Weekly Stash Archives - Green Market Report

Debra BorchardtFebruary 10, 2023


The Weekly Stash is a recap of the week’s top business headlines in the cannabis industry for the week ending February 10, 2023.

Canopy Growth Corp. (TSX: WEED) (Nasdaq: CGC) reported slumping revenues on Thursday and signaled a new cost-savings era that includes cutbacks on cultivation and 800 layoffs. Revenue fell by 28% to $101 million in the quarter. Canopy ‘s historical cash burn has swelled its net losses 131% over the year to $266.7 million. Cash and short-term investments fell by a whopping $583 million to $789 million at the end of December from $1,372 million at the end of March 2022.

The acquisition of New York medical cannabis operator Etain by Riv Capital is entering another messy chapter. Scotts Miracle-Gro (NYSE: SMG), owner of the hydroponic company Hawthorne, has filed a lawsuit against Jason Wild and TerrAscend (OTC: TRSSF) claiming they ruined its $175 million investment. Hawthorne is complaining that Wild fought Riv Capital’s plans to buy Etain asking the board to call off the deal and threatening to attain a hemp license in the state in a move to kill the deal. Wild’s position is that Riv Capital overpaid for the property. 

SNDL Inc. (Nasdaq: SNDL) finalized its purchase of Canadian dispensary chain Superette out of bankruptcy, with plans to support the brand and its stores.SNDL will license some of Superette’s IP to Spirit Leaf Ontario for their retail locations, the company said.

In state news,

Over the first three-day weekend of legal recreational marijuana sales in Missouri, medical and adult-use retail sales combined to hit $12.6 million in sales, the state announced. Many shops reported long lines this past Friday. According to the Missouri Department of Health & Senior Services’ Cannabis Division Regulation, the industry sold $8.5 million in recreational cannabis and another $4.1 million in medical marijuana for Feb.3-5, for a grand total of $12,689,965.

In a break from a national trend, a federal judge in Washington state upheld the state’s residency requirement for cannabis business ownership and ruled that the U.S. Constitution’s dormant commerce clause doesn’t apply because marijuana is still federally illegal. U.S. District Judge Benjamin Settle sided with the Washington Liquor and Cannabis Board and tossed a lawsuit filed in 2020 by marijuana investor Todd Brinkmeyer, who had asked the court to rule that Washington’s residency requirement is unconstitutional. 

The start date for Maryland’s upcoming adult-use cannabis market could be as soon as July 1, under the terms of a new legislative bill introduced this week by state lawmakers.

New York has said it will begin cracking down on illegal operators while the state’s Office of Cannabis Management recommended that medical licenses be expanded. The OCM also suggested that medical patients no longer have to register. 

If you haven’t already signed up for the Morning Rise newsletter. It’s free and hits your inbox at 7 am with fresh content – not just a collection of headlines from other outlets. Wake and partake of the GMR Rise.

Video StaffFebruary 3, 2023


Earnings season is just beginning and it kicks off with Scott’s Miracle-Gro whose hydroponic brand Hawthorne saw its sales drop by 30%. Sales are forecast to continue falling by another 20-25%. CEO Jim Hagedorn described the cannabis market as a bloodbath and said the New York market had tripped over itself. Still, he insisted there was progress in the company’s investment into RIV Capital and Etain even though shareholders are suing RIV for the acquisition. Overall the company reported total sales fell by 7% to $526 million which beat expectations.

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. revenues shot up for the year as a whole by 97% to C$356.9 million, but High Tide still lost $52.5 million in the fourth quarter alone, and posted a C$70.8 million loss for the fiscal year. 

LeafLink raised $100 million in Series D financing this week. The company also moved co-founders Ryan Smith and Zach Silverman to new roles. Smith is moving from CEO to Executive Chairman and Silverman from Chief Technology officer to Senior Advisor. The company has now raised more than $230 million. 

