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Vireo Growth Inc is a cannabis company whose mission is to provide safe access, quality products, and value to its customers while supporting its local communities through active participation and restorative justice programs.

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Cannabis company Grown Rogue International Inc. (CSE: GRIN) (OTC: GRUSF) reported on Thursday its third quarter 2024 results for the three months ended Sept. 30, 2024. &#34;This was another exciting quarter for Grown Rogue with solid financial metrics showing the continued execution by our team in competitive markets against a backdrop of modest price compression,&#34; Obie Strickler, CEO of Grown Rogue, said. &#34;We continue to see strong indoor production yields of craft-quality flower, retail buyer and consumer loyalty, and great initial reception and sell-through with our branded pre-rolls, including our newest brand Yeti&#34;.

Cannabis Co. Grown Rogue Reports 7% Increase In Q3 Revenue, Focuses On New Jersey And Illinois Expansion

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Vireo Growth Inc., formerly known as Goodness Growth Holdings, (CSE: VREO) (OTCQX: VREOF) reported on Wednesday financial results for its third quarter ended Sept. 30, 2024. &#34;Our third quarter results reflect continued solid performance across our core markets, but as we discussed anticipating last quarter, year-over-year comparisons of financial performance are less significant now that we have passed the one-year anniversary of the launch of adult-use sales in Maryland,&#34; Amber Shimpa, the company&#39;s CEO, said. &#34;Our teams continue to focus on preparing for the launch of adult-use sales in Minnesota next year, and our recently announced $10.0 million financing commitment gives us additional flexibility to support this launch and continue executing our CREAM &amp; Fire strategy.&#34;

Cannabis Co. Vireo Reports 2% YoY Revenue Growth, Secures $10M In Financing

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The deal, in place for 18 months, saw Grown Rogue providing advisory services to Vireo&#39;s cultivation operations.

Grown Rogue Secures $800K, Vireo Forfeits 4.5M Warrants In Cannabis Shakeup—What&#39;s Next For Both?

Vireo Growth Inc

Chicago Atlantic and Lineage Merchant Partners are proud to announce the execution of definitive merger agreements entered into by Vireo Growth Inc. ("Vireo" or the "Company") (CSE:<a class="ticker" href="https://www.benzinga.com/stock/VREO#CSE">VREO</a>), in which Chicago Atlantic is the largest stockholder, with three leading single-state operators: Proper Cannabis (Missouri), Deep Roots Harvest (Nevada), and WholesomeCo Cannabis (Utah). The merger agreements with Wholesome and Proper include the acquisition of Arches, a cutting-edge analytics and distribution technology platform joint venture between Wholesome and Proper. In addition, the Company signed a binding memorandum of understanding to acquire The Flowery (Florida).
The combined entity (assuming Vireo completes all of the merger transactions) will span seven states, managing approximately 1,043,500 square feet of cultivation and manufacturing space across nine cultivation facilities, and operating 48 retail dispensaries. Supported by Chicago Atlantic, Vireo announced a $75 million equity securities offering at $0.625 per Vireo subordinate voting share, with closing subject to customary approvals, valuing the total deals collectively at approximately $397 million.

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Chicago Atlantic And Lineage Merchant Partners Are Proud To Announce The Execution Of Definitive Merger Agreements Entered Into By Vireo Growth Inc.; Total Deal Value Collectively ~$397M

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Dropbox shares are trading higher after the company secured a $2 billion term loan facility led by Blackstone, authorized a $1.2 billion share repurchase program, and stated it expects to meet or exceed Q4 and FY 2024 guidance.

Grown Rogue International Inc. (CSE:<a class="ticker" href="https://www.benzinga.com/stock/GRIN#CSE">GRIN</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GRUSF#OTC">GRUSF</a>) reported its third quarter 2024 results on Thursday for the three months ended Sept. 30, 2024.
"This was another exciting quarter for Grown Rogue with solid financial metrics showing the continued execution by our team in competitive markets against a backdrop of modest price compression," CEO Obie Strickler said. "We continue to see strong indoor production yields of craft-quality flower, retail buyer and consumer loyalty, and great initial reception and sell-through with our branded pre-rolls, including our newest brand Yeti."
<h3 class="wp-block-heading">Q3 2024 Financial Highlights</h3>
The comparison period for 2023 is the three months ended Oct. 31, 2023, due to the fiscal year-end change from Oct. 31 to Dec. 31. 
<ul>
<li>Revenue totaled $7 million, up 7% compared to $6.5 million in the fourth quarter of 2023.</li>
<li>Gross profit amounted to $3.9 million, a decrease from $4.4 million in Q4 2023, primarily due to lower margins in Oregon and pricing pressures.</li>
<li>Adjusted EBITDA was positive at $2.1 million, unchanged from the previous quarter. Its margin was 30%, down 210 basis points from the fourth quarter of 2023.</li>
<li>Operating cash flow was $1.21 million, down 24% from $1.5 million in the fourth quarter of 2023. The decrease was attributed to increased spending on the New Jersey market launch.</li>
<li>Operating expenses increased by 35% to $2.95 million due to higher selling, general and administrative expenses.</li>
<li>The net loss was $667,240, an improvement from the $2.01 million recorded in the same period last year.</li>
<li>Cash and cash equivalents totaled $5.6 million, down from $6.8 million as of Dec. 31, 2023.</li>
<li>Positive cash flow of $5.01 million for the quarter.</li>
<li>Total assets grew to $41.3 million, up from $29.6 million at year-end 2023.</li>
</ul>
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/08/40576446/grown-rogue-cannabis-reports-record-q2-revenue-and-adjusted-ebitda-nj-and-illinois-major-growth-">Grown Rogue Cannabis Reports Record Q2 Revenue And Adjusted EBITDA, NJ And Illinois Major Growth Drivers</a>
<ul>
<li>Get Benzinga's exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter <a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. If you're serious about the business, you can't afford to miss out.</li>
</ul>
<h3 class="wp-block-heading">Other Business Highlights</h3>
In New Jersey, Grown Rogue announced competition of the company's first harvest in the state, with product drops expected in Dec. 2024. The company is optimistic about generating significant cash flow from this market.
It also announced the commencement of phase I operations in the Garden State, which includes roughly 8,000 square feet of flowering canopy that will produce 500-600 pounds of whole flower per month with sales anticipated in the fourth quarter of 2024.
In Illinois, phase II construction is progressing, with a target of 1,100 pounds of whole flower production per month once completed in mid-2025.
Subsequent to quarter-end, the company announced the termination of an advisory agreement with Vireo Growth Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VREOF#OTC">VREOF</a>).
<h3 class="wp-block-heading">Outlook</h3>
Grown Rogue said it will focus on its New Jersey and Illinois expansions as primary growth drivers for 2025.
Additionally, Phase II of the New Jersey operation is expected to be completed by mid-2025, with the Illinois project following later in the year.
<h3 class="wp-block-heading">GRUSF Price Action</h3>
Grown Rogue's shares traded 2.94% higher at 7 cents per share after the market close on Thursday afternoon.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/10/41284994/grown-rogue-secures-800k-vireo-forfeits-4-5m-warrants-in-cannabis-shakeup-whats-next-for-both">Grown Rogue Secures $800K, Vireo Forfeits 4.5M Warrants In Cannabis Shakeup—What&#8217;s Next For Both?</a></li>
</ul>

