Vireo Health Archives - Green Market Report

Debra BorchardtDebra BorchardtNovember 25, 2020
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5min611

Vireo Health International, Inc. (OTCQX: VREOF) reported that its revenue rose 67% to $11.9 million for its third quarter ended September 30, 2020 versus $7.1 million for the same time period in 2019. Net income in the third quarter was $122,252 versus a net loss of $14.6 million in the 2019 third quarter.  Vireo said the favorable improvement in net income was primarily driven by the one-time gain of $16.4 million on the divestiture of the company’s former PAMS subsidiary.

Vireo reported that it generated revenue in seven states during the third quarter: ArizonaMarylandMinnesotaNew MexicoNew YorkOhio, and Pennsylvania. Total revenue, including contributions from discontinued operations, increased 68% year-over-year to $13.4 million.  Retail revenue was approximately $9.9 million in the quarter, an increase of 61% versus $6.2 million in Q3 2019. The increase in retail revenue was principally due to greater patient enrollment and average revenue per patient in Minnesota and New Mexico, as well as contributions from retail dispensaries in Pennsylvania. Wholesale revenue of $2.0 million increased by $1.1 million as compared to $980,921 in Q3 2019, with the increase primarily driven by the growth of wholesale operations in Maryland.

“Our third-quarter results demonstrate the improving nature of our business and success of recent initiatives to improve operating and financial performance,” said Chairman and Chief Executive Officer, Kyle Kingsley, M.D. “For the past several quarters we’ve been focused on positioning our vertically-integrated portfolio of assets to produce sustained and profitable growth, and we believe today’s results are an encouraging indicator that we’re nearing a critical inflection point in cash flow generation from operations.”

EBITDA was $8.1 million during the quarter, compared to a loss of $15.9 million in 2019 for the same time period. Adjusted EBITDA was a loss of $675,808 in Q3 2020, as compared to a loss of $5.2 million in Q3 2019.

Dr. Kingsley added, “Thanks to the hard work of our teams improving costs and manufacturing efficiencies, Vireo is positioned to improve margins as we continue growing our Green Goods retail dispensary footprint and benefit from likely tailwinds of regulatory changes. Each of our current development projects remains on time and budget, and with seven new dispensaries expected to open before the end of Q1 2021 and the potential for a majority of our state-based markets to pass adult-use legislation within the next year, we believe Vireo is poised for strong improvements in revenue growth and profitability.”

Outlook

Dr. Kingsley concluded, “As we exit fiscal year 2020, we’re focused on successfully completing our capacity expansion projects in ArizonaMaryland, and New Mexico, as well as our planned dispensary openings in MarylandMinnesota, and New Mexico. However, cash inflows from the forced redemption of warrants and exercise of the PDS purchase option materialized sooner than we anticipated, and our improving liquidity position has enabled us to begin evaluating additional investment opportunities. We expect to provide the investment community with an update on development initiatives and their potential impacts to our long-term operating and financial outlook in the spring of next year.”


Debra BorchardtDebra BorchardtAugust 26, 2020
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6min3880

Vireo Health International, Inc. (OTCQX: VREOF) reported that it generated revenue including contributions from discontinued operations, of $12.2 million. This was an increase of 70% over $7.2 million in the second quarter of 2019. Vireo reported revenue, excluding discontinued operations, increased 59% to $10.8 million, over $6.7 million in the 2019 second-quarter. The second-quarter net loss grew to $8.9 million, versus a net loss of $1.8 million in the 2019 second-quarter.

“Our second-quarter results were in-line with our expectations both in terms of revenue growth and operating expenses,” said Founder & Chief Executive Officer, Kyle Kingsley, M.D. “Furthermore, with the recent closing of the sale of our Pennsylvania manufacturing and processing subsidiary, we are well-positioned with a strong balance sheet to execute a strategy that should begin to generate positive cash flow next year as we continue increasing scale in our core markets of ArizonaMarylandMinnesotaNew Mexico, and New York.”

Vireo said that retail revenue was approximately $9.2 million in the quarter, an increase of 46% compared to $6.3 million in 2019. The increase in retail revenue was attributed to greater patient enrollment and average revenue per patient in Minnesota and New Mexico, as well as contributions from new retail dispensaries in Pennsylvania. Wholesale revenue of $1.6 million increased by $1.1 million or 256%, as compared to $444,023 in 2019. The increase in wholesale revenue was primarily due to the growth of wholesale operations in MarylandNew York, and Ohio.

