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EXCLUSIVE: Fifteen New F1 Hybrid Cannabis Strains To Hit Shelves In US For 4/20 Under New Partnership

By Jelena Martinovic
April 10, 8:30 AM
California-based I Love Growing Marijuana (ILGM), announced on Tuesday an exclusive new partnership with cannabis genetics and breeding company, Phylos Bioscience, that brings 15 new F1 hybrid strains to home growers across legal markets nationwide. ILGM is launching half the collection of strains that are "crafted for potency, flavor, and diversity" on its website just in time for marijuana culture's high holiday on 4/20. In doing so, the company is leveraging Phylos Bioscience's cutting-edge technology and extensive genetic library, which Benzinga has learned exclusively. Ernst Rustenhoven, CEO of ILGM, commented on the new partnership. "ILGM caters to a customer base of novice and veteran home growers on the hunt for increasingly unique strains of superior genetics, and we have been seeking an innovative partner to help elevate and diversify our product offerings," Rustenhoven said. "In forging a relationship with Phylos, we are taking our seed catalog to the next level with a highly curated selection of sought-after F1 hybrid strains."

OGI

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Cannabis REIT Chicago Atlantic Closes $20M Facility With Massachusetts Weed Co. That Plans To Expand In These Key Markets

By Jelena Martinovic
April 9, 1:17 PM
Massachusetts-based integrated cannabis operator Nova Farms has received a $20 million loan facility from Chicago Atlantic Real Estate Finance. Nova Farms manages a Massachusetts cultivation farm, seven retail brands, and five full-service dispensaries across the Bay State, Maine, and New Jersey. It was among the first businesses to secure licenses in Massachusetts upon the state's legalization of recreational cannabis back in 2016. Chicago Atlantic's capital investment is expected to back Nova Farms' efforts to expand its footprint of dispensaries in key states, namely New Jersey and Connecticut.

REFI

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3 minute read

Cannabis Giant Tilray Reports 30% YoY Increase In Q3 Net Revenue, Updates FY 2024 Guidance

By Jelena Martinovic
April 9, 8:48 AM
Tilray Brands reported on Tuesday financial results for its third quarter ended Feb. 29, 2024, revealing $188.3 million in net revenue, representing a 30% year-over-year increase. The Canadian medical cannabis company said beverage-alcohol net revenue increased 165% over the same period to $54.7 million. Global cannabis net revenue was up 33% year-over-year reaching $63.4 million, with international cannabis growth of 44% over the prior year quarter. "We made several notable achievements during the third quarter, including growing revenue across our core business segments, increasing our adjusted gross profit, reducing our convertible debt balance, progressing the integration of our recently acquired craft beverage brands, realizing operating synergies in integrating our HEXO acquisition, completing our Canadian and international cannabis cost reduction plans, and strengthening our balance sheet," Irwin D. Simon, the company's chairman and CEO, said.

TLRY

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Israeli ‘Cannabis Sticks’ Maker Reports Financial Results For 2023 Following Reverse Takeover

By Jelena Martinovic
April 8, 12:29 PM
Israeli technology and cannabinoid company StickIt Technologies announced on Monday its financial results for the year ended Dec. 31, 2023. Revenue for the fiscal 2023 amounted to CA$203 000 ($149,300), compared to CA$564 000, in the prior year. The company called 2023 a "notable year" following the "completion of a reverse takeover on Oct. 23, 2023, positioning StickIt for accelerated growth and market expansion." Simultaneously the company completed a financing of CA$441,000, consisting of 1,024,628 subscription receipts for CA$0.4304 each, which were converted on a 1:1 basis into the company's common shares.StickIt, the developer exclusivity and patent protected of "Cannabis Sticks," debuted on the Canadian Securities Exchange (CSE), in the same month.

CSE:STKT

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Female-Led California Weed Co. Gold Flora’s Net Loss Grows In Q4, Reports YoY Increase In Revenue & Gross Profit

By Jelena Martinovic
April 5, 11:49 AM
Vertically-integrated California cannabis company Gold Flora Corporation announced on Friday its financial results for the three-month and twelve-month period ended Dec. 31, 2023. "We have strategically built a solid foundation consisting of premier indoor cultivation, and full vertical operations with deep consumer insights that have enabled our business to continue to expand its leadership position in California," Laurie Holcomb, CEO of Gold Flora, said. "This platform, combined with our focus on high-quality, profitable revenue streams has allowed us to capture more margin across every step of the supply chain and, as a result, we achieved positive adjusted EBITDA in the quarter, and improved our adjusted gross margin to approximately 66%, ahead of some of the leading multi-state operators in the industry.

