TILT Holdings Archives - Green Market Report

StaffMay 30, 2023
daily-hit.jpg
BusinessDaily Hit

Daily Hit: May 30, 2023

4min4590

The Daily Hit is a recap of the top financial news stories for May 30, 2023.

On The Site

Two Dozen Publicly Traded U.S. Cannabis Companies Lost $4 Billion Last Year

Two dozen of the top plant-touching publicly traded marijuana companies in the United States posted a cumulative financial loss of more than $4 billion in 2022 against nearly $9 billion in revenue, according to analysis of filings by Green Market Report. Read more here.

New York Cannabis Regulators Propose Settlement for Lawsuit Hindering Retail Licensing

New York marijuana industry regulators on Tuesday gave initial approval to a settlement deal that is intended to end a legal fight that has stalled retail cannabis permits in the Finger Lakes Region. Read more here.

Numinus Wellness Shares Soar as Landmark Clinical Study of Psilocybin Therapy Begins

Numinus Wellness Inc. (TSX: NUMI) announced on Tuesday that its subsidiary, Cedar Clinical Research, has begun studying a potential new therapy for treatment-resistant depression (TRD) using COMP360 psilocybin. As a result, shares of NUMI jumped more than 30% to lately sell at 19 cents on the news as of the Phase 3 trial was released on Tuesday morning. Read more here.

Entourage Health Revenue Rises on Pre-Rolls, Medical Marijuana

Entourage Health Corp. (TSX-V: ENTG) (OTCQX: ETRGF) announced Tuesday a 24% sequential increase in revenue for the first quarter of 2023 ending March 31, with a significant contribution from its medical cannabis stream and adult-use pre-roll sales. Read more here.

YourWay Cannabis Can’t Find An Auditor For Filings

YourWay Cannabis Brands Inc. (CSE: YOUR)(OTC: YOURF) has been delayed in issuing its financial reports because it can’t find an auditor. The company said that since the resignation of its previous auditor Macias Gini & O’Connell LLP in December 2022, it hasn’t been able to find a replacement. Read more here.

In Other News

Minnesota

Surrounded by dozens of cheering people in green clothes, Minnesota Democratic Gov. Tim Walz signed a bill Tuesday to legalize recreational marijuana for people over the age of 21, making Minnesota the 23rd state to legalize the substance for adults. Read more here.

Ohio

Ohioans 21 and older would be able to cultivate, purchase and possess marijuana if a bipartisan bill passes in the Ohio Statehouse, possibly circumventing a ballot measure campaign to force legalization through. Read more here.

North Carolina

A North Carolina state House of Representatives committee has taken up a medical marijuana legalization bill already approved by the state Senate, and activists are hopeful this year the state may embrace MMJ. Read more here.

CONTINUE READING
StaffMay 23, 2023
daily-hit.jpg
BusinessDaily Hit

Daily Hit: May 23, 2023

4min4980

The Daily Hit is a recap of the top financial news stories for May 23, 2023.

On the Site

Brad Hoch Returns as CFO for TILT Holdings as Dana Arvidson Departs

In the midst of a series of financial and operational shifts, Phoenix-based TILT Holdings Inc. (NEO: TILT) (OTCQX: TLLTF) announced a change in its leadership. The firm’s CFO, Dana Arvidson, has left the company, effective immediately, with Brad Hoch, the current accounting chief and former CFO, stepping in as interim CFO​. Read more here.

SEC Halts $60 Million Ponzi-Like Scheme by WeedGenics

Hirschmann and Williams, who raised over $60 million from investors to expand their cannabis operations, allegedly utilized the majority of these funds for $16.2 million in Ponzi-like payments and to personally enrich themselves, the agency said on Tuesday. Read more here.

Acreage Holdings Revenue Slips Slightly, High Hopes for Connecticut

Long after the markets closed on Monday, Acreage Holdings, Inc. (OTCQX: ACRHF, ACRDF) reported its financial results for the first quarter ended March 31. Revenue fell 1.6% from last year to $55 million. Sales fell sequentially by 2.7% from the fourth quarter. The net loss in the first quarter was $16 million. Read more here.

Delivra Health Brands Rises on Sales of Dream Water

For the second time this year, Delivra Health Brands Inc. (TSXV: DHB) (OTCQB: DHBUF), a consumer packaged goods company with a position in the health and wellness sector, reported positive adjusted EBITDA. Read more here.

Premium Drives Record Net Growth for Rubicon, Keeps Rosy Outlook for Segment

Rubicon Organics Inc. (TSXV: ROMJ) (OTCQX: ROMJF), a licensed producer of “organic, certified” premium cannabis, reported a notable year-over-year growth of 71% revenue growth in its first quarter 2023. The rise is attributed to robust growth in the premium cannabis segment and expansion of its product offerings. Read more here.

In Other News

TerrAscend Corp.

TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF), a leading North American cannabis operator, completed the sale of its facility located in Mississauga, Ontarion, for CAD$19.7 million. Net proceeds will be used to pay down existing company debt. Read more here.

