The Daily Hit is a recap of the top cannabis business stories for April 14, 2022.
ON THE SITE
The Valens Company
After the market closed on Wednesday, The Valens Company Inc. (TSX: VLNS) (Nasdaq: VLNS) reported its first quarter fiscal year 2022 financial results for the period ending February 28, 2022. Valens reported that net revenue increased 26.1 percent sequentially to $23.2 million in the first quarter from $18.4 million in the fourth quarter. Read more here.
Lantern, NY Incubator Program
New York Cannabis Project (NYCP) is a social equity incubator program launched by e-commerce marketplace and home delivery platform, Lantern. NYCP is currently accepting the first round of applications for its incubator program. Read more here.
Publicly Funded Psychedelics
Public funding for new mental health discoveries that can change the lives of millions of Americans for good? In a word: Absolutely. Over the last three years, clinical trials of psilocybin and MDMA psychedelics assisted therapy in particular have demonstrated their value in treating various mental health conditions. Read more here.
IN OTHER NEWS
TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF), a North American cannabis operator today announced that it has entered into a definitive agreement to acquire KISA Enterprises MI, LLC and KISA Holdings, LLC (“Pinnacle”), a dispensary operator in Michigan, and related real estate, for total consideration of $28.5 million. The Transaction is expected to be immediately accretive to TerrAscend on both a Sales and EBITDA basis. Read more here.
MATTIO Communications, Oak PR
MATTIO Communications, a cannabis marketing services firm, today announced the launch of White Oak Communications, LLC (“Oak PR”), a CPG-focused sister agency. Led by industry veteran Drew Tybus, the independently run agency will focus on food & beverage and consumer goods brands to craft and execute custom marketing and communications campaigns. Read more here.
MariMed, Inc. (OTCQX: MRMD), a multi-state cannabis operator today announced that the Maryland Medical Cannabis Commission (MMCC) has approved the transfer of 100 percent of the ownership of Kind Therapeutics U.S.A., LLC, a vertically integrated cannabis business to MariMed Inc. Read more here.
A team of ESG, enterprise software, supply chain operations, and logistics experts today introduce Backbone, the first and only supply chain mesh network. Backbone is a fully configurable supply chain platform that lets operators spot and address breakdowns in real-time, using a mesh network approach that helps companies weather volatility and scale. Read more here.
Terranueva Corporation (CSE: TEQ) is pleased to announce the results of its annual and special meeting of shareholders held on April 14, 2022. The shareholders approved, by a majority of votes, a resolution to elect the following directors: Sylvain Aird, Marc-André Aubé, Marianne Fortier-Landry, Gérard Landry, Jean-Luc Landry, Peter Polatos and Sylvain Tremblay. Read more here.