring Group, LLC and he planned on tapping Macco’s resources for rapid strategic reviews and business plan implementation. Read more here

NY

The Westchester Business Journal reported that the planning board in the Town of Wawarsing in Ulster County has approved plans for Valley Agriceuticals LLC, whose parent company is Cresco Labs (OTC: CRLBF), to build 380,000-square-foot marijuana cultivation, manufacturing and distribution facility. The Business Journal said it was advised that passage of the approval resolution means that the developer can move forward with building the project. Once completed, the facility could end up employing over 300 people and Cresco has said it could be a $50 million investment for them. Read more here.

NeonMind

NeonMind Biosciences Inc. (CSE:NEON)(OTCQB:NMDBF) has filed a new patent application with the United States Patent and Trademark Office (USPTO) related to a novel mechanism of weight loss targeted to specific fat subtypes. The provisional patent application includes data derived from NeonMind’s recent preclinical animal study, incorporating novel findings which indicate, in addition to reiterating weight modulation effects of psilocybin seen in previous studies, that the targeted reduction of specific fat subtypes may have beneficial effects on metabolic and cardiovascular health. Read more here.

In Other News

Miss Grass

Miss Grass, a female-founded and community-driven cannabis brand, announces that it has partnered with Ascend Wellness Holdings, Inc. (CSE: AAWH.U) (OTCQX: AAWH), a multi-state, vertically integrated cannabis operator focused on bettering lives through cannabis, to distribute its line of premium THC to Massachusetts and Illinois. The partnership comes on the heels of Miss Grass’ full-scale rebrand launched earlier this month. Through this partnership, Miss Grass products will be produced and initially distributed at Ascend retail locations beginning in Massachusetts today, March 22, with Illinois to follow this year. This partnership advances Miss Grass’ mission to educate, equip and empower consumers with the resources to consume consciously and live vibrantly by expanding access to their carefully curated, effects and terpene-driven Mini pre-rolls to a broader community across the United States. Read more here.

InterCure

InterCure Ltd. (NASDAQ: INCR) (TSX: INCR.U) (TASE: INCR) (dba Canndoc)and Clever Leaves Holdings Inc. (NASDAQ: CLVR, CLVRW), a leading multinational operator and licensed producer of pharmaceutical-grade cannabinoids, today announced the execution of exclusive multi-year cultivation, marketing and distribution agreement. Over the term of the Agreement, InterCure will have access to Clever Leaves’ high-THC medical cannabis flower to serve several medical cannabis markets, including the Israeli market. As part of the partnership, Clever Leaves will cultivate InterCure’s high-quality strains to launch InterCure’s EU-GMP compliant branded products within the EU, UK and South American markets.

Tilt

TILT Holdings Inc.  (NEO:TILT) (OTCQX: TLLTF) announced the company expanded its leadership team by hiring Lynn Ricci as VP Investor Relations and Corporate Communications. Ms. Ricci joined TILT in March 2022, bringing her deep investor relations and corporate communications expertise and cannabis industry knowledge to the team.  Prior to joining TILT, Ms. Ricci was head of investor relations and communications and led ESG and DEI initiatives at Trulieve Cannabis Corp.  

 


StaffFebruary 16, 2022
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6min7890

The Daily Hit is your rundown of the business stories for the cannabis industry on February 16, 2022.

On The Site

Icanic

Despite numerous other cannabis companies managing to complete their bookkeeping during the pandemic, Icanic Brands (OTC: ICNAF) is now blaming Covid as the reason its financial filings are late. The delay has resulted in a cease trade order by the British Columbia Securities Commission under National Policy 11-207. The financials are related to the fiscal year ending in July 2021 and the quarter ending in October 2021. Icanic has already received one extension from the BC Securities Commission that ended on February 11, 2022. Read more here.

InterCure

Israeli-based cannabis producer InterCure Ltd. (NASDAQ: INCR) also known as Canndoc is buying medical cannabis company Cann Pharmaceutical Ltd. also known as Better in a deal valued at $35 million. It is expected to close at the beginning of the third quarter of 2022. InterCure is Israel’s largest licensed cannabis producer and one of the first to offer Good Manufacturing Practices (GMP) certified and pharmaceutical-grade medical cannabis products. InterCure leverages its market-leading distribution network, international partnerships, and a high-margin vertically integrated “seed-to-sale” model to lead the fastest growing cannabis global market outside of North America. Read more here.

