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Grown Rogue International Inc. (CSE: GRIN) (OTC: GRUSF), reported its fiscal first quarter 2023 results for the three months ended Jan. 31, 2023. Grown Rogue‘s revenue grew 21% to $4.5 million versus last year’s $3.7 million in the same time period. The company also reported a net income of $592,000.

“We continue to demonstrate our operating abilities by generating substantial free cash flow margins while operating in extremely competitive markets. Our financial results for Q1 2023 were improved from Q4 2022 due to of our continued pursuit of operating efficiencies, and a modest increase in average wholesale pricing in Oregon,” said Obie Strickler, CEO of Grown Rogue.

The company reported operating cash flow, before changes in working capital, of $1.3 million, compared to $500,000 in the 2022 first quarter, an increase of 176%. The free cash flow was $800,000, after $400,000 was spent on working capital and capital expenditures.

While the news was positive, the company still lists itself as a going concern and has historically incurred net losses. The company’s accumulated deficit was approximately $19.5 million.

“As we move forward, we are proactively ramping up our genetics programs in both Oregon and Michigan to make sure we stay on the front line of delivering industry-leading quality to our consumers. We believe that our philosophy and practice of constant iteration and improvement will engender more customer trust and deepen the relationship we have with our existing fans,” Strickler continued.

Michigan Sales Jump

Sales in Michigan grew from $3.7 million in 2022’s first quarter to $4.1 million. Sales in Oregon fell from last year’s $4.7 million to $4.4 million as expenses increased slightly.

During the year ended Oct. 31, 2021, the company leased Lars, a facility in Medford, Oregon, that is owned by the CEO, with a term through June 30, 2026. Lease charges for Lars of $46,814 (2022 – $45,450) were incurred for the fiscal first quarter. The lease liability for Lars on Jan. 31, 2023, was $575,375 (October 31, 2022 – $607,900).

“Regarding capital allocation, we continue to focus on producing free cash flow to best position ourselves to meet our balance sheet obligations while being prepared for new market opportunities, using only a modest amount on increased working capital,” Strickler said. “With our internal cash generation and the recent $2 million convertible debenture capital raise, we feel confident in our ability to take advantage of high-quality opportunities as they arise.”

CEO Spouse Deal

The company also disclosed in its quarterly filing that during the quarter, Grown Rogue incurred expenses of $23,077 (2022 – $15,000) for services provided by the spouse of the CEO.

According to the filing, on Jan. 31, accounts and accrued liabilities payable to this individual were $3,846 (October 31, 2022 – $1,154). The spouse of the CEO was granted 500,000 options during the quarter.

During the quarter  1,500,000 options were granted to the CEO; 750,000 options were granted to the CFO; and 750,000 options were granted to the SVP.

The post Grown Rogue Gets Boost from Michigan Sales appeared first on Green Market Report.

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MedMen (OTC: MMNFF) will have to pony up more than $3 million for its co-founder and former CEO Adam Bierman.

An arbitrator ruled that Bieman was entitled to $3,063,300, plus costs of $49,243.34, for a total award of $3,112,543.34 related to his separation from the company. The base award represents the value of Bierman’s super voting shares and a bonus of 12 million common shares, as of August 2020.

Beleaguered MedMen was once billed as the first unicorn of cannabis, meaning the company had a billion-dollar valuation before going public, but now it is selling off parts and drowning in debt.

“After three long years, I’m glad the truth has come out and that I can finally share my story,” Bierman said. “The court found MedMen, as well as the former executive chairman, guilty of fraud. This judgment completes the factual narrative as I passionately chased the end of prohibition.”

However, the win could be cold comfort for Bierman as MedMen recently reported that it has a working capital deficit of a whopping $137 million and noted that it is a going concern. Medmen stated that it had already defaulted on debt with a senior lender and would need to obtain an extension or refinance.

The company has just $15 million in cash and equivalents on the books and a market cap of only $25 million. The stock was selling for less than two cents a share.

$2 Billion

According to the court document, MedMen went public on May 29, 2018, with its stock first listed on the Canadian Securities Exchange.

Days before the IPO, Bierman, as CEO of MedMen, executed an employment agreement for himself, which provided among its benefits:

• $1.5 million in base salary.
• An equity grant based on a time vesting schedule.
• A special IPO bonus of $4 million if the company reached a $2 billion valuation.

Bierman received the valuation bonus in September 2018.

