Jelena Martinovic

Jelena Martinovic

Benzinga Editor

What Schedule III Really Means For Cannabis Industry And Consumers, Congressional Experts Explain
What are the legal consequences of rescheduling cannabis to Schedule III in the Controlled Substances Act (CSA)?Now that President Joe Biden has announced that his administration is officially moving to reschedule marijuana under federal law, followed by the Department of Justice's (DOJ) Attorney General Merrick Garland formally initiating the rescheduling process with the submission of a legal review, let's take a look at what Congressional Research Service's experts said in their recent report.Even though cannabis companies and legalization advocates overwhelmingly welcomed cannabis reform efforts "moving marijuana from Schedule I to Schedule III, without other legal changes, would not bring the state-legal medical or recreational marijuana industry into compliance with federal controlled substances law," according to a report published on May 1.
Colorado Cannabis Sales Bounce Back In March, Michigan's April Figures Tell A Different Story
Colorado cannabis sales rebounded in March, reaching $126.6 million and up from $114.4 million in February, according to the Colorado Department of Revenue's report from last week. However, year-over-year, sales are down considering March 2023 sales of $139.6 million.Following a record of $288.8 million in cannabis sales in March, Michigan cannabis sales for April fell to $278.6 million, representing a sequential decrease of 3.6%. Year-over-year, cannabis sales increased 13.2%, according to the Michigan Cannabis Regulatory Agency's data.
Gov. Wes Moore Green-Lights Maryland's Psychedelics Task Force Bill
A pair of Maryland measures that would set up a psychedelics task force to study and make recommendations toward a potential regulatory framework that ensures "broad, equitable and affordable access" to psychedelic substances, got the green light from Gov. Wes Moore (D). Both SB 1009 from Sen. Brian Feldman(D) and HB 548 from Del. Pam Lanman Guzzone, et al., were signed by the governor on Thursday, reported Marijuana Moment.
Cannabis Company 4Front Reports 28% YoY Drop In Q1 Revenue While Net Loss Grows, CEO Optimistic With Biden's Marijuana Rescheduling News
Vertically integrated multi-state cannabis operator and retailer 4Front Ventures Corp. (CSE: FFNT) (OTCQX: FFNTF) announced on Friday its results for the quarter ended March 31, 2024. "We've had an encouraging start to the year, energized by the fresh dynamics introduced with my recent appointment as CEO," the company's Andrew Thut said. "In just a few weeks, we've seen tangible improvements in our financial health, evidenced by reduced operational costs and effective management of working capital."
Mike Tyson's Cannabis Products Available In 'Even More Dispensaries' In Colorado Via New Partnership, Here's Where To Find Them
TYSON 2.0, the premium cannabis brand from legendary boxer, entrepreneur and advocate Mike Tyson, announced on Thursday its expansion in Colorado. Tyson 2.0 cannabis line first debuted in the Centennial state in 2021. The company has teamed up with Seven Point Distributors, a distributor specializing in the seamless movement of cannabis products from producers to retailers, serving a robust network of dispensaries statewide. Under the exclusive distribution partnership, TYSON 2.0 products will roll out to even more dispensaries across the state starting Thursday. The initial product lineup includes a range of products, featuring premium flower as well as indica, sativa and hybrid pre-rolls.
Cannabis Cultivation Solutions Provider Agrify And California's Nature's Miracle Sign Definitive Merger Deal
Vertical farming technology and infrastructure provider Nature's Miracle Holding Inc. (NASDAQ: NMHI) and Agrify Corporation (NASDAQ: AGFY) announced on Thursday that both parties have signed a definitive agreement and plan of merger. Under the deal, a new wholly-owned subsidiary of Nature's Miracle will merge with and into Agrify, with Agrify surviving the merger as a wholly-owned subsidiary of Nature's Miracle. The signing of the definitive agreement directly follows the previously announced term sheet for the merger, according to a press release.