Vireo Growth Inc., formerly known as Goodness Growth Holdings, (CSE:<a class="ticker" href="https://www.benzinga.com/stock/VREO#CSE">VREO</a>) (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/VREOF#OTCQX">VREOF</a>) reported on Wednesday financial results for its third quarter ended Sept. 30, 2024.
"Our third quarter results reflect continued solid performance across our core markets, but as we discussed anticipating last quarter, year-over-year comparisons of financial performance are less significant now that we have passed the one-year anniversary of the launch of adult-use sales in Maryland," CEO Amber Shimpa said. "Our teams continue to focus on preparing for the launch of adult-use sales in Minnesota next year, and our recently announced $10.0 million financing commitment gives us additional flexibility to support this launch and continue executing our CREAM &amp; Fire strategy."
Read Next: <a href="https://www.benzinga.com/markets/cannabis/24/08/40207055/vireo-growth-inc-turns-1m-loss-into-5-8m-gain-in-q2-what-investors-need-to-know-about-this-canna">Vireo Growth Inc. Turns $1M Loss Into $5.8M Gain In Q2: What Investors Need To Know About This Cannabis Stock</a>
<ul>
<li>Get Benzinga's exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter <a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. If you're serious about the business, you can't afford to miss out.</li>
</ul>
<h3 class="wp-block-heading">Q3 2024 Financial Highlights</h3>
<ul>
<li>Revenue increased by 2% year-over-year to $25.2 million</li>
<li>Revenue, excluding discontinued operations and the New York market, was up 6.2% year-over-year.</li>
<li>Gross profit decreased by 6.6% year-over-year, reaching $12.3 million, with a gross margin of 49%, down from 53.5% in the prior year's quarter.</li>
<li>Operating income was $3.9 million, down 34.4% compared to the previous year's third quarter.</li>
<li>EBITDA dropped 19.4% to $5.7 million.</li>
<li>Selling, general and administrative expenses increased by 2.4% year-over-year.</li>
<li>Retail revenue grew 2% year-over-year and wholesale revenue saw a 24.4% increase over the same period.</li>
<li>Vireo&#8217;s operations in Maryland and Minnesota showed mixed results with Maryland achieving 12.1% year-over-year growth, while Minnesota saw a slight decline.</li>
</ul>
In November, Vireo secured a new $10 million convertible debt facility to support its upcoming adult-use sales launch in Minnesota and continued operations.
<h3 class="wp-block-heading">VREOF Price Action</h3>
Vireo's shares traded 5.15% lower at 4 cents per share after the market close on Thursday afternoon.
Read Also:
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/08/40131513/vireo-growth-extends-credit-facility-with-chicago-atlantic-its-not-been-an-easy-path-for-us-says">Vireo Growth Extends Credit Facility With Chicago Atlantic: &#8216;It&#8217;s Not Been An Easy Path For Us&#8217; Says CEO</a></li>
</ul>

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AP Reports Florida Voters Reject Cannabis Legalization; Amendment 3 Did Not Secure 60% Of Vote

Microsoft shares are trading higher after the company reported better-than-expected Q1 2025 GAAP EPS and sales.

