One of the biggest success stories in cannabis has been Colorado-based Wana Brands founder Nancy Whiteman. Whiteman built the business out of her home kitchen and has led it to become one of the leading edibles brands in the country. She made headlines when after years of offers from numerous companies, she agreed to sell to Canopy Growth (NASDAQ: CGC) in a deal valued at $279 million. Earlier this week, Canopy Growth confirmed that its shareholders agreed to spin out Canopy USA, which will accelerate the planned acquisition of Wana Brands. Nancy Whiteman Co-Founder & CEO, Wana Brands Tod ..read more

At the New England Cannabis Convention in Boston on March 22, cannabis tech firm LeafLink took home the Green Market Report Finance Award for best financial tech provider, in recognition of its payment solution services that help marijuana companies sidestep problems created by the lack of traditional banking services. The company’s chief product officer, Matt Hutchinson, said it’s “amazing” to him how far both LeafLink and the broader cannabis industry have come since the company launched in Colorado almost a decade ago, in 2016. Matt Hutchinson “We started as a wholesale marketplace in Colo ..read more

This story was reprinted with permission from Crain’s Cleveland Business and written by Stan Bullard. The song “I Love You, Alice B. Toklas,” a 1968 love letter to marijuana-laced brownies, may come to mind with the proposed renovation of the one-time Record Rendezvous store in downtown Cleveland. Klutch Cannabis, the medical dispensary based in Akron, is identified as the first-floor tenant of the landmark at 300 Prospect Ave., according to plans filed with the city of Cleveland. Plans filed for the Thursday, April 18, meeting of the Downtown/Flats Design Review Meeting show the proposed mar ..read more

Michigan-based Agrify Corporation (Nasdaq: AGFY) posted a dramatic decline in revenue for both the fourth quarter and full fiscal year ending Dec. 31, 2023, despite seeing its first positive quarterly net income of $572,000 in the fourth quarter. The company’s revenue for fiscal year 2023 plummeted to $16.9 million, a 71% decrease from the $58.3 million reported in the previous fiscal year. Similarly, fourth-quarter revenue fell to $2.8 million, a 52.5% drop compared to the $5.9 million reported in the same quarter of 2022. Despite the steep decline in revenue, Agrify managed to improve its g ..read more

4Front Ventures Corp. (CSE: FFNT) (OTCQX: FFNTF) reported its financial results for the fourth quarter and full year ending December 31, 2023, after the market closed on Monday.  Revenue fell 21% to $ 21 million for the fourth quarter versus 2022’s revenue in the fourth quarter. It also increased slightly over the third quarter’s revenue of $20 million. Full-year results Revenue declined by 10% for 2023 to $97.4 million from 2022’s $107 million.  4Front said that Massachusett‘s annual revenue of $44.1 million was 7.4% lower than the prior year which was attributed to lower ..read more

The Daily Hit is a recap of the top financial news stories for April 15, 2024. On the Site Canopy Growth CEO talks U.S. entrance via trio of acquisitions Canopy Growth CEO David Klein talked about the company’s Friday shareholder vote to move forward with acquisitions of Acreage Holdings, Wana Brands and Jetty in an exclusive interview with Green Market Report. Read more here. Missouri cannabis sales reach new record of $125 million in March Total marijuana sales in Missouri reached just under $125 million for the month of March, yet another new record for the state, which just launched recre ..read more

A deal years in the making was solidified on Friday, when shareholders of one of the largest Canadian marijuana companies, Canopy Growth Corp. (TSX: WEED) (Nasdaq: CGC), voted to formally authorize the company’s entrance into the U.S. cannabis market via a trio of acquisitions. The deals – first announced nearly two years ago – will allow Canopy to finalize the acquisitions of multistate operator Acreage Holdings Inc. (CSE: ACRG.A.U, ACRG.B.U) (OTCQX: ACRHF, ACRDF), along with marijuana brands Wana and Jetty, through the creation of a complicated exchangeable shares program. The exchangeable ..read more

As expected, Canopy Growth Corporation (TSX: WEED) (Nasdaq: CGC) shareholders voted on Friday, April 12, 2024, to approve the creation of a new class of Exchangeable Shares of Canopy Growth. The move advances Canopy Growth’s entry into the U.S. THC market, which is expected to be approximately $50 billion in 2026. Acquisitions on the move Canopy USA  said it expects to move immediately triggering the acquisition of U.S. assets. Those assets include Acreage Holdings, Inc., Mountain High Products, Wana Wellness, and The Cima Group (collectively known as “Wana”), and Lemurian, Inc ..read more

Canadian producer Avant Brands Inc. (TSX: AVNT) (OTCQX: AVTBF) announced record-breaking financial results for the first quarter of 2024 ending Feb. 29, thanks to a successful international expansion strategy and a tight ship across the board. The company reported a 15% rise in net revenue, reaching $8.1 million, with international sales surging by 21% to $3.3 million. Avant achieved a record adjusted EBITDA of $3.8 million, a significant 120% increase. The growth was primarily driven by Avant’s aggressive market penetration in key regions such as Australia, Germany and Israel. The compa ..read more

After markets closed on Friday, April 12,  Numinus Wellness Inc. (TSX: NUMI) (OTCQX: NUMIF) announced its financial results for the second quarter ending February 29, 2024. Revenues declined sequentially by 15.4% from the prior quarter to $5 million in the quarter and dropped from $5.3 million for the same period in 2022. Numinus attributed the decline to the company’s further optimization of operations to focus on profitability and seasonality effects. The net loss for the quarter was trimmed to $5.9 million versus last year’s net loss of $7.3 million in the same period. Numinus stated ..read more