Rising Expenses

The company reported that its total operating expenses in the second quarter rose to $15.4 million, versus $5.4 million in the second quarter of 2019, with the increase primarily attributable to increased salaries and wages, as well as an adjustment to share-based compensation related to the vesting of out-of-the-money warrants issued to a former executive upon termination from the company. Excluding depreciation and share-based compensation, operating expenses in the second quarter of 2020 were $6.0 million, or 55 percent of sales, as compared to $5.0 million or 74 percent of sales in the second quarter of 2019, and $6.2 million or 59 percent of sales in the first quarter of 2020.

Total other expenses were $3.4 million during Q2 2020, compared to $1.8 million in Q2 2019. The increase in other expense was primarily attributable to the issuance of warrants in conjunction with the private placement completed in March of 2020, as well as increased interest expense.

On June 22, 2020, the company announced the planned divestiture of its Pennsylvania manufacturing and processing operations to a subsidiary of Jushi Holdings, Inc. for a total consideration of $37 million, including $13.8 million in cash upon closing. The transaction closed on August 11, 2020, and as a result, the company had total cash on hand of approximately $21.1 million.

Dr. Kingsley continued, “We believe there is significant potential for Vireo to improve revenue growth and profitability in our core markets, and we’ll be investing in each of these markets through the balance of fiscal year 2020 to increase production capacity and retail store count. We expect the benefits of these investments to begin materializing late this year, and continue to believe that each of these markets has the potential to enact adult-use legislation over the short- to medium-term future, which would present additional opportunity for revenue growth, margin expansion, and value creation for shareholders.”

Looking Ahead

Dr. Kingsley concluded, “As we enter the second half of fiscal year 2020, we plan to leverage the strength of our balance sheet to make several strategic growth investments in our markets in ArizonaMarylandMinnesota, and New Mexico. We expect to invest approximately $8.0 to $9.0 million in these projects and that they will be completed by the end of the first quarter of fiscal year 2021. Once complete, these investments should help drive stronger revenue growth and profitability, which gives confidence in our ability to begin producing positive cash flow around the mid-point of fiscal year 2021.”


Julie AitchesonJulie AitchesonAugust 26, 2020
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7min6600

With unionization becoming ever more common in the cannabis industry, Labor Day 2020 provides an opportunity to take a closer look at the state of cannabis labor unions in the U.S.  Across industries, labor unions organize members and offer access to group health insurance, provide legal compliance and other assistance, help negotiate annual raises and higher wages, and often provide discounts through partner businesses. The International United Food and Commercial Workers Union (UFCW- working not just in the representation of businesses, but advocacy, coalition-building, and policy change), is regarded as the most powerful cannabis union in the country, initiating a Cannabis Workers Rising Campaign in 2010. As of March 2020, UFCW represented more than 10,000 workers in 14 states.

United Cannabis Workers, which “unionized as an independent workers union made up of small business owners, self-employed workers, and employees of small cannabis businesses”, eschews “old school union tactics” while holding a significant place in the cannabis union landscape. This landscape is differentiated from that of other industries in that it normalizes companies disclosing the fact that their employees are organizing. In cannabis, unionization is frequently seen as a way for a business to demonstrate legitimacy, however not all companies are supportive of unionizing efforts.

Michigan

In January of this year, controversy broke out over proposed labor union laws for cannabis businesses in Michigan, put forward by the state’s Marijuana Regulatory Agency. The proposal included a requirement that cannabis companies enter into “labor peace agreements” with unions before being licensed to grow, sell, or distribute cannabis. This suggested rule was met with significant opposition by industry groups and businesses, many going so far as to claim the measure thinly disguised political favor and a protection racket. This June, Michigan’s pro-union “labor peace agreement” requirement was stripped out of the proposal after a deluge of negative feedback. Many who oppose labor union laws such as these claim a violation of The National Labor Relations Act, which guarantees private-sector employees the right to form labor unions and gives unionized employees the right to strike and bargain jointly for working conditions. Opponents see labor peace agreements as “a pretense to use industry licensing to impose forced union dues on workers in violation of federal labor law.”