However, the company never revisited those lofty valuations. The stock was selling at roughly $3.54 at the beginning of 2019 but plunged to just roughly 53 cents by the end of 2019.

MedMen Falls

During this time, however, MedMen experienced some setbacks.

Before the IPO, MedMen agreed to buy PharmaCann, but the deal ultimately fell apart in fall 2019. MedMen’s stock fell, and the company needed to restructure as it cycled through several chief financial officers.

The final award statement claims that it was the failure of that deal that caused the stock price to fall, but the company also was reporting heavy losses and not paying its vendors. In addition, the co-founders were accused of enriching themselves as the company struggled.

“In December 2019, an investor died before completing his $20 million investment into the company. Initially, Ben Rose committed that Wicklow Capital, MedMen’s then-largest equity investor, would make up this shortfall. Rose was both a representative of Wicklow and executive chairman of MedMen. But the commitment soon morphed into an ultimatum: To obtain the cash infusion on Christmas, Bierman, Modlin, and Ganan had to sign personal guarantees on the money, or Wicklow would allow MedMen to miss payroll and other obligations. In May 2019, Bierman reduced his salary to $50,000 and changed his equity grant to be discretionary and based on performance, for ‘investor sentiment morale,'” the statement read.

Bierman’s Fiery Exit

According to the statement, on Jan. 24, 2020, Bierman called Rose to tell him he was thinking of stepping down as CEO.

“The next Monday (Jan. 27), Bierman met with Rose and John McCarthy, Wicklow’s general counsel, at MedMen’s offices to negotiate the terms of Bierman’s exit. … At times Rose chastised and cursed at Bierman. And at some point, the negotiations became so contentious that Ganan had to physically restrain Rose when he got up and moved as though he was going to strike Bierman.”

However, despite an oral agreement between Rose and Bierman for 18 million shares, the written separation agreement made no mention of Bierman’s right to a specified number.

According to the board minutes, it was determined that the consideration MedMen would pay Bierman to surrender his super voting shares would be put “through a more rigorous valuation process.”

Super Voting Value

According to the final award statement, Equity Methods valued the super voting shares at $951,300. FW Cook, on the other hand, valued the 2019 excess contribution at about negative $4.9 million, essentially concluding that no compensation was owed to Bierman for this portion.

Bierman contended that MedMen breached the separation agreement in three main ways:

• Relying on the Equity Methods report, which contained manifest errors, to value the super voting shares.
• Relying on the FW Cook report, again with manifest errors, to value the 2019 excess contribution.
• Failing to issue any shares or cash for the super voting shares.

The arbitrator ruled that the Equity Methods report did not contain manifest errors and also denied Bierman’s request for “a multiple of two and a half times the 3.7 million shares” owed to him, because the claimed fraud was not “proven by clear and convincing evidence.”

With this case behind him, Bierman said he is looking at getting back into the cannabis game, noting that he is working on a few projects. One is a new retail concept based on the convenience store model with low overhead and higher margins.

The post Adam Bierman to Get $3 Million from MedMen appeared first on Green Market Report.

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A congressional committee has approved a bill that aims to ramp up criminalization for fentanyl-related substances, while also streamlining research into Schedule I drugs like marijuana and certain psychedelics.

The legislation, sponsored by Rep. Morgan Griffith (R-VA), passed the House Energy & Commerce Committee with amendments on Thursday.

An amendment in the nature of a substitute was adopted by the panel, striking original provisions of the bill and replacing them with updated language that lays out penalties for fentanyl-related offenses and revised requirements for researchers interested in studying any Schedule I drug under the Controlled Substances Act (CSA).

Advocates who oppose the war on drugs are generally opposed to the legislation given that its main thrust is permanently placing fentanyl and its analogues in the most strict schedule and enhancing penalties for activity related to the opioid substances.

BREAKING The House Energy & Commerce Committee passed the HALT Act out of committee, ramping up mandatory minimums for fentanyl-related substances. But to save lives, Congress must center a public health approach, not more criminalization. https://t.co/r9sQeAWYcM pic.twitter.com/JGAJYqXnyy

— Drug Policy Alliance (@DrugPolicyOrg) March 24, 2023

However, other provisions of the bill that aim to expedite registrations for studies into Schedule I drugs and allow for limited manufacturing by researchers could address some concerns surrounding how the strict classification of marijuana, psychedelics and other substances has impeded science.

Congress should instead pass legislation like the STOP Fentanyl Act, which proposes increased access to harm reduction services and substance use disorder treatment, and the TEST Act, which provides funding for FRS research and better strategies to address the opioid epidemic.

