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Approval of New Infrastructure Bill Sparks Enthusiasm for Copper
8:50 am ET November 23, 2021 (PR Newswire) Print
Last week, US President Joe Biden unveiled one of the largest infrastructure plans in U.S. history. The bipartisan approval targets up to $1.2 trillion in funding, including $550 billion in new investments for bridges, airports, the nation's waterways and policies, transit, and more. Much of the bill targets electrification for infrastructure, buildings, and fleets of government vehicles. In addition to financing renewable energy, the infrastructure bill also provides $7.5 billion for electrification of public transport and an additional $7.5 billion for charging stations for electric vehicles (EVs), which is expected to drive demand for industrial metals and battery materials like copper, lithium, cobalt, nickel, and more. Companies mining these metals and materials like Wheaton Precious Metals (TSX:WPM) (NYSE:WPM), Hudbay Minerals (NYSE:HBM), Taseko Mines Ltd. (TSX:TKO) (NYSE:TGB), Copper Mountain Mining (TSX:CMMC), and Kutcho Copper (TSXV:KC) (OTCQX:KCCFF) could be on the precipice of a mining boom due to this bill.
Newmont Corporation Is Maintained at Outperform by National Bank
11/23/21 12:08 PM ET (Dow Jones)
TILT to Participate in Upcoming Investor Conferences
11/23/21 1:55 PM ET (GlobeNewswire)Print
TILT Holdings Inc. ("TILT" or the "Company") (NEO: TILT) (OTCQX: TLLTF), a global provider of cannabis business solutions that include inhalation technologies, cultivation, manufacturing, processing, brand development and retail, announced that its executive team will participate at two upcoming investor conferences in December 2021:
For more information about the conferences or to schedule a one-on-one meeting with TILT management, please contact the Company's investor relations team at investors@tiltholdings.com.
About TILT
TILT helps cannabis businesses build brands. Through a portfolio of companies providing technology, hardware, cultivation and production, TILT services brands and cannabis retailers across 36 states in the U.S., as well as Canada, Israel, Mexico, South America and the European Union. TILT's core businesses include Jupiter Research LLC, a wholly-owned subsidiary and leader in the vaporization segment focused on hardware design, research, development and manufacturing; and cannabis operations, Commonwealth Alternative Care, Inc. in Massachusetts, Standard Farms LLC in Pennsylvania, Standard Farms Ohio, LLC in Ohio, and its partnership with the Shinnecock Indian Nation in New York. TILT is headquartered in Phoenix, Arizona. For more information, visit www.tiltholdings.com.
The Green Solution in Colorado will be the first dispensary in the nation to offer the much-anticipated Tyson 2.0 cannabis line on Black Friday, Nov. 26. Columbia Care Inc. (NEO: CCHW) (OTCQX: CCHWF), through its exclusive partnership with Tyson 2.0, launched the brand with the legendary boxer Mike Tyson.
Barrick Gold Corporation Is Maintained at Outperform by Raymond James
Today 11:57 AM ET (Dow Jones)Print
2021-11-24 16:57:00 GMT DJ Barrick Gold Corporation Price Target Cut to $27.00/Share From $27.50 by Raymond James
Well, if it’s a trend reversal you seek then we would need to get over .25. That would date back to late September. 8 times this has tried to get above. A new trend line and box would form above that mark.
There is plenty of room to do that in the chart as we are at the lower end of the indicators now.
From the last 10k a few weeks back, the company did manage to break even on the earnings 0.00 while also removing all debt. It’s a start. But at the end of the day, it’s still all about sales, no problem with the product, it’s good. Just have to find a way to pump the sales.
Well, they said this year they were going to up their game, they have. You got the Lyf production, the Verse - Citizen Stash – Green roads – Pommies and the SoRse utilization and they are bringing it all to the NAS. Nothing is ever a lock, but you got to like the look going into 2022.
Seems like you got it right. Now we need a little onward and upward.
Well, you were right. My thoughts were the reason for the split would have caused a better reaction.
Well, I'm also buying some more today. Not sure I'd go as far as marvelous, but the price is decent with all things considered.
