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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Aurora Cannabis Inc. (Nasdaq: ACB) (TSX: ACB) achieved positive adjusted EBITDA and reduced its debt even though it still recorded a net loss in its latest quarterly earnings, announced Thursday.

The company reported total revenues of C$61.7 million ($45.9 million), an improvement over the C$49.3 million reported in the previous quarter and C$60.6 million (1.8%) in the prior year period.

Net loss in the quarter was C$67.2 million, versus C$51.9 million in the prior quarter and C$75.1 million for the same time last fiscal year.

Aurora attributed the rising revenue to “growth across all cannabis business segments” as well as a full-quarter contribution of C$6.6 million from Bevo Farms, which the company acquired in August 2022. Cannabis revenues were up around 20% for the quarter.

Since 2021, Aurora has been trying to put itself on the path to profitability through cost cuts and high-margin medical cannabis revenue. In addition to the boost from Bevo, a strong euro beefed up European margins.

Adjusted EBITDA for the quarter was positive at C$1.4 million, versus a loss of C$7.4 million in the previous quarter and loss of C$7.1 million in the prior year period.

“We are pleased to have delivered on our commitment to achieve positive adjusted EBITDA in Q2 2023, following a tremendous effort to realize approximately $340 million of total annualized savings since February 2020,” said CEO Miguel Martin, who added that quarterly growth was primarily driven by its international medical program.

“Our Canadian rec business also demonstrated sequential growth driven by significant product innovation, and our Canadian medical cannabis business continued to benefit from strong patient relationships and high barriers to entry,” he added.

Aurora had around C$258.7 million worth of capital and wrote in its filings that the reduction of operating costs, access to a shelf prospectus to raise funds, and its current liquidity are enough to fund operating activities and cash commitments for investing, financing, and strategic moves.

“Looking ahead, we are focused on profitable growth opportunities across all segments, ongoing discipline in capital deployment, and our ability to generate positive operating cash flow as we continue to build value for shareholders,” Martin said.

The Canadian giant published its financial and operational results for the fiscal second quarter ending Dec. 31, 2022.

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Ayr Wellness Inc. (CSE: AYR.A) (OTCQX: AYRWF) is exiting Arizona and turning its attention to Ohio.

The multistate cannabis operator signed a definitive agreement to sell its Arizona assets, Blue Camo LLC, to AZ Goat LLC, a group consisting primarily of the former owners of Blue Camo, who sold the business to Ayr in 2021.

The sale includes three Oasis-branded dispensaries in the greater Phoenix area, a 10,000 sq. ft. cultivation and processing facility in Chandler, an 80,000 sq. ft. cultivation facility in Phoenix, and Willcox OC LLC, a joint venture developing an outdoor cultivation facility.

Ayr will receive $20 million in cash, with additional cash proceeds from net working capital to be received within six months of closing the transaction. In addition, AZ Goat will assume lease obligations from Ayr that will result in the elimination of $15 million in long-term lease liabilities for Ayr.

Ayr will also be reducing its long-term debt obligations related to the original Blue Camo acquisition.

“Ayr’s proposed sale of Arizona assets represents the latest in a series of optimizations focused on simplifying our business and prioritizing existing and future markets where we can build depth,” said David Goubert, president at Ayr. “Today’s action allows Ayr to focus on key markets for growth and profitability, adds cash to our balance sheet, and reduces outstanding debt.”

Ayr also entered into option agreements related to two entities provisionally licensed to operate medical marijuana dispensaries in Ohio. The arrangement includes Daily Releaf’s dispensary in Riverside, Ohio, and Heaven Wellness’ in Clermont County. Neither location is operational at this time.

“Ayr is excited to invest further into the Ohio market and looks forward to establishing a fully vertical presence once permissible under Ohio regulations,” Goubert said.

In addition to the option agreements, the company entered into a support services agreement and a working capital loan agreement with Daily Releaf and Heaven Wellness.

The post Ayr Wellness to Exit Arizona, Expand to Ohio appeared first on Green Market Report.

