The Daily Hit: October 12, 2022

The Daily Hit is a recap of cannabis business news for Oct. 12, 2022.

ON THE SITE

SNDL Agrees to $7 Million IPO Settlement

A settlement has been reached in the case of cannabis company Sundial Growers, which now calls itself SNDL (OTC: SNDL). The $7 million settlement is the result of a class action suit that was led by David Draiman, singer for the heavy metal band Disturbed, which accused SNDL of not disclosing a product mold issue ahead of its $143 million initial public offering. Read more here.

Cannabis Rescheduling Discussion Moves Behind Closed Doors

President Joe Biden’s surprise order last week that two of his biggest federal agencies “expeditiously” undertake a review of marijuana’s illegality as a Schedule 1 controlled substance provided more questions than answers for many in the cannabis trade. Green Market Report spoke with the Brookings Institution’s John Hudak to learn more about what Biden’s legal options are for rescheduling – or descheduling – cannabis. Read more here.

TerrAscend Closes $45.5 Million in Debt Financing

TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF), along with its subsidiaries in New Jersey and Maryland, closed a $45.5 million debt financing agreement with commercial real estate lender Pelorus Equity Group. Proceeds from the loan will support TerrAscend’s ongoing growth initiatives. Read more here.

IN OTHER NEWS

Ayr Wellness

Ayr Wellness (CSE: AYR.A) (OTC: AYRWF), a vertically integrated U.S. multistate cannabis operator, has named consumer packaged goods and retail industry veteran David Goubert to serve as president to oversee the company’s operational and commercial functions, including production, supply chain, retail, wholesale, and marketing. Read more here.

California crackdown on illicit cannabis farms

California eradicated nearly one million illegally cultivated cannabis plants and the seizure of more than 200,000 pounds of illegally processed cannabis as part of the California Department of Justice’s annual Campaign Against Marijuana Planting program. Read more here.

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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


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