Well since it's down another 8 percent today it seems maybe I do know. LOL.
You know, at the end of the day it’s real simple stuff here. If the company does not like the price of the stock, increase sales, if you can’t increase sales, then what are you doing. I’m sure some will rush in with don’t you think they’re trying. I would counter that by saying they maybe trying but they are not succeeding. What about covid, what about FDA. I would counter with what about failing.
Increase sales or die. It’s real simple. IMO
And another -- Ayr Wellness Q3 Revenue Spikes 111% YoY To $96M, Continues Acquisition Spree In Chicago
Today 11:15 AM ET (Benzinga)Print
Vertically-integrated cannabis company Ayr Wellness Inc. (CSE: AYR.A) (OTCQX: AYRWF) reported its financial results Monday for the three and nine months ended September 30, 2021, revealing a 111% year-over-year and 5% sequential increase in revenue, which amounted to $96.2 million.
“We are pleased to report another great quarter of growth at Ayr, more than doubling our revenue from last year’s third quarter and up 5% sequentially in a flat cannabis market,” said Jonathan Sandelman, the company’s CEO, adding that Ayr seeks to “be the largest scale cultivator of high-quality cannabis in the United States.”
Q3 2021 Financial Highlights
Adjusted gross profit, a non-GAAP measure, totaled $56.6 million, representing a 97.9% year-over-year and 6.6% sequential improvement.
Adjusted EBITDA, a non-GAAP measure, came in positive at $26 million, up by 40% year-over-year and down 5% sequentially as the company Invests in Future Growth.
EBITDA margin, a non-GAAP measure, was 27%, compared to 30% in the previous quarter and $40.8% in the prior year’s period.
US GAAP operating loss of $8.9 million, including non-cash, one-time expenses and non-operating adjustments totaling $34.9 million.
Total operating expenses amounted to $8.9 million.
As of Sept.30, the company had $1.64 billion in total assets and $659.2 million in total liabilities.
Q3 2021 & Recent Business Highlights
Finalized acquisition of Garden State Dispensary, adding New Jersey to Ayr’s growing footprint, including three open dispensaries and 24,000 square feet of operational cultivation and production facilities, with an additional 75,000 square feet of cultivation under development coming online with sales in the second quarter of 2022.
Completed combination with PA Natures Medicine, adding three dispensaries in central Pennsylvania, including the college towns of Bloomsburg and State College.
Organic revenue growth from Massachusetts and Nevada was 18% year-over-year.
Scaled workforce by hiring over 300 new employees across all levels.
The management is forecasting revenue growth of over 10% sequentially in the fourth quarter, while adjusted EBITDA is expected to remain roughly flat sequentially.
In addition, Ayr revised its 2022 Adjusted EBITDA guidance to a range of $250 million to $300 million. It also reiterated its target for 2022 revenue of $800 million.
Ayr Wellness Expands In Illinois Via $55M Acquisition Of Dispensary 33
Separately, Ayr Wellness revealed that it plans to acquire Gentle Ventures, LLC, which is doing business as Dispensary 33, and certain of its affiliates that collectively own and operate two licensed retail dispensaries in Chicago, Illinois.
Dispensary 33 operates stores on N Clark Street in the Andersonville neighborhood, W Randolph Street in West Loop.
Under a definitive purchase and sale agreement between Ayr, its affiliate, and Dispensary 33 and the holders of 100% of the equity interests’ holders of Dispensary 33, the Miami-based company agreed to pay $55 million upfront, including $12 million of cash, $3 million of sellers notes and $40 million of stock as consideration for the acquisition.
In addition, an earn-out is payable if certain adjusted EBITDA performance is achieved through the third quarter of 2022.
The company said that the previously announced acquisitions of Levia - a cannabis beverage company - Illinois-based Herbal Remedies and Nevada-based Tahoe Hydro are expected to close in the first quarter of 2022, followed by Dispensary 33 in the first half of the following fiscal year.
I don't know about officially in, you may wish to wait for it to become oversold. It's not there yet.
