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Ascend Wellness Holdings, Inc. (CSE: AAWH.U) (OTCQX: AAWH) is buying its second cultivation license and associated operations in Massachusetts. Ascend did not disclose the price it paid for the transaction.

“We are thrilled to strengthen our commitment to Massachusetts and substantially increase our cultivation and production footprint in the state. Densifying our key markets is a stated strategy for our business and this reinforces that focus, said CEO John Hartmann. “Our wholesale and retail markets have experienced significant growth, fueled by expanded third-party relationships and consumer demand across our three Massachusetts stores – in Boston, Newton, and New Bedford. The demand for additional supply is a direct result of our team’s hard work and remarkable success in the Massachusetts market.”

The company said in a statement that the expansion is due to the increasing demand for its products in Massachusetts and more specifically the success of the Simply Herb brand, which it introduced in the state less than two years ago. Ascend said that Simply Herb has swiftly ascended to the top spot for fourth-quarter sales according to data from BDSA. It captured a meaningful sales lead over the second highest-ranked brand in the entire state.

Ascend said the acquisition is located in Amesbury and is currently pending regulatory approval, which is expected to be granted in the first half of 2024. Until that time, Ascend said it will operate the facility under an interim consulting agreement.

The Amesbury facility features a 54,000 sq. ft. area, with plans for a targeted investment to encompass 15,000 sq. ft. of canopy and a state-of-the-art kitchen. Ascend said that when combined with its existing cultivation and production facility in Athol, Massachusetts, this move will elevate the company’s total cultivation space in the state to an impressive 70,000 sq. ft. of canopy.

Ascend will be reporting its fourth quarter and full-year financial results on March 12.

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While the 2018 Farm Bill was designed to help promote industrial hemp usage, foster the use of CBD products, and boost hemp farmers, the market soon realized there was another opportunity opened by the regulation: intoxicating hemp products.

That realization spawned a huge business, selling an unregulated product in a market with few rules.

Underage kids realized they could buy multiple hemp-derived delta-9 and delta-8 products and get the same effect as buying regulated THC cannabis. Plus, stores have no advertising restrictions and boldly use neon signs, promotional banners, and more to bring attention to the products being sold in store.

While the 2023 Farm Bill could correct this oversight, it isn’t clear if there is an appetite for it. But the proliferation of these products at convenience stores and smoke shops has prompted state lawmakers to act on their own.

Here are a few of the states taking steps to close the loophole for themselves.

Florida

Florida lawmakers recently advanced legislation that would ban the sale of hemp-derived intoxicating products by specifying that certain hemp-derived cannabinoids, such as delta-8 THC, would no longer be covered by the state’s legal definition of “hemp,” according to Law360.

The bills, S.B. 1698 and H.B. 1613, also state that hemp products cannot include toys, animations, or characters that make them attractive to children.

Last week, the State Senate Agriculture Committee said its bill received a positive response. The House bill is scheduled for a hearing on Monday, Jan. 29.

Missouri

Missouri legislation S.B. 984 was introduced this month by Republican Sen. Nicholas Schroer.

The Intoxicating Cannabinoid Control Act would grant the state’s marijuana regulator with the authority to oversee intoxicating hemp products, except for CBD.

Arizona

Arizona lawmakers also took aim at the state’s hemp policy. A Republican introduced S.B. 1401, which would update the list of dangerous drugs to include delta-8 THC and any other cannabinoids that are produced through chemical synthesis or alteration of compounds naturally found in hemp.

It does not include CBD as a dangerous drug.

In addition, two other pieces of proposed legislation, H.B. 2679 and S.B. 1186, were introduced last week and, according to Law360, would amend the state’s definition of industrial hemp to exclude consumable, intoxicating products. Those would be regulated as products that can be be sold only to adults 21 and older.

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Cannara Biotech Inc. (TSXV: LOVE) (OTCQB: LOVFF) delivered its fiscal first quarter 2024 financial results for the quarter ending November 30, 2023. The Canadian-based cannabis company reported that its fiscal first quarter revenue jumped 89% to $19.5 million from last year’s $10.3 million for the same time period. The company also reported a net income of $2.1 million compared to the $2,951 net income generated in the first quarter of 2023. The earnings per share for the quarter was $0.02. All figures are in Canadian dollars.

