John SchroyerNovember 15, 2023
The Shinnecock proceeded with opening the dispensary even after MSO Tilt Holdings dissolved a partnership for it.
TILT Holdings Archives - Green Market Report
John SchroyerNovember 15, 2023
StaffNovember 13, 2023
The Daily Hit is a recap of the top financial news stories for Nov. 13, 2023.
On the Site
New York Judge Says Marijuana Regulators Erred in Hemp Enforcement
A New York state judge delivered a setback to state marijuana regulators over an emergency hemp rule enacted over the summer. Justice Thomas Marcelle found that officials erred procedurally, delivering a legal victory to hemp drink makers who contended the rule could drive them out of business. Read more here.
Connecticut Marijuana Sales Near $25 Million in October
Medical and recreational marijuana sales in Connecticut combined to hit just over $24.8 million in the month of October, according to state data. The numbers reflect a trend that’s been building since the adult-use market in January, with recreational sales growing each month, the state Department of Consumer Protection reported. Read more here.
Glass House Wholesale Revenue Up, Nears Break-Even for Quarter
California-based Glass House Brands (NEO: GLAS.A.U) (NEO: GLAS.WT.U) (OTCQX: GLASF) (OTCQX: GHBWF) appears to be on the right financial path. The company posted a Q3 loss of just $210,000, an enormous improvement over its Q2 loss of almost $25 million. Read more here.
TILT Holdings Q3 Gross Margin Dips Despite Revenue Growth
Tilt’s revenue climbed by 10% to $44.6 million, up from $40.5 million in the same period last year. The uptick was primarily fueled by a surge in sales volume of Jupiter, the company’s vape line, attracting both legacy and new customers. Read more here.
More Earnings
• Auxly Cannabis Group Reports Growth, Lowered Costs in Q3
• IM Cannabis Sales Slip Despite Improved Margins in Q3
• SNDL Revenue Grows as Losses Drop in Q3
• SpringBig Loses $2.7M After Leaving Nasdaq
In Other News
IGC Pharma
IGC Pharma (NYSE American: IGC) reported revenue for its fiscal second quarter ended Sept. 30 of $291,000, an increase of 44% over the same period a year ago. The company’s flagship formulation, IGC-AD1, continues to makes strides in clinical trials to address agitation in dementia due to Alzheimer’s. Read more here.
The Cannabis Place
The first service-disabled veteran and Latino-owned dispensary in New Jersey is open for business. After launching The Cannabis Place as New York’s first licensed home delivery cannabis service earlier this year, retired U.S. Marine Osbert Orduna’s venture made its New Jersey debut, unveiling a flagship storefront Nov. 9 in Jersey City. Read more here.
Adam JacksonNovember 13, 2023
Revenue beat analysts' estimates by $1.75 million.
StaffSeptember 27, 2023The Daily Hit is a recap of the top financial news stories for Sept. 27, 2023.
On the Site
SAFER Banking Act Approved by Senate Committee
A revamped version of the SAFE Banking Act – now known as the SAFER Banking Act – sailed out of a Senate committee on Wednesday with a 14-9 vote. It is now headed to the full Senate floor, where Majority Leader Chuck Schumer has pledged to schedule it for a vote “very soon” in front of the full chamber. Read more here.
Discrepancy Between Cannabis Sales, Testing Rates Raises Eyebrows in Montana
Stillwater Laboratories owners Ron and Kristine Brost expressed apprehension that the state’s software system, METRC, could unintentionally approve excessive quantities of the crop without proper testing. They told the Daily Montanan they expected a spike in testing with the surge in statewide sales following the introduction of recreational cannabis. However, they believe the testing volume hasn’t matched the sales numbers. Read more here.
Tilt Holdings Names Conder Permanent CEO
The board of directors at Tilt Holdings Inc. (NEO: TILT) (OTCQB: TLLTF) decided this week to quit looking for a new CEO and simply appointed interim chief executive Tim Conder to hold the position in a permanent capacity. Read more here.
