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Terrascend (OTCMKTS:TRSSF) Agrees on Extension Of Credit Facility And A Two-Year Term Loan

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TerrAscend Corp (OTCMKTS:TRSSF) has announced an extension on the date of maturity of its $75 million credit facility that was due on December 18, 2019. The company has extended the facility managed by JW Asset Management LLC for three months.

TerrAscend to convert the outstanding amount of credit facility to a term loan

Equally, the company has indicated that it has executed a term sheet for funds that JW Asset management manages to convert any due amounts under the facility to a two-year term loan. The expected date of maturity of the term loan is March 2022. Jason Wild, who is the Chief Investment Officer and President, manages JW Asset Management. He is also the Chairman of the TerrAscend Board.

In line with the conversion of the facility to a term loan, the maturity period has been pushed to March 15, 2022, or until when the parties finalize the process of starting the conversion. The credit facility will have an interest rate of 12.5%, while the term loan, once completed, will provide for the interest of 12.5% paid twice a year. Equally, the loan origination fee will be 1.5% on the borrowed amounts as wells as other protective agreements.

The company will announce the definitive terms of the term loan once they finalize signing. Funds advised by JW Asset Management and other parties will take part in the term loan.

TerrAscend seeking expansion of operations

Jason Ackerman, the Executive Chairman of TerrAscend, indicated that the extension of the credit facility, as well as the commitment of funds for two years, will allow the company a non-dilutive financing source. This will be useful for the company at a time that anticipates regulatory, capital markets, and banking improvement. Ackerman appreciated the support from JW Asset Management and affirmed that the company is focused on enhancing its growth in New Jersey, Pennsylvania, and California.

Jason Wild indicated that when they advanced the original credit facility in 2018 to the company, it had just commenced its growth strategy with Q3 revenue of $1.8m. In the last quarter, TerrAscend’s revenue has exceeded $100m.

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GB Sciences Inc (OTCMKTS:GBLX)’s PD Formulations Show Positive Effect In Reducing Behavioral Changes In Patients Suffering From Dopamine Producing Neurons Loss

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GB Sciences Inc (OTCMKTS:GBLX) is encouraged by the PD (Parkinson’s disease) formulations effect on patients suffering from the loss of dopamine-producing neurons. Halifax based NRC’s Dr. Lee Ellis is performing the study using the PD formulations of GB Sciences on people suffering from low levels of dopamine-producing neurons. The company will conduct the final study on the mechanism of action using these PD formulations that help to provide relief for patients.

Human clinical trial begins next year

Director and Chief Scientific Officer of GB Sciences, Dr. Andrea Small-Howard, said the mixtures of GB Sciences are effective. Its most effective mixture has shown positive results in reducing the behavioral changes and brings back to the normal level when tests are conducted on animals. According to CSO, the PD formulation has shown almost negligible side effects. The company will include these preclinical results as a proof of concept when applying for investigational new drug application with the FDA. Following the nod of the US FDA, GB Sciences will begin a human clinical trial next year.

Reduced dopamine levels cause movement disorders

Reduced dopamine levels in the brain are responsible for movement disorders. The PD formulations, developed by GB Sciences, will protect the dopamine-producing neurons. It will activate the surviving to increase secretion of dopamine and compensates for the reduction in dopamine-producing neurons. The company will examine these effects of PD formulation in the final study.

Director and President of GB Sciences, Dr. Michael Farley, said positive preclinical trial shows CBD containing complex mixtures expect to cure Parkinson’s disease symptomology. He further said the company would conduct the human clinical trials using these effective PD formulations in 2020.

Signs a binding LOI to sell membership interests

GB Sciences has signed a binding LOI to divest 75% of the membership interests in its Las Vegas, Nevada production operation, and cultivation. Following the deal, GB Sciences will reduce its operational spending and produce working capital. It will also generate sufficient cash flow to concentrate on wellness and biopharmaceutical assets. Following this deal, GB Sciences will exit from cannabis production and cultivation. The company will receive $6 million that includes $3 million in cash and the balance promissory note.