Supporters argue that labor peace agreement requirements result in a more stable workforce for the cannabis industry. In New York and California (where cannabis labor unions are required) cannabis industry workers are commonly acknowledged as ripe for exploitation by unethical businesses and therefore in need of union protection, while companies in states such as Michigan and Massachusetts have pushed back against unionization efforts. New England Treatment Access, one of Massachusetts’ largest cannabis companies, has been on the receiving end of numerous complaints filed by UCFW alleging anti-union efforts and retaliation against workers.   In July, about 60 New England Treatment Access, (NETA) workers in Franklin, Mass., voted to join UFCW Local 1445. With so much at stake and so much still unresolved in the cannabis regulatory sphere, cannabis labor unions and industry companies will no doubt continue this dance of compromise and conflict for many Labor Days to come.

Also in July, the Cannabis Workers Union said that 40 workers from Mayflower Medicinals joined UFCW Local 1445 because they were concerned about insufficient wages, as well as an unclear and slow response to workplace safety issues by the company in relation to the current COVID-19 health crisis, and a lack of respect by management for the work that they do at the company’s grow facility. Mayflower Medicinals is owned by iAnthus Capital Holdings, Inc. (OTC:ITUHF).

“As the cannabis industry continues to grow in Massachusetts, UFCW Local 1445 is proud to support these good jobs and the responsible employers that empower their workers in this new part of our economy,” said UFCW Local 1445 President Fernando Lemus. “These workers at Mayflower/IAnthus are an important role in the company’s success and they deserve the protections and security of a union contract.”

Vireo Health Supports Unions

In January this year, Vireo Health International, Inc. (CNSX: VREO)(OTCQX: VREOF) announced that its workers at its wholly-owned subsidiary, MaryMed, LLC  voted overwhelmingly to ratify a Collective Bargaining Agreement and officially joined the ranks of United Food and Commercial Workers Local 27 (UFCW27).

The company said that the three-year agreement would be the first medical cannabis union contract ratified in the State of Maryland. The contract would cover employees working in Vireo’s 20,000 square-foot Hurlock, Maryland-based manufacturing facility, which supplies precisely formulated medical cannabis products to third-party dispensaries throughout the state.

“As a ‘people-first’ business, Vireo is deeply committed to our employees and we are proud to be a union employer in Maryland and beyond,” said Kyle Kingsley, M.D., CEO of Vireo Health. “Our workforce is key to our company’s success and we look forward to partnering with UFCW to support legislation, such as legalizing adult-use cannabis, that will help create thousands of new middle-class jobs across Maryland.”

 


Debra BorchardtDebra BorchardtJune 16, 2020
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4min4830

Vireo Health International, Inc. (OTCQX: VREOF) reported total revenue for the quarter ending in March of $12.1 million increased 34% sequentially and 110% year-over-year versus $5.8 million in the first quarter of 2019. The first-quarter net loss was $2.0 million versus the net loss of $3.4 million in the same time period in 2019. Adjusted net loss for Q1 2020 was $8.1 million, as compared to a loss of $4.8 million in the prior-year quarter.

“Our first-quarter results demonstrate the improving trajectory of our business, with sequential revenue growth of 34 percent representing the strongest quarter of growth in Vireo’s history,” said Founder & Chief Executive Officer, Kyle Kingsley, M.D. “As we continue to focus on optimizing our core medical markets, we believe there is significant untapped potential for Vireo to improve revenue growth and profitability as we increase scale in these attractive, limited-license jurisdictions.”

Expenses rose in the first quarter to $9.7 million versus $3.7 million in the first quarter of 2019, with the increase primarily attributable to increased salaries and wages, professional fees, and general and administrative expenses necessary to support the company’s growth. While the company was raising salaries for some, it also laid off 9% of its workforce. During the first quarter, the company closed its New York corporate office and the related termination of an office lease.

The company has cash on hand of $11.7 million. Total current liabilities were $7.0 million, with zero debt currently due within 12 months. The company recently completed a C$10 million private placement.

Dr. Kingsley concluded, “With most of the major development projects in our core markets effectively complete, we expect minimal capital expenditures during the remainder of the fiscal year 2020, and we should also begin to see the benefits of recent cost reduction initiatives materialize more substantially in our second-quarter results. The optionality of our valuable collection of state-based cannabis licenses and intellectual property continues to provide substantial opportunities to improve our cash position and future financial performance, and we believe our six core market strategy will enable us to begin generating positive cash flow in the first half of next year.”

