Trulieve Cannabis Corp. Archives - Green Market Report

StaffMarch 9, 2023


The Daily Hit is a recap of the top financial news stories for March 9, 2023.

On the Site

Trulieve’s 2023 Road Map: Open More Stores and Bankroll Florida Legalization

Florida-based Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) had a busy 2022 expanding and finishing off its blockbuster acquisition of Arizona-based Harvest Health & Recreation. By contrast, this year the company plans to spend more time keeping its head down and focusing on making money. Read more here.

Jones Soda Plans More Cannabis Expansion

Beverage maker Jones Soda Co. (CSE: JSDA) (OTCQB: JSDA) just finished its second year of a “three-year turnaround strategy” and is now making cannabis a core component that plan by expanding its infused-product offerings even further. Read more here.

Pennsylvania Lawmakers Weigh Options for Adult-Use Legalization

Now that Pennsylvania’s Democratic Gov. Josh Shapiro has formally introduced a budget that contains specifics for taxing adult-use cannabis, state lawmakers are beginning to examine different options on how a recreational market could be structured. That includes potentially letting state-run liquor stores sell marijuana instead of giving first crack at the market to existing medical marijuana companies. Read more here.

Ayr Wellness’ Early Bets on Emerging Markets Pay Off

Expansion efforts and key market partnerships are starting to pay off for Ayr Wellness Inc. (CSE: AYR.A) (OTCQX: AYRWF) after new earnings show the Florida-based multistate operator’s new business strategies added meat to its balance sheet. The company generated $124.6 million in revenue in the fourth quarter. Still, the company reported a net loss of $166.4 million for the quarter. Read more here.

Village Farms Sales Dip Slightly in Fourth Quarter

Village Farms International, Inc. (Nasdaq: VFF) delivered revenue fell 5% to $69.5 million from last year’s $72.8 million. It just barely missed the Yahoo Finance average analyst estimate for revenue of $70 million. The company blamed the drop on a stronger U.S. dollar compared to the Canadian dollar decreasing reported U.S. sales for our Canadian Cannabis operations by ($2.4 million). Read more here.

In Other News

Unrivaled Brands

Unrivaled Brands Inc. (OTCQB: UNRV), a cannabis company with retail and cultivation operations throughout California, entered into a binding term sheet to resolve outstanding litigation with People’s California LLC, subject to final documentation. Upon execution of the binding term sheet, the parties agreed to inform the court of the settlement and request a stay of all pending litigation. Read more here.


California-based cannabis and lifestyle brand Stiiizy is entering the regulated cannabis market in Illinois, bringing the number of states where the company’s products are available to five. The brand’s launch in Illinois will include three of its signature product lines, with a rollout to more than 90% of the licensed dispensaries serving the state’s $1.5 billion adult-use cannabis market. Read more here.

StaffMarch 2, 2023


The Daily Hit is a recap of the top financial news stories for March 2, 2023.

On the Site

New York Doubling Social Equity Cannabis Retail Licenses to 300

New York marijuana regulators announced at the Thursday meeting of the state Cannabis Control Board that they will be doubling the number of “justice-involved” retail permits, from 150 to 300. The executive director of the New York Office of Cannabis Management said the change was due in part to many qualified applicants paying for their own retail locations instead of relying on the state to provide shops. Read more here.

Consternation in New York Over Social Equity Loan Uncertainty

Mixed messaging, changing policies, and a lack of clarity on how exactly the state of New York intends to finance scores of social equity cannabis shops has several marijuana industry stakeholders in the Empire State crying foul. Read more here.

Florida Adult-Use Marijuana Campaign Halfway on Signature Gathering

A campaign led by Florida cannabis giant Trulieve to legalize adult use marijuana in the state is nearing the halfway mark in its signature gathering to qualify for the 2024 ballot. The campaign – Smart & Safe Florida – has collected more than of the 891,589 voter signatures it needs to make the general election ballot. Read more here.

Pervasip to Spin Out Artizen Cannabis

Pervasip Corp. (OTCPK: PVSP) is spinning off its cannabis company, Artizen, after struggling to get the financing it needed. Pervasip acquired Artizen in September 2021 when its share prices were higher and the company secured a $3 million preferred equity financing on fixed price conversion terms. However, CEO German Burtscher said in a letter to shareholders that an equity infusion was still needed and hoped that by spinning Artizen out to the OTC Market Place, it could justify a valuation of $50 million. Read more here.

‘Days of Fat Margins And Easy Money’ Are Over, Says GTI Chief

The Green Rush is all but over, proclaimed Green Thumb Industries (CSE: GTII) (OTCQX: GTBIF) CEO Ben Kovler this week in the company’s fourth-quarter earnings call. Kovler said more industry contraction is on the way, despite market forecasts that project continuing growth. Read more here.

