Trulieve Archives - Green Market Report

StaffJuly 18, 2023


The Daily Hit is a recap of the top financial news stories for July 18, 2023.

On The Site

Deceased Worker From Green Thumb Industries Identified, Teamsters Call for Action

A worker at Green Thumb Industries (CSE: GTII) (OTCQX: GTBIF) who died while on the job Friday has been identified as 60-year-old Julie Devinney, whose sudden passing prompted a call for reform and unionization at the business from the International Brotherhood of Teamsters. Read more here.

Trulieve Sues Ohio Cannabis Company Over $24 Million Debt

Florida-based Trulieve (CSE: TRUL) (OTCQX: TCNNF) has filed a civil lawsuit against a former business partner in Ohio of Harvest Health & Recreation, which it acquired two years ago, for nearly $24 million in debts. Read more here.

FSD Pharma Wins Multi-Million Dollar Dispute Over Failed Drug Trial

Toronto-based biopharmaceutical company FSD Pharma Inc. (Nasdaq: HUGE), which dabbles in psychedelic-based drugs after venturing out of cannabinoid molecules, scored what it views as a David-over-Goliath victory against a large contract research firm over an arbitration dispute. Read more here.

Clinics Boost Revenue For Numinus Wellness

Numinus Wellness Inc. (TSX: NUMI) (OTCQX: NUMIF), a mental health care company focused on evidence-based psychedelic-assisted therapies, posted strong financial results for the third quarter ending May 31, 2023. Read more here.

Judge Says Metrc Can Withhold Tags From Colorado Licensee

A Colorado licensee has been fighting Metrc over unpaid fees for tags and in the latest round a judge said Metrc could withhold tags – potentially shutting down the business. Read more here.

Reality Hits Hard For License Lottery Winners

New owners of 55 social equity marijuana retail permits awarded in Illinois last week via lottery will now have to prove their eligibility to the state and also raise enough money to get their businesses open, which can be a tough hurdle to clear. Read more here.

In Other News

Curaleaf Layoffs

Curaleaf, the leading grower and seller of cannabis in New Jersey, announced Monday that it is laying off 49 employees at its Winslow production facility, saying the slower-than-expected rollout of the sector has impacted the amount of product that can be sold, despite a strong market for it. Read more here.

New York

A New York City entrepreneur who illegally sold marijuana at a dozen shops across Manhattan must pay more than $400,000 in taxes and proceeds from illicit sales of cannabis, as part of a crackdown on the thousands of unlicensed operations across the city. Read more here.


Flood-ravaged cannabis businesses in Vermont learned they are ineligible for federal assistance due to the illegality of marijuana. Read more here.

North Carolina

Members of the Eastern Band of Cherokee Indians will vote in September on whether they want to legalize marijuana possession and sales on tribal lands for anyone 21 and older — not just for those seeking it for medical use that the North Carolina tribe had already authorized. Read more here.

John SchroyerJuly 18, 2023


Florida-based Trulieve (CSE: TRUL) (OTCQX: TCNNF) has filed a civil lawsuit against a former business partner in Ohio of Harvest Health & Recreation, which it acquired two years ago, over nearly $24 million in debts.

The defendant companies in the case, Harvest of Ohio and Harvest Grows, were previously affiliates of multistate operator Harvest Health & Recreation, and after the Trulieve acquisition in 2021, the new parent company continued offering financial assistance to the Ohio businesses, the Dayton Daily News reported.

But no longer. Trulieve filed suit on Friday in Franklin County Common Pleas Court against Harvest of Ohio, which runs three dispensaries and a cultivation facility that does business as Harvest Grows, seeking $23.8 million Trulieve said it loaned the company officers, including $4 million in interest.

The debts carried by Harvest of Ohio were ostensibly to pay for “capital expenses, operating expenses, cash funding, payroll, licensing fees, and rent,” the Dayton Daily News reported, and date back as far as 2020.

Trulieve spokeswoman Nicole Yelland said the company has granted 15 delays to Harvest of Ohio on its repayment schedule, the last of which expires this month.

“We agreed to loan them money and they agreed to pay us back, yet they have not paid a penny,” Trulieve told Dayton Daily News. “Trulieve recognized that Harvest of Ohio and Harvest Grows were not negotiating in good faith and had no intention of repaying the almost $25 million debt and decided not to extend the terms any further.”

In a statement released Wednesday, Harvest of Ohio shot back at Trulieve and said the Florida company backed out on promises it made “in a bid to gain control of the businesses built by women and people of color, kicking them to the curb.”

“This approach to business is not new. (Harvest Health & Recreation) and Trulieve’s management have used these strategies in other states and communities across the country, a fact we will prove in court,” Harvest of Ohio said.