Field Trip

Field Trip Health Ltd. (NASDAQ: FTRP) reported its third fiscal quarter 2022 results for the three months ending December 31, 2021 and gave a business update. Field Trip reported that it had earned patient services revenues of $1,360,811, an increase of 50% over the prior quarter and 330% year over year. The company also noted that it had approximately $74.5 million in unrestricted cash and cash equivalents and short-term investments at the end of 2021. The company also delivered a net loss for the third fiscal quarter of $14 million, which the company attributed to total operating costs of $15 million of which $2 million was related to non-cash share-based compensation and $1 million was related to non-cash depreciation and amortization and a foreign exchange loss $479,255. Read more here.

In Other News

Decibel

Decibel Cannabis Company Inc. (OTCQB: DBCCF) posted an update on its recent Canadian recreational market share.

Market Share in Decibel’s Major Markets

  • Record 4.3% recreational market share in January over 4.2% in December 2021

National Market Share

  • Decibel’s market share has grown from 3.4% to 3.6% over the same period

Ontario Market Share

  • Decibel’s market share has grown from 3.1% to 3.2% over the same period

Read more here.

Cansativa

Cansativa Group announced that it has closed a $15M Series B investment. The funding round was led by Casa Verde with participation by Argonautic Ventures and Munich-based family office Alluti. This represents Casa Verde’s largest investment in Germany and in Europe to date. Given its exclusive relationship with German regulator, the Federal Institute for Drugs and Medical Devices (BfArM), Cansativa is the only company permitted to distribute domestically-grown medical cannabis. Read more here.


StaffFebruary 15, 2022
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7min7640

On The Site

MedMen

Ascend Wellness (OTC: AAWH) has pulled off the gloves in its latest complaint (filed on February 14, 2022) against MedMen (OTC: MMNFF) calling the company, “A broken and mismanaged cannabis company that has repeatedly reneged on its promises to its employees, suppliers, shareholders, medical marijuana patients, regulators, and now Ascend.” MedMen had agreed to sell its New York assets to Ascend, but the deal was contingent upon New York State giving approval to the deal. The state regulators gave an ambiguous approval in December but tried to clarify that language in the waning hours of 2021. MedMen has since refused to close the deal saying the state hadn’t really given final approval and accusing the state and Ascend of influence peddling. Read more here

Cann

Infused beverage company and celebrity favorite Cann announced a $27 million Series A funding round coming from fresh institutional capital as well as existing investors like  Imaginary Ventures who added to its original investment. Cann was launched in 2019 and raised $5 million in a seed round in 2020. Cann added its newest celebrity investors Nina Dobrev, Julianne Hough, Sara Foster, Paul Scheer, and Adam Devine. They join current investors, Gwyneth Paltrow, Baron Davis, Rebel Wilson, Kate Hudson, Rosario Dawson, Darren Criss, Casey Niestat, Tove Lo, and Bre-Z. Read more here.

iPower

Hydroponic equipment company iPower Inc. (Nasdaq: IPW) reported its financial results for its fiscal second quarter ended December 31, 2021, with total revenue increasing 52% to $17.1 million. iPower said that the increase was driven by greater in-house product sales and strong demand for ventilation products. The company reported that its net income increased 39% to $0.8 million or $0.03 per share. Read more here

Acquisitions

With so many deals never making it to the finish line, two cannabis companies closed on strategic deals today. Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) completed the acquisition of an operational 64,000 sq. ft. cultivation facility in Phoenix, Arizona. Trulieve said it will pay $13.75 million cash at closing, with potential milestone payments subject to earn-out and escrow requirements. Ayr Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF) has closed the acquisition of Cultivauna, LLC, the owner of Levia branded cannabis-infused seltzers and water-soluble tinctures. Read more here.

KetaDASH

Ehave, Inc. (OTC Pink: EHVVF) reported that its wholly-owned subsidiary, KetaDASH has started clinical operations that are offering in-home ketamine therapy to patients suffering from treatment-resistant mental health issues. Ehave said that the treatment will be offered in the San Francisco Bay Area and Greater Sacramento Area first with plans to expand to other markets in the coming months. Read more here.

In Other News

Aleafia Health Inc.

Aleafia Health Inc. (OTCQX: ALEAF) reported its financial results for the three and 12 months ended December 31, 2021, last after the market closed on Monday. Net revenue was $36.1 million for the 12 months ending December versus $44.5 million in the 12 months ending December 2020. For the fourth quarter, net revenue was $8.8 million, compared with $15.2 million in Q4 2020. The company said the decline in net revenue was based on shifting from lower margin, higher volume bulk wholesale commodity cannabis revenue to higher-margin, higher potency and innovative adult-use products, offering a unique value proposition. Read more here.