“The first quarter of 2024 has been another significant period for Cannara, with record-breaking net revenues of $19.5 million, an 89% increase from the comparative quarter in 2023, and an incredible net income surge,” stated Zohar Krivorot, President & Chief Executive Officer. “As we build on this momentum in 2024, our roadmap is clear, continued execution with excellence, cost efficiencies, and product innovation. This strategic expansion is not just about quantity, it is about deepening our market penetration by enriching our customer’s experience with high-quality products that stand out in the market.”

Numbers behind the growth

During the quarter, Cannara said it consistently produced from a total of nine growing zones out of the Valleyfield Facility. In January 2024, the company said it activated its 10^th growing zone reaching over 275,000 square feet of active production canopy at its Valleyfield and Farnham Facility, bringing the Company’s total production to approximately 33,500 kg of cannabis per year.

The company also said in its earnings release that 1,340,000 units were sold during the quarter across three flagship brands, a 99% increase compared to 675,000 units sold in the first quarter of 2023 and an 11% increase compared to the 1,202,000 units that were sold in the previous quarter.

“Our first quarter results are continued solid proof of Cannara‘s strong financial health and strategic approach to business operations,” stated Nicholas Sosiak, CFO of Cannara. We have seen impressive sales increases and a steady rise in adjusted EBITDA, net income, and cash flow from operations, which sets a strong base for the rest of the year. Moving into 2024, our plan is to keep growing our market share, introduce our brands to new regions in Canada, and launch products that meet our customers’ needs. We are focused on keeping our finances strong while we grow and make our operations even more cost-effective. The first quarter financial results are aligned with our financial plan and positions Cannara for what we expect to be our most successful year in terms of performance and financial achievements,” said Sosiak.

Balance sheet

Cannara also reported that it had $30.5 million in working capital as of November 30, 2023. The company delivered positive operating cash flows increased 233% to $400,000 in the quarter versus a negative operating cash flow of $300,000 last year. The free cash flow for the quarter increased to $4.9 million, a 145% increase compared to the free cash flow of $2 million recorded in 2023.

Market share review

Cannara Biotech published the following rankings for its market share in the different Canadian provinces:

• In Quebec, the company ranked in market share as the province’s  fourth largest licensed producer, holding approximately 8.7% of the market during the first quarter of 2024.
• In Ontario, Cannara currently holds rank as the ninth top license producer by market share, with a 3.15% share of Canada’s largest cannabis market.
• In Alberta, the company dramatically increased its market share in the province by 98.3% in the quarter from a 1.2% share in the fourth quarter of 2023 to a 2.3% share in the first quarter of 2024.
• In British Columbia, the company’s market share reached 0.84%.

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Cybin Inc. (NYSE: CYBN) announced that the U.S. Food and Drug Administration cleared its investigational new drug (IND) application for CYB004, a proprietary deuterated dimethyltryptamine (DMT) molecule in development for the treatment of Generalized Anxiety Disorder (GAD).

With this clearance, Cybin can move forward with its plans to initiate a Phase 2a study of CYB004 in the first quarter of 2024. Cybin said in a statement that the phase 2a study will be a randomized, double-blind, active-controlled trial to assess the preliminary clinical efficacy, safety, tolerability, pharmacokinetics (how the drug is processed by the body), and pharmacodynamics (how the drug reacts and the effect on the body) of CYB004 in participants with GAD.

This trial will be conducted at study sites in the United States.

“With the recent positive topline results from two Phase 1 studies of our proprietary deuterated DMT molecules, CYB004 and SPL028, we are well-positioned to initiate a Phase 2a study of CYB004 in GAD this quarter,” CEO Doug Drysdale said.

“From our extensive portfolio of DMT and deuterated DMT datasets across five completed clinical studies, we have gathered important insights on dosing and preliminary efficacy signals in both depression and anxiety that will inform our next steps. Exploratory data from our completed Phase 2a study of SPL026 (IV DMT) have shown that SPL026 reduced symptoms of anxiety in patients with major depressive disorder, which further serves to de-risk the development of deuterated DMT in anxiety disorders as we continue to evaluate the efficacy and safety of CYB004.”

Phase 1 Results

Recently Cybin reported that results from the Phase 1 studies in the CYB004 and SPL028 programs demonstrated pharmacokinetic (PK) and pharmacodynamic (PD) profiles with the potential to bridge data across these molecules, and the PK profiles for both molecules demonstrated concentrations in the effective range.