Harvest of Ohio was founded by a Black woman, Ariane Kirkpatrick, and the company said its entire reason for partnering with Harvest Health & Recreation prior to the Trulieve acquisition was it pledged dedication to diversity, equity and inclusion, which helped the company win its retail and cultivation permits.

But ever since Harvest of Ohio teamed up with the larger MSO, it found that Harvest Health & Recreation only used its Ohio affiliate to inflate expenses, and also interfered directly with company operations, the press release alleged. That interference extended to Harvest of Ohio’s attempts to repay its debts owed to Trulieve.

“Last week, within days of a productive meeting to finalize resolution, Trulieve abruptly and without advance notice terminated those negotiations and started collection actions,” Harvest of Ohio said in its release. “This development coincides with Florida-based Trulieve opening its first dispensary in Ohio, a competitor to the Black-owned, woman-owned, Ohio-based Harvest of OH Companies.”

Adam JacksonJune 1, 2023


Florida State Attorney General Ashley Moody has lobbed a legal challenge against the latest ballot initiative seeking to legalize recreational marijuana, arguing it violates the state’s constitution.

According to Florida Courts’ information system, Moody formally requested a review of the proposed amendment by the Supreme Court on May 15. The challenge was first reported by Florida Politics.

The news comes a month after the political committee sponsoring the initiative, Safe & Smart Florida, surpassed the needed 222,881 petition signatures in April.

“The proposed amendment fails to meet the requirements of specific state law,” Moody said in her submission. She declined to elaborate, pledging to present “additional argument through a briefing at the appropriate time.”

For any amendment to become part of the Florida Constitution, it must receive approval from the Florida Supreme Court and the backing of 60% of voters in a general election. Past efforts to legalize recreational marijuana in the state have failed, largely due to concerns about decriminalization under state law while federal law continues to ban marijuana use.

Sally Peebles, a Florida-based attorney with Vicente Sederberg, expressed cautious optimism about the proposed amendment’s chances.

“I have consistently said that I believe this most recent attempt to legalize marijuana in the state of Florida is the best attempt yet because the language is clean and very simple,” Peebles told Green Market Report.

According to her, the current proposal avoids violations of the single subject rule or clarity requirements, which were stumbling blocks for previous efforts.

Still, she said that she is “not naïve” and acknowledged the conservative disposition of the Florida state government and its Supreme Court, conceding that “if there’s any argument to be had, that this does violate the single subject rule, then I think they will certainly agree with [Attorney General Ashley] Moody on that.”

Despite this, Peebles said that Safe & Smart Florida more than likely has been prepared for the legal fight, calling the current initiative “the strongest attempt yet.” She stressed that the primary objective of the initiative is unambiguous: “to no longer have marijuana prohibition in Florida.”

Moody, who has consistently opposed legalization, maintained that the amendment violates a law requiring constitutional amendments to cover only a single subject and to be fully compliant with the state’s technical requirements.

The proposed amendment’s changes would remove criminal liability or civil sanctions for the non-medical use of marijuana and would authorize all licensed Medical Marijuana Treatment Centers in Florida to produce and sell recreational cannabis products.

The Supreme Court will determine whether to hold oral arguments on the matter after the June 12 deadline for opponents to file their briefs.

Trulieve’s Long Play?

Florida’s largest medical marijuana producer, Trulieve Cannabis Corp. has provided substantial financial backing for the effort. As of April, the company had donated $38.5 million to Safe & Smart Florida, according to campaign finance records. The bulk of the committee’s funding has been spent on collecting and validating petition signatures.

“The adult-use opportunity in Florida is the most significant near-term catalyst for Trulieve,” Rivers told investors in a recent earnings call, touting that the campaign had gathered enough raw signatures for inclusion on the November 2024 ballot. As of publication, the state had not verified the signatures.

Rivers estimated that Florida, with 22 million residents and 138 million annual tourist visits, could become a leading legal cannabis market, potentially reaching $6 billion in annual revenue.

Florida’s medical marijuana market is also set to expand following the passage of a bill that extends the renewal of marijuana prescriptions over telehealth and authorizes nearly a dozen additional licenses for Black farmers to enter the cannabis industry.

According to sources familiar with the matter, the new Pigford licenses will not reduce the number of licenses from a separate application process – which concluded during the last week of April – that offered an additional 22 licenses.

“We believe the ballot language meets Florida’s single subject and related laws and look forward to the Smart & Safe campaign bringing this matter before the court where we expect a positive ruling,” a spokesperson for Trulieve told Green Market Report.

StaffMay 30, 2023


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


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.


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.

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