StaffJanuary 10, 2022
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5min7350

It’s time for your Daily Hit of cannabis financial news for January 10, 2021.

On The Site

Tilray

Tilray, Inc.  (Nasdaq: TLRY) stock is popping over 11% in early trading as the company turned in a solid earnings report for the second fiscal quarter ending November 30, 2021. As shares were lately trading at $7.25, Tilray reported revenue increasing approximately 20% to $155 million versus last year’s $129 million for the same time period. However, analysts had estimated Tilray would report revenue of roughly $170 million causing the company to miss expectations for the second quarter in a row.

Tilray outlined the increases with a 7% growth in cannabis revenue to $58.8 million, net beverage alcohol revenue of $13.7 million from SweetWater, and wellness segment revenue of $13.8 million from Manitoba Harvest. The net income increased to $6 million from a net loss of $89 million in the previous year’s quarter. The earnings per share came in flat, which did beat analysts’ estimates that ranged from a loss of ($0.08) to a loss of ($0.13.)

Virginia

Even as cannabis companies are making lots of noise about their social equity actions, Republicans are quickly moving to strip out any efforts to level the playing field. The latest move is by Virginia’s legislation. The state’s SB107 was filed on January 6 and is scheduled to be offered on January 12, 2022. What is notable about the legislation is that 30% of the tax revenue was originally carved out to go to the Cannabis Equity Reinvestment Fund established pursuant to § 2.2-2499.8 and instead is being directed to the general fund. Sources told Green Market Report that legislators were calling the program, “give a felon a license.”

Paul McLean of the Virginia Minority Cannabis Coalition one of the most respected new voices within the Virginian cannabis industry said, “The SB107 appears to be the first move in dismantling social equity in Virginia. Having funding is essential to the success of an equity program, and eliminating that funding is a slap in the face to those who have worked so hard to ensure Virginia has a healthy and equitable cannabis market. Part of what VMCC is doing with our boot camps is providing funding connections to graduates because of the systemic lack of funding opportunities overall and primarily Black and Brown entrepreneurs, especially those impacted by the war on drugs. We know that our elected officials can do better, and Virginians must demand they do what is fair for their constituents.”

In Other News

Jushi

Jushi Holdings Inc.(OTCQX: JUSHF) announced that Chief Executive Officer, Chairman, and Founder, Jim Cacioppo, has purchased 66,800 Class B Subordinate Voting Shares of the company in the open market for an approximate amount of$220,000. Jim holds in the aggregate, approximately 19.2% of the issued and outstanding Subordinate Voting Shares (calculated in accordance with National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues and on a non-diluted basis).

MindMed

Mind Medicine (MindMed) Inc. (NASDAQ: MNMD) announced the resignation of Stephen Hurst from his role as a Director of the Company’


StaffDecember 9, 2021
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9min9260

It’s time for your Daily Hit of cannabis financial news for December 9, 2021.

On The Site

Fire & Flower

Fire & Flower Holdings Corp. (TSX: FAF) (OTCQX: FFLWF)  is buying Pineapple Express Delivery Inc., Canada’s largest delivery and logistics company serving the cannabis sector in a deal valued at $5.3 million. The transaction is expected to close in the first quarter of 2022.  Pineapple Express said that its revenue for the trailing 12-month period ending October 31, 2021 was approximately $10 million.

Geoff Thompson

It may have taken a while but former Doyen Elements CEO Geoffrey Thompson was charged last week in federal court in Chicago for ripping off cannabis investors to the tune of $950,000. Thompson was charged with one count of wire fraud and the arraignment is set for Dec. 9, 2021, at 11:30 a.m., before U.S. District Judge John F. Kness. Wire fraud is punishable by up to 20 years in federal prison. According to a notice from the Department of Justice, the charge was announced by John R. Lausch, Jr., United States Attorney for the Northern District of Illinois; and Emmerson Buie, Jr., Special Agent-in-Charge of the Chicago Field Office of the FBI.  The government is represented by Assistant U.S. Attorney Matthew Getter.

