Cansortium Inc. (CSE: TIUM.U) (OTCQB: CNTMF) announced on Tuesday that it has secured a new senior secured credit agreement of up to $96.5 million with Chicago Atlantic Admin, LLC, as an administrative agent for certain lenders.The Tampa, Florida-based vertically integrated cannabis company operating under the FLUENT brand, said the credit agreement includes a 12% cash interest rate and 1% paid-in-kind interest annually. It matures on November 26, 2028, with no material debt maturities until then. "We are excited to announce the successful completion of our senior secured refinancing," Robert Beasley, CEO of Cansortium, said. "The loan's favorable interest rate and single financial covenant underscore our strong financial standing, while its non-dilutive structure - free of equity or warrants – preserves shareholder value."
RISE Dispensaries, a cannabis retail chain owned by Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF), opened RISE Dispensary Orlando on Good Homes Road on Friday, Nov. 8. Located at 725 Good Homes Road, the new West Orlando location expanded RISE Dispensaries' retail footprint in Florida to 21 locations and 99 nationwide. Cannabis giant Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) opened a new medical dispensary in Miami, Florida in October. Curaleaf Miami Bird Road, located at 8868 SW Bird Rd. in Miami, brought the company's Florida store count to 66 locations, with 151 dispensaries total nationwide.Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF), one of the biggest supporters of Amendment 3 which was rejected by Florida voters earlier this month and would have legalized recreational cannabis in the Sunshine State, additionally expanded its already substantial retail footprint statewide.
Agrify Corporation (NASDAQ: AGFY), a company that provides hardware and software cultivation and extraction solutions for the cannabis and hemp industry, announced on Tuesday that its board of directors has approved a $20 million convertible secured note. Of that sum $10 million will be drawn upon at closing, from a wholly-owned subsidiary of Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF), Agrify said in a press release. Before this, the Green Thumb subsidiary acquired an ownership stake in Agrify through the purchase of common stock and warrants from its outgoing chairman and CEO Raymond Chang and outgoing director I-Tseng Jenny Chan.
That said, Green Market Report's Debra Borchardt took a closer look at how she called it "a tsunami of debt headed straight for the cannabis industry," or approximately $1.83 billion of the debt that's due by 2026 that many public marijuana operators opted for earlier as they lacked much-needed capital.Curaleaf Holdings, Inc. (OTC: CURLF), Cresco Labs (OTC: CRLBF), Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) and Verano Holdings (OTCQX: VRNOF) are about to face substantial debt maturities in 2026. Ascend Wellness, Green Thumb and Terrascend dealt with thier respective debts, at least for now.
Cannabis consumer packaged goods company Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) and owner of RISE Dispensaries, announced on Thursday it will release third quarter 2024 financial results after the market closes on Nov.7, 2024. A conference call and audio webcast will be held on the same day at 5:00 pm Eastern Time to discuss the results and answer any questions. The company said in its second-quarter earnings report made public in early August – which revealed an 11% year-over-year increase in revenue to $280 million - that the company will continue strengthening its position in the U.S. cannabis market, focusing on operational efficiency, market expansion, and long-term value creation for shareholders.Headquartered in Chicago, Illinois, Green Thumb recently announced a $50 million share repurchase program, that commenced on Sept 23. The news came on the heels of the company's announcement that it has closed on a $150 million five-year syndicated credit facility led by Valley National Bank, the principal subsidiary of Valley National Bancorp.
Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF), the owner of RISE Dispensaries, announced on Monday a $50 million share repurchase program.The company's board of directors gave the green light to the repurchase program which authorizes, under a normal course issuer bid, the repurchase of up to 10,573,860 of its subordinate voting shares from time to time over the next 12 months.The repurchase program will commence on Sept. 23, 2024, and expire on Sept. 22, 2025. Green Thumb's previous repurchase program expired on Sept. 10, 2024, under which the company repurchased 6.5 million shares for $73.3 million.
Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF), the owner of RISE Dispensaries announced on Thursday it has closed on a $150 million 5-year syndicated credit facility led by Valley National Bank, the principal subsidiary of Valley National Bancorp. What Happened: The notes have a maturity date of Sept. 11, 2029 and will bear interest from the date of issue at a secured overnight financing rate (SOFR) + 500 basis points, payable quarterly.The company said the transaction did not involve the issuance of any Green Thumb equity to any of the participating banks.
Debt issuance for the U.S. Cultivation & Retail sector in H2:24 is already ahead of any period since H2:22. With the additional financing expected for the remainder of the year, issuance should top all periods except the second half of 2021 and the first half of 2022.
As New York City's ‘Operation Padlock To Protect' gains momentum with New York Governor Kathy Hochul and NYC Mayor Eric Adams announcing recently more than 1,000 illicit cannabis stores have been shut down across the state, the state legal market is expanding. Gov. Hochul recently celebrated the opening of the 150th Adult-Use Retail Dispensary (CAURD), The Robinson's Dispensary, located in Albany. That number includes storefronts and temporary delivery-only (TDO) locations that are open and operating statewide.
In Florida, where a ballot initiative to legalize recreational marijuana this coming November is drawing unprecedented financial support, two new stores kicked off medical cannabis sales recently.C3 Industries Inc. kicked off the sale at its ninth dispensary in Missouri and 25th store nationwide on Friday. AYR Cannabis Dispensary, owned by AYR Wellness Inc. (CSE: AYR.A) (OTCQX: AYRWF) has kicked off sales at AYR Cannabis Dispensary Hometown, its third retail location in Illinois and 92nd nationwide.High Tide Inc. (NASDAQ: HITI) (TSXV: HITI) (FSE: 2LYA) said that its Canna Cabana retail cannabis store at 40 Great Plains Road, Emerald Park, Saskatchewan.
s Benzinga Cannabis Capital Conference returns to Chicago this Oct. 8-9 its 19th edition, gathering top CEOs, investors and investors and leaders in the cannabis industry, let's scroll through the latest leadership changes in the space.Kicking off with Margaret Brodie, CEO of Rubicon Organics Inc. (TSXV: ROMJ) (OTCQX: ROMJF), who has recently been nominated as an EY Entrepreneur Of The Year 2024 finalist in Pacific. The company shared the news in an X post earlier in June. Canadian cannabis giant Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) recently appointed Ryan Keith, a senior commercial leader with over two decades of experience in the healthcare and pharmaceutical sectors as head of clinics. Cannabis multi-state operator Acreage Holdings, Inc. (CSE: ACRG.A.U, ACRG.B.U) (OTCQX: ACRHF, ACRDF) reported last week that it has tapped Rebecca Kirk to serve as its chief operating officer.
In anticipation of the outcome of Florida's Measure 3, cannabis giants are racing to bolster their retail footprint statewide. In California, four new cannabis stores kicked off sales recently. New York's cannabis retail footprint continues to grow. Five states each opened a new cannabis store, while Canna Cabana retail presence expands in Canada,
'As we round out our tenth year as a company, we believe we have a clear vision, a healthy balance sheet and the best team in the business to execute the next decade of the Green Thumb story,' said CEO Ben Kovler.
Cannabis sales in Illinois seem to be thriving. In 2023, the licensed cannabis retailers sold more than $1.6 billion worth of cannabis, marking the third consecutive year of substantial growth in this sector. As a result, the burgeoning market will continue to expand in 2024. MariMed announced earlier this month the opening of its permanent and much "bigger" Thrive dispensary in Casey. As talks around possible recreational legalization heat up in Florida, several companies expanded their retail footprints statewide. Three cannabis companies opened store in the state, including Trulieve, Green Thumb and AYR Wellness.As New Jersey is paving its way toward reaching $1 billion in cannabis sales in 2024, two businesses recently opted to launch cannabis sales, including C3 Industries and Holistic Re-Leaf. Pennsylvania cannabis patients can make their purchases at two new storefronts, by PharmaCann Inc.and Cresco Labs.
