Tilray Archives - Green Market Report

StaffNovember 2, 2022
daily_hit001.png?fit=1200%2C344&ssl=1

6min10760

The Daily Hit is a recap of cannabis business news for Nov. 2, 2022.

ON THE SITE

Green Thumb Beats on Record Revenue, Circle K Stores Remain in Question

Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) posted positive results that beat analysts’ expectations, with record revenue showing the demand for cannabis even as profits shrink industrywide. Green Thumb reported third-quarter revenue of $261.2 million, up 2.7% sequentially and up 11.8% from the prior-year period. This beat the Yahoo Finance average analyst estimate of $257.3 million. Read more here.

The Parent Company Sells Off Extraction Division

In yet another sign that the licensed California cannabis market is struggling, San Jose-based TPCO Holding Corp. (NEO: GRAM) (OTCQX: GRAMF) announced Wednesday that it had sold off its entire extraction division, a subsidiary called SISU Extraction LLC, for an undisclosed sum. Read more here.

Tilray Inks Distribution Deal with Charlotte’s Web Ahead of Health Canada Review

Tilray Brands Inc. (Nasdaq: TLRY) (TSX: TLRY) has inked a partnership with U.S.-based CBD giant Charlotte’s Web Holdings, Inc. (TSX: CWEB) (OTCQX: CWBHF) to sell hemp extract products in Canada. Under the agreement, Charlotte’s Web’s full-spectrum CBD products will be reach dispensary shelves through Tilray’s distribution network. Previously Charlotte’s Web products were only available in Canada to those that qualified for a special access medical exemption through Health Canada for specific need-states. Read more here.

Scotts Sales Drop 33% in Fourth Quarter, More Than Forecast

The Scotts Miracle-Gro Company (NYSE: SMG) announced in its financial results for the fourth quarter that ended Sept. 30, 2022, that sales fell by 33% to $493.6 million reflecting decreases in both major business segments. This missed the Yahoo Finance analyst estimates for sales of $519 million. Read more here.

Treez Acquires Payment Company Swifter

Cannabis cloud commerce platform company Treez is buying the payment solutions company Swifter. The value of the transaction was not disclosed. However, it does follow Treez Series C funding round of $51 million in April 2022. At the time the company said it would use the new funds to expand its footprint, pursue market expansion opportunities, and invest in partnerships that would connect each link in the supply chain. Read more here.

India Globalization Revenue Rises as it Shaves Losses

India Globalization Capital Inc. (NYSE American: IGC) posted rising revenues and cut losses as it reported its second fiscal quarter 2023 financial results. Revenue was roughly $202,000 for the second quarter, versus $56,000 during the same time last year. The company said that the rise in revenue is due mostly to growing sales of its CBD-based products and services, which increased 345% over last year. Read more here.

IN OTHER NEWS

Heritage Cannabis

Heritage Cannabis Holdings Corp. (CSE: CANN) (OTCQX: HERTF) has entered into an equity line of credit agreement with Obsidian Global Partners LLC whereby Obsidian proposes to purchase common shares in the capital of Heritage for the aggregate gross proceeds of up to $20 million by private placement, at Heritage’s discretion. Read more here.

Cansortium Inc.

Cansortium Inc. (CSE: TIUM.U) (OTCQX: CNTMF), a vertically integrated cannabis company operating under the Fluent brand, has agreed with certain of its directors to issue an aggregate of 1,048,386 common shares to such directors in exchange for the cancelling $162,500 of owed director fees. Read more here.


Adam JacksonNovember 2, 2022
CBDoil.jpg?fit=960%2C640&ssl=1

4min7940

Tilray Brands Inc. (Nasdaq: TLRY) (TSX: TLRY) has inked a partnership with U.S.-based CBD giant Charlotte’s Web Holdings, Inc. (TSX: CWEB) (OTCQX: CWBHF) to sell hemp extract products in Canada.

Under the agreement, Charlotte’s Web’s full-spectrum CBD products will be reach dispensary shelves through Tilray’s distribution network. The company said that its products had previously only been available to those that qualified for a special access medical exemption through Health Canada for specific need-states.

“Partnering with Charlotte’s Web, the market leading CBD brand, opens new opportunities for Tilray Brands in Canada as we evolve our distribution channels from the dispensary model to natural wellness retail channels and eventually mass retail opportunities,” Tilray Canada president Blair MacNeil said.

Charlotte’s Web will sell the same core hemp extract products it has in the U.S., with Tilray handling licensing, manufacturing, quality, marketing, and distribution.

