It’s time for your Daily Hit of cannabis financial news for September 17, 2019.
On The Site
CBD & FDA
According to the U.S. Hemp Roundtable, Majority Leader Mitch McConnell (R-KY) introduced language on the Agriculture Appropriations bill that would require the FDA to issue formal “enforcement discretion” on the sale of hemp CBD products. The FDA had suggested it would take them 3-5 years to decide on rules and regulations for CBD.
The group’s website posted that the US Senate Appropriations Subcommittee on Agriculture will “mark up” language submitted by Senator McConnell that would require the FDA to formally stand down on any enforcement of its troublesome anti-CBD guidance.
Plus Products Inc. (CSE: PLUS) (OTCQX: PLPRF) is kicking off a nationwide launch of its 100% hemp-derived CBD line and entertainer John Legend is partnering with the company. The celebrities joining the cannabis industry are getting bigger and brighter by the day.
“I have been a believer in the benefits of CBD for some time,” stated Legend. “I was drawn to the PLUS team because they’re an innovative, family-run company, and they use science to deliver a consistent, high-quality product. I appreciate that they’re committed to setting a high standard within an industry that has to date been fairly unregulated.”
TerrAscend Corp. (CSE: TER)(OTCQX: TRSSF) has closed on its previously announced acquisition of Pennsylvania-based Ilera Healthcare, one of five permitted vertically-integrated cannabis cultivator, processor, and dispensary operators in the state. The company also reaffirmed its 2019 guidance of revenue in excess of C$141 million, which includes a contribution from the Ilera transaction and pending disclosed transactions, as previously announced on August 22, 2019.
“As one of only 5 holders of Super Licenses in a limited license state with approximately 13 million people, Ilera is an ideal partner for TerrAscend to enter the Pennsylvania market with,” said Matthew Johnson, President of TerrAscend Corp., and TerrAscend USA, Inc. After the close of this acquisition, TerrAscend’s licensed cannabis footprint expands to four U.S. states, in addition to its global reach into Canada and Europe.