Coronavirus is infecting the markets as well as people. Stocks continued to sell off as more cannabis events were canceled. Green Market Report is moving its April 3 event to a virtual conference and we’ll have the details on that shortly.
The virus doesn’t mean that business has ceased operating so here are this week’s stories
Harvest Health & Recreation is buying Interurban Capital Group, Inc. or (ICG) in a deal valued at $85 million The founder Jason Vedadi is resigning from his role as Executive Chairman of the Board of Directors. Current independent Board member Mark Barnard will assume duties as Chairman
TerrAscend Corp. and its wholly-owned subsidiary TerrAscend Canada Inc. has entered into a loan financing arrangement with Canopy Growth Corporation in the amount of C$80.5 million in the form of a secured debenture. TerrAscend is a Canopy Rivers portfolio company. That’s convenient!
We have some earnings this week
The Green Organic Dutchman Holdings reported its for the fourth quarter and year with quarterly revenue at a paltry $3.25 million and $11.16 million for the year. The company delivered a quarterly net loss of $144.75 million in the quarter and a net loss of $195.75 million for the year
Columbia Care reported fourth-quarter revenue of $24.5 million and full-year revenue of $78.8 million The net loss for the quarter was $28 million and the net loss for the year was $106 million
Luxury cannabis product company BR Brands LLC has joined forces with long time cannabis beverage company Dixie Brands Inc.with an implied value of $43 million for Dixie.
Psychedelic medicine company Mindbloom has opened its first location in New York City. The company has plans to expand rapidly, with a new state-of-the-art flagship space set to open in the city later this year. Additional Mindbloom locations are planned for Los Angeles, San Diego, San Francisco, and Austin.
Headset released a new report saying the cannabis shoppers are enjoying bigger and better bargains. Discounts are increasing and prices are falling for shoppers at the dispensaries.