Terra Tech Archives - Green Market Report

StaffJuly 8, 2021
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Terra Tech Corp. (OTCQX:TRTC) has changed its name to Unrivaled Brands, Inc. following its completed merger with UMBRLA, Inc. As part of its rebranding, Terra Tech will start trading under its new ticker symbol, “UNRV”, on the OTCQX market at the market opening on Thursday, July 8, 2021.

The company’s CEO, Frank Knuettel II, said, “We are pleased to have successfully closed the merger with Unrivaled as we expected. We believe the synergies with Unrivaled’s existing brand portfolio and distribution operations in multiple states will lead to greater scale and produce meaningful economic and operational benefits. We look forward to integrating our businesses and expanding the Company’s platform.”

The merger with Unrivaled brings together two California-based companies with combined operations in California, Oregon and Nevada. Collectively, the company operates a broad array of cannabis assets involving cultivation, distribution, brands, processing, and dispensaries. The combined portfolio includes well-respected brands in cannabis, including Korova, Sticks, Cabana, Blüm and The Spot.

Knuettel added, “Additionally, as part of the merger, we are excited to launch our new corporate identity, rebranding the Company to Unrivaled Brands, Inc., which we believe aligns with our goal of becoming the premier cannabis multi-state operator in the West. Based on our growth trajectories and new operations coming online during 2021, we believe that on a combined basis the Company will generate revenues in excess of $70 million in 2021 and be cashflow positive in Q4 of 2021. Putting approximately $40 million in cash on our balance sheet following the monetization of our Hydrofarm investment, the close of this important transaction and the ongoing restructuring of our balance sheet and operations, we believe we’ve never been in a stronger position to create sustainable shareholder value.”

In California, Unrivaled Brands operates three dispensaries, a state-wide distribution network, company-owned brands, and a cultivation facility and has two additional cultivation facilities and a dispensary under development. In Oregon, it operates a state-wide distribution network and company-owned brands. In Nevada, by way of a joint venture, Unrivaled Brands operates a cultivation and manufacturing facility. Unrivaled Brands is home to Korova, the market leader in high potency products across multiple product categories, currently available in California, Oregon, Arizona and Oklahoma, as well as Sticks and Cabana.


StaffMarch 4, 2021
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This week has been unusually active as cannabis companies have been on a major buying spree.

Schwazze

Schwazze, which used to be known as Medicine Man Technologies Inc. (OTCQX: SHWZ)  closed on the asset purchase of the five Star Buds dispensaries located in Colorado that it had not already previously bought. The acquired dispensaries are located in Aurora (2), Denver, Louisville, and Westminster. The company paid roughly $72.3 million, consisting of $27.5 million in cash, $26.9 million in sellers’ notes, and $17.9 million in Preferred Stock (at a price of $1,000 per share). Schwazze now owns and operates all 13 Star Buds locations in Colorado and its retail footprint now includes 17 dispensary locations in the Denver metro and southern Colorado region.

For 2020, the 13 Star Buds retail dispensaries generated total revenue of approximately $70 million and net income in the range of approximately 40% of revenue. Together with Schwazze and the proforma revenue for 2020 Mesa Organics Ltd, acquired by Schwazze in April 2020, total 2020 proforma revenue is estimated to be approximately $95 million on a combined basis.

Greenlane

Greenlane Holdings, Inc. (Nasdaq: GNLN) has bought the specialty silicone smoking accessory company Eyce for an undisclosed amount. The company said that the acquisition is expected to be immediately accretive to Greenlane’s revenue and earnings.

“Eyce is the definitive leader in premium silicone smoking products and a trusted Greenlane partner for more than seven years. We are very excited to welcome them as the newest addition to our in-house family of brands,” said Aaron LoCascio, Co-Founder and CEO of Greenlane. “Eyce’s premium products and innovative designs set them apart and we are thrilled to be working with the highly experienced and talented Eyce team to accelerate growth in the Greenlane brands portfolio.”

Mr. LoCascio continued, “The Eyce acquisition represents the latest step in Greenlane’s relentless focus to find and acquire the highest quality brands and platform extensions in the cannabis market to further drive our revenue growth and profitability and deliver value to our shareholders. We have carefully built a robust pipeline of targets and we intend to add additional brands to our portfolio in the near term as we continue to execute on this growth plan.”

