The Daily Hit: December 21, 2020 - Grow Life 420

The Daily Hit: December 21, 2020

December 28, 2020

#KahliBuds #MMJ #CBD #THC

It’s time for your Daily Hit of cannabis financial news for December 21, 2020.

On the Site

Canopy Rivers

Canopy Rivers Inc. (TSX: RIV) (OTC: CNPOF) has entered into an agreement with Canopy Growth Corporation (NASDAQ: CGC) in which Rivers will transfer three portfolio assets to Canopy Growth in exchange for $115 million in cash and 3,750,000 common shares of Canopy Growth and the cancellation of all 36,468,318 Multiple Voting Shares and the 15,223,938 Subordinate Voting Shares of Rivers held by Canopy Growth.

In doing so, Rivers will receive significant additional cash resources, which the company said would enable it to pursue opportunities in the global cannabis market, including the United States. With this money added to its coffers, Canopy Rivers will have $243 million on hand. The company said it believes that its significant cash position and single-class share structure will make it an attractive transaction partner for cannabis operators, including those in the U.S., looking for access to capital and a path to liquidity.

Gifts

The Post Office is backed up, mall Santas far and wide are doling out Christmas cheer from inside plastic bubbles, and the conundrum of what to gift someone who has quite likely been through one of the hardest years of their life (spoiler: that’s almost all of us) are making holiday shopping a real conundrum this year. According to a new consumer poll conducted by vertically integrated cannabis and hemp company Glass House Group, a significant number of customers will be rising to the Covid Christmas challenge by giving the gift of cannabis.

Edibles

With every passing day and every new bit of legislation passed, more products containing CBD hit the shelves. Word is out that cannabinoids have real and lasting benefits, particularly when it comes to troubleshooting some of the most persistent maladies plaguing consumers today, including anxiety, insomnia, and pain. Word is also out that not all CBD products are created equal, and that the potency promised on packaging may not be an accurate reflection of the product within. According to the CBD Edibles Market Report (resulting from a collaboration between Leafreport and their partner lab Canalysis, this issue is particularly pronounced when it comes to edibles.

USP

The U.S. Pharmacopeia (USP) has decided to bring cannabis back into the fold and has provided guidelines for labs and cultivators around the globe to utilize to help provide consumers with quality cannabis products.  “There is a critical and growing need for the scientific articulation of quality attributes for cannabis and related products to help protect patients and consumers from harm. As more products become available and sourced more broadly, and states continue to adopt initiatives allowing the use of cannabis for medical purposes, potential exposure to and associated risk of harm from contaminated, substandard, or super potent products is increasing and we must do what we can to mitigate that risk,” said Jaap Venema, Ph.D., Chief Science Officer at USP.

In Other News

Ilera Healthcare

CapStone Holdings, a business incubator and investment group, today announced a $25 million investment in TerrAscend’s Ilera Healthcare Division, a vertically-integrated medical marijuana cultivator, processor, and dispensary operator in Pennsylvania.

CapStone is one of a group of investors in a $120 million loan facility to enable Ilera’s parent company – TerrAscend Corp. (OTCQX: TRSSF) – to satisfy the final Ilera Healthcare earn-out payments, in connection with TerrAscend’s acquisition of Ilera Healthcare, without the need for additional external funding.

Ilera’s cultivation and processing facility in Waterfall, PA, includes an extensive genetic library and features a greenhouse and a double-stacked indoor grow facility for optimal growth. Since being acquired by TerrAscend in 2019, Ilera has opened additional dispensaries and seeks to continue the expansion of sales of its concentrates, tinctures, and topicals among Pennsylvania’s medical cannabis dispensaries.

Terra Tech

Terra Tech Corp. (OTCQX: TRTC) announced the appointment of Mr. Frank Knuettel II as its new Interim Chief Executive Officer and President, in concert with the announcement of Mr. Uri Kenig as its new Interim Chief Operating Officer. Mike Nahass, former CEO, President, and Chief Operating Officer, will remain in the Company as Vice President of Operations as well as a Director.

Acreage

Acreage Holdings, Inc. (OTCQX: ACRDF, ACRHF) today announced it filed restated unaudited interim financial statements for the three and nine-month periods ended September 30, 2020 and corresponding amended management’s discussion and analysis. The recognition of this liability resulted in a US$6.0 million increase to total net loss, consisting of a US$1.2 million increase to a net loss attributable to non-controlling interests and a US$4.8 million increase to a net loss attributable to the company for both the three month and nine-month periods ended September 30, 2020, along with corresponding increases to accrued liabilities. It was also determined that additional losses from legal settlements totaling approximately $8.2 million should be included within Operating Expenses as part of Losses from Legal Settlements, rather than as a component of Other Loss, Net.

The post The Daily Hit: December 21, 2020 appeared first on Green Market Report.



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Staff, KahliBuds, 420GrowLife

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