TDR’s Top 7 Cannabis Developments For The Week Of November 27
Welcome to TDR’s review of the Top 7 Cannabis Developments for the week of November 27. Aside from presenting a synopsis of news events, interviews and closing market prices for publicly-listed companies.
Cansortium Inc. announced financial and operating results for the third quarter ended September 30, 2023. Unless otherwise indicated, all financial results are presented in U.S. dollars. Key financial highlights are as follows:
- Revenue increased 14% to $25.3 million compared to $22.1 million
- Florida revenue increased 17% to $21.3 million compared to $18.2 million
- Adjusted gross profit was $16.1 million or 63.9% of revenue, compared to $16.7 million or 75.5% of revenue
- Adjusted EBITDA was $8.8 million compared to $11.7 million
Medical cannabis dispensaries in Arkansas have sold more than $1 billion in MMJ products since the program launched in 2019.Total medical marijuana sales in Arkansas since May 2019 reached $988.3 million through October, the Little Rock-based Arkansas Times reported, citing data shared by the Arkansas Department of Finance and Administration (DFA).
So, “based on an estimated $772,000 in sales per day this year, the (DFA) said the number has now surpassed $1 billion,” according to the Times.
A new study suggest that cannabis, when used as prescribed to manage chronic health conditions, does not negatively impact cognitive function. These new findings are said to contribute a vital piece to the puzzle in assessing the safety and efficacy of medical cannabis treatment, especially with respect to cognitive function.
Researchers at Swinburne University of Technology’s Centre for Human Psychopharmacology in Australia, conducted an open-label trial, in which 40 patients with various health conditions self-administered a standard dose of prescribed medical cannabis as directed by the label.
Chart Of The Week—Slight Downturn In Rhode Island Medical & Adult Use Sales In October
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Podcast Of The Week—New Industry Rumors From Vegas MJBizCon
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Widely Held MSOs & LP Weekly Performance
|Previous Week Close
|End Of Week Close
|% Change On Week
|AdvisorShares Pure Cannabis ETF
|Green Thumb Industries
|High Tide Inc.
Oregon is now having difficulties making its laws and marijuana program work to the benefit of its residents. Willamette Week’s Nigel Jaquiss reports that almost every day the state is seeing new cannabis lawsuits over unpaid bills, a new claim for unpaid taxes and another company thinking about quitting.
The biggest problem in the state’s cannabis market, however, is oversupply. There are too many retailers selling marijuana, which has naturally resulted in declining prices, leading to producers’ and processors’ losing money. To make things even more complicated, the support program for drug abuse and addiction created by Measure 110 is funded with quarterly cannabis tax payments.
In the news…
22nd Century Group has reached an agreement to sell substantially all of its GVB Biopharma hemp/cannabis operations to Specialty Acquisition Corporation, a Nevada corporation, an entity affiliated with current GVB employees.
4Front Ventures announced that Peter Kampian has been appointed Chief Financial Officer, effective December 1, 2023. Kampian will employ his wealth of experience in the financial sector to elevate the company’s finance and accounting functions.
Adastra Holdings reported financial results for the three and nine months ended September 30, 2023.
Auxly Cannabis Group has received a second interim extension of the maturity date of the amended and restated credit facility between its wholly-owned subsidiary Auxly Leamington Inc. and a syndicate of lenders, led by the Bank of Montreal as administrative agent, until December 31, 2023.
AYR Wellness announced the opening of AYR Dispensary Dayton, the third AYR location in Ohio and first in the Dayton Metropolitan Region.
Ayurcann Holdings announced its financial and operational results for the three-months ended September 30, 2023.
BioHarvest Sciences released Q3 2023 results.
Body and Mind has closed the Long Beach asset purchase transaction that was entered into in late June 2019.
California Department of Tax and Fee Administration (CDTFA) reported cannabis tax revenue for the third quarter of 2023. As of November 16, 2023, total cannabis tax revenue from third-quarter returns is $269.3 million.
Canopy Growth provided an update that pursuant to the proceedings under the Companies’ Creditors Arrangement Act involving BioSteel Sports Nutrition Inc., that two sale transactions transferring the assets of BioSteel Canada and BioSteel Manufacturing, LLC have been completed for aggregate gross proceeds of $30.4 million.
Chuck Schumer did not mention cannabis (SAFER banking) as a priority in his letter for the final work period of the first session of 118th Congress…
Cronos Group announced that its wholly owned subsidiary entered into an agreement with Future Farmco Canada Inc., a vertical farming company, for the sale and leaseback of its property located in Stayner, Ontario.
Detroit city officials changed course on a proposed multimillion-dollar marijuana cultivation and processing facility, the four companies with stakes in the operation filed a lawsuit, hoping to regain business permits revoked due to the facility’s proximity to a high school.
Entourage Health announced its financial results for the three and nine months ended September 30, 2023.
Georgia: State regulators have awarded cannabis production licenses to four additional companies. The licenses allow the companies to grow cannabis and manufacture low-THC/high-CBD oil products.
Gov. Gavin Newsom signed legislation into law last month that its sponsor, Sen. Mike McGuire, D-Healdsburg, hopes will provide relief to struggling small cannabis farmers across California.
Greenway Greenhouse Cannabis Corporation reported its interim financial statements for the quarter ended September 30, 2023.
High Tide announced that its Canna Cabana retail cannabis store located at 481 River Avenue, Winnipeg, Manitoba will begin selling recreational cannabis products and consumption accessories for adult use on Friday, December 1, 2023.
High Tide announced that its Canna Cabana retail cannabis store located at 20th Street West, Saskatoon, Saskatchewan.
