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 180 Life Sciences Corp. CEO James Woody, MD, PhD Issues Letter to Stockholders 8/30/21 | GlobeNewswireRelated Quotes 9/10/21SymbolLast% ChgATNF5.550.00%Quotes delayed at least 15 minutes 180 Life Sciences Corp. CEO James Woody, MD, PhD Issues Letter to Stockholders

PALO ALTO, Calif., Aug. 30, 2021 (GLOBE NEWSWIRE) -- 180 Life Sciences Corp. (NASDAQ: ATNF, the "Company"), a clinical-stage biotechnology company with its lead indication in Phase 2b clinical trial, focused on the development of novel drugs that fulfill unmet needs in inflammatory diseases, fibrosis and pain, today released the following letter to stockholders from its Chief Executive Officer, Dr. James Woody.

Dear Fellow Stockholder,

As you may recall, I previously authored a letter to you at the end of March 2021. I continue to believe ongoing communications with our stockholders is a foundational responsibility of being a public company; therefore, I wanted to take this opportunity to speak with you today.

Since my March letter, we have been hard at work further extinguishing legacy merger related issues and strengthening our balance sheet. I am pleased to report that we have been successful on both fronts. The $11.6M private placement that we completed in February 2021 allowed us to clean up our balance sheet, negotiate down and pay off a significant amount of our liabilities that we had been carrying from the business combination. Additionally, our capitalization table has been cleared of all convertible debt.

With the successful completion of a $15M private placement just last week, we have never been better positioned to execute on our stated business plan, including accelerating some of our clinical trials which are not funded by grants. Further, as you are aware, due to the legacy issues, we were delayed in filing our Form 10-K for the fiscal year ended December 31, 2020 and Form 10-Q for the quarter ended March 31, 2021. We have since filed both of these periodic reports, regained complete compliance with Nasdaq, and filed our Form 10-Q for the quarter ended June 30, 2021 on a timely basis. Going forward, we don't expect to have any delays in our financial reporting and we are in the process of strengthening our accounting and financial reporting team.

Since my last letter to you, we have also gained increased visibility in the capital markets by our inclusion in the Russell Microcap Index on June 28, 2021.

Before I give you an update on our pipeline, I'd like to mention that our team has grown since my last communication. In recent months, we have amassed a high-quality group of professionals to complement our board of directors. In July 2021, we welcomed Pamela Marrone, PhD, Frank Knuettel II, MBA, Russell T. Ray, MBA and Teresa DeLuca MD, MBA to our board.

Russell Ray was formerly Managing Director and Co-Head of Global Health Care at Credit Suisse First Boston Corporation, where he led a 50-person team with offices in Baltimore, Chicago, London, New York and San Francisco, focused on providing corporate finance and M&A advisory services to private and public companies in the biotechnology, health care services and health care information technology sectors.

Teresa DeLuca, MD, MBA, comes to 180 Life Sciences as both a public independent board director and former senior executive Chief Medical Officer with significant management experience at global Fortune 50 companies. Dr. DeLuca has deep expertise in operations, M&A, regulatory submissions, divestures, spin outs and strategy.

Dr. Pam Marrone brings to 180 Life Sciences over 30 years' experience innovating, commercializing, and building organizations. She is an experienced chief executive and corporate officer having started and run several companies, with the most recent, until August 2020, being a fast-growing agbiotech company, and since then, as Executive Chair of a pair of firms assisting agbio innovators with their go to market strategy and taking selected products to market. Dr. Marrone has traveled extensively globally, launching products and setting up distribution deals in more than 40 countries.

Frank Knuettel II comes to 180 Life Sciences with over 25 years of management experience in venture and PE-backed and public companies and with extensive experience in growing businesses, debt and equity financings, offerings and restructurings, M&A and leadership in, and management of, highly dynamic, swiftly growing companies. Mr. Knuettel is currently the CEO and serves on the board of directors of Unrivaled Brands and serves on the board of directors of two private companies, one developing an anti-viral platform and the other focused on smart intubation devices. Mr. Knuettel was formerly Director of Capital and Advisory at Viridian Capital Advisors.

We are pleased to have welcomed these four accomplished individuals to our team and expect that their unique skill sets and experience will be highly complementary to those of our existing board members and management team. I look forward to working with them, focusing on continuing to build sustainable stockholder value.

I'd like to now update you on the status of our exciting pipeline, which includes three clinical programs addressing the following indications:

  1. Early Dupuytren's contracture, a fibrotic disease of the hand, which is 

      in Phase 2b clinical trial, with results of the 181-patient randomized, 

      placebo-controlled trial expected in Q4 of 2021, as previously 

      disclosed.  In the entire trial, there were no related adverse events, 

      and over 85% of patients received 3 or more injections. Dupuytren's 

      disease is estimated to impact over 11 million Americans and about the 

      same number in the United Kingdom (UK)/European Union. Our trial, which 

      is the largest ever clinical trial conducted on early stage Dupuytren's 

      disease, is focused on treating early-stage disease and preventing the 

      progress of the disease to avoid the hand contracture disability. All 

      other therapies are aimed at treating patients once the hand disability 

      has occurred. This trial is entirely grant funded. 

 

   2. Frozen shoulder, with a grant to initiate the clinical study recently 

      awarded by the National Institute for Health Research, UK. We plan to 

      start the trial for frozen shoulder within the next few weeks. Again, our 

      goal to try to have patients avoid experiencing the pain and disability 

      associated with frozen shoulder by treating the condition in its early 

      stage; we believe all other therapies are aimed at treating the condition 

      in its later stage of pain and disability. We anticipate the first 

      patients will receive their initial injection in October 2021, although 

      continued COVID-19 outbreaks in the UK, may cause delays. 

 

   3. Post-operative cognitive delirium disorder and dysfunction, a major unmet 

      clinical need occurring in the elderly patient population, most commonly 

      following lengthy surgical procedures, for example, during hip fracture 

      repair or after CABG (Coronary Artery Bypass Graft). We hope to be able 

      to reduce or prevent this dysfunction by treating patients with anti-TNF 

      agents at the time of surgery. We have applied for non-dilutive grant 

      funding for this trial and are awaiting a response. 

In addition to these pipeline updates, in September 2021, we plan to initiate conversations with the U.S. Food and Drug Administration (FDA), with the goal of potentially transitioning our trials to the U.S.

Additionally, our pre-clinical discovery programs include:

  1. Nonalcoholic steatohepatitis (NASH), which started preclinical studies 

      with Celgene-BMS in human tissue in Q2 2020. NASH which is present in 

      about 5% of Americans, is most commonly caused by non-alcoholic fatty 

      liver disease (NAFLD), which is estimated to affect approximately 25% of 

      the US population. Our scientists are looking for the metabolic pathways 

      that drive this disease and points where we can interrupt the progress of 

      the disease. Stay tuned for more on this discovery program. 

 

   2. A program focused on the development of unique pharmaceutical-grade oral 

      synthetic cannabidiol analogs to treat pain, and specifically focused on 

      the chronic pain associated with arthritis, for which we would seek FDA 

      approval. This project is being conducted in Israel and Oxford, England. 

      We are working with Prof. Raphael Mechoulam, one of the foremost 

      authorities on cannabis chemistry who discovered the body's own 

      "cannabinoids", and who is also a co-founder of this program. To optimize 

      uptake and bio-availability, we are collaborating with specialists in 

      cannabinoid drug delivery, Prof. Avi Domb and Prof. Amnon Hoffman in 

      Jerusalem, Israel. Following the hard work of our co-founders and 

      scientists, we also filed composition of matter patents, and announced 

      the selection of our lead Synthetic CBD Analogue ("SCA"). We expect to 

      move forward in clinical development for both inflammation and pain, and 

      plan to initiate Investigational New Drug (IND) Application enabling 

      studies in Q1 2022. 

 

   3. The 7nAChR program, which aims to develop 7nAChR agonists 

      for the treatment of inflammatory diseases, initially ulcerative colitis 

      induced in ex-smokers. With the close of our current financing, this 

      program will again be seeking to find lead candidates. 

As we announced in April 2021, all patient data for the Phase 2b Dupuytren's disease clinical trial has been collected and submitted for analysis and review. We look forward to the anticipated publishing of top line results. As discussed above, the disease impacts a large total addressable market estimated to comprise over 22 million in the US and UK/EU. We anticipate these results in the fourth quarter of 2021. We believe that if we are able to successfully commercialize this drug, of which there can be no assurance, it has the potential to generate significant revenues for the Company.