In Other fundraising news, Village Farms raised $25 million and 3D cannabis shopping app company Weedar raised $1.5 million. 

In legal news, a New York judge is still not allowing cannabis licenses in the five regions currently involved in a lawsuit regarding social equity applicants. It was a blow to the Office of Capital Management that has made social justice applicants a priority in the very slow opening of the adult-use program.

Two dozen people have been indicted for a national cannabis smuggling operation that shipped California cannabis to New York. The U.S. Attorney’s Office in the Northern District of New York, said the indictments cover an alleged six-year operation that “shipped thousands of kilograms of marijuana” and edibles from Fresno, California, to “locations throughout the United States, including the Capital Region of New York.”

Speaking of New York, cannabis regulators extended a deadline for marijuana farmers to choose their business model to the end of the month, instead of requiring them to make a choice by Feb 1. Brittany Carbone, a board member of the Cannabis Association of New York, said that the state OCM relented on Monday during negotiations with cannabis farmers and gave all 280 growers until Feb. 28 to make their business model selection.

And finally, one of the original cannabis tech firms is saying goodbye to the industry and hello to bitcoin. Akerna is selling its cannabis assets to PosAbit and what is left of the company will merge with Gryphon digital mining. Akerna has been struggling over the years with expensive acquisitions that it then sold for much less than what had been paid. Losses never seemed to decline by much and revenues never really took off. CEO Jessica Billingsley will be a part of the board of Gryphon as Akerna is no more.

That’s it for this week. Don’t forget to register for our Women’s Summit on March 23 in New York City.

Video StaffJanuary 27, 2023


Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) is finally exiting a trio of legacy western states in search for better profits. The exodus will begin this month with the “proactive closure of the majority of its operations” including its production and cultivation facilities in California, Colorado, and Oregon. The company cited the lack of enforcement over the illicit market and price compression as to why it was tapping out of the west coast. The company is also laying off 10% of its workforce. The company said it expects to save $60 million through the moves.

New York-based Ascend Wellness Holdings (CSE: AAWH.U) (OTCQX: AAWH) announced its expansion into Maryland with its $19 million purchase of Devi Holdings, which runs four operational medical marijuana dispensaries. The move marks the seventh state in which Ascend Wellness has a footprint, according to a press release. The company already has cannabis shops in Illinois, Massachusetts, Michigan,  New Jersey, Ohio, and Pennsylvania, according to its website.

Long-awaited federal guidance on cannabis clinical drug trials for humans has finally arrived. The guidance document from the U.S. Food and Drug Administration follows the 2018 federal farm bill, which removed cannabis with less than 0.3% THC by dry weight from the list of controlled substances. The move could dramatically accelerate the value of the CBD industry, which has been waiting on the guidance, and it could also help the industry back up some of the health claims various companies have made, which got them warning letters from the agency.

In state news…

Mississippi began its medical cannabis sales this week. The state legalized medical marijuana just a year ago. 

New York opened its first social equity applicant dispensary and the state approved 30 more retail licenses. 

In legal news this week, Nike is suing a Texas cannabis company for using the slogan “Just Hemp it”. A Michigan developer filed a $60 million lawsuit claiming delays led to a loss of funding and tenants for its project and Helping Hands Wellness Center Inc. in Nevada had its licenses suspended after inspectors “discovered Helping Hands’ employees were diverting product to the illicit market. 

As a reminder, you can now submit applications to the 2023 GMR Women’s Leadership Awards, just head over to the website and there’s a link in our Summits tab.

Next week we expect earnings from High Tide, Scotts Miracle-Gro, and MedMen.

Video StaffJanuary 20, 2023


It was a shortened trading week with markets closed on Monday for the Martin Luther King holiday.   

Innovative Industrial Properties (NYSE: IIPR) told shareholders that rent collection has dropped from 100% last year to just 92% in January. Some companies like Parallel and Green Peak Industries have stopped paying rent in some locations, while others have had to use their security deposits to make rent payments. Kings Garden wants out of two locations as it looks for a possible merger.