Ayr Wellness Enters Agreement To Acquire Dispensary 33 In Chicago >AYR.A.L
Today 7:15 AM ET (Dow Jones)Print
2021-11-22 12:15:00 GMT Press Release: Ayr Wellness Enters Agreement to Acquire Dispensary 33 in Chicago
Ayr Wellness Enters Agreement to Acquire Dispensary 33 in Chicago
Will Add Two Chicago Dispensaries to Growing Illinois Footprint
MIAMI, Nov. 22, 2021 (GLOBE NEWSWIRE) -- Ayr Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF) ("Ayr" or the "Company"), a vertically-integrated cannabis multi-state operator (MSO), has entered into an agreement to acquire Gentle Ventures, LLC d/b/a Dispensary 33 ("Dispensary 33"), and certain of its affiliates that collectively own and operate two licensed retail dispensaries in Chicago, Illinois.
"In any market where we operate, our goal is to develop scale and meaningful presence," said Jonathan Sandelman, Founder, Chairman and CEO of Ayr. "Today's announcement builds on our existing foundation in Illinois, which we began building just a few months ago with the proposed acquisition of two stores in Quincy, Illinois. Since then, we have sought opportunities to deepen our presence, beginning with our social equity partner, Land of Lincoln, which was selected for a dispensary license in Bloomington, and today's proposed acquisition of Dispensary 33 in Chicago, which, when completed, will give us a presence in two of Chicago's most desirable neighborhoods. We will continue to seek opportunities to expand in Illinois."
Dispensary 33 operates two locations in Chicago, one on the lively N Clark Street in the Andersonville neighborhood, and the other on W Randolph Street in West Loop, a former industrial meatpacking district that has become one of Chicago's most popular neighborhoods for restaurants, nightlife and hospitality.
Ayr intends to acquire the equity interests in Dispensary 33 (the "Equity Interests") pursuant to a definitive purchase and sale agreement (the "Purchase Agreement") proposed to be entered into between Ayr, its affiliate, and Dispensary 33 and the holders of 100% of the equity interests' holders of Dispensary 33 (collectively, the "Sellers"). Purchase consideration is expected to consist of $55 million upfront, including $12 million of cash, $3 million of sellers notes and $40 million of stock. An earn-out is payable if certain Adjusted EBITDA performance is achieved through Q3 2022.
The acquisition is subject to customary closing conditions and regulatory approvals, as well as the execution of the Purchase Agreement.
Ayr Wellness Reports Third Quarter 2021 Results
-- Q3 Revenue up 111% Y/Y to $96.2 Million, up 5% sequentially
-- Q3 Adjusted EBITDA of $26.0 million, up 40% Y/Y and down 5% sequentially
as the Company Invests in Future Growth
-- US GAAP Operating Loss of $8.9 Million Included Non-Cash, One-Time
Expenses, and Non-Operating Adjustments totaling $34.9 Million
-- Raised $50 Million in Cash with Early Call of Outstanding Warrants and
$150 Million in Offering of Additional Senior Notes
-- Company Provides Q4 2021 Guidance for over 10% Sequential Revenue Growth
with Adjusted EBITDA Flat Sequentially
-- Proposing to Add Two Dispensaries in Chicago with Announced Agreement to
Acquire Dispensary 33, Which Would Increase Illinois Retail Footprint to
Five Stores
-- Revising 2022 Adjusted EBITDA Target to $250-300 Million, and Maintaining
2022 Revenue Target of $800 Million to Reflect Revised Timing for Capital
Projects and Recent Changes in Wholesale Market Conditions
-- Acquisitions of Levia, a Leading Branded Cannabis Beverage Company,
Herbal Remedies (IL) and Tahoe Hydro (NV) Expected to Close in Q1 2022,
Followed by Dispensary 33 (IL) in the First Half of 2022
KELOWNA, BC, Nov. 22, 2021 /CNW/ - The Valens Company Inc. (TSX: VLNS) (OTCQX: VLNCF) (the "Company," "The Valens Company" or "Valens"), a leading manufacturer of cannabis products, today announced that Pommies (otherwise known as Southern Cliff Brands) has been issued a micro-processing licence from Health Canada for its manufacturing facility located in the Greater Toronto Area (the "GTA Facility"). With this licence, Valens active manufacturing platform now extends from Western to Eastern Canada, increasing speed-to-market capabilities while optimizing distribution cost-savings and efficiencies.