Grown Rogue International Inc. (CSE:<a class="ticker" href="https://www.benzinga.com/stock/GRIN#CSE">GRIN</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GRUSF#OTC">GRUSF</a>) a craft cannabis company based in Oregon's Rogue Valley announced the termination of its advisory agreement with Vireo Growth Inc. (CSE:<a class="ticker" href="https://www.benzinga.com/stock/VREO#CSE">VREO</a>) (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/VREOF#OTCQX">VREOF</a>) as of September 30, 2024.&nbsp;
<ul>
<li>Get Benzinga&#8217;s exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter&nbsp;<a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. You can't afford to miss out if you&#8217;re serious about the business.</li>
</ul>
<h3 class="wp-block-heading">The Deal </h3>
The deal, in place for 18 months, saw Grown Rogue providing advisory services to Vireo's cultivation operations across several markets, including New Jersey.
As part of the termination, Vireo will forfeit 4.5 million of the 8.5 million warrants it held in Grown Rogue, with a strike price of CAD $0.225, equivalent to approximately $759,375. ​​
Additionally, Vireo has agreed to pay Grown Rogue $800,000, with the option to defer the payment in four quarterly installments of $250,000. Grown Rogue <a href="https://www.newswire.ca/news-releases/grown-rogue-announces-termination-of-advisory-agreement-with-vireo-growth-inc--828592887.html">will retain 10 million</a> Vireo warrants and receive full fees for services rendered during Q3.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/10/41273594/tilray-reports-200m-q1-net-revenue-up-13-yoy-as-net-loss-improves">Tilray Reports $200M Q1 Net Revenue, Up 13% YoY As Net Loss Improves</a>
CEO Obie Strickler of Grown Rogue expressed gratitude for the collaboration, emphasizing that the agreement helped Grown Rogue sharpen its strategy for national expansion. The company now plans to apply these learnings to its New Jersey operations and expand into Illinois in 2025.
<h3 class="wp-block-heading">Leadership Transition At Vireo Growth</h3>
On the same day, Vireo announced a leadership transition, with <a href="https://investors.vireogrowth.com/news/news-details/2024/Vireo-Growth-Inc.-Announces-Leadership-Transition/default.aspx">Amber Shimpa stepping into the role of CEO</a>. Shimpa, with the company since 2014, previously served as President. She replaces Josh Rosen, who resigned from his role as CEO and interim CFO but will remain an advisor. Vireo also appointed Joe Duxbury as interim CFO.
Shimpa's leadership will focus on the company&#8217;s upcoming expansion into Minnesota's adult-use market next year. 
Read Next:<a href="https://www.benzinga.com/markets/cannabis/24/07/39692990/hold-my-beer-breweries-offer-thc-on-tap-in-minnesota-what-investors-need-to-know"> Hold My Beer: Breweries Offer THC On Tap In Minnesota, What Investors Need To Know</a>

Grown Rogue Secures $800K, Vireo Forfeits 4.5M Warrants In Cannabis Shakeup—What's Next For Both?

Vireo Growth Inc. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/vreof#OTC">VREOF</a>) announced its financial results for the second quarter of June 30, 2024. The cannabis company reported significant year-over-year growth in several key financial metrics.
CEO Josh Rosen commented on the results: &quot;We were pleased to recently activate recreational wholesale sales in New York after receiving our ROND license in July and are continuing to work through our ongoing divestiture process.&quot;
The company&#39;s revenue for the second quarter was $22.5 million, excluding discontinued operations and New York, marking a 42.5% increase from the same period in 2023.
The GAAP gross profit rose to $13.6 million, a 45.2% increase, with a gross margin of 54.0%. This compares to a gross profit of $9.3 million and a gross margin of 46.2% in the previous year.
Amber Shimpa, president and CEO of Vireo Health of <a href="https://www.benzinga.com/topic/minnesota-cannabis">Minnesota</a>, added, &quot;Our core market key performance indicators reflect more stable year-over-year comparisons.&quot;
<h3>Net Loss and Operating Income</h3>
Vireo&#39;s net loss for the quarter was not explicitly stated in the press release. However, the company reported an operating income of $5.8 million, a significant improvement from a loss of $1.0 million in Q2 2023.
The adjusted EBITDA was $8.1 million, up 185.7% from $2.8 million in the same quarter last year.
<h3>SG&amp;A Expenses and Financial Stability</h3>
Vireo&#39;s selling, general, and administrative (SG&amp;A) expenses decreased by 6.1% to $7.6 million, representing 30.1% of sales, down from 39.9% in the previous year.
The company <a href="https://investors.vireogrowth.com/news/news-details/2024/Vireo-Growth-Inc.-Announces-Second-Quarter-2024-Results/default.aspx">reported</a> securing a 30-month extension of its<a href="https://www.benzinga.com/markets/cannabis/24/08/40131513/vireo-growth-extends-credit-facility-with-chicago-atlantic-its-not-been-an-easy-path-for-us-says"> credit agreement</a>.
<h3>Balance Sheet And Liquidity</h3>
As of June 30, 2024, Vireo&#39;s total current assets were $148.6 million, with $11.2 million in cash. Total current liabilities, excluding extended debt, were $126.3 million, including $88.4 million in liabilities held for sale related to the company&rsquo;s New York operations.
<h3>Convertible Notes</h3>
In addition to financial performance, Vireo reported other significant events, including a non-brokered private placement and a name change to Vireo Growth Inc. The company also amended its credit agreement and saw an early conversion of convertible notes, resulting in interest expense savings.
Read Next:&nbsp;<a href="https://www.benzinga.com/markets/cannabis/24/08/40189647/trulieve-touts-third-consecutive-quarter-of-revenue-growth-narrows-q2-net-loss-97-yoy-launches-c">Trulieve Touts Third Consecutive Quarter Of Revenue Growth, Narrows Q2 Net Loss 97% YoY, Launches Cannabis Sales In Ohio</a>
Price Action:&nbsp;Vireo Growth Inc. (VREOF) stock price increased by 5.83%, closing at $0.455050 on August 6.
These issues will be among the hot topics at the upcoming Benzinga Cannabis Capital Conference in Chicago this Oct. 8-9. Join us to get more insight into what the wave of weed legalization means for the future of investing in the&nbsp;industry. Hear directly from top executives, investors, advocates, and policymakers.&nbsp;<a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" rel="noreferrer noopener" target="_blank">Get your tickets now</a>&nbsp;before prices go up by following&nbsp;<a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" rel="noreferrer noopener" target="_blank">this link</a>.
Photo: AI-generated image.&nbsp;