The company made no mention of its recent decision to part ways with Bruce Linton. Many within the industry grumbled that the company brought in Linton in order to get the C$10 million private placement it received in March. That once it received the money, it had no need for the industry icon. Linton has his fans and detractors, but any company that aligns with him is sure to get a great deal of attention and there is no argument on that.


Debra BorchardtDebra BorchardtJune 8, 2020
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3min4680

Physician-led, science-focused, multi-state cannabis company Vireo Health International, Inc. (OTCQX: VREOF) said that it has elected to terminate its employment agreement with Bruce Linton as Executive Chairman, on an entirely without-cause basis, effective immediately.

“We wish Bruce well in his future endeavors,” said Kyle Kingsley, M.D., Chief Executive Officer & Founder of Vireo. “Our organization will remain focused on executing a strategy which benefits all stakeholders and developing our core medical markets of ArizonaMarylandMinnesotaNew MexicoNew York, and Pennsylvania.” At this time, the company does not expect to fill the role of Executive Chairman.

“I like the company and pushed it hard, obviously a little too hard for everyone’s enjoyment,” Linton said on Monday. “I’m not everyone’s favorite flavor. If I invest and bring people’s money along I’m a pretty demanding guy.”

Linton is best known as the former CEO of Canopy Growth, which garnered one of the largest mainstream company investments from Constellation Brands (NYSE:STZ). Although much of that value has since been written off by Constellation after it accepted Linton’s resignation. Linton is also CEO of Collective Growth, a special purpose acquisition company that raised $150 million and has plans to list on the NASDAQ. He tapped Canopy’s former CFO to be a part of the SPAC.

“It says we can’t tell you what we’re going to do with the money cause we don’t know,” Linton said to Yahoo Finance, “but if you give it to us, we have a great management team and we think we can find some really great targets.” In regards to why he chose a name so similar to the company he co-founded and was fired from, Linton laughed. “You got to have a little fun with things,” he said.

Mr. Linton joined Vireo in November of 2019. His current term on the Board of Directors expires at the Company’s July 15, 2020, Annual General Meeting of shareholders. The incentive warrants previously issued to Mr. Linton with a November 7, 2024 expiration date will now vest with a modified expiration date of June 8, 2021.


Debra BorchardtDebra BorchardtMarch 10, 2020
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3min17760

Vireo Health International, Inc. (CNSX: VREO)(OTCQX: VREOF) closed on the first tranche of a non-brokered private placement offering of 13,651,574 units of the company at a price per Unit of C$0.77 for up to a total amount of  $10 million. The stock moved higher by 2% on the news and was lately trading at 53 cents.

“This financing reflects the confidence of the capital markets in the potential growth of sales and margin for Vireo,” said Executive Chairman, Bruce Linton, who is a director and insider at Vireo. “There are significant opportunities across our existing footprint to leverage increasing scale to improve sales growth and operating performance, especially considering that we anticipate as many as seven of our medical-only state markets could enact recreational-use legislation over the near- to mid-term future.”

Vireo said it plans to use the proceeds to fund various growth initiatives, as well as for working capital and general corporate purposes. Additional tranches may be closed on or before April 17, 2020. The company said it does not expect the Warrants to be listed on any securities exchange.

Like other cannabis operators, Vireo said it has been cutting costs. The company said it has “implemented several strategic initiatives over the course of the last 90 days in order to optimize its cost structure and operating model. Since December 2, 2019, these actions have reduced corporate overhead and SG&A expenses by approximately 25 percent on an annualized basis.”

The company has been very active in 2020. It signed a Union contract for its workers in Maryland. The company also announced a partnership with CB2 Insights (CBII) in which CB2 would oversee the protocol development and Investigational New Drug (IND) Application directly with the US Food & Drug Administration (FDA).  The successful completion will position Vireo for industry leadership when it comes to cannabis-based topical medication used to treat pain.

Last month, Vireo announced a partnership with Leaf Trade to provide a wholesale order and fulfillment management platform in four states where Vireo operates. Leaf Trade is an omnichannel sales platform that allows Vireo’s wholesale business to come online quickly and easily in new markets as the Company expands its operations nationally.


William SumnerWilliam SumnerAugust 29, 2019
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5min7380

It’s time for your Daily Hit of cannabis financial news for August 29, 2019.

