— Net sales increased 90% year-over-year to $51 million

— Adjusted EBITDA 1 margin increased to 35% from 24% in Q2


— 2020 full year guidance increased to at least $196 million in net sales from $192 million and at least $54 million of adjusted EBITDA 1 from $45 million

— 2021 full year guidance initiated at $360 -380 million in net sales and $140 -160 million of adjusted EBITDA 1

NEW YORK and TORONTO , Nov. 19, 2020 /CNW/ – TerrAscend Corp. (“TerrAscend” or the “Company”) (CSE: TER) (OTCQX: TRSSF), a leading North American cannabis operator, today reported financial results for its third quarter ending September 30 , 2020.

Third Quarter 2020 Financial Highlights
( Unless otherwise stated, results are in Canadian dollars)

  • Net sales of $51 million in Q3 2020 compared to $47 million in Q2 2020 and $35 million in Q1 2020.
  • Gross margin increased to 59% in Q3 2020 compared to 56% in Q2 2020 and 45% in Q1 2020 (before gain on fair value of biological assets).
  • Adjusted EBITDA 1 increased to $17.8 million in Q3 2020 compared to $11.4 million in Q2 2020 and $4.9 million in Q1 2020.
  • Adjusted EBITDA margin increased to 35% in Q3 2020 compared to 24% in Q2 2020 and 14% in Q1 2020.

Management Commentary

“We’re driving strong revenue growth and continued margin expansion by focusing on operational excellence, controlled SG&A spending, and strategically allocating our capital.” said Jason Ackerman , CEO and Executive Chairman of TerrAscend.  “Leveraging the skills of our of best-in-class operating team, we are focused on rapidly building scale in growing limited license markets.”

Mr. Ackerman added, “We continued to build out our footprint in the northeast, including completion of an additional 25% cultivation expansion at our Pennsylvania facility in Q3, which began selling into the market in November. In New Jersey , where I believe we will be a major player, sales from our newly operational cultivation facility and our first retail location in Phillipsburg are expected to begin in the coming days.  I look forward to realizing the full benefit of our substantially larger cultivation and manufacturing capacities across our system, including our recently announced Maryland acquisition, to further accelerate our revenue and adjusted EBITDA growth in Q4 and beyond.”

Third Quarter 2020 Operational Highlights

Subsequent Events

Financial Summary of Q3 2020 and Comparative Periods

(In 000’s of Canadian Dollars)

Q3 2020

Q2 2020

Q3 2019

Net Sales

$50,968

$47,230

$26,831

QoQ increase

8%

36%

YoY increase

90%

169%

Gross profit before gain on fair value of biological assets

30,088

26,464

4,800

% of Net Sales

59%

56%

18%

General & Administrative Expense

13,736

15,706

12,187

% of Net Sales

27%

33%

45%

EBITDA 1

(12,187)

3,777

(15,009)

Total adjusted EBITDA 1

17,786

11,431

(6,628)

Adjusted EBITDA % of Net Sales

35%

24%

-25%

Net income / (loss)

(17,550)

(13,625)

(17,321)

Adjusted Net Income 2

12,718

(7,433)

(17,321)

1.

EBITDA and Adjusted EBITDA are Non-IFRS measures. Please see discussion and reconciliation of Non-IFRS measures below.

2.

Adjusted Net income is a Non-IFRS measure.  Please see discussion of Non-IFRS measures below.  Q3 2020 Adjusted net income is equal to Net income / (loss), excluding two non-cash and non-recurring items which include the impact of net increase in fair value of warrant and derivative liability of $22.2 million and the revaluation of contingent consideration of $8.1 million, predominantly attributable to Ilera acquisition.  Q2 2020 Adjusted net income is equal to Net income / (loss), excluding a non-cash revaluation of contingent consideration of $6.2 million.

Net sales increased 90% to $51 million in the third quarter of 2020, as compared to $26.8 million in the third quarter of 2019.  Net sales increased 8% sequentially.  The Company continued to expand organically through an increase in cultivation capacity in Pennsylvania and store expansions in Pennsylvania and California .