This story was republished with permission from Crain’s Chicago and written by John Pletz. 

The value of a cannabis dispensary just isn’t what it used to be.

Six months ago, Planet 13 (OTC: PLNHF), a Las Vegas-based marijuana company, announced it would pull the trigger on its option to buy out its social-equity partner in an Illinois cannabis dispensary in a $2.9 million transaction. By the time the deal closed yesterday, the value had dropped by $1 million because of the steep downdraft in the stocks of cannabis companies.

Planet 13 shares are now trading at just 88 cents, compared with $1.98 on Aug. 4, when it inked the deal with entrepreneur Frank Cowan to buy out his ownership in their retail license. Cowan received $866,250 in cash, along with 1 million shares, for his 51% stake in the license.

Marijuana stocks have fallen precipitously in recent months as interest rates rose, cannabis prices fell and prospects faded for congressional action that would loosen restrictions nationally on the cannabis industry.

Deals are getting renegotiated—or scrapped. Last month, Miami-based Ayr Wellness, a publicly traded company, called off its $55 million purchase of two Chicago dispensaries operated by Dispensary 33.

The declines in stock prices and canceled deals will impact the value of 192 new retail licenses that have been issued in Illinois. Under state rules, holders haven’t been able to sell their licenses until their stores are open. At least one owner has sued to challenge those rules in a case that’s still working its way through Cook County Circuit Court.

Cowan, meanwhile, says he plans to stay with Planet 13, which is building out a dispensary in Waukegan that’s expected to open this summer. And he may well come out OK financially, given some time: He can’t sell his 1 million shares right away, due to a six-month lockup period, and the shares vest over 12 months.

The post Cannabis Dispensary Deals Show How Prices Are Falling appeared first on Green Market Report.

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.

The stock fell more than 8% in early trading on the news to lately sell at $2.52, a big drop from its year high of $9.61.

The Canadian cannabis giant published its financial results for the third quarter ending Dec. 31, 2022.

Net revenue of $101 million in the quarter declined 28% versus the same period in the previous fiscal year. Canopy blamed the drop in revenue on several factors:

• Increased competition in the Canadian adult-use cannabis market
• The divestiture of C3 Cannabinoid Compound Company GmbH
• A decline in the U.S. CBD business
• Softer performance from Storz & Bickel and This Works.

Canopy acquired the German C3 for C$41 million in 2019 and then sold it in 2021 for C$114 million. C3 reported sales of C$53.8 million in Canopy’s 2020 fiscal year and C$62.3 million in 2021.

Cash Burn

The new restructuring also makes sense for Canopy considering 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 company attributed this to the impact of cash used in operating activities, the first tranche of the term loan credit agreement repayment of $118 million, as well as cash used for acquisitions and investments, including the acquisition of the Verona, Virginia, manufacturing facility for BioSteel and a premium payment made to obtain an option to acquire Acreage Holdings Inc.’s outstanding debt as part of the October 2022 CUSA announcement.

Gross debt amounted to $1.2  billion on Dec. 31, 2022, an improvement over the debt level of $1.5 billion at the end of  March 2022.

“Canopy must reach profitability to achieve our ambition of long-term North American cannabis market leadership,” CEO David Klein said in a statement. “These changes are difficult but necessary to drive our business to profitability and growth.”

Closing Cultivation

Canopy Growth said that it would be transitioning to an “asset-light model” in Canada by exiting cannabis flower cultivation in its Smiths Falls, Ontario, facility, ceasing the sourcing of cannabis flower from the Mirabel, Quebec, facility, and moving to a third-party sourcing model for cannabis beverages, edibles, vapes, and extracts.

The changes are in addition to multiple cost reduction activities planned for the year, including the divestiture of Canopy Growth’s Canadian retail operations, the organizational restructuring of certain corporate functions, and the closure of the Scarborough, Ontario, research facility.

The company intends to close its 1 Hershey Drive facility in Smiths Falls, Ontario, in addition to reducing headcount across the business by approximately 60%, or 800 positions. Of those, 40% are impacted immediately.