New Jersey

The New Jersey Cannabis Regulatory Commission has finally approved 14 of the 2019 medicinal cannabis business applications that had been previously held up due to a court-ordered stay of the review process. The commission said that ten applications for cultivation permits and four applications for vertically integrated permits were approved and can begin preparations to serve New Jersey’s medicinal cannabis patients. The group also said that because of increasing patient need, five more cultivation permits were awarded than had been planned in 2019. On December 15, the state will begin to accept applications for adult-use cannabis business licenses.

FundCanna

Financial services industry veteran, Adam Stettner has launched a new lending company, FundCanna to provide financing for growers, manufacturers, retailers, and all participants in the cannabis supply chain.  The company said it raised $30 million but could tap even more through its principals, investors and partners, including an extensive nationwide network built over the last 20+ years of financing American Small Businesses.

Holiday edibles

Do you dream about your favorite holiday cakes, cookies, candies weeks before the holiday begins? If so, you’re not alone. This is according to a survey of 2,000 Americans, who on average, began thinking about holiday treats three whole weeks ahead of the occasion. Even if you don’t celebrate the holidays, closing the year with  decadent desserts in hand is the way to go.  Jushi Holdings’ (CSE:JUSH) recent poll found 9 out of 10 consumers, 91% of respondents, living in a legal state plan to incorporate cannabis into their holiday festivities this year. Cannabis brands know this. That’s why more and more holiday-themed, cannabis-infused edibles are entering the marketplace each year. 

In Other News

iAnthus

iAnthus Capital Holdings, Inc. provided an update with respect to the company’s previously announced recapitalization transaction. On November 4, 2021, iAnthus announced that the Florida Department of Health, Office of Medical Marijuana Use approved the variance request pursuant to Section 381.986(8)(e) of the Florida Statutes filed by the Company’s subsidiary, McCrory’s Sunny Hill Nursery, LLC d/b/a GrowHealthy to approve the prospective change of beneficial ownership of McCrory’s contemplated by the Recapitalization Transaction. On December 6, 2021, the Florida Department of Health issued to the petitioners an “order to show cause” with respect to why the Petition meets the criteria set forth in Rule 28-106.201 and Rule 28-106.301 of the Florida Administrative Code. The petitioners have been ordered to either respond or amend the Petition by December 17, 2021.

As disclosed in the company’s news release dated November 4, 2021, regulatory approvals in Massachusetts, New York, and Maryland necessary to close the Recapitalization Transaction were outstanding. As a result of the filing of the Petition, regulatory approval in Florida remains outstanding until there is a final resolution of the Petition and a final agency order is issued by the OMMU pursuant to the Florida Rules.

Jushi

Jushi Holdings Inc.  (CSE: JUSH) (OTCQX: JUSHF) opened its 27th nationwide dispensary, 17th BEYOND / HELLO™ dispensary in Pennsylvania, and a third store in the Greater Pittsburgh Region through its subsidiary, Franklin Bioscience – SW LLC. BEYOND / HELLO™ Pittsburgh will begin serving Pennsylvania medical marijuana patients and caregivers on Wednesday, December 15, 2021, at 10:00 a.m., providing an unparalleled in-store experience, convenient online reservations available through beyond-hello.com, and in-store express pickup.


Kaitlin DomangueNovember 9, 2021
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4min9100

It’s time for your Daily Hit of cannabis financial news for Tuesday, November 9th, 2021. 

On the Site

Springbig to Go Public Through Tuatara SPAC

Cannabis tech company Springbig is going to become a publicly-traded company through the SPAC Tuatara Capital Acquisition Corporation (NASDAQ: TCAC). The new symbol when the company begins trading on NASDAQ will be SBIG. It is expected to close in the first quarter of fiscal 2022.

iAnthus Reports Falling Revenue As Shareholders Get Another Chance

After the markets closed on Monday, iAnthus Capital Holdings, Inc. (OTC: ITHUF) reported its financial results for the quarter ending September 30, 2021. Revenue for the third quarter was $49.3 million, up 21% from the same quarter in the prior year, but it dropped 9% sequentially. The net loss was $15.8 million, or a loss of $0.09 per share, compared to a net loss of $25.5 million, or a loss of $0.15 per share, in the same quarter in the prior year.

In Other News

Aurora Cannabis Announces Results for First Quarter 2022 

Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB), announced its financial and operational results for the first quarter of 2022. The total cannabis net revenue was $60.1 million, a 10% sequential increase from the prior quarter. The company’s adjusted EBITDA loss was $12.1 million. 

