Stock Market
Politically Connected NYCanna Flips Cannabis License to Politically Connected Acreage Holdings
NYCanna, a politically affiliated cannabis firm, found itself worth more than $40M after receiving one of New York’s only ten cannabis licenses. Before NYCanna conducted any business with the license they sold the company for $48M to Acreage Holdings LLC (OTCMKTS: ACRZF) (CNSX: ACRG.U) in what some would call a series of sketchy political handshakes.
Altitude Raises $30M in Initial Fund
After raising $30M Altitude Investment Management LLC announced Tuesday that it will close Fund I on November 30, 2018. Beginning Q1 2019 Altitude will be launching Fund II which will focus on the global cannabis industry with investments in plant-touching and ancillary cannabis businesses. Altitude seeks to raise more than $100M for Fund II.
Curaleaf Revenue Nearly Triples in First Earnings After Going Public
Curaleaf holdings Inc. ((OTC: LDVTF) was down 6% Tuesday after announcing the company’s revenue nearly tripled to $21.4M. Due to a one-time non-cash charge of $25M Curaleaf posted a loss of $33.7M.
Charlotte’s Web Holdings Third Quarter 2018 Financial Report
Tuesday Charlotte’s Web Holdings Inc. (CSE: CWEB) (OTCQX: CWBHF) reported their Q3 financial results, highlighting organic revenue growth of 57% to $17.7M compared to 2017 third quarter results. Further, the company’s gross profit, before biological asset adjustment, increased 54% to $13.8M year over year.
Green Thumb Industries Reports Year Over Year 344% Revenue Increase
Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) announced its third quarter financial report for 2018 on Tuesday. The company’s revenues increased 344% year over year to $17.2M with a 26% quarterly increase. Green Thumb Industries’ net loss was $3.3M, down from a net income of $0.4M in Q2.
48North Cannabis Corp. Reports Growth in Revenue for Fiscal Q1 2019
48North Cannabis Corp. (TSXV: NRTH) released its financial and operating results for the quarter ending on September 30, 2018. The company reported revenue growth with total 2019 first quarter revenue of $1.3M and adjusted EBITDA of $606K.
Canopy Rivers Reports Second Quarter Financial Results
Monday Canopy Rivers Inc. (TSXV: RIV) announced its financial results for the three and six months ended on September 30, 2018. Canopy Rivers also provides a corporate update and run down of the company’s eleven partnerships and relationships.
Harvest One Signs Extraction Agreement with Valens GroWorks
Harvest One (TSXV: HVT) signed an extraction agreement with Valens GroWorks Corp. (CSE: VGW) (OTC: MYMSF). Under the agreement Harvest One’s subsidiary United Greeneries will ship Valens bulk dried cannabis for processing to develop cannabis derivative products.
Global News
South Korea Legalizes CBD
After revising its drug policy on November 23rd, the Republic of Korea became the first East Asian country to legalize the import and distribution of CBD for medicinal purposes. The law will allow physicians to prescribe CBD for a variety of ailments including withdrawal from drugs and alcohol.
Aurora Cannabis Enters Czech Republic
Aurora Cannabis Inc. (NYSE: ACB) (TSX: ACB) announced that it has received an export request, secured the required export permit, and has officially completed its first shipment to the Czech Republic. Aurora now operates in 21 countries across five continents.
Canopy Growth & Battelle Announce Collaboration to Advance Cannabis Research
Tuesday Canopy Growth Corp. (TSX: WEED) (NYSE: CGC) and the world’s largest non-profit research and development organization, Battelle announced the completion of multiple cannabis imports from Canada to the United States. Together the companies will strive to advance knowledge surrounding medicinal cannabis research and product development.
WeedMD Exports Cannabis Genetics to Israel’s Pharmocann
Federally licensed cannabis producer and distributor WeedMD Inc. (TSXV: WMD) (OTCQX: WDDMF) announced it has exported its cannabis genetics to Israel based Pharmocann, a privately held pharma-agricultural medical cannabis producer, operating under the authorization of Israel’s Ministry of Health.
Mexico Grants 5 Cannabis Import Permits to Medical Marijuana Inc. Subsidiary HempMeds Mexico
Medical Marijuana Inc. (OTC: MJNA) announced the Mexican Federal Commission for Protection Against Sanitary Risks (COFEPRIS) has issued five permits to its subsidiary HempMeds Mexico to import CBD products.
