olivernoyes
1 year ago
TORONTO, Aug. 01, 2023 (GLOBE NEWSWIRE) -- TerrAscend Corp. (“TerrAscend” or the “Company”) (TSX: TSND) (OTCQX: TSNDF), a leading North American cannabis company, today announced preliminary and unaudited financial results for its second quarter ended June 30, 2023. All amounts are in U.S. dollars.
Based on a preliminary and unaudited review, the Company anticipates:
Net Revenue of $72.1 million, an increase of 12.7% year-over-year and 3.9% sequentially
Gross Profit Margin increased to 50.2% compared to 48.8% in Q1 2023 and 37.5% in Q2 2022
Additionally, the Company expects Net Revenue and Adjusted EBITDA from continuing operations1 for full year 2023 will be at least $305 million and $58 million, respectively, representing year over year growth of 23% in Net Revenue and 49% in Adjusted EBITDA from continuing operations1.
“We are pleased to deliver results in the second quarter that exceeded our internal forecasts. This team has accomplished a tremendous amount in recent months. We have significantly improved our margins, transformed our balance sheet, materially lowered our interest expense, achieved positive cashflow, acquired four dispensaries in Maryland, and successfully listed on the TSX, all while driving sector leading revenue growth,” stated Jason Wild, Executive Chairman of TerrAscend. “These achievements bolster our confidence in the remainder of the year. As evidenced by today’s guidance, we expect significant growth in revenue and profitability as we realize the benefit of our now vertically integrated operations in Maryland as well as continued strong execution in our other geographies.”
1Adjusted EBITDA from continuing operations is a non-GAAP measure. Please see discussion of non-GAAP measures at the end of this press release. TerrAscend is not able, at this time, to provide a reconciliation of Adjusted EBITDA for full year 2023 to net (loss)/income from continuing operations because of the unreasonable effort of estimating on a forward-looking basis certain items that are excluded from Adjusted EBITDA from continuing operations, including, for example, certain material non-cash items such as inventory write downs outside of the normal course of operations, share based compensation expense, impairment charges taken on goodwill, intangible assets and property and equipment, the gain or loss recognized on the revaluation of our contingent consideration liabilities, one-time write off of accounts receivable related to one customer that was deemed uncollectible, loan modification fees related to the modification of debt, the gain recognized on the extinguishment of debt, the gain or loss recognized on the remeasurement of the fair value of the U.S denominated preferred share warrants, one time fees incurred in connection with acquisitions and certain other adjustments management believes are not reflective of the ongoing operations and performance, the effect of which may be significant. The outlook for full year 2023 provided above is forward-looking in nature. Actual results may differ materially. See the cautionary note regarding “Forward-Looking Information” below.
Conference Call Details:
The Company will report its full financial results for the second quarter ended June 30, 2023 on Thursday, August 10, 2023 after market close. Management will host a conference call the same day at 5:00 p.m. Eastern Time to discuss its financial results for the second quarter 2023.
Date: Thursday, August 10, 2023
Time: 5:00 p.m. Eastern Time
RapidConnect URL: https://emportal.ink/44mrcy0
Webcast: Click Here
Dial-in Number: 1-888-664-6392
Conference ID: 98441769
Replay:
416-764-8677 or 1-888-390-0541
Available until 12:00 midnight Eastern Time Thursday, August 24, 2023
Replay Entry Code: 441769#
https://www.globenewswire.com/news-release/2023/08/01/2715882/0/en/TerrAscend-Preannounces-Strong-Second-Quarter-2023-Revenue-and-Gross-Margins-and-Provides-Full-Year-Guidance.html
olivernoyes
1 year ago
TORONTO, June 30, 2023 (GLOBE NEWSWIRE) -- TerrAscend Corp. (“TerrAscend” or the “Company”) (CSE: TER) (OTCQX: TRSSF), a leading North American cannabis operator, today announced the closing of its previously announced acquisition of Hempaid, LLC (d/b/a “Blue Ridge Wellness”), a medical dispensary in Maryland. The transaction expands TerrAscend’s footprint to three dispensaries in the state. Blue Ridge Wellness is well positioned to achieve substantial sales growth following the commencement of adult-use sales in Maryland on July 1, 2023. This transaction is expected to be immediately accretive to TerrAscend on an EBITDA and cashflow basis.
Blue Ridge Wellness, a medical dispensary located in Parkville, Maryland, is on a revenue run rate of approximately US$4.3 million. TerrAscend expects to achieve significant sales and margin improvement at this location with the launch of adult-use and by offering a complete selection of its high-quality brands including Kind Tree, Gage, Cookies and Wana. The Company has plans to relocate this dispensary to a new, larger storefront it has already secured. This 3,900 square foot prime location is conveniently located near the White Marsh Mall, a high-traffic retail center. The Company expects to complete the relocation of Blue Ridge in the next six months. With the close of the Transaction, TerrAscend’s retail footprint increases to 36 dispensaries nationwide.
“Adding a third dispensary in Maryland is an important step in our strategy to become a market leader in the state. We anticipate that Blue Ridge, combined with our other Maryland dispensaries, will drive substantial revenue growth and profitability for TerrAscend, even prior to our scheduled move to a prime location later this year. With less than a day until the launch of adult-use in Maryland, we are focused on reaching the four-dispensary cap as our northeast business unit will soon be operating in Maryland under the same successful business model we built in New Jersey,” said Jason Wild, Executive Chairman of TerrAscend.
The CSE has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
About TerrAscend Corp.