Charlie Hoch, CEO of Eyce, added, “Greenlane has been an incredible partner over the years and their platform has been instrumental in enabling us to rapidly launch products into the market and build scale. We are thrilled to be joining the team and continuing to work together to accelerate development of the innovative products our customers demand.”

Terra Tech

Terra Tech Corp. (OTCQX: TRTC) said it was buying cannabis company  UMBRLA, Inc., which was recently rebranded as Unrivaled for an undisclosed amount. Unrivaled is a swiftly growing and well-run diversified cannabis company comprised of several highly recognized cannabis brands complemented by distribution, manufacturing, and dispensary operations. Unrivaled brands include Korova, a top ten cannabis brand in California, among a strong portfolio across categories and price points.

Terra Tech’s CEO, Frank Knuettel II, said, “We are very pleased to have entered into this mutually beneficial transaction which leads to immediate scale, driven by strong brands and revenue growth. Unrivaled has grown markedly since inception, led by a strong management team, including Dallas Imbimbo, co-founder of KushCo Holdings, Inc. (OTCQX: KSHB) and Unrivaled. We intend to integrate Unrivaled’s management team into Terra Tech, whose robust leadership is capable of executing on high revenue growth and additional accretive acquisitions.”

Unrivaled operates manufacturing and distribution operations in both California and Oregon and dispensaries in California. Unrivaled owns and manages one of the largest distribution networks on the west coast with over 700 in-network dispensaries throughout Oregon and California, into which Unrivaled sells both its own brands and third-party brands across all major categories: flower products, vape cartridges, extracts, and edibles.

Knuettel added, “Following the restructuring of our balance sheet and bringing in new capital in January, this is the first of our anticipated strategic acquisitions building on the foundation formed by my predecessors. Our short-term goal is to become the premier West Coast and Southwest operator of cannabis assets with a focus on brands and dispensaries. Based on our growth trajectories and new operations coming online during 2021, we believe that the combined companies will generate revenues in excess of $70 million in 2021.”

Unrivaled CEO Dallas Imbimbo said, “Over the last two years Unrivaled has brought together some of the most well-respected brands in cannabis with Korova, LTRMN, Sticks, Cabana and The Spot. Terra Tech’s retail and cultivation assets perfectly complement Unrivaled’s modern brand portfolio, sophisticated R&D and state-of-the-art tech stack. Our mission continues to become the leading-edge global cannabis operator, and this merger will accelerate that path significantly. We would like to give a huge thank you to the Unrivaled team for their dedication and relentless pursuit of our goals.”

 


Kaitlin DomangueAugust 10, 2020
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It’s time for your Daily Hit of cannabis financial news for August 10th, 2020.

On the Site

Canopy Growth Still Reporting Elevated Losses

Canopy Growth Corporation (TSX: WEED) (NYSE: CGC) reported first-quarter fiscal 2021 net revenue increased 22% to $110 million. The net loss of $128 million was lower than last year’s net loss by $66 million which the company attributed to the higher revenue and lower SG&A expenses.

In Other News

Terra Tech Reports Lower Gross Margins as it Becomes Vertically-Integrated 

Former retail-only Terra Tech reported a Q2 revenue of $3.5 million. This is down 26% from the same time last year. The company cites the combined impact of COVID-19 and civil unrest, forcing them to close two of their dispensaries for the entire month of June. Terra Tech reported a gross margin of 42.1% compared to 51.4%, with a net loss of $18.18 million. 


William SumnerMay 9, 2019
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It’s time for your Daily Hit of cannabis financial news for May 9, 2019.

On the Site

Cronos Group

Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) reported financial results in Canadian dollars for the first quarter ending March 31, 2019, with net revenue rising 129% to $6.5 million from $2.9 million for the same time period in 2018. The rise in revenue was due to the addition of adult use sales in Canada. Net revenue increased 15% sequentially from $5.6 million in the fourth quarter of 2018.

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Arcadia Biosciences

Just two months after announcing the launch of Arcadia Specialty Genomics™, a new cannabis-dedicated division of agricultural crop improvement, the company has released images of its first crop of sun-grown, Hawaiian hemp. Arcadia’s new cannabis unit, cultivates six Hawaiian hemp strains on its 10-acre Hawaiian facility.