Malta Announces Cannabis Industry to be Located in Hal Far
Malta Economy Minister Chris Cardona announced that most medical cannabis producers will be located in the Hal Far industrial estate. The minister would not disclose the number of companies who have received a letter of intent from Malta Enterprise to operate from Malta, however Aurora Cannabis, MGC Pharma, Affinity Energy & Health, Wayland, Alvit LCS Pharma, Aphria, and Columbia Care.
Massachusetts Could Provide Legalization Template For UK
Like the UK, the US has targeted minorities by disproportionately enforcing drug laws where people of color receive a higher rate of arrest and prosecution. Massachusetts is working to correct this disparity by expunging previous cannabis conviction and by establishing a social equity program designed to prevent minorities from exclusion in the industry.
US News
NC Lawmakers Meet to Discuss Cannabis Reform
North Carolina state representative Kelly Alexander is meeting with other lawmakers in Raleigh to discuss potential bills for 2019 focusing on cannabis reform. A possible solution Alexander proposed would allow counties to decide whether cannabis would be available in their jurisdictions.
Ohio Relying on Out-of-State Workers For Medical Cannabis Industry
As Ohio’s fledgling medical cannabis industry struggles to get off the ground, many cannabis firms, like Ohio Grown Therapies, are forced to rely on experience from out-of-state workers due to a lack of experienced cannabis workers in the region.
Frustrated Utah Patients May Resort to Nevada
Frustrated that Utah State Legislature may gut Proposition 2 next week, medical cannabis advocates warn that patients may resort to Nevada to find relief. Voters approved Proposition 2 earlier this month however the legislature is preparing a compromise bill to replace it. The bill that would swap out Prop. 2 has removed sections allowing patients to grow their own cannabis, creating a state-run dispensary model. Critics of the compromise bill worry that dispensaries will be limited in location, availability, and supply.
Oregon’s New Revenue Coalition Wants to Legalize Pot Cafes
The New Revenue Coalition is drafting the Common Consumption Bill that would license and regulate establishments for adult-use cannabis consumption. Currently, changes would need to be made to Oregon’s Indoor Clean Air Act which prohibits smoking in workplaces and public enclosed spaces.
California News
The High Note Receives Cash Infusion From Gotham Green Partners
The High Note Inc. announced Monday that Gotham Green Partners, and other co-investors, including Best Buds Funding LLC, will invest up to $15M into the Los Angeles based firm. Gotham Green Partners is funding multiple tranches amounting to $11M and has the right to invest an additional $4M based on The High Note’s performance.
Civilized to Acquire Cannabis Athletic Events Company The 420 Games
Cannabis media and lifestyle brand Civilized Worldwide Inc. announced plans to acquire North America’s only events company that promotes the pairing of cannabis and athleticism, The 420 Games. Both brands hope to create a new cultural narrative and de-stigmatize cannabis use.
West Coast Cannabis Club to Open Weed Manufacturing Facility in Palm Desert
After sitting empty since 2013, the former Palm Desert KESQ building will now be moving forward as the next site for West Coast Cannabis Club’s multi-use facility. The 28,500 square foot cannabis facility will include cultivation, manufacturing, distribution, and delivery services.
Lompoc Council Votes to Issue Cannabis Authorization Letters
Monday Lompoc City Council voted unanimously to allow city staff to issue letters of authorization for cannabis business applicants to use when applying for temporary state licenses. Timing of the vote was of particular importance as the deadline for applications is December 1, 2018.
Canadian News
Organigram Signs Supply Agreement with Saskatchewan
Now the official supplier for the province, Organigram Holdings Inc. (TSXV: OGI) (OTCQX: OGRMF) announced that it has completed the registration process with the Saskatchewan Liquor and Gaming Authority.
Namaste Technologies Completes Strategic Investment in Kief Cannabis
Namaste Technologies Inc. (OTCMKTS: NXTTF) signed a subscription agreement with Manitoba’s Kief Cannabis Company Ltd. Namaste completed a $250K investment to acquire 46,729 Class B common shares.
New Cannabis Regulations Provide Guidance For Ontario Retail Cannabis Stores
November 16, 2018 the Ontario government established regulation under the Cannabis License Act 2018. The Act and regulation set policies for the province’s private retail recreational cannabis store system that will come into effect on April 1, 2019.
Cannabis & Your Insurance
Since cannabis was legalized in October, many questions have been raised about how consuming or growing marijuana could impact your insurance coverage. For example, insurance companies can cover paraphernalia and legally grown cannabis plants. Be aware breaking local cannabis laws can result in a loss of coverage, denied insurance claims, or increased premiums. Take a look at the other ways cannabis can impact your insurance.