2021-08-30 12:30:00 GMT 180 Life Sciences Corp. CEO James Woody, MD, PhD -2-

I'd like to again reiterate an important distinguishing factor in our model, itself unique for a biotech company. Almost all of our clinical studies to date have been substantially funded through competitive, peer reviewed grants. While ultimately, we intend to fund some studies primarily internally, we anticipate our operating expenses will remain low relative to our peers. There are many advantages of doing clinical development mostly with academic leaders, both in cost, efficiency, and credibility. We have several potential additional innovative initiatives in progress, and you will hear about them in the upcoming months.

I'd like to close by telling you that while recent months have been challenging at times, my personal goal for 180 Life Sciences remains the same as always. My goal and the goal of the other members of management, is to benefit patients and build stockholder value by developing world leading products to solve unmet medical needs. As management and insiders currently continue to have a very vested equity interest in the Company, we believe our goals are directly aligned with the stockholders of the Company.

Now more than ever, we are looking forward and focused on execution. As you know, our team has previously developed not one, but many blockbuster drugs. Our goal for 180 Life Sciences is to execute on a model we all know well, building upon past success, experience, and relationships to bring our pipeline candidates to market. We look forward to working hard for our collective benefit and communicating with you regularly moving forward. Thank you again for your invaluable support.

Sincerely,

James Woody MD, PhD

CEO, 180 Life Sciences

About 180 Life Sciences Corp.

180 Life Sciences Corp. is a clinical-stage biotechnology company focused on the development of novel drugs that fulfill unmet needs in inflammatory diseases, fibrosis and pain by leveraging the combined expertise of luminaries in therapeutics from Oxford University, the Hebrew University and Stanford University. 180 Life Sciences is leading the research into solving one of the world's biggest drivers of disease -- inflammation. The Company is driving groundbreaking studies into clinical programs, which are seeking to develop novel drugs addressing separate areas of inflammation for which there are no effective therapies. The Company's primary platform is a novel program to treat fibrosis using anti-TNF (tumor necrosis factor).

Forward-Looking Statements

This press release includes "forward-looking statements", including information about management's view of the Company's future expectations, plans and prospects, within the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 (the "Act"). Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue" and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results and, consequently, you should not rely on these forward-looking statements as predictions of future events. These forward-looking statements and factors that may cause such differences include, without limitation, statements relating to expectations regarding the capitalization, resources, and funding of the Company; expectations regarding future agreements relating to the supply of materials and license and commercialization of products; the availability and cost of materials required for trials; the risk that initial drug results will not be able to be replicated in clinical trials or that such drugs selected for clinical development will not be successful; challenges and uncertainties inherent in product research and development, including the uncertainty of clinical success and of obtaining regulatory approvals; uncertainty of commercial success; manufacturing difficulties and delays; competition, including technological advances, new products and patents attained by competitors; challenges to patents; product efficacy or safety concerns resulting in product recalls or regulatory action; changes in behavior and spending patterns of purchasers of health care products and services; changes to applicable laws and regulations, including global health care reforms; expectations with respect to future performance, growth and anticipated acquisitions; the continued listing of the Company on The NASDAQ Stock Market; expectations regarding the capitalization, resources and ownership structure of the Company; expectations with respect to future performance, growth and anticipated acquisitions; the ability of the Company to execute its plans to develop and market new drug products and the timing and costs of these development programs; estimates of the size of the markets for its potential drug products; potential litigation involving the Company or the validity or enforceability of the intellectual property of the Company; global economic conditions; geopolitical events and regulatory changes; the expectations, development plans and anticipated timelines for the Company's drug candidates, pipeline and programs, including collaborations with third parties; access to additional financing, and the potential lack of such financing; and the Company's ability to raise funding in the future and the terms of such funding. These risk factors and others are included from time to time in documents the Company files with the Securities and Exchange Commission, including, but not limited to, its Form 10-Ks, Form 10-Qs and Form 8-Ks. These reports and filings are available at www.sec.gov. All subsequent written and oral forward-looking statements concerning the Company, the transactions described herein or other matters and attributable to the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The forward-looking statements included in this press release are made only as of the date hereof. The Company cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based, except as otherwise provided by law.

  Aurora Cannabis to Host Fourth Quarter and Full Fiscal Year 2021 Investor Conference Call and Related                                                  

                                                                     Year End Informational Filings 9/7/21
NASDAQ | TSX: ACB

EDMONTON, AB, Sept. 7, 2021 /PRNewswire/ - Aurora Cannabis Inc. (the "Company" or "Aurora") (NASDAQ: ACB) (TSX: ACB), the Canadian company defining the future of cannabinoids worldwide, announced today that it has scheduled a conference call to discuss the results for its fourth quarter and full fiscal year 2021 on Tuesday, September 21, 2021 at 5:00 p.m. Eastern Time | 3:00 p.m. Mountain Time. The Company will report its financial results for the fourth quarter and full fiscal year 2021 after the close of markets that same day.

Miguel Martin, Chief Executive Officer, and Glen Ibbott, Chief Financial Officer, will host the conference call and question and answer period. Investors may submit questions in advance or during the conference call through the weblink listed above. This weblink has also been posted to the Company's Investor Relations webpage at https://investor.auroramj.com/ under "News & Events".

Additionally, Aurora has announced that along with the filing of its annual financial statements, it expects to file other annual disclosure documents -- including the Annual Information Form. Furthermore, Aurora announced that it has scheduled its Annual General Meeting of shareholders, which due to the COVID-19 pandemic, will be held virtually on Friday, November 12, 2021 at 12 p.m. Eastern Time | 10:00 a.m. Mountain Time. In conjunction with the meeting, Aurora expects to file its Information Circular and related proxy materials, which will be available for download under its profile on both SEDAR and EDGAR.

About Aurora

Aurora is a global leader in the cannabis industry serving both the medical and consumer markets. Headquartered in Edmonton, Alberta, Aurora is a pioneer in global cannabis dedicated to helping people improve their lives. The Company's brand portfolio includes Aurora, Aurora Drift, San Rafael '71, Daily Special, AltaVie, MedReleaf, CanniMed, Whistler, and Reliva CBD. Driven by science and innovation, and with a focus on high-quality cannabis products, Aurora's brands continue to break through as industry leaders in the medical, performance, wellness and recreational markets wherever they are launched. For more information, please visit our website at www.auroramj.com.

Aurora's common shares trade on the NASDAQ and TSX under the symbol "ACB" and is a constituent of the S&P/TSX Composite Index.

Forward Looking Statements

This news release includes statements containing certain "forward-looking information" within the meaning of applicable securities law ("forward-looking statements"). Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements made in this news release include statements regarding: the timing for reporting of our financial results for the fourth quarter and full fiscal year 2021 and associated conference call, as well as timing for our Annual General Meeting and filing of related proxy materials. These forward-looking statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward looking statements are based on the opinions, estimates and assumptions of management in light of management's experience and perception of historical trends, current conditions and expected developments at the date the statements are made, such as current and future market conditions, the ability to maintain SG&A costs in line with current expectations, the ability to achieve high margin revenues in the Canadian consumer market, the current and future regulatory environment and future approvals and permits. Forward-looking statements are subject to a variety of risks, uncertainties and other factors that management believes to be relevant and reasonable in the circumstances could cause actual events, results, level of activity, performance, prospects, opportunities or achievements to differ materially from those projected in the forward-looking statements, including the risks associated with: entering the U.S. market, the ability to realize the anticipated benefits associated with the acquisition of Reliva, achievement of Aurora's business transformation plan, general business and economic conditions, changes in laws and regulations, product demand, changes in prices of required commodities, competition, the effects of and responses to the COVID-19 pandemic and other risks, uncertainties and factors set out under the heading "Risk Factors" in the Company's annual information form dated September 24, 2020 (the "AIF") and filed with Canadian securities regulators available on the Company's issuer profile on SEDAR at www.sedar.com and filed with and available on the SEC's website at www.edgar.gov. The Company cautions that the list of risks, uncertainties and other factors described in the AIF is not exhaustive and other factors could also adversely affect its results. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such information. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.