In Other News

Charlotte’s Web Holdings

Charlotte’s Web Holdings, Inc. (CSE: CWEB) (OTCQX: CWBHF) announced the pricing of its previously announced underwritten public offering 7 million common shares at C$20 per share. The offering should raise approximately C$140 million. As the shares are being sold by current shareholders, the company will not receive the proceeds from the offering. The selling shareholders have additionally granted underwriters a 30-day option to purchase another 15% of the common shares offered in the proposed public offering. Canaccord Genuity Corp. will act as the sole bookrunner for the offering.

Alternate Health

Alternate Health Corp., (CSE: AHG) (OTCQB: AHGIF) is looking to expand into Latin America. Today the company announced that it has entered into a joint venture agreement with Oltecate Enterprises, a COFEPRIS-licensed Mexican CBD distributor. Under the agreement the parties will establish a Mexican corporation with the name of Alternate Health Latin America S. de. R. L. de. C.V. (“AHLA”). Alternate Health will own 55% of the company and Oltecate will own 45%. Upon closing, Federico Cabo, owner of Oltecate Enterprises, will receive 1,500,000 common shares of Alternate Health.

Terra Tech

Terra Tech Corp. (OTCQX: TRTC) announced its financial results for the third quarter ending on March 31, 2019. Year-over-year, revenue for the quarter declined from $8.6 million in 2018 to $7.4 million. Management credited the decline in revenue to higher tax levels in the state of California, which depressed sales figures. Nevertheless, the company’s net loss for the quarter also declined, falling from $12.2 million in the first quarter of 2018 to $5.1 million. Likewise, the gross margin grew from 36.2% to 54.4%.

Neptune Wellness Solutions

Neptune Wellness Solutions Inc. (NASDAQ: NEPT) (TSX: NEPT) has signed a definitive agreement to acquire all of the assets of SugarLeaf Labs, LLC and Forest Remedies LLC, a registered North Carolina-based commercial hemp company providing extraction services and formulated products, for $150 million. Included in the acquisition is a 24,000 square foot hemp production facility capable of producing 1.5 million kilograms of hemp annually. Under the agreement, Neptune will pay $12 million in cash and $6 million in common shares upon closing. Depending on the fulfillment of certain milestones, Neptune will pay an additional $132 million over the next three years in a combination of cash and common shares. The transaction is expected to close on or around July 31, 2019.


Debra BorchardtMarch 15, 2019
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Terra Tech Corp. (OTCQX: TRTC) reported that its revenues for the year ending in December dropped to approximately $31.33 million versus last year’s approximately $35.80 million. The company blamed the drop on “the significant level of taxes that the State of California placed on cannabis sales which depressed the overall legal cannabis market.” Terra Tech did not break out its fourth-quarter earnings in the press release.

The company also delivered a 2018 net loss of approximately $39.8 million or $0.56 per share compared to a loss of approximately $32.7 million or $0.71 per share for 2017. Expenses also rose as SG&A for 2018 was approximately $43.30 million versus 2017’s $30.80 million.

“We faced several headwinds in 2018 that slowed our progress and impacted top-line results,” commented Derek Peterson, Chief Executive Officer of Terra Tech. “These challenges included navigating the changing regulations in the State of California, which affected sales from our retail businesses in the state, Blüm Oakland and Blüm Santa Ana. Our capacity to generate wholesale revenues in California was also impacted by the regulations which required us to relocate and upgrade our IVXX™ cannabis production to a new facility, effectively halting production in some months.”

“While these factors created challenges for us in 2018, they also drove us to make investments in cultivation and manufacturing infrastructure that will enable us to scale production and achieve greater IVXX™ distribution in California in 2019. The upgraded facility in Oakland, California is nearly complete and will support a ramp in production starting in Q2 2019. Other initiatives to drive revenue growth in the state include the anticipated launch of a branded delivery system in California, and our plans to establish a pop-up retail experience,” continued Mr. Peterson.

“In conjunction with these growth initiatives, we are also implementing strategies to improve fiscal responsibility and improve our bottom line in 2019. This includes streamlining our operations and headcount to mitigate operational burn and completing an assessment of all our assets to explore opportunities to sell certain lower performing assets and redirect resources into accretive opportunities. This strategy will also allow us to avoid accessing the capital markets for funding in the second half of 2019.

