The Daily Hit: August 19, 2021

It’s time for your Daily Hit of cannabis financial news for August 19, 2021.

On The Site

TerrAscend

TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF) reported its financial results for the second quarter period ending June 30, 2021 as revenues increased 72% to $58.7 million over last year’s $32.4 million. Sales grew 10% sequentially over the first-quarter sales of $53.4 million. TerrAscend reported a net loss of $23 million, which the company said was largely impacted by a non-cash loss on the fair value of warrants of $20 million, a non-cash impairment of intangibles of its Arise Bioscience CBD division of $8.6 million, and an unrealized foreign exchange loss of $3 million primarily related to USD cash balances held in Canada.

Trademark

As the cannabis industry matures, companies are demonstrating the will to fight for patents and trademarks. Since the industry was born of one that operated mostly illegally, many companies operated with the idea that “rules are made for breaking.” That idea is being tested as entrepreneurs are losing patience with broken deals and copycat issues. Apparently, imitation is not the highest form of flattery. 

In Other News

Flora Growth Corp. (NASDAQ:FLGC) reported selected financial and operating results for the six-month period ending June 30, 2021. Flora Growth generated revenues of +$2M with a gross profit of 60% (unaudited), as compared to revenues of ~$100K for 2020. The operating expenses for the first half were $6M, yielding a net loss of $4M (unaudited). However, these results were heavily affected by almost $3M of one-time IPO related expenses (unaudited). 

Weedmaps announced today a multi-year agreement with Kevin Durant and Thirty Five Ventures as well as a sponsorship deal with Boardroom. As part of Weedmaps’ mission to power a transparent and inclusive global cannabis economy, this strategic partnership will aim to further deconstruct the negative stereotypes associated with cannabis while elevating the conversation around the plant’s potential for athlete wellness and recovery.

Leave a Reply

Your email address will not be published. Required fields are marked *

Don't Miss This Week's Groundbreaking News

Join the thousands of subscribers who stay informed with GMR's exclusive news briefs delivered directly to your inbox every Friday afternoon.

We respect your privacy. See our privacy policy.


About Us

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


READ MORE



Recent Tweets

@GreenMarketRpt – 3 hours

New Report from ⁦@headset_io⁩ Says Medical Cannabis Consumers Spend More. New story from ⁦@julsaitch⁩

@GreenMarketRpt – 4 hours

Yowza. Be careful when investing in crowdfunding deals. SEC files complaint against CEO and others for…

@GreenMarketRpt – 6 hours

GMR co-founders and celebrating 4 years of entrepreneurship. It’s been a wild and crazy…

Back to Top