TerrAscend is a leading cannabis company with interests across the North American cannabis sector, including vertically integrated operations in Pennsylvania, New Jersey, Maryland, Michigan and California through TerrAscend Growth Corp. and retail operations in Canada. TerrAscend Growth operates The Apothecarium and Gage dispensary retail locations as well as scaled cultivation, processing, and manufacturing facilities in its core markets. TerrAscend Growth’s cultivation and manufacturing practices yield consistent, high-quality cannabis, providing industry-leading product selection to both the medical and legal adult-use markets. The Company owns or licenses several synergistic businesses and brands including Gage Cannabis, The Apothecarium, Cookies, Lemonnade, Ilera Healthcare, Kind Tree, Legend, State Flower, Wana, and Valhalla Confections. For more information visit www.terrascend.com.
Caution Regarding Cannabis Operations in the United States
Investors should note that there are significant legal restrictions and regulations that govern the cannabis industry in the United States. Cannabis remains a Schedule I drug under the US Controlled Substances Act, making it illegal under federal law in the United States to, among other things, cultivate, distribute, or possess cannabis in the United States. Financial transactions involving proceeds generated by, or intended to promote, cannabis-related business activities in the United States may form the basis for prosecution under applicable US federal money laundering legislation.
While the approach to enforcement of such laws by the federal government in the United States has trended toward non-enforcement against individuals and businesses that comply with medical or adult-use cannabis programs in states where such programs are legal, strict compliance with state laws with respect to cannabis will neither absolve TerrAscend of liability under U.S. federal law, nor will it provide a defense to any federal proceeding which may be brought against TerrAscend. The enforcement of federal laws in the United States is a significant risk to the business of TerrAscend and any proceedings brought against TerrAscend thereunder may adversely affect TerrAscend's operations and financial performance.
Forward Looking Information
This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this press release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe”, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment, and the availability of licenses, approvals and permits.
Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to, the risk factors set out in Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the Securities and Exchange Commission on March 16, 2023.
The statements in this press release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether, as a result of new information, future events, or results or otherwise, other than as required by applicable securities laws.
For more information regarding?TerrAscend:
Keith Stauffer
Chief Financial Officer
717-343-5386
IR@terrascend.com
Briana Chester
MATTIO Communications
424-465-4419
terrascend@mattio.com
olivernoyes
2 years ago
TerrAscend Receives Conditional Approval to List on the TSX
June 21, 2023 15:20 ET
| Source: TerrAscend
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TORONTO, June 21, 2023 (GLOBE NEWSWIRE) -- TerrAscend Corp. (“TerrAscend” or the “Company”) (CSE: TER) (OTCQX: TRSSF), a leading North American cannabis operator, today announced that it has received conditional approval from the Toronto Stock Exchange (the “TSX”) to list its common shares (the “Common Shares”) on the TSX (the “TSX Listing”).
“I would like to express my sincere appreciation to the teams at the TSX, TerrAscend and Cassels for working so hard to get us to this point. I speak for everyone at TerrAscend when I say we are honored to be in the position to blaze this trail for the industry,” stated Jason Wild, Executive Chairman of TerrAscend. “We have an exciting future ahead of us and we can’t wait to share the TerrAscend story with the larger audience of participants that this listing brings.”
Final approval of the TSX Listing is subject to the Company meeting certain customary conditions required by the exchange. The Company will issue a press release once the TSX confirms the date that trading will commence on the exchange.
In connection with the TSX Listing, the Company has submitted a request to voluntarily delist (the “CSE Delisting”) its Common Shares from the Canadian Securities Exchange (the “CSE”). The CSE Delisting is expected to be effective on or shortly after the date the Common Shares commence trading on the TSX.
About TerrAscend Corp.
TerrAscend is a leading North American cannabis operator with vertically integrated operations in Pennsylvania, New Jersey, Maryland, Michigan and California and retail operations in Canada. TerrAscend operates The Apothecarium and Gage dispensary retail locations as well as scaled cultivation, processing, and manufacturing facilities in its core markets. TerrAscend's cultivation and manufacturing practices yield consistent, high-quality cannabis, providing industry-leading product selection to both the medical and legal adult-use markets. The Company owns or licenses several synergistic businesses and brands including Gage Cannabis, The Apothecarium, Cookies, Lemonnade, Ilera Healthcare, Kind Tree, Legend, State Flower, and Valhalla Confections. For more information visit www.terrascend.com.
Caution Regarding Cannabis Operations in the United States
Investors should note that there are significant legal restrictions and regulations that govern the cannabis industry in the United States. Cannabis remains a Schedule I drug under the U.S. Controlled Substances Act, making it illegal under federal law in the United States to, among other things, cultivate, distribute or possess cannabis in the United States. Financial transactions involving proceeds generated by, or intended to promote, cannabis-related business activities in the United States may form the basis for prosecution under applicable US federal money laundering legislation.
While the approach to enforcement of such laws by the federal government in the United States has trended toward non-enforcement against individuals and businesses that comply with medical or adult-use cannabis programs in states where such programs are legal, strict compliance with state laws with respect to cannabis will neither absolve TerrAscend of liability under U.S. federal law, nor will it provide a defense to any federal proceeding which may be brought against TerrAscend. The enforcement of federal laws in the United States is a significant risk to the business of TerrAscend and any proceedings brought against TerrAscend thereunder may adversely affect TerrAscend’s operations and financial performance.
Notice Regarding Forward-Looking Information
This press release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this press release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment, and the availability of licenses, approvals and permits. Examples of forward-looking information contained in this press release include statements regarding completion of the TSX Listing and the CSE Delisting, and the anticipated timing thereof; and expectations for other economic, business, and/or competitive factors.
Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to, current and future market conditions; risks related to federal, state, provincial, territorial, local and foreign government laws, rules and regulations, including federal and state laws in the United States relating to cannabis operations in the United States; and the risk factors set out in the Company’s most recently filed MD&A, filed with the Canadian securities regulators and available under the Company’s profile on SEDAR at www.sedar.com and in the section titled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the Securities and Exchange Commission (the “SEC”) on March 16, 2023, the Company’s Annual Report on Form 10-K/A for the year ended December 31, 2022 filed with the SEC on May 4, 2023 and its subsequently filed quarterly reports on Form 10-Q.