The company had $7.19 million in cash as of December 31, 2018, compared with $5.45 million as of December 31, 2017. The company said it had no short-term debt as of December 31, 2018, and that its long term debt was $18.3 million as of December 31, 2018, compared with $6.6 million as of December 31, 2017.

Following the end of the year, Terra Tech agreed to acquire the remainder of the interest in the Blüm Reno dispensary and the building where the facility is located from Forever Green NV and Forever Young Investments, LLC, affiliates of Heidi Loeb Hegerich. The transfer of those interests is subject to the approval of the Nevada Department of Taxation, which the Company expects to receive in approximately 60-90 days. The company also entered into a settlement agreement with Forever Green, Forever Young Investments and Ms. Hegerich to settle the lawsuit between them and the company.


Debra BorchardtDecember 18, 2018
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6min24810

The war between Terra Tech Corp. (OTC: TRTC) and its investor Heidi Loeb Hegerich is heating up. The first attack began with a lawsuit filed last week by the Reno, Nevada woman claiming fraud. Loeb Hegerich entered into a partnership with Terra Tech and became a co-owner of a Blum dispensary in midtown Reno. Loeb made some 50 different claims in the case and ultimately is unhappy that she hasn’t received any money back from her investment.

Among the claims, she says she contributed $633,156, and Terra Tech has only contributed $513,706, which was not as much as they had originally agreed to invest. Loeb also claims that Terra Tech’s financials weren’t audited properly as the company claimed and that funds were commingled with other joint ventures. The lawsuit notes that in March 2018, Terra Tech’s accounting firm Macias Gini & O’Connell issued an Adverse Opinion on Terra Tech’s internal financial controls.

The 80-page lawsuit goes on to describes various financial mishaps by CEO Derek Peterson and claims that the CFO Michael James has been involved in three companies that resulted in total shareholder wipeouts.

The lawsuit also details numerous bankruptcies by Terra Tech executives, which Loeb claims wasn’t disclosed to her prior to becoming partners. Loeb also claims that Terra Tech has tried to oust her from the company.

Terra  Tech issued a statement on Tuesday after the market closed refuting her claims.

Terra Tech said it will defend itself vigorously against the meritless claims filed in the State of Nevada. The company strongly denies these allegations and would like to highlight that these are only allegations by a business partner which have not been proven. Terra Tech also intends to pursue numerous counter-claims against Ms. Hegerich.

Terra Tech Chairman and CEO, Derek Peterson said, “Far from the image portrayed in recent interviews, Heidi Loeb Hegerich is, in fact, a wealthy, sophisticated investor with a history of disputes with business partners. We reaffirm our commitment to our shareholders to correct any misleading and inaccurate reports and remain committed to providing accurate information to our investors.”

The statement went on to say, “Ms. Hegerich’s lawsuit and recent interviews are an attempt to manipulate Terra Tech into paying money she is not owed. As Ms. Hegerich is well-aware, her allegations ignore the significant investment and expertise required to obtain a license and build out a retail facility. In fact, Terra Tech actually funded over 2.9 times the amount invested by Ms. Hegerich, including buying all of the product inventory to open the location and carrying operating losses until the opening of recreational sales.”

Ms. Hegerich believes the company tried to push her out of the company, but Terra Tech’s point of view is that it offered to purchase her share of the business at a greater than eight times return on her investment within two years.

With regards to the auditing of the company’s financials, Terra Tech said it “Is a publicly traded company audited by one of the largest accounting firms in the US. Additionally, MediFarm I has engaged an independent third-party accounting firm to review the books and records for the Reno business. Any allegations against the Company’s accounting practices are completely baseless in fact or evidence.” Terra Tech also claims that the accounting firm didn’t actually file an Adverse Opinion.

Golden Leaf 

In the middle of this battle of words, Golden Leaf decided against pursuing a potential transaction with Terra Tech as it announced on November 5. Lucky for them it was a nonbinding agreement.

Terra Tech reported that for the last nine months ending September 30, the company reported a net loss of $34 million. The company had revenues of $24 million, but expenses of $25 million.

