Organigram Q2 revenue, adj. EBITDA miss expectations amid higher costs in 2.0 rollout 

Higher costs and a slight sequential decline in revenue highlighted Organigram's fiscal second-quarter results, released Tuesday morning. The company reported Q2 revenue of $23.2 million and an adjusted EBITDA loss of $1.1 million, missing analyst expectations of $25 million and an adjusted EBITDA profit of $2.83 million. BMO Capital Markets analyst Tamy Chen said it was the third straight quarter than Organigram reported a decline in recreational cannabis revenue. The company is also in breach of a covenant which it expects to be resolved over the next month. 

Clever Leaves books US$13M in Series E financing

U.S. medical cannabis operator Clever Leaves International announced Tuesday it raised US$14 million in its latest financing round. The financing brings the company's total funding to over US$120 million, according to a release. Clever Leaves didn't disclose the investors that participated in the latest financing round, but stated they have a "demonstrated track record in the sector." The additional capital - relatively rare given the challenging financing conditions due to the current pandemic - will help the company expand its operations in Colombia and Portugal.   

TerrAscend appoints Ackerman as permanent CEO amid growing U.S. focus

Toronto-based cannabis operator TerrAscend said Tuesday it appointed Jason Ackerman as its permanent CEO, while its CFO will step down at the end of the month. Ackerman was appointed as the company's interim CEO in January, but TerrAscend said in a statement his role became permanent amid its growing focus on the U.S. market. The announcement comes a month after Canopy Growth provided $80.5 million in financing to TerrAscend that can not be used in connection with any cannabis-related operations that TerrAscend manages in the U.S.   

OSC issues cease trade order to CannTrust following recent CCAA announcement     

CannTrust Holdings was issued a cease trade order by the Ontario Securities Commission after the cannabis operator failed to disclose a number of financial statements dating back to the second half of last year. The announcement comes a week after CannTrust formally filed for creditor protection and stated it didn't plan to devote any resources to fixing its public disclosure defaults. While CannTrust's licence with Health Canada remains suspended, it received some partial relief to begin growing "mother" cannabis plants ahead of a possible return to full compliance with the regulator.
 

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