Foreign Stocks In The News Roundup: CCHWF, CRLBF, TRSSF, TBRIF, EUMNF

There are a number of foreign companies which are listed in the United States and offer significant opportunities to investors. This article is going to provide you with a quick look into some of the foreign stocks which have been in the news roundup lately.

Columbia Care Inc (OTC: CCHWF) – The company is one of the biggest and most established retailers and manufacturers of cannabis products in the United States. Last Friday Columbia Care Inc was in focus after it announced that it was going to commence adult-use sales of its products in three retail locations in Maryland. The locations are gLeaf Frederick, gLeaf Rockville, and Columbia Care Chevy Chase. Sales started the next day. It was a significant new development for the company and its Chief Growth Officer Jesse Channon said as much. He noted that the beginning of adult-use sales in Maryland was not only a major step for Columbia Care’s customers but also for the entire cannabis industry.

He went on to note that many states were intent on taking immediate action on ballot initiatives. That helped the states in putting a system in place that would help in creating a more inclusive and safer marketplace for cannabis for adult use. Other than the three retail locations, the company also operates cultivation and production space totaling in excess of 50000 square feet. Another retail location is under development in Prince George’s County. The company also announced that it had hired new staff to service the rush of new customers.

Cresco Labs (OTC: CRLBF) – On June 30, the company provided an update with regard to a divestiture transaction involving Columbia Care Inc. In the joint announcement, Cresco Labs, along with Columbia Care, notified that it was not possible to complete the divestiture so that all the regulatory approvals could be obtained the complete the transaction by the due date of June 30, 2023.

The due date had been specified in the arrangement between the two companies dated March 23, 2022, and it had remained the same in the amended agreement dated February 27, 2023. The companies revealed that they were working amicably with regards to the next stages of the transaction and further updates regarding the same would be provided in the near term.

Cresco Labs is one of the biggest vertically integrated cannabis operators in the United States, which operates in multiple states. The company’s aim is to professionalize and normalize the cannabis industry. The company is also the biggest wholesaler of branded cannabis in the United States. Columbia Care Inc is among the biggest and more established retailers and manufacturers of cannabis products in the United States. It is licensed in 16 jurisdictions in the United States and operates 126 facilities.

TerrAscend Corp (OTC: TRSSF) – The company, which is a leader in the North American cannabis industry, came into focus on June 30 following a significant announcement. TerrAscend Corp announced that on the previous day, it had gone into a definitive agreement to acquire Herbiculture Inc, a medical dispensary based out of Maryland.

The transaction would take the number of TerrAscend Corp dispensaries in Maryland to four, which is the cap in the state. The adult use launch had been scheduled for the following day. It was noted in the press release that TerrAscend believed that Herbiculture was in a position to bring in considerable profit and sales growth. As per the provisions of the agreement, TerrAscend Corp would acquire Herbiculture for the consideration of $8.25 million.

Out of that $3 million would be in cash and the rest would be in the form of a seller’s note. The transaction was to be accretive to the company on the basis of EBITDA and cash flow. Additionally, it had also been approved by the Maryland Cannabis Administration and would be closed in the coming days.  Herbiculture boasts a loyal customer base and a revenue run rate of around $4.3 million.

Therma Bright Inc (OTC: TBRIF) – The company is best known for being a developer and also a partner in ventures dealing with high-tech proprietary technologies related to medical device technology and proprietary diagnostic spaces. This past Friday the company provided a key update about its Venowave device.

On May 31, 2023 the company’s representatives participated in fruitful talks with United States Department of Health and Human Services representatives about securing unique Current Procedural Terminology (CPT®) / Healthcare Common Procedure Coding System (HCPCS) codes for the Venowave device. The final decision with regard to the issuance of the codes would be released by the Centers for Medicare and Medicaid Services (CMS) next month.

The Chief Executive Officer Therma Bright Rob Fia spoke about the development as well. He noted that it was a major new step since the issuance of the codes could help in providing access to the Venowave device to many patients and empower them so that they could benefit from the advanced solutions on offer. In anticipation of such an eventuality, Therma Bright worked diligently in continuing to expand its distribution network in the United States. The expansion would help clinical groups across the nation to get commercial access to the device.

Euro Manganese Inc (OTC: EUMNF) – On June 30 the company announced that it had awarded the Wood Australia Pty Ltd with the Engineering, Procurement, and Construction Management (“EPCM”) contract for its Chvaletice Manganese Project in the Czech Republic. Euro Manganese noted that it had made the selection after having instituted a rigorous process.

In late 2022, the company received five high-quality bids for the same. In 2023, two firms made the final shortlist based on the cost of service but also due to the proposed contract schedule, engineering capabilities and technical know-how. Other factors included execution strategy, the skillset of the teams, and experience with the European Union. In April 2023, Wood Australia had been selected and last Friday the board approved the award of the contract following final negotiations.

The contract is divided into two phases and is cost-reimbursable as well. The first phase is expected to be completed in 12 months and a final investment decision would be made prior to the beginning of Phase 2. The board would make that decision once project finance and outstanding permits are secured.