In Other News

Pelorus Equity Group

The Pelorus Fund, a privately held mortgage real estate investment trust with specialty lending to cannabis-use and cannabis-related properties, recorded two new originations in the fourth quarter, for a total value of $63 million, taking the total portfolio of loan commitments from $301 million to $372 million, for 23.6% growth for the quarter. Read more here.


Cansortium Inc. (CSE: TIUM.U) (OTCQX: CNTMF), a vertically integrated, multistate cannabis company, closed a non-brokered private placement offering of 30 million units of the company at a price of $0.10 per unit for aggregate gross proceeds of $3 million. The company said it will use the net proceeds for general corporate and working capital purposes. Read more here.

StaffDecember 22, 2022


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


Trulieve Settles Worker Death Investigation With OSHA

Florida-based Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) announced Thursday that it’s reached a deal with the federal government that will ramp up worker protections at its manufacturing facilities nationwide. The investigation stemmed from the death of Lorna McMurrey, a worker at a Trulieve facility in Massachusetts. Read more here.

D.C. Council Approves Massive Medical Marijuana Program Expansion

Councilors this week unanimously approved an enormous expansion of the medical marijuana program to ostensibly get quasi-legal “gifting” businesses into the licensed medical side of the trade. And it’s all a workaround to how Congress has prevented city leaders for the better part of a decade from standing up a fully recreational cannabis market. Read more here.

Detroit Awards 33 Marijuana Licenses After Yearslong Legal Battle

The city of Detroit on Thursday announced it had awarded marijuana licenses to 33 companies, capping a yearslong legal battle about who gets to sell recreational cannabis in the city. There were 90 applications for dispensaries, “micro facilities” that grow up to 100 plants, and consumption lounges in the first of three rounds of applications. Read more here.

MediPharm Labs, VIVO Cannabis to Merge

Canadian marijuana companies MediPharm (TSX: LABS) (OTCQX: MEDIF) (FSE: MLZ) and VIVO Cannabis Inc. (TSX: VIVO) (OTCQB: VVCIF) are on track to merge next year in an all-equity deal, as long as shareholders and regulators approve. The newly combined company is projected to bring in $36.5 million in revenue per year and become profitable by the second half of 2024. Read more here.


Trulieve Cannabis Corp.

Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) closed on a commercial loan secured by a cultivation and manufacturing facility located in West Virginia for aggregate gross proceeds of $18.9 million. Trulieve will pay interest at a fixed rate of 7.3% for the first five years of the 10-year loan. After five years, the rate resets at five-year Treasury plus 3.5% for the remainder of the loan. Read more here.

Deep Roots Harvest

Dispensary workers from Deep Roots Harvest in West Wendover, Nevada, voted this week to join United Food and Commercial Workers Local 711. The workers voted 14-to-8 in favor of the union. Deep Roots Harvest is the only dispensary in West Wendover. It sits on the border of Nevada and Utah, serving patients and customers from both states and visitors that pass through.

StaffDecember 21, 2022


The Daily Hit is a recap of cannabis business news for Dec. 21, 2022.


Unhappy Riv Capital Investors Want to Toss Board

JW Asset Management, the largest shareholder of RIV Capital (OTC: CNPOF), has called for a special meeting of shareholders to replace five of the seven directors on the board. At the heart of the dissatisfaction is the price paid for New York cannabis company Etain. Read more here.

Shaq Wants His Cannabis Money Back

Basketball legend Shaquille O’Neal and business partner Jerome Crawford spent $150,000 investing in Viceroy LLC back in 2017. Viceroy was supposed to use the money to invest in legal cannabis businesses but is now described as a “black hole” with no evidence of having made any efforts with the money. Read more here.

Housing Works Gets First Legal Adult-Use Cannabis Sales in New York

New York will meet its self-imposed end-of-year deadline to launch recreational cannabis sales, with 48 hours to spare. At the state’s Cannabis Control Board meeting Wednesday, the agency’s executive director revealed that the first licensed adult-use marijuana sales will take place Dec. 29 at a dispensary run by the nonprofit Housing Works, one of the 36 retail license recipients announced a month ago. Read more here.

Trulieve Extends 2023 Cash Runway with $71.5 Million in Financing

Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) on Wednesday closed on a financing deal that will provide the company additional funds to the tune of $71.5 million. The commercial loan is secured by a cultivation and manufacturing site in Florida, and the company said it will pay interest at a fixed rate of 7.53% for the duration of the five-year loan – a solid rate for the cannabis industry. Read more here. Read more here.

