Daily Success: October 12, 2022

The Daily Hit is a recap of cannabis business news from October 12, 2022.


SNDL agrees to $7 million IPO settlement

A settlement has been reached in the case of cannabis company Sundial Growers, which now calls itself SNDL (OTC: SNDL). The $7 million settlement is the result of a class action lawsuit led by David Draiman, lead singer of heavy metal band Disturbed, who accused SNDL of failing to disclose a mold problem on a product before its initial public offering of $143 million. Learn more here.

Cannabis rescheduling discussion takes place behind closed doors

President Joe Biden’s surprise order last week that two of his top federal agencies “swiftly” undertake a review of the illegality of marijuana as a Schedule 1 controlled substance has provided more questions than answers. responses to many players in the cannabis trade. Green Market Report sat down with the Brookings Institution’s John Hudak to learn more about Biden’s legal options for reprogramming — or deprogramming — cannabis. Learn more here.

TerrAscend Closes $45.5M Debt Financing

TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF), along with its New Jersey and Maryland subsidiaries, entered into a $45.5 million debt financing agreement with a commercial real estate lender Pelorus Equity Group. Proceeds from the loan will support TerrAscend’s ongoing growth initiatives. Learn more here.


Ayr Wellness

Ayr Wellness (CSE: AYR.A) (OTC: AYRWF), a vertically integrated U.S. multi-state cannabis operator, has named consumer packaged goods and retail industry veteran David Goubert to the position. of President to oversee the operational and commercial functions of the company, including production, supply chain, retail, wholesale and marketing. Learn more here.

California crackdown on illicit cannabis farms

California has eradicated nearly one million illegally grown cannabis plants and seized more than 200,000 pounds of illegally processed cannabis as part of the California Department of Justice’s annual campaign against marijuana planting. Learn more here.

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