Vireo Growth Inc. Turns $1M Loss Into $5.8M Gain In Q2: What Investors Need To Know About This Cannabis Stock

Cannabis company Vireo Growth Inc. (formerly Goodness Growth Holdings, Inc.) (CSE:<a class="ticker" href="https://www.benzinga.com/stock/VREO#CSE">VREO</a>) (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/VREOF#OTCQX">VREOF</a>) reported Thursday that it has extended its credit facility with Chicago Atlantic. Additionally, Chicago Atlantic decided to convert all its convertible notes into equity shares.
The Minnesota-based company extended the due date for its loans to January 29, 2027.
Vireo postponed sale deadline of its New York operations to July 31, 2025. The company will issue 12.5 million subordinate voting shares to the lenders in consideration for the credit facility amendment.
&#8220;It&#8217;s not been an easy path for us, but I&#8217;m incredibly pleased with our team and I&#8217;m appreciative of the collaborative approach Chicago Atlantic has taken to working with us to establish a more stable foundation from which to build," stated Josh Rosen chief executive officer of Vireo. "As our team knows, we have much work left to do and while this announcement feels good and represents a meaningful step forward, we&#8217;re focused on realizing our potential to capitalize on the opportunities in front of us with prudent capital allocation, investing in and trusting our talent, and executing our CREAM and Fire strategy. This industry gets more competitive every day which means we must keep improving on a daily basis.&#8221;
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/08/40110372/jushi-cuts-53m-debt-with-new-48m-loan-now-holds-less-than-1m-in-short-term-debt">Jushi Cuts $53M Debt With New $48M Loan, Now Holds Less Than $1M In Short-Term Debt</a>
<h2 class="wp-block-heading">Voluntary Conversion Of All Outstanding Convertible Notes</h2>
Chicago Atlantic notified the Ccompany of its intent to voluntarily convert all of the outstanding convertible notes issued in connection with its April 2023 convertible loan financing. The $10.5 million loan carries an interest rate of 12.0%, and could be converted into shares at a price of $0.145 per share. As a result of the conversion, Vireo will issue approximately 73.0 million shares to Chicago Atlantic and its affiliates.
The early, voluntary conversion of all outstanding convertible notes is expected to result in interest expense savings of approximately $1.2 million and PIK interest savings of approximately $1.1 million which would have resulted in the issuance of an additional approximately 7.7 million subordinate voting shares if the debt had been converted at maturity.
Managing partner of Chicago Atlantic, Peter Sack commented, &#8220;With the substantial improvements in Vireo's underlying operational and financial performance over the past eighteen months, as well as the upcoming implementation of adult-use sales in Minnesota, we are excited to support the Company's ongoing initiatives to strengthen its business.&#8221;
<h2 class="wp-block-heading">Price Action</h2>
Vireo Growth shares traded 10.7% higher at 47 cents per share.
Read Next:
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<li><a href="https://www.benzinga.com/markets/cannabis/24/07/40075102/scotts-miracle-gros-cannabis-focused-subsidiary-reports-28-yoy-drop-in-q3-net-sales-reaffirms-20">Scotts Miracle-Gro&#8217;s Cannabis-Focused Subsidiary Reports 28% YoY Drop In Q3 Net Sales, Reaffirms 2024 Outlook</a></li>
</ul>
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Photo: Courtesy of Plateresca via Shutterstock

Vireo Growth Extends Credit Facility With Chicago Atlantic: 'It's Not Been An Easy Path For Us' Says CEO

<a href="https://www.greenmarketreport.com/new-york-regulators-greenlight-rec-market-entrance-of-six-medical-cannabis-behemoths/">https://www.greenmarketreport.com/new-york-regulators-greenlight-rec-market-entrance-of-six-medical-cannabis-behemoths/</a>
New York marijuana regulators on Friday gave the formal thumbs up to six of the state's <a href="https://cannabis.ny.gov/dispensing-facilities">10 licensed medical marijuana</a> companies – most of which are large multistate operators – to begin adult-use cannabis sales on Dec. 29, precisely one year after recreational sales were launched in the Empire State.
The half dozen that got the green light from the state Cannabis Control Board include:
<ul>
<li>Columbia Care NY LLC (NEO: CCHW) (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/CCHWF#OTCQX">CCHWF</a>)</li>
<li>Curaleaf NY LLC (CSE:<a class="ticker" href="https://www.benzinga.com/stock/CURA#CSE">CURA</a>) (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/CURLF#OTCQX">CURLF</a>)</li>
<li>Etain LLC, which is owned by Riv Capital (CSE:<a class="ticker" href="https://www.benzinga.com/stock/RIV#CSE">RIV</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CNPOF#OTC">CNPOF</a>)</li>
<li>NYCANNA LLC, which is owned by Acreage Holdings Inc. (CSE:<a class="ticker" href="https://www.benzinga.com/stock/ACRG#CSE">ACRG</a>) (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/ACRHF#OTCQX">ACRHF</a>)</li>
<li>PharmaCann of New York LLC</li>
<li>Valley Agriceuticals LLC, which is owned by Cresco Labs (CSE:<a class="ticker" href="https://www.benzinga.com/stock/CL#CSE">CL</a>) (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/CRLBF#OTCQX">CRLBF</a>)</li>
</ul>
Ultimately those six companies will be permitted to set up co-located recreational sales at up to three of their existing medical dispensaries, but for the time being, each was only approved for a single shop that can open by the end of the month.
Four other New York medical marijuana companies weren't mentioned during the CCB meeting, but technically they are eligible to apply for transition into the recreational market, including:
<ul>
<li>Citiva Medical LLC, which is owned by iAnthus Capital Holdings Inc. (CSE:<a class="ticker" href="https://www.benzinga.com/stock/IAN#CSE">IAN</a>) (OTCQB:<a class="ticker" href="https://www.benzinga.com/stock/ITHUF#OTCQB">ITHUF</a>)</li>
<li>Fiorello Pharmaceuticals Inc., which is owned by Green Thumb Industries (CSE:<a class="ticker" href="https://www.benzinga.com/stock/GTII#CSE">GTII</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GTBIF#OTC">GTBIF</a>)</li>
<li>MedMen Enterprises Inc. (CSE:<a class="ticker" href="https://www.benzinga.com/stock/MMEN#CSE">MMEN</a>) (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/MMNFF#OTCQX">MMNFF</a>)</li>
<li>Vireo Health International (CSE:<a class="ticker" href="https://www.benzinga.com/stock/VREO#CSE">VREO</a>) (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/VREOF#OTCQX">VREOF</a>)</li>
</ul>
The CCB also approved new medical-only dispensary locations for both Citiva and Fiorello at Friday's meeting, giving the former permission to open a dispensary in Ithaca and the latter for one on Long Island.
"The registered organizations being considered today have submitted the required materials to transition, including a community impact plan, medical patient prioritization plan, and an energy and environmental plan," Damian Fagon, chief equity officer at the Office of Cannabis Management, told the board Friday.
"We are excited to have ‘<a href="https://cannabis.ny.gov/registered-organizations">registered organizations</a>‘ enter the market, while continuing to prioritize and expand offerings to medical patients," Fagon said, adding that the OCM recommended the allowance of all six so-called "R.O.'s."

