Cannabis track-and-trace company BioTrack, which is owned by Forian (Nasdaq: FORA), filed a 13-D form with the Securities and Exchange Commission demonstrating that the company could be in play.

The 13-D form is filed with the SEC when a person or group acquires more than 5% of a single class of shares for a company. Forian’s document lists the following entities are acquiring shares:

• Larry Feinberg, founder of Oracle Investment Management is listed as having 5.42% of the shares
• Oracle Partners L.P. is listed as having 3.74%
• Oracle Institutional Partners L.P. as having .54%
• Oracle Ten Fund was .21%
• Oracle Investment Management, Inc. Employees’ Retirement Plan with .09%
• The Feinberg Family Foundation with .02%
• Oracle Associates, LLC with 4.47%
• Oracle Investment Management, Inc. 4.56%

According to the company’s website, Oracle Investment Management Inc. (OIM) is a fundamental research-driven investment management company that is exclusively focused on the global health care and bioscience industries.

The firm was founded by Larry N. Feinberg in 1993. Feinberg has been a leading investor and securities analyst in the health care industry for more than 30 years.

Forian stock had been on an upswing since the beginning of the year, but on Feb. 3 it began to slide, slipping from $3.70 to roughly $3.08. In the last two days, the stock popped back to close at $3.38 on Thursday.

In December, Forian announced that New York had selected BioTrack as the track-and-trace system for the New York Office of Cannabis Management’s seed-to-sale tracking system. BioTrack software will track cannabis from when it is first planted as a seed to the point of sale to the consumer.

The OCM said it plans to use the BioTrack seed-to-sale traceability system to monitor the movement of cannabis products in the state’s new adult-use cannabis market and continue monitoring in the state’s medical cannabis market.

In November, Forian reported revenue for the third quarter of $7.2 million, an increase of $2.2 million versus the prior year and 10% sequentially over the second quarter of 2022. The net loss for the quarter was $5.1 million, or $0.16 per share, compared to $7.0 million, or $0.22 per share, in the prior year. The adjusted EBITDA for the quarter was negative $2.2 million, compared to negative $4.1 million in the prior year. The company’s cash, cash equivalents, and marketable securities at the end of the quarter were $20.6 million.

At the time, Forian CEO Dan Barton said, “Third quarter 2022 financial results continue to demonstrate significant revenue growth, especially in our healthcare information offerings. This strong revenue growth coupled with the consistency in our cannabis business and the success of our cost management efforts provide the blueprint to reduce Net Loss and become Adjusted EBITDA positive in the second half of 2023.”

The company hasn’t responded yet for a request to comment on the latest filing.

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The Weekly Stash is a recap of the week’s top business headlines in the cannabis industry for the week ending February 10, 2023.

Canopy Growth Corp. (TSX: WEED) (Nasdaq: CGC) reported slumping revenues on Thursday and signaled a new cost-savings era that includes cutbacks on cultivation and 800 layoffs. Revenue fell by 28% to $101 million in the quarter. Canopy ‘s historical cash burn has swelled its net losses 131% over the year to $266.7 million. Cash and short-term investments fell by a whopping $583 million to $789 million at the end of December from $1,372 million at the end of March 2022.

The acquisition of New York medical cannabis operator Etain by Riv Capital is entering another messy chapter. Scotts Miracle-Gro (NYSE: SMG), owner of the hydroponic company Hawthorne, has filed a lawsuit against Jason Wild and TerrAscend (OTC: TRSSF) claiming they ruined its $175 million investment. Hawthorne is complaining that Wild fought Riv Capital’s plans to buy Etain asking the board to call off the deal and threatening to attain a hemp license in the state in a move to kill the deal. Wild’s position is that Riv Capital overpaid for the property. 

SNDL Inc. (Nasdaq: SNDL) finalized its purchase of Canadian dispensary chain Superette out of bankruptcy, with plans to support the brand and its stores.SNDL will license some of Superette’s IP to Spirit Leaf Ontario for their retail locations, the company said.

In state news,

Over the first three-day weekend of legal recreational marijuana sales in Missouri, medical and adult-use retail sales combined to hit $12.6 million in sales, the state announced. Many shops reported long lines this past Friday. According to the Missouri Department of Health & Senior Services’ Cannabis Division Regulation, the industry sold $8.5 million in recreational cannabis and another $4.1 million in medical marijuana for Feb.3-5, for a grand total of $12,689,965.

In a break from a national trend, a federal judge in Washington state upheld the state’s residency requirement for cannabis business ownership and ruled that the U.S. Constitution’s dormant commerce clause doesn’t apply because marijuana is still federally illegal. U.S. District Judge Benjamin Settle sided with the Washington Liquor and Cannabis Board and tossed a lawsuit filed in 2020 by marijuana investor Todd Brinkmeyer, who had asked the court to rule that Washington’s residency requirement is unconstitutional. 

The start date for Maryland’s upcoming adult-use cannabis market could be as soon as July 1, under the terms of a new legislative bill introduced this week by state lawmakers.

New York has said it will begin cracking down on illegal operators while the state’s Office of Cannabis Management recommended that medical licenses be expanded. The OCM also suggested that medical patients no longer have to register. 

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Ayr Wellness Inc. (CSE: AYR.A)(OTCQX: AYRWF) is killing its plan to buy Chicago-based Gentle Ventures also known as Dispensary 33. According to the company statement, Ayr will no longer be required to pay the previously announced purchase consideration of $55 million upfront, including $12 million of cash, $3 million of seller notes, and $40 million of stock.

“The cannabis market has changed significantly in the 15 months since we agreed to acquire Dispensary 33. Both parties have acknowledged this reality and engaged in good faith dialogue as we came to the mutual decision to terminate the proposed arrangement,” said David Goubert, President at Ayr. “We are focused on optimizing our business and will prioritize our efforts in markets where we can build meaningful depth and drive strong revenue and cash flow in the near term. Additional plans for optimization include implementation of operating efficiencies, lowering costs across our business, and reorienting our investments into the markets, segments and activities that are most impactful for our growth and profitability.”

Expansion Continues

The company hasn’t slowed its expansion. It recently opened two new retail locations in Florida: Tarpon Springs and Orlando. Both stores feature the AYR retail design concept and operate under the Liberty Health Sciences banner. The new stores offer many of Ayr’s national brands and products and feature a “bud bar,” providing customers with a sensory experience showcasing samples of whole flower strains currently available for purchase.

In New Jersey, its three retail locations, formerly known as Garden State Dispensary, are now operating under the AYR dispensary name. Since acquiring Garden State Dispensary in September 2021, Ayr said it has made significant progress in elevating key facets of the business, including improvements to the menu and overall retail experience. In 2022 the company opened a large-scale cultivation expansion, launched adult-use sales at its three retail locations, the maximum allowed in the state, and introduced its national brand portfolio in the wholesale market and its retail stores.

Latest Earnings

Ayr Wellness reported its third-quarter earnings in November revenue rose 24% to $119 million over last year’s revenue of $96 million and an increase of 8.6% sequentially. The operating loss grew to $20.7 million over last year’s loss of $8.9 million. It improved by 17% over the second quarter. The company had a comfortable cash cushion of $100 million.

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