The statements in this press release are made as of the date of this press release. TerrAscend disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
Neither the CSE nor its Regulation Services Provider (as such term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this press release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
For more information regarding?TerrAscend:
Keith Stauffer
Chief Financial Officer
717-343-5386
IR@terrascend.com
Briana Chester
MATTIO Communications
424-465-4419
terrascend@mattio.com
https://www.globenewswire.com/news-release/2023/06/21/2692478/0/en/TerrAscend-Receives-Conditional-Approval-to-List-on-the-TSX.html
olivernoyes
2 years ago
TerrAscend Expands Retail Footprint in Maryland with Agreement to Acquire One of the Top Performing Dispensaries in the State
June 08, 2023 13:59 ET
| Source: TerrAscend
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...
US$22 million transaction, including minimal US$1.5 million cash component, expected to be immediately accretive on an EBITDA and cashflow basis
8,500 square foot dispensary located in close proximity to Delaware, with no other dispensaries within a 25-mile radius
TORONTO, June 08, 2023 (GLOBE NEWSWIRE) -- TerrAscend Corp. ("TerrAscend" or the "Company") (CSE: TER) (OTCQX: TRSSF), a leading North American cannabis operator, today announced that on June 7, 2023 it entered into a definitive agreement to acquire Derby 1, LLC (d/b/a “Peninsula Alternative Health”), a medical dispensary in Maryland. The transaction will add a second dispensary to the Company’s Maryland footprint in advance of adult-use sales, which will begin on July 1, 2023. Under the terms of the agreement, TerrAscend will acquire Peninsula Alternative Health (“Peninsula”) for total consideration of US$22.1 million (the "Transaction"), including US$1.5 million in cash, with the remainder in a combination of existing debt, a seller’s note, and stock. The transaction, which is expected to be immediately accretive to TerrAscend on an EBITDA and cashflow basis, is subject to customary closing conditions, including regulatory approval.
Peninsula Alternative Health is one of the highest performing medical dispensaries in Maryland with a net revenue run rate in 2023 of approximately US$14 million. Strategically located near the Delaware border in Salisbury, Maryland, this 8,500 square foot dispensary has no direct competitor within a 25-mile radius. TerrAscend expects to achieve significant sales and margin improvement by supplying a complete selection of its high-quality brands including Kind Tree, Gage, Cookies and Wana. Following the close of the Transaction, TerrAscend's retail footprint will increase to 35 dispensaries nationwide.
“Adding a second, high-performing medical dispensary in Maryland is an important step in our strategy to become a market leader in the state,” said Jason Wild, Executive Chairman of TerrAscend. “We expect Peninsula to quickly become one of our highest performing dispensaries nationwide. With less than 30 days until the launch of adult use in Maryland, we are focused on additional acquisitions and reaching the four-dispensary cap as our northeast business unit will soon be operating in Maryland under the same successful business model we built in NJ.”
The Canadian Securities Exchange (“CSE”) has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
About TerrAscend
TerrAscend is a leading North American cannabis operator with vertically integrated operations in Pennsylvania, New Jersey, Maryland, Michigan and California and retail operations in Canada. TerrAscend operates The Apothecarium and Gage dispensary retail locations as well as scaled cultivation, processing, and manufacturing facilities in its core markets. TerrAscend's cultivation and manufacturing practices yield consistent, high-quality cannabis, providing industry-leading product selection to both the medical and legal adult-use markets. The Company owns several synergistic businesses and brands including Gage Cannabis, The Apothecarium, Ilera Healthcare, Kind Tree, Legend, State Flower, and Valhalla Confections. For more information visit www.terrascend.com.
Caution Regarding Cannabis Operations in the United States
Investors should note that there are significant legal restrictions and regulations that govern the cannabis industry in the United States. Cannabis remains a Schedule I drug under the US Controlled Substances Act, making it illegal under federal law in the United States to, among other things, cultivate, distribute, or possess cannabis in the United States. Financial transactions involving proceeds generated by, or intended to promote, cannabis-related business activities in the United States may form the basis for prosecution under applicable US federal money laundering legislation.
While the approach to enforcement of such laws by the federal government in the United States has trended toward non-enforcement against individuals and businesses that comply with medical or adult-use cannabis programs in states where such programs are legal, strict compliance with state laws with respect to cannabis will neither absolve TerrAscend of liability under U.S. federal law, nor will it provide a defense to any federal proceeding which may be brought against TerrAscend. The enforcement of federal laws in the United States is a significant risk to the business of TerrAscend and any proceedings brought against TerrAscend thereunder may adversely affect TerrAscend's operations and financial performance.
Forward Looking Information
This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this press release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe”, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions, and include statements with respect to future revenue and profits. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment, and the availability of licenses, approvals and permits.
Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to, the success of the launch of adult use sales in Maryland and in the Peninsula transaction specifically, current and future market conditions; risks related to federal, state, provincial, territorial, local and foreign government laws, rules and regulations, including federal and state laws in the United States relating to cannabis operations in the United States; and the risk factors set out in the Company’s most recently filed MD&A, filed with the Canadian securities regulators and available under the Company’s profile on SEDAR at www.sedar.com and in the section titled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the Securities and Exchange Commission on March 16, 2023.
The statements in this press release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether, as a result of new information, future events, or results or otherwise, other than as required by applicable securities laws.
