Virginia cannabis Archives - Green Market Report

StaffJuly 10, 2023
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BusinessDaily Hit

The Daily Hit: July 10, 2023

4min00

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

On the Site

Chicago Atlantic Talks New York’s $150 Million Equity Investment Deal

Chicago Atlantic stepped in with a pledge of up to $150 million to the social equity fund for building out New York dispensaries via small business loans. Managing director Peter Sack spoke with Green Market Report to fill in some of the details on how the investment deal came about. Read more here.

SEC Orders Sol Global Founder Andy DeFrancesco to Pay Millions in Stock Fraud Case

On July 5, the U.S. District Court for the Southern District of New York entered a final judgment on consent against Andrew DeFrancesco, the former chairman of Cool Holdings Inc., for his role in a scheme involving false statements and omissions of material information in filings with the commission, as well as a fraudulent pump-and-dump of Cool Holdings’ stock. Read more here.

Report: Virginia Governor ‘Not Interested’ in Adult-Use Cannabis Market

Both Virginia’s marijuana and hemp markets are in serious disarray, thanks to regulatory uncertainty handed down by the state’s Republican leadership. Now the previously expected launch of recreational marijuana sales in January 2024 is in more serious doubt than ever. Read more here.

Arkansas, Connecticut Cannabis Sales Continue Setting Records

Both Arkansas and Connecticut continued their respective marijuana sales tears in 2023 by setting sales records in June. At the same time, Michigan saw market prices stabilize after record lows in February. Read more here.

Illinois Cannabis Sales Turn Around in June

Monthly marijuana sales in Illinois reached their highest level so far this year in June, increasing 8% year-over-year and shaking off several months of sluggish performance. Read more here.

In Other News

4/20

Recreational and medical marijuana sales numbers released in June by the Colorado Department of Revenue showed the lowest marijuana sales in the month of April since 2018. Numbers showed $131 million in marijuana sales for April 2023, the most recent data, down from more than $153 million in sales in April of 2022. Marijuana sales in the month of April haven’t been this low since 2018. Read more here.

Curaleaf

Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF) unveiled the strategic national rebrand of its Select cannabis lifestyle brand across 15 U.S. states. Read more here.

InterCure Ltd.

InterCure Ltd. (Nasdaq: INCR) (TSX: INCR.U) (TASE: INCR), dba Canndoc, announced that its board of directors approved the voluntarily delisting of the company’s common shares from the Toronto Stock Exchange. The Company has decided to delist from the TSX after concluding that maintaining the listing does not offer substantial benefits to the company and its shareholders. Read more here.

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StaffMarch 30, 2023
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BusinessDaily Hit

Daily Hit: March 30, 2023

5min00

The Daily Hit is a recap of the top financial news stories for March 30, 2023.

On the Site

New York MSO Coalition Blasts State Officials Over Lack of Cannabis Enforcement

The same group of businesses and other marijuana industry stakeholders that recently filed suit against the state of New York on Thursday issued a scathing statement attacking Gov. Kathy Hochul and cannabis regulators in her administration for “willingly” letting unlicensed marijuana dealers operate with near-impunity across the state. Read more here.

Massachusetts Suspends Elev8 License After Owner Threatens Former Employees

The Massachusetts Cannabis Control Board issued an order last week suspending the retail licenses held by Elev8 Cannabis Inc. after the owner published violent threats against former employees on social media. The CCB said in its order that Elev8’s owner, Oluwaseun Adedeji, recorded and posted a five-minute video on Instagram. Read more here.

Virginia Governor: Exempt Some CBD Products from New Hemp Crackdown

Virginia Gov. Glenn Youngkin this week proposed a major amendment to a bill his fellow Republicans are crafting to crack down on the burgeoning hemp industry, to protect certain medical marijuana products that are mostly CBD but also contain THC. Read more here.

South Dakota Medical Marijuana Company Sues State for $1.3 Million

A medical cannabis company in rural South Dakota that had its cultivation and manufacturing licenses suspended in February filed suit against the state for $1.3 million in damages, claiming its permits were improperly yanked and that the situation is threatening to drive it out of business. Read more here. 

Earnings Roundup:

• 4Front Boosts Revenue in 2022, Positions Itself for Growth in Illinois

• iAnthus Delivers Messy Report as Revenues Fall Amid Numerous Lawsuits

• Lowell Farms Posts $24.6 Million Loss for 2022, But CEO Optimistic

• Safe Harbor Reports Rising Revenue, Settles Payment Owed to PCCU

• Verano Tops $200 Million in Losses on Record Revenue, as Stores Lose Balance Sheet Value

In Other News

Silver Spike Investment Corp.

Silver Spike Investment Corp. reported total investment income $2 million for the fourth quarter of 2022. This compares to total expenses of $0.6 million, resulting in net investment income of approximately $1.4 million, or $0.23 per share. Read more here.

Clever Leaves Holdings

Clever Leaves Holdings Inc. (Nasdaq: CLVR, CLVRW) saw its revenue increase 10% to $4.6 million  in the fourth quarter of 2022, compared to $4.2 million for the same period a year ago. Cannabinoid revenue increased 71% to $1.9 million compared to $1.1 million, and noncannabinoid revenue was $2.8 million compared to $3.1 million. Read more here.