The company said that both IV (CYB004 and SPL028) and intramuscular (SPL028) administration routes were safe and well tolerated, with the potential for intramuscular (IM) dosing to provide a more convenient dosing method for patients.

IM dosing of SPL028 produced robust psychedelic effects lasting a short duration in the majority of subjects, a finding that supports IM administration as a well-tolerated and effective dosing method that is highly scalable.

“Importantly, these are the first-in-human studies of deuterated DMT in healthy participants,” Drysdale said. “We are pleased that both the IV and IM administrations produced robust psychedelic effects and were safe and well-tolerated. We are especially encouraged that the IM route produced psychedelic effects in the majority of subjects, with a short-duration psychedelic experience from a single administration of SPL028.”

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Connecticut had a smoking hot year when it comes to cannabis sales. So good that the state’s dispensaries aren’t sitting on much inventory at the moment.

According to a recent report from Cannabis Benchmarks, supplies for both adult-use and medical dispensaries have been shrinking in the state – and prices have risen as a result.

Consumers celebrated the state’s decision to increase the limits on cannabis purchases as of Dec. 1, and they responded by buying a lot more cannabis. Prior to that date, they could only buy a quarter-ounce, but the new rule upped that limit to a half-ounce of flower or its equivalent in other products.

In December, the state reported sales of 453,944 products in the adult-use market, up 13.4% month-on-month. Medical products sold in December totaled 291,133, up 3.4% from the prior month.

Prices began spiking in the new year, and Cannabis Benchmarks reported that “consumers and registered patients in the state have told of a lack of inventory in dispensaries at the moment, with only a handful of varieties of flower on offer compared to the usual several dozen.”

Kaitlyn Krasselt, communications director with the Connecticut State Department of Consumer Protection, told Cannabis Benchmarks, “The Department is aware of a limited variety of certain products, and is continuing to monitor the situation.”

“The limited variety is likely the result of promotional sales retailers ran in association with the holidays, from Thanksgiving to New Year’s,” Krasselt continued. “Anecdotally, we know retailers experienced heavy traffic in relation to the holidays, and the record sales in our December data supports that. ”

But consumers also have something to look forward to, according to the agency. Kresselt said, “More than 1,000 products have received brand registration approval from the Drug Control Division since Nov. 1, 2023, that are expected to be available in stores in the coming days and weeks.”

Demand High, Supply Low

Fine Fettle, which has several stores in the state, confirmed the shortage.

“Right now we are supply constrained,” Chief Operating Officer Ben Zachs said. “A number of dispensaries have opened and only one microprocessor is growing. We’ve opened more stores and there’s definitely been a lack of flower supply.”

While sales figures were up in the state in December, Zachs said much of that was due to the higher prices. “The actual volume of sales only went up 3%.”

However, he believes hope is on the way. “My understanding is there are microgrowers building and big growers building,” he said. Zachs hopes the problem will be resolved in six to eight months, adding that these things happen in new markets.

“More demand and more stores opening has spread the inventory thin,” Zachs said. “Before it was a lack of choice, now some stores have no flower.”

He also pointed out that overall, flower and pre-rolls only accounted for 50% of sales, which is comparatively low for newer markets.

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Former high-flying cannabis company MedMen Enterprises Inc. (OTC: MMNFF) continues to circle the drain as the company’s stock price falls to zero. Green Market Report had previously written that the OTC had pushed MedMen’s stock down to a lower level where stock prices aren’t publicly quoted. However, some light trading continues in the stock.

Some shareholders on the Reddit board Weedstocks said that they attempted to sell shares and the trades did not go through. The Yahoo Finance trading activity showed that there was a volume of 24,139 shares with the high price of one penny. The last trade of company shares on the Canadian Stock Exchange occurred on January 4, 2024 with a high price of two Canadian cents.

MedMen just recently managed to sell its Arizona assets to Mint and said it would get $14 million. That money could help the company get up to date on its filings, which have resulted in punishment from both trading exchanges. MedMen also said that it has sold some of its Nevada assets but that deal hadn’t received regulatory approval yet. The company announced in December that it was selling MMOF Vegas Retail, Inc. and MMOF Vegas Retail 2, Inc. to a company called Retail Facilities Operations NV, LLC. managed by Eivan Shahara. The looks to generate another $10 million. Shahara is the Co-Founder and CEO of Brightroot, which is the parent company of Mint Cannabis.