Gross margin, before gain on fair value of biological assets, was 59% in Q3 2020, compared to 18% in Q3 2019 and 56% in Q2 2020. The sequential increase in gross margin is the result of higher mix as well as improved yields and lower cost per pound from the Pennsylvania operations.  Additionally, the turnaround of the Canadian operations has contributed to this sequential improvement.

Q3 2020 G&A expense was $13.7 million , representing 27% of Net Sales, a reduction from 33% of Net Sales in Q2 2020 and 45% of Net Sales in Q3 2019.  This strong leverage is a result of tight control of costs combined with continued robust revenue growth.

Adjusted EBITDA 1 was $17.8 million in Q3 2020, compared to $11.4 million in Q2 2020 and a loss of $(6.6) million in Q3 2019.  Adjusted EBITDA margins expanded sequentially to 35% in Q3 2020 from 24% in Q2 2020, driven by the growing contribution of Ilera combined with an adjusted EBITDA breakeven result for TerrAscend Canada.

Net loss for Q3 2020 was $17.6 million , largely impacted by a net increase in fair value of warrant and derivative liability of $22.2 million and a revaluation of contingent consideration of $8.1 million .

Adjusted net income 2 for Q3 2020 was $12.7 million , a positive result for the first time in company history.

Cash and cash equivalents, including restricted cash, were $45 million as of September 30, 2020 , compared to $6.9 million as of September 30, 2019 , and $75 million as of June 30 , 2020.

As of September 30, 2020 , there were 291 million shares outstanding on a fully diluted basis.  Fully diluted shares outstanding include 77 million common shares, 76 million common share equivalent proportionate voting shares, 15 million preferred shares, 39 million exchangeable non-voting shares, and 84 million warrants and options.  The warrants and options having a weighted average strike price of $4.48 .

2020 and 2021 Outlook

TerrAscend is increasing full year 2020 guidance to at least $196 million in net sales and at least $54 million of adjusted EBITDA. TerrAscend is also providing first time guidance for 2021.  The Company expects full year 2021 net sales of $360 -380 million and adjusted EBITDA of $140 -160 million.

TerrAscend’s outlook is driven by the Company’s emphasis on organic growth through expansion in high-quality, limited license markets while continuing to maintain tight control on costs. TerrAscend’s sales and profits in Pennsylvania are expected to continue to scale following its recently completed 25% cultivation expansion. In New Jersey , sales from the Company’s greenhouse and indoor cultivation facilities are expected to commence this month and ramp throughout 2021. TerrAscend’s Phillipsburg, New Jersey dispensary is expected to open in the coming days, with plans to open two additional dispensaries in the state in the first half of 2021.

In California , the Company recently completed an expansion of its State Flower cultivation facility which enables a 500% increase in annual production capacity of super-premium craft flower. The Company’s California retail footprint continued to expand with the opening of two new Apothecarium locations in Berkeley and Capitola .

In Canada , with a newly streamlined and targeted product portfolio and an optimized cost structure, TerrAscend expects to see positive contributions to sales and profit growth in 2021.

Lastly, upon completion of TerrAscend’s previously announced grower/processor acquisition in Maryland , the Company expects to scale its operations in the state, leveraging both its strong portfolio of brands and existing talent to gain market share.

Conference Call

TerrAscend will host a conference call today, November 19, 2020 , to discuss these results. Jason Ackerman , Executive Chairman and Chief Executive Officer, Keith Stauffer , Chief Financial Officer, and Jason Wild , Chairman, will host the call starting at 8:30 a.m. Eastern time . A question and answer session will follow management’s presentation.

DATE:

Thursday, November 19 th , 2020

TIME:

8:30 a.m. Eastern Time

WEBCAST:

Click to Access

DIAL-IN NUMBER:

1 (888) 664-6392

CONFERENCE ID:

65635544

REPLAY:

(416) 764-8677 or (888) 390-0541

Available until 12:00 midnight Eastern Time Thursday, December 3 rd , 2020

Financial results and analyses are available on the Company’s website ( www.terrascend.com ) and SEDAR ( www.sedar.com ).