View original content to download multimedia:https://www.prnewswire.com/news-releases/aurora-cannabis-to-host-fourth-quarter-and-full-fiscal-year-2021-investor-conference-call-and-related-year-end-informational-filings-301370692.html

SOURCE Aurora Cannabis Inc.
Web site: https://auroramj.com/

 Dow Jones Newswires 

 Cresco Labs Closes Acquisition of Cultivate, Strengthens Position in Massachusetts 9/3/21 | BusinessWire

CHICAGO--(BUSINESS WIRE)--September 03, 2021-- 

Cresco Labs Inc. (CSE:CL) (OTCQX:CRLBF) ("Cresco Labs" or the "Company"), a vertically integrated multistate operator and the number one U.S. wholesaler of branded cannabis products, announced today the closing of the Company's previously announced acquisition of Cultivate (the "Transaction").

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210903005076/en/

Cresco Labs closes acquisition of vertically integrated Cultivate which operates three cannabis dispensaries in Leicester, Worcester, and Framingham (Pictured). (Photo: Business Wire)

Transaction Highlights

  -- Approximately 42,000 square feet of active flowering canopy, bringing 

      combined canopy in-state to approximately 64,000 square feet. The 

      Transaction also includes space available to further expand cultivation 

      capacity. 

 

   -- Three operational dispensaries located in Leicester, Framingham, and 

      Worcester, bringing combined retail storefronts in-state to four. 

      Concurrent with closing, the Company's Fall River retail location has 

      transitioned to medical sales only. 

 

   -- Greater operating platform to pursue market share growth in the largest 

      adult use cannabis market in the northeast. The Massachusetts' market 

      structure offers a unique opportunity to wholesalers given limited 

      cultivation licenses, robust pricing, and abundant retail stores 

      throughout the state. 

"The closing today constitutes another important step for Cresco Labs as we deepen our presence in large, attractive states like Massachusetts and increasingly tailor and strengthen our state-level strategies to optimize growth and profitability. Expanding operations in the most strategic U.S. cannabis markets is at the heart of our growth strategy and we're thrilled to have the opportunity to show what can be achieved through a maximized footprint in Massachusetts," said Charlie Bachtell, CEO and Co-Founder of Cresco Labs. "We have been thoroughly impressed with the Cultivate team and the quality of their operations. We look forward to a productive and efficient integration process to carry their historical strong momentum into the fourth quarter and beyond."

About Cresco Labs Inc.

Cresco Labs is one of the largest vertically integrated multistate cannabis operators in the United States, with a mission to normalize and professionalize the cannabis industry. Employing a consumer-packaged goods ("CPG") approach, Cresco Labs is the largest wholesaler of branded cannabis products in the United States. Its brands are designed to meet the needs of all consumer segments and are comprised of some of the most recognized and trusted national brands, including Cresco, High Supply, Mindy's Edibles, Good News, Remedi, Wonder Wellness Co. and FloraCal Farms. Sunnyside, Cresco Labs' national dispensary brand, is a wellness-focused retailer created to build trust, education and convenience for both existing and new cannabis consumers. Recognizing that the cannabis industry is poised to become one of the leading job creators in the country, Cresco Labs operates the industry's largest Social Equity and Educational Development initiative, SEED, which was established to ensure that all members of society have the skills, knowledge and opportunity to work and own businesses in the cannabis industry. Learn more about Cresco Labs at www.crescolabs.com.

Forward Looking Statements

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as, 'may,' 'will,' 'should,' 'could, ' 'would,' 'expects,' 'plans,' 'anticipates,' 'believes,' 'estimates,' 'projects,' 'predicts,' 'potential' or 'continue' or the negative of those forms or other comparable terms. The Company's forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including but not limited to those risks discussed under "Risk Factors" in the Company's Annual Information Form for the year ended December 31, 2020 filed on March 26, 2021, and other documents filed by the Company with Canadian securities regulatory authorities; and other factors, many of which are beyond the control of the Company. Readers are cautioned that the foregoing list of factors is not exhaustive. Because of these uncertainties, you should not place undue reliance on the Company's forward-looking statements. No assurances are given as to the future trading price or trading volumes of Cresco Labs' shares, nor as to the Company's financial performance in future financial periods. The Company does not intend to update any of these factors or to publicly announce the result of any revisions to any of the Company's forward-looking statements contained herein, whether as a result of new information, any future event or otherwise. Except as otherwise indicated, this press release speaks as of the date hereof. The distribution of this press release does not imply that there has been no change in the affairs of the Company after the date hereof or create any duty or commitment to update or supplement any information provided in this press release or otherwise.

View source version on businesswire.com: https://www.businesswire.com/newse

Jason Erkes, Cresco Labs

Chief Communications Officer

press@crescolabs.com

Investors:

Jake Graves, Cresco Labs

Manager, Investor Relations

investors@crescolabs.com

For general Cresco Labs inquiries:

312-929-0993

info@crescolabs.com
> Dow Jones Newswires 

MW Pot and poppy paintings: Inside a cannabis lifestyle companys immersive Van Gogh exhibit8/24/21 | MarketWatch
Steve Gelsi

Party hosting company Happy Munkey holds cannabis-inspired gathering at NYC's Original Immersive Van Gogh Exhibit with branded, pre-rolled joints included in VIP gift bags

Inside, there were some of Vincent Van Gogh's famous paintings. Outside, there was a patio where guests could enjoy a branded, pre-rolled joint that came in a special gift bag.

The hospitality and media startup Happy Munkey is capitalizing on New York State's legalization of marijuana for adults 21 and older, as it hosted private, ticketed events on Aug. 11 and Aug. 18 at NYC's Original Immersive Van Gogh Exhibit, just north of the South Street Seaport in Lower Manhattan.

Both nights sold out with a combined crowd of about 1,000 people who shelled out $125 for a VIP ticket and $200 for a super-VIP package. Guests received a gift bag containing a variety of now-legal substances such as pre-rolled joints in tubes decorated with images of Van Gogh's sunflowers and the Happy Munkey's smiling primate logo.

Happy Munkey CEO Vladimir Bautista told MarketWatch the event proves that cannabis is ready for prime time, and can to spice up events, exhibits and hospitality venues. It is more than just a retail product on its own, with a whole ecosystem of food, clothing, paraphernalia, health and beauty products and even beverages.

"It is the future!" said Bautista, who offered a firm handshake and entrepreneurial energy with an enthusiastic greeting. Happy Munkey launched about four years ago, well before New York legalized marijuana in 2021, but the company's private parties are now being welcomed by an exhibition that has drawn crowds in multiple cities, he said.

"When you have the community--the people--behind you, you can do anything," he said. "We're just trying to make people happy."

No alcohol was served at the event, but there were mocktails and plenty of cannabis products to be had to add to the intoxicating atmosphere. People wore masks inside, as per the Centers for Disease Control and Prevention's (CDC) guidelines and outside, they refrained from passing anything around.

Guests smoked at the Happy Munkey Consumption Lounge, on the outside patio of the exhibit on Manhattan's Pier 36. A trip into the exhibit then followed for guests to take in the undulating and vibrantly colored images and music in the Immersive Van Gogh Exhibit, the critically acclaimed creation of video artist Massimiliano Siccardi.

On the second of the two nights, the crowd wandered between the exhibit and the patio. People seemed a bit more interested in socializing outside, where conversations and cannabis were accompanied by views of the East River and the Manhattan and Williamsburg Bridges.

Gatherings such as these will no doubt play a role as the U.S. cannabis industry grows to $85 billion in sales by 2030, according to an estimate from Cowen Group. Other estimates put annual growth in the U.S. legal cannabis business in the neighborhood of 18%. These prospects have been fueling investor interest in a healthy selection of pot stocks, such as Tilray Inc. (TLRY), Canopy Growth Corp. (WEED.T), Green Thumb Industries Inc. , Curaleaf Holdings Inc. , MedMen Enterprises Inc. (MMNFF) and Acreage Holdings Inc. .

Harder to calculate is the potential impact of cannabis on travel, live events, bars and restaurants and leisure activities. Consumption lounges remain a nascent business with potential for wide impact, especially with a rebounding hospitality market, still recovering from COVID-19

Pot remains illegal on the federal level, stymying the industry's growth. But bigger states, like New York and New Jersey plan to start issuing cannabis retail licenses, which will drive down prices through competition.

Liquor makers have had pot on their radar for years Since 2017, Constellation Brands Inc. (STZ)started buying its large stake in Canopy Growth (https://www.marketwatch.com/story/drinkable-pot-constellation-brands-takes-stake-in-marijuana-company-2017-10-29). Big tobacco companies such as Imperial Brands have made some investments in the cannabis space (https://www.marketwatch.com/story/cigarette-maker-imperial-betting-on-medical-pot-2018-06-28) as well. Cannabis also touches media, live events, film, TV and retailing -- not to mention the vast health, beauty and agriculture sectors.