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Puration Inc (OTCMKTS:PURA) Expects To Report Revenues Of $16 Million In 2020

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Puration Inc (OTCMKTS:PURA) expects to post revenues of $16 million in 2020 after it introduced the white label cannabis-infused beverage bottling business last week. The company will use its production experience, cannabis-infused beverage formulation, and the growing bottling capacity to clinch a bigger share of the beverage sector worldwide.

Puration has already expanded production capacity and putting in efforts to receive white label contracts. The company will reveal the exact revenue target for the next year within ninety days after assessing the white label contract’s potential.

Confirms target of $4 million for 2019

Puration has confirmed the revenue target for 2019 at $4 million. It has set an initial target of $8 million for 2020. The company has set both the targets considering the ongoing expansion of sales of EVERx Sports Water and its current manufacturing.

Puration has introduced EVERx Sports Water at Arnold Sports Festival three years back. It has expanded the marketing efforts for its EVERx Sports Water across the world by taking part in Arnold events in Europe, Africa, and the US. The leading CBD infused beverage – EVERx is now distributed in Latin America, Africa, the US, and Europe.

Raises target to $16 million in 2020

Puration has revised the initial revenue target of $8 million for the next year to $16 million, considering the recent business expansion. With the progress of expansion in Latin America, Europe, and the US, the company is expecting to distribute EVERx in Canada. The company expanded its production capacity in the past several months through alliances and acquisitions. Demand for CBD beverages is expected to reach $1.4 billion by the year 2023.

First CBD Beverage Bottling Contract From Overseas

In Europe, Puration has entered a pact to start bottling EVERx CBD Sports water. The company acquired a firm for bottling in Europe. It is part of the company’s efforts to improve the bottling capacity across the world.

Puration signed a distribution accord in Europe and expects to report sales of $4 million from this initiative next year. To achieve sales exceeding $4 million needs the establishment of a bottling plant locally. The market for CBD in Europe is expected to reach $17 billion by the year 2023.

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Micron Waste Technologies Inc. (OTCMKTS:MICWF) Suspends Cannavore Waste Digester System Development

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Micron Waste Technologies Inc. (OTCMKTS:MICWF) has suspended the development of the Cannavore digester system because of changing market needs. It has completed a prototype of Cannavore, which is capable of processing cannabis waste, and the resultant is clean water.  The company has abandoned the project because of a lack of funding from the cannabis industry.

Organivore organic food waste digesting system

Dr. Bob Bhushan, the Director and founder of Micron, has led the development of the Organivore™ organic food waste digester system.

Applies for patent

The board of Micron will use 2.5 million shares of Palladium One Mining Inc and working capital of $3 million for strategic value acquisitions. The company applied for a patent for its Pharmavore System. Micron’s patent application covers the treatment of waste that comprises illicit substances, pharmaceuticals, and drugs. It will use the system to process waste seized by law enforcement during transit. The company will conduct a feasibility study on the prototype of the system in Q1 2020.

Changes in management

According to a communiqué from Micron, Alfred Wong, CEO and President, and Cam Battley, a Board member and Audit Committee chair, will demit the office. Micro expressed gratitude to Wong and Cam for their guidance and leadership and wished them a bright career ahead.

Micron’s chairman, Kal Malhi, will act as an interim president and CEO with effect from January 2, 2020, until alternate arrangements are made. It has appointed Michael Malana to Director Board with immediate effect. Michael will also act as the Chair of the Audit Committee. Michael will contribute over 15 years of experience in financial and accounting services and administration. His present stint is as Chief Financial Officer at Growmax Resources Corp.

An article in CFN Media Group

CFN Media Group featured an article on Micron and a technical solution developed by the company to solve solid waste disposal problems. High volumes of cannabis waste are causing an environmental problem because growers dispose of biomass that comprises sub-optimal flowers, stems, and trimmed leaves. The wastewater released from cannabis operations is also causing havoc and contaminating the environment. Micron has come with a solution called Cannavore to address this growing menace. The waste processing system comprises an effluent treatment system, digester, and automated shredder. It consumes cannabis waste and produces clean water.

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