— Due Process Institute (@iDueProcess) March 23, 2023

“Scheduling fentanyl-related substances should not be a political issue,” Rep. Bob Latta (R-OH) said at the committee markup last week. “Protecting and ensuring the safety of our communities is the reason we are all here in Congress, and working to eradicate the scourge of fentanyl in order to save lives should be one of our top priorities.”

He acknowledged concerns about the potential consequences of the legislation on research objectives, saying that it “specifically includes a carve-out that enables researchers to continue studying Schedule I substances for the purposes of identifying potential medical benefits.”

Some of the research provisions of the bill are similar to those contained in a marijuana-focused measure that President Joe Biden signed into law last year, giving the U.S. attorney general 60 days to either approve a given application or request supplemental information from a prospective research applicant. It also creates a more efficient pathway for researchers who request larger quantities of cannabis.

Under Griffith’s bill that’s now advancing in the House, a research applicant who is actively registered with the Drug Enforcement Administration (DEA) to study Schedule I and II drugs would need to have their request assessed within 30 days of sending a notice to the Justice Department.

A non-registered applicant would have to have their submission considered within 45 days of sending the notice.

The measure also states that research that’s being conducted or funded by federal agencies like the U.S. Department of Health and Human Services (HHS) would qualify for expedited processing.

Further, the amended bill says that duplicative registrations would no longer be required for all researchers involved in an approved study of a Schedule I substance if they’re all part of the same research institution.

The legislation goes on to say that “a person who is registered to perform research on a controlled substance may perform manufacturing activities with small quantities of that substance…without being required to obtain a manufacturing registration, if such activities are performed for the purpose of the research and if the activities and the quantities of the substance involved in those activities.”

When it comes to the main fentanyl crackdown thrust of the legislation, reform advocates are opposed

“We all want to turn the tide on the overdose crisis, which has already claimed the lives of hundreds of thousands of our friends, family members and neighbors,” Maritza Perez Medina, director of the Office of Federal Affairs at the Drug Policy Alliance, said in a press release. “But increasing drug war criminalization is a disproven, failed strategy.”

“By voting in favor of a version of the HALT Fentanyl Act that doubles down on mandatory minimums, proponents of permanent class-wide scheduling are showing their true colors,” she said. “The goal is not to address the overdose crisis and keep people alive. The goal is to grandstand using tough-on-crime rhetoric of the past to control communities and provide a false sense of safety. This approach is not only counterproductive to addressing the issue of overdose, but it will continue to disproportionately impact Black, Latinx and Indigenous communities because of targeted enforcement and oversurveillance.”

The Halt All Lethal Trafficking of (HALT) Fentanyl Act was introduced last Congress as well, but it did not advance at the committee level.

The National Institutes of Health (NIH) posted a request for information (RFI) last year, seeking input on barriers to cannabis research specifically to help “strengthen the scientific evidence” of the plant’s therapeutic potential.

Meanwhile, federal agencies included HHS and DEA are working to complete an administrative review into marijuana scheduling that Biden directed late last year.

HHS and the Food and Drug Administration (FDA) have stressed that while its scientific assessment is binding, DEA makes the final call as far as possible scheduling decisions are concerned.

HHS Secretary Xavier Becerra said last week that he’s aware that there’s significant public interest in the timeline for the administrative review of marijuana scheduling—but there are “a few hoops we need to jump through” before completing that assessment.

HHS Secretary Xavier Becerra took to Twitter on Wednesday to share a media clip of his interview about cannabis with KDKA-TV that aired earlier in the week, assuring followers, “I see the comments and I know a lot of you are asking about the status of marijuana.”

“I hear you, and just know that we are trying to work quickly but still have a few hoops we need to jump through,” he said. “As always, the science will guide this decision.”

Asked in the interview whether HHS would make its decision by April 20, Becerra laughed and said simply, “I know we’re going to try to move quickly.”

“It’s got to go through a number of hoops and, again, safety and efficacy are what will drive this determination, so stay tuned,” the secretary, who has been known to play into the symbolism of 420 on Twitter, said.

Federal Marijuana Trafficking Cases Declined Again In 2022 Amid Legalization Movement, Federal Report Shows

The post Congressional Panel Approves Bill To Streamline Marijuana And Psychedelics Research While Ramping Up Fentanyl Criminalization appeared first on Marijuana Moment.

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