High Tide acquired certain assets of Canadian Cannabis Media Corp. related to its store located at 1208 Davie Street in Vancouver, British Columbia for $1.33 million, paid via a combination of High Tide shares and cash, pursuant to a definitive agreement.
IM Cannabis Corp. announced that a complaint was in the Ontario Superior Court of Justice in Canada by Michael Wiener, 35 Oak Holdings Ltd.
Jushi Holdings has filed a preliminary short form base shelf prospectus with the securities commissions in Canada. The prospectus will allow the company to offer up to C$600 million of subordinate voting shares, preferred shares, subscription receipts, debt securities, convertible securities, warrants, and units from time to time during the 25-month period that the prospectus is effective.
Massachusetts Department of Public Health has called for tougher actions regarding the safety of cannabis workers, after an investigation confirmed the first known occupational asthma fatality in the U.S. cannabis workforce, which happened last year in Massachusetts.
Médicibis has entered into an agreement with JC Medicinal.
MedMen Enterprises provided its bi-weekly default status report in accordance with National Policy 12-203 – Management Cease Trade Orders.
MTL Cannabis Corp. has filed the financial statements as at and for the three-month and six-month periods ending September 30, 2023, and 2022, the first consolidated financial statements after the completion of the business combination between Montréal Cannabis Médical Inc.
Ontario is banning the growing of cannabis in homes offering childcare services while increasing the number of stores retailers can operate in the province.
Ontario Cannabis Store is now the most lucrative provincial cannabis agency in Canada, thanks to four consecutive profitable years selling recreational cannabis. Yet throughout that time, it puzzlingly paid no dividends to Ontario’s government.
Ontario government is proposing a number of significant legislative and regulatory changes to its cannabis framework that it says would combat the illegal market.
Organigram Holdings announced that Phylos Bioscience Inc. has achieved the first milestone under the loan agreement entered into in May 2023 and has closed the second tranche under the Loan Agreement with Organigram advancing US$2.75 million to Phylos.
PharmaCielo Ltd. announced financial results for the third quarter ended September 30, 2023.
Planet 13 Holdings announced that its long-awaited Illinois dispensary will open on December 4, 2023. The 4,000 square foot dispensary located at 4000 Northpoint Blvd in Waukegan, 30 miles north of Chicago, will be Planet 13’s fourth dispensary and first in Illinois.
Red White & Bloom Brands has filed its Condensed Interim Consolidated Unaudited Financial Statements, Management Discussion and Analysis and associated certifications for its third quarter ended September 30, 2023.
RISE Dispensaries, owned by Green Thumb Industries Inc., will open two RISE Dispensaries in Florida, with one located in Tampa and the other located in Crystal River, on December 1.
RIV Capital released its financial results for the three and six months ended September 30, 2023.
Simply Better Brands announced its interim financial results for the three and nine months ended September 30, 2023.
SLANG Worldwide released financial results for the three and nine months ended September 30, 2023.
StateHouse Holdings announced its financial results for the three-month and nine-month periods ended September 30, 2023, and provided additional business updates.
The Cannabist Company Holdings is launching a partnership with Old Pal, a top-performing lifestyle cannabis flower brand.
The Tinley Beverage Company announced the filing of its interim consolidated financial statements and management’s discussion and analysis for the three and nine month periods ended September 30, 2023.
Treez, announced a partnership with Metrc to create the cannabis industry’s first Global Product Catalog.
Trulieve Cannabis has completed the redemption of all US$130,000,000 principal amount of its outstanding 9.75% senior secured notes due 2024.
UNF Poll: Support for recreational marijuana in 67% in the Sunshine State…
U.S. Department of Health and Human Services (HHS) is up against an imminent deadline to provide Congress with a report on the therapeutic potential of marijuana and barriers to research under a cannabis bill that President Joe Biden signed into law last year.
Venture West Funding arranged a $17.5 million refinance loan for the headquarters of cannabis company Cal Grow.
Vext Science reported its financial results for the period ended September 30, 2023.
Vibe Growth Corporation released its 2023 third quarter financial results.
WEED Inc. announced its successful exit from the Colorado cannabis marketplace with the sale of Sangre Biosciences’ 4-acre campus for $1.8 million and its headquarters for $1.34 million.
Another federally funded study is suggesting that marijuana legalization may be linked to a “substitution effect,” with young adults in California “significantly” reducing their use of alcohol and cigarettes after the cannabis reform was enacted.
What’s more, the research appeared to contradict prohibitionist arguments about the potential impact of legalization, as the data also revealed no significant increase in marijuana use among young adults who were still not of age to access retail dispensaries—though there were interesting changes in certain modes of consuming cannabis following the policy change
In a significant development reported yesterday, the state of New York voted to settle a longstanding cannabis lawsuit, marking a pivotal moment in the contentious rollout of cannabis licenses. The decision, reached by the unanimous vote of the state’s Cannabis Control Board, signals the resolution of a protracted legal battle that has left hundreds of dispensary openings in limbo.
The catalyst for this resolution was a discrimination lawsuit filed in August by a disabled veteran from Levittown. The veteran and his fellow servicemen alleged that they were unfairly passed over in the licensing process in favor of individuals with prior convictions related to cannabis offenses.
German lawmakers have reached an agreement to revise a marijuana legalization bill, relaxing certain provisions that were challenged by cannabis reform supporters and setting the stage for a final vote in the national parliament next week.
Advocates were disappointed when a planned vote in the Bundestag was postponed last week, but there’s renewed optimism that the legislation as agreed upon by the traffic light coalition will advance, with legalization proposed to come into effect next spring.