The Daily Hit: September 13, 2022

The Daily Hit is a recap of cannabis business news for Sept. 13, 2022.

ON THE SITE

Intra-Industry Ballot Measure Fight Brewing In Several L.A. County Cities

A political fight is building to a possible November crescendo in at least three beach towns in Los Angeles County, in which state-licensed marijuana companies are both supporting and opposing multiple ballot questions that are, on their face, pro-cannabis.

At issue are local ballot measures in Hermosa BeachManhattan Beach and Redondo Beach that would  force the cities to issue new cannabis business permits. But not everyone is happy with how the measures achieve that. Read more here.

PharmaCann Buys The Clinic For Undisclosed Amount

PharmaCann, one of the nation’s largest privately held, vertically integrated cannabis companies, is buying all four locations of The Clinic, a group of boutique Colorado marijuana dispensaries. The amount paid was not disclosed.

The planned acquisition will likely see all The Clinic locations rebranded to the popular LivWell brand.  Upon completion of the acquisition, LivWell, the state’s leading cannabis brand, will enjoy the largest presence in Colorado with 26 dispensaries in the Centennial State. Read more here.

Leading Testing Lab Could Soon Detect Same-Day Cannabis Use

Quest Diagnostics (NYSE: DGX) struck a deal with Hound Labs to become the sole provider of test results for a breathalyzer that can identify cannabis use within a few hours of testing. The partnership will give employers the ability to figure out whether an employee ingested or inhaled cannabis products immediately before or during the workday. Read more here. 

Fire & Flower Revenues Tick Down, Tech Services Improves

Fire & Flower Holdings Corp. (TSX: FAF) (OTCQX: FFLWD) posted mixed results as it faced industry-wide headwinds during the second quarter ended July 30. The company found some buoyancy during the period with its tech services, such as its delivery and member program.

Same-store sales were down year-over-year but increased sequentially on strength from the Spark Perks Member Pricing program. Read more here.

Green Market Report’s Cannabis Tech Awards Profile: CannaBiz Media, Best Platform Design

Sales and marketing are critical aspects of growing a business, but Cannabiz Media’s License Database goes further than any other customer relationship management platform to meet these goals for cannabis businesses. This is why Green Market Report honored Cannabis Media at the first ever  Green Market Report Tech Awards in San Francisco. Read more about Cannabiz Media’s innovative platform here.

IN OTHER NEWS

Green Acre Capital Distribution Corp. Increases Stake In US Distribution Joint Venture With Humble & Fume

Green Acre Capital Distribution Corp. invested $6 million into HC Solutions Holdings, its joint venture with cannabis distributor Humble & Fume (CSE: HMBL) (OTCQX: HUMBF), increasing its ownership interest to 45%. Green Acre funded its investment through an option agreement with Johnson Brothers, a wine, spirits and beer distributor in the United States. 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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