Potential Owners?

However, it is a drop in the huge bucket of liabilities for the company. The company has a deficit of over $400 million and has been paying some account payables and liabilities with essentially worthless stock.

Companies that have invested in the company are likely going to battle over the scraps that remain after assets have been sold off

Companies like Tilray (NASDAQ: TLRY) have invested in MedMen. In 2021, Tilray issued 9,817,061 shares valued at $117,804 to acquire 68% interest in Superhero Acquisition L.P. (“SH Acquisition”), which purchased a senior secured convertible note issued by MedMen.

Gotham Green has been a long-time partner of MedMen and has sunk millions into the company over the years. The company is owed $1.3 million a quarter in interest payments, which it has been receiving in shares. Meaning each quarter it owns a larger chunk of the equity in addition to the debt.

MedMen may be resuscitated from the dead, but there may not be much left to save.

 

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Beleagured cannabis company Lowell Farms Inc.  (CSE: LOWL)(OTCQX: LOWLF) has walked away from its cultivation facility of approximately 10 acres of real property at 139 Zabala Road, Salinas, California referred to as the “Zabala Road Property”. It was leased in 2017 by its wholly owned subsidiary Cypress Holding from its landlord Tinhouse, LLC. Lowell Farms left the property on January 12, 2024, but before that, it had operated a cultivation facility, which includes four greenhouses totaling approximately 255,000 square feet at the site.

Last year, Lowell Farms hit a rough patch and decided to seek strategic and financial alternatives. One of the plans involved restructuring the terms of the Zabala Road Lease, which would’ve expired in December 2027. Lowell claims it reached an agreement with Tinhouse to amend the terms of the lease and had an agreement on rent-related issues.

According to a statement by Lowell, “The Landlord terminated the Zabala Road Lease via a letter dated October 6, 2023, which was served by its counsel on the Company on October 10, 2023. In October 2023, the Company filed a lawsuit for breach of contract and specific performance against the Landlord to enforce the settlement terms.”

It seems the two are embroiled in a legal battle. Tinhouse has filed counterclaims and an unlawful detainer action against Lowell Farms, claiming damages of more than $36 million, which the landlord claims are based on an analysis of accelerated rent due through the end of the term of the Zabala Road Lease, along with attorney’s fees, improvements, and other undefined costs.

Lowell says it will fight the case, but can’t assure investors it will win and could be “required to pay significant monetary damages.” Lowell did not mention the litigation in its November 2023 filings for its quarter ending September 2023.

In Lowell’s last MD&A, the company said it expected to harvest roughly 28,000 pounds of cannabis from the location in 2023. The company said it had spent roughly $8.1 million in renovations for the space.

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New Jersey lawmakers were able to legalize cannabis and now they have their sights set on psychedelics. Legislature sponsored by state senator Nicholas Scutari of District 22 (Somerset and Union) and Co-Sponsored by Senators Schepisi, Zwicker, and Cruz-Perez would authorize the production and use of psilocybin to promote health and wellness; decriminalize, and expunge past offenses involving, psilocybin production, possession, use, and distribution.

The proposed law states,

It is the intent of the Legislature to facilitate the establishment of safe, legal, and affordable psilocybin service centers to provide residents of New Jersey who are 21 years of age or older with opportunities for supported psilocybin experiences to alleviate distress, provide preventative behavioral health care, and foster wellness and personal growth.

Lawmakers tried to propose legislation in 2023 but pulled it to revise the language. Even though the legislation focuses mostly on mental health issues as a reason to legalize psychedelics, it does not rule out the use of psilocybin for recreational purposes.

The legislation also proposes establishing a Department of Health the Psilocybin Behavioral Health Access and Services Advisory Board with 18 members. There was also language to create a code of professional conduct for psilocybin service facilitators, with particular consideration for developing a code of ethics.

Licenses could cross the manufacturing and treatment center lines. However, there would limits on the number of licenses for individuals. They can’t have more than one psilocybin product manufacturer or more than five psilocybin service centers.

