The Daily Hit is a recap of the top cannabis business stories for May 18, 2022.
ON THE SITE
Canopy Growth Acquires Jetty Extracts for $69 Million
Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) is buying Lemurian, Inc. better known as Jetty Extracts, a California-based producer of high-quality cannabis extracts and pioneer of clean vape technology, contingent upon federal permissibility of THC in the U.S. or earlier at Canopy Growth’s election, up to 100% of the outstanding capital stock of Jetty. Read more here.
Bright Green Listed on NASDAQ
Bright Green (NASDAQ: BGXX) is a cannabis company with no revenue that just began trading on the NASDAQ, despite the exchange’s insistence that it won’t list U.S. cannabis companies due to the product being federally illegal. Bright Green plans to produce cannabis for research purposes with the Drug Enforcement Agency‘s (DEA) blessing, which seems to be the reason why the NASDAQ has allowed the company to trade. It would be considered federally legal cannabis. The stock is trading at $26. Read more here.
Cresco Revenues Fall
Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) released its financial results for the three months ended March 31, 2022, as revenue fell from the fourth quarter’s $217 million to the first quarter’s $214 million. Cresco Labs did note that the revenue increased 20% over last year’s $178 million for the same time period. This also beat the Yahoo Finance average analyst estimate for sales of $213 million. Read more here.
GMR Women’s Leadership Awards: Ralina Shaw
Ralina is the founder of House of Tyne and on the leadership team of 4thMVMT, a leading social impact organization based in Los Angeles with a mission to support those who have been adversely affected by onerous Cannabis laws. They do this by educating, empowering, and training those adversely affected to run/operate their BIPOC-led “Sixty Four & Hope” retail dispensaries in Los Angeles (2 recently opened locations and counting). Read more here.
Psychedelics on the World Stage
Every year world leaders come together to discuss the global economy at the World Economic Forum’s annual gathering in Davos Switzerland. This small town in the Alps has become the place where the smartest people on the planet come together to discuss solutions to the world’s economic problems and issues. It is not uncommon for various industries to establish a meeting place for people to come together for conversations. In 2019, the Canada Cannabis House hosted a three-day event for people in the cannabis industry to introduce themselves and talk about business with people who were unfamiliar with the industry. Read more here.
Women Creating Cannabis Brands (VIDEO)
On April 28, 2022, the Green Market Report hosted its first Women’s Summit in New York City. This panel was titled “Women Creating Cannabis Brands.” These savvy and accomplished women have created truly unique and original products and companies. Their products are unlike others in their categories. This panel explores what it takes to create a company and product that stands out in a sea of sameness. Read more here.
IN OTHER NEWS
Ayr Wellness Inc.
Ayr Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF), a leading vertically integrated U.S. multi-state cannabis operator (MSO), today announced that it has launched first sales from its Phoenix, Arizona cultivation facility. Concurrently, the company announced the launch of its national pre-roll brand, STiX Pre-Roll Co. in Arizona. Read more here.
American Green, Inc.
American Green, Inc. (ERBB:OTC) has purchased the 40,000 square foot building known as American Green’s “Cypress Chill” cannabis facility located at 2325 W. Cypress St. Phoenix, AZ. 85009. The building sits on a 62,000 square foot site and was previously leased by ERBB in August 2021 with an option to buy. American Green has exercised its option to buy the building and now owns it. The purchase price was set at $3.75 million at the time of the signing of the lease last year. Recently, the building was professionally appraised for $5.3 million, giving American Green $1.55 million of additional equity, at the time of closing. When added to the down payment of $1.123 million, there is now a total of $2.673 million of equity in the new “Cypress Chill” cannabis grow building. Read more here.
MariMed Inc. (OTCQX: MRMD), a leading multi-state cannabis operator focused on improving lives every day, announced today it had been awarded a provisional dispensary license by the Ohio Board of Pharmacy. MariMed won this license in the Ohio lottery process. The license allows the Company to develop a medical dispensary in Tiffin, Ohio, located south of Toledo and home to the University of Bucharest and Tiffin University. Read more here.
Ascend Wellness Holdings, Inc.
Ascend Wellness Holdings, Inc. (CSE: AAWH.U) (OTCQX: AAWH), a multi-state, vertically integrated cannabis operator focused on bettering lives through cannabis, is pleased to announce that it has closed on $36.5M of additional funding under the increase option of its existing term loan credit facility. In August 2021, the Company announced it had closed on a US$210 million Senior Secured Term Loan credit facility with Seaport Global Securities LLC as lead manager.
Steep Hill Michigan
Steep Hill is pleased to announce that the Company’s licensee partner, Steep Hill Michigan, a Cannabis Regulatory Agency (CRA) licensed medical and adult-use/recreational cannabis safety compliance testing facility, has earned ISO/IEC 17025:2017 accreditation, an International Standard recognized by governments and industry participants as the standard of excellence for the technical requirements and operational competence of a quality laboratory management system. The accreditation was validated by Perry Johnson Laboratory Accreditation (PJLA), the Michigan-based world-wide leader in ISO assessment and validation. Read more here.
First Columbia Gold Corp., Green Diamond Farm
First Columbia Gold Corp (FCGD), operating as FineCannabisGoods.com, is pleased to announce an agreement to acquire Green Diamond Farms LLC of southwest Michigan. Green Diamond Farms is currently working on licensing and setting up growing facilities in different areas of the state where permitted in partnership with FCGD. Each location should gross up to $2.5 mil year 1 and $6 mil by year 2. Read more here.