The Daily Hit: June 13, 2022

The Daily Hit is a recap of the top cannabis business stories for June 13, 2022. Due to technical difficulties, we were unable to publish this recap yesterday.

ON THE SITE

High Times on the Hook for $5M in Back Rent

Harvest Health or rather Trulieve (OTC: TCNNF) since it bought Harvest Health must be heaving a sigh of relief that it’s High Times on the hook for the rent at Geary St. in San Francisco. Before it was acquired Harvest Health had tried to quickly jump into the San Francisco market by signing numerous agreements. One of them was with Alexis Bronson from the Have A Heart 2 CA LLC  as a social equity licensee for a dispensary at a prime shopping spot on the famous Geary Street. Read more here.

Ayr Wellness Kicks Off New Jersey Rec Sales this Week

Ayr Wellness (OTC: AYRWF) will kick off its adult-use sales in New Jersey this Wednesday June 16th at three dispensaries. Ayr’s adult-use dispensaries are in Woodbridge, Union, and Eatontown, all within Central New Jersey, a region of 3.4 million people. Ayr’s adult-use stores represent 3 of 5 adult-use stores in this highly populated region. Ayr currently operates its New Jersey dispensaries under the Garden State Dispensary banner. Read more here.

RIV Capital Preps for New York Adult Use Sales

RIV Capital Inc. (CSE: RIV) (OTC: CNPOF) reported its financial results for the fourth quarter and fiscal year ending March 31, 2022. For the fourth quarter Riv Capital reported a net loss of $17 million versus last year’s net loss of $21 million for the same time period. The company had an operating loss in the fourth quarter of $2 million. Riv said the loss was primarily driven by an increase in the provision for expected credit losses on interest and royalty receivables. Read more here. Read more here.

Measuring Psychedelic Investing Risk

Biotechnology is always a dicey business to create, run, and make profitable. Psychedelics add a difficulty factor of 10 to that equation. Currently, there are many psychedelic companies still working their compound through clinical trials—with no actual product to market and sell for years. Much of the real success of any psychedelic business hinges on the completion of clinical trials and Food and Drug Administration (FDA) approval, which takes serious time and money and is never guaranteed. Read more here.

IN OTHER NEWS

The Scotts Miracle-Gro Company Adds Brian Sandoval to Board

The Scotts Miracle-Gro Company (NYSE: SMG), marketers of branded consumer lawn and garden as well as hydroponic and indoor growing products, announced today that The Honorable Brian Sandoval has been named to its Board of Directors. Governor Sandoval served two terms as the 29th Governor of the State of Nevada, having held office from 2011 to 2019. He is currently the President of the University of Nevada, Reno, a position he has held since 2020. Read more here.

Chemistree Technology Inc.

Chemistree Technology Inc. (CSE: CHM) and (OTCQB: CHMJF), provided Notice of the semi-annual payment of interest on its convertible debentures maturing March 29, 2024.  Pursuant to the Supplemental Indenture entered into with the Debenture Trustee, Odyssey Trust Company, effective January 17, 2022, the Company will pay the interest due on June 30, 2022 – via the issuance of common shares in lieu of payment in cash. Read more here.

Debra Borchardt

Debra Borchardt is the Co-Founder, and Executive Editor of GMR. She has covered the cannabis industry for several years at Forbes, Seeking Alpha and TheStreet. Prior to becoming a financial journalist, Debra was a Vice President at Bear Stearns where she held a Series 7 and Registered Investment Advisor license. Debra has a Master's degree in Business Journalism from New York University.


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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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