Samantha Gleit, a partner at cannabis law specialist Feuerstein Kulick LLP, said capital has been difficult for growing cannabis companies to get from traditional bank loans. It is impossible to use cannabis to secure debt because it's still banned by the federal government. It is also difficult for cannabis companies to have bank accounts since revenue from the sector is still regarded as drug money in the federal banking system.

It is possible, however, to build state-specific loan structures. Some lenders have been quietly providing services under banking guidelines for cannabis laid out during the Obama administration. Family offices and high net worth individuals, as well other private investment firms, have provided debt financing to the sector.

As cannabis becomes more widely distributed on a legal basis, it won't be enough for venues just to sell it to attract crowds, since it'll be so widely available.

That's where Happy Munkey comes in, combining content with cannabis through live events and other gatherings to make experiences more compelling.

Amanda Reyes, board president at the Cannabis Cultural Association in New York City, said Happy Munkey is helping to normalize cannabis after decades of prohibition.

"You used to have to go to the seediest part of town for this," she said as she looked at the revelers puffing marijuana cigarettes. "When I go to an event like this, I don't want to drink, I want to smoke."

The Global X Cannabis exchange-traded fund (POTX) has dropped 21.1% over the past three months but has gained 11.3% over the past 12 months. In comparison, the S&P 500 index has tacked on 6.9% the past three months and rallied 30.8% the past year

 Green Thumb Industries Announces Conference Participation for September 2021 GlobeNewswire
Green Thumb Industries Announces Conference Participation for September 2021

CHICAGO and VANCOUVER, British Columbia, Sept. 02, 2021 (GLOBE NEWSWIRE) -- Green Thumb Industries Inc. (Green Thumb) (CSE: GTII) (OTCQX: GTBIF), a leading national cannabis consumer packaged goods company and owner of Rise(TM) Dispensaries, today announced that its executive team will participate in the following conferences in September 2021:

Beacon Securities Virtual Cannabis Conference, September 9, 2021: Management will participate in one-on-one meetings.

Needham Virtual Cannabis Conference, September 14, 2021: Founder and Chief Executive Officer Ben Kovler will participate in a fireside chat at 11:45 a.m. ET and management will participate in one-on-one meetings.

BTIG Virtual Inaugural Cannabis Conference, September 29, 2021: Founder and Chief Executive Officer Ben Kovler will participate in a fireside chat at 8:00 a.m. ET and management will participate in one-on-one meetings.

About Green Thumb Industries:

Green Thumb Industries Inc. ("Green Thumb"), a national cannabis consumer packaged goods company and retailer, promotes well-being through the power of cannabis while giving back to the communities in which it serves. Green Thumb manufactures and distributes a portfolio of branded cannabis products including Beboe, Dogwalkers, Dr. Solomon's, incredibles, Rythm and The Feel Collection. The company also owns and operates rapidly growing national retail cannabis stores called Rise(TM) Dispensaries. Headquartered in Chicago, Illinois, Green Thumb has 16 manufacturing facilities, licenses for 114 retail locations and operations across 14 U.S. markets. Established in 2014, Green Thumb employs over 3,000 people and serves thousands of patients and customers each year. The company was named to Crain's Fast 50 list in 2021 and a Best Workplace by MG Retailer magazine in 2018 and 2019. More information is available at www.GTIgrows.com.

Investor Contact:                          Media Contact: 

 

Andy Grossman                              Grace Bondy 

EVP, Capital Markets & Investor Relations  Corporate Communications 

InvestorRelations@gtigrows.com             gbondy@gtigrows.com 

 

 

Source: Green Thumb Industries
 

 InterCure Re-Announces its Record-Breaking Second Quarter Financial Results With 4 Times YOY Revenue Growth - Following NASDAQ Listing 9/3/21 | GlobeNewswireInterCure Re-Announces its Record-Breaking Second Quarter Financial Results With 4 Times YOY Revenue Growth - Following NASDAQ Listing

Achieved record revenue of NIS 45 million (over CAD$17 million), an increase of 400% year-over-year and 37% quarter-over-quarter

Achieved quarterly run-rate Q2 Pro Forma(1) revenues of NIS 55 million (over CAD$21 million)

Recorded continued increase in operating profit, EBITDA(2) and net profit

Achieved Q2 EBITDA margin of 26% and positive operational cash flow

Revenue growth expected to continue in the third quarter and for the remainder of 2021

NEW YORK and TORONTO and HERZLIYA, Israel, Sept. 03, 2021 (GLOBE NEWSWIRE) -- InterCure Ltd. (NASDAQ: INCR, TSX: INCR.U, TASE: INCR) (dba Canndoc) (the "Company") is pleased to announce its financial results for the second quarter of 2021 and provide a business update. All amounts are expressed in New Israeli Shekels (NIS) or Canadian dollars ($), unless otherwise noted.

Second Quarter 2021 Key Financial & Operating Highlights

  -- Achieved record revenue of NIS 45 million ($17 million), four times 

      greater than the second quarter of 2020 and up 37% compared to the first 

      quarter of 2021. 

 

   -- EBITDA2 for the second quarter of the Company's cannabis sector was NIS 

      12 million ($5 million), and NIS 11 million ($4 million) on a 

      consolidated basis. This represents an annual run rate of close to NIS 50 

      million ($20 million), a significant increase year-over-year, driven by 

      revenue growth, improvement in gross profit and operating profit. 

 

   -- Positive cash flow from operations for the fourth consecutive quarter. 

 

   -- Strong balance sheet with NIS 201 million ($78 million) of cash as of 

      June 30, 2021. 

 

   -- Generated Pro forma1 second quarter revenues of NIS 55 million (over $21 

      million), representing a run rate of NIS 220 million ($86 million). 

 

   -- Recorded a continued increase in operating profit, EBITDA and net profit. 

 

   -- Continued to grow market share due to solid demand for Canndoc's branded 

      products, expansion of its medical cannabis dispensing operation and 

      continued improvement across all facets of the business, including same 

      store sales (SSS) increase. 

 

   -- Added three additional medical cannabis licensed pharmacies during the 

      quarter, bringing the total retail locations to eight. Expansion of the 

      Company's medical cannabis dispensing operation is expected to continue 

      and accelerate in the third quarter and throughout the remainder of 2021. 

 

   -- Successful launch of the first ever Cookies(TM) GMP premium products 

      exclusively cultivated and manufactured in the Company's advanced 

      southern facility. 

 

   -- Solid international demand for InterCure's GMP branded products expected 

      to boost global expansion as Ministry of Economy announced easing 

      regulation for medical cannabis exportation. 

 

   -- Legislation of adult use cannabis and CBD products in Israel progresses 

      as a new government sworn into office in June 2021. 

 

   -- Revenue growth is expected to continue in the third quarter and 

      throughout 2021. 

"We continue to execute our profitable growth strategy while strengthening InterCure's brands, manufacturing and distribution leadership," said InterCure CEO Alexander Rabinovitch, adding, "we achieved during this quarter unmatched results with some of the strongest revenue growth rates and EBIDTA margin in the sector. Our leadership position in Israel, the leading GMP market, alongside our global expansion creates visible momentum for continued near and long-term profitable growth, generating value for shareholders and relief for patient communities."

"The second quarter of 2021 is InterCure's sixth consecutive quarter with quarter-to-quarter high double-digit growth and fourth consecutive quarter with positive cash flow from operations," said InterCure CFO Amos Cohen, adding, "maintaining sound financial discipline and a strong balance sheet are key in strengthening our position leading the consolidation process outside North America."

________________

(1) Includes estimated revenues of all InterCure's consolidated operations for the entire quarterly period.

(2) This is a non-IFRS financial measure and does not have a standardized meaning prescribed by IFRS, please see "Non-IFRS Measures" below.

Key Q2 2021 Financial Highlights -- Cannabis Sector

(In thousands NIS)

                      Q2-20   Q2-21 

--------------------  ------  ------ 

Revenues              11,185  45,230 

--------------------  ------  ------ 

Gross Profit (1)       4,814  19,268 

--------------------  ------  ------ 

Operating Profit       (847)  11,127 

--------------------  ------  ------ 

Adjusted EBITDA (2)    1,582  11,701 

--------------------  ------  ====== 

 

 

                      Q1-20   Q2-20   Q3-20   Q4-20   Q1-21   Q2-21 

-------------------  -------  ------  ------  ------  ------  ------ 

Revenues               4,259  11,185  22,497  27,094  33,051  45,230 

-------------------           ------  ------  ------  ------ 

Gross Profit (1)       1,516   4,814  10,755  13,302  15,427  19,268 

-------------------  -------  ------  ------  ------  ------  ------ 

Adjusted EBITDA(2)   (1,313)   1,582   6,970   8,675  10,965  11,701 

-------------------  -------  ------  ------  ------  ------  ====== 

 

 

(1)    Gross profit before effect of fair value. 

