NEW MJ NEWS

Ayr Wellness Reports Fourth Quarter and Full Year 2021 Results

Ayr Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF) (“Ayr” or the “Company”), a vertically-integrated cannabis multi-state operator (MSO), is reporting financial results for the three and twelve months ended December 31, 2021. Unless otherwise noted, all results are presented in U.S. dollars.

Jonathan Sandelman, Founder, Chairman and CEO of Ayr, said, “2021 was a transformative year for Ayr, with outsized revenue and Adjusted EBITDA growth, and an expanded operating footprint bringing us from our two original states to seven leading cannabis markets, with an eighth pending acquisition close. We added 62 dispensaries and 8 cultivation facilities, while welcoming more than 1,600 teammates. Following this transformative year for our operating footprint, we are now squarely focused on making 2022 a transformative year for Ayr’s earnings power. The CapEx projects we began in 2021 are expected to begin generating revenue for us throughout 2022, leading to our expected significant second half ramp. While these projects have been delayed, we are proud of the extensive expansion our team has achieved through this global pandemic and supply chain crisis.”

“The talent that we have brought into our team and the culture we are strengthening every day continue to be the hidden assets on our balance sheet. Our teammates are all pulling in the same direction, driven by our collective goals of producing high-quality cannabis at scale, delivering remarkable experiences to our customers every day and being a force for good in our communities.”

Fourth Quarter Financial Highlights ($ in millions, excl. margin items)

Q4 20201

Q3 2021

Q4 2021

% Change
Q4/Q4

% Change
Q4/Q3

Revenue

$47.8

$96.2

$111.8

133.9%

16.2%

Adjusted Gross Profit1

$28.7

$56.6

$63.3

120.6%

11.8%

Operating Income/(Loss)

$6.7

$(8.9)

$(13.9)

NA

NA

Adj. EBITDA1

$18.6

$26.0

$26.1

40.3%

0.4%

Adj. EBITDA Margin1

38.9%

27.0%

23.3%

-1560bps

-370bps

Full Year 2021 Financial Highlights ($ in millions, excl. margin items)

FY 20201

FY 2021

% Change
Y/Y

Revenue

$155.1

$357.6

130.6%

Adjusted Gross Profit1

$91.7

$207.3

126.1%

Adjusted Gross Profit1 %

59.1%

58.0%

-110bps

Operating Income/(Loss)

$1.2

$(56.0)

NM

Adj. EBITDA1

$53.4

$98.0

83.5%

Adj. EBITDA Margin1

34.4%

27.4%

-700bps

1Adjusted EBITDA, Adjusted Gross Profit and Adjusted EBITDA Margin are non-GAAP measures, and accordingly are not standardized measures and may not be comparable to similar measures used by other companies. See Definition and Reconciliation of Non-GAAP Measures below. For a reconciliation of Operating Loss to Adjusted EBITDA as well as Gross Profit to Adjusted Gross Profit, see reconciliation table appended to this release.

Fourth Quarter and Recent Highlights

Northeast

In the first quarter, the Company completed construction of its Boylston Street and Watertown adult-use dispensaries in Massachusetts, both of which are awaiting regulatory approval to open, with revenue from these dispensaries expected in the second quarter.

In the first quarter, the Company’s final Massachusetts cultivation expansion began the regulatory approval process, with sales from this cultivation facility expected to begin in the fourth quarter.

In the fourth quarter, the Company opened two new Pennsylvania dispensaries in Montgomeryville and Bryn Mawr.

Because additional cultivation capacity has come online ahead of expected adult-use demand in Pennsylvania, the Company has decided to defer its cultivation expansion plans in the state to align more closely with the expected timing of adult-use sales.

In the first quarter, the Company submitted required documentation to allow for adult-use sales at its three dispensaries in New Jersey and is awaiting regulatory approval for conversion.

In the fourth quarter, the Company completed the construction of its 75,000 sq. ft. cultivation facility in New Jersey, which is awaiting regulatory approval to open.

Southwest

In the fourth quarter, the Company completed construction of its 80,000 sq. ft. cultivation facility in Arizona, which is expected to begin generating revenue in the second quarter of 2022.

The Company continued to grow market share in Nevada to roughly 16% as of January 2022, maintaining strong retail sales despite the fact that the overall Nevada market declined according to BDSA.

