Unrivaled Brands Archives - Green Market Report

StaffJuly 20, 2023
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BusinessDaily Hit

The Daily Hit: July 20, 2023

4min00

The Daily Hit is a recap of the top financial news stories for July 20, 2023.

On the Site

Parallel Exiting Pennsylvania Marijuana Market After Defaulting on Rent

Atlanta-based multistate operator Parallel Cannabis is shuttering three facilities and exiting the Pennsylvania medical marijuana market following financial troubles that led to a lawsuit from its landlord, Innovative Industrial Properties Inc. (NYSE: IIPR), alleging almost $6 million in unpaid rent. Read more here.

Women Grow President Gia Morón Steps Down

Gia Morón, president of Women Grow, a professional network for women in the cannabis industry, is set to depart from the organization, effective July 31. Morón is stepping down to devote more energy to her business ventures. The company’s board chairwoman and CEO, Dr. Chanda Macias, will maintain her leadership role. Read more here.

Unrivaled Brands Reports Steady Q2 Revenue, Rising Margins

California-based Unrivaled Brands Inc. (OTCQB: UNRV) reported preliminary revenue of $8.6 million and a gross margin increase to 51% for its second quarter ending June 30, demonstrating financial resilience in a fluctuating market, the company said Thursday. Read more here.

Psilouette Founder Derek Chase on Taking Risks in Psilocybin Products

The limited legality of most psychedelic products hasn’t stopped some people from trying to get an early advantage. Case in point, Derek Chase founded L.A.-based entheogenic wellness company Psilouette to take advantage of what he called a “lucky period” for the industry. Read more here.

Maryland’s New Adult-Use Market a Bright Spot for the Legal Cannabis Industry

Maryland’s adult-use cannabis market, which launched on July 1, has been a bright spot for the legal industry, and the momentum is looking to keep rhythm for the time being. The boon came before it even started. On June 30, the last day when only medical cannabis was legal, there was a 55.6% surge in sales compared to the previous four Fridays, according to industry data from Headset. Read more here.

In Other News

MKX Oil Co.

A cannabis supplier alleges a client owes it $187,000 for the cost of producing and storing thousands of vape cartridges, saying it incurred substantial labor and fees to produce the distillate. In a complaint removed to Arizona federal court Monday, GMT Management LLC says it issued an invoice based on instructions from MKX Oil Co. for 50,000 vape cartridges for a total price of $127,500. Read more here.

SAFE Banking

A key Senate chairman says that a bipartisan marijuana banking bill will “not” get a committee markup next week, according to an advocate who spoke with him. And that means it will not be addressed during the summer session as leadership had hoped. Read more here.

 

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StaffApril 25, 2023
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BusinessDaily Hit

Daily Hit: April 25, 2023

4min00

The Daily Hit is a recap of the top financial news stories for April 25, 2023.

On the Site

Cookies Lawsuit: Company Uses Threats, Violence, Kickbacks to Do Business

The leaders of global cannabis brand Cookies have been using threats, violence and financial kickbacks to enrich themselves at the expense of company shareholders, according to a lawsuit filed by two of the company’s investors. Read more here.

Missouri Cannabis Jobs Boom, Market Saturation Concerns Loom

Legalization of recreational cannabis in Missouri led to a surge in job growth within the industry, but the trend could be slowing as labor needs are met. The number of active licenses to work in the sector catapulted from 9,800 in October to more than 14,000 in March, after voters approved recreational marijuana use through a constitutional amendment last November. Read more here.

Schwazze to Buy Everest Apothecary in New Mexico for $38 Million

Denver-based Medicine Man Technologies Inc., which operates as Schwazze (OTCQX: SHWZ) (NEO: SHWZ), has signed definitive documents to acquire a batch of cannabis assets in New Mexico. The acquisition will allow Schwazze to manage Everest Apothecary, a non-profit corporation operating in the state. Read more here.

Data Confirms 4/20 is THE High Holiday

Now that 4/20 is officially in the rearview mirror, the bean counters say that this year’s holiday did not disappoint. Consumers clearly don’t care whether cannabis companies are making any money or not, they were here to party. Read more here.

