Debra BorchardtJuly 14, 2023
Morgan Stanley removed TerrAscend from its restricted list.
TSX Archives - Green Market Report
Debra BorchardtJuly 14, 2023Debra BorchardtJuly 11, 2023
The company will remain listed on the Nasdaq and the Tel Aviv Stock Exchange.
Debra BorchardtJuly 4, 2023
In conjunction with the new listing, the company was delisted from the Canadian Securities Exchange.
Adam JacksonJune 28, 2023
The company once had a multibillion-dollar market cap.
Adam JacksonJune 21, 2023
The company will provide more information once the TSX confirms the commencement date for trading.
Debra BorchardtApril 21, 2023
TerrAscend Corp. (CSE: TER) (OTC: TRSSF) decided to celebrate 420 by filing its preliminary proxy statement with the U.S. Securities and Exchange Commission in its next step to listing on the Toronto Stock Exchange (the TSX). While the company had hoped to time the release at 4:20pm, it managed to post the notice at 5:30pm. Shareholders will first have to approve the proposed transaction, which is expected, and the listing would come shortly thereafter. The meeting is scheduled for June 22, 2023 and the proposal requires approval by 66 2 ⁄3% of the votes cast.
In addition to the filing, TerrAscend also announced that it increased its ownership interest in Cookies Retail Canada Corp. to 95% of the issued and outstanding shares.
“We continue to make progress on our strategy to list on the TSX. Assuming the proposed reorganization is approved by our shareholders and the TSX grants approval for the listing of TerrAscend’s common shares, we should be in a position to commence trading on the TSX shortly thereafter. We are grateful to the TSX for their leadership and collaborative work in helping to create this opportunity for TerrAscend and its stakeholders,” said Jason Wild, Executive Chairman of TerrAscend.
Reorganization
In order for the company to list on the TSX, TerrAscend has to reorganize businesses internally. The TSX will not allow companies doing business with U.S. cannabis to list on the exchange since cannabis remains a federally illegal drug. TerrAscend Growth Corp. (formerly Gage Growth Corp.), a wholly owned subsidiary of TerrAscend entered into a subscription agreement with an investor who has subscribed for $1 million of class A shares of TerrAscend Growth. Once that investment closes and if the corporation satisfies the listing and regulatory requirements of the TSX and obtains TSX approval, TerrAscend expects that the TSX Listing will occur shortly thereafter.
TerrAscend currently holds Class B shares of TerrAscend Growth, representing 100% of the issued and outstanding shares of TerrAscend Growth. In accordance with the TerrAscend Growth articles, such Class B Shares will automatically, without any action on behalf of TerrAscend, be exchanged for non-voting non-participating exchangeable shares of TerrAscend Growth immediately upon issuance of the Class A Shares to the investor and the closing of the investment in order to sever the company’s Canadian cannabis operations and interests from its U.S. cannabis operations and interests that are held through TerrAscend Growth.
The filing noted that “TerrAscend Growth will hold a call right to repurchase all of the Class A Shares issuable to the Investor and the Investor will be granted the right to appoint a director to the TerrAscend Growth board of directors and a put right that is exercisable at any time following the five-year anniversary of the closing of the Investment.”
Cookies
As part of the company’s overall Canadian strategy, TerrAscend increased its ownership interest in Cookies to 95% of the issued and outstanding shares and such ownership interest will be transferred to TerrAscend Canada in order to sever its Canadian cannabis operations and interests from its U.S. cannabis operations and interests. Following the TerrAscend Canada Transfer, TerrAscend will own (i) indirectly through TerrAscend Canada, the Canadian cannabis business, including the Cookies retail cannabis business as well as TerrAscend’s intellectual property portfolio, and (ii) through TerrAscend Growth, all of the U.S. cannabis interests.
Debra BorchardtApril 11, 2023
From advertising on Twitter to opening doors for European investors, the cannabis industry has opportunity for optimism.
Adam JacksonMarch 27, 2023
The stock has slumped to 68 cents since hitting $150 five years ago.
Adam JacksonDecember 1, 2022
Cannabis giant Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF) laid off around 220 of its employees ahead of the Thanksgiving holiday, Business Insider first reported.
In a statement to the outlet, Curaleaf declined to say which department the cuts occurred within, though said the cuts were “a part of an effort to control costs and drive efficiencies in the face of economic uncertainties ahead.”
“I don’t like having to deliver this news, and we haven’t reached this decision easily,” Curaleaf CEO Matt Darin wrote to employees in a company-wide email, which was reviewed by Business Insider. Darin noted in the email that the company has been engaged in talks with unionized employees at affected Curaleaf locations.
