Washington D.C. cannabis Archives - Green Market Report

StaffFebruary 13, 2023


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

On the Site

SNDL Lays Off Alberta Grow Employees, Focuses on Premium, Alcohol Brands

SNDL Inc. (Nasdaq: SNDL) will wind down its Alberta operations and lay off 85 facility employees, the company announced on Monday. The Canadian grow giant said that it would be “rightsizing” its cannabis cultivation site in Olds, Alberta, in order to focus on premium products and brands. Read more here.

Aleafia Health Trims Workforce 20%, Despite Rising Revenue

Aleafia Health Inc. (TSX: AH) (OTCQB: ALEAF) touted its profitability as the Canadian licensed producer managed to grow its different revenue channels, despite having to shore up costs and lay off 20% of its full-time payroll. Read more here.

Washington D.C. Businesses Optimistic About Upcoming Industry Expansion

In coming months, the city’s seven licensed dispensaries and nine licensed growers will be joined by an unknown number of gray market “gifting” businesses that have been operating in a quasi-legal jurisdiction for years. Read more here.

Future Looks Bright for Small Cap Cannabis

The author of a year-end letter to cannabis investors expects smaller cannabis companies to have an easier path than multistate operators going forward. Read more here.

C21 Opts to Not Dilute Shares

While most cannabis companies issue shares like it’s Monopoly money, Canadian operator C21 Investments Inc. (CSE: CXXI) (OTCQX: CXXIF) is choosing to work against further share dilution instead. Read more here.

Alleaves Buys BioTrack for $30 Million to Enter Growing New York Market

Health care software provider Forian Inc. (Nasdaq: FORA) has sold its cannabis software subsidiary, BioTrack, to rising cannabis tech firm Alleaves Inc. for $30 million in cash. Read more here.

In Other News

Gage Cannabis Co./Cookies

TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF) launched adult-use cannabis sales at its Cookies Detroit retail location. Through its subsidiary Gage Cannabis Co., the company will now provide adult-use customers in Detroit with access to high-quality products. Read more here.

Auxly Cannabis Group

Auxly Cannabis Group Inc. (TSX: XLY) (OTCQB: CBWTF) entered into an agreement with institutional investors pursuant to which the investors have agreed to purchase, on a private placement basis, 96 million common shares of the company at a price of $0.035 per common share and 96 million common share purchase warrants, with each warrant entitling the investors to purchase one common share at an exercise price of $0.045. Total gross proceeds will reach approximately $3.36 million, before deducting any applicable advisor or finder fees or offering expenses. Read more here.

StaffJanuary 31, 2023


The Daily Hit is a recap of the top financial news stories for January 31, 2023.

On the Site

California Takes Baby Step Toward Interstate Cannabis Commerce

The California Department of Cannabis Control’s executive director, Nicole Elliott, and general counsel, Matthew Lee, sent the eight-page letter to Attorney General Rob Bonta, asking him to issue a written opinion as to whether shipping cannabis products over state lines would run afoul of federal law, or if the state was on firm legal ground under the U.S. Constitution. Read more here.

Washington D.C. Mayor Signs Massive Medical Marijuana Overhaul Bill

Washington D.C. Mayor Muriel Bowser on Monday signed into law the Medical Cannabis Amendment Act of 2021, which for all practical purposes will establish a new adult-use cannabis market, without any license caps or restrictions on specific medical ailments. Read more here.

D.C. Cannabis Delivery Service Owner Pleads Guilty to Laundering $3.5 Million

CEO Connor Pennington, 39, pleaded guilty to conspiracy to commit money laundering after he directed and green lit a scheme in which he and other business associates within his company, JointVentures LLC., deposited cash in denominations less than $10,000 into several bank accounts they operated. Read more here.

Village Farms Raises $25 Million in Tight Capital Markets

Village Farms International Inc. (Nasdaq: VFF) completed its previously announced registered direct offering with certain institutional investors for the purchase and sale of an aggregate of 18,350,000 common shares at $1.35 per share, together with accompanying warrants to purchase up to 18,350,000 common shares, which have an exercise price of $1.65 per share. Read more here.

High Tide Revenues Up Big But Company Still Lost C$52M in Q4

Canadian cannabis company High Tide (NASDAQ: HITI) (TSXV: HITI) saw both its revenues and its losses balloon in its final fiscal quarter of 2022, which ended on Halloween. Though revenues shot up for the year as a whole by 97% to C$356.9 million, High Tide still lost $52.5 million in the fourth quarter alone, and posted a C$70.8 million loss for the fiscal year. Read more here.

In Other News

Nextleaf Solutions Ltd.

Vancouver, British Columbia-based Nextleaf Solutions Ltd. (CSE: OILS) (OTCQB: OILFF) reported total revenue of $5.4 million for the fiscal year ended Sept. 30, 2022, an increase over 52% from the year prior. Cost of sales of $3.7 million decreased of approximately 12% from the year prior. A significant portion of cost of sales is related to excess capacity, as such, as revenue scales with increased distribution, gross profit is expected to increase exponentially. Read more here.


Year one of Vermont’s legalized market, which opened in October, was highlighted by a high demand and limited supply, which officials say they expected. That’s partly because the first licenses weren’t available until the middle of the growing season. State officials now expect a ramping up of crop yields for 2023. Read more here.

Cannabis Scheduling

A GOP congressman has refiled a bill to move marijuana from Schedule I to the less restrictive Schedule III under federal law. Rep. Greg Steube (R-FL) introduced the proposal on Friday. This is the third session in a row that he’s pushed for the modest reform, titled the “Marijuana 1-to-3 Act.” Read more here.

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