Numinus to Sell C$10M Worth of New Shares Through Equity Program
Vancouver, British Columbia-based psychedelics company Numinus Wellness Inc. (TSX: NUMI) (OTCQX: NUMIF) on Tuesday announced that it will attempt to raise C$10 million by selling more common shares through an at-the-market equity program. The exact number of shares to be sold, however, will be determined by Numinus’ financier, Stifel Nicolaus Canada Inc. Read more here.
In Other News
PRODUCT RECALL: Michigan
Michigan’s Cannabis Regulatory Agency on Wednesday recalled certain marijuana edibles produced by the cannabis company Shango and branded “Viola Grandma’s Kitchen.” The recall, which is voluntary and affects a “limited amount of marijuana-infused edible products,” was issued because Shango was both unable to demonstrate that the product was homogenous and because the product exceeds the maximum allowable tetrahydrocannabinol (THC, the major psychoactive component of marijuana) concentration per serving, the CRA said. Read more here.
Global Cannabis Sales Forecast
Cannabis-data company BDSA forecasts that the global cannabis industry is poised to experience substantial growth driven primarily by adult-use sales, with legal sales reaching $55 billion in 2027. United States cannabis markets, particularly those in the Midwest and Northeast, are driving adult-use sales growth. Read more here.
John SchroyerSeptember 27, 2023
The company also named a new chairman for its board of directors.
StaffSeptember 5, 2023The Daily Hit is a recap of the top financial news stories for Sept. 5, 2023.
On the Site
Tilt Sells Interest in Shinnecock Tribe Dispensary
Tilt Holdings Inc. (OTC: TLLTF) sold its interests in Standard Farms NY to CGSF Investments LLC for $1.4 million. The news comes after Tilt cut ties with several of its social equity brands and told investors on an earnings call that its partnership with the tribe was “undergoing a deep analysis,” due to issues in the New York adult-use rollout. Read more here.
Green Thumb Industries Authorizes Repurchase of 10.4 Million Shares
Chicago-based Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) on Tuesday announced a year-long stock share repurchase program for up to 10.4 million shares, ostensibly designed to increase the value of the company’s roughly 200 million other shares. Read more here.
Teamsters Ratify Worker Contracts at Three GTI Shops in Illinois
The International Brotherhood of Teamsters claimed another victory over Chicago-based multistate operator Green Thumb Industries (CSE: GTII) (OTCQX: GTBIF) this week when the labor union ratified an employment contract for workers at three cannabis dispensaries in Illinois. Read more here.
Treated ‘Like a Coke Dealer’: Cannabis Workers Lose Out On Mortgages, Loans
Vixen Yerock secured a home loan from an FDIC-approved bank and was set to close on a new home in March — that is before the bank discovered she was soon to receive paychecks from a major weed supplier. Gateway Bank, who underwrote the mortgage, notified Yerock two weeks before closing on the home that they would not service her loan due to who was signing her paycheck. Read more here.
Lawsuit Alleges New Jersey City Officials Violated Ethics Rules in Licensing
Hopewell Borough in central New Jersey is the latest target of a lawsuit alleging corruption by local officials in a competitive marijuana licensing process, with losing applicant Sourland Provisions claiming that the mayor of the town and several other officials wrongly aided a winning license holder, Evolve Sky. Read more here.
In Other News
22nd Century Group
In a complaint filed Friday in New York federal court, investor Kenneth Troup said that while 22nd Century Group disclosed that it was auditing and addressing weaknesses in its internal accounting through its public statements, it denied that it was subject to any SEC investigation – a fact the claimants say was false. Read more here.
MediPharm Labs
MediPharm Labs Corp. (TSX: LABS) (OTCQB: MEDIF) (FSE: MLZ), a pharmaceutical company specialized in precision-based cannabinoids, completed the sale of vacant land for net proceeds of C$1.9 million dollars. This land was previously used by VIVO Cannabis for outdoor cannabis growing. Read more here.
