The partnership comes months after the company raised $100 million in Series D financing. New-York based LeafLink, a major cannabis wholesale platform, is partnering with Leafgistics, a cannabis logistics company, to coordinate and streamline the storage and movement of cannabis products across the California market. The company said it has also invested an undisclosed sum in Leafgistics. The investment marks a notable step for LeafLink as it looks to harden its system for cannabis commerce, it said, and advance the industry through strategic partnerships. “Through our… Read more.
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The AI-powered cannabis retail platform, Genetica successfully raised $500,000 in a seed funding round. The round was led by Ensemble, CEO of Talent Resources Ventures and Genetica adviser Michael Heller, Show Me Organics, executives from Hara Supply and Mitchell Harounian. This support will enable Genetica to expand its presence in dispensaries across the U.S. and venture into other retail sectors outside of cannabis, including grocery stores and pharmacies, per a press release. "With plans to launch its software in over 350 locations in the US and numerous… Read more.
Cannabis analytics firm New Frontier Data sees brighter days for the U.S. pot industry, projecting $71B of legal marijuana sales in 2030 if the current trend in state-level legalization continues even without legal immunity at the federal level. While 21 U.S. states and the District of Columbia have already legalized weed, cannabis companies struggle with operational inefficiencies as their supplies must remain within state boundaries with no federal protection. Even banking access is limited: SAFE Banking Act which aims to allow… Read more.
After the market closed on Thursday, Mind Cure Health Inc. (CSE: MCUR) (OTCQB: MCURF) announced its financial results for the quarter ending February 28, 2023. All amounts are stated in Canadian dollars unless otherwise indicated. The company had no revenue to report and C$200k in losses. On March 16, 2022, Mind Cure announced that additional capital required to execute the company’s plan was unlikely to be found. Accordingly, the company made the decision to eliminate all expenditures outside those required to preserve the value of… Read more.
GRN Holding Corporation, Inc. (OTC Pink: GRNF) has completed the purchase of Mendocino Green Inc, which includes a cultivation license, nursery license, and distribution license from one of the oldest cannabis license holders in California. With this acquisition complete, the company said it filed a supplemental report with OTC Markets to remove the shell status symbol from the OTC Markets webpage. Removing this designation will take the company one step closer to its previously announced plans for Corporate Restructuring according to… Read more.
While the past few years have been no picnic for companies struggling to turn a profit, it looks like 2023 could be the most challenging year yet. A triple threat of high-interest debts, inflation, and overdue taxes is looming over some entities, which will have to make difficult decisions in order to survive. Meanwhile, consumers across the country continue to zig-zag between illicit and legal markets, hampering the anticipated growth of the industry from coast to coast. Mergers and acquisitions (M&A) slowed dramatically… Read more.
The cannabis industry has been affected by disruptions in the banking industry and changes in funding sources. Valley National's recent $72 million loan to Truly “is of particular interest, as it represents a significant move out of the shadows for banks in the cannabis industry," Brennan Manna Diamond managing partner Stephen Lenn said at the recent Benzinga Cannabis Capital Conference. On his part, Tyler Beuerlein, Chief Strategic Business Development Officer at Safe Harbor Financial SHFS-1.02%+ Free Alerts, noted that “larger financial institutions are entering the cannabis industry and this is a… Read more.
Chris Morris Thu, April 13, 2023 at 12:08 AM GMT+7·2 min read Jeenah Moon/Bloomberg via Getty Images As more and more states make medical and recreational cannabis legal, the drug’s retail sales numbers are hitting new heights. More from Fortune: 5 side hustles where you may earn over $20,000 per year—all while working from home Looking to make extra cash? This CD has a 5.15% APY right now Buying a house? Here's how much to save This is how much money you need to earn annually to comfortably… Read more.
It’s a challenging time for cannabis businesses around the country. But for those of us who have been involved since the beginning, what else is new? Today, legal markets exist at some level in the majority of American states. However, they operate amidst a mess of restrictive and confusing regulations that can make it difficult for businesses to survive, let alone operate profitably. Numerous factors affect profitability in the industry, including state regulatory structures, federal prohibition, taxes, lack of access to financial… Read more.
The governor of New Mexico is marking the one-year anniversary of the state’s adult-use marijuana market, touting its more than $300 million in sales since last April as well as the thousands of jobs the cannabis industry has created. Gov. Michelle Lujan Grisham (D) said on Monday that sales have been steady throughout the past year, with March’s haul setting the monthly record at $32.3 million in recreational marijuana purchases. In addition to the $300.1 million year-end sales total for… Read more.
The cannabis sector started the year strongly, but we pointed to two troubling issues that were concerning us: low trading volume and liquidations of a popular ETF after the first full week. The New Cannabis Ventures Global Cannabis Stock Index rallied more than 10% in January, but it ended the quarter down 12.5% after declining in both February and in March. Trading volumes remain very low, reflecting a lack of buy interest in our view. In early January, we pointed out that only 7 names traded… Read more.
A joint law enforcement task force discovered approximately 9,000 pounds of cannabis with an estimated value of nearly $15 million in a suburban neighborhood in Antioch, Calif, just a few days before Christmas. The California Department of Cannabis Control suspected the four houses searched in the bedroom community located 45 minutes outside San Francisco had links to China. Illegal marijuana production in the United States has long been associated with Mexican cartels, who import, grow and distribute illicit cannabis. However,… Read more.