Biotech

ACRHF

CCHWF

CSE:ACRG

CSE:CL

CSE:CURA

CSE:GTII

CSE:IAN

CSE:MMEN

CSE:RIV

'New York Regulators Greenlight Rec Market Entrance Of Six Medical Cannabis Behemoths' - GreenMarketReport

The first adult-use <a href="https://www.benzinga.com/cannabis/">cannabis </a>sales in New York began&nbsp;on Dec. 29, nearly 20 months after former&nbsp;Gov. Andrew Cuomo <a href="https://www.benzinga.com/markets/cannabis/21/03/20426179/new-york-becomes-15th-state-to-legalize-recreational-cannabis-the-big-apple-goes-green">signed recreational marijuana into law</a>.
The state began issuing cultivation licenses to more than 200 farms last spring, and now thousands of pounds of weed, worth hundreds of millions of dollars, are ready to sell at dispensaries.
Housing Works Cannabis Co was&nbsp;the first to launch cannabis sales at its Manhattan-based store, Gov. Kathy Hochul <a href="https://www.benzinga.com/markets/cannabis/22/12/30176300/get-ready-for-holidays-heres-where-you-can-buy-legal-weed-these-days-nycs-first-rec-shop-more-ne">said last week</a>.
Even though the move represents a big win for cannabis shareholders and activists, New York State Senator Jeremy Cooney, who has been at the forefront of cannabis reform efforts for years, calls for more caution as the new market is poised to kick off, reported Syracuse.
&ldquo;It&rsquo;s important that we don&rsquo;t just roll out the program haphazardly and then have to deal with the consequences,&rdquo; Cooney told NY Cannabis Insider in a recent interview. &ldquo;We don&rsquo;t want to learn from states like California that are still struggling years after legalization.&rdquo;
The senator was behind several notable cannabis reform measures, such as SB S9217, which <a href="https://www.benzinga.com/markets/cannabis/22/05/27228320/cannabis-regulatory-update-community-marijuana-gardens-in-ny-cannabis-tax-cut-in-ca-upcoming-ny-">sought to</a> allow the Cannabis Control Board to license &ldquo;personal cultivation facilities&rdquo; for adults who can&rsquo;t grow cannabis at home and a bill that would <a href="https://www.benzinga.com/markets/cannabis/21/11/24126488/new-york-senators-proposal-offer-cannabis-equity-benefits-to-transgender-and-non-binary-people">allow transgender and non-binary people to qualify as social equity applicants</a> under the state&rsquo;s cannabis law. He was also one of the key figures in the process of crafting and passing&nbsp;the Marijuana Regulation and Taxation Act.
<h3>How&nbsp;To Stop Illicit Cannabis Sales?</h3>
Now, Cooney wants to address possible downsides of the reform that&rsquo;s already in motion. To that end, he pointed out that the state&rsquo;s illegal marijuana market, which is<a href="https://www.benzinga.com/markets/cannabis/22/06/27541414/new-york-reg-update-health-insurance-to-pay-for-medical-marijuana-new-efforts-against-illicit-ca"> thriving,</a> is both public safety and public health issue.
&ldquo;People are walking into unlicensed retail distribution centers, picking up products, and buying products that are not being tracked, and have not been tested for safety,&rdquo; he said. &ldquo;That&rsquo;s a real concern.&rdquo;
Cooney proposes restricting the ability to obtain a full license for those caught running an unlicensed shop.
&ldquo;Maybe some violations should inhibit their ability to get a full license. I think that&rsquo;d be pretty big,&ldquo; he continued. &ldquo;If you&rsquo;re interested in getting involved with the industry, it&rsquo;s a pretty big financial loss if you&rsquo;re not eligible to get the ultimate license.&rdquo;
Gov. Hochul has a different approach to the issue. She recently <a href="https://www.benzinga.com/markets/cannabis/22/12/30107962/heres-how-to-verify-if-ny-marijuana-store-is-legit-gov-hochul-reveals-new-tool">unveiled</a> a &ldquo;New York State Licensed Cannabis Dispensary&rdquo; verification tool that would assure consumers that the products they purchase are safe and legal.
It will be posted in the front windows of stores run by legally licensed retailers, including <a href="https://www.benzinga.com/markets/cannabis/22/11/29808292/new-york-green-lights-first-legal-weed-shops-arizona-cannabis-sales-down-other-regulatory-update">36 recently approved cannabis dispensary licensees.</a>
<h3>More Collaborative Partnerships To Adress Demand</h3>
Cooney also talked about ways of addressing the&nbsp;huge demand for cannabis.
&ldquo;We have to recognize that there is a great demand, so we need to do more collaborative partnerships,&rdquo; he <a href="https://www.syracuse.com/marijuana/2022/12/ny-state-senator-more-oversight-needed-of-state-cannabis-regulators-in-2023.html">said</a>. &ldquo;That could include Registered Organizations &ndash; medical operators &ndash; and also include indoor grow opportunities. We have to be more holistic instead of checking one box here and one box there.&rdquo;