The Valens Company Inc. Logo (CNW Group/The Valens Company Inc.)
The Valens Company Inc. Logo (CNW Group/The Valens Company Inc.)
The GTA Facility provides Valens with an additional 30,000 square feet of licensed production and manufacturing space to execute on its cannabis-infused beverage commercialization and distribution strategy. The facility can support 8 million units per year on a single shift and can produce cannabis-infused beverages in both cans and PET bottles across various sizes and formats including carbonated and non-carbonated juices and waters, drops and single shots. The facility is right sized for the Canadian cannabis industry today and was designed with ample space for expansion if and when required, with minimal additional capital expenditures. The facility is strategically positioned north of Toronto and near Pearson International Airport. This positioning provides for optimal shipping into Canada's largest markets while utilizing significant amounts of automation. This is anticipated to enhance margins on beverages as they are currently being manufactured out of Valens' Kelowna campus in Western Canada.
Products developed and manufactured in the GTA facility will utilize Valens' powered by SoRSE™ emulsion technology, resulting in consumer products that are free of cannabis taste and aroma with predictable onset and offset timing. Valens R&D team has been active in formulating new products soon to be available in the Canadian market and is excited to introduce its innovative pipeline into the beverage and other 2.0 and 3.0 categories.
In Q3 2021, Valens' estimated share of the cannabis-infused beverage category grew to approximately 9.0% from 5.5% in Q1 2021 in Alberta, British Columbia, and Ontario, based on Hifyre data, with only one customer in this category to date. Upon commencing commercial operations at the GTA Facility, Valens will seek to grow its market share in the beverage category by accelerating the penetration of its internal brand portfolio, increasing its partnership network and expanding its product portfolios with existing customers.
"Despite delays caused by the pandemic, we have achieved a major milestone in our domestic expansion strategy with the receipt of this micro-processing licence," said Tyler Robson, Chief Executive Officer, Co-Founder, and Chair of The Valens Company. "As one of the first companies to launch cannabis-infused beverages in Canada, we quickly learned what was required to succeed in the category – quality and innovation. We have been working tirelessly to strengthen our resources and capabilities to continue successfully serving the cannabis-infused beverage market in Canada. With the ability to utilize the GTA Facility, we are ready to put our best foot forward and lead the category with a variety of exciting new products which will be available to our customers and consumers over the coming quarters."
All production equipment at the GTA Facility is fully operational and is expected to be commissioned in the coming weeks. Valens expects to begin manufacturing, commercializing and shipping products from the GTA Facility in the first fiscal quarter of 2022 and anticipates an increase in utilization over 2022 as the demand for its products continues to grow. Additionally, Pommies expects to imminently submit a sales licence application for the GTA Facility.
The micro-processing licence was issued in accordance with the Cannabis Act and Cannabis Regulations and was based on the approval of the site evidence package that was submitted earlier this year in February.
You may wish to go back and reread the 8k. You are assuming things that can't happen. At least not under the current agreement.
That does sound like progress, however what does that have to do with CW? If you go thru the proposed bill you will see CBD will still be under FDA control. Weed will be under USDA for the growers and ATF for the sellers. And again FDA for CBD products. Now I'm all for it but I don't see any help for CW with this.
Grim you say, well let’s see you claim “DILUTION ON STEROIDS” and you also mention “Those Notes include anti-dilutive protection for the Note holders in the form of a "FULL RATCHET".
Well that’s some scary stuff right there, you seem to be well versed in this, so tell me how much dilution do you think there going to be, and how big of effect could that full ratchet turn out to be?
Doesn't really tell the whole story. Two different size company's and business plans.
Example, lets look at market cap as one example. Starting with CW
Currently market cap. 205 million
Now on 6/30/2021 cap was 500 million
And on 3/31/2021 cap was 627 million
Over the last. we'll round up to 5 months you can see CW has lost 300 million in cap. And if you go back to Mar. they have lost over 420 million.
