The Daily Hit is a recap of the day’s top business news in the cannabis industry for March 16, 2022.
On The Site
TerrAscend Corp. (CSE: TER) ( OTCQX: TRSSF) reported its financial results for the fourth quarter and full year periods ending December 31, 2021. Net sales in the fourth quarter were $49.2 million as compared to $49.1 million in the third quarter and $49.6 million for the same time period last year. The net loss was $5.9 million versus last year’s net loss of $94 million. TerrAscend said the loss was mainly related to a one-time loss of $3.3 million in lease termination fees, $6.9 million of finance and other expenses, $6.9 million of accrued income taxes, and $2.0 million of transaction costs mostly related to the Gage acquisition. These expenses were partially offset by a $14.4 million non-cash gain on fair value of warrant liability. Read more here.
Law360 reported that federal prosecutors on Monday unsealed the indictment against a Russian tycoon accused of making illegal political contributions in support of a cannabis venture, claiming that he made the donations in the names of straw donors. According to the Justice Department, the group hoped that the donations to certain candidates would help Muraviev and his business partners win the coveted cannabis and marijuana licenses. Read more here.
Mind Cure Health Inc. (CSE: MCUR) (OTCQX: MCURF) announced that it is shutting down after determining it can’t raise the money it needs to continue. The stock stopped trading when the news was announced but did resume after a few hours and fell by 38%. Mind Cure said it will cut all of its C-suite executives and employees, other than its Chief Financial Officer, Vice President of Engineering and certain administrative staff required to wind-down the company’s operations and for limited care and maintenance of the company; and halt all non-committed expenditures related to the development and marketing work of its iSTRYM product, the research and development related to its synthetic ibogaine program, and the research and development related to its Desire Project. Mr. Philip Tapley, the Chair of the Company’s board of directors, will assume the role of the Company’s interim CEO. Read more here.
In Other News
Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) launched its nationwide Supplier Diversity Initiative. The initiative provides education and professional development resources, while creating mutually beneficial business relationships with a supplier base reflective of the customers and communities Trulieve serves. Read more here.
Raw Garden, the Santa Barbara based premier cannabis brand is expanding into an entirely new product category with the launch of infused cannabis joints. These 100% pure cannabis joints are infused with micronized refined live resin crushed diamonds, and will be available for purchase at dispensaries across California soon.