In an effort to cut costs and try to become profitable, Columbia Care Inc. (CSE: CCHW) (OTCQX: CCHWF) has closed four unprofitable dispensaries and cut its headcount by 25%. Col-Care said it closed one dispensary in California and three in Colorado. In addition, the company also consolidated cultivation operations in California, Colorado and Pennsylvania to improve their Adjusted EBITDA contribution.

Bespoke Financial is suing California cannabis company In Da Cut for not paying back money that it borrowed. In Da Cut owes roughly $400,000 for money that Bespoke gave it to pay bills and hasn’t paid back.

In state news, Michigan had a banner year in 2022, ending with $221.7 million in sales for the month of December alone and a full-year total of $2.3 billion, a new record for the state’s marijuana industry. That annual sales figure is a 28% increase from 2021 sales figures and establishes a new high-water mark for Michigan operators.

Missouri is launching its legal adult-use cannabis sales on February 6. Last month on December 8, 2022, consumers were allowed to legally possess up to 3 ounces of marijuana.  On December 8th, 2022 the Department of Health & Senior Services began accepting requests for existing medical facility licensees to convert to a fully legal facility. Once approved, it is up to each dispensary to decide when it will begin selling adult-use cannabis.

Texas is set to expand the size of its highly restrictive medical marijuana program, from just three dispensaries to a still-undetermined number, but the state is retaining its ban on full-fledged cannabis. There are just eight qualifying medical conditions that make patients eligible for medical cannabis in the state and only 8,000 registered patients.

And finally, Green Market Report has announced that our Women’s Summit will be on March 23 in New York City. You can register on the website under the Summits tab. We have also opened the application period for nominations for the Women’s Leadership Awards for 2023.

Video StaffJanuary 13, 2023


This is your weekly stash for the week ending January 13 – Yep it’s Friday the 13th.

This was a big week as the state of Connecticut launched legal adult-use sales. Privately owned Fine Fettle was able to open three stores on the first day. The Botanist owned by Acreage Holdings opened one recreational store in Montville, while Green Thumb Industries opened a Rise Dispensary recreational store in Branford. It was a successful launch with the state reporting that over $250,000 was sold on the first day.

Earnings are just beginning to trickle out. Tilray Brands, Inc.  (Nasdaq: TLRY) reported revenues fell 7% in the fiscal second quarter to $144 million from last year’s $155 million. Revenue also fell sequentially from the previous quarter’s net revenue of $153 million. Tilray also delivered a net loss of $67 million versus last year’s net income of $5.7 million.

Organigram Holdings Inc. (Nasdaq: OGI) (TSX: OGI) reported net revenue of $43.3 million for its first fiscal quarter, up 43% from $30.4 million in the same time period last year. This beat Yahoo Finance’s average analysts’ $30.37 million estimate by more than $10 million. Organigram posted a net income of $6.1 million in the first quarter, versus a net loss of $1.3 million in the same time frame last year. 

The Colorado-based food and cannabis grower urban-gro, Inc. (Nasdaq: UGRO) reported a record backlog entering its 2023 fiscal year and reaffirmed its financial guidance for the fourth quarter of 2022. The company expects to enter 2023 with a record consolidated backlog of around $87 million, a sequential increase of approximately $20 million from the third quarter of 2022’s announcement of $67 million in the backlog.

In state news, Maine’s adult-use marijuana sales almost doubled from 2021 to 2022, as the number of recreational retailers also shot up. The New England state sold $159 million in cannabis last year, up from $82 million in 2021 and the number of licensed retailers increased 20% to more than 110.

Recreational marijuana sales in Illinois finished 2022 with more than $1.5 billion, up 13% from 2021. Total sales in December were the highest of any month at $143.9 million, following a seasonal pattern seen in previous years. But the rate of sales growth, 4% over December 2021, was the slowest this year, reflecting continued pressure on discretionary consumer spending from inflation.

