EXCLUSIVE: CEO Of This California Company Has Advice On How To Beat The Illicit Cannabis Market, Shares His Formula At Benzinga Conference
Being locked up in prison for cannabis “has to end,” said Kyle Kazan, Glass House Brands Inc.‘s (CBOE…
California Cannabis Co. Blüm Reports 36% YoY Drop In 2023 Revenue, Narrows Net Loss By 93%
California cannabis producer Blüm Holdings Inc. announced on Tuesday financial results for the full year and fourth quarter ended Dec. 31, 2023. The company reported a 36% year-over-year drop in revenue to $33.2 million, due to a "strategic slowdown in its underperforming distribution segment." However, the company's CFO Patty Chan said the decrease in gross margin was only $0.5 million on a revenue decrease of $18.8 million. "2023 was a truly transformative year for Blüm Holdings during which the Company focused on disposing nearly all the company's underperforming assets and significantly reducing selling, general, and administrative expenses while simultaneously realigning our strategic focus to increasing our gross margin from 35% in 2022 to 53% in 2023," Chan said.
Who’s Who In Cannabis: Latest Executive Changes You Should Know About
As the Benzinga Cannabis Capital Conference gets underway in Florida, gathering top CEOs, investors and leaders in the…
Canopy Is ‘Cautiously Optimistic’ On Cannabis Rescheduling Following Major Step Toward Entry Into US THC Market
Canopy Growth's shareholders gave a green light to the creation of a new class of exchangeable shares of the company during their special meeting held on Friday, April 12, as recommended earlier by Institutional Shareholder Services (ISS).At the meeting, shareholders passed a special resolution authorizing an amendment to the company's articles of incorporation, as amended, to create and authorize the issuance of an unlimited number of a new class of non-voting and non-participating exchangeable shares in the capital of Canopy Growth.A total of 32,250,578 common shares of Canopy, representing 35.40% of the issued and outstanding shares, were voted in connection with the meeting by the company's shareholders and proxyholders.he move enables the acceleration of Canopy Growth's entry into the U.S. THC market, which is forecasted to hit roughly $50 billion in 2026, the company said on Monday in a press release.
International Expansion Drives Growth For This Canadian Cannabis Producer As It Reports Record Q1 Revenue
Canadian cannabis producer Avant Brands Inc reported on Monday its financial results for the first quarter that ended Feb. 29, 2024. For the quarter, Avant Brands reported "records across key financial metrics, underscoring the company's commitment to operational excellence," according to a Monday press release. International sales hit a record of CA$3.3 million, representing a 21% year-over-year increase, with sales accounting for 37% of total gross revenue. The company attributed the growth to its aggressive market penetration in "key regions," including Australia, Germany and Israel.
Cannabis CPG Co. SLANG Worldwide Narrows Q4 Loss By 56% YoY, Reports Dip In Revenue
SLANG Worldwide Inc. announced on Friday financial results for the three and twelve months ended Dec. 31, 2023, revealing a double-digit decrease in both the fourth quarter and full year 2023 loss. "In 2023, we took a deliberate approach to advancing our strategy of profitable growth, creating a leaner, more nimble SLANG. As a result, we ended the year with increased gross profit, higher margins, and lower operating expenses which resulted in significantly lower total comprehensive loss and lower adjusted EBITDA loss, John Moynan, the company's CEO, said. "With the fourth quarter historically our seasonally lowest revenue quarter, we took the opportunity to further fortify our business and refine our product offering, which will help us make meaningful progress on the path to profitability."
Fed-Funded Study Finds Increase In Medical Marijuana Patient Enrollments, Chronic Pain Most Common Reason
The state-legal medical marijuana programs nationwide have seen an uptick in the number of new patients enrolled since 2020, according to newly published federal research in the journal Annals of Internal Medicine. The study, conducted by the Center for Disease Control and Prevention (CDC), the Department of Veterans Affairs (VA) and the University of Michigan showed that there were 4.1 million registered medical cannabis patients in 2022 countrywide, compared to 3.1 million in 2020. That's a 33.3% increase over two years. The researchers proposed that the increase is simultaneous with "increasing cultural acceptance of cannabis, recognition of the harm of the ‘war on drugs' (for example, mass incarceration and related consequences, such as family separation, trauma, and economic loss), and interest in the potential therapeutic properties of cannabis," reported Marijuana Moment.
MariMed Is On A Roll: Partners With Two Iconic Music Venues In Boston, Acquires Another Illinois Cannabis Dispensary
Multi-state marijuana operator MariMed has closed the acquisition of Allgreens Dispensary, LLC on Tuesday, April 9, its fifth dispensary in Illinois. The Massachusetts-based company said the green light from the Illinois Department of Financial & Professional Regulation for the license transfer and subsequent closing of the acquisition, allows MariMed to fully consolidate the financial results of the company's Thrive-branded dispensary in Casey, Illinois. Previously, the dispensary has been operated under a managed services agreement. The move comes on the heels of MariMed's last week's acquisition of the operating assets of Our Community Wellness & Compassionate Care Center in Prince George's County in Maryland. Jon Levine, MariMed's CEO and one of the speakers at the Benzinga Cannabis Capital Conference next week, said "maximizing our footprint there [in Maryland] has long been one of our top strategic priorities."
This Latin American Cannabis Co. Plans To Expand In Thailand Amid Significant Shifts In Weed Regulation Landscape
PharmaCielo revealed its plans to acquire cannabis operations in Thailand.On Wednesday, the Canadian parent of Colombia's premier cultivator and producer of dried flower and medicinal-grade cannabis extracts, PharmaCielo Colombia Holdings S.A.S., said it has signed a binding letter of intent to enter a proposed transaction to acquire 100% of the issued and outstanding shares of Siam Ventures Corporation in exchange for common shares of PharmaCielo equaling to CA$3 million ($2.2 million).PharmaCielo also revealed it's undertaking a non-brokered private placement of 9,090,909 units at CA$0.2 per unit.
Under the deal, the sum will be payable on closing by way of the issuance of 13,636,363 PharmaCielo Shares to the Siam Ventures' shareholders on a pro-rata basis.
Curated Strains And Branded Cannabis Gear By The Cannabist And Revelry Launching In Four East Coast Markets
The Cannabist Company Holdings Inc. is expanding its partnership with Revelry Herb Co., an artisan-quality flower and pre-roll brand launched by the creators of Revelry Supply. The expansion into the Maryland, Ohio, Pennsylvania and New York markets follows a recent collaboration in New Jersey and Massachusetts, Jesse Channon, president of The Cannabist Company, said. "We've experienced remarkable success with Revelry in just a short amount of time since launching in New Jersey and Massachusetts and the feedback we are getting from our patients and customers has been off the charts," Channon said. "We are especially honored to be their trusted cultivation, production and manufacturing partner delivering top-quality flower strains from our facilities across all our markets for this expansion."