Management believes these cost reduction initiatives will reduce the annual cost of goods sold and selling, general, and administrative expenses by a combined $140 million–$160 million over the next 12 months, bringing the total cost reduction target to $240 million–$310 million inclusive of the reductions announced in April 2022.

Canopy Growth also said it is still committed to remaining dual–listed on the TSX and the Nasdaq as it continues pursuing its U.S. entrance strategy through Canopy USA.

“The right-sizing of our Canadian business is expected to significantly reduce our cash costs,” said CFO Judy Hong. “Canopy is firmly on the path to deliver at least quarterly breakeven adjusted EBITDA in our Canadian cannabis business in fiscal 2024, even at current revenue run-rate.”

The post Canopy Slashes 800 From Payroll, to Restructure After Revenues Slide appeared first on Green Market Report.

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.

The post Ayr Wellness Dips On Dispensary 33 appeared first on Green Market Report.

India is ready to celebrate its 74th Republic Day to honor the Constitution of India. What do you plan to do to mark this day? Wearing the patriotism of our country on our sleeves, RailRecipe is planning to pay homage to the diverse food traditions of the nation by listing 5 Republic Day Foods to eat. Since this holiday is for all of us, it is an excellent occasion to enjoy time with loved ones enjoying good food and lively conversations. If you’re looking to taste the different foods of our nation on the occasion of Republic Day, then read till last.

Order Pizza on train at discount

Republic Day is here and like other festivals, food is an integral element of the Republic Day celebrations. The entire country is decorated with hues of patriotism during the day. People show their appreciation for the country by raising the Indian national flag in their homes. If you’re looking forward to celebrating the festival with your family and friends then you must try our curated list of Republic Day foods.

5 Republic Day Foods To Enjoy During Gantantra Diwas

This blog recommends you the five traditional and tasty Indian delicacies you would love to try on Republic Day. From breakfast to main meals to desserts, we have covered authentic Indian dishes. Read on to find out.

Moong Dal Kachori

For a warm traditional Indian Republic Day meal, you should have this tasty appetizer. Moong Dal Kachori is a delicacy that’s delicious yet filling. Enjoy a bite of this delicious and crunchy treat and immerse yourself in the tasty fillings of lentils mixed with Indian spices. You’ll be in love with this dish in a matter of minutes.

Peas Samosa

Another dish that is sure to impress you is the mouthwatering Peas Samosa. A fact that we all agree on is – Samosas are one of the most popular Indian street food. RailRecipe provides you with the delicious Samosa and, like the name implies it is a delicious combination of crunch and the flavor of potatoes and peas with every bite. Try this dish during the celebration of this Republic Day of India.

Also, read: Popular Indian Sweets To Order on Train

Vegetable Biryani

When it comes to the main meal, Biryani is a dish that everyone is likely a enjoy. Therefore, we present to you authentic Vegetable Biryani. The delicious and authentic Indian flavor of the dish will make you hungry to eat more. If you are already craving it, you don’t need to overthink as we provide it on your seat. What you have to do is buy it and enjoy the nutritious dish. Take it with papads, raita, or salad.

Motichoor Ladoo

Ladoo is another sweet which is loved by Indians across the globe throughout the year. It is popular and deliciously sweet, which is why one isn’t enough no matter how full you are. Therefore, order Motichoor Ladoo from RailRecipe and enjoy this mouthwatering sweet to the max with us on the Republic Day of India.

Jalebi

Being an Indian, can you imagine a meal that doesn’t include Jalebis for dessert? No, right? RailRecipe has arrived with the delicious Jalebi to be enjoyed as a dessert following the wonderful Republic Day meal. Take a bite of the spiral sweet and enjoy a wonderful time.

RailRecipe Is There For Your Republic Day Food Cravings

If traditional Indian foods are what you’re seeking on trains, you should definitely consider RailRecipe because it provides the most sought-after train food in India. The delicious dishes listed above are only a few interesting options that are available from the variety of options available. If you want to commemorate this Republic Day of India with authentic delicacies, order your Republic Day food with us.