VLNS - The Daily Hit: April 14 2022
The Daily Hit is a recap of the top cannabis business stories for April 14, 2022.
ON THE SITE
The Valens Company
After the market closed on Wednesday, The Valens Company Inc. (TSX: VLNS) (Nasdaq: VLNS) reported its first quarter fiscal year 2022 financial results for the period ending February 28, 2022. Valens reported that net revenue increased 26.1 percent sequentially to $23.2 million in the first quarter from $18.4 million in the fourth quarter. Read more here .
Lantern, NY Incubator Program
New York Cannabis Project (NYCP) is a social equity incubator program launched by e-commerce marketplace and home delivery platform, Lantern. NYCP is currently accepting the first round of applications for its incubator program. Read more here .
Publicly Funded Psychedelics
Public funding for new mental health discoveries that can change the lives of millions of Americans for good? In a word: Absolutely. Over the last three years, clinical trials of psilocybin and MDMA psychedelics assisted therapy in particular have demonstrated their value in treating various mental health conditions. Read more here .
IN OTHER NEWS
TerrAscend
TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF), a North American cannabis operator today announced that it has entered into a definitive agreement to acquire KISA Enterprises MI, LLC and KISA Holdings, LLC (“Pinnacle”), a dispensary operator in Michigan, and related real estate, for total consideration of $28.5 million. The Transaction is expected to be immediately accretive to TerrAscend on both a Sales and EBITDA basis. Read more here .
MATTIO Communications, Oak PR
MATTIO Communications, a cannabis marketing services firm, today announced the launch of White Oak Communications, LLC (“Oak PR”), a CPG-focused sister agency. Led by industry veteran Drew Tybus, the independently run agency will focus on food & beverage and consumer goods brands to craft and execute custom marketing and communications campaigns. Read more here .
MariMed
MariMed, Inc. (OTCQX: MRMD), a multi-state cannabis operator today announced that the Maryland Medical Cannabis Commission (MMCC) has approved the transfer of 100 percent of the ownership of Kind Therapeutics U.S.A., LLC, a vertically integrated cannabis business to MariMed Inc. Read more here .
Backbone
A team of ESG, enterprise software, supply chain operations, and logistics experts today introduce Backbone, the first and only supply chain mesh network. Backbone is a fully configurable supply chain platform that lets operators spot and address breakdowns in real-time, using a mesh network approach that helps companies weather volatility and scale. Read more here .
Terranueva
Terranueva Corporation (CSE: TEQ) is pleased to announce the results of its annual and special meeting of shareholders held on April 14, 2022. The shareholders approved, by a majority of votes, a resolution to elect the following directors: Sylvain Aird, Marc-André Aubé, Marianne Fortier-Landry, Gérard Landry, Jean-Luc Landry, Peter Polatos and Sylvain Tremblay. Read more here .