Reborn on the Fourth of July

JW & Co. are taking their talents to Toronto

Daily Recap

We saw a 5th straight day of inflows for the U.S Cannabis ETF MSOS, which finished the sleepy summer session flat as a sat-on hat (-21% YTD). Notional volume of $17M includes double accounting across the borders, sadly, and the second quarter/ first half will be in the books once the closing bell tolls tomorrow.

The NBA officially signed a contract removing marijuana from the banned substances list—and allowing players to invest in cannabis companies—and the NCAA is looking to remove cannabis from it’s lift of banned substances, citing growing research that cannabis is not performance-enhancing (unless perhaps used between the sheets).

C21 Investments announced Q1 results with revenues up 9.4% and they have now generated a super-impressive sixteenth straight quarter of positive free cash flow. The Little Engine That Could recently announced the full repayment of their $30M senior-secured note as well, without the need for a dilutive or high-cost capital raise.

And then there’s TerrAscend which, after a flurry of deal-making activity this week, declared it’s Independence by announcing that their common shares will commence trading on the TSX on the Fourth of July with new ticker symbol ‘TSND’

JW summed up his scene with the following flavor in this morning’s presser: