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New York Got More Than 900 Retail Applications. What’s Next?

New York state regulators received 903 applications for the first round of retail cannabis licenses, by the time the application window closed last Monday, an obvious demonstration of the sky-high interest in the upcoming adult-use industry. But looking forward, stakeholders say there are still more questions than answers swirling around the business landscape, which is making it hard – if not impossible – to solidify plans. The state reserved the first round of applications for those with cannabis-related criminal records and nonprofits that work with those harmed by the war on drugs. But stakeholders said the state Office of Cannabis Management hasn’t made firm decisions on: How many retail licenses will be issued. Media reports including from The New York Times have put the number at 150, plus an additional 25 for nonprofits, for a total of 175 initial retail permits. When social equity retail licenses will be awarded. When the 10 existing medical marijuana businesses in the state can selling recreational cannabis themselves. When the general public will be allowed to apply for retail permits. Uncertainty for industry insiders State officials have repeatedly said they hope to have sales launch by the end of 2022, but with far more regulatory uncertainty than clarity, that goal may prove

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Welcome to The Morning Rise!

Good morning! We’re glad to be in your inbox today! Welcome to Green Market Report’s The Morning Rise newsletter. Even if you’re already subscribed to our Daily Hit, we believe you’ll find value in this newest addition to our news and information lineup. What you can expect from The Morning Rise Unlike The Daily Hit or the Weekly Stash, which recap the news we’ve already covered, The Morning Rise will provide you with new original content from our team on timely topics in the cannabis industry. You’ll also see unique features that let you peer behind the GMR curtain to see what we’re up to. For example, Monday’s newsletter will feature “what we’re watching this week” to give you a heads up on the content to come. In addition, we will provide you with quick-hit data snapshots to keep you up to speed on the industry and insights into what didn’t make the stories last week, including the colorful quotes from industry insiders that just didn’t fit in the final product. This is a new adventure for us too, so we welcome feedback! What would you like to see more of? What’s not hitting the mark for you? Feel free to reach out to me directly at [email protected] to let me

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What We’re Watching This Week

There’s always a lot going on in cannabis, and we don’t always know what the next thing will be. That said, here’s a list of some of the things we’ll be watching this week: Vermont’s first week of adult-use sales: At least three retailers said they were ready to launch, but will the state’s industry be plagued by some of the same challenges seen as other markets have come online? MedMen’s fight to not pay rent: While this case is solely focused on the beleaguered cannabis company, the outcome could have ripple affects across the entire industry. Croptober: It’s time to start harvesting outdoor-grown cannabis crops. The industry often sees price declines for product as the new harvest enters the market, but with inflation, will things be the same? What should we be watching? Have a tip? Email us at [email protected] The post What We’re Watching This Week appeared first on Green Market Report.

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Researchers Seek to Remove ‘Trip’ as Popularity of Psychedelic Treatments Grows

One of the biggest concerns for people who are considering taking psychedelics for their mental health is what they may have to endure as part of their treatment. Facilitators or therapists will tell them they may experience ego dissolution, which is a compromised sense of self. They may witness mystical experiences with various frightening apparitions. Psychedelic therapeutics opponents even cite anecdotal reports of adverse effects of psychedelics to warn away anyone considering psychedelic therapy, even though they typically end within 24 hours. What researchers are discovering is that psychedelics help rewire the brain, and the hallucinogenic aspect of psychedelics effectively disrupts activity within the brain’s neural networks to help develop stronger and more numerous connections between neurons. Even the scary mystical experiences a patient endures from hallucinations are hypothesized to be instrumental in the lasting positive effects of psychedelics. Right now, hallucinogenic medicines generally are not considered first-line treatments for mental illnesses, because many patients are reluctant to take them, or they have contraindicated co-morbidities or genetic predispositions, including vision or hearing impairment and learning disabilities. But in an attempt to broaden the appeal of therapist-assisted psychedelics, a number of companies are engineering out the hallucinogenic aspect of the psychedelic experience. One company doing that is MindMed (Nasdaq: MNMD) (NEO:

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The Weekly Stash Video September 30, 2022

We’ve gone by the name Marijuana Money for the last 5 years, but we’re changing the name to match our newsletter that goes out weekly – the Weekly Stash. It’s free – subscribe now. This week cannabis giant Canopy Growth (Nasdaq: CGC) said it was getting out of the retail store business. The company is selling off its Tokyo Smoke and Tweed stores. Canopy said it was focused on becoming profitable and that meant it would pivot to just becoming a consumer packaged goods company.  Green Market Report also posted a story this week looking at the cannabis company strategy of deferring tax payments. Many companies are seeing their tax bills grow every year while hoping that some form of legislation will get passed that could ease their tax burdens.  The Northern Lights SPAC was completed this week. Safe Harbor Financial is finally trading on the NASDAQ even though the company got a little less money than planned. However, investors are making sure Safe Harbor has enough money in the pipeline to keep it secure for several months.  Ascend Wellness announced that its CEO Adner Kurtin would step down after news surfaced of a domestic dispute. The company said it would have two interim co-CEO’s as it begins a search

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Grown Rogue Remains Disciplined As Growth Slows

Grown Rogue International Inc.  (CSE: GRIN) (OTC: GRUSF) saw a slight slump in revenue over the quarter as the craft cannabis company operating in Oregon and Michigan released its third-quarter financials for the period ending July 31. Grown Rogue saw $4.3 million in total revenue for the quarter, slipping 9% sequentially versus $4.7 million in the previous quarter; but up versus $3.03 million in the same period last year. In Oregon, revenue ticked up 1.7% to $2.4 million versus $2.36 million in the previous quarter. Michigan’s earnings fared worse, as revenue in the state dipped 20% versus the second quarter financials ($1.85 million versus $2.34 million). The company also retained $571,400 in net income ($120,157 after income taxes), its fifth consecutive quarter of positive net income. “At Grown Rogue, we are laser-focused on our mission of delivering affordable, craft-quality cannabis to an increasing number of cannabis consumers,” said CEO Obie Strickler. “To further that mission, we focus on increasing our efficiencies while ensuring customers experience quality expressions of leading genetics, and our operational results continue to reflect the success of that focus. This scale and operating leverage have resulted in the leading position in the Oregon flower market and a top 10 position in Michigan. I am particularly pleased with our 40% year over

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MedMen Says Rent Contracts Illegal Under Federal Law

Beleaguered cannabis company MedMen Enterprises (OTC: MMNFF) does not want the courts to move its unpaid rent dispute with Thor Equities to a state court from a Federal court. According to Law360, the company is hoping that a Federal court will blame Thor Equities for renting to a federally illegal cannabis operation and then won’t hold MedMen responsible for not paying rent. A state court could be more favorable to Thor Equities’ claims. Thor had originally filed the case in New York Federal court because Thor Equities is mostly based in New York. Now the company has said it wants to move the case to California, where MedMen is mostly based. Don’t Rent to Cannabis Co’s MedMen continues to ask for the case to be dismissed even as it acknowledges signing the lease and not paying the rent. MedMen is arguing that cannabis is an illegal product and so Thor Equities shouldn’t have signed a lease with them. MedMen stated in its latest Memorandum: It is unlawful under Federal law to lease any place for the purpose of distributing any controlled substance, including marijuana, as Plaintiff did here. MedMen is arguing that the rent contract shouldn’t be enforced because the Federal government deems cannabis to be an illegal substance. While

Florida’s 2024 Cannabis Ballot Measure’s Secret is Simplicity

Advocates behind Florida’s 2024 adult-use cannabis ballot initiative are hoping to avoid the same fate as a pair of 2022 measures: rejection from the state’s Supreme Court. In both cases, the state’s justices ruled in 5-2 decisions that the attempts to legalize adult-use cannabis were misleading to voters and were not sufficient to appear on this November’s ballot. On the heels of those judicial hiccups, Tallahassee-based multistate operator Trulieve and country music duo The Bellamy Brothers have teamed up to back the 2024 “Adult Personal Use of Marijuana” petition via the Smart & Safe Florida political committee. David Bellamy chairs the committee, and Trulieve is driving it financially through $10 million in contributions so far. RELATED: Trulieve Deposits Another $5 Million Into Florida 2024 InitiativeBut what’s stopping the Florida Supreme Court from shutting down the pipeline to the ballot yet again? The secret is in simplicity, Jonathan Robbins, chair of Akerman LLP’s national cannabis practice, told Cannabis Business Times. “I think they kept it very simple for that reason,” said Robbins, whose Florida-based firm represents Trulieve and many other of the state’s 22 Medical Marijuana Treatment Centers (MMTCs), as well as other companies hoping to gain access to the state’s medical program. MMTC is the overarching term for a vertically

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The Daily Hit: September 29, 2022

The Daily Hit is a recap of cannabis business news for Sept. 29, 2022. ON THE SITE Vermont Recreational Cannabis Sales Will Launch Oct. 1 in Burlington At least three Vermont stores will have adult-use cannabis sales beginning on Oct. 1: CeresMED in Burlington, Mountain Girl Cannabis in Rutland and FLORA in Middlebury. Several more retailers are expected to quickly follow. Read more here. Heritage Cannabis Reports Rising Revenue, Trims Losses Heritage Cannabis Holdings Corp. (CSE: CANN) (OTCQX: HERTF) reported its financial results  for the third quarter ended July 31, 2022. Heritage delivered revenue of $10 million, an increase of 111% over last year’s $5.1 million. Heritage said the growth was attributed to a continued increase in its vape and concentrate offerings as well as the launch of the flower vertical. Read more here. Safe Harbor SPAC Complete Safe Harbor Financial, technically known as SHF Holdings (Nasdaq: SHFS) has completed its special purpose acquisition corporation (SPAC) deal with Northern Lights Acquisition Corp. (Nasdaq: NLIT). Northern Lights is now officially known as SHF Holdings, and the stock will continue to trade on the Nasdaq marketplace. SHFS Shares began trading at $9, down 12% as the broader market experienced selling and Norther Lights shares closed at $10.81 on Wednesday. Read more here. IN OTHER NEWS Canadian cannabis grower

The Source+ Announces Brett Sprau as Director of Massachusetts

Northampton, Massachusetts – Sept. 29, 2022 – PRESS RELEASE – The Source+, an award-winning cannabis company with five dispensaries across Nevada and Northampton, Mass., has announced Brett Sprau as its director of Massachusetts. In this role, Sprau brings nearly a decade of cannabis industry experience to bring the company’s first East Coast dispensary to life.“We are very fortunate to welcome Brett as our director and for his leadership in expanding our footprint to Massachusetts,” said CEO of The Source+, Steve Haffer. “His dedication to innovative ideas in the cannabis industry is unprecedented and we are confident that he will be a driving force in the company’s future.” Sprau joined The Source+ in 2018, having established himself as an entrepreneur and leader in cannabis throughout Colorado, Pennsylvania and Massachusetts. Sprau founded the first wholesale cannabis cultivation center in Southern Colorado, Colorado Leaf, in 2014; and designed one of the most popular turn-key cannabis greenhouse models in the world, now sold as the Nexus 420 hybrid greenhouse. Sprau has been recognized by numerous cannabis publications, including Marijuana Venture Magazine, for his knowledge and experience with greenhouse growing and LED fixtures.“I am thankful to join this incredible team at The Source+, helping the company to further expand its East Coast footprint,” said Sprau. “The

Adult-Use Cannabis Legalization Could Give Arkansas’ Economy Major Boost, Study Shows

A new study has revealed that adult-use cannabis legalization could give Arkansas’ economy a major boost as voters prepare to make their voices heard on a legalization measure that will appear on the state’s November ballot.The study, prepared by the Arkansas Economic Development Institute for Responsible Growth Arkansas, the group behind the ballot measure, projects annual adult-use sales averaging as high as $681.7 million.Total cannabis sales in the state, including medical sales, could reach $984 million by 2027, according to the report, with state and local tax revenue increasing by $460 million within the same timeframe.RELATED: Arkansas Medical Cannabis Sales Top $23 Million in August“That includes both the indirect effects that are based on the business buying from suppliers, paying employees … and then the induced effects where the employees who are now earning income spend money in the rest of the markets,” Michael Pakko, the chief economist for the Arkansas Economic Development Institute, said during a Sept. 28 news conference, according to a KUAR report. “So, it has a ripple effect throughout the economy.”Responsible Growth Arkansas’ proposed constitutional amendment will appear on the state’s November ballot after the state Supreme Court ruled last week that the ballot measure’s title is not misleading to voters.The group submitted 190,000-plus signatures July

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Vermont Recreational Cannabis Sales Will Launch Oct. 1 in Burlington

At least three Vermont stores will have adult-use cannabis sales beginning on Oct. 1: CeresMED in Burlington, Mountain Girl Cannabis in Rutland and FLORA in Middlebury. Several more retailers are expected to quickly follow. According to a news release from SLANG Worldwide (CNSX: SLNG) (OTCQB: SLGWF), its subsidiary CeresMED will launch recreational marijuana sales at its 190 College Street location on Oct. 1. And VT Digger reported that both Mountain Girl Cannabis in Rutland and FLORA Cannabis in Middlebury are also slated to launch sales on Saturday. The Oct. 1 launch will see SLANG’s fourth cannabis shop in the state go live, along with its three medical dispensaries in South Burlington, Middlebury and Brattleboro, which it acquired last year when it bought Hi Fidelity, which runs the Ceres Collaborative cannabis group. Vermont is the 15th U.S. state marijuana market that SLANG has entered so far, according to the release. The trio may be the first to open, but they won’t be the last. Other stores plan on launching as soon as they can get their affairs in order, the Burlington Free Press reported. Burlington retailers Bern Gallery, Green State Gardener, Green Leaf Central and Grass Queen all hope to open in coming weeks or months. Magic Mann in Essex is aiming

Lowell Farms Inc. Commences Sales of Its New Preroll: the Lowell 35

SALINAS, Calif., Sept. 29, 2022 (GLOBE NEWSWIRE) — PRESS RELEASE — Lowell Farms Inc., a California-born innovator in cannabis cultivation and maker of the iconic Lowell Smokes brand, is announcing the commercial availability of its much anticipated: Lowell 35’s, available at select dispensaries across California.“We see the 35’s as putting an end to the compromise between convenience and quality within cannabis,” said George Allen, Chairman. “The 35’s are made for people who love to smoke. These new prerolls rival the taste and flavor of raw flower while also matching the convenience of a vape pen.”The packaging for Lowell’s new 35’s is innovative and responsible–paper based–small, lightweight, and is easy to fit into a pocket.Lowell 35’s preroll will hit retailers throughout California beginning at 5 p.m. on Thursday, Sept. 29. To celebrate the launch, participating dispensaries will be selling 35’s for just $1 to the first 100 customers at each location. A full list of locations can be found here.More information about Lowell Farms Inc. brands can be found at lowellfarms.com.]] >

New York Attracts 903 Applicants for Cannabis Retail Licenses

The possibilities of being one of New York’s first adult-use cannabis retail operators attracted the likes of 903 applicants seeking to enter the forthcoming market, the state’s Office of Cannabis Management (OCM) announced Sept. 28. The conditional adult-use retail dispensary (CAURD) licenses will “create countless opportunities for our communities and future,” OCM posted on social media Wednesday. The 903 applications were submitted during a one-time, one-month window that closed Sept. 26, with OCM officials planning to approve up to 150 CAURD licenses they plan to distribute to 14 regions throughout the state. The number of licenses in each region is based on population. RELATED: New York Announces Number of Conditional Adult-Use Dispensary Licenses, Separated by Region The CAURD licenses are reserved for businesses owned by justice-involved individuals “at the bedrock of New York’s adult-use cannabis market,” according to OCM. Specifically, applications were limited to those criminalized under prohibition or those who have a direct family member convicted of a cannabis-related offense prior to March 31, 2021 (the date former Gov. Andrew Cuomo signed the Marijuana Regulation and Taxation Act into law). OCM officials are also limiting CAURD licenses to those who have experience owning and operating a successful business in the state. While overviewing the

Newly Appointed Chair of Massachusetts Cannabis Control Commission Is Still Listed as Owner of Cultivation Business

In the weeks following her appointment as chair of the Massachusetts Cannabis Control Commission (CCC), Shannon O’Brien’s personal and financial stake in a state-licensed cannabis business has come to light.As the Boston Herald reported Sept. 28, O’Brien is listed as “owner/partner” of Greenfield Greenery in that company’s 2020 application for a cultivation license. Greenfield, a city in western Massachusetts, held a zoning board meeting in June 2021, at which O’Brien represented herself as CEO of the business. Google MapsGreenfield, Mass.Greenfield Greenery holds a provisional license from the state. But the decision to award Greenfield Greenery with a final license rests on an upcoming inspection of the operations, and a vote by the CCC, the very regulatory body now helmed by O’Brien. Furthermore, O’Brien is listed as an “adviser” on Charlemont FarmWorks’ cultivation business license application. That company, too, holds a provisional license as of September 2022. O’Brien arrives as the chair of the CCC following her tenure as former state treasurer (1999-2003), former state senator (1993-1995) and former state representative (1987-1993). She lost the 2002 gubernatorial election to Mitt Romney. As chair of the CCC, O’Brien’s salary is listed at $181,722.A Boston Herald columnist jumped on the headline and called for O’Brien’s ouster Sept. 29. The CCC has not publicly commented on

Theory Wellness Expands Into Vermont With Brattleboro Location

STONEHAM, Mass., Sept. 29, 2022 – PRESS RELEASE – Theory Wellness announced plans to enter the Vermont adult-use cannabis market with a retail location in Brattleboro. The announcement comes on the eve of adult-use cannabis sales, expected to begin as early as Oct. 1. Vermont will soon become the fourth East Coast state to offer adult-use cannabis sales, joining the likes of Massachusetts, Maine and New Jersey. RELATED: 3 Vermont Dispensaries to Begin Adult-Use Sales at Their Discretion Theory is no stranger to emerging adult-use cannabis markets, being one of the first in Massachusetts and opening on day one of adult-use cannabis sales in Maine. However, unlike in the other states, the company intends to focus on retail, a pivot from its vertically integrated models in surrounding markets. “Vermont is one of the most interesting regulatory models on the East Coast for cannabis. The emphasis on streamlined licensing for craft farmers will allow for a terrific mix of top-quality products in our dispensary,” Theory CEO Brandon Pollock said. “By focusing on retail, we look forward to showcasing to our customers this unique network of local cultivators, many of which have been producing high-quality flower for years.”As of today, the Vermont Cannabis Control Board has approved over 200 licenses for cultivation sites across the

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Heritage Cannabis Reports Rising Revenue, Trims Losses

Heritage Cannabis Holdings Corp. (CSE: CANN) (OTCQX: HERTF) reported its financial results results for the third quarter ended July 31, 2022. Heritage delivered revenue of $10 million, an increase of 111% over last year’s $5.1 million. Heritage said the growth was attributed to a continued increase in its vape and concentrate offerings as well as the launch of the flower vertical. The company also reported a net loss of $2.7 million, which was an improvement over last year’s loss of  $6.6 million for the same time period. Heritage said the losses were trimmed due to the gross margin gains and the cost management in general and administrative expenses combined with a $416,000 unrealized decrease in loss on contingent payables. The increase over the prior year was also due to an increasing our provincial listings and the continued advancement of the company’s inclusion on third party medical platforms. However, Heritage also noted that the positive impact was partially offset in the quarter due to The British Columbia General Employees’ Union (BCGEU) labor strike given sales to the province were 39% lower than the average of the previous two quarters. “What we have accomplished in the third quarter is a tremendous achievement by the entire team at Heritage. Given the sector headwinds

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The Daily Hit: September 28, 2022

The Daily Hit is a recap of cannabis business news for Sept. 28, 2022. ON THE SITE How the Company Behind Berner’s Cookies is Anti-MSO TRP is a vertically integrated cannabis holding and operating company behind brands like Berner’s Cookies, B Real’s Dr. Greenthumb’s and Insane brands. It is also one of the largest privately held cannabis companies in the U.S. Despite its size, its founders still strive to be “anti-MSO.” Green Market Report’s Adam Jackson sat down with the team to find out what they mean. Read more here. Ascend Wellness Appoints Interim Co-CEO’s in Wake of Battery Charge The chief executive of Canadian cannabis company Ascend Wellness Holdings (CSE: AAWH.U) (OTCQX: AAWH), Abner Kurtin, stepped aside from the helm of the business Wednesday, and a pair of interim co-CEOs were installed in his place. Read more here. Cann Ventures Into CBD Beverages, But Looking Beyond CBD Low-dose cannabis beverage maker Cann has acquired Canadian CBD-infused drink brand Sweet Reason, but the company isn’t exactly buzzing about the CBD. In fact, the co-founder sees a “dwindling” market for the category. Read more about Cann’s plans for Sweet Reason. British American Tobacco Acquires Minority Stake in German Cannabis Business, Leads $38 Million Raise Tobacco giants are keeping a close eye on the

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Cann Ventures Into CBD Beverages, But Looking Beyond CBD

Low-dose cannabis beverage maker Cann has acquired Canadian CBD-infused drink brand Sweet Reason, but the company isn’t exactly buzzing about the CBD. In fact, the co-founder sees a “dwindling” market for the category. “I think CBD beverages are largely buoyed by misplaced curiosity about cannabinoids and a lack of access to microdose THC products due to the (U.S.) federal government’s slowness to legalize cannabis,” Cann co-founder Luke Anderson told The Green Market Report. He also believes that consumers who were originally attracted to CBD-only drinks were frustrated with the lack of buzz in those products. Cann plans to create a non-CBD format of Sweet Reason after seeing increased demand for its THC-less drink and the desire to avoid regulatory fences. The company has seen sales for its noncannabis-infused drink rise due to its “emerging partnership” with distributing giant Southern Glazers, Anderson said. He cited “extraordinary” untapped potential in the category, should the company continue to introduce new lines of the Cann brand “and its broad portfolio of formulations (many of which are still unreleased) to mainstream consumers via the retail outlets they are already buying alcohol from today.” Unsurprisingly, he blames the lack of federal guidance for the lack of market expansion. “SAFE banking should have passed, like, yesterday.” Cann

FDA’s Most Recent Hire Could Lead to CBD Regulation

One hemp industry organization is hopeful that the U.S. Food and Drug Administration’s (FDA) most recent hire could lead the federal agency to regulate CBD. FDA named Norman Birenbaum as senior public health advisor at the agency’s Center for Regulatory Programs Sept. 26. U.S. Hemp Roundtable (USHR) General Counsel Jonathan Miller said that the FDA’s appointment of Birenbaum leads the USHR to be hopeful that it “signals a positive step forward for the regulation of hemp-derived cannabinoids such as CBD.”From 2016 to 2019, Birenbaum acted as the “Cannabis Czar” for Rhode Island, where he oversaw the state’s medical cannabis and hemp programs, as well as created the state’s Office of Cannabis Regulation. In December 2019, he was appointed as the director of Cannabis Programs for New York State, where he supervised the regulation and policy development of the state’s medical cannabis and hemp programs. Birenbaum is also the founding president of the Cannabis Regulators Association, which is a non-profit national organization of cannabis regulators “that provides policymakers and regulatory agencies with the resources to make informed decisions when considering whether and how to legalize and regulate cannabis.”Miller said the USHR enjoyed working with Birenbaum on developing the regulatory framework for New York’s hemp program and that the organization looks forward