For more information regarding?TerrAscend:
Keith Stauffer
Chief Financial Officer
717-343-5386
IR@terrascend.com
Briana Chester
MATTIO Communications
424-465-4419
terrascend@mattio.com
https://www.globenewswire.com/news-release/2023/06/08/2685135/0/en/TerrAscend-Expands-Retail-Footprint-in-Maryland-with-Agreement-to-Acquire-One-of-the-Top-Performing-Dispensaries-in-the-State.html
olivernoyes
2 years ago
TRSSF was mentioned in this FORBES article from 2023 04 18...
Cannabis Stocks For 2023: What You Need To Know
Thomas Carroll
Contributor
Investor Hub
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Apr 18, 2023,06:04pm EDT
Cannabis Industry Profits With Marijuana Leaves With Hundreds High Quality
Cannabis is big business.GETTY
Ever wonder why the term “420” is associated with cannabis use? There are many rumors about how it came into being. However, the most credible story seems to be the Waldos in the early 1970s.
The Waldos were a group of five high school friends attending San Rafael High School in Marin County, California. At approximately 4:20 p.m. the group would gather around a school statue of Louis Pasteur–a chemist of all people–and light up their marijuana joints. They would sit on a wall adjacent to the statue and enjoy their time together, hence the “Waldos.” 420 became their code as the guys went about their school day. A rallying cry if you will.
However, 420 gained real traction when one of the Waldos got work as a roadie for the legendary band The Grateful Dead. How serendipitous that one of these young men would work for this particular band, whose lead guitarist, Jerry Garcia, was an infamous pot smoker.
Fifteen years later in Oakland, California a group of Deadheads (fans of the band) put flyers on car windshields, in door jams and other public places that invited people to light up on April 20, 1990 at 4:20 in the afternoon. One of these flyers ended up with Steve Bloom, a former reporter for the cannabis focused magazine High Times. The magazine printed the flyer the following spring solidifying 420 in cannabis culture forever.
This culture continues but things have changed a lot since those days. The emerging legal cannabis market is one of the bigger economic forces in a generation. It offers potential operators and investors a huge opportunity.
In 1996, California was the first state to legalize a medical cannabis program. Alaska, Oregon and Washington state soon followed. In 2012, Colorado and Washington were the first to make cannabis fully legal at the state level. In 2018, Canada fully legalized cannabis sales.
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There are now 40 states with some type of legal cannabis program, Of those, 21, along with Washington D.C., are fully legal for adult-use while 18 remain medical-use only. Only ten states and the Federal government continue to stick their collective heads in the sand and maintain cannabis as an illegal substance.
I became very interested in medical cannabis over a decade ago. Not as a consumer, but as an investor. My entire career has been in healthcare finance, including almost two decades as an equity analyst with a large investment bank. I was amazed at the anecdotal health and wellness evidence that was creeping out of the woodwork with regards to cannabis. Beyond that, adult-use programs seemed to have real traction with a number of states following Colorado and Washington’s lead.
I begged my bosses to let me jump into this massive new market. After all, cannabis is likely the biggest new market of the past century. But the answer was a resounding no. I was forbidden to research this estimated $50-$100 billion market before legalization as my firm was a federally regulated financial institution. Said differently, all this current spending was going to shift from an illegal cash business to a legal, regulated market.
As more states legalized, comparisons to the end of Prohibition were made. But that does a disservice to cannabis. The plant offers so much more than mere recreation. For example, health and wellness. This is what drew me to the market in the first place. In June 2018, Epidiolex, the first approved drug derived from the cannabis plant, was approved by the FDA.
There is also another cannabis plant: hemp. It has many industrial uses as well as the primary source of cannabidiol or CBD. It is a compound thought to convey benefits without the “high” associated with marijuana. The market potential is enormous. Important to note, hemp was legalized at the federal level via the Farm Bill of 2018.
Today we have several publicly traded U.S. cannabis companies with professional C-suites, strong balance sheets, $100s of millions in revenue and growing brand recognition. In 2021, some companies achieved $1 billion in total sales.
This has become a sector that anyone can invest in, but caution is warranted. Here are three things to know before you commit capital.
Know The History
In my view, there have been five distinct eras of cannabis investment and growth. All with their own ups and downs. This is how I see legal cannabis evolving over the past 25-plus years.
Grassroots Business Development, 1996-2010. It all started in 1996 when California created the first medical cannabis program in the country. Early investors and entrepreneurs took big risks both financially and legally to get started.
From “Toe-Hold” To “Foot-Hold.” 2010-2018. As legal cannabis programs expanded across the U.S., professional investors and sophisticated entrepreneurs took note of the massive opportunity emerging. Some investment bankers quit their high paying jobs to form startups or to “wrap-up” growing private businesses. Cannabis-focused private equity companies were formed. Altria and Constellation Brands invested billions in the early Canadian cannabis market.
A New, Investable Market Takes Shape, 2018-2020. With the legalization of cannabis nationally in Canada, U.S. cannabis companies went public through reverse take-overs of already publicly traded Canadian companies. This gave them a new currency to fund future growth even if it was only on the small Canadian Stock Exchange or CSE. Individual investors and some hedge funds went from mere dabbling to outright trading in cannabis stocks.
The Full Monty, 2020-2022. In November 2020, Joseph Biden and Kamala Harris took the White House. And just days into the New Year 2021, the Georgia Senate runoff election pushed the Senate blue giving democrats 51 potential votes. These elections gave the U.S. a best-case policy outcome for cannabis and powered the sector to all-time highs. But it didn’t happen. Despite cannabis being legal in most U.S. states, the issue turned political.
Cannabis Capitulation (throwing in the towel), 2022. It was widely expected that the first federal legislation on cannabis would happen during the 2022 Lame Duck Congress. Both sides of the aisle were ready to allow legal cannabis businesses access to the federal banking system through the SAFE Banking Act (Secure and Fair Enforcement Banking Act). However, at the last minute, lawmakers could not find political common ground and the legislation failed again. The publicly traded stocks tanked.
