The Daily Hit is a recap of cannabis business news for August 24, 2022.
ON THE SITE
TerrAscend Acquires Michigan Chain For $28.5 Million
TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF) completed its acquisition of Michigan dispensary chain Pinnacle Emporium from KISA Holdings, LLC, for $28.5 million. The purchase price will be a combination of cash and two promissory notes in an aggregate amount of $10 million and stock. Read more here.
Chalice Drops Truth Bomb
In a fairly depressing letter to shareholders, Oregon-based Chalice Brands (OTC: CHALF) dropped a truth bomb about the industry’s woes. The letter starts out nice enough. It talks about the progress made in the number of states that have legalized cannabis even if the Federal government has chosen to stay on the sidelines and keep it registered as a schedule 1 drug. Read more here.
4 Cannabis Companies That Pay Dividends
Instead of just spending money on cannabis, let it make you some money. There are a handful of cannabis stocks that actually pay dividends. So while you do spend some money upfront to buy the stocks, you can then watch the checks roll in every quarter as dividends get paid. Read more here.
LSD Compound Promotes Brain Growth, Study Finds
A new study from BetterLife Pharma (CSE: BETR, OTCQB: BETRF) showed that a compound drawn from LSD promotes brain growth. The findings provide new evidence of the chemical’s therapeutic ability to treat depression and other mental-health disorders. Read more here.
Why Athletes Are Turning to Psychedelics
The body of research on how psychedelics can affect athletes is expanding – and so is usage of the substances. Professional athletes often are willing to try anything for better opioid-free wellness and sports performance, and more of them are willing to admit it publicly. Read more here.
Hamptons Cannabis Expo 2022
Every year when summer is just about to end, New Yorkers can head out to Long Island for the Hamptons Cannabis Expo. This year as New York inches closer to full legalization, many were excited about the upcoming market, but some also expressed frustration about the amount of time it is taking. Read more here.
IN OTHER NEWS
MJ Holdings Inc.
MJ Holdings Inc., a cannabis holding company, today announced it has been awarded “penny stock exempt” status on www.otcmarkets.com in accordance with rules established by the U.S. Securities and Exchange Commission. This means shares of MJ Holdings Inc common stock are no longer subject to limitations associated with “penny stocks” (stocks selling for less than $5.) Read more here.
Hydrofarm Holdings Group, Inc., The Agricultural Gas Company
Hydrofarm Holdings Group, Inc. (Nasdaq: HYFM), a manufacturer and distributor of equipment and supplies for controlled environment agriculture, today announced that it has entered an exclusive distribution agreement with The Agricultural Gas Company, supplier of advanced CO2 enrichment solution for commercial cultivators. Read more here.
Pure Harvest Corporate Group, Inc.
Pure Harvest Corporate Group, Inc. (OTC: PHCG), a vertically integrated consumer products holding company focused on plant-based nutraceuticals, recreational cannabis, hemp-derived health and wellness products, and other emerging industries, today announces a positive corporate event has resulted in a significant reduction in corporate debt. Read more here.
The Hempshire Group, Inc.
The Hempshire Group, Inc. (TSXV: HMPG) is a California-based non-tobacco and non-nicotine smokable alternatives company that formulates and sells its own proprietary brand of cannabidiol hemp smokes. Hempshire recently commenced trading on the TSX Venture Exchange and today provided an overview of the company and its strategic initiatives to support growth in 2022 and 2023. Read more here.
AdvisorShares, a sponsor of actively managed exchange-traded funds (ETFs) and cannabis fund manager, today announced that the AdvisorShares MSOS 2x Daily ETF (Ticker: MSOX) will begin trading today. Read more here.
Rainbow Realty Group
Rainbow Realty Group, LLC and its affiliates announced closing a loan cross-collateralized by 9 properties in Sacramento, CA. At the properties there are 13 tenants, of which 12 are licensed cannabis operators. License-types include: 3 operating dispensaries, 2 dispensaries in development, 2 cultivators, 2 manufacturers, 2 delivery businesses, and a microbusiness. Read more here.
Needham Bank, Bostica, LLC
Needham Bank, a financial institution in Massachusetts that provides marijuana banking, announced it has closed a cannabis business loan to Bostica, LLC, a cannabis cultivator and manufacturer of cannabis products. Bostica will use the financing to complete the construction of their 60,000-square-foot cannabis cultivation and manufacturing facility in Lynn, Massachusetts. Read more here.