New Jersey has made progress with regards to full legalization. The state’s leaders agreed to tax cannabis by the pound versus taxing according to sales. While the agreement still needs to have a majority of representatives vote in favor, it’s a big step since they have been negotiating for months without any progress.
Tilray, Inc. (NASDAQ: TLRY) is buying the largest hemp-based food company Compass Group Diversified Holdings, LLC (NYSE: CODI) otherwise known as Manitoba Harvest. The company is paying $318 million in a cash and stock deal. It is Tilray’s sign that it plans on going big with hemp.
Ascend Wellness Holdings secured $37 million in a bridge round of preferred equity and $18 million in a senior secured cultivation note. The $55 million in raised funds will be used to build out market-leading operations in Massachusetts, as well as the continued expansion in limited license cannabis markets.
Canopy Growth Corp. (NYSE: CGC) restated its latest earnings and while the third quarter figures didn’t change, the nine months figures had to be restated. It seems the losses were actually double what the company previously reported. Instead of a C$69 million loss for the nine months ending in December, it was C$155 million. This was an C$86 million mistake that was blamed on a spreadsheet formula error. How did that even get past the audits? That’s not a little mistake folks.
Namaste Technologies Inc. reached a settlement with its founder and former CEO Sean Dollinger. Dollinger will end all his formal roles with the company, drop his lawsuit and vote with the board.
CannTrust Holdings Inc. (TSX: TRST) will begin trading the Company’s common shares on the NYSE on Monday, February 25, 2019, under the ticker symbol “CTST”. The Company’s common shares will continue to be listed on the Toronto Stock Exchange under the ticker symbol “TRST”.