(2)    EBITDA adjusted for changes in the fair value of inventory, 

        share-based payment expense, impairment losses (and 

        gains) on financial assets, non-controlling interest 

        and other expenses (or income). This is a non-IFRS 

        financial measure and does not have a standardized 

        meaning prescribed by IFRS, please see "Non-IFRS Measures" 

        below. 

 

 

Second Quarter 2021 Results

The Company reported second quarter 2021 revenue of NIS 45 million ($17 million), an increase of four times compared to revenue of NIS 11 million in the prior year period and up 37% sequentially compared to the first quarter of 2021. Estimated revenue represents an annual run rate of NIS 180 million (over $70 million). Pro Forma second quarter revenues on a full quarterly operating basis of NIS 55 million (over $21 million), representing a run rate of NIS 220 million ($86 million).

InterCure continued to grow its market share with strong demand for Canndoc's branded products, expansion of its medical cannabis dispensing operation and continued improvement across all facets of the business, including same store sales (SSS) increase.

During the time of this report, InterCure launched its Lemonade(TM) medical cannabis approved pharmacy in Jerusalem, the first Lemonade(TM) retail location outside of the US. In addition, it added two more medical cannabis licensed pharmacies to its leading pharmacy chain -- Givol(TM), bringing the total number of medical cannabis approved retail locations to eight. The expansion is expected to continue and accelerate during the third quarter and throughout the remainder of 2021.

The Company continued to generate increases in operating profit, EBITDA and net profit during the second quarter of 2021, reflecting InterCure's market leadership, scale and operational excellence.

During the second quarter the southern facility, the largest and most advanced in Israel, successfully ramped up its cultivation capacity to meet the growing demand for InterCure's GMP products. To continue supplying the solid demand, the Company is considering accelerating production and development plans of its southern cultivation site.

During the quarter, the Company successfully launched new branded products, including the first ever Cookies(TM) GMP premium products, setting new standards of quality. These were exclusively cultivated and manufactured in the Company's advanced southern facility as part of the strategic partnership with Cookies(TM).

In late June 2021, the Company was one of the first and only Israeli licensed producers to meet the new standards set by the IMCA (Act 109) and successfully resumed importation of medical cannabis from its exclusive strategic partner Tilray. Importation is expected to continue and accelerate throughout the third quarter and the rest of 2021.

Legalization of adult cannabis use progresses, for the first time in Israel's history cannabis reform was part of the new government's coalition agreements. Since the new parliament was assembled in June, both coalition and opposition parties put forward bills for adult cannabis use with minor differences. InterCure remains committed to lead this upcoming new market once the legislations pass.

Another expected reform is the completion of de-listing CBD from the Dangerous Drugs Act. With the formation of a new government, this process is expected to continue and come to completion. During the quarter, InterCure has laid infrastructure with our strategic partner Charlotte's Web(TM), a global leader, and is prepared for the launching of this new segment.

The new Minister of Economy also enacted an ease on exporting GMP grade medical cannabis and CBD products from Israel. Combined with solid international demand for InterCure's GMP branded products, the new regulations are expected to boost the Company's global expansion. InterCure's leadership and brand equity in international target markets, including Europe, position the Company for long term growth in these emerging markets.

The Company is in advanced stages of completing an acquisition and merger of Israeli medical cannabis licensed producer 'Better'. The integration with Better is expected to increase InterCure's market share and further strengthen its leadership position within the pharmaceutical cannabis market.

Consolidated Financial Statements and Management's Discussion and Analysis

2021-09-03 13:29:00 GMT InterCure Re-Announces its Record-Breaking Second -2-

InterCure's unaudited financial statements and accompanying notes for the three and six month periods ended June 30, 2021 and related management's discussion and analysis of financial condition and results of operations ("MD&A") are available under the Company's profile on SEDAR and EDGAR.

About InterCure (dba Canndoc)

InterCure (dba Canndoc) (NASDAQ: INCR) (TSX: INCR.U) (TASE: INCR) is the leading, profitable, and fastest growing cannabis company outside of North America. Canndoc, a wholly owned subsidiary of InterCure, is Israel's largest licensed cannabis producer and one of the first to offer Good Manufacturing Practices (GMP) certified and pharmaceutical-grade medical cannabis products. InterCure leverages its market leading distribution network, best in class international partnerships and a high-margin vertically integrated "seed-to-sale" model to maintain its position as Israel's leading cannabis company as well as to drive further growth through global expansion.

For more information, visit: http://www.intercure.co

Non-IFRS Measures

This press release makes reference to certain non-IFRS financial measures. Adjusted EBITDA, as defined by InterCure, means earnings before interest, income taxes, depreciation, and amortization, adjusted for changes in the fair value of inventory, share-based payment expense, impairment losses (and gains) on financial assets, non-controlling interest and other expenses (or income). This measure is not a recognized measure under IFRS, does not have a standardized meaning prescribed by IFRS and is therefore unlikely to be comparable to similar measures presented by other companies. InterCure's method of calculating this measure may differ from methods used by other entities and accordingly, this measure may not be comparable to similarly titled measured used by other entities or in other jurisdictions. InterCure uses this measure because it believes it provides useful information to both management and investors with respect to the operating and financial performance of the company. A reconciliation of Adjusted EBITDA to an IFRS measure (revenue), which is incorporated by reference to this press release, is available in InterCure's MD&A for the period under the heading "Results of Operation", available under the Company's profile on SEDAR at www.sedar.com.

Forward-Looking Statements

This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects InterCure's current expectations regarding future events. The words "will", "expects", "intends" and similar expressions are often intended to identify forward-looking information, although not all forward-looking information contains these identifying words. Specific forward-looking information contained in this press release includes, but is not limited to: the Company's future revenue growth and results, its ability to list its shares on the Nasdaq, the success of the acquisition of Better and the future outcomes of the acquisition, the legalization of recreational cannabis in Israel, the success of its global expansion plans, its continued growth, the expected operations, financial results business strategy, competitive strengths, goals and expansion and growth plans and the expansion strategy to major markets worldwide. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond InterCure's control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to: changes in general economic, business and political conditions, changes in applicable laws, the Canadian regulatory landscapes and enforcement related to cannabis, changes in public opinion and perception of the cannabis industry, reliance on the expertise and judgment of senior management, as well as the factors discussed under the heading "Risk Factors" in Subversive Acquisition LP's final long form prospectus dated March 15, 2021, which is available on SEDAR at www.sedar.com. InterCure undertakes no obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

Contacts:

InterCure Ltd.

Amos Cohen, Chief Financial Officer

amos@canndoc-pharma.com

Investor and Media Relations:

KCSA Strategic Communications

InterCure@kcsa.com

> Dow Jones Newswires 

 MW Greenlane shares rise as analyst green lights the stock as a buy, 9/7/21 | MarketWatchRelated Quotes  9/10/21 ChgGNLN3.020.00%MSOS30.050.00%THCX14.040.00% Quotes delayed at least 15 minutes
Greenlane Holdings Inc. (GNLN) shares are up about 3% on Tuesday after the Boca Raton, Fla.-based maker of packaging, rolling papers, glass products and grinders for cannabis was initiated with a buy rating and $6 price target by Alliance Global Partners. The ratings move comes after the company completed its acquisition of KushCo Holdings Inc. on Sept. 1. Alliance Global analyst Aaron Grey said the combined company is positioned to capitalize on growth in the cannabis business. Greenlane is currently trading at about 1.1 times estimated calendar 2022 sales, well below other ancillary players. Greenlane stock is down 29% this year compared to a 19.8% gain by the Cannabis ETF (THCX) and a declined of 10% by the AdvisorShares Pure US Cannabis ETF (MSOS).

