Verano Holdings Archives - Green Market Report

StaffNovember 30, 2022
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4min8930

The Daily Hit is a recap of cannabis business news for Nov. 30, 2022.

ON THE SITE

International Cannabis Reform Ramps Up in Europe, South America

Global cannabis reform is gaining momentum. What started as a ripple in three countries has become a global policy movement. While many countries, primarily in Africa and Asia, continue to ban cannabis, a hotbed of reform activity is transpiring everywhere else. Read more here.

Cannabis Company Finds Novel Solution to Real Estate Woes

After struggling to find a downtown office landlord willing or able to house its headquarters, one of Chicago’s publicly traded marijuana companies has found a different solution: moving to a massive apartment complex. Verano Holdings (OTC: VRNOF) (CSE: VRNO) signed a 12-year lease for roughly 25,000 square feet in the office portion of Three Old Town Park. Read more here.

Eleventh-Hour Lobbying Push for SAFE Banking Under Way

The clock is ticking on the current Congressional session, with the 535-member body set to adjourn for the two-year cycle on Jan. 3. With that, the fate of the SAFE Banking Act is still very much up in the air, with no solid intel about exactly what will happen to the measure. Read more here.

SpringBig to Cut Nearly One-Quarter of Staff

SpringBig Holdings Inc. (Nasdaq: SBIG) will cut 23% of its staff in an effort to “right-size its expense structure,” the company announced Wednesday. The staff cuts, which total 37 positions, will be undertaken through layoffs and attrition. Read more here.

Latest cannabis earnings:

IN OTHER NEWS

Icanic Brands Co.

Icanic Brands Co. (CSE: ICAN) (OTCQB: ICNAF), a multistate operator of premium cannabis brands in California, reported sales of $7 million for the quarter ended Sept. 30, a year-over-year increase of 180%. The company reported a net income for the period of $10.6 million. Read more here.

TerrAscend Corp.

TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF), a North American cannabis operator, announced that its subsidiary, WDB Holding MI Inc. (DE), and all subsidiaries of TerrAscend refinanced an existing senior secured term loan of $55 million. The amendment provides for a senior secured term loan with a principal amount of $25 million, plus incremental term loans of $30 million at the option of TerrAscend. Read more here.

Franchise Global Health

Franchise Global Health Inc. (TSXV: FGH) (FRA: WV4A) reported revenue of $11.9 million for the third quarter of 2022, a year-over-year increase of $11.7 million. The company noted that during the quarter, it entered into an agreement to acquire Flora Growth Corp. (Nasdaq: FLGC).


StaffNovember 14, 2022
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5min6780

The Daily Hit is a recap of cannabis business news for Nov. 14, 2022.

ON THE SITE

Moxie Cannabis & High Times Have a Lot in Common

It seems High Times and the company it just bought, Moxie Holdings, have a lot in common. Both companies failed to go public as planned, and both have not paid their debts. MXY Holdings and High Times also share the same auditor of company financials, GreenGrowth CPAs. Read more here.

Kansas City Entertainment District Takes New Approach to Cannabis Consumption Lounges

The news of a new entertainment district in the Kansas City metro area – which is slated to include cannabis consumption areas when it opens for business next year – appears to be part of both the ongoing normalization of marijuana use across the U.S. and an evolution of a business model that has struggled to find its footing. Read more here.

Verano Delivers Solid Quarter as Expansion Continues

Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) announced its financial results for the third quarter ending September 30, 2022, as revenue increased 2% sequentially and 10% year-over-year to $228 million. Verano attributed the revenue growth to strength from adult use sales in New Jersey. Read more here.

MediPharm to Cut 30% of Non-Manufacturing Staff after 3Q Losses

MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) (FSE: MLZ) is poised to cut its non-manufacturing staff head count by 30% after another losing quarter, which saw the Ontario-based company shed another $5.9 million (C$7.9 million), according to the company’s Q3 report. Read more here.

More earnings announcements:

IN OTHER NEWS

Safe Harbor Financial

Third-quarter revenue for Safe Harbor Financial increased 38.6% to $2.38 million for the three-months ended Sept. 30, 2022, compared to $1.72 million for the third quarter of 2021. Loan interest revenue shot up 1,400% with nearly 700 accounts placed with the financial services company. Read more here.

Curaleaf Holdings

Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF) announced the national rebrand of its Grassroots premium cannabis flower brand and shared details on the brand’s previously announced expansion into California with the launch of Diamond Infused Pre-Rolls. Read more here.

Unrivaled Brands 

During the three months ended Sept. 30, 2022, Unrivaled Brands generated revenue from continuing operations of $10.76 million composed of retail revenue of $8.77 million and cultivation/distribution revenue of $2 million. Read more here.


StaffOctober 27, 2022
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5min10530

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

ON THE SITE

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.

IN OTHER NEWS

Nevada

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

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.


StaffOctober 26, 2022
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5min10160

The Daily Hit is a recap of cannabis business news for Oct. 26, 2022.

ON THE SITE

South Dakota Moves to Restrict Medical Marijuana Program Further

A South Dakota state legislative panel this week gave initial approval to a bill that would restrict the MMJ program by making it harder to add qualifying conditions and by writing a handful of medical ailments directly into state law. If the bill succeeds, it may be the first time in the history of the U.S. marijuana industry that a state moved to restrict its MMJ program instead of broadening it. Read more here.

Verano Sued on Busted Acquisition

Verano Holdings’ (OTC: VRNOF) breakup with Goodness Growth looks like it’s going to be messy and expensive. Chicago-based marijuana company Verano called off its planned $413 million purchase of Goodness Growth on Oct. 13, citing unspecified breaches of “covenants and representations.” Goodness says Verano tried to back out of their deal without justification. Read more here.

Stifel Downgrades Canopy to a Sell

Stifel analyst Andrew Carter has downgraded Canopy Growth (NASDAQ: CGC) to a Sell rating following the company’s announcement to create Canopy USA. Stifel has a price target of C$2.90, roughly US$2.14. The stock was lately selling at $3.00. Carter noted: “Overall, we take a negative view noting the deal does not alleviate Canopy’s risks which are enhanced given Acreage’s financial position.” Read more here.

Turning Point Vape Sales Plunge as Zig-Zag Lights Up

Turning Point Brands Inc.  (NYSE: TPB) announced financial results for the third quarter ending Sept. 30, 2022, as sales fell by 1.9% to $107.8 million. However, it beat the Yahoo Finance average analyst estimate of $106 million in sales.  Turning Point also reported that its net income decreased by 14.3% to $11.5 million. Read more here.

IN OTHER NEWS

Harmony Foundation

Workers at Harmony Foundation, and its Harmony Dispensary in Secaucus, New Jersey, voted to unionize as members of the United Food and Commercial Workers (UFCW) Local 360. Recently, Harmony announced its intention to expand into the adult-use marijuana market and to open locations in Hoboken and Jersey City, as well as a new cultivation site in Lafayette. Read more here.

DreamField Brands

Two disgruntled customers are suing a California marijuana company, alleging that their prerolled joints were not as strong as claimed. The lawsuit was filed on Oct. 20 against DreamFields Brands Inc. for allegedly falsely claiming that their products have a high THC component, according to the suit. 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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By continuing I agree to your Privacy Policy and consent to receive relevant newsletters and other email communications on events, editorial features, and special partner offers from Green Market Report. I can unsubscribe or change my email preferences at any time.