Montana

A piece of legislation signed by Montana’s governor on Monday could have foiled plans for new marijuana dispensaries, although existing dispensaries are allowed to expand operations. The new law, HB 128, extended the date for new applicants from July of this year to 2025, despite some prospective operators already investing thousands of dollars. Read more here.

Zelira Therapeutics Ltd.

Zelira Therapeutics Ltd (ASX:ZLD, OTCQB:ZLDAF), a global leader in the development and commercialisation of clinically validated cannabinoid-based medicines, executed additional binding term sheets to provide a further $3.25 million to support FDA clinical trials for Zelira’s proprietary and patented protected HOPE 1 product. Read more here.

CONTINUE READING
StaffMay 17, 2023
daily-hit.jpg
BusinessDaily Hit

Daily Hit: May 17, 2023

4min6490

The Daily Hit is a recap of the top financial news stories for May 17, 2023.

On the Site

Curaleaf Q1 Revenue Exceeds Expectations

Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF) reported net revenue of $336.5 million for the first quarter of 2023, up $40.5 million from the first quarter of 2022. This beat revenue expectations by nearly $5 million. Read more here.

Pelorus Breaks Credit Grass Ceiling with A Rated Notes

Cannabis debt typically has been given low ratings, if receiving a rating at all. This week, cannabis commercial real estate lender Pelorus Capital Group announced that notes issued by its private mortgage real estate investment trust subsidiary, the Pelorus Fund REIT, received an A rating by Egan-Jones Rating Company – the highest rating issued to date in the cannabis industry. Read more here.

TILT Holdings Secures $4.5M to Restructure Capital Amid Payment Challenges

Tilt Holdings Inc. (NEO: TILT) (OTCQX: TLLTF) closed an offering of up to $4.5 million in senior secured promissory notes, referred to as a bridge loan, on Monday. The company says the move allows it to access up to $4 million in funding from its existing note holders. Read more here.

Hemp Naturals Agrees to $50k Settlement with SEC for Securities Violations

According to the agreement, Hemp Naturals repeatedly failed to file required forms with the SEC between July 8, 2020, and July 6, 2021. During that time, the company sold 534 million shares and raised $2.4 million despite repeatedly lowering its stock price, in contravention with SEC rules. Read more here.

Troubled Skymint Loses Infamous Sports Complex in Michigan

Embattled Skymint invested heavily last year to retrofit the former Summit Sports and Ice Complex near Lansing into a massive marijuana grow and processing operation. The expansion was supposed to double its marijuana production capabilities, but Skymint never completed the build-out. Read more here.

In Other News

Oregon

Oregon Gov. Tina Kotek found out in April that Secretary of State Shemia Fagan had a consulting contract in connection with a cannabis business, according to Kotek’s spokesperson Elisabeth Shepard. Read more here.

Rhode Island

Gov. Dan McKee on Wednesday named his three nominees to a new Cannabis Control Commission, which will have the authority to regulate the state’s marijuana industry moving forward, including issuing new licenses for additional recreational pot stores. The issuance of up to 33 new license has been stalled by delays in the appointments. Read more here.

CONTINUE READING
StaffMay 15, 2023
daily-hit.jpg
BusinessDaily Hit

Daily Hit: May 15, 2023

6min6220

The Daily Hit is a recap of the top financial news stories for May 15, 2023.

On the Site

Green Thumb Industries Facing 10 Federal Complaints from Teamsters

Although the nearly two-week strike at several Green Thumb Industries (CSE: GTII) (OTCQX: GTBIF) facilities by unionized workers has concluded, the Illinois-based multistate operator is still negotiating with the International Brotherhood of Teamsters over employment terms for many of its workers. Read more here.

Cannabis Companies Skymint, 3Fifteen Battle in Receivership

Lawyers entangled in the court-ordered receivership of Lansing marijuana giant Skymint continue to battle over the company’s finances. The alleged trouble stems from Skymint‘s $78 million acquisition of Birmingham-based competitor 3Fifteen Cannabis in April 2022. Read more here.

Related: SNDL Sales Dip in First Quarter

Columbia Care Sees Revenue Uptick Despite Retail Closures

Columbia Care Inc. (CSE: CCHW) (OTCQX: CCHWF) reported its top-line revenue for the first quarter grew 1% from the same quarter in 2022 to $124.5 million. The growth beat expectations by $1.3 million and was largely driven by strong performance in the East Coast markets, particularly New Jersey, Virginia, and West Virginia. Read more here.

Tilt Pledges ‘Frugality as a Core Value’ After $5M Loss

Tilt Holdings (NEO: TILT) (OTCQX: TLLTF) lost $4.9 million for its first quarter in 2023, a vast improvement from the final three months of 2022, when it lost a whopping $73 million. But that’s only one step in the right direction, intimated the newly minted interim CEO Tim Conder. Read more here.

TPCO Sales Down But So Are Losses

TPCO Holding Corp. (NEO: GRAM) (OTCQX: GRAMF), which does business as The Parent Company, posted a $16.5 million loss for the first quarter of 2023, a solid improvement from the $735 million it managed to burn through in the 24 months before that. Read more here.

