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Canopy Growth Completes Divestiture of Canadian Retail Operations

Transaction supports the Company's focus on achieving profitability through streamlined operations in Canada

Canopy Growth Corporation ("Canopy Growth" or the "Company") (TSX: WEED) (NASDAQ: CGC) announced today that it has closed its previously announced transactions with OEG Retail Cannabis ("OEGRC") and 420 Investments Ltd. ("FOUR20") to divest its retail business across Canada which includes the stores operating under the Tweed and Tokyo Smoke retail banners.

Canopy Growth Completes Divestiture of Canadian Retail Operations (CNW Group/Canopy Growth Corporation)

"The divestiture of our Canadian retail business marks an important step forward on our path to profitability and furthers Canopy Growth's focus on generating revenue growth in the Canadian market," said David Klein , CEO, Canopy Growth. "These retail locations will continue operating under the experienced leadership of OERGC and FOUR20 under their respective retail brands to serve Canadian consumers with high-quality in-store experiences."

Overview of the OEGRC Transaction:
  • OEGRC has acquired ownership of 23 Tokyo Smoke and Tweed store locations across Manitoba , Saskatchewan , and Newfoundland and Labrador .
  • As part of the OEGRC Transaction, the Tokyo Smoke brand has been transferred to OEGRC and all purchased stores currently branded as Tweed will be rebranded.
  • The master franchise agreement between the Company and OEGRC pursuant to which OEGRC licenses the Tokyo Smoke brand in Ontario has been terminated effective on closing of the OEGRC Transaction.
Overview of the FOUR20 Transaction:
  • FOUR20, a licensed cannabis retailer, acquired five of the Company's corporate stores in Alberta .

As previously announced, Canopy Growth will continue to own and operate the iconic Tweed brand and will remain focused on bringing a portfolio of mainstream flower, pre-rolled, infused gummies, and beverage options to consumers in Canada .

About Canopy Growth

Canopy Growth is a leading North American cannabis and consumer packaged goods ("CPG") company dedicated to unleashing the power of cannabis to improve lives.

Through an unwavering commitment to our consumers, Canopy Growth delivers innovative products with a focus on premium and mainstream cannabis brands including Doja, 7ACRES, Tweed, and Deep Space. Our CPG portfolio features sugar-free sports hydration brand BioSteel, targeted 24-hour skincare and wellness solutions from This Works, gourmet wellness products by Martha Stewart CBD, and category defining vaporizer technology made in Germany by Storz & Bickel.

Canopy Growth has also established a comprehensive ecosystem to realize the opportunities presented by the U.S. THC market through its rights to acquire Acreage Holdings, a vertically integrated multi-state cannabis operator with principal operations in densely populated states across the Northeast, as well as Wana Brands , a leading cannabis edible brand in North America , and Jetty Extracts, a California -based producer of high-quality cannabis extracts and pioneer of clean vape technology.

Beyond our world-class products, Canopy Growth is leading the industry forward through a commitment to social equity, responsible use, and community reinvestment—pioneering a future where cannabis is understood and welcomed for its potential to help achieve greater well-being and life enhancement.

Notice Regarding Forward Looking Statements

This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. Often, but not always, forward-looking statements and information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements or information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements or information contained in this news release. Examples of such statements and uncertainties include statements with respect to the continued operations and anticipated benefits of the Canadian retail locations; the Company's anticipated plans with respect to its portfolio of mainstream flower, pre-rolled, and ready-to-enjoy options ; and expectations for other economic, business, and/or competitive factors .

Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information, including expectations regarding future investment, growth and expansion of operations; regulatory and licensing risks; changes in general economic, business and political conditions, including changes in the financial and stock markets and the impacts of increased rates of inflation; legal and regulatory risks inherent in the cannabis industry, including the global regulatory landscape and enforcement related to cannabis, political risks and risks relating to regulatory change; risks relating to anti-money laundering laws; compliance with extensive government regulation and the interpretation of various laws regulations and policies; public opinion and perception of the cannabis industry; and such other risks contained in the public filings of the Company filed with Canadian securities regulators and available under the Company's profile on SEDAR at www.sedar.com and with the United States Securities and Exchange Commission through EDGAR at www.sec.gov/edgar , including the Company's annual report on Form 10-K for the year ended March 31, 2022 .

