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Weed Giant Canopy Announces Upsized $35M Private Placement

By Jelena Martinovic
January 18, 10:24 AM
Canadian cannabis producer Canopy Growth has raised $35m from a private placement of tranched units with "certain institutional investors". Each unit comprised one common share and one class A or class B common share purchase warrant, with series A exercisable for five years immediately following the placement's close, and series B after six months. The proceeds will give the Ontario-based company more financial clout, allowing it to pay down debt and giving it some marketing cash. In November, Canopy cut its debt by C$364m, bringing its total debt reduction to C$1bn ($798m) since the start of the fiscal year. The company is now hoping to cut costs further, targeting a C$300m reduction by the end of the current fiscal year.

CGC

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Here’s What Made December Stand Out: These Two States Raked In Hundreds Of Thousands In Cannabis Sales

By Jelena Martinovic
January 17, 2:19 PM
Maryland residents spent a record $96.5m on cannabis products in December, according to data from the Maryland Cannabis Administration (MCA). Of that total, $61.5m came from recreational cannabis sales, while medical sales totaled around $35m for the month. Maryland has seen booming sales since the launch of the recreational market last summer. At the time, existing cannabis companies in the state switched to adult-use shops by paying an 8% one-time fee of their 2022 dispensary revenue not exceeding $2m. Licensed stores took in $20.9m in the first week of legal sales. In total, Maryland recorded $787.5m in sales of legal marijuana products in 2023. Over the same period, Rhode Islanders spent more than $107.8m on combined cannabis sales.

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3 minute read

Cocaine, Meth Decriminalization In Maine, NY Weed Market Expands, Cannabis Reg Updates In AR And FL

By Jelena Martinovic
January 17, 10:17 AM
On Friday, a New York regulator green-lighted two more marijuana multistate operators to transition to the recreational market from the medical. Fiorello Pharmaceuticals Inc. - owned by Green Thumb Industries Inc and running dispensaries in Manhattan, Long Beach, Rochester and Half Moon - and Citiva Medical LLC - owned by iAnthus Capital Holdings Inc. and operating medical dispensaries doing business as "Be" in Brooklyn, Wappingers Falls, Staten Island and Ithaca– were approved by the members of New York Cannabis Control Board (CCB) in the anonymous vote. In the meantime, on Jan. 12, Arkansans for Patient Access, a ballot committee, submitted a proposed ballot initiative to Arkansas Attorney General Tim Griffin to amend Amendment 98, the state's medical marijuana amendment. In Maine, a new push seeks to decriminalize the possession of small quantities of illegal drugs and allocate resources towards treating substance use disorder instead of enforcing punitive measures. More Floridians are opting to register as medical marijuana patients, at least according to the 2024 Physician Certification Pattern Review annual report that highlighted figures from fiscal year 2023.

CSE:GTII

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2 minute read

California Weed Co. Wraps Up Strategic Reorganization, This Is Unrivaled’s New Name

By Jelena Martinovic
January 16, 7:16 PM
California cannabis company Unrivaled Brands has completed its strategic reorganisation and reversed stock split. Under the reorganisation deal, Blum Holdings is now Unrivaled Brands' parent company, and each share of its common stock has automatically converted into equivalent shares of Blüm's common stock. As part of the restructuring, Blüm's common stock will trade on the OTCQB tier of the market under the "BLMH" ticker symbol. Directors and officers of Unrivaled Brands prior to the reorganisation will serve as the directors and officers of Blüm. This milestone is part of Unrivaled Brands' growth and development strategy. In Q3 2021, the company saw an 11.4% YoY drop in revenue to $8.6m, but managed to limit its net loss to $3.4m, compared to a $119.9m net loss in the previous year.