“During the quarter, total cannabis net revenue increased by approximately 10% sequentially, driven by our industry leading and high margin global medical cannabis business. Our premiumization strategy also gained traction, as evidenced by 29% sequential revenue growth in our premium dry flower brands of San Rafael ’71 and Whistler, primarily driven by the launch of three new Coast cultivars,” said Miguel Martin, Chief Executive Officer of Aurora Cannabis. 

Village Farms Announces Third Quarter 2021 Financial Results

Village Farms International, Inc. (NASDAQ: VFF) (TSX: VFF) announced their results for the third quarter of 2021. With the company’s acquisition of hemp company, Balanced Health Botanicals, U.S. and Canadian operations generated $31.2 million in sales. Village Farms finished the quarter with a 44% gross margin, above the company’s target range of 30-40%. The company also launched 31 new SKUs across four product categories. 

“Our strong third quarter results were driven by another record performance from our Canadian cannabis business, Pure Sunfarms, as well as a partial quarter’s contribution from the acquisition of Balanced Health Botanicals, and improved results in our Village Farms Fresh Produce business,” said Michael DeGiglio, CEO, Village Farms.


StaffSeptember 28, 2021
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5min12590

It’s time for your Daily Hit of cannabis financial news for September 28, 2021.

On The Site

Village Farm

Village Farms International, Inc.  (NASDAQ:VFF) (TSX:VFF) has entered into an option agreement to buy an 80% ownership interest in Netherlands-based Leli Holland B.V. for EUR50,000. Leli is one of the ten applicants selected by lottery to receive a license to legally cultivate and distribute cannabis to retailers (known as “coffee shops”) when the Dutch government implements its Experiment to Investigate Closed Cannabis Supply Chains, also known by the Dutch acronym “WECG”). The Dutch Supply Chain Experiment, which is scheduled to operate for a minimum of four years with the potential for national expansions, is expected to be the first legal recreational cannabis market in Europe.

Goodness Growth

Goodness Growth Holdings, Inc.  (CSE: GDNS)(OTCQX: GDNSF) closed on a sale/leaseback deal with Innovative Industrial Properties, Inc. (IIP) (NYSE: IIPR) in New York. Goodness Growth reported that it sold IIP approximately 92.3 acres of land for $1.2 million. The site is next to Goodness Growth’s existing cannabis cultivation and processing facility in Johnstown, New York, which was formerly the site of a juvenile detention center. IIP said it plans to provide a tenant improvement reimbursement to Goodness Growth of roughly $55 million for the construction of a new 324,000 square foot cannabis cultivation, processing, and research and development facility.

SEC

The Securities and Exchange Commission has filed a lawsuit against Wyoming-based VerdeGroup Investment Partners, Inc. and its principal Thomas Gaffney (Gaffney), who is a repeat securities fraud offender. The SEC also included the company’s investor relations contact, Lisa Gordon. They are accused of raising more than $600,000 from over two dozen investors for a cannabis investment that never occurred. The SEC noted that Gaffney has done this before having been previously charged by the SEC and prosecuted by criminal authorities for securities fraud.

In Other News

C21

C21 Investments Inc. (CSE: CXXI) (OTCQX: CXXIF) announced unaudited results for its second-quarter ending July 31, 2021.   Revenue for the second quarter was $9.0 million, down 1.9% from Q1, in line with similar industry trends seen in the Western markets (the State of Nevada reported a 6% decline in cannabis sales from April to June 20212). Despite market conditions, C21 remained focused on sustaining the efficiency of its operations, with the Nevada segment continuing to deliver highly profitable results, including $7.8 million adjusted EBITDA year-to-date. The company reported a Net Income of $3.7 million for Q2 or $0.03 Earnings Per Share and $0.06 EPS year-to-date. This included changes in the fair value of derivative liabilities (see MD&A). Excluding the changes in derivative liabilities, Adjusted Net Income1 was $1.0 million for Q2 or $0.01 Earnings Per Share.

“C21 continues to deliver strong, profitable bottom-line performance with one of the leading cash flow margins in the industry. Cash Flow from Operations was up 32% over Q1 resulting in a reported $0.03 in Earnings per Share, and enabling a further significant reduction in Total Liabilities,” said Sonny Newman, President, and CEO of C21. “We completed our first phase buildout of our cultivation expansion on budget, and expect its first harvest next week, which we anticipate will increase top-line results and further strengthen operating margins going forward. We continue to work diligently to deliver greater scale for the Company.”