SNDL Bets on Nova for the Long Run, Revises Accord

SNDL (Nasdaq: SNDL) and Nova Cannabis (OTCQB: NVACF) have fashioned new terms for their existing relationship as the two look to grab more market share in a consolidating Canada. Read more here.


Greenway Greenhouse Cannabis Corp.

Greenway Greenhouse Cannabis Corporation (CSE: GWAY) (OTC: GWAYF), a cultivator of greenhouse cannabis for the Canadian market, entered into a binding third-party purchase and sale agreement for the sale of a surplus greenhouse for a purchase price of C$7.5 million. Read more here.

New Leaf Ventures Inc.

New Leaf Ventures Inc. (CSE: NLV) (OTC: NLVVF) has entered into an amalgamation agreement with High Profile Holdings Corp., pursuant to which New Leaf has agreed to acquire all of the issued and outstanding common shares of High Profile by way of a statutory three-cornered amalgamation. Read more here.

StaffDecember 13, 2022


The Daily Hit is a recap of cannabis business news for Dec. 13, 2022.


Green Thumb Taps New Executives in C-Suite Shuffle

Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) has chosen four new executives to help spearhead the Chicago-based operator’s management team, the company said in a Tuesday release. The news comes a couple months after three of Green Thumb’s four independent board members departed in in October, along with company’s general counsel and corporate secretary, Beth Burk. All three directors were part of the company’s audit committee. Read more here.

High Tide Begins Selling Cannabis Seeds to US After DEA Signs Off

Canadian-based marijuana company High Tide (Nasdaq: HITI) (TSXV: HITI) (FSE: 2LYA) has commenced online sales of cannabis seeds directly to U.S. consumers, now that the U.S. Drug Enforcement Agency clarified earlier this year that it considers seeds to be akin to hemp, which is federally legal. Read more here.

Laid-Off Trulieve Worker Files Possible Class Action Suit

Florida-based Trulieve (CSE: TRUL) (OTCQX: TCNNF) may have a class-action lawsuit on its hands now that one ex-worker has filed suit against the business and is claiming she and “other similarly situated employees” didn’t receive a mandatory 60-day notification prior to losing their jobs. Read more here.

New York Hosts Dispensary Showroom in The Bronx

Bronx Community Foundation, partners, and CAURD applicants launched The Bronx Dispensary Showroom: A Cannabis Retail Pop-Up Experience recently. It featured a built-out model of a New York State-compliant dispensary, demonstrating the entire cannabis retail experience. Educational and workforce programming focused on opportunities to build generational wealth in under-resourced communities harmed by cannabis prohibition. Learn more here.

Could Residency Lawsuits Upend Social Equity in Cannabis?

A series of lawsuits challenging residency requirements in at least three states has some advocates of cannabis industry social equity programs worried that those programs could be in jeopardy. And they have good reason to be concerned. Read more here.



New Hampshire

The Democratic and Republican leaders of the New Hampshire House of Representatives announced on Monday that they will be jointly filing a bill to legalize marijuana for the 2023 session – a bipartisan effort that’s backed by key advocacy and industry stakeholder groups. Read more here.


Cannabis prices in Massachusetts have been steadily decreasing for more than a year, and those running businesses in the burgeoning industry expect them to keep dropping. While customers may be rejoicing over greater access to marijuana, the lowering of prices has some concerned about the ramifications for cultivators, small businesses, and the employees that make it all run. Read more here.

Washington state

Looking to the new year, some of Washington state’s cannabis businesses are focused on safety challenges, including ongoing store robberies, and preparing for the potential of interstate marijuana commerce. That’s according to the Washington CannaBusiness Association (WACA), a trade association in the state that represents marijuana retailers, producers, processors, transporters and banks. Read more here.

StaffDecember 6, 2022


The Daily Hit is a recap of cannabis business news for Dec. 6, 2022.


Weedmaps Lays Off 25% of Staff

The parent company of online cannabis marketing giant laid off a quarter of its staff, or 175 employees, as part of a cost-savings move, the company reported in a filing with the U.S. Securities and Exchange Commission this week. Read more here.

Doyen Elements Geoff Thompson to Plead Guilty

The cannabis fraud drama of Doyen Elements, or Covalent Collective, might finally be coming to an end. Geoff Thompson is scheduled to enter a plea of guilty at a hearing on Dec. 13, 2022. In December 2021, Thompson was charged in federal court in Chicago for ripping off investors to the tune of $950,000. Read more here.