Although Ohio voted in favor of legalizing recreational cannabis over two months ago, marijuana sales have yet to commence. This is because there have not been any rules defined regarding the legal sales of the recreational drug. According to Speaker of the Ohio House, Jason Stephens, he is working towards achieving a resolution on this issue in the spring. The Senate President, Matt Huffman, is also optimistic that the groups will reach a resolution on this matter within the next month. Several competing bills have been put forward, with both House Bill 86 and House Bill 354 looking to address the issue.
Sales of medical cannabis in Ohio reached a new record high in 2023, with $484.4 million worth of products sold, but the growth rate of sales has been in decline, increasing by only 1.2% compared to the previous year.
Colorado lawmakers have introduced a bipartisan bill that aims to remove a rule requiring cannabis products to be tested for a fungus called Aspergillus. The rule, which was implemented by the Colorado Marijuana Enforcement Division, resulted in 17 product recalls in 2023, the most in the last seven years. The bill, Senate Bill 24-076, also seeks to make other changes to cannabis business regulations in the state. It would address the issue of labelling mandates for THC-infused products made from remediated marijuana, allow dispensaries to sell consumable goods that don't contain THC or CBD, and extend cannabis licensure from one to two years without any changes in fees. The bill has been brought by the Marijuana Industry Group, which says it is time for Colorado to streamline its regulations, following the lead of states including Nevada, California, Oregon and Maryland.
Maryland residents spent a record $96.5m on cannabis products in December, according to data from the Maryland Cannabis Administration (MCA). Of that total, $61.5m came from recreational cannabis sales, while medical sales totaled around $35m for the month. Maryland has seen booming sales since the launch of the recreational market last summer. At the time, existing cannabis companies in the state switched to adult-use shops by paying an 8% one-time fee of their 2022 dispensary revenue not exceeding $2m. Licensed stores took in $20.9m in the first week of legal sales. In total, Maryland recorded $787.5m in sales of legal marijuana products in 2023. Over the same period, Rhode Islanders spent more than $107.8m on combined cannabis sales.
On Friday, a New York regulator green-lighted two more marijuana multistate operators to transition to the recreational market from the medical. Fiorello Pharmaceuticals Inc. - owned by Green Thumb Industries Inc and running dispensaries in Manhattan, Long Beach, Rochester and Half Moon - and Citiva Medical LLC - owned by iAnthus Capital Holdings Inc. and operating medical dispensaries doing business as "Be" in Brooklyn, Wappingers Falls, Staten Island and Ithaca– were approved by the members of New York Cannabis Control Board (CCB) in the anonymous vote. In the meantime, on Jan. 12, Arkansans for Patient Access, a ballot committee, submitted a proposed ballot initiative to Arkansas Attorney General Tim Griffin to amend Amendment 98, the state's medical marijuana amendment. In Maine, a new push seeks to decriminalize the possession of small quantities of illegal drugs and allocate resources towards treating substance use disorder instead of enforcing punitive measures. More Floridians are opting to register as medical marijuana patients, at least according to the 2024 Physician Certification Pattern Review annual report that highlighted figures from fiscal year 2023.
Nevada Gov. Joe Lombardo revealed last week that James Humm agreed to lead the state's agency that regulates the burgeoning cannabis market. Tyler Klimas, who currently holds the position of executive director of the Cannabis Compliance Board, told Gov. Lombardo in September he'll be stepping down, reported to Nevada Current. The Independent Retail Cannabis Collective (IRCC) has tapped Mandesh Dosanjh to serve as its new executive board chair. Acreage Holdings, Inc. announced on Friday that Philip Himmelstein, vice president of financial planning and analysis at Acreage, will be assuming the role of interim chief financial officer. Entourage Health Corp.'s Vincent Doré opted to resign as the company's chief legal officer and corporate secretary.
