Green Market Report: Marijuana Money Jan. 11

Here are the top financial cannabis news stories for the week ending January 11, 2019

Photo via rawpixel.com, Leaf Illustration by cheifyc via Pixabay

Cannabis packaging company KushCo Holdings, Inc. (OTCQB: KSHB) reported that revenue rose 186% in the fiscal first quarter of 2019 to $25.3 million. The company said it had to weather several challenges. Cash dropped to $3 million due to rapid demand for product and timing of inventory purchases leading up to Chinese New Year.

On Tuesday,  Brent Cox and Omar Mangalji who hold a significant stake in MedMen Enterprises (MMEN.CN) management company MMMG, LLC filed a $20 million lawsuitagainst Adam Bierman; Andrew Modlin and various MedMen Enterprises entities for alleged breaches of fiduciary duty. Cox is a former board member. On Wednesday, a Los Angeles Superior Court denied a request from the plaintiffs for a temporary restraining order and a preliminary injunction.

RELATED: DSW Shoe Chain To Sell CBD Personal Care Products

The general gist of the lawsuit is that the two gentlemen are upset that the restricted shares will be locked up for an additional year. MedMen said that decision was made by an independent committee. The lawsuit also said that MedMen would not receive a permanent adult use sales license for its flagship West Hollywood store.

Green Thumb Industries Inc. agreed to acquire Advanced Grow Labs LLC (AGL) and enter the Connecticut market. AGL is one of only four companies in Connecticut licensed to grow and process cannabis.

Acreage Holdings, Inc. (CSE: ACRG.U) closed the acquisition of Florida-based Nature’s Way Nursery of Miami, Inc. (“Nature’s Way”).

RELATED: Are Cryptocurrencies The Future Of The Cannabis Industry?

The DSW shoe chain (NYSE: DSW) has agreed to sell Green Growth Brands (GGB.CN) CBD products from the line Seventh Sense. Several Green Growth brands had previously worked at DSW so this combination was somewhat expected.

Aurora Cannabis Inc (NYSE: ACB) said it expects to report revenue between $50 million and $55 million for the fiscal second quarter ended Dec. 31. This figure is higher than the $11.7 million posted for the same period last year.

Cannabis data company Headset secured $12.1 million in funding in a Series A round of financing.

This article was originally posted on Green Market Report.

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