New York legalized medical marijuana&nbsp;in 2014, capping the number of operators at 10, which include publicly traded cannabis companies&nbsp;Columbia Care Inc (OTCMKTS: CCHWF), Curaleaf Holdings Inc (OTC: <a class="ticker" href="https://www.benzinga.com/stock/curlf#OTC">CURLF</a>), MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/mmnff#OTCQX">MMNFF</a>), Acreage Holdings, Inc (OTC: <a class="ticker" href="https://www.benzinga.com/stock/acrdf#OTC">ACRDF</a>), Cresco Labs Inc (OTCMKTS: CRLBF), Vireo Health International, Inc. (CNSX: VREO) (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/vreof#OTCQX">VREOF</a>), Green Thumb Industries Inc. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/gtbif#OTCQX">GTBIF</a>) (CSE:GTII), and iAnthus Capital Holdings, Inc. (OTCPK: ITHUF) (CSE:IAN) as well as two private operators, PharmaCann and Etain Health.
<h3>Consolidation Phase?</h3>
Interestingly, the two medical marijuana giants, Cresco and Columbia Care are negotiating to merge.
The <a href="https://www.benzinga.com/markets/cannabis/22/03/26251870/cresco-labs-to-acquire-columbia-care-for-2-1b-becoming-largest-cannabis-company-in-us">$2.1 billion deal</a> was announced in March and is <a href="https://www.benzinga.com/markets/cannabis/22/03/26251870/cresco-labs-to-acquire-columbia-care-for-2-1b-becoming-largest-cannabis-company-in-us">expected to give </a>Cresco the largest annualized Pro-forma revenue in cannabis at over $1.3 billion and a strategic and broad footprint comprising 18 states.
The companies recently signed definitive <a href="https://www.benzinga.com/markets/cannabis/22/11/29568761/sean-diddy-to-buy-cannabis-assets-from-cresco-columbia-care-creating-the-largest-minority-owned-">agreements to divest certain New York, Illinois&nbsp;and Massachusetts assets </a>to an entity owned and controlled by Sean &ldquo;Diddy&rdquo; Combs. The divestiture of the assets is required for the closing of the Cresco and Columbia Care merger.
Cantor Fitzgerald&rsquo;s analyst Pablo Zuanic recently said that the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/11/29873902/which-cannabis-stock-is-a-better-buy-analysts-thoughts-post-q3-earnings">deal could be wrapped up</a> by the end of 1Q23.
Photo: Courtesy of Kindel Media by Pixabay and Quintin Gellar by Pexels

Interview

ACRDF

New York On Track To Become Next Cannabis Capital, But State Sen. Warns Not To Imitate California

Minnesota-based Vireo Health International, Inc. (CNSX: VREO) (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/vreof#OTCQX">VREOF</a>) is suing the state, arguing that&nbsp;a law hemp law is discriminatory toward producers of medical cannabis edibles, reported FOX 9 Minneapolis-St. Paul.
The Minneapolis-headquartered company is one of the two licensed medical cannabis businesses authorized to sell cannabis to registered patients in the state. The other one is Chicago-based Green Thumb Industries Inc. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/gtbif#OTCQX">GTBIF</a>) (CSE: GTII). Both businesses are affected by the law, which took effect on July 1 and&nbsp;currently bans them from selling hemp-derived edibles containing THC to adults&nbsp;21 and older at dispensaries where the companies&#39; &quot;operations and sales are heavily regulated and must comply with stringent testing, reporting, security, and eligibility requirements.&quot;
The law, green-lighted by state officials last spring, allows unlicensed companies to market hemp-derived edibles containing THC in grocery and convenience stores.
&quot;There is no rational basis to create separate legal requirements for sellers of medical cannabis-derived edibles, like Vireo, and sellers of hemp-derived edibles,&quot; the lawsuit alleges. &quot;Medical cannabis and hemp are the same plant species. THC from medical cannabis is the same as THC from hemp. But, without any rational basis,&nbsp;Minnesota law treats medical cannabis-derived edibles very differently from identical hemp-derived edibles.&quot;
Attorney General Keith Ellison and commissioner of the health department&nbsp;Jan Malcolm&nbsp;are&nbsp;two of the numerous state agencies and officials named in the complaint.
The lawsuit also<a href="https://www.fox9.com/news/medical-cannabis-maker-sues-over-irrational-discrimination-after-thc-edibles-law-passes"> touched</a> on the issue that the new THC law doesn&#39;t demand a license to produce, distribute or sell THC edibles and drinks. The Board of Pharmacy, which was tasked with regulating cannabis edibles products&nbsp;does not have a lab to test the potency or safety of the product, nor a contract with a laboratory.
&quot;There are simply not enough regulatory or law enforcement resources available to ensure that hemp-based edibles being sold in Minnesota are legal and safe,&quot; the lawsuit notes.
Gov. Tim Walz (D) signed the large-scale legislation that included provisions that provide permanent protections to Minnesota-based hemp businesses for legal sales of CBD-infused foods and drinks in May.
Besides CBD, the measure allows all hemp-derived cannabinoids to be legally sold in food items, beverages, and topicals, to name a few. The products must contain less than the federal limit of 0.3 % THC.
Photo: Benzinga Edit; Source: Shutterstock