The Canadian Securities Exchange (“CSE”) has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

About TerrAscend
TerrAscend is a leading North American cannabis operator with vertically integrated operations in Pennsylvania , New Jersey , and California in addition to operating as a licensed producer in Canada . TerrAscend operates an award-winning chain of Apothecarium dispensary retail locations as well as scaled cultivation, processing and manufacturing facilities on both the East and West coasts. TerrAscend’s best-in-class cultivation and manufacturing practices yield consistent, high-quality cannabis, providing industry-leading product selection to both the medical and legal adult-use market. The Company owns a number of synergistic businesses and brands, including The Apothecarium, Ilera Healthcare, State Flower, Valhalla Confections, and Arise Bioscience Inc. For more information, visit www.terrascend.com .

Non-IFRS Measures, Reconciliation and Discussion
Certain financial measures in this news release are non-IFRS measures, including EBITDA, Adjusted EBITDA, and Adjusted Net Income. These terms are not defined by IFRS and, therefore, may not be comparable to similar measures provided by other companies. These metrics have no direct comparable IFRS financial measure. Such information is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For more information, please see “Non-IFRS Financial Measures” in the Company’s Interim MD&A available on www.sedar.com .

EBITDA is a non-IFRS measure which management uses to evaluate the performance of the Company’s business as it reflects its ongoing profitability. EBITDA is calculated as earnings before interest, tax, depreciation and amortization.

Adjusted EBITDA is a non-IFRS measure which management uses to evaluate the performance of the Company’s business as it reflects its ongoing profitability. The Company believes that certain investors and analysts use this measure to evaluate a company’s ability to service debt and to meet other payment obligations or as a common measurement to value companies in certain industries. The Company measures Adjusted EBITDA as EBITDA less unrealized gain on changes in fair value of biological assets and other income plus fair value changes in biological assets included in inventory sold, impairments, restructuring costs, purchase accounting adjustments, transaction costs, share based compensation, revaluation of warrants and derivatives liabilities, and unrealized loss on investments.

Adjusted net income is a non-IFRS measure which management uses to evaluate the performance of the Company’s business as it reflects its ongoing profitability. The Company believes that certain investors and analysts use this measure to evaluate a company’s ability to service debt and to meet other payment obligations or as a common measurement to value companies in certain industries. The Company measures Adjusted net income as Net Income / (loss) plus revaluation of contingent consideration plus net increase in fair value of warrant and derivative liabilities.  The company considers these two specific items to be non-cash and non-recurring in nature.

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 US 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, and include statements with respect to future revenue and profits. 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 .

The statements in this press release are made as of the date of this release. The Company 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.

Financial Outlook
This press release contains a financial outlook within the meaning of applicable Canadian securities laws. The financial outlook has been prepared by management of TerrAscend to provide an outlook for full years 2020 and 2021 and may not be appropriate for any other purpose. The financial outlook has been prepared based on a number of assumptions including the assumptions discussed under the heading “Forward Looking Information” above and assumptions with respect to production, pricing, and demand, The actual results of TerrAscend’s operations for any period will likely vary from the amounts set forth in these projections and such variations may be material. TerrAscend and its management believe that the financial outlook has been prepared on a reasonable basis. However, because this information is highly subjective and subject to numerous risks, including the risks discussed under the heading “Forward Looking Information” above, it should not be relied on as necessarily indicative of future results. Except as required by applicable Canadian securities laws, TerrAscend undertakes no obligation to update the financial outlook.

TerrAscend undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of TerrAscend, its securities, or financial or operating results (as applicable).

1 See “Non-IFRS Financial Measures” at the end of this press release for more information regarding the Company’s use of non-IFRS financial measures.