Irwin Naturals Shores up Mental Health Clinics as Revenue Slumps

Irwin Naturals Inc. (CSE: IWIN) (OTC: IWINF) posted results that showed dipping revenue as the nutraceutical giant tries to expand its wellness clinic footprint. The company attributed the slowdown in business to “volume and startup costs related to Emergence by Irwin Naturals (ketamine clinics) and Irwin Naturals Cannabis (intellectual property licensing to the cannabis industry).” Read more here.

Pennsylvania’s Trulieve Calling Dr. Wiz Khalifa

Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF)  announced the official launch of Khalifa Kush premium medical marijuana products statewide in all Trulieve Branded Pennsylvania retail locations starting Monday, Dec. 12. Read more here.

Cannabis Industry Takes on Deadbeat Dealers

The cannabis industry is taking it upon itself to address deadbeat dealers within the industry – the people taking cannabis products to sell and then not paying for them. The most common payment term in retail is 30 days after the receipt of the product, however, that is being stretched to 60 and even 90 days in the cannabis industry. Read more here.


HEXO Corp.

HEXO Corp. (TSX: HEXO) (Nasdaq: HEXO), a producer of high-quality cannabis products, repaid the total outstanding principal amount of the company’s 8% unsecured convertible debentures issued Dec. 5, 2019, which matured on Dec. 5, 2022, in the amount of C$40.14 million together with all accrued and unpaid interest. Read more here.

Glass House Brands

Glass House Brands Inc. (NEO: GLAS.A.U) (NEO: GLAS.WT.U) (OTCQX: GLASF) (OTCQX: GHBWF) closed the third and final tranche of its previously announced non-brokered private placement of Series B Preferred Stock, face value $1,000 per share of GH Group Inc., a subsidiary of the company. The final closing of the offering included approximately $7.8 million of cash. Of this, about $7 million was fresh capital. Read more here.

StaffOctober 27, 2022


The Daily Hit is a recap of cannabis business news for Oct. 27, 2022.


Trulieve Worker Death Could Spur Changes in Massachusetts Cannabis Industry

The death of a Trulieve employee at a Massachusetts product manufacturing facility in January may lead to significant shifts within the state’s cannabis industry. That could include additional industry oversight, momentum for unionization efforts, and perhaps more yet-unforeseen shifts such as the founding of a state-run testing lab to act as a check on privately owned marijuana labs, sources told Green Market Report. That doesn’t include the still-unclear blowback for Trulieve (OTC: TCNNF) (CSE: TRUL) itself. Read more here.

Florida Chills Plan to Sell Cannabis at Circle K Gas Stations

Investors and others bullish on the news that Green Thumb Industries (OTCQX: GTBIF) would start selling medical marijuana out of stores attached to Florida Circle K gas stations next year may have to curb their enthusiasm. The state’s Department of Health told Green Market Report that the project “has not been approved by the state.” Read more here.

Verano Refinances Debt Extending Maturity Dates

Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) has entered into a credit agreement to refinance its existing $350 million credit facility, extending the maturity date to Oct. 30, 2026. Refinancing comes amid the company’s new legal battles with its spurned acquisition of Goodness Growth. Read more here.

Dozens of Michigan Cities to Vote on Fate of Cannabis Businesses

Marijuana is on the ballot next month in at least 32 communities across Michigan. The vast majority are asking voters whether the community should allow marijuana retailers and growers to operate. The state’s marijuana industry has suffered a massive blow in recent months due to oversupply of product, collapsing prices more than 45% in the last year. Read more here.



A Clark County District Court judge has ruled in favor of local cannabis advocates and declared that ​​the Nevada State Board of Pharmacy is no longer authorized to govern cannabis and must remove marijuana, cannabis, and cannabis derivatives from the controlled substances list. Read more here.


Bloomios Inc. (OTCQB: BLMS), a white-label and private-label manufacturer and wholesaler of hemp-derived nutraceutical, cosmetics, and pet products, has acquired Infusionz, a wholly owned subsidiary of Upexi (NASDAQ: UPXI).  Moving forward, Bloomios will manufacture products retained by Upexi, and Upexi has provided significant financing to enable this transaction. The acquisition includes Infusionz’s portfolio of CBD gummy brands and customers, along with its associated order flow, product formulations, manufacturing operations, equipment, and sales team. Read more here.

Chemistree Technology Inc.

Chemistree Technology Inc. (CSE: CHM) (OTCQB: CHMJF) has negotiated the conditional sale of its Washington state subsidiary. The company executed a Share Purchase Agreement with an arms-length party, whereby the company under certain circumstances would sell 100% of its Washington Assets via the sale of subsidiary, Chemistree Washington, to the other party in exchange for consideration of $500,000. Read more here.