And finally, a new report from the U.S. Sentencing Commission found that Federal cannabis possession charges have fallen dramatically since 2014 from 2172 in 2014 to just 145 last year. Unfortunately, a prior cannabis possession conviction often leads to a longer sentence for other crimes. 

That’s it for this week’s Stash. Markets will be closed on Monday for the Martin Luther King holiday.


Video StaffJanuary 6, 2023


It was a shortened trading week as markets were closed on Monday for the New Year holiday. 

This week Aurora Cannabis (NASDAQ: ACB) bragged about its solid balance sheet holding $320 million, but the company neglected to mention that it had almost $600 million in cash just a year ago. The company did reduce its convertible debt, but only by $84 million. The company also noted it sold its Polaris facility which brought in $15 million, however the company neglected to say it had only been open for 2 years and it is thought to have spent $50 million developing the facility.

Glass House Brands Inc. (OTCQX: GLASF) closed on a non-brokered private placement of Series C Preferred Stock,  raising $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.

Flower One Holdings began its previously announced reorganization plan and the closing of the transactions contemplated by the plan, including a Canadian restructuring transaction.

Atlas Global Brands Inc. completed its reverse take-over transaction with Atlas Biotechnologies Inc., AgMedica Bioscience Inc., and Cambrosia Ltd., and the concurrent acquisition by Cambrosia of Tlalim Pappo Ltd., Pharmacy Baron Ltd., and R.J. Regavim Ventures Ltd., privately held operating cannabis pharmacies in Israel. The companies will join to form Atlas Global Brands Inc., which expects to begin trading on the Canadian Securities Exchange on Jan. 13 under the ticker symbol ATL.

Illinois is trying to pump up its social equity efforts. The state released newer, easier rules for applications. At the same time, local minority owned The 1937 Group created a social equity incubator to help social equity applicants in the state. 

It’s been a busy week for legalization efforts. 

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.

The U.S. Virgin Islands Senate voted to legalize adult recreational cannabis use, sending the legislation known as Bill 34-0345 to Gov. Albert Bryan Jr. for signature. Medical cannabis has been legal in the Virgin Islands since 2019.

This has been the big news this week, next week Connecticut will begin adult use sales in a select amount of locations.

Video StaffDecember 16, 2022


We’re getting closer to the holidays but the news keeps rolling in. This week we learned that Dutchie founders brothers Ross and Zachary Lipson are suing the company. In November it was reported that they left the company, but neither contributed a quote to the press release. Now the two say they were improperly kicked out of the company by the current board and are insisting they are still directors and officers of the company. They claim they were ambushed at the November board meeting during a board coup. The court documents are sealed but we’ll keep trying to get more information on this. 

We also got a few earnings announcements this week. 

Fire & Flower announced its fiscal 2022 third-quarter revenue increased 8% sequentially to $43.8 million from $40.7 million. However, revenue fell by 3% from $45.4 million for last year’s third quarter. Fire & Flower delivered a net loss of $28.1 million in the quarter.

HEXO Corp. (TSX: HEXO) (Nasdaq: HEXO) posted earnings that beat revenue expectations as restructuring acrobatics over the past year continue to play out for the company. The Canadian producer reported its financial results for the first quarter with a net of C$35.8 million, down 29% versus C$50.2 million in the same period last year, and sequentially down 16% versus C$42.5 million in the previous quarter. The company said that the decline was attributable in part to “the timing of revenue recognition as certain shipments failed to reach their destination due to severe weather towards the period end.” HEXO cited other challenges stemming from that, such as shortages and trimmed purchase orders “as the company continues to implement its revised demand planning process.”