Now CV only has a market cap of 21 million. Totally different size company's. Much smaller. In fact what CW lost over the last 8 mo. would be enough to buy 20 CVSI's.
CW EV listed is 200.37 million for CW.
EV would be the price one would expect to pay for a company in the open market. The standard. As you see CW is still over priced. And that is with all their assets.
EV for CV is 27 million.
Now while CVSI is certainly in a hole, at least they're not CW.
If interested, I do have many more side by sides if you wish.
A long time in coming, I see Vlncd hasn’t released any P/R on it yet. It will be interesting to see how that all plays out.
Well, I added again, hopefully for the last time.
As far as making a difference, that depends on how it’s played, endorsed and enforced.
There will be an opportunity for some growth with FDA approval if marketed correctly by the companies.
But here, let’s cut to the chase. There is no supply and demand issue for CBD. Anybody who wants it can get all they want. FDA approval will bring in bigger players but there not established in this arena yet, at least not for the most part.
The companies that all started out in this sector back in 2018 as growth stocks, are no longer growth stocks. There is perhaps a maintaining position flavor at work, but not growth. As far as value stocks, there are far better value stocks to play. That leaves speculative plays, which they currently are. We have not yet got to the cost cutting kill the competition mode yet, that will come with the bigger players and the big weed out, but currently there is still an opportunity, with proper marketing to create a household name brand, look no where else type product and company.
Were not there yet, and neither is anybody else.
Well first, yes you did. Regarding the Mona issue, while it is a distraction and a financial burden, he isn’t the root cause of the problems, he doesn’t control the covid issue, nor the FDA issue. Both are factors. However, he did expose the management issues. It is what it is.
Note-- the drop today doesn’t mean that much, but if it stays at around .20 for 10 days it would allow the new agreement to get very close to the 4.99 percent allowed. Then if needed a rewrite of the contract maybe needed. If anybody wonders how low it could go even with a new agreement it would be .15. At that point I believe the agreement would go to default with interest. Or in other words the default kicks in at .15. And to be clear I’m not saying it will, however I do worry about tax loss selling this year and the over all markets between mid FEB and end of April.
I believe this movement today was related to Poseidon launch, can't prove it, but . . . .
This was played today, and I suspect it was due to the Poseidon launch.
Well were going to find out somewhere around Feb 15 --- “Qualified Institutional Investors.” Registered investment advisers, registered broker-dealers, registered investment companies, banks, insurance companies, employee benefit plans, pension plans, savings associations and church plans are deemed “qualified institutional investors” and are eligible to file Schedule 13G in relation to securities they acquire in the ordinary course of business. Qualified institutional investors must file Schedule 13G within 45 days after the end of the year in which they cross the 5% ownership threshold. Amendments are also generally due within 45 days after the end of each calendar year. A qualified institutional investor must file an amendment within 10 days of the end of the month in which its beneficial ownership of a class of registered equity securities exceeds 10% and within 10 days of the end of any month in which its beneficial ownership increases or decreases by 5% or more. If a qualified institutional investor ceases to hold the securities as a passive investment, it must file a Schedule 13D within 10 days of its change in investment purpose.
Mona sure does like to stir the pot. From the 10k --During the year ended December 31, 2019, the Company's former President and Chief Executive Officer, Michael Mona Jr. ("Mona Jr."), and the Company entered into a Settlement Agreement (the “Settlement Agreement”), pursuant to which the Company agreed that Mona Jr.’s resignation from the Company on January 22, 2019 was for Good Reason (as defined in Mona Jr.’s Employment Agreement) and agreed to extend the deadline for Mona Jr.’s exercise of his stock options for a period of five years. As of September 30, 2021, Mona Jr. has 11,300,000 fully vested outstanding stock options with a weighted average exercise price of $0.42 per share. In exchange, Mona Jr. agreed that notwithstanding the terms of his Employment Agreement providing for acceleration of vesting of all stock options and RSU's upon a Good Reason resignation, certain of his unvested stock options would not immediately vest, but rather continue to vest if, and only if, certain Company milestones are achieved related to the Company’s drug development efforts. These stock options were issued in July 2016 (6,000,000 options) and March 2017 (5,000,000 options), and 6,750,000 of these stock options have not vested as of September 30, 2021. The Company and Mona Jr. also agreed to mutually release all claims arising out of and related to Mona Jr.’s resignation and separation from the Company. As a result of the Settlement Agreement, the Company recorded stock-based compensation expense related to the accelerated vesting of the RSU's of $5.1 million and the modification of certain stock options of $2.7 million during the year ended December 31, 2019.
