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Here’s Where To Buy Legal Weed: Cannabis Store Openings Ahead Of The New Year

By Jelena Martinovic
December 29, 2:28 PM
The first licensed adult-use cannabis dispensary and delivery service in New York, Housing Works Cannabis Co, has celebrated a successful first year of operations. The dispensary, which reported selling roughly $12m worth of marijuana during its first six months, curated a menu of over 1,000 SKUs across 124 brands. This resulted in total sales of $24m in the company's first year. While New York could potentially house up to 600 stores based on California's density, Pablo Zuanic of Zuanic & Associates suggested that the figure could be over 3,600 if it follows Colorado's model. Other cannabis stores have opened in the US and Canada recently. Trulieve Cannabis opened two new medical dispensaries in Florida, while Ascend Wellness Holdings opened a dispensary in Ohio. Canadian retailer High Tide also opened three new Canna Cabana stores in Canada.

AAWH

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2 minute read

22nd Century Group Exits Cannabis Industry, Closes Franchise Sale Deal

By Jelena Martinovic
December 29, 11:20 AM
22nd Century Group, a biotechnology company focused on plant genetics and cannabis research, has announced the sale of its hemp/cannabis assets. The sale, along with the assignment of a non-strategic hemp/cannabis asset in Colorado, is expected to reduce the company's debt by $3.2 million. An additional $2 million reduction will come from the buyer's payment of a secured promissory note. After these transactions, the remaining outstanding debt is expected to be approximately $8.8 million. The company's chairman and CEO, Larry Firestone, stated that the sale will help reduce operating costs and move the business towards a sustainable, cash-positive operating basis. The insurance proceeds from a fire at the company's manufacturing facility in Grass Valley will also be used to further reduce the debt.

XXII

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CBD Of Denver’s Success In Challenging Climate With Increase In Q4 Revenue

By Jelena Martinovic
December 28, 12:02 PM
CBD of Denver has reported strong fourth-quarter revenues of approximately $1.31m, with $1.13m generated by Luxora and $176,000 by Libra 9. The CBD company attributed its growth to a number of factors, including its partnership with EDEKA and the popularity of its Magic Lappen product, both of which increased sales across Germany. CBD of Denver also highlighted the success of Libra 9's attendance at trade shows, which boosted brand recognition and allowed the company to form several significant partnerships. Meanwhile, Luxora's expansion into the European CBD wholesale market was credited with contributing significantly to the company's growth. Following the German government's expected approval of relevant legislation, Luxora Solutions will expand further into the German market. Germany's decision on legalising marijuana, which was set to be made in December, has been delayed until next year.

CBDD

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Cannabis Co. Vext Announces Debt Conversion, Opens Door To 27 Million Shares For Investors

By Jelena Martinovic
December 28, 11:57 AM
Vext Science has reached agreements with the holders of the company's existing secured non-convertible debentures to convert the outstanding principal amount of $4.6m, plus interest and a conversion incentive fee, into 27,700,625 common shares of the company. The conversion is subject to regulatory approval and is expected to be completed in due course. Upon completion, all existing security held by the debenture holders will be released and discharged. Sopica Special Opportunities Fund Limited, an insider shareholder of Vext Science, is a debenture holder and is expected to acquire common shares as part of the conversion transaction.

CSE:VEXT

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Marijuana Giant Trulieve Boosts Cash Position With $25M Loan, Opens Cannabis Stores In Florida

By Jelena Martinovic
December 27, 10:59 AM
Florida-based medical cannabis firm Trulieve Cannabis has secured $25m of gross proceeds from a five-year loan. The company will pay interest of 8.31% until the loan matures. The deal, arranged with First Federal bank, gives Trulieve greater flexibility, according to CEO Kim Rivers. She said the loan would boost the company's cash position as it gears up for growth opportunities. The company revealed the financing at the same time as the opening of two new medical dispensaries in Florida: one in Crawfordville and another in Crestview. Trulieve will stock products from in-house brands Modern Flower, Muse, Trekkers and many others. The dispensaries will also carry product from partner brands, including Alien Labs.

CSE:TRUL

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3 minute read

CBD Giant’s Challenging Year: Q4 Net Sales Slide By 27% But Net Loss Narrows 67% YoY

By Jelena Martinovic
December 26, 7:05 PM
cbdMD reported a 27% year-over-year drop in net sales for the fourth quarter of 2023, totaling $5.7 million. The company attributed the decline to industry trends, reduced marketing spend, and lower wholesale pricing for its new high-strength products. For the full fiscal year 2023, net sales reached $24.2 million, down from $35.4 million in the previous year. Gross profit for the year was approximately $15 million, a decrease from $22.3 million in fiscal 2022. The company reported a net loss of about $23 million, compared to $70 million in 2022. Operating expenses fell to $24.2 million from $40 million in the prior year. cbdMD's working capital on September 30, 2023, was $3.4 million, down from $10.7 million on the same date in 2022. The company also launched its hempMD and ATRx brands in 2023, expanding its product channels into Amazon and other consumer products channels.

YCBD

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2 minute read

Toronto Cannabis Co. Trees Seeks Creditor Protection, Here’s What You Need To Know

By Jelena Martinovic
December 26, 7:00 PM
Trees Corporation, a Toronto-based company, has obtained creditor protection from the Ontario Superior Court of Justice under the Companies' Creditors Arrangement Act (CCAA). The company and its subsidiaries have been actively seeking additional financing and engaged a financial advisor to explore strategic options, including financing options. The company's directors determined that filing for creditor protection was in the best interest of the company. The initial order includes a stay of proceedings and the appointment of Ernst & Young as the monitor of the company. The board of directors and management will remain in place while the company undergoes the restructuring process.

TREE

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4 minute read

Key Leadership Changes In Cannabis You Should Know About As We Head Into 2024

By Jelena Martinovic
December 22, 5:31 PM
This month, the Indigenous Cannabis Industry Association held its first Indigenous Cannabis Regulators roundtable, bringing together Indigenous Cannabis Regulators from Tribal Nations and Indigenous-led cannabis organizations across the United States to discuss community-oriented approaches to hemp and cannabis regulation. The event was part of the association's annual National Indigenous Cannabis Policy Summit, which aims to promote economic benefits and professional development for Indigenous communities through responsible, community-oriented planning around cannabis. Meanwhile, trade show and media company Emerald Holding has promoted Emilie Lewis to senior vice president, where she will oversee marketing, audience, and content strategy for Marijuana Business Daily. The move comes following the departure of former MJBiz senior vice president Pam Moore. Additionally, several cannabis companies have reported board shake-ups, while Trulieve Cannabis and Organigram Holdings have named new chief financial officers.

CSE:INNO

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Cannabis Fintech Co. Seeks TSXV Listing As POSaBIT CEO Highlights Potential Benefits

By Jelena Martinovic
December 22, 1:06 PM
Cannabis payment solutions provider POSaBIT Systems has applied for its common shares to be listed on the TSX Venture Exchange. POSaBIT Systems' CEO and co-founder, Ryan Hamlin, described the application as a continuation of its commitment to increase investment and liquidity options to shareholders. The listing is subject to TSX Venture Exchange review and the fulfilment of all requisite listing and regulatory requirements. The application follows POSaBIT's announcement that it plans to engage in a non-brokered private placement deal of up to 3,107,142 units for gross total proceeds of around CA$870,000 ($652,654). Each unit will be comprised of one common share and 0.88 common share purchase warrants, with each warrant exercisable into one common share in the company at CA$0.40 per warrant share for five years.

CSE:PBIT