Mind Cure Archives - Green Market Report

StaffMarch 16, 2022
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6min5940

The Daily Hit is a recap of the day’s top business news in the cannabis industry for March 16, 2022.

 

On The Site

TerrAscend

TerrAscend Corp. (CSE: TER) ( OTCQX: TRSSF) reported its financial results for the fourth quarter and full year periods ending December 31, 2021. Net sales in the fourth quarter were $49.2 million as compared to $49.1 million in the third quarter and $49.6 million for the same time period last year. The net loss was $5.9 million versus last year’s net loss of $94 million. TerrAscend said the loss was mainly related to a one-time loss of $3.3 million in lease termination fees, $6.9 million of finance and other expenses, $6.9 million of accrued income taxes, and $2.0 million of transaction costs mostly related to the Gage acquisition. These expenses were partially offset by a $14.4 million non-cash gain on fair value of warrant liability. Read more here.

Russians

Law360 reported that federal prosecutors on Monday unsealed the indictment against a Russian tycoon accused of making illegal political contributions in support of a cannabis venture, claiming that he made the donations in the names of straw donors. According to the Justice Department, the group hoped that the donations  to certain candidates would help Muraviev and his business partners win the coveted cannabis and marijuana licenses. Read more here.

Mind Cure

Mind Cure Health Inc. (CSE: MCUR) (OTCQX: MCURF) announced that it is shutting down after determining it can’t raise the money it needs to continue. The stock stopped trading when the news was announced but did resume after a few hours and fell by 38%. Mind Cure said it will cut all of its C-suite executives and employees, other than its Chief Financial Officer, Vice President of Engineering and certain administrative staff required to wind-down the company’s operations and for limited care and maintenance of the company; and halt all non-committed expenditures related to the development and marketing work of its iSTRYM product, the research and development related to its synthetic ibogaine program, and the research and development related to its Desire Project. Mr. Philip Tapley, the Chair of the Company’s board of directors, will assume the role of the Company’s interim CEO. Read more here. 

In Other News

Trulieve

Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) launched its nationwide Supplier Diversity Initiative. The initiative provides education and professional development resources, while creating mutually beneficial business relationships with a supplier base reflective of the customers and communities Trulieve serves. Read more here.

Raw Garden

Raw Garden, the Santa Barbara based premier cannabis brand is expanding into an entirely new product category with the launch of infused cannabis joints. These 100% pure cannabis joints are infused with micronized refined live resin crushed diamonds, and will be available for purchase at dispensaries across California soon.


Debra BorchardtMarch 16, 2022
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4min13010

Mind Cure Health Inc. (CSE: MCUR) (OTCQX: MCURF) announced that it is shutting down after determining it can’t raise the money it needs to continue. The stock stopped trading when the news was announced but did resume after a few hours and fell by 38%.

Mind Cure said it will cut all of its C-suite executives and employees, other than its Chief Financial Officer, Vice President of Engineering and certain administrative staff required to wind-down the company’s operations and for limited care and maintenance of the company; and halt all non-committed expenditures related to the development and marketing work of its iSTRYM product, the research and development related to its synthetic ibogaine program, and the research and development related to its Desire Project. Mr. Philip Tapley, the Chair of the Company’s board of directors, will assume the role of the Company’s interim CEO.

“Though we continue the Strategic Review Process, we have identified no available strategic alternatives that would require further development and execution of MINDCURE’s existing business plan. As a result, we have determined that the Company should immediately move to reduce all non-necessary expenditures except as required to preserve the value of the Company’s cash balance and other assets,” said the Chair of MINDCURE’s Special Committee, Jason Pamer.

Mind Cure said that the company’s Special Committee “determined that the additional capital required to execute the company’s business plan is unlikely to be found under the current and foreseeable market conditions and that none of the strategic alternatives available to the company necessitated ongoing developmental expenditures. Accordingly, the Board has taken the decision to immediately eliminate all expenditures outside those required to preserve the value of the company’s assets, including its public company status with Canadian securities regulators and cash and cash equivalents of approximately $10.57 million on an unaudited basis as at close of business yesterday and without adjusting for any current liabilities as at such date or arising from the elimination of expenditures described in this news release.”

“While we truly appreciate the impact of these changes on our team and our suppliers, our Strategic Review Process has led us to believe that the actions announced in this news release are necessary to preserve cash position and maintain value of the Company’s other assets while the Company continues to seek a strategic transaction,” said the Chair of MINDCURE’s Board of Directors and Interim CEO, Philip Tapley. “Also, on behalf of the Board, I would like to thank Kelsey Ramsden for her dedicated service to the Company which began shortly after the Company went public in 2020. We are grateful to Kelsey for her strong leadership on behalf of all stakeholders.”

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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


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