iAnthus Capital Holdings (CSE: IAN) this evening issued an update related to its fourth quarter and full fiscal year 2019 financial statements, indicating that the required filings will “likely be delayed until after the extended filing deadline of June 15, 2020.” The result, is that the company expects its equity to be issued a cease trade order until such time that it files the required documents with the exchange.
New Jersey
Perhaps the state with the best chance of legalization is the Garden State. In December, New Jersey's two legislative houses voted very decisively in favor of putting a constitutional amendment on the November ballot that would legalize recreational marijuana. Similar to the other states to have OK'd the recreational consumption and sale of adult-use weed, adults 21 and over would be allowed to purchase cannabis, and an excise tax would be collected on all sales.
The cannabis sector appeared in a dire position heading into the coronavirus outbreak. The sector was generally unprofitable and needed additional capital to grow so an extended shutdown of retail stores would have crushed the stocks.
It appears that the ongoing riots throughout the USA have not been kind to a certain dispensary operator. Video emerged overnight of what appears to be multiple California based Medmen Enterprises (CSE: MMEN) dispensary locations being ransacked by looters amid the ongoing chaos.
Zen Leaf™, a leading cannabis dispensary brand, today announced its latest expansion effort, joining the New Jersey (“NJ”) medical cannabis market with a new retail facility (known as “ATCs” or alternative treatment centers in NJ) opened this past weekend. The established cannabis retailer, which already operates dispensaries across six states & Puerto Rico, welcomes the New Jersey medical cannabis community to its new storefront at 117 Spring Street in Elizabeth.
Under the leadership of the new CEO, Jason Ackerman, TerrAscend’s strategic expansion of its stateside operations, including Ilera Healthcare and The Apothecarium in Pennsylvania, represented more than half of the Company’s first quarter net sales. TerrAscend plans to build off its current growth momentum by opening two new Apothecarium retail locations in Pennsylvania and expanding into New Jersey’s lucrative medical market in the upcoming quarter.
TerrAscend remains focused on the execution of its U.S. expansion strategy. To date, the Company has grown its U.S. presence, both organically and through targeted strategic acquisitions, which include Arise Bioscience, The Apothecarium, Ilera Healthcare, and State Flower. This has enabled TerrAscend to enter new markets and establish a strong foothold. The Company’s U.S expansion strategy is rooted in a commitment to achieving scale and profitability in the select markets where it operates.
Two months ago the company wasn’t even considering the deal with 4Front. Though Ethos was quick to seize the opportunity, it takes a disciplined approach to M&A. It has said “no” to many other opportunities, but it will continue to evaluate options, potentially in Pennsylvania and the rest of the Northeastern U.S.
Ethos is considering additional states to add to its footprint. The company has a pending application for a vertical license in New Jersey, as well as applications with social equity partners in Illinois.
New Jersey: Completed construction on more than 50,000ft2 vertically integrated facility with first harvest expected in early July. Actively hiring staff and anticipate opening first dispensary in Vineland in June to take advantage of wholesale supply availability.
GTI's revenue skyrocketed 265% year over year in the fourth quarter of 2019. This growth was driven in part by the company's new stores opened in Florida, New Jersey, Ohio, and Pennsylvania. GTI is scheduled to report its Q1 results next week. Will its growth taper off because of the COVID-19 outbreak? Don't bet on it.