Canopy Rivers Inc., a venture capital firm specializing in cannabis, portfolio companies made several announcements that demonstrate the portfolio's continued growth heading into 2020. Among others, this includes new features from a business intelligence and analytics software platform, a licensed producer responding to consumer demands for high-THC products with the launch of four new cannabis strains, and a portfolio company expanding its retail footprint. A summary of key developments includes the following:
- Headset, Inc. launched the Demand Planning add-on to help its customers understand the "when" of the retail cannabis industry. Retailers can use Demand Planning dashboards to determine when they need to stock up on certain products, and producers can use it to figure out when to increase production, hold vendor days, or the best times to restock retail partners.
- TerrAscend Corp. extended the maturity date of its US$75 million credit facility with funds managed by JW Asset Management LLC for up to three months. TerrAscend also executed a term sheet with funds managed by JW Asset Management LLC to convert any amounts outstanding under the credit facility into a two-year term loan with an expected maturity of March 2022. These steps are expected to give TerrAscend a non-dilutive source of funding during a time when the company believes there will be improvements in the cannabis regulatory, banking, and capital markets landscapes.
- James E. Wagner Cultivation Corporation expanded its compassionate care program with a new initiative aimed at supporting first responder patients. The program will provide eligible patients with a discount benefit on all JWC's dried flower and cannabis oil products. JWC concurrently announced the launch of four new aeroponically grown strains: King Tut, Dark Helmet, West Coast Sour Diesel, and Hash Plant. JWC's president and CEO Nathan Woodworth explained that the new products are a response to patient and consumer demands for strains featuring higher THC levels.
- YSS Corp. opened its 14th cannabis retail location on December 6, 2019 in Okotoks, Alberta. The new location is operating under the Sweet Tree brand. Additionally, YSS's two Calgary flagship stores – YSS 4th Avenue SW and Sweet Tree 17th Avenue SW – have both passed final Alberta government inspections and are expected to open later this month.