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3w ago Cannabis greenmarketreport Views: 156

It’s time for your Daily Hit of cannabis financial news for August 30, 2021. On The Site Hemp Farmers As hemp prices continue to fall, farmers are leaving. When the Farm Bill of 2018 passed, farmers rejoiced at the ability to legally grow hemp. Visions of massive demand for CBD products caused farmers to plant thousands of acres. Indeed, it seemed a sure-fire thing. Seemingly overnight numerous products on retailers’ shelves had some version with CBD included. Body products, foods, and supplements all touted the benefits of having CBD added. Then it all fell apart as several problems combined to crash the market. The problems ranged from a lack of guidance from the FDA, falling prices, less demand for CBD than expected, weather-related issues, and a pandemic. The crops planted in 2019 led to a glut of biomass that persists today. Farmers that were unable to make any money have left the business leaving only the truly committed. Australis Australis Capital Inc. (CSE: AUSA) (OTC: AUSAF) delivered its unaudited financial statements and management discussion and analysis for the first quarter of the fiscal year 2022 ending June 30, 2021. AUSA revenues rose 2,652% to $1.7 million over last year and was a sequential increase of 266%. The company said that the quarter included revenues from ALPS (acquired in March 2021) and management fees from GT. Australis recorded a net loss of $(9.5) million or $(0.04) per share. The company said the loss was driven primarily by a decrease during the first quarter in the price of Body and Mind (“BaM”) shares held. To date in Q2 FY 2022, BaM has rebounded back to the per-share price as of March 31, 2021. Ascend Ascend Wellness Holdings, Inc. (CSE: AAWH.U) (OTCQX: AAWH) announced that it has closed on a $210 million Senior Secured Term Loan with Seaport Global Securities LLC as lead manager. AWH said that it plans to use the proceeds to (i) repay substantially all of its debt excluding approximately $12 million of outstanding acquisition payments with near zero interest rates, (ii) finance the company’s pending investment in MedMen NY, Inc., and (iii) support its future growth and acquisition initiatives. Red Light Psychedelic companies Red Light Holland Corp. (CSE: TRIP) (OTC Pink: TRUFF) and Creso Pharma Limited (ASX: CPH) (OTCQB: COPHF) have mutually agreed to terminate the previously announced plan to merge. The two companies had announced in June they would combine, but now cite various impacts from the COVID-19 pandemic, including significant travel restrictions, where they decided that the merger would no longer be in the best interests of their respective shareholders. In Other News Hexo HEXO Corp (TSX: HEXO; NASDAQ: HEXO) completed the acquisition of all of the outstanding shares of the entities that carry on the business of Redecan, Canada’s largest privately-owned licensed producer. At closing, HEXO paid the selling shareholders of Redecan $400 million in cash and delivered 69.7 million newly issued common shares of HEXO. Empower Empower Clinics Inc. (CSE:CBDT)(OTC PINK:EPWCF) reported Total revenues from continuing operations of $861,826 for Q2 2021 compared to Q2 2020 revenues $85,775, representing 1005% year over year growth. Cash at June 30, 2021, was $5,191,944 which increased from the cash of $4,889,824 on December 31, 2020, primarily driven by the proceeds generated on the exercise of share purchase warrants. The Daily Hit: August 30, 2021 on Green Market Report. -

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