Is a new era beginning in 2023? I think so but it has yet to define itself. Uncertainties have re-emerged.
The cannabis market is suffering similar stresses as other retail businesses with inflation, rising interest rates and other macro pressures hurting all retail. Moreover, efforts to loosen federal illegality have clouded over again. The same cannabis champions in Congress remain but they need to reorganize.
The stocks have cooled (frozen?) and sit at some of their lowest levels. That said, cannabis is not going away and there are many good companies to choose from. Interest will return. I’m sure of it.
This leads me to my second point: cannabis stocks are extremely volatile.
cannabis_carroll
North American Marijuana IndexFACTSET, COMPANY REPORTS, THOMAS CARROLL RESEARCH AND ESTIMATES.
The chart above illustrates five years of the North American Marijuana Index. This is an index made up of many cannabis stocks that operate across North America.
Why Is There So Much Volatility? Three Important Reasons To Understand.
• Massive policy conflict: There remains vastly different viewpoints about cannabis and how to establish guidelines. The biggest conflict is federal illegality while 80% of states have legal cannabis. How about the FDA (a federal agency) approving a medication directly-based cannabis? Or U.S. exchanges allowing Canadian cannabis companies to list their shares but not U.S. companies.
• Limited stock market: The strong U.S. cannabis companies cannot be listed on U.S. exchanges. Again, this is because of federal illegality. They must list their shares on smaller CSE and trade “over-the-counter” in the U.S. This substantially removes the breadth and depth of broad investor participation.
• Little to no institutional investment: A couple years ago, Bank of America estimated that only 4% of U.S. cannabis stocks were owned by institutional investors–the so called “smart money.” These folks take big positions and hold them. They trade around dollars, not dimes. Lack of institutional interest stems directly from the limited U.S. listings and federal illegality. Given recent setbacks, this small percentage is likely even smaller today. Essentially all cannabis stocks are “traded” (not invested) by small, unsophisticated investors.
Is Cannabis A Good Investment Now?
Well, all this negative stuff above still exists. In fact, the regulatory environment is cloudier today than it was just a couple years ago.
That said, new catalysts are appearing again. Here are a few of them:
• A new “Cole Memo” in the works?: Some believe that Merrick Garland will put in place an official memo indicating the federal government will limit enforcement of federal cannabis laws on the books. Former U.S. Attorney General James Cole put this in place in 2013.
• The SAFE Banking Act is back in play: Some believe this important bill may become law this year loosening many of the financial restrictions currently placed on cannabis. Janet Yellen even commented on this at a Senate Finance Committee meeting just last month on March 16.
• Kentucky legalizes medical cannabis program: In March, the Kentucky Governor signed the bill into law. This is important as Congress’ biggest cannabis opponent is Mitch McConnell–Senator from Kentucky. He will have to soften his position for state constituents.
• The Toronto Stock Exchange (TSX) is considering listing of U.S. cannabis stocks. The company TerrAscend (TRSSF) is apparently making headway and may be the first to be listed on the TSX. In my view, this would open the floodgates to a more liquid market and could convince the Nasdaq to do the same.
As these and others gain traction, cannabis stocks should again appear on investor radar screens.
Despite continued challenges and potential positive catalysts one thing remains the same–cannabis is not going away. The legal market continues to grow, and many good companies are established and fully operational.
Take Green Thumb (GTBIF) for instance. In 2018 the company generated $62 million in sales. This year it is expected to exceed $1 billion. The balance sheet will have essentially no debt by the end of the year ($37 million in net debt–cash minus debt). What’s more impressive? This company generated $159 million in cash flow from operations in 2022. Remember, accounting can tell many stories but cash doesn’t lie.
Even more impressive, Green Thumb and all other U.S. cannabis companies perform like this with one “financial hand” tied behind their back.
You see, under Section 280E of the internal revenue code, the IRS prohibits cannabis companies from taking normal business deductions like any other business. This makes cannabis company tax rates enormous. When this gets fixed–and it will–these companies will become even more profitable overnight.
Again, all the good and bad news remains out there for all to see. And it feels like investors have been worn out by the volatility of the prior years.
Times during investor capitulation when fear and uncertainty are maxed out prove to be great investment opportunities. Despite the fact that cannabis investing is completely out of favor, legal cannabis is here to stay.
What’s The Best Way To Get Involved As An Investor?
How about an exchange-traded fund? ETFs are like mutual funds in that they own a lot of stocks and are diversified, but you can easily trade them like stocks.
I like the AdvisorShares Pure US Cannabis ETF (MSOS). This is managed by cannabis investor Dan Ahrens and it focuses on the U.S. cannabis stocks (like Green Thumb) that are doing well.
Currently, MSOS is priced under $6, close to its all-time lows since trading began in fall of 2020. It is down more than 50% from late November 2022 when Congress failed to deliver in the Lame Duck. But it traded as high as $55 a share in early 2021.
And, this ETF has done something amazing. Despite its large price decline, investors keep putting money in it. When an ETF is declining, investors usually run for the hills. Not with MSOS. Inflows continue to exceed outflows.
While $55 a share may be a long way away, I’d expect prices to rise again as catalysts like those above begin to emerge and Congress starts talking about legalization again.
If you’d like to dabble in some specific stocks, here are a few options I think are interesting.
We’ve already talked about Green Thumb. Consider it a blue-chip cannabis stock.
The next is MariMed (MRMD). CNBC’s Tim Seymour called this company the best cannabis stock you’ve never heard of, and I agree. In 2023, the company is expected to generate more than $150 million in sales and $36 million in Ebitda. That’s an Ebitda margin of 23%. As a comparison, the entire S&P 500 is expected to generate a 20% margin this year.
