This week was the 2019 MJBiz conference. This year there are over 1300 exhibitors and 36,000 attendees.
TerrAscend Corp. (CSE: TER) announced its intention to complete a private placement offering. The company plans to offer approximately 10.77 million units of the company at a price of CAD$2.45 per share, which will generate gross proceeds of US$20 million. the company will use the proceeds of the offering to speed up the completion of its New Jersey cultivation and processing facility and to make a purchase price payment for the acquisition of Ilera Healthcare.
MedMen executed a term sheet for its non-brokered offering of subordinate voting shares for aggregate gross proceeds of US$27 million at a price per share of US$0.43 with a new strategic investor and an existing investor, Wicklow Capital. Basically Andrew Modlin is granting a limited proxy to Ben Rose, the Executive Chairman of the Board his Class A Super Voting Shares for a period of one year. The company also agreed to additional cost reductions and amending the maturity date for a term loan. The company is also forecasting 2020 revenue in the range of $225-$245 million and in 2021 a range of $450-$50m.
Canopy Growth Corporation (TSX: WEED) (NYSE: CGC) named David Klein as the company’s Chief Executive Officer effective January 14, 2020. The company said that Klein has served in a number of senior leadership capacities over the past 14 years at Constellation Brands.
Cresco Labs (CSE:CL) (OTCQX:CRLBF) has completed its first harvest from its expanded cultivation facility in Lincoln, IL. The state will begin sales of legal adult-use cannabis on January 1 and is projected to be a $2-4 billion dollar market once it has matured and is expected to be one of the largest cannabis markets in the country. The company also announced this week that it was going to shore up its balance sheet by selling off one of its properties. Cresco said that it would sell its Lincoln, Illinois cultivation facility to GreenAcreage Real Estate Corp. (GreenAcreage), for $50 million.
REX Shares (REX) has launched the MJO, the first leveraged exchange-traded product in the U.S. linked to the cannabis industry. MJO is an Exchange-Traded Note (ETN), is linked to MSMJ, the Indxx MicroSectors™ North American Cannabis Index, and will seek to provide 2x leveraged exposure to the Index.
Holistic Industries said it will make a $20 million investment in Madison Heights for its Michigan headquarters.