“This underscores our strategic expansion into international markets with leading domestic partners by leveraging well-established infrastructure, co-production, and route-to-market capabilities,” Charlotte’s Web CEO Jacques Tortoroli said in a news release.

The company expects Charlotte’s Web CBD products to be widely available in Canadian dispensaries by early next year.

Hemp-derived CBD falls under the same regulatory framework in Canada as cannabis, so Canadians for now can only purchase CBD products legally through a licensed cannabis retailer or through prescription by a doctor.

However, with Health Canada signaling a move toward simplifying CBD’s legal status, the company said that establishing Charlotte’s Web’s supply chain and distribution in the country also prepares for the possible introduction of natural health products regulations and potential ability to sell CBD products through traditional retailers.

Cory Pala, director of investment relations at Charlotte’s Web told Green Market Report in August that the company — which is based in the U.S. — is “particularly excited” about Health Canada’s inquiry to make CBD more accessible.

Charlotte’s Web cannot export its products to Canada under current law, “which is sort of ironic” considering it is federally legal in both countries, he said, so it has mapped out a plan to partner with cultivators in the country instead.

“In the U.S., we have 2,500 different competitors that have similar products,” Pala said. “But in Canada, we have maybe half a dozen, if that. And so it’s really, really compelling to us as a market opportunity. This is big for multiple reasons.”

Charlotte’s Web has been focused on expanding its presence in the U.S. and abroad. Last month, the company also became the “official CBD of Major League Baseball” after the two organizations struck a lucrative sponsorship deal.


StaffOctober 19, 2022
daily_hit001.png?fit=1200%2C344&ssl=1

6min74360

The Daily Hit is a recap of cannabis business news for Oct. 19, 2022.

ON THE SITE

Circle K Owner Doubles Down on Cannabis Bet in Florida

Florida medical marijuana patients might soon have the option to buy their medicine from a gas station next year. Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) said on Wednesday that it struck a deal with Alimentation Couche-Tard Inc. to start selling cannabis via Circle K convenience stores. Read more here.

Tilray Bullish on Alcohol as Cannabis Profits Shrink

As the cannabis sector hangs by threads, one company is riding the ethanol tide in search of higher margins. Tilray Brands Inc. (Nasdaq: TLRY) said its Breckenridge Distillery will partner with Anheuser-Busch-owned Breckenridge Brewery on a barrel-aged beer and beer-aged whiskey under the banner Buddy Pass. Tilray executives said that they remained bullish on the alcohol sector, as the business segment generated $20.7 million, rising 34% versus the prior year quarter. Read more here.

Leafly Cuts 21% of Staff in Quest to Cut Costs

Leafly (Nasdaq: LFLY), an online cannabis information resource and marketplace, announced Tuesday that it would cut 21% of its workforce as part of new cost-saving measures. Overall, annual cash savings are expected to be $16 million beginning in 2023, primarily due to reduced headcount. Read more here.

Layoffs Mark Next Stage of Cannabis Industry Cutbacks

As of January 2022, cannabis supported 428,000 full-time jobs in America. That equates to more than 107,000 jobs added in 2021, according to the 2022 Jobs Report from Leafly. While that marks the fifth year of industry job growth above 27%, 2022 might break that trend, as cannabis companies have been shifting gears and tightening budgets to boost bottom lines – including cutting staff. Read more here.

Local Modiv Fights Back Against Jersey City Denial

A legal battle is heating up in Jersey City, New Jersey after the applicant Local Modiv was denied a cannabis license. Both Local Modiv and Jersey City filed briefs filed last week in Hudson County Superior Court according to Law 360. In its brief Local Modiv claimed that the CCB (Cannabis Control Board) abused its authority by reviewing Plaintiff’s application for “proof of local support” based on factors that it claimed were completely inapplicable. Read more here.

IN OTHER NEWS

Green Organic Dutchman/BZAM

The Green Organic Dutchman (OTC: TGODF) shares popped on the news that it bought privately owned Canadian-based BZAM Holdings (BZAM) in an all-stock deal. BZAM shareholders will end up holding roughly 49.5% of the combined company. The deal is expected to close on Nov. 8, 2022. Read more here.

NewAge Inc. (formerly known as New Age Beverages Corp.)

The Securities and Exchange Commission filed charges against Brent David Willis, the former chief executive officer of NewAge Inc. (formerly known as New Age Beverages Corp.), alleging that Willis engaged in a multiyear fraud by disseminating numerous false and misleading press releases and making false public statements concerning NewAge’s business dealings. Read more here.

