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Cannabis Summary for Dec. 10, 2019

2019-12-10 21:39 ET - Market Summary

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by Stockwatch Business Reporter

The Canadian Securities Exchange Composite Index lost 6.45 points to 383.26 Tuesday. TerrAscend Corp. (doing business as Solace Health) fell five cents to $2.56 on 963,800 shares after arranging a $20-million (U.S.) private placement. The company has received orders for the financing from executive chairman Jason Ackerman and chairman Jason Wild. Mr. Wild has been the company's main source of financing these days. Last week, his company, JW Asset Management LLC, extended the maturity date of its $75-million (U.S.) credit facility for up to three months (it was set to come due Dec. 18, 2019, before the extension). That was a welcome extension since, as of Sept. 30, Solace Health had negative working capital of $55.2-million.

As if that were not bad enough, the company withdrew its 2019 revenue guidance of $141-million at the start of November. Solace Health had just $58.9-million in sales for the first three quarters of 2019, well below half its guidance for the year.

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