More Earnings:

• Auxly Cut Expenses, Achieves Positive Adjusted EBITDA in Q1
• Enveric to Cut Costs, Cannabis Operations
• Fire & Flower Revenues Rise Slightly in First Quarter
• 4Front Ventures Provides Rosy Outlook as it Expands Illinois Operations
• Goodness Growth Ekes Past Expectations
• Restructuring, Strategy Rework Fuel IM Cannabis’ Q1 Profit Boost
• Safe Harbor Offsets $1.4M Loss with $1B Deposit Capacity Increase

In Other News

Pelorus Capital Group

Pelorus Capital Group, a provider of commercial real estate loans for the regulated cannabis sector, announced that $50 million in aggregate principal amount of 7% senior secured notes due Sept. 26, 2026, issued by its private mortgage real estate investment trust subsidiary, the Pelorus Fund REIT LLC, have been assigned an A rating by Egan-Jones Rating Company – the highest rating issued to date in the cannabis industry. Read more here.

CEA Industries

CEA Industries Inc. (Nasdaq: CEAD, CEADW) more than doubled its revenue in the first quarter of 2023 to $4.7 million compared to $1.7 million for the same period in 2022. The increase was primarily attributed to improvements in the company’s supply chain and deployment of project work as it worked through delayed projects from prior periods. Read more here.

CONTINUE READING
StaffApril 24, 2023
daily-hit.jpg
BusinessDaily Hit

Daily Hit: April 24, 2023

5min6810

The Daily Hit is a recap of the top financial news stories for April 24, 2023.

On the Site

SNDL Delivers Uneven Earnings: Big Revenue Gain, Big Losses

SNDL Inc. (Nasdaq: SNDL) reported its earnings in Canadian dollars for the full year and fourth quarter ended Dec. 31, 2022. Net revenue for the quarter was $240.4 million, an increase of 4% over the third quarter of 2022, with sequential growth in liquor retail, cannabis retail, and cannabis operations segments. Read more here.

Detroit Businessman Pleads Guilty to Bribing Marijuana Regulator

A Detroit-area businessman who pleaded guilty Friday to bribing a top medical marijuana regulator in exchange for approval of state dispensary licenses said the payments included $4,000 a month for the official’s wife, who was paid as a “consultant” during the process. Read more here.

TILT Holdings Sees More C-Suite Shuffle, Gary Santo Departs CEO Role

Phoenix-based TILT Holdings Inc. (NEO: TILT) (OTCQX: TLLTF) announced a change in its top leadership. Gary Santo has resigned as the chief executive officer and board member, effective immediately. Tim Conder, a board member, has been appointed as the interim CEO. Read more here.

SC Labs Snaps Up C4 Labs Arizona

SC Labs, a U.S. cannabis and hemp testing company, has acquired Arizona-based C4 Laboratories for an undisclosed price. In a Monday statement, SC Labs said that the acquisition allows the company to expand its reach to the Arizona market, bringing the total number of states where the company is licensed and accredited to five: Arizona, California, Colorado, Michigan, and Oregon. Read more here.

Cannara Biotech Revenues Rise as Expansion Brings in More Profit

Cannara Biotech Inc. (TSXV: LOVE) (OTCQB: LOVFF) posted meaningful rises in net revenues for its fiscal second quarter results ending Feb. 28. The vertically integrated Canadian producer reported a 76% revenue increase, reaching $13 million, compared to the same period last year. The increase is attributed to the company’s expanding workforce and increased growing capacity. Read more here.

In Other News

Blueberries Medical Corp.

Blueberries Medical Corp. (CSE: BBM) (OTC: BBRRF) (FRA: 1OA), the Canadian parent of Blueberries S.A.S., reported revenue for the year ended Dec. 31, 2022, of $235,449, an increase of $96,702 (or 70%) from comparative period. The increase is primarily due to the introduction of the new product CBD isolate. Read more here.

NuProject

Colorado Gov. Jared Polis and the Cannabis Business Office within the Colorado Office of Economic Development & International Trade announced the Cannabis Business Loan Program for social equity licensed cannabis businesses in Colorado. The CBO has partnered with mission-based lender NuProject to provide financing that is not otherwise available to cannabis businesses through traditional lenders. Read more here.

Aurora Cannabis

Aurora Cannabis Inc. (Nasdaq: ACB) (TSX: ACB) repurchased an aggregate of approximately $22.3 million (US$16.6 million) principal amount of its convertible senior notes in multiple transactions since the start of April 2023 at a total cash cost, including accrued interest, of $16.7 million and $5.3 million (US$4.0 million), including accrued interest, satisfied by the issuance of an aggregate ~6.35 million common shares of Aurora. Read more here.

CONTINUE READING

Older Posts

Get the latest cannabis news delivered right to your inbox

The Morning Rise

Unpack the industry with the daily cannabis newsletter for business leaders.

 Sign up

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
Company
Back to Top

Get the latest cannabis news delivered right to your inbox

The Morning Rise

Unpack the industry with the daily cannabis newsletter for business leaders.