Kynd premium flower has been the top selling flower brand in Nevada for 5 straight months.

Florida

In the first quarter, the Company has opened two additional retail stores bringing its total store count to 45.

As of the first quarter, the Company has doubled monthly revenues relative to the same period in the prior year.

Initiatives to refresh and expand genetics and improve plant health have resulted in first quarter to date 2022 yields of approximately 1,200 pounds per harvest, up from approximately 650 pounds per harvest in the first quarter of 2021.

As of the first quarter 2022, the Company’s Gainesville cultivation campus had 68 unique strains under cultivation, approximately half of which are available across Ayr’s Florida stores.

The Company recently added 40% more power capacity to its Gainesville cultivation site to further improve cultivation results.

The Company’s hoop houses are in the process of being re-planted with a new strategy better suited to the local weather environment, with the first harvest from the initial 5 acres now expected in the second quarter of 2022.

Recent M&A Highlights

On February 15, 2022, Ayr announced the closing of its acquisition of Cultivauna, LLC, the owner of Levia branded infused seltzers and water-soluble tinctures.

On February 7, 2022, Ayr announced regulatory approval of its Interim Management Services Agreement with Tahoe Hydroponics Company and related business NV Green, Inc., deepening the Company’s cultivation presence in Nevada and adding strong cultivation talent and an improved genetic bank to the Ayr portfolio.

On November 22, 2021 Ayr entered into a definitive agreement to acquire Gentle Ventures, LLC d/b/a Dispensary 33, in addition to the previously announced agreement to acquire Herbal Remedies Dispensaries, LLC , to establish a retail footprint in the state of Illinois. Both acquisitions are subject to customary closing conditions and regulatory approvals.

On October 4, 2021, Ayr closed its acquisition of PA Natural Medicine, LLC, which added three key dispensary locations in central Pennsylvania to the Company’s footprint, including the college towns of State College and Bloomsburg.

Financing and Capital Structure

On March 16, 2022, the Company entered into a $26.2 million mortgage loan agreement with a community bank with an annual interest rate of 4.625%.

During the fourth quarter, the Company repurchased approximately 573,000 subordinate voting shares as part of its stock repurchase program for a total of over CAD $11 million.

On November 12, 2021, the Company added approximately $147 million of cash to its balance sheet following the sale of Senior Secured Notes at a yield-to-maturity of 9.8%.

During the fourth quarter, the Company deployed approximately $123 million of capital expenditures and anticipates an additional $70 million of capital expenditures for 2022.

At December 31, 2021, there were approximately 70.7 million fully diluted sharesi outstanding based on a treasury method calculation as of that date.

_________________
i Excludes Ayr granted but unvested LTIP shares totaling 8.1 million.

Outlook:
Given prior construction delays and uncertain regulatory timelines regarding key revenue-generating initiatives, including regulatory approval for adult-use sales and cultivation expansions in both Massachusetts and New Jersey, the Company expects financial results in the first half of 2022 to remain relatively flat, in-line with industry trends, followed by a step-function in growth beginning in Q3 2022 and continuing through Q4 2022.

Assuming the Company receives these regulatory approvals sufficiently early in Q3 2022, the Company anticipates an annualized run-rate of $250 million of Adjusted EBITDA, $100 million of operating income and $800 million of revenue for Q4 2022.

The Company’s expectations for future results are based on the assumptions and risks detailed in its MD&A for the period ending December 31, 2021 as filed on SEDAR.

Conference Call

Ayr CEO Jonathan Sandelman, Co-COO Jennifer Drake, and CFO Brad Asher will host the conference call, followed by a question and answer period.

Conference Call Date: Thursday, March 17, 2022
Time: 8:30 a.m. Eastern time
Toll-free dial-in number: (800) 319-4610
International dial-in number: (604) 638-5340

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact the company’s investor relations team at AYR@elevate-ir.com.

The conference call will be broadcast live and available for replay here.

A telephonic replay of the conference call will also be available for one month beginning at 11:30 a.m. ET on Thursday, March 17, 2022.

