It’s time for your daily hit of cannabis financial news for June 4th, 2020.
On the Site
Greenlane Shifts Away From JUUL Dependence
Smoking accessories e-commerce brand Greenlane Holdings, Inc. (GNLN) reported falling revenue for the first quarter ending March 31, 2020. Net sales fell 32% to $33.9 million in the first quarter of 2020 versus $49.9 million for the same time period in 2019.
Greenlane blamed the drop on the FDA’s restriction on the sale of certain products, primarily mint-flavored JUUL, and the execution of Greenlane’s plan to deliberately move away from low-margin JUUL sales, to focus on higher-margin products.
Grassroots Sells Two Facilities To Scythian Real Estate
Grassroots Cannabis has sold two facilities it operated in North Dakota to Scythian Real Estate. Scythian purchased the properties from Grassroots Cannabis for $3.4M. Grassroots is going to lease back the properties. Grassroots Cannabis will continue to operate both North Dakota locations under the name Herbology, offering high-quality medical marijuana products including flower, concentrates, tinctures, vape pens and topicals, as well as one-on-one patient consulting
MedMen, Among Others, Robbed by Looters
Those protesting have taken to robbing cannabis dispensaries in light of George Floyd’s murder.
“Effective immediately, we are temporarily closing all stores and the corporate office to protect the safety of our employees. The safety of everyone in the MedMen family is the most important thing right now, and we are grateful to report that while our stores were damaged, our employees and security guards were unharmed.” The company said in an internal memo, first reported by Marijuana Moment.
In Other News
Trulieve Receives Provisional Adult-Use License in Massachusetts
Cannabis company Trulieve has received a unanimous approval from the Massachusetts Cannabis Control Commission to operate cultivation, manufacturing, and retail operations for the recreational market in Massachusetts.