TRSSF - Marijuana Money: August 26 2022
SNDL Inc. formerly known as Sundial (Nasdaq: SNDL) is buying The Valens Company Inc. (TSX: VLNS) (Nasdaq: VLNS) in a deal valued at C$138 million. The acquisition will make SNDL one of the largest adult-use cannabis manufacturers and retailers. The combined company will have 555,500 square feet of cultivation and manufacturing space and 185 cannabis stores under the Spiritleaf and Value Buds banners.
Since recreational cannabis launched in April, New Jersey reported approximately $200 million in legal sales.Monthly sales growth in the state outpaced other adult-use markets tracked by the firm despite having one of the lowest per capita retail counts in the pool. BDSA estimated a compounded monthly growth rate of roughly 10% through July versus Illinois’ rate of 3% in its first three full months of adult-use sales.
TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF) completed its acquisition of Michigan dispensary chain Pinnacle Emporium from KISA Holdings, LLC, for $28.5 million. The acquisition includes six dispensary licenses, five of which are currently operational and located in the cities.
In a fairly depressing letter to shareholders, Oregon-based Chalice Brands (OTC: CHALF) dropped a truth bomb about the industry’s woes. The letter starts out nice enough.The letter hit on the macroeconomic trends of inflation, higher interest rates, the skyrocketing cost of housing, and the effect of consumers spending less. Digging further the letter says Oregon’s cannabis operators have been beset with repetitive theft, increased overhead, and excessive competition.
The Greenrose Holding Company Inc. (OTC: GNRS, GNRSW) posted increasing losses for the consecutive quarter as its cultivators navigate demand headwinds. Greenrose reported approximately $9.2 million in rising revenue during the period, the company’s second-quarter net losses totaled $10.3 million, down 132% sequentially;
The Pennsylvania Department of Health withdrew its appeal to the Supreme Court of Pennsylvania to recall various vaporized medical cannabis products after a half-year pushback from the advocacy network Medical Marijuana Access and Patient Safety.
The retraction on Aug. 17 came months after the department issued a recall and ban of hundreds of medical cannabis vape products.