Unrivaled Brands Posts Consistent California Revenue in Q1 2023

California-based Unrivaled Brands Inc. (OTCQB: UNRV) reported preliminary financial results for the first quarter 2023, showing revenue of $8.7 million and a gross margin of 48%. The bulk of revenue came from Unrivaled’s three retail stores and cultivation facility. Read more here.

In Other News

Peridot Tree

In a lengthy answering brief filed Monday, the city of Sacramento asked the Ninth Circuit to uphold U.S. District Judge Kimberly J. Mueller’s order abstaining from and pausing a constitutional challenge filed by Kenneth Gay, who owns Peridot Tree Inc, which was denied entry into Sacramento’s equity program for failing to meet residency requirements, as Gay lives out of state.  Read more here.

CBD of Denver

CBD of Denver Inc (OTC Pink: CBDD), having begun a restructuring of its operations in fourth quarter of 2022, reported that revenue increased to $113,478 during the quarter from $26, 907 in the previous quarter putting the company back on a growth trajectory that management expects to continue throughout 2023. Read more here.

Minnesota

Minnesota took a step closer to legalizing recreational marijuana for adults after the Democrat-controlled House passed the bill Tuesday. The House approved the measure on a 71-59 vote after a long debate that spanned from Monday night into Tuesday afternoon. Read more here.

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StaffApril 10, 2023
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BusinessDaily Hit

Daily Hit: April 10, 2023

4min00

The Daily Hit is a recap of the top financial news stories for April 10, 2023.

On the Site

Tilray to Acquire Hexo Corp. for $56 Million, Loses $1.1 Billion in Q3

Tilray Brands Inc. (Nasdaq: TLRY) (TSX: TLRY) inked a deal to acquire Quebec-based Hexo Corp. (Nasdaq: HEXO) (TSX: HEXO) in a $56 million stock-swap deal, Tilray announced Monday. At the same time, Tilray revealed $1.1 billion in losses for its third fiscal quarter of 2023. Read more here.

Lawsuits Force Alabama to Review Two More Medical Marijuana Businesses

The pair of litigants – Med Shop Dispensary and TheraTrue Alabama – won rulings from a Montgomery County circuit court judge after arguing that technical problems on the state’s end prevented them from filing their applications before the Dec. 30, 2022, deadline. A third case was dismissed. Read more here.

Maryland Adult-Use Cannabis Sales to Start in July

Maryland lawmakers over the weekend finished a bill to launch the state’s recreational cannabis market in July. State lawmakers finished the measure on Saturday, just days before a deadline of midnight on Monday, when the 2023 legislative session will adjourn for the year. Gov. Wes Moore has committed to signing the bill into law. Read more here.

Cannabis Consulting Firm Turns Unrivaled Brands Around in 2022

Unrivaled Brands (OTCQB: UNRV) posted encouraging financial results for the fourth quarter of 2022 showing that the California-based company’s reported income from operations rose to $8.8 million, a notable improvement versus a loss of $13.3 million in the same period the previous year. Read more here.

Cannabis Job Growth in Illinois Wilts, Falls Nationally

Employment in Illinois climbed 4% to just under 30,000, compared to a 72% jump in 2021, according to the Vangst Cannabis Jobs Report, based on data from Vangst, an employment platform, and cannabis-research firm Whitney Economics. The picture was worse nationally, however. Industry employment fell 2% last year, which was the first decrease in a decade. Read more here.

In Other News

Verano Holdings, Acreage Holdings

Eight months after adult-use cannabis sales commenced in New Jersey, state regulators determined two companies continued to prioritize adult-use consumers over medical patients, resulting in more infractions. Locations for Verano Holdings and Acreage Holdings were each fined $5,000 for the violations. Read more here.

Connecticut

Cannabis sales in Connecticut reached a record high last month, according to new data from the Department of Consumer Protection. In March, cannabis sales reached a total of more than $22 million for adult use and medical use. Adult-use sales amounted to approximately $9.6 million and medical use sales brought it about $12.6 million. Read more here.