On the Site

Tilray

Tilray, Inc.  (NASDAQ: TLRY) will be buying Alberta-based dispensary chain FOUR20 through its wholly-owned subsidiary of High Park Holdings Ltd. The recreational retail brand provides adult-use cannabis consumers with a premium retail experience focused on high-quality product selection, education, and community. FOUR20 currently operates six licensed retail locations and has 16 additional high-traffic locations secured in desirable locations in Alberta, including Canmore, Calgary, and Edmonton.

Food, Drug or Something Else: What is Hemp-Derived CBD?

It has been just over a month since the public comment period closed in the wake of the public hearing held by the FDA, “Scientific Data and Information about Products Containing Cannabis or Cannabis-Derived Compounds”. Over 4,000 comments were docketed, ranging from controlled scientific data submissions to tales of miracle cures to horror stories. It will be interesting to see what the agency gleans from the docket.

Los Angeles Bringing Back The “War on Drugs” for Illegal Commercial Cannabis Activity

Bringing Back The War – A bit of background on illegal storefront dispensaries tells us And the enforcement in California will come from both state and local authorities. The City of Los Angeles recently launched a massive crackdown on unlicensed, illegal cannabis businesses, filing misdemeanor charges against more than 500 people and shutting down 105 illegal cannabis businesses, including cultivation operations, extraction labs, and delivery companies across the city

In Other News

Cansortium

Cansortium Inc. (CSE:TIUM.U) (OTCQB: CNTMF) reported its second quarter revenue today. Consolidated revenue increased to $6.1 million. The consolidated net loss was $5.3 million. Consolidated EBITDA was $1.8 million. “While we continued to execute our strategy to expand cultivation, processing, and dispensaries during the second quarter, a combination of unexpected delays in construction needed in order to secure final regulatory approvals at our Tampa cultivation Phase 2 expansion, as well as delays in opening certain previously planned Florida dispensaries, led to second quarter revenues that were lower than originally anticipated. As a result, we are experiencing an approximate six-month delay on our plans presented earlier in the year,” said Cansortium CEO Jose Hidalgo.

Vireo Health

Today, Vireo Health International, Inc. (CNSX: VREO) (OTCQX: VREOF) reported its financial results for the second quarter. Operating revenue totaled $7.2 million, and the net loss was approximately $1.9 million.  EBITDA and adjusted EBITDA were $0.8 million and $2.3 million, respectively. “Increasing patient enrollment in Minnesota and New York continued contributing to organic revenue growth during the second quarter, and wholesale demand trends in Maryland and Pennsylvania have also been encouraging signs that our products can compete effectively within a broader marketplace,” said Vireo Founder and CEO, Kyle Kingsley.

Gabriella’s Kitchen

Gabriella’s Kitchen Inc. (CSE: GABY) also released their financial results for the quarter. Revenue was $2.5 million, up from $319,737 in the same period in the previous year. The gross loss declined from $264,607 to $49,712. As of June 30, 2019, the company has $11.5 million in cash and $37.3 million in assets. “When we announced our target on May 7, 2019 of $35 million in pro-forma revenue for the fiscal year, we took into account that Q2 would be a slower quarter due to the delayed closing of our $20 million raise, the company’s short-term decision to allocate available capital to maintain relationships and shelf space with dispensaries, and the transitioning from a shared distribution model in Southern California to a sole distribution model, staffed with our internal salespeople,” said Margot Micallef, Founder and CEO of GABY.


William SumnerWilliam SumnerAugust 15, 2019
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7min11830

It’s time for your Daily Hit of cannabis financial news for August 15, 2019.

On the Site

Trulieve

Yesterday, Trulieve Cannabis Corp. (OTCMKTS: TCNNF) (CNSX: TRUL) announced the release of its second quarter financial results. Year-over-year, Trulieve’s increased 149% from $23.3 million to $57.9 million. Keeping pace with revenue, operating expenses also rose from $6 million to 14.8 million, representing a 146% increase. Gross profit was $37.6 million, and the gross profit margin was 65%. Adjusted EBITDA was $31.6 million.

Harvest Health & Recreation

Harvest Health & Recreation, Inc. (CSE: HARV) (OTCQX: HRVSF) has reported its financial results for the second quarter, ending on June 30, 2019. Revenue rose from $19.2 million in the previous quarter to $26.6 million, representing an increase of 39%. If one were to include Harvest Health’s completed and pending acquisitions, quarterly revenue would be $78 million.