Fast Timeline

The Act also set ambitious timelines to be met once the law is enacted. It says that “No later than six months after the effective date of this act, the department shall establish the necessary forms and commence the process of accepting applications for and approving psilocybin service facilitator training programs. It also stated, “No later than 18 months after the effective date of this act, the department shall establish the necessary forms and commence the process of accepting applications for issuance of psilocybin product manufacturer, psilocybin service center operator, psilocybin testing laboratory, and psilocybin service facilitator licenses and psilocybin worker permits.”

Copying Cannabis

Similar to cannabis, psilocybin service centers can’t be located close to schools and can’t advertise their services in a way that would appeal to minors. There would also be a tracking system for the production of psilocybin products. The psilocybin department would also make these producers keep regulatory books on sight and available for inspection, not unlike cannabis producers.

There would be requirements on packaging and product testing. There would be fees attached to the licenses also like cannabis. The products would only be available to people over the age of 21 and the workers in any of these facilities must also be over the age of 21.

Social Opportunity

The law wrote that it wanted to create a social opportunity program for psilocybin. It would establish and administer an equitable access program to assist qualified economically disadvantaged individuals with the cost of receiving psilocybin services. The program would identify geographically distressed locations to identify social opportunity applicants.

Those who have a past conviction regarding these products could ask for a resentencing if the Act is passed.

Med Tech Corridor

New Jersey has actively courted medical companies to the state. Trade association BioNJ reported that the state had only 30 biotech companies in the early 1990s, but that has grown to approximately 3,200 establishments. Bio NJ said that 46 of those firms are responsible for 70 new FDA drug approvals between 2020 and 2021. 

It is also well-timed with this week’s announcement from Compass Pathways plc (NASDAQ: CMPS) that it is entering into a research collaboration with Hackensack Meridian Health, a leading not-for-profit health care organization and the largest, most comprehensive, and truly integrated network in New Jersey.

Compass said in a statement that the collaboration would seek to understand the real-world challenges and opportunities of delivering care to those living with depression, to inform how future clinical trials of COMP360 psilocybin treatment are designed, and to understand how it will be delivered to patients if approved.

“We’re proud to collaborate with Compass Pathways, a leading biotechnology company aiming to create real change for people suffering with some of the most difficult-to-treat mental health conditions,” said Robert C. Garrett, FACHE, CEO of Hackensack Meridian Health. “Our network’s leadership in mental health and extensive experience in treating depression in clinical practice will inform how new mental health treatments may be accessed by patients in the future.”

“Our collaboration with Hackensack Meridian Health will help us understand how investigational COMP360 psilocybin treatment, if approved, could be delivered to patients, and represents another important milestone in our mission to provide better treatment options for people who urgently need them,” said Kabir Nath, CEO of Compass Pathways. “As one of the largest, most comprehensive and truly integrated health care networks in the US, with a strong mission to improve clinical outcomes and transform healthcare delivery, HMH is a great collaboration partner for Compass.”

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Viridian Capital Advisors kicked off 2024 by naming the five stocks that they think have the best upside momentum.

While many in the industry are feeling very positive about a potential rescheduling of cannabis, the team at Viridian isn’t so sure.

“We are less inclined to think that the president will somehow push this through in time for the election,” Viridian wrote. “The DEA’s process includes public comment periods and opportunities for challenges to its proposed rule-making. The timing to run this gauntlet is unclear but likely longer than the market wants to believe.”

With that in mind, Viridian’s list includes companies that may have room to run higher even if the rescheduling gets pushed to a much later date.

The firm’s search for its top five started with companies ranked in the top 10 of its Capital Credit Tracker. Analysts then filtered the results to identify companies trading at less than 2x their 52-week lows, which eliminated several companies that Viridian likes but that it said could be susceptible to a pullback, including Grown Rogue International (CSE: GRIN), Glass House Brands (OTCQX: GLASF), and Curaleaf Holdings (CSE: CURA), which are trading at 3.3x, 2.6x, and 2.1x their 52-week lows, respectively.

With a list trimmed down to seven, analysts simply turned to the five stocks trading at the lowest EV/2024 EBITDA. “Each of the five companies in the chart is trading at less than 7x EV/2024 EBITDA. Green Thumb (CSE: GTII) and TerrAscend (TSX: TSND) were eliminated,” the firm wrote.