In respect of the forward-looking statements and information, the Company has provided such statements and information in reliance on certain assumptions that they believe are reasonable at this time. Although the Company believes that the assumptions and factors used in preparing the forward-looking information or forward-looking statements in this news release are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed time frames or at all. Should one or more of the foregoing risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The forward-looking information and forward-looking statements included in this news release are made as of the date of this news release and the Company does not undertake any obligation to publicly update such forward-looking information or forward-looking information to reflect new information, subsequent events or otherwise unless required by applicable securities laws.

SOURCE Canopy Growth Corporation

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/January2023/03/c7848.html

News Provided by Canada Newswire via QuoteMedia

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News of the coronavirus continuing to spread in several jurisdictions around the world has caused stock markets to tumble this week, including the Dow Jones, which had its worst week since the financial crisis in 2008. The TSX Composite dropped 2.8 percent to open Friday at 16,258.29 while the TSV Venture Exchange lost 19.37 points to open Friday’s session down 3.7 percent at 501.22. Despite the market reaction, experts remain adamant that the general public need not worry about the virus. “I don’t think we’re at the level yet where the average person needs to be panicking about this,” Dr. Brian Garibaldi, medical director of Johns Hopkins Hospital’s biocontainment unit, told Yahoo Finance’s The Final Round. “But I think it’s important to remember that we’re still in the middle of this flu season. And those basic efforts can do a lot to prevent the spread of this virus.”

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TerrAscend Reports Record Fourth Quarter and Full Year 2022 Net Revenue

Fourth quarter 2022 record Net Revenue of $69.0 million , an increase of 50.3% year-over-year and 4.2% quarter-over-quarter

Fourth quarter 2022 positive cash flow from operations of $7.3 million compared to $1.5 million in the third quarter of 2022

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Cresco Labs Announces Fourth Quarter & Full Year 2022 Results

Annual revenues grew 3% year-over-year and maintained leadership in branded product sales

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Acreage Revises Timing for Reporting of its Fourth Quarter and Full Year 2022 Financial Results

Acreage Holdings, Inc. ("Acreage" or the "Company") (CSE: ACRG.A.U, ACRG.B.U) (OTCQX: ACRHF, ACRDF), a vertically integrated, multi-state operator of cannabis cultivation and retailing facilities in the U.S., today announced that it will reschedule the reporting of its financial results for the fourth quarter ("Q4 2022") and full year ended December 31, 2022 ("FY 2022"). The Company will now report its financial results after market close on March 22, 2023, with a conference call to follow the next day on March 23, 2023, at 10:00 a.m. ET.

Acreage has revised its reporting date to permit for additional time to complete its financial statements and the disclosures required for its Q4 2022 and FY 2022 fiscal periods.  As previously announced, the Company, Canopy Growth Corporation (TSX: WEED, NASDAQ: CGC) and Canopy USA, LLC entered into an arrangement agreement (the "Floating Share Arrangement") dated October 24, 2022.  Due to the extensive and complex disclosure process and negotiations related to the Floating Share Arrangement and the requirement to hold a special shareholder meeting by March 15, 2023, significant management time and resources were diverted from the Company's normal process of reviewing and completing the financial statements and disclosures.

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TerrAscend Applies to List Common Shares on the Toronto Stock Exchange

TerrAscend Corp. (" TerrAscend " or the " Company ") today announced that it has applied to list the Company's common shares (the " Common Shares ") on the Toronto Stock Exchange (the " TSX "). In connection with the Company's proposed listing on the TSX, and in order to qualify for the TSX's minimum listing requirements, the Company expects to implement an internal reorganization (the " Reorganization "). The Reorganization will require approval from the Company's shareholders. The listing of the Common Shares on the TSX remains subject to the review of the TSX and is contingent on the satisfaction of all listing and regulatory requirements. There is no assurance that the TSX will approve the listing application or that the Company will complete the Reorganization and the listing on the TSX as currently proposed.

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Cannabis Weekly Round-Up: Fresh Quarterly Results Highlight Market Struggles

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HEY MARYLAND, ORANGE YA GLAD GAGE CANNABIS HAS ARRIVED?