SOURCE TerrAscend

Cision View original content: http://www.newswire.ca/en/releases/archive/November2020/19/c9266.html

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ARCOLOGY NETWORK ACHIEVES MAJOR TECHNICAL MILESTONES TOWARD POTENTIAL COIN OFFERING

Codebase Ventures Inc. (“Codebase” or the “Company”) (CSE:CODE)(FSE:C5B)(OTCQB:BKLLF) is excited to announce that the Company’s holding, Arcology, a cluster-computing powered AI blockchain ecosystem with unlimited scalability, is exploring a potential coin offering, following the results of its first Testnet where the Arcology team achieved major product development milestones

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Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that a class action lawsuit has been filed in the United States District Court for the District of New Jersey on behalf of investors that purchased Aurora Cannabis, Inc. (NYSE: ACB) securities between February 13, 2020 and September 4, 2020 (the “Class Period”). Investors have until December 1, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

Click here to participate in the action.

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The coming together of two Canadian beverage industry leaders will form a unique vertical in the plant-based mineral and cannabis beverage sectors

Not for Distribution to U.S. Newswire Services or for Dissemination in the United States

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The potential for new disease research and treatments is expanding thanks to the global adoption of marijuana for medical purposes.

As more countries open the doors to the use and investigation of cannabis, medical applications for the drug are set to expand — indeed, the substance has already shown much promise.

However, in terms of treating skin cancer patients, currently the promise of cannabis outpaces any medically confirmed results or applications.

Though there may be individual cases crediting the drug, cannabis and its derivatives are not being applied to treat skin cancer — at least not yet. Read on to learn about the current situation and future possibilities.

Skin cancer, cannabis and medical research

According to the American Cancer Society, skin cancer is the most common type of cancer, accounting for over 5 million cases per year. This category holds many different variations, but the main three types are basal cell carcinomas, squamous cell carcinomas and melanomas; the rest are considered rare.

Melanomas develop in specific areas like the neck and face and can be more serious than their counterparts. Basal and squamous cancer cells, on the other hand, develop based on a person’s sun exposure and mostly appear on the head and neck.

The Canadian Cancer Society states that treatments for non-melanoma skin cancer include surgery, radiation therapy, photodynamic therapy and drug therapy, including the use of topicals.

In the future, cannabis and cancer could be paired up as more research across the globe begins to take place and companies look for new medications and formulations, boosted by the early successes of the drug.

Changes are happening slowly, with one serious improvement being when GW Pharmaceuticals (NASDAQ:GWPH) obtained approval in the US for its cannabidiol (CBD) solution, which treats seizures associated with Lennox-Gastaut syndrome or Dravet syndrome in toddlers.

After going through its clinical trials, the company’s Epidiolex drug received approval from the US Food and Drug Administration, signaling that top medical agencies are ready to confirm the medical prowess of cannabis and its derivatives for the benefit of patients.

Cannabis entering the skincare space

Looking more specifically at cannabis and skin ailments, the National Eczema Association has vouched for CBD as an option in the treatment of eczema, a skin disease that affects over 30 million people in the US.

“It has long been observed that cannabinoids possess anti-inflammatory, antimicrobial and anti-itch qualities,” the Independent reported.

A study from the the University of Colorado School of Medicine is looking further into the use of CBD for patients with psoriasis or eczema who have tried using topical steroids or topical immunomodulators.

Robert Dellavalle, professor of dermatology with the University of Colorado, told Inside Science that CBD products are growing in popularity, but the results are not being collected as properly as they could be.

“I believe it’s a wide-open horizon with tremendous potential that needs to be investigated, but there are a number of regulatory hurdles that need to be overcome and that’s where we are,” he said.

A medical study from the University of Colorado’s Anschutz Medical Campus shows the anti-inflammatory sensibilities of cannabinoids are the main reason why cannabis may be potent in combating skin diseases.

As part of its guide for healthcare practitioners, Tilray (NASDAQ:TLRY) indicates that medical cannabis could aid patients with inflammatory skin diseases such as dermatitis, psoriasis and pruritus.

“And while this research is still relatively formative, the results achieved so far clearly indicate its value and the promising potential of cannabis as effective medicine,” Tilray states.

Dave Berg, chief technology officer for software company Strainprint, told the Investing News Network the lack of sophisticated research has impacted the development of novel therapies for patients using cannabis.

“It’s been very difficult for people to study cannabis in a clinical way, but there’s been a ton observational data … There’s no really strong observational data set that allows us to make proper decisions,” Berg said.