In the end, the top five stocks picked by Viridian Capital Advisors, as covered in its report, are:

• MariMed (CSE: MRMD) missed its third-quarter estimates, which may be why it is trading at only 1.1x its 52-week lows. But Viridian believes it is “well poised for 2024.” It currently trades at only 4.3x consensus 2024 EBITDA.
• Trulieve Cannabis Corp. (CSE: TRUL) climbed 14.4% last week, and yet it “continues to trade at only 1.7x its 52-week low and 4.8x its 2024 consensus EBITDA.” Viridian cited significant improvements to the company’s balance sheet and overall profitability as factors for its positive outlook. Trulieve also has “strong optionality with regard to a potential Florida adult-use conversion.”
• Cresco Labs (CSE: CL) ranks at number 10 on Viridian’s Cannabis Credit Tracker, making it the  biggest credit risk on this list. But the firm still expects Cresco to outperform the market based on it trading at only 1.8x its 52-week low and 6.06x 2024 EBITDA.
• Verano Holdings Corp. (CBOE: VRNO) is the third strongest credit in Viridian’s rankings, and “at 6.4x 2024 EBITDA, it has significant upside potential with lower-than-average pullback risk.”
• Planet 13 Holdings (CSE: PLTH) “had a difficult 2023,” according to Viridian, “with lower Las Vegas crowds and some stumbles in establishing its Florida presence, resulting in a modestly negative EBITDA year.” But its balance sheet isn’t highly leverages and 2024’s outlook is rosier, leading to the company’s inclusion in this list.

Ultimately, Viridian advises investors to look for solid companies and not ones that are dependent upon change to survive. As they say in finance: Hope is not a strategy.

 

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A new study published in Nature Medicine found that ibogaine therapy significantly reduced symptoms of post-traumatic stress disorder, anxiety, and depression, and improved cognitive function in veterans with traumatic brain injury.

The study enrolled 30 U.S. special operations veterans in the study, all of whom had received Foundational Healing Grants from the nonprofit organization Veterans Exploring Treatment Solutions (VETS) for travel support and ibogaine therapy. VETS said that the 30 participants selected had a history of TBI and repeated blast exposures, and were experiencing clinically severe psychiatric and cognitive impairments before seeking support from their organization.

The paper, authored by Dr. Nolan Williams, director of the Brain Stimulation Lab at Stanford University, found that the plant-based psychedelic drug ibogaine effectively treated TBI in the special operations veterans.

“I went from being constantly angry and feeling alone, burdened by the trauma of war and the loss of 12 friends to suicide, to finding a renewed sense of hope and peace,” said Patrick Flatley, a U.S. Army Green Beret veteran and study participant. “The turning point was ibogaine treatment. Today, I am grateful to sleep well, live without daily fight or flight reactions, and look forward to life with newfound hope.”

Study Results

The study found that before the ibogaine treatment, participants scored an average of 30.2 on the World Health Organization Disability Assessment Schedule 2.0, which is equivalent to mild to moderate disability.

According to a statement from VETS, “At one month following ibogaine treatment, the average rating improved to 5.1, equivalent to no disability. The researchers also found a statistically significant reduction in suicidal ideation from participants, decreasing from 47% to 7% one month following treatment. The participants experienced no serious side effects or heart complications resulting from the ibogaine treatment.”

“Veterans are on the front line of our national defense, but here they are on the front line of cutting-edge research that has the potential to help millions of people – both in and out of uniform,” said Amber Capone, Co-Founder and CEO of VETS. “We remain laser-focused and dedicated to our mission of supporting access to psychedelic-assisted therapies for veterans and advancing research into their safety and efficacy. Our collaboration with Stanford University and Dr. Williams is a major step forward in proving the potential of ibogaine for treating PTSD and TBI.”

The participants in the study received treatment at the privately owned Ambio Life Sciences, an independent clinic in Mexico that provides somatic therapies alongside psychedelic therapies in a medically supported environment.

“This reinforces what we’ve learned through thousands of treatments, that ibogaine can be safe and effective when provided in the right context. For Ambio, the study further highlights the remarkable healing potential of ibogaine, which we’re confident will expand the treatment landscape for veterans and many others,” said Jonathan Dickinson, Ambio’s CEO.