Humble & Fume
Humble & Fume Inc. (CSE: HMBL) (OTC Pink: HUMBF), a North American distributor of cannabis and cannabis accessories, transitioned from the OTCQX platform to the OTC Pink Sheets, effective August 31. Humble’s common shares now trade under the new ticker symbol HUMBF on the OTC Pink Sheets. Read more here.
Adam JacksonSeptember 5, 2023
The deal focused on cannabis operations in the Hamptons, specifically on the Shinnecock Nation's tribal territory.
John SchroyerAugust 29, 2023
Ricci said her biggest hurdle was how much she had to learn and pivot to succeed in cannabis.
StaffAugust 17, 2023The Daily Hit is a recap of the top financial news stories for Aug. 17, 2023.
On the Site
Shinnecock Tribe Dispensary Still on Track Despite Tilt Comments
This week, Tilt Holdings (OTC: TLLTF) stunned many in the cannabis community when it decided to cut several social equity brands. During the conference call to discuss the latest earnings, interim CEO Tim Conder said Tilt’s partnership with the Shinnecock tribe was also “undergoing a deep analysis,” with construction of the retail store paused. The tribe says: Not so fast. Read more here.
Canopy Growth Sells Hershey Facility for C$53 Million
Canopy Growth Corp. (TSX: WEED) (Nasdaq: CGC) is selling its Hershey Drive facility in Smiths Falls, Ontario, as part of its move to become a simplified, asset-light operating model. Canopy Growth said it will retain its Smiths Falls-based post-harvest manufacturing facility. The facility will be sold to Hershey Canada Inc. for cash consideration of approximately C$53 million. Read more here.
AYR Wellness Revenue Increases, Expands in Florida and Ohio
Multistate cannabis operator AYR Wellness Inc. (OTCQX: AYRWF) reported a revenue increase of 18% year over year, reaching $116.7 million for the second quarter ending June 30. Read more here.
Adastra Sees Three-fold Rise in Q2 Revenue
Canadian extracts processor Adastra Holdings Ltd. (CSE:XTRX)(FRA:D2EP) reported its second-quarter financial results ending June 30, marking a three-fold rise in revenue from the previous year. During the period, Adastra recorded revenue of C$10.9 million, a 205% hike from the second quarter of 2022. Read more here.
Decibel Maintains Canadian Market Share, Cash Flow Tightens
Decibel Cannabis Company Inc. (TSX: DB) (OTCQB: DBCCF) reported notable gains for its second quarter sending June 30, with net revenue of C$30.9 million, a sequential rise of 14% from the previous period and an impressive year-over-year surge of 66%. Read more here.
In Other News
MTL Cannabis Corp.
MTL Cannabis Corp. (CSE: MTLC) received final approval to list its common shares on the Canadian Securities Exchange under the trading symbol MTLC. It will commence trading on the exchange at the opening of Monday, August 21.
Evogene Ltd.
Evogene Ltd. (Nasdaq: EVGN) (TASE: EVGN) reported revenues for the second quarter of 2023 of approximately $654,000, more than double the $312,000 for the same period the previous year. The revenue increase was primarily due to the collaboration agreement of Evogene’s subsidiary AgPlenus with Corteva and from sales of Lavie Bio’s ThrivusTM product. Read more here.
Vertical Peak Holdings
Vertical Peak Holdings Inc. (CSE: MJMJ) (OTC PINK: SPLIF) entered into binding letter of intent dated August 9 to sell all its California operations to Downwind Holdings Inc. Total aggregate net purchase price, including the deposit and assumed obligation, is estimated at CAD $12.3 million. Read more here.
Debra BorchardtAugust 17, 2023
Tribe: "This matter has not caused Shinnecock to delay our development."
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