The Daily Hit: January 5, 2021

It’s time for your Daily Hit of cannabis financial news for January 5, 2022.

On The Site


Headset is predicting in a new report that the total annual United States cannabis market has the potential to reach $45.8 billion by 2025. Despite its current challenges, California is expected to remain the number one market. Headset is projecting that the state’s market will reach $7.7 billion in just three years. The report becomes a little more interesting when a few surprises pop up in the list. 


MariMed Inc. (OTCQX: MRMD) is buying Maryland-based Kind Therapeutics U.S.A., LLC in a deal valued at $20 Million. MariMed will also buy the minority interests of one of the current owners of Kind in two subsidiaries of the company that owns cannabis facilities in Maryland and Delaware for $2 million.


Urban-gro, Inc. (Nasdaq: UGRO) reported preliminary select financial performance for its full fiscal year ended on December 31, 2021 saying revenue should be approximately $62 million, which exceeds guidance of greater than $60 million provided on November 9, 2021. The company said this implies growth of more than 140% compared to $25.8 million in the fiscal year 2020. urban-gro also said it expects positive adjusted EBITDA for the fourth quarter of 2021 with the full fiscal year 2021 to be greater than $2.2 million, which represents an improvement of more than $2.9 million from the full fiscal year 2020.

High Tide

High Tide Inc. (TSXV: HITI) (Nasdaq: HITI) is buying Bud Room Inc. in a deal valued at C$3.6 million or $2.8 million based on today’s currency exchange. The acquisition will also include all rights to the customized Fastendr retail kiosk and smart locker technology and Bud Room’s retail cannabis store located at 1910 St. Laurent Blvd in Ottawa, Ontario. The transaction will consist of C$3.24 Million paid in common shares of High Tide and C$360,000 cash for the assignment of C$360,000 of the vendors’ shareholder loans. The acquisition follows last month’s announcement by High Tide to offer C$40 million of common shares intended to fund two specific strategic initiatives it was developing including acquisitions.


Ascend Wellness Holdings, Inc. (CSE: AAWH.U) (OTCQX: AAWH) may be fighting with MedMen over the New York investment, but the company did manage to close its acquisition of Chicago Alternative Health Center, LLC and Chicago Alternative Health Center Holdings, LLC. The acquisition of the two companies called Midway includes two operating adult-use and medical cannabis dispensaries located at 5650 S. Archer Avenue in Chicago and 9820 S. Ridgeland Avenue in Chicago Ridge. The dispensaries were originally branded as “Midway” and have been rebranded to “Ascend by Midway.”  Ascend has been consulting on the operations of these locations and consolidating the financials since the transaction agreement was signed in December 2020.

In Other News


Innovative Industrial Properties, Inc. (NYSE: IIPR) announced its operating, investment and capital markets activity from October 1, 2021 through today. From October 1, 2021 through today, IIP made 29 acquisitions (including 28 new properties and the acquisition of certain facilities at an existing property) for properties located in California, Colorado, Michigan, North Dakota and Pennsylvania, and executed one lease amendment to provide an additional improvement allowance at a property located in Massachusetts. As of January 5, 2022, IIP owned 103 properties located in Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nevada, New Jersey, New York, North Dakota, Ohio, Pennsylvania, Texas, Virginia and Washington, representing a total of approximately 7.7 million rentable square feet (including approximately 2.5 million rentable square feet under development / redevelopment). 


TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF) announced the appointment of Ziad Ghanem as President and Chief Operating Officer effective immediately. Mr. Ghanem brings nearly two decades of experience in large-scale healthcare services, cannabis, pharmacy, and retail operations to TerrAscend where he will manage and oversee all operations.


HEXO Corp (TSX: HEXO; NASDAQ: HEXO) announced the appointment of William Todd Montour to the Company’s Board of Directors following the resignation of Jason Ewart, effective immediately. The company also announced the appointment of Curtis Solsvig as acting-Chief Financial Officer, effective immediately.

Honeybee Collective

The Honeybee Collective, an employee-owned, community-driven, sustainable cannabis startup launching in February 2022, today announced that it raised $107,000, a first-round maximum, in just four days. According to the update, the campaign broke crowdfunding platform Mainvest’s 48-hour funding record, raising $80,000. The company’s campaign will reopen on Jan. 10, 2022, with a $250,000 overall fundraising goal. The Denver-based venture has received investments from 54 individuals so far, with investors contributing amounts from $100 to $10,000. Individuals can make investments through the Mainvest campaign page until Tuesday, March 1, 2022 . The success was expected, but the rate even surprised team leaders.

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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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