Grown Rogue International Inc. (CSE: GRIN) (OTC: GRUSF) posted temperate earnings results that show rising revenue and positive free cash flow. Grown Rogue posted revenue of $5.07 million, a 35% rise versus $3.76 million in the fourth quarter last year. It also improved over the previous quarter’s revenue of $4.2 million. 

California-based plant therapeutic wellness brand and certified B Corp. company Prima, is buying Prospect Farms for an undisclosed amount. The combination will be called Uplifter Brands, PBC, and billed as “a next-gen CPG house of clean and conscious brands across personal care, supplements, spa and hospitality, private label, and pet wellness.” Prospect Farms is known for its relationship with high-end gyms and spas like Equinox, Exhale Spa, Castle Hot Springs, and Cowshed at Soho House. While Prima brings national distribution at Sephora and The Vitamin Shoppe to the table.

Green Market Report published a great story this week that did a deep dive into the prices of legal recreational cannabis across New York. They will likely be at least twice as much as marijuana sold by unlicensed dealers and smoke shops, which will lead to a struggle for survival for much of the industry, according to a white paper authored by a pair of tax attorneys.

The paper calculated that the average price of a legal eighth of cannabis flower in New York state with 30% THC will cost $75.53, when all taxes are factored in. By contrast, last week we found multiple easily accessible dealers in New York City who were already offering eighths of marijuana flower for $10-$45.

Video StaffDecember 9, 2022


Basketball star Brittney Griner was released from a Russian prison in a prisoner swap with the Russian arms dealer Viktor Bout, who is known as the “Merchant of death.” President Biden said she was safe and on a plane headed home. 

This week two companies were accused of inflating THC levels for premium-priced products. Both Stiiizy and VO Leasing, which makes Presidential cannabis products were the subjects of lawsuits filed in California. Both sell products that claim to have high THC levels, but when tested, were beyond the margin of error established by the state. Some by over 30%. 

Weedmaps (NASDAQ: MAPS) said it was laying off 25% of its staff or 175 people. The move is intended to cut expenses but will cost over $10 million in severance costs. This comes shortly after longtime CEO Chris Beals departed the company and amid continuing losses at Weedmaps. 

The cannabis banking bill, the SAFE Act, did not make it into the defense bill despite efforts by Sen. Chuck Schumer. Now, attention is turning to possible inclusion in the appropriations bill, but even that might not happen. More disappointing for the cannabis industry: comments by minority leader Sen. Mitch Mcconnell tagging the banking legislation as a “pet priority.” The legislation isn’t completely dead and could make it into the omnibus bill or even as a stand-alone bill, but time is running out. 

In state news, Massachusetts said it would allow some pesticides by cannabis cultivators and Illinois said it would be open to cannabis delivery companies. Rhode Island fined one of its new cannabis license holders for winning a cannabis competition in Massachusetts. Mammoth cannabis was fined $10,000 and claimed to have been at the conference but that someone else must’ve entered their product. 

And finally, a lawsuit was filed against the Facebook parent company Meta in connection with the cannabis Ponzi scheme Juicy Fields. Marketing for the investors of the scheme was done through social media, which is why they are going after Meta. The case includes 800 people from 50 different countries. Two billion euros are missing from investor accounts.

Video StaffNovember 11, 2022


Green Market Report has a new morning newsletter called the Rise. Head over to the website under the subscriptions tab and sign up now. 

This week the country voted on several cannabis issues. Three states rejected the ballot measures before them and they were Arkansas, South Dakota, and North Dakota

However, Maryland (65.5%) and Missouri (53.1%) both approved adult-use cannabis. There were alot of nervous people in New York when it was feared that anti-cannabis Republican Lee Zeldin could win, but cannabis-friendly Kathy Hochul went on to win and become the first elected female governor in the state.

Earnings season is upon us and most companies have struggled through massive headwinds to deliver. 