The last is a small cannabis fintech company called POSaBIT Systems (POSAF). This company has developed a compliant electronic payment system for cannabis stores. It also sells its own point-of-sale devices like “cash registers” and handheld checkout devices. This allows customers to use a debit card to buy their cannabis products. Remember, cannabis is still mostly a cash business, which creates its own set of challenges.
The market really likes the company’s products. In 2020, POSaBIT had sales of less than $8 million for the whole year. This year, they are forecasting over $60 million.
I hope this article has piqued your interest. If you are ready, right now looks like a great time to learn about cannabis investing and perhaps even making some trades.
The coming years will bring many more opportunities and challenges for this “new” and controversial market. Investing now with a longer time horizon offers some of the lowest valuations seen since cannabis companies went public despite continued sales, earnings and cash flow growth.
Once larger exchanges like the Nasdaq, NYSE and even the Toronto Stock Exchange allow cannabis stock listings, there will be a flood of new investor demand. As demand rises, so will prices.
Thomas Carroll
https://www.forbes.com/sites/investor-hub/article/cannabis-stocks-what-you-need-to-know/?sh=163192a8355a
olivernoyes
2 years ago
TerrAscend Announces Closing of US$45.5 Million Non-Brokered Debt Financing
BY Canada NewsWire
— 8:00 AM ET 10/12/2022
Non-dilutive financing to strengthen balance sheet and fund growth initiatives
TORONTO, Oct. 12, 2022 /CNW/ - TerrAscend Corp. (TRSSF) ("TerrAscend" or the "Company") (CSE: TER) , a North American cannabis operator, today announced that its New Jersey and Maryland subsidiaries, TerrAscend NJ, LLC, HMS Hagerstown, LLC, HMS Processing, LLC, and HMS Health, LLC, have closed on a non-brokered senior secured term loan (the "Loan") for gross proceeds of approximately US$45.5 million from funds managed by Pelorus Equity Group ("Pelorus"), a leading provider of commercial real estate loans for the cannabis sector. The Loan currently bears interest of 12.77% per annum and is based on a variable rate tied to the one month secured overnight financing rate (SOFR), with interest-only payments for the first 36 months. The maturity is 5 years from closing. There are no warrants being issued as part of the transaction. The Loan proceeds from this transaction will be used to fund the Company's growth initiatives.
"We are pleased to announce this non-dilutive financing at attractive terms given the current market environment," said Jason Wild, Executive Chairman of TerrAscend (TRSSF). "The Pelorus team has been a pleasure to work with, delivering exactly what they promised. We look forward to a long successful partnership as we continue to grow."
"With this agreement, we are excited to help fuel TerrAscend's (TRSSF) growth and long-term business goals," said Dan Leimel, CEO of Pelorus Equity Group and manager of the Pelorus Fund. "Our investment and lending philosophy is focused on being honest, upfront and doing what we say we're going to do for both our borrowers and our investors. As the demand for capital continues to increase in tandem with the growth of the cannabis industry, we plan to deliver even more innovative, flexible lending solutions and stabilized loans like this one to meet the needs of a wide range of clients, including MSOs, SSOs and ancillary businesses."
"We really enjoyed working with the Terrascend (TRSSF) team on our first deal together – they were great throughout the entire process," said Pelorus Equity Group Managing Partner Travis Goad. "As the largest privately held commercial real estate lender in cannabis, we are seeing an increase in deals coming through our pipeline, and are strategically closing on them – even during this time of market volatility. With the longest history in the space of deploying capital successfully and seeing it returned, we spend a lot of time underwriting the company we're working with, the real estate and the projections prior to making any loans. As more states come online and transition from medical to adult use, we remain excited about new opportunities in expanding markets like Maryland and New Jersey, and we are also closely following emerging markets like Alabama and Mississippi and will continue to look for strong sponsors, great projects and attractive markets."
The Canadian Securities Exchange ("CSE") has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
About TerrAscend (TRSSF)
TerrAscend (TRSSF) is a leading North American cannabis operator with vertically integrated operations in Pennsylvania, New Jersey, Michigan and California, licensed cultivation and processing operations in Maryland and licensed production in Canada. TerrAscend (TRSSF) operates The Apothecarium and Gage dispensary retail locations as well as scaled cultivation, processing, and manufacturing facilities in its core markets. TerrAscend's (TRSSF) cultivation and manufacturing practices yield consistent, high-quality cannabis, providing industry-leading product selection to both the medical and legal adult-use markets. The Company owns several synergistic businesses and brands, including Gage Cannabis, The Apothecarium, Ilera Healthcare, Kind Tree, Prism, State Flower, Valhalla Confections, and Arise Bioscience Inc. For more information, visit www.terrascend.com.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking information" within the meaning of applicable securities laws. Forward-looking information contained in this press release may be identified by the use of words such as, "may", "would", "could", "will", "likely", "expect", "anticipate", "believe, "intend", "plan", "forecast", "project", "estimate", "outlook" and other similar expressions. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management's experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment, and the availability of licenses, approvals and permits.
Forward-looking statements in this news release include, but are not limited to: statements with respect to TerrAscend's (TRSSF) use of proceeds and its anticipated growth within key limited license states. Actual results and developments may differ materially from those contemplated by these statements. Such forward-looking statements are based on certain assumptions regarding expected growth, results of operations, performance, industry trends and growth opportunities. While TerrAscend (TRSSF) considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Readers are cautioned not to place undue reliance on forward-looking statements.
Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to, current and future market conditions; risks related to federal, state, provincial, territorial, local and foreign government laws, rules and regulations, including federal and state laws in the United States relating to cannabis operations in the United States; and the risk factors set out in TerrAscend's (TRSSF) management information circular dated October 4, 2021, and TerrAscend's (TRSSF) most recently filed MD&A, both filed with the Canadian securities regulators and available under TerrAscend's (TRSSF) profile on SEDAR at www.sedar.com.