The company is currently involved in a lawsuit with regards to its subsidiary Edible Gardens and former partners. No doubt expenses will rise for Terra Tech as it fights multiple lawsuits.

 

 


Debra BorchardtDecember 18, 2018
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5min9640

It’s time for your Daily Hit of cannabis financial news for December 18, 2018.

On The Site

Tilray Inc.

Tilray Canada Ltd., a subsidiary of Tilray Inc. (NASDAQ: TLRY) entered into an agreement with Sandoz AG, which is a part of the Novartis group, to increase the availability of high-quality medical cannabis products across the world. In the agreement, Sandoz AG will support the global commercialization of Tilray’s non-smokable/non-combustible medical cannabis products. Tilray and Sandoz AG may co-brand certain non-smokable/non-combustible products. Tilray may supply non-smokable/ non-combustible medical cannabis products and license rights to and from Sandoz AG in relation to such products. Both companies may also partner to leverage best-in-class knowledge to educate pharmacists and physicians about medical cannabis products.

Italy

Competition in Italy is heating up following a slew of major investments from Canadian firms seeking to expand their European cannabis footprint in a burgeoning market.

On December 6, Toronto cannabis investment vehicle Canopy Rivers pumped $17m into CanapaR Italy, an Italy-based organic hemp production and processing platform, taking its total shareholding to 49.9 percent as part of a $25m investment.

TriGrow Systems

MJ is switching its existing, vertically-integrated Denver facilities, as well as enabling its new ones in Las Vegas, to a method powered by TriGrow Systems that will standardize and automate the cultivation process. A combination of custom software and specialized hardware is resulting in consistent results from plants. This customization even extends to proprietary nutrients that are blended for specific strains as well as to optimize plant growth.

In Other News

Terra Tech Corp.

Golden Leaf Holdings Ltd. (CSE: GLH) (OTCQB: GLDFF)  said that it has decided not to pursue a potential transaction with Terra Tech Corp. (OTCQX: TRTC). Golden Leaf and Terra had previously announced the signing of their nonbinding letter of intent on November 5, 2018.

This follows the explosive lawsuit filed last week by a  Reno, Nevada woman who is suing Terra Tech (TRTC) and claiming fraud. Loeb Hegerich became a co-owner of a Blum dispensary in midtown Reno. Loeb claims that Terra Tech’s financials weren’t audited as claimed and that funds were commingled with other joint ventures. In addition, there were numerous other claims about financial misdeeds. Loeb said she hasn’t received any money from the investment.

The lawsuit describes various financial mishaps by CEO Derek Peterson and claims that the CFO Michael James has been involved in three companies that resulted in total shareholder wipeouts.

Terra Tech issued a statement that strongly denies these allegations and said it would like to highlight that these are only allegations by a business partner which have not been proven. The company maintains that, after a full vetting of relevant facts, Terra Tech will be fully vindicated.

MJardin Group, Inc.

MJardin Group, Inc. (CSE: MJAR) announced its first medical cannabis research investment to fund two studies on the benefits of cannabinoids on epilepsy and schizophrenia. Beginning in the first quarter of 2019, the studies will be conducted in Salamanca, Spain for a period of one year, in collaboration with Salamanca University and the Institute of Neuroscience of Castilla y León – two of the leading institutions globally for the scientific research of the nervous system and its diseases.

Weekend Unlimited Inc.

Weekend Unlimited Inc. (CSE: YOLO) announced the appointment of Mr. Paul Chu to the role of President and CEO. As an Executive and Entrepreneur, Mr. Chu brings over 25 years of success across a variety of industries including CBD cannabis, technology, hardware/software, food and beverage, energy, telecommunications, hospitality, and real estate.


Debra BorchardtDecember 17, 2018
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It’s time for your Daily Hit of cannabis financial news for December 17, 2018.

On The Site

New York Legalization

New York State Governor Andrew Cuomo presented his 2019 agenda on Monday morning to the New York Bar Association and it included his plan to legalize adult use cannabis. “Let’s legalize the adult use of recreational marijuana once and for all,” said Governor Cuomo.

During the midterm elections, the New York State government shifted to a Democratic control and it was expected that the new lawmakers would fully legalize cannabis. There have been estimates that legalizing cannabis could bring in an additional $1.3 billion in annual tax revenues with $336 million for New York City alone.