Money Moves From Aurora Cannabis, Green Growth Brands

Aurora Cannabis Inc.  (NYSE | TSX: ACB) said that it has secured commitments from an expanded syndicate of lenders led by the Bank of Montreal to amend and upsize its existing C$200 million secured credit facility.

Green Growth Brands Inc. (CSE:GGB) (OTCQB:GGBXF) said that it has entered into backstop commitment letters with each of All Js Greenspace LLC, Park Lane Capital Limited, and Chiron Ventures Inc. in which they have committed to subscribe for and purchase up to C$102,796,241 in the aggregate or roughly $77 million of convertible debentures to support the Company’s operations and capital needs.

Canopy Growth

Canopy Growth Corporation  (TSX: WEED) (NYSE: CGC) stock dropped over 10% after the company announced its financial results for the first quarter ending June 30, 2019. The worst of the news in the release was that the company’s fiscal first-quarter net losses of C$1.28 billion, or C$3.70 a share, dwarfed last year’s losses of C$91 million, or 40 cents a share. The loss was attributed to a non-cash charge of $1.2 billion in Canopy’s extinguishing warrants related to the Constellation Brands Inc. (NYSE: STZ) investment.

In Other News

Vireo Health

Vireo Health International, Inc. (CNSX: VREO) (OTCQX: VREOF) announced that its affiliate, Ohio Medical Solutions (OMS), has been granted a Certificate of Operation by the Ohio Department of Commerce. OMS, which was previously granted a provisional processing license, will begin operations immediately. The license will allow OMS to purchase plant material from cultivators and manufacture Vireo-branded medical cannabis products.  “We are delighted that Ohio Medical Solutions will begin manufacturing Vireo products for the benefit of Ohio patients,” said Vireo CEO, Kyle Kingsley, M.D. “The City of Akron has been great to us and as our business grows, we look forward to continuing to create new jobs and make a positive impact on the local economy.”

Front Range Biosciences

Front Range Biosciences (FRB) announced that it has entered a collaborative licensing agreement with Steep Hill, and that it will acquire Steep Hill’s Genomics Research & Development team. The agreement will help accelerate FRB’s marker-assisted breeding program and develop new traits and varieties of hemp and cannabis. “The Steep Hill R&D team is among the top three cannabis genomics groups in the world, and we are very excited to welcome them to FRB,” said Dr. Jonathan Vaught, CEO and Co-Founder of FRB. “This acquisition is a major value inflection point for FRB…”

Medical Marijuana Inc.

Medical Marijuana Inc. has filed its financial results for the second quarter. Revenue rose 30.8% to $20.7 million. Gross profit was $15.4 million and adjusted EBITDA was $1.5 million. General and administrative expenses decreased from 21% of sales in Q2 2018 to 16% of sales revenue. “We are excited to continue our tremendous sequential success with the second quarter of 2019 proving to be the largest sales revenue quarter in the history of our Company,” said Dr. Stuart Titus, CEO of Medical Marijuana, Inc. “As the world continues to become more receptive to learning about the benefits of hemp-derived CBD, we are enthusiastic about being at the forefront of the global cannabis industry which, according to Arcview Market Research, could be worth $57 billion by 2027.”


William SumnerWilliam SumnerJune 13, 2019
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5min13420

Although adult-use cannabis is legal in nine U.S. states, problems persist with companies trying to gain access to capital and essential financial services. Consequently, the industry has devised a series of methods and institutions to circumvent these difficulties; from credit unions to keeping their funds in a giant safe. Another unique way that the cannabis industry has adapted to the issue has been connecting companies with private capital investment through investor forums. A perfect example of this is the MJMicro Conference planned for June 25, 2019, in New York City.

MJMicro is an invitational investor forum aimed at connecting high net worth investors with C-level executives of cannabis companies that have proof of concept, revenue streams, audited financials, and valuations justified by public markets.

The conference is hosted by MjLink.com Inc., a wholly-owned subsidiary of Social Life Networks, Inc. (OTC: WDLF).  George Jage is President of MjLink.com, which is an A.I. and Blockchain powered cannabis social network technology company that launched one of the first cannabis social network platforms in the United States and Canada, back in early 2013.

In addition to a fireside chat with two of the leading cannabis companies in the industry, Canopy Growth (NYSE: CGC) and Acreage Holdings (OTCMKTS: ACRGF), several companies have been selected to host spotlight presentations during the conference. Those companies include Emerald Health Therapeutics (CVE: EMH), FSD Pharma (OTCMKTS: FSDDF), and Helix TCS (OTCMKTS: HLIX).

