The Daily Hit: September 1, 2022

Updates from Ignite Brands, Green Organic Dutchman, Viridian Capital Advisors and Glass House Brands.

The Daily Hit is a recap of cannabis business news for Sept. 1, 2022.

ON THE SITE

SEC Sues Ignite, Discloses Criminal Investigation

Cannabis bad boy Dan Bilzerian and his company Ignite Brands (CSE: BILZ) have asked the Securities & Exchange Commission for a break while it faces criminal charges. The SEC just said no and is now suing the company for failing to produce documents related to an accounting fraud investigation. Read more here.

Green Organic Dutchman Throws Stock At Debt, Viridian Smells Recession

The Green Organic Dutchman Holdings Ltd. (CSE: TGOD) (OTC: TGODF) agreed to issue 937,500 shares at a price of $0.08 per share to settle around $75,000 worth of debt owed to a financial consulting firm. The move significantly increases the number of shares outstanding for TGOD, which serves to dilute ownership. Read more here.

Glass House Raises $50 Million

Glass House Brands (NEO: GLAS.A.U) (NEO: GLAS.WT.U) (OTCQX: GLASF) closed on the first tranche of the previously announced nonbrokered private placement of Series B Preferred Stock for approximately $50 million. Glass House said it is using $10 million of the cash proceeds to repay an interim bridge loan from its senior lender and the balance for general working capital and transaction costs. Read more here.

IN OTHER NEWS

Massachusetts Cannabis Control Commission Gets New Chief

Shannon O’Brien, the former Massachusetts treasurer and Democratic gubernatorial candidate, is returning to state government after a nearly 20-year absence – this time as chair of the Cannabis Control Commission. O’Brien will take the reins of the commission from Sarah Kim, who temporarily held the seat after the April resignation of inaugural chair Steve Hoffman. Read more here.

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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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