AYR
AYRWF is a Best Idea LONG
The Company's released the determinations in connection with the warrant exercises. A total of 5.85 million (91%) of the publicly-held warrants exercised were exercised for cash and received the benefit of the incentive. As a result, Ayr will add approximately US$49.7 million in cash to its balance sheet. The remaining 9% of publicly-held warrants exercised were settled for shares on a net basis, resulting in approximately 357,000 additional shares. After completing the warrant exercise, the Company has approximately 56.2 million subordinate, restricted and limited voting shares outstanding as of September 30, 2021. On a diluted basis, including the remaining 2.9 million sponsor warrants and shares expected to be issued in connection with previously announced M&A transactions, but excluding employee incentive compensation, the Company has approximately 70.3 million subordinate, restricted and limited voting shares outstanding as of September 30, 2021. Trading at 2.6x 2022 estimates revenues, AYR is now commanding an FD EV of $1.6B and is significantly undervalued.
Tilray Signs Distribution Agreement
TLRY and Great North Distributors, Inc. (Great North - Canada's first national sales broker for legalized adult-use cannabis) announced a signed national brokerage agreement with Tilray Canada Ltd. Under the agreement, Great North will be the exclusive representative for Tilray's complete portfolio of adult-use cannabis products across the Canadian marketplace, except for Quebec. Tilray's leading cannabis brands include Good Supply, Riff, Solei, Canaca, The Batch, Chowie Wowie, and Broken Coast.
"Great North have been great partners in helping us achieve our leadership position in Canada. This agreement will further drive exceptional route-to-market efficiencies for our comprehensive portfolio of adult-use cannabis brands and innovative 2.0 products. We believe Great North's established network positions our brands on a path to accelerated growth across Canada. In addition, their territory managers and coast to coast coverage enable us to have boots on the ground to drive focus on educating budtenders and consumers on our carefully curated portfolio of brands and high-quality products." -Irwin D. Simon, Chairman, and CEO, Tilray, Inc.
According to the PR, Great North has reached across every province in Canada, including established relationships and expertise working with provincially owned and operated retailers and private retailers in Canada's cannabis industry. In addition, great North applies industry-leading data analytics capabilities to the sector, providing suppliers with a powerful data-driven approach to cannabis sales.
MJBIZ
MJ BIZ is on and at least 25,000 attendees this year, despite Covid (with some reports of people getting sick on Twitter). While numbers are slightly down from 2019, attendance still "far exceeded what we expected," said Tess Woods, spokesperson for MJBizCon.
FDA
According to MM, The Food and Drug Administration (FDA) announced that it plans to use Reddit and other "novel" data sources to gain a better understanding of public health issues surrounding the use of CBD and other "emerging" marijuana derivatives like delta-8 THC. This week, the agency published a report on its new Cannabis-Derived Products Data Acceleration Plan, explaining that the federal agency "needs robust information about potential safety problems or adverse events associated with FDA-regulated products, including [cannabis-derived products]," or CDPs. "FDA also needs information about general patterns of product use and emerging trends—and it needs this information in close to real-time so that the FDA can deploy its limited resources quickly and effectively," it said. "The FDA believes that new approaches to detecting safety signals and other insights using diverse data sources and rigorous analytical methods can contribute significantly to FDA's ability to respond to emerging and rapidly evolving product areas, like the CDP market."