Toll-free replay number: (855) 669-9658
International replay number: (412) 317-0088
Replay ID: 8414

Financial Statements
Certain financial information reported in this news release is extracted from Ayr’s Consolidated Financial Statements for the year ended December 31, 2021 and 2020. Ayr files its financial statements on SEDAR and with the SEC. All financial information contained in this news release is qualified in its entirety by reference to such financial statements and MD&A.

Definition and Reconciliation of Non-GAAP Measures

The Company reports certain non-GAAP measures that are used to evaluate the performance of its businesses and the performance of their respective segments, as well as to manage their capital structures. As non-GAAP measures generally do not have a standardized meaning, they may not be comparable to similar measures presented by other issuers. Securities regulators require such measures to be clearly defined and reconciled with their most comparable GAAP measures.

Rather, these are provided as additional information to complement those GAAP measures by providing further understanding of the results of the operations of the Company from management’s perspective. Accordingly, these measures should not be considered in isolation, nor as a substitute for analysis of the Company’s financial information reported under GAAP. Non-GAAP measures used to analyze the performance of the Company’s businesses include “Adjusted EBITDA” and “Adjusted Gross Profit.”

The Company believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s performances and may be useful to investors because they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making. These financial measures are intended to provide investors with supplemental measures of the Company’s operating performances and thus highlight trends in the Company’s core businesses that may not otherwise be apparent when solely relying on the GAAP measures.

Adjusted EBITDA

“Adjusted EBITDA” represents loss from operations, as reported under GAAP, before interest and tax, adjusted to exclude non-core costs, other non-cash items, including depreciation and amortization, and further adjusted to remove non-cash stock-based compensation, the accounting for the incremental costs to acquire cannabis inventory in a business combination, acquisition related costs, and start-up costs.

Adjusted Gross Profit

“Adjusted Gross Profit” represents gross profit, as reported, adjusted to exclude the accounting for the incremental costs to acquire cannabis inventory in a business combination, interest, depreciation and amortization, and start-up costs.

A reconciliation of how Ayr calculates Adjusted EBITDA and Adjusted Gross Profit is provided in the tables appended below. Additional reconciliations of Adjusted EBITDA, Adjust Gross Profit and other disclosures concerning non-GAAP measures are provided in our MD&A for the three and twelve months ended December 31, 2021.

Forward-Looking Statements

Certain information contained in this news release may be forward-looking statements within the meaning of applicable securities laws. Forward-looking statements are often, but not always, identified by the use of words such as “target”, “expect”, “anticipate”, “believe”, “foresee”, “could”, “would”, “estimate”, “goal”, “outlook”, “intend”, “plan”, “seek”, “will”, “may”, “tracking”, “pacing” and “should” and similar expressions or words suggesting future outcomes. This news release includes forward-looking information and statements pertaining to, among other things, Ayr’s future growth plans. Numerous risks and uncertainties could cause the actual events and results to differ materially from the estimates, beliefs and assumptions expressed or implied in the forward-looking statements, including, but not limited to: anticipated strategic, operational and competitive benefits may not be realized; events or series of events, including in connection with COVID-19, may cause business interruptions; required regulatory approvals may not be obtained in a timely manner or at all; inflationary pressures may increase input costs; supply chain issues may hamper production and distribution; acquisitions may not be able to be completed on satisfactory terms or at all; and Ayr may not be able to raise additional debt or equity capital. Among other things, Ayr has assumed that its businesses will operate as anticipated, that it will be able to complete acquisitions on reasonable terms, and that all required regulatory approvals will be obtained on satisfactory terms and within expected time frames. In particular, there can be no assurance that we will complete the pending acquisitions in or enter into agreements with respect to other acquisitions.

Forward-looking estimates and assumptions involve known and unknown risks and uncertainties that may cause actual results to differ materially. While Ayr believes there is a reasonable basis for these assumptions, such estimates may not be met. These estimates represent forward-looking information. Actual results may vary and differ materially from the estimates.

Assumptions and Risks

Forward-looking information in this release is subject to the assumptions and risks as described in our MD&A for December 30, 2021.

Additional Information

For more information about the Company’s 2021 operations and outlook, please view Ayr’s corporate presentation posted in the Investors section of the Company’s website at www.ayrwellness.com.

About Ayr Wellness Inc.