Adam JacksonJuly 20, 2022


Freelance cannabis research firm Pink Market Capital Research published Trulieve Cannabis Corp. – A Titan in the Making, which examined how Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) has managed to rake in more revenue during the past year than its competitors and is increasingly penetrating key emerging states despite falling margins in the U.S. cannabis sector.

“The report on Trulieve is our first published report here at Pink Horse Capital Research, where we aim to publish our findings on small & mid-cap equities, the companies that most research firms don’t cover,” the report said. “Though we aim to be unbiased, please note that we do have a position in the company.”

 The report released on Sunday explored the company’s business model and growth strategies, its key financial metrics as well as the risks posed to both the company and the cannabis sector as a whole – subsequently assigning a fair value range for Trulieve of $79.30 – $96.92 per share. That’s a fairly lofty valuation as Trulieve shares were lately selling at approximately $12.70. 

Pink Market Capital gets to this number with a couple of big market assumptions. First, the analyst believes Trulieve’s home state of Florida could add adult-use sales in mid-2025, boosting revenue. They also think the company’s key state of Pennsylvania could go that route as well by 2025.  The report said, “This assumes a Nov ballot initiative in 2024 that would provide the framework for Trulieve to sell to adults over 21 in the state.” Then the report suggests that the company’s free cash flow would turn positive at a 10% yield to revenue beginning in 2025. The report went on to surmise that if Trulieve maintains a significant market share in its cornerstone hubs in 2026, that would lead to a 9.18% U.S. market share by 2030.

Thrive or Survive

Despite the slow crawl toward federal legalization, the global legal cannabis market size is expected to reach $134.4 billion by 2030, with a CAGR of 25.3% between this year and then, according to a new report by Grand View Research, Inc. The report partly credited the growth to the rising geriatric population and increasing demand for cannabis for various medical purposes, such as management of chronic pain, mental disorders, chemotherapy-induced nausea and neurological disorders.

 And while Florida’s medical marijuana market has been notoriously tough to enter for entrepreneurs, Trulieve performing well in the tax-friendly Sunshine State demonstrates opportunities for considerable growth. Those gaining sizable footprints in Florida’s emerging legal market more neatly position themselves for the implementation of recreational marijuana legalization.

 For Trulieve, this means focusing on growing within current markets – rather than land-grabbing throughout the country – and building upon their “Hub” model approach, which emphasizes establishing cost-effective scale in regional markets near “pillar” states tucked into the corners of the country such as Philadelphia, Florida, and Arizona. CEO Kim Rivers has hinted at the possibility of five hubs – setting the stage for effective interstate travel if approved by the federal government. Pink Market Capital Research expects Trulieve to enter more developed markets through M&A “when the company finds more attractive opportunities.” And until federal legislation is passed and implemented, navigating the patchwork of nascent markets will remain a challenge for even the largest players – especially as inflation and rising interest rates cool down activity. 

At the same time, the legal industry will continue to languish behind an expansive illicit market that has always been able to offer more competitive pricing and bypass state taxes, rules and regulations that have burdened smaller operators struggling to penetrate the world’s oldest legal marijuana market. California’s Democratic Gov. Gavin Newsom signed into law last month solutions meant to remedy the tax burden for many businesses in the state – eliminating a weight-based tax for cannabis growers but leaving the 15% tax on retail sales. The bill also allows the state to eventually raise retail taxes to make up for the lost cultivation revenue. Decelerating consumer growth in Western states such as California and Colorado “suggests that the most established markets are nearing saturation of consumer participation, which stands in sharp contrast to the rapid growth happening in new and emerging markets,” according to a report by Colorado-based cannabis data firm BDSA Analytics.

 “One market that deserves recognition is the massive Florida market, which saw its consumer participation rate jump from 24% in Spring 2020 to 49% in Spring 2022,” BSDA said.

 Maintain a Win Formula

 The report showed that Trulieve possesses a healthy balance sheet, “and there is minimal risk for the company to default on its debt or not pay its current obligations,” it said. “There is also ample cash to make opportunistic investments should the right circumstance arise.”

Risks that could limit potential growth for the company remain, it added. With nearly a couple hundred dispensaries, the retail-heavy company could more greatly feel the impact of federal legislation that restricts cannabis companies from being vertically integrated.

 And whether Trulieve can repeat its success in Florida across other states is yet to be seen. The decision to sit out on emerging Northeast markets such as New Jersey and New York may or may not mature in the company’s favor. New York has recently had issues trying to crack down on budding off-the-books pot shops in lieu of state legalization.

 “Time will tell if sitting out will hurt or help Trulieve in the long run,” the report said.

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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


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