Retail Sales

Medical Cannabis Producer Sues Minnesota Over New Edibles Law

Goodness Growth Holdings, Inc. (CSE: GDNS) (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/gdnsf#OTCQX">GDNSF</a>) is purchasing a Maryland-based medical cannabis dispensary for $8 million.
The Minneapolis company reported Friday that its subsidiary, Vireo of Charm City, LLC,&nbsp;inked a definitive agreement to acquire Charm City Medicus, LLC, located in Baltimore.
The price tag includes $4 million in cash, $2 million Goodness Growth&rsquo;s stock&nbsp;and a $2 million promissory note issued to the seller.
The transaction, which is subject to Maryland Medical Cannabis Commission&rsquo;s approval, is expected to close later this year, the company disclosed.
Upon closing, Goodness Growth will transfer Charm City to the Green Goods brand of retail dispensaries.
The company plans to &ldquo;leverage this new location to support engagement activities in the local community through our expungement clinics and other social events,&rdquo; Kyle Kingsley, M.D, the company&rsquo;s chairman and CEO, said Friday.
&ldquo;We are very pleased to be expanding our retail market share in Maryland&rsquo;s medical cannabis market and look forward to introducing our Green Goods dispensary brand to the Baltimore area,&rdquo; Kingsley continued.
Goodness Growth recently <a href="https://www.benzinga.com/markets/cannabis/21/06/21480370/vireo-health-announces-name-change-and-plans-to-begin-psychedelics-research-and-ip-development-e">changed</a> its name from Vireo Health International Inc. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/vreof#OTC">VREOF</a>) and began trading under the GDNS symbol on the CSE and GDNSF on the OTCQX on June 8.
Over the past several months, the company has been expanding its cultivation facilities in Arizona and Maryland after securing some <a href="https://www.benzinga.com/markets/cannabis/21/03/20360934/green-ivy-capital-lends-23-5m-to-vireo-in-debt-financing-deal">$23.5 million in financing</a> through a credit facility with a Green Ivy Capital affiliate in March.
&ldquo;With our recent initiatives to expand cultivation and processing capacity in Maryland, we&rsquo;re in an excellent position to continue growing our wholesale and retail sales in the state as our manufacturing capabilities enable us to offer the full spectrum of cannabis products to patients,&rdquo; Kingsley said.
Photo by <a href="https://unsplash.com/@exxteban?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText">Esteban Lopez</a> on <a href="https://unsplash.com/s/photos/cannabis?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText">Unsplash</a>

Financing

GDNSF

Goodness Growth Bolsters Footprint In Maryland With $8 Million Cannabis Dispensary Acquisition

Goodness Growth Holdings, Inc., announced that its subsidiary, Resurgent Biosciences, plans to expand its IP property into the psychedelics space. Unlike the company&#39;s cannabis offerings, the new endeavor will not touch psychedelics for commercial production.
The announcement is the latest for the company, after yesterday&#39;s name change from Vireo Health International Inc. (OTC: <a href="https://www.benzinga.com/stock/vreof#OTC">VREOF</a>). Goodness Growth began&nbsp;trading under the GDNS symbol on the CSE, and GDNSF on the OTCQX at Tuesday&#39;s open.
<h2>Why Psychedelics And Why Not The Single-Molecule Path</h2>
Chairman and CEO <a href="https://www.benzinga.com/markets/cannabis/21/02/19859050/vireo-ceo-discusses-ip-and-the-possible-future-of-flower-packaging">Kyle Kingsley, M.D.</a>, said the expansion is the natural extension for Resurgent&#39;s team of scientists and medical experts.
&quot;We believe the opportunities for psychedelics to transform the future of mental health and psychiatry are far too significant for us to ignore,&quot; he said in a press release.
Kingsley told Benzinga efforts will centralize on serotonin agonists psychedelics, with the company focused on whole-plant and whole-fungus type extracts.
Kingsley considers the move a &quot;much larger opportunity&quot; than the bulk of the market&#39;s focus on single molecules. He believes the single-molecule path will succeed for some, but &quot;generally, people are interested in, kind of, a natural approach, a whole plant extract approach.&quot;
Not ready to make any additional statements at this time, Kingsley said the company should announce research initiatives and other endeavors in the coming months.
&quot;We&#39;re looking to democratize this, get it more accessible to the masses,&quot; he told Benzinga about psychedelic treatment
&nbsp;

Vireo Health Announces Name Change And Plans To Begin Psychedelics Research and IP Development Expansion