Ayr is an expanding vertically integrated, U.S. multi-state cannabis operator, focused on delivering the highest quality cannabis products and customer experience throughout its footprint. Based on the belief that everything starts with the quality of the plant, the Company is focused on superior cultivation to grow superior branded cannabis products. Ayr strives to enrich consumers’ experience every day through the wellness and wonder of cannabis.

Ayr’s leadership team brings proven expertise in growing successful businesses through disciplined operational and financial management, and is committed to driving positive impact for customers, employees and the communities they touch. For more information, please visit www.ayrwellness.com.

Company Contact:
Robert Vanisko
VP, Corporate Communications
Email: robert.vanisko@ayrwellness.com

Investor Relations Contact:

Sean Mansouri, CFA
Elevate IR
T: (720) 330-2829
Email: IR@ayrwellness.com

Ayr Wellness Inc. (formerly Ayr Strategies Inc.)
Unaudited Consolidated Balance Sheets
(Expressed in United States Dollars, Except Number of Shares)

Year Ended

December 31, 2021

December 31, 2020

ASSETS

Current

Cash

$

154,342,201

$

127,238,165

Accounts receivable, net

7,412,906

3,464,401

Due from related parties

135,000

Inventory, net

93,362,985

22,919,605

Prepaid expenses, deposits, & other current assets

10,949,349

5,270,381

$

266,067,441

$

159,027,552

Non-current

Property, plant, & equipment, net

275,222,166

69,104,080

Intangible assets, net

978,915,457

252,357,677

Right-of-use assets – operating

88,720,082

22,546,256

Right-of-use assets – finance, net

17,527,126

877,310

Goodwill

229,909,562

57,963,360

Equity investments

503,509

Deposits & other assets

3,550,039

2,540,674

Total assets

$

1,859,911,873

$

564,920,418

LIABILITIES & SHAREHOLDERS’ EQUITY

Liabilities

Current

Trade payables

$

26,983,181

$

8,899,786

Accrued liabilities

32,723,734

8,706,813

Lease liabilities – operating – current portion

4,195,672

740,864

Lease liabilities – finance – current portion

3,185,460

125,440

Contingent consideration – current portion

39,868,080

Purchase consideration payable

811,586

9,053,057

Income tax payable

28,914,949

21,379,351

Debts payable – current portion

8,111,723

8,644,633

Accrued interest payable – current portion

7,541,634

$

152,336,019

$

57,549,944

Non-current

Deferred tax liabilities

70,081,319

14,677,991

Lease liabilities – operating – non-current portion

87,767,033

23,474,726

Lease liabilities – finance – non-current portion

9,406,202

446,585

Contingent consideration – non-current portion

145,653,870

22,961,411

Debts payable – non-current portion

125,745,888

53,587,948

Senior secured notes, net of debt issuance costs – non-current portion

245,407,822

103,652,963

Accrued interest payable – non-current portion

3,451,016

3,301,155

Total liabilities

$

839,849,169

$

279,652,723

Commitments and contingencies

Shareholders’ equity

Multiple Voting Shares: no par value, unlimited authorized.
Issued & outstanding – 3,696,486 shares

Subordinate, Restricted, & Limited Voting Shares: no par value, unlimited authorized.
Issued & outstanding – 56,337,175 & 28,873,641 shares, respectively

Exchangeable Shares: no par value, unlimited authorized.
Issued & outstanding – 7,368,285 & 2,127,543 shares, respectively

Additional paid-in capital

1,289,827,092

530,808,494

Treasury stock – 568,300 & 63,800 shares, respectively

(7,828,037

)

(556,899

)

Accumulated other comprehensive income

3,265,610

3,265,610

Deficit

(265,201,961

)

(248,249,510

)

Total shareholders’ equity

$

1,020,062,704

$

285,267,695

Total liabilities & shareholders’ equity

$

1,859,911,873

$

564,920,418

Ayr Wellness Inc. (formerly Ayr Strategies Inc.)
Unaudited Consolidated Statements of Operations
(Expressed in United States Dollars, Except Number of Shares)

