TerrAscend NJ Menu
TRSSF is a LONG
TRSSF says it has launched cannabis concentrates in NJ. Kind Tree Liquid Live Resin Vape Cartridges and Kind Tree Live Resin Crumble are available exclusively at The Apothecarium Maplewood and Phillipsburg locations. The company also commenced sales of adult-use cannabis-infused edibles under its Valhalla brand. "The concentrate category accounts for up to 20% of cannabis sales in other states. We are proud to be the first company to bring these products to New Jersey consumers," stated Jason Wild, executive chairman of TerrAscend. "In just three weeks since the commencement of adult-use sales in New Jersey, cannabis connoisseurs realize that our Apothecarium dispensaries are the place to go for the high quality and high potency products they seek. Furthermore, we can't wait to expand this category by launching different Kind Tree concentrates including budder, badder, diamonds, and shatter in the coming weeks." To celebrate the launch of these new products, Kind Tree will be hosting a pop-up at the Maplewood and Phillipsburg Apothecarium locations on May 21st. The event will feature product and accessory education and an opportunity to meet TerrAscend, New Jersey's head grower, head of the extraction, and the manufacturing team. The first 300 customers at each location will receive prepaid coupons, which can be used at local businesses in the surrounding areas.
TILT Holding
Not as solid as expected, given current industry trends. The strategy still makes sense, and looking toward 2H22 for proof.
Revenue in 1Q22 was $42.4 million compared to $46.8 million last year. Jupiter had $31.1 million in revenue vs. $35.1 million, and the plant-touching business revenue in the first quarter was $11.3 million compared to $11.7 million last year. Before the fair value of biological assets for the quarter, the gross margin was 22%, flat QoQ and down from 29% in 1Q21. "The year-over-year decline was primarily driven by customer mix in our inhalation business and lower cannabis wholesale pricing for our legacy house brands and bulk wholesale." OpEx less non-cash adjustments for stock compensation and depreciation and amortization and impairment charges in the first quarter totaled $10.4 million compared to $7.9 million in the first quarter of 2021. As a percentage of revenue, OpEx excluding these non-cash adjustments was 24% compared to 17% with the increase due to headcount additions to support our expanded retail operations, as well as build-out for the corporate team, coupled with higher professional fees, as they move to become an SEC registrant.
The company reported 1Q22 (A)EBITDA of $1.5 million compared to $6.2 million in the year-ago quarter. Cash provided by operations was $4 million compared to $2.6 million in the year-ago quarter. The company had $9.2 million of cash on March 31 compared to $7 million at year-end 2021. At the end of the first quarter, working capital was $38.2 million compared to $41.1 million at year-end. Total debt stood at $88 million on March 31 versus $86.6 million at the end of 2021. As disclosed in a press release, the company completed the previously announced acquisition of the Taunton Massachusetts cultivation and production facility and concurrently entered into two sale-leaseback transactions with IIPR.
While the quarter had some shortcomings, the company did note, "we started to see a turn in each business line towards the end of the first quarter, with results continuing to improve through the current quarter, most notably with Jupiter posting the second-highest month of sales orders in the company's history during April.
The mass exodus of IL cannabis regulators.
$0.5B is taxes, and the IL Social equity program has been a total failure. Where is the Governor?
The critique of the program on the way out by the former top regulators is telling. GROWNIN
"185 dispensary licenses continue to mire in court, Grown In has learned that a raft of Illinois cannabis regulators has submitted their resignations to leave government. Today, Friday, May 13, is the last day in the office for Danielle Perry, the Cannabis Regulation Oversight Officer. Next Friday is the last day for Bret Bender, the state’s lead regulator for dispensaries, and the Governor’s communications lead for cannabis, Charity Green, left last month for a job in the private sector."