In an effort to increase the research options available for cannabis, the Canadian federal government announced in 2018 that it would spend C$10 million over five years in order to assess the impact of cannabis use on the mental health of Canadians.

The government also promised C$10 million to the Canadian Center on Substance Use and Addiction for research purposes.

CBD skincare products getting traction

Amid developments geared at solving specific skin issues, more general CBD skincare products are also gaining popularity among many consumers.

For example, the introduction of cosmetics with cannabis elements, supported by Canadian licensed producers, is another upcoming element for the skin treatment segment of consumers. While not medical, this avenue does offer more options in terms of cannabis uses.

The endorsement from consumers for CBD ointments and other topicals for skincare has been documented with multiple products launched in the fractured US cannabis market.

One downside of the growth in these products is that it has led companies to make more and more claims about how these items can help with skin conditions. One study from the Journal of the American Medical Association warns that CBD products are often mislabeled online.

Takeaway on cannabis and skin cancer

In order for skin cancer patients to see the potential benefits from treatment with medical cannabis, much still has to change in Canada and abroad.

As the medical and recreational sections of the cannabis space continue drifting apart thanks to legalization efforts, the medical space should get more time to properly research and investigate the drug’s applications.

The early position CBD has gained in terms of skin maintenance and treatment could lead to further research on its impact on more serious diseases.

What’s more, GW Pharmaceuticals’ success, along with increased awareness of the medical benefits of cannabis, is moving the needle on research efforts geared at finding out how capable the drug will be in the medical space.

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The growth of the cannabis industry has made it possible for companies to offer many different investment opportunities through the major exchanges in Canada.

Previously known as the Canadian Venture Exchange, the TSX Venture Exchange is the sibling of Canada’s main listings board, the larger Toronto Stock Exchange.

For those interested in investing in cannabis companies, this exchange offers a variety of cannabis-related businesses, from growers to biotech companies looking for cannabinoid therapies.

Here the Investing News Network offers investors a growing list of all cannabis-related companies listed on the TSXV. Read on to learn more about them and their businesses.

48North (TSXV:NRTH)

This company is a marijuana producer looking to offer a variety of products for the recreational market in Canada, including for the health and wellness industry. 48North is a licensed outdoor grower of cannabis.

Auxly Cannabis Group (TSXV:XLY,OTCQX:CBWTF)

Created by Chuck Rifici, co-founder of Tweed, Auxly Cannabis Group operates as a cannabis streaming investment firm looking to boost various plays related to the sector.

Avricore Health (TSXV:AVCR)

While Avricore Health operates as a healthcare technology company, in 2017 the firm made a deal with Emerald Health Therapeutics (TSXV:EMH,OTCQX:EMHTF) for the right to develop and sell endocannabinoid products in Canada to licensed pharmacies.

CanadaBis Capital (TSXV:CANB)

This cannabis company is targeting the Canadian market through a business model that is focused on cultivation, research, product development, retail and hemp.

Emerald Health Therapeutics

This Canadian cannabis company holds a variety of growing assets in the country. The firm holds a 50/50 joint venture for the management of a grower in BC with Village Farms International (TSX:VFF,NASDAQ:VFF).

EnWave (TSXV:ENW,OTC Pink:NWVCF)

EnWave is a technology company that has centered itself in the cannabis business thanks to its Radiant Energy Vacuum drying technology for organic materials. It effectively decreases the time from the harvest to the sale of cannabis products.

Elixxer (TSXV:ELXR,OTCQB:ELIXF)

Through its partners, investment firm Elixxer presently has significant interests in Australia, Jamaica, Switzerland, Italy and Canada.

Eve & Co. (TSXV:EVE,OTCQX:EEVVF)

Eve & Co. is a Canadian cannabis producer that, thanks to its subsidiary Natural MedCo, is targeting female consumers, specifically with premier brands.

Experion Holdings (TSXV:EXP,OTCQB:EXPFF)

Formerly known as Viridium Pacific Group, this cannabis investment firm holds a portfolio of assets, including its licensed producer Experion Biotechnologies in BC.