The news comes does not come as much of a surprise, as Curaleaf has seen slowing growth this year amid a broader slowdown in the global economy and lulled efforts regarding U.S. federal legalization.
In a Nov. 7 earnings call, founder and chairman Boris Jordan told investors that management is “acutely aware of the economic conditions our customers are navigating.”
“As such, we are taking appropriate actions to ensure we continue driving growth and margin expansion next year, irrespective of the economic climate,” Jordan said at the time.
Curaleaf’s most recent earnings showed crimping margins and rising losses despite the company eking out on revenue expectations.
CEO Matt Darin said during the call that the company is “comfortably transitioning from the asset accumulation phase to the asset optimization phase in our evolution. Importantly, we are at this juncture by choice, not market force.”
William SumnerApril 29, 2019
It’s time for your Daily Hit of cannabis financial news for April 29, 2019
On The Site
Aleafia Health
Aleafia Health Inc. (TSX: ALEF) (OTC: ALEAF) reported that its 2018 total revenue was $3.3 million versus zero in 2017. The pro-forma combined Aleafia Health and Emblem revenues in 2018 were $11.3 million an increase of 327% over a combined Aleafia Health and Emblem 2017 revenues of $2.7 million. Still, the company delivered a net loss from operations in 2018 of $9.7 million.
Canopy Growth
Canopy Growth Corporation (TSX: WEED) (NYSE: CGC) announced a key milestone in establishing its Hemp Industrial Park in the Southern Tier region of New York State. It has secured a 308,000 sq. ft. facility on a 48-acre property in Kirkwood, NY. The company said that design development would begin immediately with construction expected to start this summer.
Origin House
Canada-based Origin House (once known as CannaRoyalty Corp.) (CSE: OH) (OTCQX: ORHOF) reported its fourth quarter and year-end results ending in December 2018 in Canadian dollars. The fourth quarter saw revenues of $7.9 million an increase of 638% over last year’s $1.1 million for the same time period. The net loss for the quarter was $6.1 million.
In Other News
Charlotte’s Web Holdings
Charlotte’s Web Holdings Inc. (CSE: CWEB) (OTCQX: CWBHF) has a new CEO. The company announced today that Adrienne “Deanie” Elsner would sign on as its Chief Executive Officer effective May 15, 2019. Elsner previously served as President of Kellogg’s $3 billion Snack Business Unit. Before joining Kellogg, Elsner worked at the Kraft Foods Company and held various leadership positions, including Executive Vice President and Chief Marketing Officer. Elsner was also named by Forbes as one of the 50 Most Influential Global CMOs. “Deanie’s appointment is timely and aligns perfectly with our corporate evolution from the early stage organization we were just two years ago into a professionally managed public company with top-tier executive talent,” said Hess Moallem, current President and CEO of Charlotte’s Web. Moallem will stay on with the company in an advisory position.
New Leaf Data Services
New Leaf Data Services (NLDS), and the Cannabis Mercantile Exchange (Cannamerx) have signed a data-sharing agreement, upon which Cannamerx will provide NLDS with real-time data generated by its international cannabis and hemp trading platform. NLDS will incorporate the platform into its Cannabis Benchmarks® and Hemp Benchmarks® wholesale price assessments. NLDS will help Cannamerx market its international wholesale cannabis & hemp products auction platform, which includes informing its business partners and subscribers about the benefits of using Cannamerx platform. “We are pleased to have entered into this agreement with Cannamerx, which will expand and deepen the wholesale pricing data that is the foundation for our institutional grade Cannabis Benchmarks and Hemp Benchmarks,” commented NLDS CEO Jonathan Rubin.
Cannara Biotech
Cannara Biotech (CSE: LOVE) (FRA: 8CB) has announced its financial results for the three month and six-month periods ended February 28, 2019. Cannara ‘s revenue for the three-month period was $518,438 and for the six-month period was $1,036,881. The net loss for the three month period was $4,011,926 or $0.01 loss per share. The net loss for the six-month period was $6,317,152 or $0.01 loss per share. The company also raised $37,375,268 via private placement in exchange for 207,640,375 common shares. “Financially, Cannara is very solid, with all costs associated with Phase one construction fully funded and most stabilized operating costs offset by lease revenue,” said Lennie Ryer, CFO of Cannara. “Built for the long run, the next few quarters will be eventful as we complete construction and advance towards the goal of ongoing revenues from our state-of-the-art production and processing facility.
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