Three Months Ended

Year Ended

December 31, 2021

December 31, 2020

December 31, 2021

December 31, 2020

Revenues, net of discounts

$

111,769,021

$

47,764,775

$

357,608,311

$

155,114,454

Cost of goods sold excluding fair value items

58,079,456

20,236,777

175,646,346

66,355,014

Incremental costs to acquire cannabis inventory in a business combination

2,452,956

43,863,688

Cost of goods sold

$

60,532,412

$

20,236,777

$

219,510,034

$

66,355,014

Gross profit

$

51,236,609

$

27,527,998

$

138,098,277

$

88,759,440

Operating expenses

General and administrative

44,257,487

15,037,287

136,744,916

69,583,293

Sales and marketing

3,266,551

563,687

7,699,986

2,150,536

Depreciation and amortization

729,013

299,602

1,997,185

829,745

Amortization on intangible assets

13,004,905

3,028,715

38,661,734

12,024,715

Acquisition expense

3,837,321

1,890,427

9,001,683

2,945,194

Total operating expenses

$

65,095,277

$

20,819,718

$

194,105,504

$

87,533,483

(Loss) Income from operations

$

(13,858,668

)

$

6,708,280

$

(56,007,227

)

$

1,225,957

Other income (expense)

Share of loss on equity investments

(2,208

)

(31,670

)

(33,591

)

Foreign exchange

(1,530

)

1,256

(62,714

)

(7,783

)

Fair value gain (loss) on financial liabilities

52,947,305

782,846

83,759,057

(529,555

)

Interest expense, net

(5,697,665

)

(1,618,557

)

(16,549,836

)

(3,203,097

)

Interest income

42,971

5,624

203,587

10,112

Other, net

(18,460

)

997,263

19,971

Total other income (expense)

$

47,272,621

$

(831,039

)

$

68,315,687

$

(3,743,943

)

Income (Loss) before taxes

$

33,413,953

$

5,877,241

$

12,308,460

$

(2,517,986

)

Income Taxes

Current tax provision

(15,834,205

)

(6,780,890

)

(45,820,250

)

(21,770,590

)

Deferred tax benefit (provision)

6,206,452

(48,194

)

16,559,339

(316,873

)

Total income taxes

$

(9,627,753

)

$

(6,829,084

)

$

(29,260,911

)

$

(22,087,463

)

Net income (loss)

$

23,786,200

$

(951,843

)

$

(16,952,451

)

$

(24,605,449

)

Basic and diluted earnings (loss) per share

$

0.35

$

(0.03

)

$

(0.30

)

$

(0.88

)

Weighted average number of shares outstanding (basic and diluted)

67,352,419

29,814,594

57,329,350

27,892,441

Ayr Wellness Inc. (formerly Ayr Strategies Inc.)
Unaudited Consolidated Statements of Cash Flows
(Expressed in United States Dollars, Except Number of Shares)

Year Ended

December 31, 2021

December 31, 2020

Operating activities

Net loss

$

(16,952,451

)

$

(24,605,449

)

Adjustments for:

Net fair value (gain) loss on financial liabilities

(83,759,057

)

529,555

Stock-based compensation

27,155,214

31,156,759

Depreciation and amortization

8,125,151

2,812,028

Amortization on intangible assets

50,708,958

13,716,502

Share of loss on equity investments

31,670

33,591

Gain on disposal of equity investments

(177,926

)

Incremental costs to acquire cannabis inventory in a business combination

43,863,688

Loss on disposal of property, plant, and equipment

50,483

Deferred tax (benefit) expense

(16,559,339

)

316,873

Amortization on financing costs

1,744,520

90,858

Amortization on financing premium

(402,376

)

Changes in operating assets and liabilities, net of business acquisition:

Accounts receivable

(3,916,018

)

(843,162

)

Inventory

(50,956,053

)

(8,876,748

)

Prepaid expenses and other current assets

(2,325,897

)

(2,529,211

)

Trade payables

(1,429,713

)

1,616,253

Accrued liabilities

7,942,658

3,274,488

Interest accrued

1,446,358

2,214,061

Lease liabilities – operating

1,911,974

200,913

Income tax payable

5,717,078

16,176,408

Cash (used in) provided by operating activities

(27,781,078

)

35,283,719

Investing activities

Purchase of property, plant, and equipment

(100,002,729

)

(14,367,690

)

Purchases of intangible assets

(400,000

)

Cash paid for business combinations and asset acquisitions, net of cash acquired

(92,270,242

)