GRAM

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Flora Growth’s Stock Trading Higher On Pricing $3.2M Public Offering Of Common Shares

By Jelena Martinovic
April 5, 11:43 AM
Flora Growth Corp. announced on Thursday the pricing of its underwritten public offering of 1.7 million common shares for aggregate gross proceeds of roughly $3.23 million. Clifford Starke, the company's CEO, and an existing investor have agreed to purchase, and have been allocated by Aegis Capital Corp., Common Shares in the offering. Flora said it will use the net proceeds from the transaction that is expected to close on or about Monday, April 8 for general corporate and working capital needs. The move came on the heels of the company's latest move to further cement its global footprint via acquisition in Germany.

FLGC

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Heritage Cannabis’ Stock Plunges On Announcing Creditor Protection, Looks To Pursue Restructuring And Sales Process

By Jelena Martinovic
April 3, 3:06 PM
Heritage Cannabis Holdings Corp. announced on Tuesday that alongside its subsidiaries it sought and obtained an order for creditor protection from the Ontario Superior Court of Justice under the Companies Creditors Arrangement Act. "The difficult but necessary decision to commence CCAA proceedings was made after careful consideration of the Company's financial position while evaluating all available alternatives and engaging in significant consultation with legal and financial advisors," the company said in a press release. The Toronto-based cannabis producer also said that BJK Holdings Ltd., its senior secured lender, made a demand to the company for payment in full of certain indebtedness owing by the Heritage Group to the lender totaling $8,421,088.87. Heritage has entered into binding agreements to sell its real estate properties in Ontario and British Columbia to BJK Developments Ltd. for a net purchase price of $9,714,475 and lease the Ontario and BC Property back from the purchaser in October. The company said at the time the purchase would be used to set off the amount owing by the company to its lender, BJK Holdings Ltd., a related entity of the purchaser, reducing the company's remaining term debt by roughly 64% to $5,256,379. The remaining term financing, as amended within a third amending agreement, has been extended through to Jan. 31, 2025. Additionally, the company said it retains its revolving line of credit of up to $5 million with BJK, which has also been extended until the same date.

CANN

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Older Patients Are Choosing Cannabis To Treat Chronic Pain, Arthritis, Anxiety And Insomnia, New Study Shows

By Jelena Martinovic
April 3, 11:12 AM
Older patients comprise a growing subset of medical cannabis patients, according to a new study. Titled Age-related Patterns of Medical Cannabis Use: A Survey of Authorized Patients in Canada, the new scientific publication presented the consumption trends observed in patients and the self-reported impacts of medical cannabis in alleviating the patients' primary symptoms. Tilray Medical, a division of Tilray Brands, Inc. is behind the study which is derived from the Canadian Cannabis Patient Survey (CCPS) 2021, which included 2,697 patients. The researchers focused primarily on older patients with a mean age of 54.3. Patients with chronic pain (27.8%), arthritis (14.9%) and anxiety (9%) were the most numerous among those seeking cannabis to treat their primary illnesses. Pain was the most common primary symptom for which patients use medical cannabis, followed by anxiety and insomnia/sleep disorder.

TLRY

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This Cannabis Pioneer Is Ramping Up Its Presence In Germany As Weed Legalization Takes Effect

By Jelena Martinovic
April 2, 4:22 PM
Flora Growth Corp. has been positioning itself on the international cannabis stage for years. The Canadian-based producer of cannabinoid organic oils, infused food, and beverage, pharmaceutical grad, medical, and cosmetic-grade derivatives is serving all 50 U.S. states and 28 countries with over 20,000 points of distribution around the world. The company's latest move to further cement its global footprint comes simultaneously with a new German cannabis law that went into effect this Monday, which partially legalized cannabis. Currently, it allows adults over 18 in Germany can legally possess up to 25 grams of dried cannabis and cultivate up to three marijuana plants at home. Flora Growth, which through its wholly-owned subsidiaries has been active in Germany since 2017, revealed last week its plans to launch a cannabis home grow kit, and start up material seeds and cuttings in the European country as it enters the first phase of new recreational cannabis legalization law. This doesn't come as a surprise considering the cannabis recreational market, as per the company's expectations, has the potential to reach $4.2 billion upon legalization with the total European market forecasted to achieve revenues of $10.2 billion.

FLGC