The Daily Hit: September 27, 2022

The Daily Hit is a recap of cannabis business news for Sept. 27, 2022.


10 Multistate Cannabis Companies Owe Half a Billion in Federal Taxes

All told, the 10 multistate operators owe the Internal Revenue Service an eye-popping $507,193,000, according to their second quarter financial reports. Much, or perhaps all, of the tax debts have been deliberately not paid by companies so that the businesses can use the cash to fund operations or other plans, multiple sources said. Read our analysis here.

Canadian Cannabis Giant Canopy Growth Quits Retail Game

The once-high-flying Canopy Growth Corp. (TSX: WEED) (Nasdaq: CGC) announced Tuesday that it’s selling off all of its retail cannabis stores across Canada in order to focus on “its path to profitability.” That path means being more of a core consumer packaged goods business instead of a vertically integrated cannabis company, according to a news release from the company. Read more here.

Real Brands to Buy Boulder Botanical for $12 Million

Real Brands (OTCQB: RLBD) agreed to acquire Boulder Botanical & Biosciences Laboratories, a manufacturer of white-label and private-label wellness and sports medicine herbal supplements and CBD products, from Frankens Investment Fund LLC, which acquired Boulder Botanical in April 2022. Read more here.


Charlotte’s Web Signs Distribution Agreement with Southern Glazer’s Wine & Spirits

Charlotte’s Web Holdings, a manufacturer of hemp-derived cannabidiol extract wellness products, has signed a multiyear distribution agreement with Southern Glazer’s Wine & Spirits, a distributor of wine and spirits. Charlotte’s Web CBD gummies, capsules and oil tinctures will be available through Southern Glazer’s retail customer network. Read more here.

The Parent Co. Completes Acquisition of Calma

TPCO Holding Corp. (The Parent Co.) (NEO: GRAM.U) (OTCQX: GRAMF) completed its acquisition of the remaining 15% equity of its Calma Weho LLC dispensary following receipt of all necessary regulatory approvals. Located in the Los Angeles metropolitan region, the 3,250 square foot dispensary is one of only 11 stores in the West Hollywood area licensed for storefront retail. Read more here.

Entourage Launches Medical Cannabis Marketplace

Entourage Health Corp. (TSX-V:ENTG) (OTCQX:ETRGF) (FSE:4WE), a Canadian producer and distributor of cannabis products, has launched Syndicate, a direct-to-patient medical cannabis marketplace. The Syndicate marketplace showcases a variety of specially curated products and formats made in-house and/or sourced from microcultivators looking for a medical distribution outlet. 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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