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1933 Industries Inc. (CSE: TGIF)(OTCQB: TGIFF)started the new year by releasing its unaudited interim consolidated financial statements for the first fiscal 2024 quarter ending October 31, 2023, in Canadian dollars.

1933 reported revenues of $5.5 million, an 11% increase from $5.0 million for the fiscal 2023 first quarter. The company attributed the increase to the improvements to the cultivation facility completed at the end of 2023. The company also delivered a net loss of $0.4 million versus a net loss of $1.2 million for the same period last year.

Despite the improvements in revenue and trimming the losses, expenses rose to $2.1 million versus last year’s $1.2 million. The company attributed the increase in expenses to the prior period receiving payroll tax refunds from the IRS of $0.5 million and recovery of a fair value adjustment related to Infused MFG inventory of $0.4 million.

“We are pleased to report revenues of $5.5 million, as well as operational improvements in gross profit and positive adjusted EBITDA compared to the same period last year. As a non-dispensary house brand, AMA products have strong market presence in several categories and consistently rank among the top 5 brands sold in Nevada. Our ability to offer a large variety of quality cannabis products with assured consistency and that meet changing consumer demands has made AMA a sought-after brand”, said Paul Rosen, Chairman and CEO of the company.

1933 owns 91% of the Alternative Medicine Association (AMA), the company’s cultivation and production subsidiary focused on the medical and adult-use cannabis market, and 100% of consumer-packaged goods manufacturer Infused MFG LLC (Infused). The company’s revenue is derived from wholesale cannabis sales in Nevada (AMA), and the sale of hemp-derived wellness products (Infused) under the Canna Hemp brand.

Debenture Moves

As part of the work to get its financial house in order, 1933 said it would extinguish upon maturity, the principal debt of its 10% Senior Unsecured Convertible Debentures Due December 31, 2023, and then issue a new 10% unsecured convertible debenture. With a two-year maturity, the New Debenture will be convertible into units for $0.05 per unit. Rosen added, “We are encouraged by our steady progress towards profitability and are hopeful and optimistic that over the two years, overall market conditions will improve.”

The accrued and unpaid interest due under the older debentures of approximately $1,294,000 will be paid in common shares of the company, at $0.05 per share which will lead to an issuance of an aggregate of 25,880,000 shares.

 

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The cannabis industry has always had its fair share of dramas; that seems to come with the territory for a federally illegal industry. Each year there are a slew of fraud cases, unwound acquisitions with lots of accusations, bankruptcies, and corruption.

But 2023 may have set a high mark for the future. Here are Green Market Report’s top scandals of the year.

Skymint

Bankruptcies are never pleasant, but this one is a doozy. Not only was Skymint drowning in a sea of debt, but the CEO was accused of having an inappropriate relationship with another executive and spending company funds on the woman.

Since it’s cannabis, the company couldn’t go through normal bankruptcy channels, so the lenders agreed to a reorganization. The only problem is that 3Fifteen Cannabis, a Merida Capital Holdings company, got caught up in the craziness after Skymint said it would buy the company but never paid for it.

3Fifteen asked a judge to let it out of the deal, but the judge disagreed. On appeal, 3Fifteen is trying to get its company back while Skymint’s lenders are preparing to take over the company.

Herbl

It wasn’t an earthquake that shook California cannabis, it was the implosion of Herbl. The cannabis distributor was rumored to have faced issues of companies not paying bills, which made it impossible to keep the company running.

Laid off employees took to social media to announce what the company wouldn’t: the company shut down.

Without bankruptcy as an option, the company went into receivership. It left many cannabis companies in the state scrambling to find a new distributor for their products. Plus, many of these small cannabis companies lost inventory in the process and weren’t paid for their product, which put them in jeopardy as well.

Now it seems everyone is fighting over the scraps. Cannabis companies, a bank, and even the state of California want money from the company that ran out of it. This situation remains unresolved.

Weedgenics

In May, the U.S. Securities and Exchange Commission obtained an emergency order to halt an alleged ongoing offering and Ponzi-like scheme by Integrated National Resources Inc., which does business as WeedGenics, and its owners, Rolf Max Hirschmann and Patrick Earl Williams.

Under the scheme, Hirschmann and Willians allegedly raised more than $60 million from investors to expand their cannabis operations, but instead used the money to make $16.2 million in Ponzi-like payments and to enrich themselves.