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3 minute read

Cannabis Stocks And ETFs Trading Higher As Government Recommendations Ignite Hope For Industry

By Jelena Martinovic
January 16, 1:56 PM
Cannabis stocks and ETFs opened higher on Tuesday following the release of documents related to the Department of Health and Human Service's (HHS) review of cannabis. Investors are optimistic about potential regulatory changes that could benefit the cannabis industry after the US government released 252 pages of documents confirming the HHS's recommendation that the DEA reschedule cannabis as Schedule III under the Controlled Substances Act. The documents state that cannabis has a currently accepted medical use in treatment and potential for abuse less than drugs in Schedules I and II. In August, the Assistant Secretary for Health wrote a letter to the DEA calling for marijuana to be reclassified. The Secretary of HHS has confirmed that his department shared a comprehensive scientific review with the DEA in response to President Joe Biden's scheduling directive.

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2 minute read

Toronto Weed Producer Seals Deal For Over $100M In Annual Revenue As RWB Finalizes Aleafia Health Buyout

By Jelena Martinovic
January 16, 11:36 AM
Red White & Bloom has completed its acquisition of Aleafia Health and its subsidiaries, RWB Canada has obtained Aleafia Health's intellectual property assets and purchased shares in the companies Emblem Cannabis, Aleafia Retail and Canabo Medical. It acquired 9.4% of One Plant from Aleafia and obtained shares, an 86-acre cultivation site in Port Perry, Ontario and a 65,000sq ft cultivation, processing and packaging facility in Paris, Ontario. In a press release RWB CEO Bradley R. Rogers said the acquisition "provides a clear and near-term path to combine our teams while rolling up strategic assets across Canada." RWB anticipates generating CA$140m ($105m) of annualized revenue across north American retail and distribution channels from the combination, with Colby De Zen, president of RWB, forecasting "annual synergies exceeding CA$12 million".

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3 minute read

New York Kicks Off 2024 With New Legal Weed Shops, Other Stores Open In OH, PA And FLA

By Jelena Martinovic
January 16, 9:52 AM
New York is starting off 2024 with the opening of several cannabis shops, demonstrating the growth and diversification of the state's industry. The Flowery on Staten Island is set to open on 17 January and will offer recreational cannabis in collaboration with local cultivators and brands. Meanwhile, The Herbal Care in New York City and Verona Collective in Verona have already begun selling cannabis, with both outlets exclusively featuring products from New York farmers. Orange County Cannabis in Wawayanda has also begun sales as the 45th adult-use dispensary in the state. In addition to New York, three other US states have seen new cannabis stores open. Ascend Wellness Holdings has set up its flagship store next to the Hard Rock Casino in Cincinnati, Ohio. Jushi Holdings has relocated its Beyond Hello Hazleton dispensary in Pennsylvania, while Verano Holdings has opened its 74th Florida dispensary, MÜV Yulee.

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2 minute read

Company Exploring CBG Production Signals New Era Of Commercial Success In Synthetic Biology

By Jelena Martinovic
January 10, 3:38 PM
Biotechnology company Willow Biosciences generated around $1.3m in revenues in 2023, a 60% increase from the previous year. The company has hailed 2023 as a "transformative year," citing the launch of its BioOxi bio-oxidation platform technology as one of its top achievements. The AI-driven selective hydroxylation platform removes multiple chemical steps and reduces the cost of manufacturing target molecules. The technology has enabled Willow to accelerate its path to nearer-term and potentially larger revenue opportunities while reducing operational expenses. The company also engaged in multiple partnerships with innovators and generic pharmaceutical companies, resulting in portfolio expansion and diversification. Willow underwent a restructuring of its corporate and operational framework, including consolidating operations in the San Francisco Bay area and making changes to its leadership team. In 2024, Willow plans to capitalize on the BioOxi technology platform to bring its corticosteroids program to commercial readiness and identify strategic partners for pipeline expansion and acceleration.

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Cannabis Giant Canopy Announces $30M Private Placement, Here’s Where The Money Will Go

By Jelena Martinovic
January 9, 1:01 PM
Canadian cannabis company Canopy Growth seeks to raise $30m in a private placement offering. The company said the move would improve its financial standing and enable it to pay down debts. Canopy Growth said in November it has reduced overall debts by C$364m to C$681m since the start of the current fiscal year. The increase in capital will provide working capital, as well as supporting other general corporate needs. The closing of the private placement under the subscription agreements is expected to occur on or about Jan. 10, 2024, subject to customary closing conditions.

CGC