Under Mona Jr.'s Employment Agreement, the 2,950,000 RSU that were issued to Mona Jr. became vested as a result of the Company's agreement that his resignation from the Company was for Good Reason. The vesting of the RSU's resulted as taxable compensation to Mona Jr. and thus was subject to income tax withholdings. No amounts were withheld (either in cash or the equivalent of shares of common stock from the vesting of the RSU's) or included in the original Company’s payroll tax filing. The compensation is subject to Federal and State income tax withholding and Federal Insurance Contributions Act (“FICA”) taxes withholding estimated to be $6.4 million for the employee portions. The employer portion of the FICA taxes is $0.2 million and has been recorded as a component of selling, general and administrative expenses during the year ended December 31, 2019. During the year ended December 31, 2020, the Company reported the taxable compensation associated with the RSU release to the taxing authorities and included the amount in Mona Jr.'s W-2 for 2019. In addition, the Company paid the employer and employee portion of the FICA taxes of $0.2 million, respectively. Although the primary tax liability is the responsibility of the employee, the Company is secondarily liable and thus has recorded the liability on its condensed balance sheet as of December 31, 2020 in an amount of $6.2 million which was recorded as a component of accrued expenses. The Company initially recorded an offsetting receivable of $6.2 million during the second quarter of 2019 for the total estimated Federal and State income taxes which should have been withheld in addition to the employee portion of the FICA payroll taxes as the primary liability is ultimately the responsibility of the employee. The receivable was recorded as a component of prepaid expense and other on the condensed balance sheet. The deadline to file and pay personal income taxes for 2019 was on October 15, 2020. To date, notwithstanding repeated requests from the Company, Mona Jr. has not provided to the Company the appropriate documentation substantiating that he properly filed and paid his taxes for 2019. As a result, the Company derecognized its previously recorded receivable of $6.2 million during the fourth quarter of 2020. The associated liability may be relieved once the tax amount is paid by Mona Jr. and the Company has received the required taxing authority documentation from Mona Jr. If the tax amount is not paid by Mona Jr., the Company would be liable for such withholding tax due. Additionally, the Company could be subject to penalties if the amounts are ultimately not paid. The Company does not believe that any such penalties are probable or reasonably possible as of September 30, 2021.
On July 22, 2020, the Company filed a complaint in the San Diego Superior Court for declaratory relief to confirm the rescission of Mona Jr.'s Employment Agreement, which terminated certain severance and other post-termination compensation and benefits, and to recover amounts owed to the Company by Mona Jr. in connection with his purchase of personal seat licenses for the Raiders stadium and certain advance payments made on Mona Jr.'s behalf. The Company recorded a payable to Mona Jr. of $0.4 million as of September 30, 2021 and December 31, 2020. The amounts are mostly related to termination benefits associated with his separation from the Company and were payable via regular payroll through June 2021. The Company has not paid any termination benefits to Mona Jr. since filing the complaint. As of September 30, 2021 and December 31, 2020, the entire amount is included in accrued expenses.
Well, considering the reason for it and what that represents, I’m still surprised. However, I also took advantage of the decline. I don’t think you can look at it any other way than a strong positive for the company.
Wasn't expecting a 8 percent drop today. Perhaps people just don't like splits.
Update from today - Senate Republicans are holding up action on the annual defense policy bill- that would include the Safe act.
Village Farms International Inc. Is Maintained at Strong Buy by Raymond James
11/16/21 12:07 PM ET Dow Jones
Federal Marijuana Reform Is More Likely Than Ever. The Industry Is Betting on These States. -- Barrons.com
Today 4:14 AM ET (Dow Jones)Print
Bill Alpert
Federal legalization of weed got a baby step closer this week, with the introduction of a Republican bill to decriminalize marijuana, but U.S. cannabis operators seem more willing to bet on state reforms.
