TerrAscend Q4 results show continued focus on U.S. cannabis market
TerrAscend reported late Thursday it made $25.9 million in revenue during its fourth quarter, the bulk of which came from the company’s U.S. operations. TerrAscend said its adjusted EBITDA loss was $5.7 million in the quarter. Its net loss came to $171.8 million in the quarter, due to a $66.2 million impairment charge related to its acquisition of a U.S. dispensary franchise, a $7.4 million charge on its Canadian cannabis inventory and another $2.3 million charge following an appraisal of its Canadian production facility. The company also said Friday it has appointed former Coty executive Keith Stauffer as its new chief financial officer.
Health Canada issues recall for Sundial product that mislabeled THC count by 90%
Health Canada ordered a recall of a Sundial Growers product on Thursday that was mislabelled with an incorrect concentration of THC. Health Canada said that Sundial’s “Top Leaf Strawberry Cream” dried cannabis pre-rolls actually contained 10.9 mg/g of THC, rather than the 1.09 mg/g that was printed on the product’s label. Sundial sold 30,576 units of the product in mid-March to retailers in Alberta, B.C. and Manitoba before the recall was issued, according to Health Canada. A Sundial spokesperson said the recall is attributed to a labelling error and not related to the product itself. Earlier this month, Sundial said it would temporarily curtail its cannabis production and lay off hundreds of its staff in a cost cutting move.
Lift & Co to explore partnerships for remaining business operations
Cannabis technology and events firm Lift & Co. is pursuing an “asset-light strategic plan” to help streamline its operations as a result of the COVID-19 pandemic. The company said it is exploring ways to partner with third parties for its CannSell, Lift.co and Cohesion lines of business. The Toronto-based company recently entered a service partnership with MCI USA for its event business. Lift also said its management will receive a total of 2.2 million stock options in lieu of salary over an undefined period. The options are exercised at $0.02 a share, the same price at which it closed Friday trading on the TSX Venture.
Brains Bioceutical strikes Brazil CBD supply deal in first for South American country
Vancouver-based Brains Bioceutical struck a deal with Brazil’s health ministry to supply a Brazilian partner with medical cannabis, the first such deal for the South American country. Brains, which counts former Zenabis CEO Rick Brar as its CEO, will export CBD from its U.K. operations to a Brazilian company which will then ship and distribute a refined product across the country. Brazil’s health regulator Anvisa gave the green light to medical cannabis products to be manufactured, imported, and sold in the country last December.
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