The scam started in 2019, but the SEC didn’t shut it down until 2023. The agency alleged that in an attempt to avoid detection, Hirschmann, acting as the face of the company, used the fake name Max Bergmann when he communicated with investors, while Williams, as vice president of the company, worked behind the scenes. Williams was also accused of spending investor funds on his more public career as rap musician BigRigBaby.

High Times

Long-time cannabis publication High Times and its current owner is Adam Levin found themselves the subject of a stock fraud investigation for the seemingly never-ending stock offering.

Levin originally bought the title with the idea of taking it public and flipping the stock for a profit. However, things didn’t go according to plan, and Levin just kept taking money from investors and changing the value of the stock, from $11 to $1.

The company ran afoul of the SEC for paying a stock promoter and not disclosing that to investors. Investors have complained that the magazine took their money and then never provided any additional information or updates.

Benzinga’s AI Interview

Who’s gonna know, right? In November, business news website Benzinga ran a contributed interview with rap star and Cookies founder Berner (whose real name is Gilbert Milam).

The only problem was that Berner said he didn’t do the interview.

Journalist Grant Smith Ellis suggested the interview was AI-generated and ran it through an AI content detector. David Daxsen, the contributor, insisted he did the interview even though Berner also insisted he never spoke to Daxsen.

Ultimately, Benzinga pulled the story after two days, apologized to Berner, and ended the relationship with the writer. It could be argued Benzinga was scammed by the contributor, but that’s what editors are for and the media company’s slow response didn’t help matters by allowing it to grow legs.

Cookies

Cookies managed to make the list twice this year, but in two different capacities. This time Cookies was hit with multiple breach of contract lawsuits. One was from a business partner alleging theft and fraud, while the other lawsuits alleged Cookies routinely used threats of violence and retribution in business dealings.

Among the allegations was that Berner and associates stole valuable cannabis genetics as well as profits from SeedJunky through a joint business venture, Minntz, and that Berner and company officials have been misappropriating company funds and resources for their own private “slush funds.”

Berner said the complaints were made by predatory investors, and shortly thereafter one lawsuit was dropped. As far as we can tell, the other lawsuit is still in play.

Massachusetts Commission

Cannabis companies and operators weren’t the only ones finding themselves in the headlines for less-than-positive reasons. Even regulators got in on the fun.

The Massachusetts Cannabis Control Commission found itself in more hot water this year after the state treasurer suspended Chair Shannon O’Brien. O’Brien is now suing the CCC over that suspension.

But that’s not all. Acting Executive Director Debbie Hilton-Creek then suspended Chief Communications Officer Cedric Sinclair and Director of Human Resources Justin Shrader in December.

The shenanigans didn’t stop with the executive board room shuffles. There were claims of retaliation against independent journalist Grant Smith Ellis when commission officials allegedly cited the content of a journalist’s testimony before the Joint Committee on Cannabis Policy as part of the justification for stripping the journalist of their press credentials.

If that wasn’t enough, the commission also allegedly shared a document containing the names, addresses, phone numbers, emails, and other sensitive personal information of every cannabis worker, active or inactive, in Massachusetts. The commission was criticized from the beginning for having an opaque and lengthy process to receiving a license.

The whole commission might need a reboot after this year.

Michigan Bribery

While this scandal can be traced back to 2017, the bribery case involving a top cannabis regulator in Michigan and some lobbyists came to a resolution this year.

In April, Brian Pierce and Vincent Brown pleaded guilty to conspiring to commit bribery. According to their plea agreements, they did lobbying work via Philip Alan Brown Consulting and Michigan Grower’s Consultants on behalf of various businesses that sought licenses from the board that was created to regulate the industry under a 2016 law.

They helped to give $40,000 in cash to former Chair of the Marijuana Board Rick Johnson between 2017 and 2019. At Johnson’s request, Pierce paid $2,000 to a Detroit stripper who was having commercial sex with Johnson.

In October, Pierce was sentenced to two years and a $25,000 fine from U.S. District Judge Jane Beckering in Grand Rapids while Brown received 20 months and a $25,000 fine. Johnson was sentenced to 55 months in federal prison.

The post 2023’s Biggest Scandals in Cannabis appeared first on Green Market Report.

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Debra Borchardt, KahliBuds, 420GrowLife