'Psychedelics-Inspired' Meds For Depression, Anxiety, Addiction Producer Trims Q1 Net Loss YoY, Increases Cash On Hand
Enveric Biosciences reported on Wednesday financial results for the first quarter of 2024 ended March 31, 2024."We believe the first quarter of 2024 was a highly productive period for Enveric as the company continued to advance the development of the lead neuroplastogen drug candidate, EB-003, in preparation for an investigational new drug (IND) application and the expected initiation of a planned clinical development program," Joseph Tucker, Ph.D., director and CEO of Enveric, said. "EB-003 was designed specifically to address this major safety profile deficiency in the first-generation psychedelic approach to treating neuropsychiatric illness, and we are excited to advance its development."
Delta 9 Cannabis' Q1 Revenue Drops Slightly YoY, Gross Profit Grows 10%
Delta 9 Cannabis Inc. announced on Wednesday financial and operating results for the three months ending March 31, 2024."During the first quarter, we continued to focus on sustaining revenues across our core business units while optimizing our margins," John Arbuthnot, CEO of Delta 9, said. "We will continue our relentless focus on cost and operational efficiencies and strengthening our balance sheet to deliver sustained, profitable growth for our shareholders
California Cannabis Co. Gold Flora Reports 150% YoY Increase In Q1 Gross Profit, Trims Loss Sequentially
California cannabis company Gold Flora Corporation (Cboe Canada: GRAM) announced on Wednesday its first quarter financial results for the three months ended March 31, 2024. "Our Q1 2024 results reflect the work we have done to scale our operations to leverage the solid foundation we have built and realize the significant benefits of our vertical integration," Laurie Holcomb, the company's CEO, said.Gold Flora significantly expanded its cultivation operations with the introduction of the Gramlin brand. The expansion increased the canopy space to 107k square feet, a more than double increment from the previous year. The launch of Gramlin, targeting high-volume consumers with affordable pricing and trendy packaging, aims to elevate sales of in-house products from 22% to 30%, as Benzinga's Nicolás Jose Rodriguez highlighted in his recent recap of cannabis analysts' reports.
AYR Wellness Improves Financial Position YoY, Q1 Revenue And Gross Profit In Anticipation Of OH, FL And PA Cannabis Market Launches
Cannabis multi-state operator AYR Wellness Inc. (CSE: AYR.A) (OTCQX: AYRWF) reported on Wednesday the first quarter financial results for the three months ended March 31, 2024."2024 continues to be about execution for AYR, furthering the progress we made in 2023 by focusing on improving product quality and consistency, building a loyal retail customer base, rebuilding our CPG brand platform, and continuing to prioritize cost controls," David Goubert, president & CEO of AYR, said.
Cresco Labs CEO Touts 10x Increase In Operating Cash Flow YoY As Cannabis Company Reports Q1 Results
Cannabis producer Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) (FSE: 6CQ) announced on Wednesday its financial and operating results for the first quarter ended March 31, 2024. "I want to thank the Cresco team for taking our learnings from the Year-of-the-Core, making them a part of our DNA and producing such a strong start to 2024," Charles Bachtell, CEO of Cresco Labs, said. "The continued development of our teams' capabilities and our relentless focus on efficient execution is leading to very strong performance across our retail and branded product business resulting in a 10x increase in operating cash flow year-over-year."
POSaBIT's 2023 Revenue Drops 7% YoY, Core Business Grows As It Seeks To List Its Shares On TSX
POSaBIT Systems Corporation (CSE: PBIT) (OTC: POSAF), a provider of payments infrastructure in the cannabis industry, announced on Tuesday its financial results for the twelve months ended Dec. 31, 2023. "Despite the challenges posed by several industry-wide payment disruptions in 2023, I am proud that we achieved a combined 23% growth in our core payments and point-of-sale business, excluding a one-time licensing fee booked in 2022," Ryan Hamlin, co-founder and CEO of POSaBIT, said. "Our unwavering dedication to supporting our merchants, clients, and providing best-in-class service remains our top priority."