The statements in this press release are made as of the date of this release. TerrAscend (TRSSF) disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
Caution Regarding Cannabis Operations in the United States
Investors should note that there are significant legal restrictions and regulations that govern the cannabis industry in the United States. Cannabis remains a Schedule I drug under the US Controlled Substances Act, making it illegal under federal law in the United States to, among other things, cultivate, distribute or possess cannabis in the United States. Financial transactions involving proceeds generated by, or intended to promote, cannabis-related business activities in the United States may form the basis for prosecution under applicable US federal money laundering legislation.
While the approach to enforcement of such laws by the federal government in the United States has trended toward non-enforcement against individuals and businesses that comply with medical or adult-use cannabis programs in states where such programs are legal, strict compliance with state laws with respect to cannabis will neither absolve TerrAscend (TRSSF) of liability under U.S. federal law, nor will it provide a defense to any federal proceeding which may be brought against TerrAscend (TRSSF). The enforcement of federal laws in the United States is a significant risk to the business of TerrAscend (TRSSF) and any proceedings brought against TerrAscend (TRSSF) thereunder may adversely affect TerrAscend's (TRSSF) operations and financial performance.
SOURCE TerrAscend (TRSSF)
JohnCM
4 years ago
Seeking Alpha - November 21, 2020
Stocks To Watch:
Eyes On Best Buy, Vaccines And Holiday Cheer
Nov. 21, 2020 ADC Therapeutics SA (ADCT), ALPN, ALT, AMWL, AMZN, ANF, APHA, AVIR, AYRSF, BBI, BBY, BDSX, BDX, CCHWF, CDR, CGC, CHMA, CONE, CRLBF, CRON, CURLF, CVSI, CWBHF, CWH, DE, DKS, DLR, DLTR, ENTA, ETSY, FDX, FTCH, FULC, FVRR, GATO, GLTO, GNLN, GPS, GRAY, GRWG, GTBIF, HARP, HEXO, HPQ, HRL, HRVSF, HTLZF, INSP, JUSHF, JWN, KERN, KHRNF, KRG, KSHB, LCII, LESL, LQDA, LRMR, LU, MAX, MELI, MKC, MOBL, MSP, NAV, NCNA, NK, NP, NRIX, NVZMF, OGI, OSTK, OZON, PCLO, PGNY, RJF, ROOT, RVNC, RYTM, SAMA, SJI, SJM, SNDL, SQZ, SWCH, TCNNF, TGT, THO, TLRY, TPB, TPX, TRSSF, UAN, UPS, URBN, UROV, VLNCF, VMW, VWAGY, W, WGO, WKCMF, WM, WMG, XLY, XNCR, XXII, YCBD, ALGN, MREO, KNDI, SPG, VALQ, XSVM, RZV, SLYV, VIOV, MONRF, BABA, JSTLF, RYAAY, TSM, YAMCF
SA Stocks To Watch
Long/Short Equity, Special Situations, event-driven
(62,536 followers)
Welcome to Seeking Alpha's Stocks to Watch - a preview of key events scheduled for the next week. Follow this account and turn the e-mail alert on to receive this article in your inbox every Saturday morning. A podcast of Stocks to Watch is also available on Sundays on Seeking Alpha, Apple Podcasts, Stitcher and Spotify (click the highlighted links).
The week ahead will see investors once again weigh the brightening prospects for COVID-19 vaccines against a surging pandemic in the U.S. and other parts of the world. A warning from JPMorgan on a tough winter of economic growth will also be in the background, along with any hints of progress on fiscal stimulus and what is likely to be more positive vaccine news. The earnings calendar includes intriguing reports from Best Buy (NYSE:BBY) and Dick's Sporting Goods (NYSE:DKS), while the corporate event calendar slows down considerably. The release of FOMC minutes is expected to draw more attention than usual with Fed members entering unchartered territory with their pandemic plans.
Earnings spotlight: Urban Outfitters (NASDAQ:URBN) and Warner Music Group (NASDAQ:WMG) on November 23; Best Buy (BBY), Dollar Tree (NASDAQ:DLTR), HP (NYSE:HPQ), J.M. Smucker (NYSE:SJM), Gap (NYSE:GPS), Nordstrom (NYSE:JWN), VMware (NYSE:VMW), Dick's Sporting Goods (DKS) and Abercrombie & Fitch (NYSE:ANF) on November 24; Deere (NYSE:DE) on November 25.
IPO watch: Russian e-commerce giant Ozon (OZON) is eyeing a $5B valuation as it looks to raise close to $1B in an IPO that could price next week. Meanwhile, the lock-up period expires for ADC Therapeutics (NYSE:ADCT) on November 23 and the quiet periods end on Datto (NYSE:MSP), Biodesix (NASDAQ:BDSX), GATO Silver (NYSE:GATO), Galacto (NASDAQ:GLTO), Leslie's (NASDAQ:LESL), MediaAlpha (NYSE:MAX), Root (NASDAQ:ROOT), Atea Pharmaceuticals (NASDAQ:AVIR), Lufax (NYSE:LU) and SQZ Biotechnologies (NYSE:SQZ).
M&A tidbits: The filing deadline for Navistar (NYSE:NAV) and Traton (OTCPK:VWAGY) with the Committee on Foreign Investment in the United States is November 23. Shareholders with MobileIron (NASDAQ:MOBL) vote on the Ivanti deal on November 24.