Emerald Health Therapeutics is a medical cannabis company licensed to operate in Canada. The company’s subsidiary, Emerald, both produces and sells medical cannabis and has a stake in a company that produces, cultivates and distributes wholesale cannabis and cannabis extracts for both adult-use and medicinal purposes.

Most recently, Emerald Health was appointed by the American Trade Association for Cannabis and Hemp (ATACH) to lead its International Affairs Council on CBD and Hemp in ATACH’s engagement with the US Food & Drug Administration’s public hearing on CBD regulations.

Acting as a subsidiary of FV Pharma Inc., FSD Pharma focuses on developing high quality indoor-grown medical cannabis and the development of novel cannabinoid-based treatments for several central nervous system disorders. The company is currently engaged in expanding its 25,000 square foot cultivation facility in Ontario.

Helix TCS provides infrastructure services for the cannabis industry. Though the company may not be a household name, several of its subsidiaries are more recognizable; including Helix Security, Cannabase, and the seed-to-sale tracking software company BioTrackTHC. Tracking over $18 billion in legal cannabis sales, Helix TCS’s products are used in six countries, 36 U.S. states, and over 2,000 licensed retail locations.

In addition to the spotlight presentations by Emerald Health, FSD Pharma, and Helix TCS; several notable cannabis companies are also set to present at MJMicro. Those companies include MJ Freeway, Dixie Brands., Vireo Health, and more.

Jage was the lead executive and driving force behind the development of Marijuana Business Daily and the success of MJBizCon from 2014 through 2017 and most recently he took the helm at Dope Media and successfully negotiated the acquisition by the High Times Holding Corp. His events have been recognized by Tradeshow Week (2006, 2008, 2009) and Tradeshow Executive (2016, 2017) as one of the fastest growing events in the U.S.  He has been awarded UNLV’s Jerry Valen Award of Distinction (2010) and the Nevada Entrepreneur Award (2008), and named as the Trade Show Elite (2013) and Gourmet News’s Top 20 Under 40 (2006).

Green Market Report is a media partner of this event.


William SumnerWilliam SumnerApril 25, 2019
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4min9590

It’s time for your Daily Hit of cannabis financial news for April 25, 2019.

On The Site

Bank of America Merrill Lynch Initiates Coverage On Cannabis Industry

It was a significant move for the financial industry and the cannabis industry when Bank of America Merrill Lynch (BAML) released a 62-page report entitled “A cannabis world… and more people are living in it.” Green Market Report combed through this detailed report to find some poignant highlights brought forth by Bank of America Merrill Lynch in their analysis of the growing global cannabis market.

SOL Global

SOL Global Investments Corp. (CSE: SOL) (OTCQB: SOLCF), the owner of 3 Boys Farms, which holds one of Florida’s original 14 operating and vertically integrated medical marijuana treatment center licenses, has entered into a binding letter of intent with cannabis-focused private equity firm Merida Capital Partners  to acquire Merida’s Michigan subsidiary, MCP Wellness, Inc. in a deal valued at $150 million.

In Other News

Vireo Health

Vireo Health International, Inc. (CSE: VREO) announced that its patent application titled, “Tobacco Products with Cannabinoid Additives and Methods for Reducing the Harm Associated with Tobacco Use” has been approved by the United States Patent and Trademark Office (USPTO). The patent application covers the use of cannabinoids as a “harm reduction agent” in certain tobacco products such as cigarettes, pipe tobacco, or smokeless tobacco products.

MariMed

MariMed Inc. (OTCQB: MRMD) announced that its subsidiary MariMed Hemp will acquire a 70% of MediTaurus, which owns the CBD health and wellness brand Florance, which has an established retail presence in both the United States and the European Union. The acquisition is part of MariMed’s strategy to optimize its investment in the Kentucky-based CBD producer GenCanna Global Inc. Terms of the transaction were not disclosed. “We at MediTaurus are extremely pleased to be joining the MariMed family and combining our expertise to further develop innovative products and processes and creating world-class brands with fully compliant and transparent supply and production,” said MediTaurus CEO and co-Founder Dr. Jokūbas Žiburkus. “The current dynamic growth of hemp and medical cannabis presents unprecedented opportunities for synergies among scientists, medical practitioners, consumers, and the financial marketplace.”



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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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