Companies are waiting for recreational sales to start in New York, New Jersey, Virginia, and Connecticut after voters approved measures in those populous states. But the big votes on recreational weed will probably be in Florida and Pennsylvania.
"We've been focusing our operations around three primary hubs, in Florida, Pennsylvania, and Arizona," says Kim Rivers, the CEO of the world's largest licensed marijuana seller, Trulieve Cannabis (ticker: TCNNF), with 155 retail locations across 11 states. In Pennsylvania, legalization of adult-use sales has support from the governor and legislators in both parties, she says, while a signature campaign will soon start in Florida to get a recreation-sales proposal on the ballot in the next state election.
Rivers and her industry peers are happy, of course, with Monday's introduction of a cannabis reform bill by half a dozen Republican congressional members, led by Rep. Nancy Mace (R., S.C.). "It's very encouraging to see a Republican filing this legislation," says Rivers. "Mace has spent a good deal of time thinking about measures that could have bipartisan support."
Mace's proposed States Reform Act would regulate weed much like alcohol--by eliminating federal criminal laws against marijuana consumption and possession, and opening the door to interstate and international commerce. Most nonviolent marijuana convictions would be expunged. As with alcohol, states could still choose what they'll allow locally. Mace's state of South Carolina, for instance, now only permits sale of the nonintoxicating cannabis extract called CBD.
Decriminalizing cannabis at the federal level would sweep away barriers that have kept state-licensed operators like Trulieve from access to federally-supervised banks and U.S. stock exchanges. The Republican bill has similarities to proposals from Democrats like Senate Majority Leader Chuck Schumer (D., N.Y.). But Mace's bill suggests a federal excise tax at the industry-friendly level of 3% of sales, instead of the 10% to 25% levels contemplated in Schumer's cannabis proposal.
Cannabis stocks have been in retreat since last winter, as investors wait for recreational sales to start in big states that voted to legalize but are taking a long time to set up regulatory regimes. New Jersey could start sales soon, but New York, Virginia, and Connecticut will take longer.
Sales growth hit an air pocket in the September quarter at many U.S. firms. Slowing medical sales in Pennsylvania and New Jersey contributed to a 16% sequential sales drop from June to September at TerrAscend (TRSSF), where earnings before interest, taxes, depreciation, and amortization, or Ebitda, narrowed from 41% to 21%.
An acquisition helped Columbia Care (CCHWF) report 21% sales growth from the June to September quarters. But the company pared its December-quarter guidance--to a range of 2% to 14% sequential growth--as it waits to see if New Jersey starts recreational sales and if New York starts the medical sale of dried cannabis flower. Verano Holdings (VRNOF), meanwhile, reported sequential sales growth in its September quarter of 4%, albeit with an Ebitda margin of 54%.
At Kim Rivers' Trulieve, September revenue would have been sequentially flat, at $316 million, with a pro forma inclusion of the quarter's sales at Harvest Health, which Trulieve acquired at the quarter's end. Pro forma Ebitda would have been $121 million, or 38% of the combined companies' sales. Those results were better than expected by analysts like Stifel's Andrew Partheniou, who thinks Trulieve stock can triple and rates it a Buy.
Yes, you will want to read that 8k. There is a lot to think over in there. You also need to read the addendums listed. All IMO.
They have a little more detail in the 8k that came out yesterday. Unable to post from where I'm at but worth reading.
I sure your aware of the 190 mil shares they have to throw into the float if they wish to. 21mil of that would have the same effect. Why do you think they didn't go that way instead?
Don't know anything about coin flip, didn’t read what you two have going on. You might want to go back and reread that option play the company is making on our stock. A hard look with vison.
I have no idea on the “who” is, you mention Tumim, god I hope not. THIS IS NOT A GOOD DEAL FOR THE CURRENT SHAREHOLDERS, PERIOD.
And you are correct, it does. The other post you made is also correct. The institutional investor is a very curious part to me. Sure would like to know who it is.
In any event this is not, and can not be spun to be a positive.