AmeriCann Inc.

AmeriCann Inc., a cannabis company that develops state-of-the-art cultivation, product manufacturing, and distribution facilities, reported a significant increase in year-over-year revenue, climbing more than 44% for the fiscal year ending Sept. 30, 2022, compared with the prior year. Read more here.


StaffSeptember 22, 2022
daily_hit001.png?fit=1200%2C344&ssl=1

6min2450

The Daily Hit is a recap of cannabis business news for Sept. 22, 2022.

ON THE SITE

License Winners Sue Illinois Over Ownership Rules

Two winners of retail marijuana licenses who previously sued Illinois over alleged flaws in its application process are suing again. Having won retail licenses in lotteries, they’re suing the state Department of Financial & Professional Regulation over rules that forbid licensees to sell those licenses or equity stakes in them until they build out their dispensaries and win final approval. Read more here.

Seattle Paves Way For Social Equity With Free Cannabis Licenses

Seattle residents who live in areas with high poverty or have been directly affected by the war on drugs are now eligible for zero-dollar cannabis licenses to do business in the city. Under the new rules, a social equity applicant must have at least 51% controlling ownership in the business. Read more here.

Tilray Gets Green Light for Italy

Tilray Brands (Nasdaq: TLRY) announced that FL Group S.R.L., a division of Tilray Medical in Italy, received approval from the Italian Ministry of Health to import and distribute Tilray’s medical cannabis oral solution THC25 across the country. Read more here.

C21 Revenue Falls Despite Healthy Balance Sheet

C21 Investments (CSE: CXXI) (OTCQX: CXXIF) posted results late after the market closed on Wednesday that showed slimming revenue in a state that has seen less tourist and local spending as wallets get tighter. The company posted revenue of $7.2 million – down 4% sequentially. Read more here.

Agrify Honored For Best Cultivation Tech At Green Market Report Tech Awards

A provider of advanced cultivation and extraction solutions for the cannabis industry, Nasdaq-listed Agrify brings data, science and technology to the forefront. Proprietary micro-environment-controlled vertical farming units enable cultivators to produce high-quality products with unmatched consistency, yield and return on investment at scale. The Green Market Report Tech Awards were presented following the first-ever Green Market Report Tech Summit on Sept. 8 at The Pearl event space in San Francisco. This week, we’ll be providing a closer look at the honorees. Read more here.

IN OTHER NEWS

Canada to Review Impact of Cannabis Legalization

Canada on Thursday launched a review of the country’s legalization of recreational cannabis use four years ago to evaluate its impact on youth, indigenous minorities and others, and analyze its effect on the economy and the illegal marijuana market. Read more here.

Two Companies Given OK to Produce Medical Cannabis in Georgia

After a long legal slog, two companies have been given the green light to grow and produce medical cannabis — specifically, low-THC oil — in Georgia. Botanical Sciences LLC and Trulieve Georgia Inc. — two of the original winners of the process — were officially awarded licenses by the state’s medical marijuana commission. The unanimous decision follows more than a year of protests from rejected applicants. Read more here.

Connecticut Announces Cannabis Retailers and Microcultivators Selected in General Lottery

The Connecticut Department of Consumer Protection Adult-Use Cannabis program has notified applicants for retail cannabis establishments and micro-cultivators that they were selected in a general lottery. The six retail applicants and two micro-cultivator applicants have been informed they can proceed with the next steps in the licensure process. Read more here.


Choose Your News

Subscribe to the Green Market Report newsletter that gives you original content delivered straight to your inbox.

 Subscribe

By continuing I agree to your Privacy Policy and consent to receive relevant newsletters and other email communications on events, editorial features, and special partner offers from Green Market Report. I can unsubscribe or change my email preferences at any time.


About Us

The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


READ MORE



Recent Tweets

@GreenMarketRpt – 2 hours

New York Forcing Cannabis Farmers to Choose Business Model

@GreenMarketRpt – 3 hours

Ayr Wellness Dips On Dispensary 33

Back to Top

Choose Your News

Subscribe to the Green Market Report newsletter that gives you original content delivered straight to your inbox.

 Subscribe

By continuing I agree to your Privacy Policy and consent to receive relevant newsletters and other email communications on events, editorial features, and special partner offers from Green Market Report. I can unsubscribe or change my email preferences at any time.