The following post was written and/or published as a collaboration between Benzinga&rsquo;s in-house sponsored content team and a financial partner of Benzinga.
The <a href="https://www.benzinga.com/markets/cannabis/19/02/13168160/6-indexes-that-can-help-you-track-the-otc-markets">indices that track trading on OTC Markets</a> saw several changes occur in Q1. Here is a deeper look at the companies that were added and removed in each of the market&rsquo;s major indices that were rebalanced for the quarter:
<a href="https://www.otcmarkets.com/index/.OTCQX">OTCXC Composite Index</a>
The OTCX Composite Index, which is the benchmark for tracking the overall performance of the most transparent domestic and international companies on OTC Markets, closed up 3.9% in the first quarter. There were 58 new companies added to the index, including AYR Wellness Inc. (OTCWX: AYWRF), Blackstone Minerals Ltd. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/blstf#OTCQX">BLSTF</a>), Integrated BioPharma, Inc. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/inbp#OTCQX">INBP</a>), Newcore Gold Ltd. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/ncauf#OTCQX">NCAUF</a>), Tilt Holdings Inc. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/tlltf#OTCQX">TLLTF</a>), The Trendlines Group Ltd. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/trnly#OTCQX">TRNLY</a>), and Zoetic International PLC (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/zoeif#OTCQX">ZOEIF</a>).&nbsp;
Twenty-seven companies were removed from the index including Lexaria Bioscience Corp. (LEXX), which graduated to Nasdaq on January 12, 2021, and URBAN-GRO (UGRO), which graduated to Nasdaq on February 12, 2021. Midas Gold Corp. changed its name to Perpetua Resources Corp. (PPTA) and graduated to Nasdaq on February 18, 2021. Ferguson Plc (FERG) graduated to NYSE on 3/8/2021.
<a href="https://www.otcmarkets.com/index/.OTCQXBIL">OTCXC Billion+ Index</a>
The OTCQX Billion+ Index, which tracks the performance of the $1 billion-plus market cap OTCQX companies, was up 3.6% for the quarter. Nine companies were added to the index including Atlantic Sapphire ASA (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/aaszf#OTCQX">AASZF</a>), Bombardier Inc. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/bdrbf#OTCQX">BDRBF</a>), Bitwise 10 Crypto Index Fund (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/bitw#OTCQX">BITW</a>) and TerrAscend Corp. (OTCXQ: TRSSF).
<a href="https://www.otcmarkets.com/index/.OTCQXDIV">OTCXC Dividend Index</a>
The OTCQX Dividend Index, which tracks the dividend-paying U.S. and international OTCQX companies, was up 3.6% in the quarter. Fourteen new companies were added to the index including Britvic plc (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/btvcy#OTCQX">BTVCY</a>), Endeavour Mining Corporation (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/edvmf#OTCQX">EDVMF</a>), Prime Meridian Holding Co. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/pmhg#OTCQX">PMHG</a>) and TAG Oil Ltd. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/taoif#OTCQX">TAOIF</a>). Fifteen companies were removed from the index.
<a href="https://www.otcmarkets.com/index/.OTCQXBK">OTXCX Banks Index</a>
The OTCQX Banks Index, which is made up of OTCQX community and regional banks, increased 15.9% in the first quarter. Twelve banks were added to the index in the quarter and four companies were removed. Some of those banks included Century Next Financial Corp (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/ctuy#OTCQX">CTUY</a>), Equitable Financial Corp. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/eqfn#OTCQX">EQFN</a>), Grand River Commerce Inc. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/gnrv#OTCQX">GNRV</a>) and InBankshares, Corp (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/inbc#OTCQX">INBC</a>).
<a href="https://www.otcmarkets.com/index/.OTCQXINT">OTCXC International Index</a>
The OTCQX International Index, a benchmark for international OTCQX companies, was up 3.0% for the quarter. Thirty-one new companies were added to the index including Apollo Healthcare Corp. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/ahccf#OTCQX">AHCCF</a>) and BIGG Digital Assets Inc. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/bbkcf#OTCQX">BBKCF</a>).
<a href="https://www.otcmarkets.com/index/.OTCQXCAN">OTCXC Canada Index</a>
The OTCQX Canada Index, which tracks Canadian OTCQX companies, was up 11.9% in the first quarter. Twenty-five companies were added to the index and eight companies were removed.
<a href="https://www.otcmarkets.com/index/.OTCQXUS">OTCXC U.S. Index</a>
OTCQX U.S. Index, a benchmark for U.S. OTCQX companies, was up 16.5% in the first quarter. Twenty-five companies were added to the index and 13 companies were removed.
<a href="https://www.otcmarkets.com/index/.OTCQXMJ">OTCQX Cannabis Index</a>
OTCQX Cannabis Index, a benchmark for cannabis companies, was up 26% in the first quarter. Eleven new companies joined the index. The 11 companies added were Columbia Care Inc (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/cchwf#OTCQX">CCHWF</a>), TPCO HLDG CORP (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/gramf#OTCQX">GRAMF</a>), Green Thumb Industries Inc (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/gtbif#OTCQX">GTBIF</a>), Indiva Ltd. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/ndvaf#OTCQX">NDVAF</a>), Next Green Wave (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/nxgwf#OTCQX">NXGWF</a>), Red White &amp; Bloom Brands Inc (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/rwbyf#OTCQX">RWBYF</a>), Tilt Holdings Inc (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/tlltf#OTCQX">TLLTF</a>), TerrAscend Corp. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/trssf#OTCQX">TRSSF</a>), Vireo Health International Inc (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/vreof#OTCQX">VREOF</a>), WeedMD Inc (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/wddmf#OTCQX">WDDMF</a>) and&nbsp; Zoetic International PLC (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/zoeif#OTCQX">ZOEIF</a>). Eight companies were removed.
The preceding post was written and/or published as a collaboration between Benzinga&rsquo;s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.

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