(35,174,880

)

Cash paid for business combinations and asset acquisitions, bridge financing

(22,750,176

)

(8,040,804

)

Cash paid for business combinations and asset acquisitions, working capital

(4,359,040

)

(2,354,375

)

Payments for interests in equity accounted investments

(81,609

)

(109,700

)

Cash received in disposal of equity investment

1,000,000

Payments made by (advances to) related corporation

135,000

(50,000

)

Cash paid for bridge financing

(1,200,000

)

Deposits for business combinations

(100,000

)

(1,750,000

)

Cash used in investing activities

(219,628,796

)

(62,247,449

)

Financing activities

Proceeds from exercise of Warrants

55,691,685

48,489,148

Proceeds from exercise of options

314,915

Proceeds from equity offering, net of expenses

118,052,400

Proceeds from senior secured notes, net of financing costs

148,647,037

103,571,105

Payments of financing costs

(2,142,242

)

Tax withholding on stock-based compensation awards

(28,536,340

)

Repayments of debts payable

(8,749,327

)

(5,615,225

)

Repayments of lease liabilities – finance (principal portion)

(6,948,895

)

(334,899

)

Repurchase of Subordinate Shares

(1,815,323

)

(311,430

)

Cash provided by financing activities

274,513,910

145,798,699

Net increase in cash

27,104,036

118,834,969

Cash, beginning of the period

127,238,165

8,403,196

Cash, end of the period

154,342,201

127,238,165

Supplemental disclosure of cash flow information:

Interest paid during the period

14,243,886

1,102,193

Income taxes paid during the period

41,303,039

5,594,182

Non-cash investing and financing activities:

Recognition of right-of-use assets for operating leases

68,577,580

12,295,919

Recognition of right-of-use assets for finance leases

18,576,445

906,924

Issuance of Subordinate Shares related to business combinations, asset acquisitions, and make-whole provision

576,195,758

30,825,012

Issuance of Subordinate Shares related to equity component of debt

7,429,389

Repurchase of Subordinate Shares

7,193,155

Ayr Wellness Inc. (formerly Ayr Strategies Inc.)
Unaudited Consolidated Adjusted EBITDA Reconciliation
(Expressed in United States Dollars)

Three Months Ended December 31,

Year Ended December 31,

2021

2020

2021

2020

(Loss) income from operations (GAAP)

$

(13,858,668

)

$

6,708,280

$

(56,007,227

)

$

1,225,957

Non-cash items accounting for inventory

Incremental costs to acquire cannabis inventory in business combination

2,452,956

43,863,688

Interest (within cost of goods sold “COGS”)

486,228

119,092

1,407,507

475,447

Depreciation and amortization (from statement of cash flows)

21,009,444

4,496,380

58,834,109

16,528,530

Acquisition costs

3,837,321

1,890,427

9,001,683

2,945,194

Stock-based compensation, non-cash

6,766,808

5,207,203

27,155,214

31,156,759

Start-up costs1

3,593,796

10,030,921

Other2

1,847,817

182,343

3,688,329

1,089,912

37,541,414

11,895,445

110,117,763

52,195,842

Adjusted EBITDA (non-GAAP)

26,135,702

18,603,725

97,974,224

53,421,799

Three Months Ended December 31,

Year Ended December 31,

2021

2020

2021

2020

Gross Profit (GAAP)

$

51,236,609

$

27,527,998

$

138,098,277

$

88,759,440

Incremental costs to acquire cannabis inventory in business combination

2,452,956

43,863,688

Interest (within COGS)

486,228

119,092

1,407,507

475,447

Depreciation and amortization (within COGS)

7,275,526

1,034,387

18,175,191

2,506,007

Start-up costs (within COGS)

1,875,209

5,708,910

12,089,919

1,153,479

69,155,296

2,981,454

Adjusted Gross Profit (non-GAAP)

63,326,528

28,681,477

207,253,573

91,740,894

1 These are set-up costs to prepare a location for its intended use. Start-up costs are expensed as incurred and are not indicative of ongoing operations
2 Other non-operating adjustments associated with non-core costs


MAPH Enterprises, LLC | (305) 414-0128 | 1501 Venera Ave, Coral Gables, FL 33146 | new@marijuanastocks.com
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