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StaffMarch 29, 2023
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BusinessDaily Hit

Daily Hit: March 29, 2023

4min00

The Daily Hit is a recap of the top financial news stories for March 29, 2023.

On the Site

Columbia Care Sales Fall in Fourth Quarter as Company Exits Markets

Columbia Care Inc. (NEO: CCHW) (CSE: CCHW) (OTCQX: CCHWF) saw its net loss for the fourth quarter ballooned to an eye-popping $300 million, compared with last year’s net loss of $53 million for the same quarter. Read more here.

Schwazze Loses $18.5 Million Despite ‘Record’ Revenue

Denver-based Medicine Man Technologies Inc., which does business as Schwazze (OTCQX: SHWZ) (NEO: SHWZ), posted an $18.5 million loss for the full year of 2022, due to various acquisitions and its entrance into New Mexico. Read more here.

Unrivaled Brands Posts Profits, Reduces Liabilities 40% Following Restructure

On the heels of a turbulent year of restructuring, Unrivaled Brands (OTCQB: UNRV) posted positive preliminary financial results for the fourth quarter of 2022, with operating profit for the period reaching $8.8 million. Read more here.

CV Sciences Runs Low on Cash as Sales Fall from Last Year

CV Sciences Inc. (OTCQB: CVSI) saw fourth-quarter sales fall 22% compared to a year ago, due to strong competition and continued supply chain challenges. Sales increased 3% sequentially in the fourth quarter to $3.9 million versus $3.8 million in the third quarter of 2022. Read more here.

Nova Cannabis Sees Record 2022 Revenue, Driven by Flexible Pricing, SNDL Partnership

Nova Cannabis Inc. (TSX: NOVC) posted impressive growth in its fiscal 2022, driven by record sales, more stores, and key partnerships. The Canadian cannabis retail company posted its financial and operating results for the fourth quarter and full-year 2022 ending Dec. 31, 2022. Read more here.

In Other News

Curaleaf Holdings

Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) entered into a definitive agreement to acquire Deseret Wellness, the largest cannabis retail operator in Utah, in a cash and stock transaction valued at approximately $20 million. The transaction is expected to close imminently, subject to customary closing conditions. Read more here.

CEA Industries

CEA Industries Inc. (Nasdaq: CEAD, CEADW) posted revenue for the fourth quarter of 2022 of $1.5 million, compared to $3.1 million for the same period in 2021. The decrease was primarily attributed to supply chain and project delays as well as a reduction in the size and number of signed contracts during 2022. Read more here.

CONTINUE READING
StaffMarch 13, 2023
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BusinessDaily Hit

Daily Hit: March 13, 2023

4min00

The Daily Hit is a recap of the top financial news stories for March 13, 2023.

On the Site

Silicon Valley Bank Failure Could Have Tangential Effects for Cannabis, Experts Say

The surprise failure on Friday of Silicon Valley Bank – the biggest U.S. bank to fail since 2008 – has some marijuana finance experts warning that there are almost certain to be ripple effects for cannabis companies, even if the cannabis sector doesn’t take a direct hit from SVB going under. Read more here.

Glass House Brands 2022 Sales Improve as California Flower Prices Rise

California-based single-state operator Glass House Brands (OTC:GLASF) has positioned itself to benefit from rising flower prices in the state as more competition bounces out of the cultivation business. Read more here.

Michigan Court Approves Skymint Order as Industry Braces for Receiverships

A Michigan court officially approved an order that appoints an independent third party to oversee the financial management of Skymint, the brand name for Green Peak Innovations Inc. Skymint, which owes its investors at least $135 million and is behind on rent obligations and back taxes, was placed into receivership by a judge last week. Read more here.

Oregon Cannabis Prices Bottoming Out Again

Oregon marijuana prices have hit their lowest point in the history of the state’s legal market, at $4 a gram for average recreational customers. That’s down 16% from last year, according to an annual report from the Oregon Liquor and Cannabis Commission delivered to the state legislature last month. Read more here.