Tilray

Tilray, Inc. (NASDAQ: TLRY  )  has signed a binding letter of intent (LOI) to purchase hemp-derived CBD isolate from LiveWell Canada Inc. (CSE: LVWL), which will be sourced from the United States and Canada.  Hemp CBD is estimated to be a $22 billion market in the U.S. The product will be used for distribution of Tilray-owned wellness and medical products across North America.

LiveWell will supply Tilray with a minimum of 150 kilograms per month of wholesale CBD isolate cultivated and processed from hemp commencing in February 2019, through to July 2019. The amount then increases to a minimum of 300 kg/month for the remainder of the contract, until December 2019. Tilray has the option to increase the amount of CBD supply purchased to 500 kg/month, and there is an additional 12-month renewable option.

In Other News

Terra Tech

A Reno, Nevada woman is suing Terra Tech (TRTC) and claiming fraud. Loeb Hegerich became a co-owner of a Blum dispensary in midtown Reno. Loeb claims to have contributed $633,156, and Terra Tech has only contributed $513,706, which was as much as they had originally agreed to invest. Loeb also claims that Terra Tech’s financials weren’t audited as claimed and that funds were commingled with other joint ventures. In addition, there were numerous other claims about financial misdeeds. Loeb said she hasn’t received any money from the investment.

The lawsuit describes various financial mishaps by CEO Derek Peterson and claims that the CFO Michael James has been involved in three companies that resulted in total shareholder wipeouts. The lawsuit also detail numerous bankruptcies by Terra Tech executives. Loeb also claims that Terra Tech has tried to oust her from the company.

Terra  Tech issued a statement to News 4 in Reno saying, “We are aware of the allegations made by Ms. Loeb-Hegerich. Terra Tech strongly denies these allegations. We remind the public that the allegations in her complaint are just that – allegations by a business partner which have not been proven. We maintain that, after a full vetting of relevant facts, Terra Tech will by fully vindicated.

New Jersey

The New Jersey Department of Health have selected six businesses to apply for new medical marijuana permits. Two were chosen for three portions of the state to make sure patients had access.


Debra BorchardtNovember 5, 2018
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Golden Leaf Holdings (OTCQB:GLDFF) announced it was merging with Terra Tech Corp. (TRTC) after the company reported rising losses in the third quarter. The Canadian-based cannabis company with operations in Oregon, Nevada and Canada delivered quarterly revenues of $5.1 million for Q3 2018, compared to $3.1 million for Q3 2017.

The net loss for Q3 2018 was $5.5 million or $0.01 per share loss, compared with a net loss of $3.2 million or $0.01 per share loss, for Q3 2017. The losses for the quarter increased primarily due to the changes in fair value of biological assets and warrant liability. Adjusted EBITDA for the third quarter of 2018 was a loss of US$2.9 million primarily driven by production costs and operating expenses.

Mr. William Simpson, Chief Executive Officer of Golden Leaf Holdings, commented, “Our third quarter revenue reached yet another record, achieving US$5.1 million, primarily driven by sale of flower in Canada after we received our Canadian Sales license from Health Canada, and seasonal improvements in our Oregon Retail revenue and the addition of two new Retail stores in Oregon when compared to the third quarter 2017. Adjusted EBITDA for the third quarter of 2018 was a loss of US$2.9 million primarily driven by production costs and operating expenses.

Gross profits also fell and were only $0.4 million or 9% of net revenue for Q3 2018, compared with US$0.7 million or 23% of net revenue for Q3 2017. Q3 2018 gross margins decreased primarily due to non-cash valuation of biological assets.

Terra Tech Corp. signed a non-binding letter of intent to merge with Golden Leaf Holdings Ltd.  saying that a wholly owned subsidiary of Terra Tech will amalgamate with Golden Leaf, with the resulting amalgamated corporation being a wholly owned subsidiary of Terra Tech.

Derek Peterson, CEO of Terra Tech, commented, “We are planning to merge with Golden Leaf’s operations because its seed-to-sale business model is complementary to ours, encompassing both the Oregon and Canadian market which represent new markets for us, and touching Nevada where we are focused on gaining market share. Its ‘Chalice Farms’ retail dispensaries are well known and have an excellent reputation in Oregon, and the wholesale side of the business offers diverse, high quality cannabis products for all demographics, which are complementary to our existing wholesale product lines. This transaction, if completed, will create a combined company that will control 41 permits across cultivation, manufacturing, distribution and retail spanning Oregon, California and Nevada, in addition to 21 pending permit applications in multiple jurisdictions throughout the U.S.”

