The Daily Hit: August 27, 2019

It’s time for your Daily Hit of cannabis financial news for August 27, 2019.

On the Site

iAnthus

iAnthus Capital Holdings, Inc. (CSE: IAN)(OTCQX: ITHUF) delivered solid financial results for the fiscal second-quarter ending June 30, 2019 with revenues increasing 100% sequentially to $19.2 million from $9.6 million in the first quarter and easily whipping last year’s $256,000 for the same time period. The  company’s second-quarter net loss of $9.3 million was a considerable improvement over the adjusted net loss of $16.5 million in the first quarter and much better than last year’s net loss of $35.4 million for the same time period.

Canopy Rivers

Cannabis investing company Canopy Rivers Inc.  (TSXV: RIV), (OTC: CNPOF) reported its unaudited financial results for the first quarter ending June 30, 2019, with an operating income of $2.7 million. However, expenses in the quarter totaled $5.8 million leading to a net loss of $2.9 million. The company also said it expects to recognize its share of net losses during the remainder of the fiscal year.

More Consumers are Drinking their Cannabis and Big Brands are Getting in On It

Both the cannabis and beverage industries saw dollar signs when Constellation Brands added a $4 billion investment to its already ample investment into Canopy Growth… Headset recently came out with an extensive report examining the rapidly developing cannabis-infused beverages industry, stating that although beverages don’t make up the majority of cannabis product sales, they are “a category within cannabis that’s worth watching.”

In Other News

TerrAscend

TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF) announced the early exercise of purchase warrants to acquire proportionate voting shares representing 28,636,361 common shares, for gross proceeds of approximately C$31.5 million. The outstanding warrants were held by funds advised by JW Asset Management, LLC which are affiliates of TerrAscend Chairman, Jason Wild.  “The early exercise provides TerrAscend with capital in a timely and efficient manner”, said TerrAscend CEO, Michael Nashat. “We value our relationship with JW Asset Management, LLC and appreciate their continued support of our strategy to develop and acquire premium brands, while continuing to build a global footprint.”

Hounds Labs

Hound Labs Inc., a technology company that has developed a dual-purpose breathalyzer for cannabis and alcohol, announced that it had raised $30 million in Series D financing. The funds will go towards accelerating the manufacturing of the company’s cannabis/alcohol breathalyzer for commercial use. Leading the round was Intrinsic Capital Partners. “With the publication of clinical study results validating breath as the new frontier for testing recent use of THC, investors can see the tremendous value that Hound Labs will bring to the market with its first-of-its-kind technology,” said Dr. Mike Lynn, CEO and co-founder of Hound Labs. “We are excited to usher in a new era of more meaningful and fair drug testing now that marijuana is both medically and recreationally available to so many people.”

MedPharm Research

MedPharm Research announced that it had received a notification from the DEA that is had been chosen to move forward as one of the first applicants to be granted a license to grow federally legal cannabis under the terms of a new policy statement issued in the Federal Register. This is something we have been waiting for since we first sent in our application in September, 2016, as one of the first medical grow facilities to apply for a license,” Albert Gutierrez, CEO of MedPharm. “It is a real game-changer for the whole medical cannabis industry.”

William Sumner

William Sumner

William Sumner is a freelance writer specializing in the legal cannabis industry. You can follow William on Twitter @W_Sumner or on Medium.


Leave a Reply

Your email address will not be published. Required fields are marked *

You may also like


About Us

The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


READ MORE



Recent Tweets

@GreenMarketRpt – 2 days

Our biggest fans this week: WallandBroad, buhlreports, RosieMattio. Thank you! via

@GreenMarketRpt – 2 days

Green Market Report’s Marijuana Money December 6, 2019

@GreenMarketRpt – 3 days

My week on Twitter 🎉: 6 Mentions, 108 Mention Reach, 15 Likes, 6 Retweets, 26.8K Retweet Reach. See yours with…

Back to Top

You have Successfully Subscribed!