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.