Unrivaled Brands, People’s California Settle All Litigation

A messy case of legal fingerpointing between two California companies has apparently ended amicably, with both Unrivaled Brands and People’s California agreeing to a settlement. Although the terms of the settlement were not immediately disclosed, the end result is that both companies will “request a stay of all pending litigation.” Read more here.

In Other News

High Fusion

High Fusion Inc. (CSE: FUZN) closed the sale of its property in Pueblo, Colorado, with funds received on March 10, 2023, to be applied to the repayment of the 2020 debentures. The Property was originally purchased by the company in 2014 and leased to Palo Verde LLC, a licensed cannabis business under the Colorado Marijuana Enforcement Division. In March 2021, High Fusion was approved for the transfer of the MED license, and Palo Verde LLC was purchased at that time. However due to a lack of funding, the Palo Verde operation had minimal activity during 2022, and both the medical and adult use licenses have not been renewed. Read more here.

Heritage Cannabis

Heritage Cannabis Holdings Corp. (CSE: CANN) (OTCQX: HERTF) met the regulatory requirements and has achieved approval from the Brazil Health Authority (ANVISA) to import its first formulated CBD product into Brazil. Heritage also achieved stability on two additional products that are awaiting final approval. Read more here.

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StaffFebruary 21, 2023
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BusinessDaily Hit

Daily Hit: February 21, 2023

4min00

The Daily Hit is a recap of the top financial news stories for February 21, 2023.

On the Site

OCM Claims Variscite Application Score Too Low for a License

New York’s Office of Cannabis Management took another swing at the case filed by Variscite NY, which has stalled the adult-use licensing program in three state regions. The agency filed a motion last week with the Appeals Court for the Second Circuit asking it to block the current case, arguing that Variscite’s New York license application would likely not be approved based on its low score. Read more here.

MedMen Looks to Sell Assets in Arizona, Illinois & Nevada

MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF) hired ATB Capital Markets Inc. to help the company review and sell one or more of its noncore assets in Arizona, Illinois, and Nevada. ATB will help MedMen determine which assets to sell to boost liquidity and maximize shareholder value with an asset-light model. Read more here.

MariMed, Schwazze Active in Acquisitions

MariMed, Inc. (CSE: MRMD) (OTCQX: MRMD) announced it is buying the operating assets of troubled medical dispensary Ermont, Inc. located in Quincy, Massachusetts. Meanwhile, Schwazze (NEO: SHWZ) (OTCQX: SHWZ) announced it was buying Cannabis Care Wellness Centers, LLC and Green Medicals Wellness Center #5, LLC also known as Smokey’s. Read more here.

Unrivaled Brands Finds Growth Under Leadership of Cookies CFO

Unrivaled Brands Inc. (OTCQB: UNRV) saw 10% growth in sales through 2022 under a new batch of executives trying to turn the once-scaling company around. Sales growth appears to be one of the fewer upbeat aspects of the company’s journey lately, after a turbulent year of lawsuits, C-suite shuffles, and shareholder angst fueled by market woes. Read more here.

Canopy Growth Dilutes Shares Again in $150 Million Public Offering

Canopy Growth Corp. (TSX: WEED) (Nasdaq: CGC) entered into an agreement with an institutional investor for a convertible debt issuance worth $150 million, which provides access to needed capital but further dilutes shares for existing shareholders. Read more here.

In Other News

The Cannabis Place

The Cannabis Place, a firm licensed to open a recreational marijuana dispensary in Queens, New York, plans to make delivering to Nassau County a major part of its business model. After winning a license last month, Suffolk County resident Osbert Orduña and his partners found a “phenomenal” location in the western part of the borough that’s a block away from the subway and has a garage bay for delivery drivers, according to Orduña. Read more here.

Canonic

Israeli cannabis developer Canonic on Tuesday launched a series of hybrid cannabis products produced with the aid of artificial intelligence. The strains were bred selectively to contain higher levels of THC and particular terpene characteristics with the assistance of the tech engine “GeneRator AI” developed by Evogene, of which Canonic is a subsidiary. Read more here.

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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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