StaffJuly 1, 2021
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4min15270

It’s time for your Daily Hit of cannabis financial news for July 1, 2021.

On the Site

Exactus

Hemp CBD company Exactus, Inc. (OTCQB:EXDI) acquired Panacea Life Sciences, Inc., but the amount of the transaction was not disclosed. Panacea Life Sciences is a woman-owned and woman-led company, dedicated to developing and producing legal, hemp-derived cannabinoid products for consumers and pets. Beginning at PANA Organic Botanicals located at Needle Rock and throughout its 51,000 square foot, state-of-the-art, cGMP, extraction, manufacturing, testing and fulfillment center located in Golden, Colorado, Panacea operates in every segment of the CBD product value chain.

Empower

Empower Clinics Inc. (CSE: CBDT)(OTC PINK: EPWCF) released its audited consolidated financial statements in United States dollars. Empower Clinics reported total revenues grew 58% to $3,209,196 for the fiscal year 2020 versus revenues of $2,031,581 for the fiscal year 2021. The company had a net loss of $17,066,311 or $0.09 per share compared to $4,301,663 or $0.04 per share for the fiscal year 2019. the company said this was primarily driven by a non-cash loss on the fair value adjustment related to its warrants outstanding that were impacted by the significant appreciation of the company’s share price (a key input in determining the fair value). 

In Other News

Nabis, California’s largest licensed cannabis wholesale marketplace platform, announced today the company raised $23 million in a Series B funding round. The infusion of capital will support the expansion of Nabis’s online wholesaling business that already distributes more than $350 million worth of cannabis products per year. Prominent Series B investors include FJ Labs, Artemis Growth Partners, Silverleaf Venture Partners, Liquid 2 Ventures and Stanley Tang (Co-Founder, DoorDash). Investors in the company’s $5 million Series A raise, which closed less than a year ago, include Y Combinator and Babel Ventures.

Kadenwood, a leading plant-based wellness company dedicated to fostering consumer trust and transparency, has raised $50 million of cash and media value in a Series B fundraising round with global purpose-led investment house The Craftory and Arcadian Capital Management, and follow-on investments from existing investors. Already the largest U.S. supplier of vertically integrated CBD consumer packaged goods, this latest funding round further accelerates the brand’s mission to normalize CBD in health and wellness products through scale, strategic partnerships, and acquisitions.

 

Truth Enterprises, the parent corporation behind Sacramento-based lbs. Distribution, today announced the oversubscription of a $10M round via private placement offering and priced round to make it over a $11,500,000 raise. The funding will help Truth Enterprises accelerate growth. Truth Enterprises operates several licensed B2B cannabis verticals including a distribution arm (lbs. DistributionTM), cannabis manufacturing, and cultivation. The company operates throughout California and is currently in an aggressive sales push in the Southern California market.


Kaitlin DomangueJune 10, 2021
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3min16170

It’s time for your Daily Hit of cannabis financial news for June 10th, 2021. 

 

On the Site

Executive Spotlight: Meg Sanders

Canna Provisions CEO Meg Sanders is a powerhouse and a connector of people and talents. She took $5mil+ business and turned it into a thriving and growing $100mil+ company in US cannabis. Canna Provisions’ home base is Lee, MA – a small Berkshires rural town. Next on her deck is finding thoughtful new investors that support the vision of what Canna Provisions has successfully built.

 

Terra Tech Announces Pending Acquisition of SilverStreak

Terra Tech Corp. (OTCQX:TRTC) announced their plan to acquire SilverStreak Solutions Inc. The two companies have executed an agreement for the acquisition to take place. The close is expected to occur within 90 to 120 days. After the close, SilverStreak’s CEO, Sterling Harlan, is expected to consult with the company for a period of six months. 

 

In Other News

Washington Cannabis Stores Taking Part in “Joints for Jabs”

Washington cannabis retailers are now able to partake in a program encouraging people to get vaccinated against the coronavirus. Anyone over 21 who gets a shot at an on-site vaccine clinic will get a free pre-rolled joint. Breweries have been offering a similar incentive program. 

 

Ohio Adds Three Conditions to The List of Approved Conditions

The Ohio State Medical Board added three approved conditions for people to seek medical marijuana in the state: 

  • Huntington’s disease.
  • Terminal illness.
  • Spasticity.

The board rejected additional conditions, including: autism spectrum disorder, restless leg disorder, panic disorder with agoraphobia, and spasms. 


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