The Daily Hit: November 19th, 2020

//The Daily Hit: November 19th, 2020

The Daily Hit: November 19th, 2020

It’s time for your Daily Hit of cannabis financial news for November 19th, 2020. 

On the Site 

Slang Reports Revenue Rose 73% In Third Quarter

Slang Worldwide Inc. (OTCQB: SLGWF) reported preliminary, unaudited financial results for the third quarter ending September 30, 2020. with revenue rising 73% to $7.9 million.

TerrAscend Delivers Rising revenue, Increases Guidance

TerrAscend Corp.  (OTCQX: TRSSF) reported financial results for its third quarter ending September 30, 2020, with net sales of $50.9 million versus $47 million in the second quarter. It was almost double last year’s $26.8 in sales for the same time period in 2019. The company delivered a net loss of $17.5 million, which was slightly higher than last year’s third-quarter net loss of $17.3 million.

Tilt Sells Tech Platform Blackbird, Puts Focus On Jupiter

Tilt Holdings Inc. (CSE: TILT) (OTCQB: TLLTF) reported a decline in revenue to $40.4 million for the second quarter of 2020, which was a drop of 12% from the prior-year period.  The net loss was $4.6 million versus a net loss of $9 million in the previous quarter. The company also told investors that it sold its technology platform Blackbird.

Tripping Goes High-Tech, Field Trip Partners with WHOOP

The two companies announced that they will be using WHOOP’s Strap 3.0 to measure the biometric effects of ketamine-assisted therapies produced by Field Trip.

In Other News

C21 Announces Note Restructuring 

Vertically-integrated cannabis company, C21 (CSE:CXXI) (OTCQX: CXXIF) announced today that the remaining principal amount of the company’s senior secured note ($15.2 million), held by the company’s CEO Sonny Newman, has been restructured for repayment over a 30-month term. The loan will have an interest rate of 9.5% with lower monthly principal payments. In addition, C21 has secured a commitment from three major investment managers: Wasatch Global Investors, JW Asset Management, and CB1 Capital Management. 

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By | 2020-11-19T18:07:30+00:00 November 19th, 2020|Business|0 Comments