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News from: High Times, Minnesota, Rep. Blumenauer, Organigram, and more.The Daily Hit is a recap of the top financial news stories for Tuesday, June 25, 2024. On the Site ExWorks terminates receiver agreement for High Times properties Kevin Singer is no longer the receiver for the High Times properties. Read more here. Minnesota cannabis social equity program draws 700 applicants in 24 hours The initial filing of paperwork is just the first of several steps, with the window for full licensure opening July 24. Read more here. Oregon’s Representative Earl Blumenauer is more positive about Rescheduling than the Farm Bill…
Selecting the right cannabis seeds Choosing the right cannabis seeds is key to obtaining those amazing aromas and flavors. Although the cannabis plant is known for having a generally complex and intense aromatic profile, strains like Gorilla Glue or Lemon King are particularly aromatic due to their incredibly high terpene production. Growing conditions for improving the yield and preserving the aroma and flavor of your cannabis plants Terpenes are the molecules responsible for the aroma and flavor of cannabis. These compounds are found in the resin of the buds and can fluctuate in quantity depending on the environmental conditions of…
$3 billion – MedMen valuation in 2018 Once upon a time, MedMen Enterprises was a unicorn in the cannabis industry. In October 2018, it was riding high with a $3 billion market cap and grand expansion plans. Now, the company has an “estimated realizable value” of $1, according to documents from the trustee overseeing its bankruptcy case in Canada. Source: Company filings, B. Riley Farber, and Green Market Report analysis
The list of casualties from the California cannabis world is quickly piling up, and industry insiders expect more failures in the months to come. The only question is: who and when? The Golden State birthed some of the biggest global brand names in the cannabis industry to date after the legal market launched in 2018, but it has also given rise to some of the most dramatic flameouts in recent memory. In addition, it’s dissuaded plenty of interested businesses from putting down roots in the California marijuana trade, with systemic problems, extra layers of red tape, high taxes, and an…
Verano Holdings Corp. (OTC: VRNOF) Chief Operating Officer Trip McDermott spoke with Green Market Report’s Executive Editor Debra Borchardt recently at the Benzinga New Jersey conference. McDermott spoke about the company’s rising revenue, along with the upcoming Ohio market. In addition to that he talked about the potential for Florida to be fully legal. Plus, they discussed the success of the company’s loyalty program Cabbage Club.
Applications for 20 dispensaries have already been approved, but that’s just the first step toward sales commencing.The Ohio Division of Cannabis Control has received 235 applications thus far from businesses hoping to either land recreational marijuana retail permits or add that feature to their existing medical cannabis shops. Some of the applications have already been approved, ABC 6 reported, which included medical marijuana growers, processors, and testing labs that applied for “dual-use” license status, along with 20 dispensaries. Still, the approvals don’t yet mean any of the businesses can yet commence recreational marijuana operations or sales, ABC 6 specified. The…
Canadian psychedelics firm MindBio Therapeutics Corp. (CSE: MBIO) on Friday released durability results from its Phase 2A trial for its patented take-home microdose version of lysergic acid diethylamide (LSD), designed to treat depression with “sub-hallucinogenic” doses. The trial found the drug “is a safe and effective drug for treating depression with a psychedelic medicine to patients out in the community.” The second trial bolstered findings from an earlier one, the company said in a press release, which bodes well for the commercial debut of the drug for depression patients. The company’s model is that its acid, formally called MB22001, in…
An independent analysis by FTI Consulting on the potential of the Pennsylvania recreational marijuana market found that the state could hit up to $2.8 billion in sales in the first year of operations and create nearly 45,000 jobs. The study, paid for by nonprofit coalition Responsible PA, is part of a push to break through a political deadlock in the state legislature over full cannabis legalization, with several competing legislative efforts introduced and Democratic Gov. Josh Shapiro vocally on record supporting legalization. FTI found that a new recreational marijuana market in Pennsylvania would likely result in between 26,250 and 44,500…
News from: Verano Holdings, New York City, Cronos Group, and more. The Daily Hit is a recap of the top financial news stories for Thursday, June 20, 2024. On the Site Verano fires back at Goodness Growth in ongoing litigation Verano wants a trial, while Goodness Growth wants a court to decide the fate of the lawsuit. Read more here. New York City cannabis fund to dole out millions in loans to social equity companies The fund also plans to give out a second round to a broader pool of businesses. Read more here. Cronos Group expands GrowCo cannabis joint…
Among mainstream industries, public companies will sometimes repurchase shares they issued in the past, ostensibly to increase the value of the remaining shares held by investors, but it’s a move that’s been utilized sparingly in the cannabis space. However, some industry observers think that might change. Viridian Capital Advisors questioned whether the marijuana industry could be poised for a small wave of share buyback moves, after Chicago-based Verano Holdings Corp. (OTCQX: VRNOF) this week announced it would repurchase up to $50 million in Verano stock, or 17.3 million shares. The move by Verano “makes abundant sense,” Viridian wrote in a…