Retail sales: The Black Friday-Cyber Monday shopping holiday period is a new ballgame this year with companies like Amazon (NASDAQ:AMZN), Wayfair (NYSE:W), Target (NYSE:TGT), Etsy (NASDAQ:ETSY) and Walmart (NYSE:WM) already running deal events as early as October that are believed to have pulled some holiday sales forward. The focus next week may be on pricing, fulfillment and delivery costs in what is sure to be a record-setting holiday year for shippers like UPS (NYSE:UPS) and FedEx (NYSE:FDX). Internet high-flyers like Overstock.com (NASDAQ:OSTK), Fiverr International (NYSE:FVRR), Farfetch (NYSE:FTCH) and MercadoLibre (NASDAQ:MELI) will also be watched to see how they fit into the holiday matrix. An early look at what to expect will come on November 23 when the National Retail Federation holds a media call to release its forecast for 2020 holiday sales.
Best Buy earnings preview: Best Buy (BBY) will report Q3 earnings on November 24 before the market opens. Consensus estimates on Best Buy from Wall Street analysts are for revenue of $11.00B, EPS of $1.71, comparable sales growth of 13.6% and operating margin of 5.3%. Key areas of focus for the earnings call will include Best Buy's early look at holiday trends and updates on capital allocation plans given the company's substantial cash position.
Healthcare events: Phase 2a top-line data is due out for Urovant Sciences' (NASDAQ:UROV) Vibegron treatment for IBS on November 23 and Phase 3 clinical trial topline data is due in on Chiasma's (NASDAQ:CHMA) Mycapssa treatment for acromegaly. It is also the last business day before the FDA action date on Liquidia Technologies' (NASDAQ:LQDA) LIQ861-Inspire for the treatment of pulmonary arterial hypertension. November 24 is the last business day before the FDA action date for Revance Therapeutics (NASDAQ:RVNC) on the DAXI biologics license application. Earlier this month, a Phase 2 trial failed to meets its primary efficacy endpoints. The FDA action date arrives on November 27 for Rhythm Pharmaceuticals (NASDAQ:RYTM)'s Setmelanotide under a priority review.
Projected dividend changes (quarterly): Raymond James (NYSE:RJF) to $0.41 from $0.37, Hormel (NYSE:HRL) to $0.2575 from $0.2325, McCormick (NYSE:MKC) to $0.66 from $0.62, HP Inc. (HPQ) to $0.185 from $0.1762, Neenah (NYSE:NP) to $0.49 from $0.47, Becton Dickinson (NYSE:BDX) to $0.82 from $0.79, South Jersey Industries (NYSE:SJI) to $0.305 from $0.295 and Kite Realty (NYSE:KRG) to $0.10 from $0.08.
Analyst meetings and business updates: Align Technology (NASDAQ:ALGN) Real Matters (OTCPK:RLLMF) are set to to host a virtual Investor Day events on November 23. Mereo BioPharma Group (NASDAQ:MREO) will host a virtual R&D day on November 24.
Conferences rundown: The Piper Sandler Healthcare Conference runs from November 23 to December 3. Next week will see pre-recorded fireside chats from the conference released from Hamilton Throne (OTC:HTLZF), Amwell (NYSE:AMWL), NantKwest (NASDAQ:NK), NuCana (NASDAQ:NCNA), Harpoon Therapeutics (NASDAQ:HARP), Graybug (NASDAQ:GRAY), Brickell Biotech (NASDAQ:BBI), Inspire Medical Systems (NYSE:INSP), Change Healthcare (CHNGE), Alpine Immune Sciences (NASDAQ:ALPN), Enanta Pharmaceuticals (NASDAQ:ENTA), Altimmune (NASDAQ:ALT), Larimar Therapeutics (NASDAQ:LRMR), Progyny (NASDAQ:PGNY), Fulcrum Therapeutics (NASDAQ:FULC), Xencor (NASDAQ:XNCR) and Nurix Therapeutics (NASDAQ:NRIX). The Bank of America Securities Virtual Global Data Center Conference will include talks from Switch (NYSE:SWCH), Digital Realty Trust (NYSE:DLR) and CyrusOne (NASDAQ:CONE). The Credit Suisse Specialty Chemicals Conference on November 24 will include talks by Novozymes (OTCPK:NVZMF) and Wacker (OTC:WKCMF).
Data reports: RV shipments data is due out sometime during the week. Total shipments were up 31% in September. Keep an eye on Camping World (NYSE:CWH), Thor Industries (NYSE:THO), LCI Industries (NYSE:LCII) and Winnebago (NYSE:WGO) as the RV numbers for October hit.
Stock splits: Tempur Sealy International (NYSE:TPX) is set to fire off a four-for-one stock split on November 23. CVR Partners (NYSE:UAN) is scheduled for a 1-for-10 reverse stock split on November 23. Also looking to boost its share price, Cedar Realty Trust (NYSE:CDR) will enact a 1-for-6.6 reverse stock split on November 27.
Barron's mentions: There is some caution this week on Kandi Technologies (NASDAQ:KNDI) with the Chinese automaker's market cap surging to over $900M. The company is aiming higher with the U.S. introduction of the K27 next month, but is still working on plans for a nationwide distribution network. Simon Property Group (NYSE:SPG) gets a positive write-up. It is noted that Simon is using its unusual financial strength to buy both other mall operators and tenants at discounted prices. Five ETFs are singled out as nice picks to ride out a rebound in value stocks. American Century STOXX U.S. Quality Value (NYSEARCA:VALQ), Invesco S&P SmallCap Value with Momentum ETF (NYSEARCA:XSVM), Invesco S&P SmallCap 600 Pure Value ETF (NYSEARCA:RZV), SPDR Small Cap 600 Value (NYSEARCA:SLYV) and Vanguard Small-Cap 600 Value (NYSEARCA:VIOV) make the value list. The cover story runs down opportunities in international stocks. Moncler (OTCPK:MONRF), Alibaba (NYSE:BABA), Just Eat Takeaway (OTC:JSTLF) Ryanair (NASDAQ:RYAAY), Taiwan Semiconductor (NYSE:TSM) and Yamaha (OTCPK:YAMCF) are some of the stocks seen as attractive by investment managers.
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