> Dow Jones Newswires

 TerrAscend to Acquire Gage Cannabis 9/1/21 | Dow JonesEstablishes Leading Presence in Michigan, the Third Largest U.S. Cannabis Market

Combines Industry Leading Retail, Cultivation and Operations Teams Across 7 Cultivation Facilities and 23 Operational Retail Locations in 5 States

The Gage Brand, One of the Most Influential and Innovative in Michigan, to Be Featured Across TerrAscend's Current and Future Markets

NEW YORK, DETROIT and TORONTO, Sept. 1, 2021 /CNW/ - TerrAscend Corp. ("TerrAscend" or the "Company") (CSE: TER) (OTCQX: TRSSF), a leading North American cannabis multi-state operator, and Gage Growth Corp. ("Gage") (CSE: GAGE), a leading high-quality premium cannabis brand and operator, today announced that they have entered into a definitive arrangement agreement (the "Arrangement Agreement") pursuant to which TerrAscend will acquire all of the issued and outstanding subordinate voting shares (the "Gage Shares") of Gage by way of a court-approved plan of arrangement under the Canada Business Corporations Act (the "Transaction"). All references to dollar values refer to US dollars unless otherwise noted.

Under the terms of the Arrangement Agreement, shareholders of Gage (the "Gage Shareholders") will receive 0.3001 of a common share of TerrAscend for each Gage Share (or equivalent) held (the "Exchange Ratio"), representing a total consideration of approximately $545 million(1) based on the closing price of TerrAscend on August 31, 2021. The Exchange Ratio implies a consideration of $2.11 (or C$2.66) per Gage Share, representing a 18% premium based on the closing prices of both companies' shares on the Canadian Securities Exchange (the "CSE") on August 31, 2021.

Upon completion of the Transaction, the combined business will have operations in 5 states and Canada, including 7 cultivation and processing facilities and 23 operating dispensaries serving both medical and adult-use cannabis markets in the U.S. and Canada.

Management Commentary

"The acquisition of Gage expands our footprint to the third largest cannabis market in the U.S.," said Jason Wild, Executive Chairman of TerrAscend. "Combining our market-leading share in our existing states with Gage's proven cultivation, retail, and marketing capabilities, creates one of the largest and most dynamic companies in the industry. We look forward to leveraging Gage's profound connection with Michigan's consumers, in addition to its established partnerships with award-winning brands like COOKIES, to provide our patients and customers with best-in-class product offerings and retail experiences."

"Our shared strategic and corporate values make this combination a strong fit," said Fabian Monaco, CEO of Gage. "We also recognize the incredible success that TerrAscend has enjoyed in recent years. We could think of no better company to partner with as we execute on our shared strategy of deep vertical integration and scale in our core markets, with a vision of creating the most consumer-centric cannabis company in the world."

Key Transaction Highlights and Benefits

If consummated, the Transaction is anticipated to result in the following benefits:

  -- Leadership in a Top 3 Market: Gage has established itself as a leader in 

      the Michigan market, which is the third largest cannabis market in the 

      U.S.2 with reported cannabis sales of $171 million in the month of July 

      2021, representing an annualized market size of approximately $2.1 

      billion2. 

 

   -- Premium Brands: The Transaction will provide access to Gage's 

      sought-after brand and proprietary library of genetics as well as Gage's 

      exclusive licensing partnerships in Michigan with COOKIES, SLANG 

      Worldwide, Blue River, Pure Beauty, and Khalifa Kush. 

   -- Efficient Operating Model: The combined company will operate 7 

      cultivation facilities, including 3 cultivation facilities in Michigan, 

      in addition to Gage's 9 contract grow agreements. 

   -- Expanding Retail Footprint: The combined company will operate a retail 

      network expected to reach 34 stores over the coming months. This includes 

      23 currently open dispensaries across 5 states with Gage operating 10 

      dispensaries in Michigan in addition to TerrAscend's 13 store footprint 

      in key markets including California, New Jersey and Pennsylvania. 

      TerrAscend is expected to open its 14th dispensary in the fourth quarter 

      in Lodi, New Jersey and Gage is expected to open 10 additional 

      dispensaries across Michigan in the coming months. 

 

   -- A Leader in Experiential Retail: Gage's award-winning retail stores 

      generate industry leading retail metrics, including strong average basket 

      size ($152 in the second quarter of 2021 compared to Michigan average of 

      $853) and premium pricing for its flower products (40%+ relative to the 

      Michigan market average price2). TerrAscend expects to leverage Gage's 

      portfolio of over 40+ proprietary flower strains in addition to brand and 

      marketing capabilities, at retail locations in other states. 

 

   -- Expert Operating Teams: The Transaction combines management teams with 

      similar core philosophies, strong track records of execution and 

      operational expertise in building leading businesses in the most 

      competitive cannabis markets in the country.Balance Sheet 

      Strength: Gage's $32.8 million cash position with minimal debt as of June 

      30, 2021, combined with TerrAscend's strong balance sheet, positions the 

      combined company to execute on its growth plans. 

 

(NOTES:) 

(1) Calculated equity value on a fully diluted basis 

(2) Marijuana Regulatory Agency -- State of Michigan 

(3) Detroit Metro Times 

 

The Transaction Details

The Transaction will be effected by way of a court-approved plan of arrangement pursuant to the Canada Business Corporations Act. Under the terms of the Arrangement Agreement, TerrAscend will acquire all of the issued and outstanding Gage Shares, with each Gage Shareholder receiving 0.3001 of a common share in the capital of TerrAscend for each Gage Share, implying a price per Gage Share of $2.11 (or C$2.66) which represents an 18% premium based on the closing prices of both companies shares on August 31, 2021. After giving effect to the Transaction, Gage Shareholders will hold approximately 19.8% of the issued and outstanding pro forma TerrAscend Shares (on a fully-diluted as-converted basis). In connection with the Transaction, all outstanding options and warrants of Gage will be exchanged for replacement options and warrants of TerrAscend, exercisable to acquire that number of common shares of TerrAscend as is equal to the Exchange Ratio multiplied by the number of Gage Shares that the holders of the options or the warrants would have acquired if such holders had exercised such options or warrants immediately prior to the effective time of the Transaction.

In connection with and as an integral part of the Transaction, TerrAscend, through a wholly-owned and controlled subsidiary (the "TerrAscend Subsidiary"), has entered into a membership interest purchase agreement with the owners of the licenses that Gage supports in the State of Michigan (the "Licensed Operators") to acquire, subject to regulatory approvals, all of the issued and outstanding membership interests of each of the Licensed Operators and/or all of the licenses owned by such Licensed Operators (the "License Assets").

As part of the Transaction, exchangeable shares (each of which is exchangeable into Gage Shares) indirectly owned by Rami Reda, an insider of Gage, will be transferred (along with all super voting shares of Gage attached to such exchangeable shares) to TerrAscend in exchange for TerrAscend Shares on the basis of the Exchange Ratio.

Certain exchangeable units (each of which is exchangeable into Gage Shares) held by Mike Hermiz, a director and officer of Gage, will remain in place following the closing of the Transaction. In this regard, Mr. Hermiz, Gage, TerrAscend and certain subsidiaries of Gage will, concurrently with the closing of the Transaction, enter into a support agreement that will, among other things, govern the terms and conditions under which Mr., Hermiz will be entitled to exchange his exchangeable units into TerrAscend Shares on the basis of the Exchange Ratio. In addition, all super voting shares of Gage held by Mr. Hermiz will be transferred to TerrAscend in connection with the closing Transaction for no consideration.

Additional details of the Transaction will be described in the management information circulars that will be mailed to Gage Shareholders (the "Gage Circular") and TerrAscend shareholders (the "TerrAscend Circular"), respectively, in connection with a special meeting of Gage Shareholders (the "Gage Meeting") and a special meeting of TerrAscend Shareholders (the "TerrAscend Meeting") expected to be held in the fourth quarter to approve the Transaction. Additional information regarding the terms of the Arrangement Agreement, the background to the Transaction, the rationale for the recommendations made by the Special Committees (as defined below) and how shareholders can participate in and vote at the Gage Meeting or TerrAscend Meeting will be provided in the Gage Circular or TerrAscend Circular, as applicable.

The Transaction is subject to the approval of (i) at least two-thirds of the votes cast by Gage Shareholders at the Gage Meeting; (ii) a majority of the votes cast by Gage Shareholders at the Gage Meeting (excluding the votes cast by persons whose votes may not be included in determining minority approval of a "business combination" pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101")); and (iii) a majority of the votes cast by disinterested shareholders of TerrAscend ("TerrAscend Shareholders") at the TerrAscend Meeting (excluding the votes cast by persons whose votes may not be included in determining minority approval of a "related party transaction" pursuant to MI 61-101).

2021-09-01 13:31:00 GMT TerrAscend to Acquire Gage Cannabis -2-

All of Gage's directors and officers, and shareholders holding more than 58.50% of the total voting power of the issued and outstanding Gage Shares have entered into voting support and lock-up agreements with TerrAscend to vote in favor of the Transaction. This represents approximately 29.1% of the voting power of the issued and outstanding Gage Shares entitled to vote for purposes of the disinterested shareholder vote required pursuant to MI 61-101 (after excluding the votes attached to Gage Shares held by certain "interested parties", all in accordance with MI 61-101). In addition, all directors and officers of TerrAscend have entered into voting support agreements to vote in favour of the Transaction at the TerrAscend Meeting, to the extent such individuals are permitted to do so under applicable securities laws.

In addition to the aforementioned approvals, completion of the Transaction is subject to receipt of all applicable regulatory approvals for the TerrAscend Subsidiary to obtain ownership of the License Assets representing at least 70% of Gage's consolidated revenues and other customary conditions, including the receipt of all necessary court, regulatory and stock exchange approvals. Subject to the receipt of all required approvals, closing of the Transaction is expected to occur in the first half of 2022.

The Arrangement Agreement contains customary terms and conditions, including non-solicitation provisions which are subject to Gage's right to consider and accept a superior proposal subject to a matching right in favour of TerrAscend. The Arrangement Agreement also provides for the payment of a termination fee of $30 million by TerrAscend or Gage, as applicable, if the Transaction is not completed under certain limited circumstances.

A copy of the Arrangement Agreement will be available through Gage's and TerrAscend's filings with the securities regulatory authorities in Canada in SEDAR at www.sedar.com.

None of the securities to be issued pursuant to the Arrangement Agreement have been or will be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and any securities issued in the Transaction are anticipated to be issued in reliance upon available exemptions from such registration requirements pursuant to Section 3(a)(10) of the U.S. Securities Act and applicable exemptions under state securities laws. This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities.

If the Transaction is completed, the Gage Shares will be delisted from the CSE.

Multilateral Instrument 61-101

The Transaction constitutes a "business combination" under MI 61-101 for Gage and a "related party transaction" under MI 61-101 for TerrAscend as Jason Wild, is a "control person" of both Gage and TerrAscend. TerrAscend and Gage are each relying on the formal valuation exemption under MI 61-101, on the basis that no securities of Gage or TerrAscend are listed on the Toronto Stock Exchange or other specified markets. As required by MI 61-101, each of Gage and TerrAscend will seek the requisite majority of the minority approvals of the Transaction from the Gage Shareholders and the TerrAscend Shareholders at the Gage Meeting and the TerrAscend Meeting, excluding the votes of shareholders whose votes are required to be excluded for the purposes of "minority approval" under MI 61-101 in the context of a "business combination" and a "related party transaction", respectively.

Upon closing of the Transaction, JW Asset Management, LLC, an entity controlled by Jason Wild, currently the holder of approximately 39% of TerrAscend Shares will hold approximately 32% of TerrAscend Shares on a partially diluted basis.

In addition, JW Asset Management, LLC and its joint actors hold or exercise direction or control over approximately 16.34% of the Gage Shares (on an as exchanged basis) and warrants to acquire an additional 23,757,145 Gage Shares. As a result of the foregoing, Jason Wild and his joint actors will be excluded from the disinterested shareholder vote conducted at both the TerrAscend Meeting and the Gage Meeting in accordance with MI 61-101.

In addition, the preservation of the ability of Mr. Hermiz to continue to hold his exchangeable units following the closing the Transaction constitutes a "collateral benefit" to him for purposes of M 61-101. Accordingly, Mr. Hermiz will be classified as an interested party for purposes of the Gage disinterested shareholder vote pursuant to MI 61-101. Mr. Hermiz holds 8,500,000 subordinate voting shares and 900,000 super voting shares (each super voting share entitles the holder to 50 votes) of Gage (representing approximately 25% of the voting power of the issued and outstanding Gage Shares).

Recommendation of the TerrAscend Special Committee and TerrAscend's Board

The special committee of the TerrAscend board of directors (the "TerrAscend Special Committee"), comprised of Craig Collard, after receiving the oral fairness opinions from the TerrAscend Special Committee's financial advisors described below, and independent legal and financial advice, has recommended the Transaction having determined that the Transaction is in the best interests of TerrAscend and that the Transaction is fair to the minority shareholders of TerrAscend.

The TerrAscend Special Committee has obtained oral fairness opinions from each of ATB Capital Markets Inc. and Haywood Securities Inc. to the effect that, as of the date of the Arrangement Agreement, and subject to the assumptions, limitations and qualifications on which such opinions are based, the Transaction is fair, from a financial point of view, to TerrAscend and its shareholders.

After receiving the recommendations of the TerrAscend Special Committee, the disinterested members of TerrAscend's board of directors have unanimously determined that (i) the Transaction is in the best interests of TerrAscend and that the Transaction is fair to TerrAscend's minority shareholders; (ii) it approve and authorize the Transaction and the entering into of the Arrangement Agreement and all ancillary agreements; and (iii) in accordance with and subject to the terms of the Arrangement Agreement, it recommend to TerrAscend's minority shareholders that they vote in favour of the resolution to approve the Transaction at the TerrAscend Meeting.

Additional details concerning the rationale for the recommendations made by the TerrAscend Special Committee and TerrAscend's board of directors, including copies of the fairness opinions prepared by the TerrAscend Special Committee's independent financial advisors, will be set out in the TerrAscend Circular to be filed and mailed to TerrAscend shareholders in the coming weeks, which, together with the Arrangement Agreement, will be available under TerrAscend's profile at www.sedar.com.

Each of: (i) Mr. Jason Wild, a director and the executive chairman of TerrAscend and President and Chief Investment Officer of JW Asset Management, LLC (a control person of both TerrAscend and Gage), and (ii) Mr. Richard Mavrinac, a director of both TerrAscend and Gage, declared their respective interests to the TerrAscend board of directors and did not attend any part of the meeting of the TerrAscend board of directors during which the Transaction was discussed and approved and neither Mr. Wild nor Mr. Mavrinac voted on the approval of the Transaction.

Recommendation of Gage's Board

The special committee (the "Gage Special Committee") of the board of directors of Gage (the "Gage Board"), comprised of Bruce Linton and Dr. Rana Harb, after receiving legal and financial advice, including the fairness opinion from its independent financial advisor discussed below, has unanimously recommended the Transaction having determined that the consideration to be received by the Gage Shareholders pursuant to the Transaction is fair, from a financial point of view, to the Gage Shareholders.

The Gage Special Committee has obtained an oral fairness opinion from Eight Capital to the effect that, as of the date of the Arrangement Agreement, and subject to the assumptions, limitations and qualifications on which such opinions are based, the consideration to be received by the Gage Shareholders pursuant to the Transaction is fair, from a financial point of view, to the Gage Shareholders.

After receiving the recommendations of the Gage Special Committee, and the fairness opinion from its independent financial advisor discussed below, the disinterested members of the Gage Board have unanimously determined that (i) the consideration to be received by the Gage Shareholders pursuant to the Transaction is fair, from a financial point of view, to the Gage Shareholders; (ii) the Transaction is in the best interests of Gage; and (iii) it approve and authorize the Transaction and the entering into of the Arrangement Agreement and all ancillary agreements; and (iv) in accordance with and subject to the terms of the Arrangement Agreement, it recommend to the Gage Shareholders that they vote in favour of the resolution to approve the Transaction at the Gage Meeting.

The Gage Board has obtained an oral fairness opinion from Clarus Securities to the effect that, as of the date of the Arrangement Agreement, and subject to the assumptions, limitations and qualifications on which such opinions are based, the consideration to be received by the Gage Shareholders pursuant to the Transaction is fair, from a financial point of view, to the Gage Shareholders.

Additional details concerning the rationale for the recommendations made by the Gage Special Committee and the Gage Board, including copies of the fairness opinions prepared by the independent financial advisor to the Gage Special Committee and the Gage Board, will be set out in the Gage Circular to be filed and mailed to the Gage Shareholders in the coming weeks, which, together with the Arrangement Agreement, will be available under Gage's profile at www.sedar.com.

2021-09-01 13:31:00 GMT TerrAscend to Acquire Gage Cannabis -3-

Mr. Richard Mavrinac, a director of both TerrAscend and Gage, declared his interests to the Gage Board and did not attend any part of the meeting of the Gage Board during which the Transaction was discussed and approved and Mr. Mavrinac did not vote on the approval of the Transaction.