Georgia

Legislation aimed at clearing up the legal morass that has delayed Georgia’s medical marijuana program for years died in the waning hours of this year’s General Assembly session, eventually a victim of its own weight. Read more here.

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StaffFebruary 15, 2023
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BusinessDaily Hit

Daily Hit: February 15, 2023

5min00

The Daily Hit is a recap of the top financial news stories for February 15, 2023.

On the Site

Twitter Eases up on Cannabis Marketing

Cannabis companies will be able to market their brands and products on Twitter in the U.S., reversing long-standing rules on whether marijuana should be advertised on the platform in the country. U.S. companies also can market their delivery services, labs, growing technology, search engines, and events on at least one platform. Read more here.

Virginia GOP Lawmakers Kill Recreational Cannabis Bill, Again

Republicans in the GOP-controlled Virginia House of Delegates have again torpedoed a bill that would have launched a recreational cannabis market in the state next year, possibly killing the last chance the existing medical marijuana industry had of starting adult-use sales in the near future. Read more here.

Cannabinoid Drug to Treat Autism Receives Phase 2,3 FDA Trial Funding

Zelira Therapeutics Ltd (ASX: ZLD) (OTCQB: ZLDAF) received $8.6 million in funding from U.S.-based investment firm Cantheon Capital LLC to conduct phase 2 and phase 3 clinical trials for its proprietary and patented protected HOPE-1 product targeting autism spectrum disorder via a special purpose vehicle (SPV). Read more here.

Union Square Travel Agency Dispensary Opens in New York City

UNION SQUARE TRAVEL AGENCY: A CANNABIS STORE, opened on Feb, 13. The store has a robust portfolio of products from New York farmers including premium flower, pre-rolls, edibles, vapes, accessories, and more, many from BIPOC and woman-owned brands. Watch video of the grand opening here.

DEA Rules Synthetic Cannabinoids Not Hemp, Still Banned

The U.S. Drug Enforcement Administration has taken a stance – albeit fairly quietly – that synthetic cannabinoids such as Delta-8-THCO and Delta-9-THCO are still controlled substances and thus illegal, even if they’re derived from hemp. Read more here.

In Other News

Trulieve Cannabis

Multistate operator Trulieve Cannabis (OTC: TCNNF) donated an additional $5.5 million to efforts to legalize adult-use marijuana in Florida. According to Orlando Weekly, the Tallahassee, Florida-based company has donated a total of $25.5 million so far to the Smart & Safe Florida campaign, which is working to get adult-use legalization on the November 2024 ballot. Read more here.

Pennsylvania Department of Health

The Pennsylvania Department of Health is again suing Spotlight PA in an attempt to keep information about how patients obtain a medical marijuana card secret from the public. This time, the health department does not want to reveal how often individual physicians approve patients for the medical program — information that could help identify outliers who might be bending or breaking the state’s rules. Read more here.

Louisiana

Gov. John Bel Edwards (D) said Louisiana residents will see a government clampdown on unregulated THC products that can cause a person to get high. The governor and legislators may also seek to tweak a related law about hemp products during the Louisiana Legislature’s spring session. Read more here.

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StaffJanuary 3, 2023
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BusinessDaily Hit

The Daily Hit: January 3, 2023

4min00

The Daily Hit is a recap of cannabis business news for Jan. 3, 2023.

ON THE SITE

MMJ License Holders will have Missouri Rec Market to Themselves for a Year

Though adult-use cannabis sales are expected to launch next month in Missouri, some hopeful market entrants aren’t thrilled that medical permit holders will have the state to themselves for a year before more retailers are allowed to apply for licensure. Read more here.

Virginia Lawmaker Introduces Bill to Launch Recreational Cannabis Market

A Republican lawmaker in the Virginia House of Delegates has introduced a bill to finally stand up the state’s adult-use cannabis market, more than 18 months after the legislature legalized recreational marijuana. But many advocates are unhappy with social equity changes made by the bill’s author, adding more uncertainty to the mix. Read more here.

Snoop Dogg Launches Death Row Cannabis

For more than 30 years, through countless chart-topping hits and landmark artists, Death Row Records has stood as one of the music industry’s most iconic and culturally significant platforms. On Thursday, the company announced its first cannabis drop, using an animation of their globally recognized logo and reveal of their branded pre-roll tube. Read more here.

Cannabis Industry Faces Sobering 2023

Without much meaningful development concerning legalization efforts in 2022, many sobering themes likely will carry over into 2023. Read more about the 2023 outlook for the cannabis industry here.

IN OTHER NEWS

Glass House Brands

Glass House Brands Inc. (NEO: GLAS.A.U) (NEO: GLAS.WT.U) (OTCQX: GLASF) (OTCQX: GHBWF) closed on a non-brokered private placement of Series C Preferred Stock, face value $1,000 per share, of GH Group, Inc., a subsidiary of the company. The financing raised $4.7 million of new capital on top of the approximately $26.5 million of incremental capital raised from the company’s Series B Preferred Stock offering that closed on Dec. 6, 2022. Read more here.

Flower One Holdings

Flower One Holdings Inc., together with its Canadian subsidiaries Flower One Corp. and FO Labour Management Ltd., announced the implementation of its previously announced reorganization plan and the closing of the transactions contemplated by the plan, including a Canadian restructuring transaction pursuant to which the Canadian Company has ceased to own any U.S. operating subsidiaries. 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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