TerrAscend Corp. ("TerrAscend" or the "Company") (CSE: TER) (OTCQX: TRSSF), a leading North American cannabis operator, today announced that its Gage Cannabis Co. branded products are now available in Maryland . Known for its world-class genetics, high-quality flower and its iconic Orange logo, Gage cultivates cannabis with uncompromising standards for customers who love and respect the plant. The initial "Free State" product launch features highly sought-after and exclusive flower strains, including Banana Bread, Dream Candy, Grape Gummiez, Sundae Driver and Popscotti.

TerrAscend Corp. Logo (CNW Group/TerrAscend)

TerrAscend plans to offer more Gage products including accessories, apparel and more of its unique strains of flower, pre-rolls, vape cartridges and concentrates as the state progresses towards its expected adult-use launch this summer.

"Gage has earned its popularity and exceptional reputation," said Jason Wild , Executive Chairman of TerrAscend. "We are proud to bring this brand to cannabis enthusiasts in Maryland . Cannabis consumers expectations are rising and we are excited to expand our offering of high quality Gage products in this important state."

Gage plans to expand quickly into more fan-favorite cannabis categories: to find up-to-date information on local products, follow @gagemaryland on Instagram.

About TerrAscend

TerrAscend is a leading North American cannabis operator with vertically integrated operations in Pennsylvania , New Jersey , Maryland , Michigan and California and licensed production in Canada . TerrAscend operates The Apothecarium and Gage dispensary retail locations as well as scaled cultivation, processing, and manufacturing facilities in its core markets. TerrAscend's cultivation and manufacturing practices yield consistent, high-quality cannabis, providing industry-leading product selection to both the medical and legal adult-use markets. The Company owns several synergistic businesses and brands including Gage Cannabis, The Apothecarium, Ilera Healthcare, Kind Tree, Legend, State Flower, Valhalla Confections, and Arise Bioscience Inc. For more information visit www.terrascend.com .

About Gage

Gage is a premier provider of the high-quality cannabis experience that consumers crave and deserve. Known for world-class genetics, Gage cultivates exceptional cannabis with uncompromising high standards for customers who love and respect the potency of flower. We are passionate about innovating and curating the best premium cannabis products. Gage debuted in Michigan in 2019 and has expanded to Pennsylvania , New Jersey , and Maryland . To learn more about Gage's mission for the everyday canna-connoisseur, visit www.gagecannabis.com .

Caution Regarding Cannabis Operations in the United States

Investors should note that there are significant legal restrictions and regulations that govern the cannabis industry in the United States . Cannabis remains a Schedule I drug under the US Controlled Substances Act, making it illegal under federal law in the United States to, among other things, cultivate, distribute or possess cannabis in the United States . Financial transactions involving proceeds generated by, or intended to promote, cannabis-related business activities in the United States may form the basis for prosecution under applicable US federal money laundering legislation.

While the approach to enforcement of such laws by the federal government in the United States has trended toward non-enforcement against individuals and businesses that comply with medical or adult-use cannabis programs in states where such programs are legal, strict compliance with state laws with respect to cannabis will neither absolve TerrAscend of liability under U.S. federal law, nor will it provide a defense to any federal proceeding which may be brought against TerrAscend. The enforcement of federal laws in the United States is a significant risk to the business of TerrAscend and any proceedings brought against TerrAscend thereunder may adversely affect TerrAscend's operations and financial performance.

Forward Looking Information

This news release contains "forward-looking information" within the meaning of applicable securities laws. Forward-looking information contained in this press release may be identified by the use of words such as, "may", "would", "could", "will", "likely", "expect", "anticipate", "believe, "intend", "plan", "forecast", "project", "estimate", "outlook" and other similar expressions. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management's experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment, and the availability of licenses, approvals and permits.

Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to, current and future market conditions; risks related to federal, state, provincial, territorial, local and foreign government laws, rules and regulations, including federal and state laws in the United States relating to cannabis operations in the United States ; and the risk factors set out in the Company's most recently filed MD&A, filed with the Canadian securities regulators and available under the Company's profile on SEDAR at www.sedar.com and in the section titled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 filed with the Securities and Exchange Commission on March 17, 2022 and as amended on March 24, 2022 .

The statements in this press release are made as of the date of this release. TerrAscend disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

SOURCE TerrAscend

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/March2023/09/c7765.html

News Provided by Canada Newswire via QuoteMedia

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