Cannabis Company iAnthus Trims Net Loss In Q1, Reports YoY Increase In Revenue, Gross Profit
iAnthus Capital Holdings reported on Tuesday its financial results for the first quarter ended March 31, 2024.Revenue totaled $41.6 million, representing a sequential increase of 1.7% from the prior period and an increase of 13.1% year-over-year.Net loss totaled $14 million, or a net loss of less than $0.01 per share, compared to a net loss of $18.7 million, or a net loss of less than $0.01 per share in the prior quarter, and compared to a net loss of $18.6 million, or a net loss of $0.01 per share, in the prior year's period.
CBD-Focused Avicanna Reports First-Ever Adjusted EBITDA Positive Quarter, 451% YoY Spike In Q1 Record Revenue
Cannabis-focused biopharmaceutical company Avicanna Inc. announced on Tuesday financial results for the first quarter of fiscal 2024.CEO Aras Azadian called it its "best quarter." In addition to being its first EBITDA-positive quarter, it also saw record gross margins.Azadian credited the results to "the proprietary nature of products and services we offer in Canada."
Ancillary Cannabis Co. Hydrofarm Reports YoY Drop In Q1 Sales, Gross Profit While Narrowing Loss, Expects To Cash In On Marijuana Rescheduling
Hydrofarm Holdings Group, Inc., a cannabis-focused manufacturer and distributor of branded hydroponics equipment and supplies for controlled environment agriculture, announced on Tuesday financial results for its first quarter ended March 31, 2024."We are pleased with our first quarter results, as we delivered adjusted gross profit margin expansion for the fifth consecutive quarter driven by elevated operational productivity," Bill Toler, chairman and CEO of Hydrofarm, said.
GOP Governors In Vermont And Alaska To Weigh In On Psychedelic-Assisted Therapy Task Force Bills
House members recently approved the Senate measure, that seeks to set up an eight-person psychedelic-assisted therapy working group, with amendments. Vermont Senators gave the green light to the revised language of the bill, S.114, on Friday, approving changes previously made in the state's House of Representatives. The bill, from Sen. Martine Larocque Gulick (D), which was first passed in the Senate, before the amendments in the House would "review the latest research and evidence of the public health benefits and risks of clinical psychedelic-assisted treatments" and "examine the laws and programs of other states that have authorized the use of psychedelics by health care providers in a therapeutic setting." Meanwhile, in Alaska, the state Senate members on Friday approved a House-passed measure to set up a task force with an aim to study how to license and regulate psychedelic-assisted therapy. That is if substances like MDMA and psilocybin are approved on the federal level.
CBD Helps With This Rare Blistering Skin Disorder, New Study From Avicanna Shows Promising Results In Epidermolysis Bullosa Treatment
There is no cure for a rare blistering skin disorder called Epidermolysis Bullosa (EB). But, treatments to help alleviate and control the symptoms do exist. The growing body of research suggests cannabinoid-based medicines help ease pain and pruritus in those with a disorder while improving wound healing.The latest scientifically prove healing power of cannabis was Avicanna Inc. (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a biopharmaceutical company focused on the development, manufacturing, and commercialization of plant-derived cannabinoid-based products.
Cannabis Businesses Have More Access To Capital Via New FundCanna & Dama Partnership
FundCanna, a provider of capital to the cannabis sector, has teamed up with Dama Business Solutions.The new partnership, which will benefit both cannabis operators and the financial institutions that serve them, provides expanded access to capital and compliant banking and lending solutions to cannabis businesses, FundCanna said on Monday.
Here's Where To Buy Legal Weed: Florida's Thriving Cannabis Landscape And More New Marijuana Stores In US And Canada
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,
Top Canadian Cannabis Producer Village Farms Strengthens Board Of Directors As It Eyes Legal Weed Opportunities In Europe
On the heels of reporting a new record with Canadian cannabis sales increasing 49% year-over-year to $37.4 million in the first quarter of 2024, which Michael DeGiglio, president and CEO of the company touted as "an especially strong start" to the new fiscal year, Village Farms International, Inc. (NASDAQ: VFF) opted to strengthen its board of directors with a new addition.Carolyn Hauger, who brings extensive finance, operations and public company director experience, joined Village's board effective immediately and will stand for election at the company's annual shareholders meeting slated to take place next month.