The LOI stated that Golden Leaf shareholders would receive 0.1203 common shares of Terra Tech for each common share of Golden Leaf held.  Terra Tech currently has 79.2 million shares outstanding. As a condition of closing, Terra Tech will be required to list its shares on the CSE.  Listing will be subject to satisfying all of the CSE’s requirements. Upon closing, Derek Peterson will remain in his position as CEO, with William Simpson to become President of the combined company.

As of September 30, 2018, Golden Leaf had approximately $20.1 million in current assets, compared with $11.6 million in current assets at December 31, 2017. The increase is largely because of the bought deal financing which was completed on January 31, 2018,


William SumnerAugust 9, 2018
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5min11440

It’s time for your Daily Hit of cannabis financial news for August 9, 2018.

On the Site

High Times

The longest-running marijuana media company High Times is launching an unfiltered “over-the-top” online streaming-video product called High Times TV. The channel is live now on tv.hightimes.com and available as an app for iOS, Apple TV, Android, and Roku. HTTV  was created in order to give a home to the best cannabis-related videos across the internet. In turn, creators and fans will get a much-needed resource to find entertainment and information that continues to come under fire from traditional outlets that have tried to restrict content featuring marijuana. You may recall that recently, YouTube began deleting Spanish language cannabis related channels.

Canopy Growth Corporation

Canopy Growth Corporation  (CGC) has acquired all of the remaining outstanding shares of its Chilean in-market entity, Spectrum Cannabis Chile SpA . According to the statement, in exchange for Cannagrow SpA’s 15 percent interest in Spectrum Cannabis Chile SpA, Canopy Growth paid cash of US$750,000. Prior to the acquisition, the Company controlled 85 percent of the issued and outstanding shares of Spectrum Cannabis Chile SpA.

In Other News

Terra Tech Corp.

Today, Terra Tech Corp. (TRTC) reported its financial results for the second quarter, ending on June 30, 2018. Revenue for the quarter rose 11% from $7.8 million during the same period in the previous year to $8.7 million. The company’s net loss also rose from approximately $500,000 to $11.4 million. Cash on hand slightly declined, falling from $5.4 million as of December 31, 2017, to $5.2 million. “During the second quarter of fiscal 2018 we focused on both growing topline revenues, which reached $8.7 million for the quarter, and investing in building out infrastructure to support our longer-term growth strategy,” commented Terra Tech CEO Derek Peterson.

The Green Organic Dutchman Holdings Ltd.

The Green Organic Dutchman Holdings Ltd. (TGOD) announced that is has chosen Shopify to build its e-commerce platform for medical cannabis and future recreational cannabis sales. Shopify is slowly becoming one of the leading sources in the cannabis industry for e-commerce solutions. The company has already entered into agreements to build e-commerce platforms for Aurora Cannabis, The Hydropothecary Corporation, and the provincial government of Ontario. “We are pleased to announce this agreement with e-commerce giant Shopify,” said Csaba Reider, President of TGOD. “We see tremendous value in this relationship and Shopify will play an instrumental role in our ability to rapidly scale and provide our premium organic cannabis to global markets.”

Cronos Group Inc.

Cronos Group Inc. announced that it has entered into a supply agreement with Cura Select Canada, Ltd. In terms of revenue, Cura is one of the largest cannabis companies and is best known for its Select Oil and Select CBD brands. Cronos has signed a five year take-or-pay supply agreement in which Cura will purchase a minimum of 20,000 kilograms of cannabis per year from Cronos Growing Company Inc., which Cura will use to develop and manufacture cannabis extracts and products. “We are thrilled to be partnering with one of the cannabis industry leaders in extraction technology and value-added products,” said Mike Gorenstein, CEO of Cronos Group. “This supply agreement is the start to a synergistic collaboration for our newly created entity Cronos GrowCo and through the structure with Cura, is the type of creative and forward-thinking partnership that is at the core of industry-leading infrastructure that Cronos seeks to establish.”

 


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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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