The Securities and Exchange Commission (SEC) has charged American Patriot Brands Inc. (APB), its chief executive officer, and five other entities with siphoning off millions of dollars in a long-running scheme that defrauded more than 100 investors across the country. According to the SEC’s complaint, APB CEO Robert Y. Lee, along with current and former executives Brian L. Pallas and J. Bernard Rice, began making a series of “false and misleading statements to investors” in 2016 about the company’s financial position… Read more.
A few days before Christmas, a joint law enforcement task force found nearly 9,000 pounds of cannabis worth almost $15 million during a raid in a suburban neighborhood in Antioch, Calif. The California Department of Cannabis Control believes that the four houses searched in the bedroom community 45 minutes outside San Francisco were linked to China. Mexican cartels have a long history of importing, growing and redistributing illicit cannabis in the United States. But Chinese investors, owners and workers have emerged in… Read more.
Cannabis retailer High Tide Inc. (NASDAQ: HITI) (TSXV: HITI) (FSE: 2LYA) released first-quarter results Friday, posting a 64% year-over-year revenue increase. "Our Q1 earnings numbers represent the best quarter ever in High Tide’s history in terms of revenue, adjusted EBITDA, and market share growth. Q1 is now our second consecutive quarter of record revenue and adjusted EBITDA and saw a meaningful improvement in our free cash flow position," said CEO Raj Grover. HITI Financial Highlights Revenue increased to $118.1 million in the first… Read more.
Given the general bearishness in the cannabis industry, Trulieve has something to offer to investors with high risk-appetites. After a rollercoaster ride over the last few years, the marijuana industry no longer seems enticing to investors. The lack of progress toward U.S. federal legalization, and lower retail and wholesale prices for the raw marijuana flower leading to lower corporate profitability, have pushed cannabis stock prices even lower. However, savvy investors recognize that every growing industry goes through hiccups and eventually settles… Read more.
In this article, we discuss 10 best psychedelic stocks to buy according to hedge funds. If you want to see more stocks in this selection, check out 5 Best Psychedelic Stocks to Buy According to Hedge Funds. Data Bridge Market Research predicts that the psychedelic drugs market will expand at a compound annual growth rate (CAGR) of 16.3% over the next eight years, resulting in a market value of $6.85 billion by 2027. The primary drivers of this growth are expected to be… Read more.
Jupiter Research, a marijuana vape cartridge subsidiary of Phoenix-based Tilt Holdings, refinanced and extended its revolving credit facility. The amount of credit available to Jupiter increased from $10 million to $12.5 million, according to a Tuesday news release. The debt now matures July 21, 2024, instead of July 2023. The interest rate is the prime rate plus 3%. The funds are secured against Jupiter’s property, inventory and accounts receivable as well as through a $6 million guaranty from Tilt. Jupiter initially entered… Read more.
Since recreational use of cannabis became legal in Canada in 2018, the federal government of that country has imposed a total duty on cannabis products of over 1 billion Canadian dollars ($740 million). Executives expect that the government would ease the tax and excise regime it imposes on the sector as employment and financial losses rise as the milestone is reached. Around CA$862.3 million in total duty on cannabis products was levied by the federal government between the 2018–19 and 2020–21… Read more.
Nasdaq-traded marijuana company Bright Green Corp. is again attracting scrutiny and questions, this time for its audacious plan to raise $500 million through a federal investment program that targets immigrant investors. The company announced in a February news release it would use the money generated through the EB-5 Immigrant Investor Program to build out its “world-class production and drug manufacturing facilities” in the small New Mexico town of Grants. Florida-based Bright Green also plans to use the money to bankroll research and… Read more.
Lucy Scientific Discovery Inc. (Nasdaq: LSDI), which focuses on psychotropic drugs and had its initial public offering last week, rang the closing bell at the Nasdaq stock exchange today in New York. The company is focused on becoming the premier research, development, and manufacturing organization for the emerging psychedelics-based medicines industry, it said in a statement. “This milestone marks a significant step in the company’s growth and plans for expansion,” said CEO Chris McElvany. “We look forward to the opportunities ahead of us… Read more.
With penalties and fees, the money owed to the state could top $500 million. The California cannabis industry as a whole owes the state a quarter billion in unpaid taxes, according to state data and industry experts. With added fees, that total could easily balloon into a $500 million tax tab. To combat the rising debt trend, collections efforts appear to be ramping up, even against companies that have gone out of business. As of Dec. 2, the cannabis sector… Read more.
Wave of business failures is on the way if the debt bubble explodes. A slow but steady years-long trend of licensed marijuana companies in California not paying all of their bills might be nearing its climax, industry insiders warned, and a wave of business failures is on the way if the debt bubble explodes. The lack of overall profitability for several years running – along with myriad other financial challenges – has led many businesses to shuffle payments around, delay payments to… Read more.
Total cannabis sales in Colorado reached only $150.4 million in August, a 2.2% decline from the previous month. It’s the eighth monthly report from the Colorado Department of Revenue this year showing that marijuana sales in the state have either remained flat or decreased from the previous month, according to The Denver Gazette. According to the Colorado Marijuana Sales Report: Medical marijuana sales reached $18.9 million in August, a nearly 3.3% increase from July.Recreational cannabis sales dropped 2.9% from July, to $131.5 million.Total sales… Read more.