Advisors

Norton Rose Fulbright acted as Canadian and U.S. legal counsel to TerrAscend. ATB Capital Markets Inc. and Haywood Securities Inc. acted as independent financial advisors to the TerrAscend Special Committee and Stikeman Elliott LLP acted as independent legal counsel to the TerrAscend Special Committee.

Dentons Canada LLP acted as legal counsel to Gage in Canada and Dickinson Wright PLLC acted as legal counsel to Gage in the United States. Eight Capital acted as independent financial advisor to the Gage Special Committee and Clarus Securities acted as independent financial advisor to the Gage Board.

The 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, licensed cultivation and processing operations in Maryland and licensed production in Canada. TerrAscend operates an award-winning chain of The 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 several synergistic businesses and brands, including The Apothecarium, Ilera Healthcare, Kind Tree, Prism, State Flower, Valhalla Confections, and Arise Bioscience Inc.

For more information about TerrAscend, visit www.terrascend.com.

About Gage

Gage Growth Corp. is innovating and curating the highest quality cannabis experiences possible for cannabis consumers in the state of Michigan and bringing internationally renowned brands to market. Through years of progressive industry experience, the firm's founding partners have successfully built and grown operations with federal and state licenses, including cultivation, processing and retail locations. Gage's portfolio includes city and state approvals for 19 "Class C" cultivation licenses, three processing licenses and 15 provisioning centers (dispensaries).

For more information about Gage Growth Corp., visit www.gagecannabis.com or www.gageinvestors.com.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

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.

Forward-looking statements in this news release include, but are not limited to: statements with respect to the anticipated completion of the Transaction and the timing for its completion; the timing for the holding of the TerrAscend Meeting and the Gage Meeting; the satisfaction of closing conditions which include, without limitation (i) required Gage and TerrAscend shareholder approvals, (ii) certain termination rights available to the parties under the Arrangement Agreement, (iii) obtaining the necessary approvals from the CSE for the listing of TerrAscend's common shares in connection with the Transaction, and (iv) other approvals and closing conditions contained in the Arrangement Agreement; statements with respect to the anticipated effects of the Transaction on TerrAscend and its strategy going forward and statements with respect to the anticipated benefits associated with the acquisition of Gage. Actual results and developments may differ materially from those contemplated by these statements.

Such forward-looking statements are based on certain assumptions regarding TerrAscend and Gage, including the successful completion of the Transaction, anticipated benefits from the Transaction, and expected growth, results of operations, performance, industry trends and growth opportunities. While TerrAscend and Gage consider these assumptions to be reasonable, based on information currently available, they may prove to be incorrect.

Among other things, there can be no assurance that the Transaction will be completed or that the anticipated benefits from the Transaction will be achieved. Readers are cautioned not to place undue reliance on forward-looking 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; with respect to TerrAscend and the risk factors set out in TerrAscend's most recently filed MD&A, filed with the Canadian securities regulators and available under TerrAscend's profile on SEDAR at www.sedar.com, and with respect to Gage, the risk factors set out in Gage's most recently filed MD&A, filed with the Canadian securities regulators and available under Gage's profile on SEDAR at www.sedar.com.

The statements in this press release are made as of the date of this release. TerrAscend and Gage 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.

The CSE accepts no responsibility for the adequacy or accuracy of this release.

Cautionary Note 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 or Gage of liability under U.S. federal law, nor will it provide a defense to any federal proceeding which may be brought against TerrAscend or Gage. The enforcement of federal laws in the United States is a significant risk to the respective business of TerrAscend and Gage and any proceedings brought against TerrAscend or Gage thereunder may adversely affect their respective operations and financial performance.

Third Party Information

This press release includes market and industry data that has been obtained from third party sources, including industry publications. Each of TerrAscend and Gage believes that the industry data is accurate and that its estimates and assumptions are reasonable, but there is no assurance as to the accuracy or completeness of this data. Third party sources generally state that the information contained therein has been obtained from sources believed to be reliable, but there is no assurance as to the accuracy or completeness of included information. Although the data is believed to be reliable, neither TerrAscend nor Gage has independently verified any of the data from third party sources referred to in this press release or ascertained the underlying economic assumptions relied upon by such sources.

SOURCE TerrAscend

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/September2021/01/c0900.html

/CONTACT:

regarding TerrAscend: Keith Stauffer, Chief Financial Officer, IR@terrascend.com; Rob Kelly, MATTIO Communications, 416-992-4539, terrascend@mattio.com; For more information regarding Gage: 1-(833)-455-GAGE (4243), IR@gageusa.com

/Web site: https://www.terrascend.com/
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Trulieve Brings Medical Cannabis to Oviedo, 9/1/21 | PR Newswire
Florida's largest cannabis company opens 91(st) dispensary in the Sunshine State

TALLAHASSEE, FLA, Sept. 1, 2021 /PRNewswire/ - Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) ("Trulieve" or "the Company"), a leading and top-performing cannabis company based in the United States, today announced the opening of a brand new dispensary in Oviedo, Florida.

The new dispensary is Trulieve's 91(st) location in Florida. As part of the grand opening, Trulieve will host local food trucks and feature brand partner giveaways. The dispensary will begin serving customers on Thursday, September 2 at 9:00am. The Oviedo dispensary joins nearby locations in Winter Park and Longwood.

To commemorate the grand opening, all patients -- from those new to Trulieve to the dedicated Trulieve community -- will be eligible for a 25% in-store discount at the new dispensaries on opening day.

ANNOUNCING: Trulieve Oviedo Grand Opening

WHERE: 7505 Red Bug Lake Road, Spaces 1025, 1029, 1033, Oviedo FL 32765

WHEN: Thursday, September 2, at 9:00 a.m.

Trulieve invites the Oviedo community to join the Grand Opening festivities, which will include giveaways, swag from vendor partner Sunshine Cannabis, custom t-shirt screen printing with St. Petersburg-based Craft Tee, and complimentary Sonny's BBQ for the first 250 patients.

"Trulieve is committed to ensuring medical cannabis patients across Florida have safe, reliable access to the medications they rely on," said Kim Rivers, CEO of Trulieve. "Our Oviedo team is well-trained, educated, and ready to serve patients. We view every new store opening as an opportunity to further connect with the community."

In stores and online, patients will find Florida's largest selection of THC and CBD products in a variety of delivery methods, including edibles, smokable flower, concentrates, tinctures, topical creams, vaporizers, and more. Trulieve also offers home delivery statewide for patients and convenient in-store pickup at each of its 88 dispensaries in Florida.

To assist patients with ordering, Trulieve's entire catalog of products is available for online orders, with in-store pickup or statewide home delivery options available depending on patient preference. Additionally, Trulieve offers complimentary 30-minute virtual consultations with a Trulieve consultant to help navigate questions on products, devices, or review their doctor's recommendation. Appointments can be made on Trulieve's website and are open to all patients, whether starting their journey with medical cannabis or those with experience looking for alternative treatment options.

Trulieve continues to monitor the COVID-19 situation and remains committed to slowing the spread in our communities. The Company has reinstated "Designated Care Time" for immunocompromised patients in which the first half hour after dispensaries open is reserved for this higher-risk patient population to shop safely. The company also offers delivery to all patients across the state of Florida. Delivery is free for patients age 65+ and currently offered at a reduced rate to all other patients.

In addition to rigorous cleaning and safety protocols, Trulieve requires all employees to wear masks regardless of vaccination status. We ask all patients and caretakers to wear face coverings while shopping with us and have made them available in all locations.

For more information, please visit www.Trulieve.com.

About Trulieve

Trulieve is primarily a vertically integrated "seed-to-sale" company in the U.S. and is the first and largest fully licensed medical cannabis company in the State of Florida. Trulieve cultivates and produces all of its products in-house and distributes those products to Trulieve-branded stores (dispensaries) throughout the State of Florida, as well as directly to patients via home delivery. Trulieve also holds licenses to operate in California, Massachusetts, Pennsylvania, Connecticut, and West Virginia. Trulieve is listed on the Canadian Securities Exchange under the symbol TRUL and trades on the OTCQX market under the symbol TCNNF.

To learn more about Trulieve, visit www.Trulieve.com.

View original content:https://www.prnewswire.com/news-releases/trulieve-brings-medical-cannabis-to-oviedo-301367877.html

SOURCE Trulieve Cannabis Corp.

/CONTACT: Lynn Ricci, Director of Investor Relations -- (850) 480-7955, IR@trulieve.com; Teresa Coulter, Public Relations -- (850) 681-8530, tcoulter@vancorejones.com

Web site: https://www.trulieve.com/
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