WM Technology Inc. or Weedmaps (Nasdaq: MAPS) posted a $10.5 million loss in the third quarter this year – a drastic downturn from a year ago. That news was accompanied by the departure of longtime CEO Chris Beals. Revenues for the quarter held relatively steady at $50.5 million compared with $50.9 million for the previous-year period. The company said it expects a year-over-year decline in the low double-digit percentage area for fourth quarter revenue.

Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF) posted mixed results Monday as the company met revenue expectations, despite seeing lower operational margins and rising net losses. Curaleaf eked out past expectations and delivered $340 million during the period. Curaleaf also reported a second-quarter net loss of $54.7 million compared with a net loss of $28.2 million in the second quarter.

Florida-based multistate operator Trulieve (CSE: TRUL) (OTCQX: TCNNF) announced a $115 million loss for the third quarter this year. Revenue increased to $301 million from last year’s $224 million but fell 6% from the second quarter of this year.

Ayr Wellness’s second-quarter revenue rose 24% to $119 million over last year’s revenue of $96 million and an increase of 8.6% sequentially. Despite expected price compression Ayr believes it will see 10% growth in the next quarter.

High Times is buying cannabis company Moxie Holdings in an all stock deal. High Times stock though doesn’t sell and the company is currently in default on its debt. Likewise, Moxie has attempted to go public twice and both times it wasn’t successful. Moxie is also involved in a lawsuit over not paying its debt as well. 

That’s it for this week. We’ll see you next week in Vegas at the MJ Biz conference.

Video StaffNovember 4, 2022


This week the New York group tasked with raising funds for the social equity applicants saw their contract canceled. The group apparently had investment interests in companies that were applying for licenses. It’s yet another setback for the New York program that has struggled to keep the ambitious justice program moving forward.

Also in New York this week, regulators rolled back the stringent requirements for cannabis testing after cultivators said they would likely not pass with the previous measures. 

Earnings season is kicking off with Green Thumb Industries (OTC: GTBIF) posting positive results that beat analysts’ expectations, with record revenue showing the demand for cannabis even as profits shrink industrywide. Green Thumb reported third-quarter revenue of $261.2 million, up 2.7% sequentially and up 11.8% from the prior-year period. 

The Scotts Miracle-Gro Company (NYSE: SMG) announced that sales fell by 33% in the fourth quarter to $493.6 million reflecting decreases in both major business segments.  The hydroponic division of Hawthorne saw its sales decline by 49% to $168.5 million, compared with $329.1 million during the same period last year.

Innovative Industrial Properties Inc. (NYSE: IIPR) pulled in revenue of almost $71 million in the third quarter of 2022, with a net income of $37.3 million, but its stock price continues to suffer along with much of the cannabis industry. Revenue was up 32% from the same period in 2021, IIPR reported, though it did run into some issues with rent collection by a pair of tenants in California.

Hexo reported fourth-quarter net revenue of $42.5 million, an increase of 10% compared to $38.8 million in the 2021 fourth quarter. net revenue for the full year was $191.1 million,   The net loss for the full year was an eye-popping $1 billion versus last year’s net loss of $115 million.

And finally this week HighTimes Holding Corp. is suing the people it bought the High Times Magazine from, saying the former owners lied during negotiations, which caused damages in excess of $10 million. This complaint was filed on Oct. 27, a day after HighTimes Holding Corp.’s deadline for signing an investment agreement that would’ve bailed the company out of its financial predicament. Part of the HighTimes financial pressure was due to the money it owed on the original purchase of the magazine. For now, it’s unknown whether this case will work as a delay tactic for the money owed to its lender. High Times has until November 15 to make payments to satisfy its debt holders. 

Get the latest cannabis news delivered right to your inbox

The Morning Rise

Unpack the industry with the daily cannabis newsletter for business leaders.

 Sign up

About Us

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


Recent Tweets

Get the latest cannabis news delivered right to your inbox

The Morning Rise

Unpack the industry with the daily cannabis newsletter for business leaders.