The Flowr Corporation (TSXV:FLWR,OTC Pink:FLWPF)

The Flowr Corporation is a vertically integrated cannabis company working on the cultivation and sale of medical and recreational marijuana in Canada.

FluroTech (TSXV:TEST,OTCQB:FLURF)

FluroTech is a technology company working on a cost-effective testing platform for the cannabis industry at large. The company’s proprietary CompleTest employs fluorescence spectroscopy technology to measure the specific contents of the product.

GTEC Holdings (TSXV:GETC,OTCQB:GGTTF)

This Kelowna-based cannabis company is vertically integrated, with operations in the cultivation, extraction and analytical testing sectors. The company is also pursuing retail operations through various investments.

Harvest One Cannabis (TSXV:HVT,OTCQX:HRVOF)

Harvest One Cannabis is a cannabis company with production and assets spread across Canada, Europe, Israel and Australia. The company gains its reach thanks to its three subsidiaries: United Greeneries, Satipharm and Dream Products.

Hill Street Beverage Company (TSXV:BEER)

This beverage maker has made its name thanks to its development of non-alcoholic beverages. Now the firm will offer consumers cannabis-infused drinks.

INDIVA (TSXV:NDVA,OTCQX:NDVAF)

INDIVA is a company focused on the supply of medical cannabis. Through an acquisition, it holds a licensed producer with an indoor cannabis facility in Ontario.

Khiron Life Sciences (TSXV:KHRN,OTCQB:KHRNF)

Khiron Life Sciences is a Colombia-based cannabis company raising capital in Canada. The firm has declared that it will seek to expand its presence through Latin America, including Mexico.

Meta Growth (TSXV:META)

This company is a retail operator managing cannabis shops across Canada. Meta Growth manages two recreational store brands: Meta Cannabis Supply and NewLeaf Cannabis.

Namaste Technologies (TSXV:N,OTCQB:NXTTF)

After a tumultuous management change, Namaste Technologies has centered back on its investments and the development of its marijuana play, which includes its online platform of cannabis consumer information.

Naturally Splendid Enterprises (TSXV:NSP,OTCQB:NSPDF)

Naturally Splendid Enterprises is a biotech company developing hemp products for consumers in the health and wellness space. It plans to pursue a stake in the edible cannabidiol market as well.

Pharmacielo (TSXV:PCLO,OTCQX:PCLOF)

Pharmacielo is another cannabis company originally from Colombia raising capital in the Canadian markets. The company is headquartered in Canada, but operates part of its marijuana growing in Colombia.

Radient Technologies (TSXV:RTI,OTCQX:RDDTF)

Radient Technologies is an extraction technology company that has dabbled in the cannabis sector thanks to a partnership with licensed producer Aurora Cannabis (TSX:ACB,NYSE:ACB).

Relevium Technologies (TSXV:RLV,OTC Pink:RLLVF)

Thanks to its subsidiary Biocannabix, this company has a cannabis play in the development of pharmaceutical-grade products infused with cannabinoid formulations.

SugarBud Craft Growers (TSXV:SUGR)

Like some other Canadian cannabis producers, this Alberta company specializes in growing and developing craft-style premium cannabis products.

Target Capital (TSXV:TCI)

Doing business as CBi2 Capital, this Alberta-based company’s investment strategy focuses on developing and managing a diversified portfolio of predominantly early stage cannabis opportunities.

Tetra Bio-Pharma (TSXV:TBP,OTCQB:TBPMF)

Tetra Bio-Pharma is researching and developing medicines based on cannabis and its elements.

Therma Bright (TSXV:THRM)

Therma Bright is a medical device company that has a subsidiary seeking to carve up a space in the technology space for medical and recreational marijuana thanks to its pain relief device.

WeedMD (TSXV:WMD,OTCQX:WDDMF)

WeedMD is another Canadian cannabis producer making product for the medical and recreational markets in Canada. Its subsidiaries include WeedMD Rx and CX Industries.

YSS (TSXV:YSS,OTC Pink:YSSCF)

YSS operates as an adult-use cannabis retailer with 17 stores in Canada.

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