Connect with us

Business

Jason Wild details how TerrAscend became a TSX trailblazer for US marijuana

Published

on

When Jason Wild, the executive chair of marijuana multistate operator TerrAscend Corp., and his team first approached potential investors earlier this year to raise $15 million to list on the Toronto Stock Exchange, he said hardly anyone was interested.

Wild even offered to let his brother-in-law, who has supported his ventures in the past, use his house in the Hamptons for six weeks for free instead of renting a place down the block for around $40,000 if the relative agreed to pump an additional $50,000 into TerrAscend.

Wild’s brother-in-law initially agreed but then reneged after talking it over with his wife, who told him the family couldn’t do it after all.

“‘We can’t lose any more money on cannabis,’” Wild recalled his brother-in-law saying in an interview with MJBizDaily.

A lot of investors are feeling the same way, Wild said – something that’s reflected in the low stock prices among publicly held U.S. operators.

Shares of the AdvisorShares Pure US Cannabis ETF – which includes big multistate operators and trades as MSOS on the New York Stock Exchange Arca – have fallen from around $20 in March 2022 to just below $5.

“If this is so hard for us, then it’s got to be impossible for others,” Wild would say to colleagues Ziad Ghanem, TerrAscend’s CEO, and Keith Stauffer, chief financial officer, on a daily conference call.

But Wild and his colleagues were able to raise $21 million in equity and senior unsecured convertible debentures in two tranches to meet the TSX’s listing requirements, largely through what he said were smaller checks for amounts between $10,000 and $50,000.

The company – which operates in Canada, California, Maryland, Michigan, New Jersey and Pennsylvania – completed its corporate restructure, also required by the TSX.

On July 4, TerrAscend became the first U.S. plant-touching company to list on the third-largest stock exchange in North America, trading as TSND.

The move could give the company access to a deeper pool of institutional investors, and already, big financial institutions such as Morgan Stanley have removed the company from its “restricted” list of marijuana-related businesses.

Other companies could follow. New York-based Curaleaf Holdings, for example, is watching closely and could follow suit.

On TerrAscend’s earnings call for the quarter ending June 30, Wild and his team celebrated the company’s “transformative” year, citing achievements such as:

The company’s net loss was $12.9 million compared with $19.2 million in the first quarter and a net income of $16.9 million in the second quarter of 2022.

Andrew Parthenious, a research analyst for Quebec-based financial services company Stifel, wrote in an Aug. 10 newsletter that TerrAscend “has transformed into a growth story which is scarce in this industry.”

Pioneering Canadian cannabis

Wild, 50, first became interested in legal cannabis as an investor.

He started investing in his last year of pharmacy school at the University of Wisconsin while following in the footsteps of his pharmacist dad, who ran pharmacies in New York.

His college roommate lent him books by investing legend Peter Lynch, and Wild began taking his advice to “buy what you know,” focusing on the pharmaceutical and health sectors.

In his first year as a pharmacist, Wild said he earned $60,000 and managed to put $20,000 into his Charles Schwab account for investing purposes.

He said that year he earned more than $400,000 from those investments and started to see that he had a gift for picking drug stocks.

Wild continued working as a pharmacist in New Jersey as he started his own fund, JW Asset Management.

JW Asset Management grew its assets from the tens of thousands to the tens of millions and eventually bought a company called Arbor Pharmaceuticals in 2010 for $2 million.

Arbor’s sales grew from $2 million to $127 million, and Wild’s fund sold a third of the company to private equity firm KKR & Co.

It was around that time that Wild heard that Canada was legalizing medical cannabis.

“I’ve been a fan of cannabis since I was 20 years old or something like that, at college, and I’d never been to a grow,” Wild said.

He toured regulated medical cannabis cultivation facilities north of the border, and JW Asset Management became one of the first American institutional investors in Canadian legal cannabis, investing in companies such as Cronos Group and Mettrum, which later became a brand of Canopy Growth Corp.

After getting to know the cannabis landscape and its players, Wild said he told former Canopy CEO Bruce Linton that he believed he could join the competition and be more hands-on.

“I said to Bruce, ‘I think that if I started something from scratch or we funded something from scratch, we could do like an Arbor 2.0 or something like that,’” Wild said.

“It just seemed like there was no competition.”

In 2017, Wild convinced one of the Canadian companies his fund had invested in, TerrAscend, to take a private placement of 52.5 million Canadian dollars from him and Canopy Growth.

Wild became chair of the company and made its first U.S. cannabis acquisition in 2019, buying a San Francisco cannabis chain, The Apothecarium, in a deal valued at more than $118 million.

TerrAscend has since grown its U.S. operations to five state markets, leading the competition in market share in many of those states.

Uphill battle ahead

In the large, lucrative New Jersey market, TerrAscend has maintained its top-three share position and increased its margins to more than 50%, largely through increasing its cannabis yields.

It’s still early days in Maryland, where adult-use sales got off to a strong start after launching in July.

In Pennsylvania, the company plans to continue to run lean operations in the state’s medical market until adult-use marijuana is legalized – assuming it is indeed legalized.

It’s in competitive and oversaturated Michigan that TerrAscend could be most impressive, growing sales in its 19 stores by 6% from the previous quarter and developing consumer loyalty to its Gage and Cookies stores.

CEO Ziad Ghanem said in an interview with MJBizDaily that part of what’s driving those increases is thinking more carefully about various types of consumer segments in different regions of the state.

Michigan borders Indiana, Ohio and Wisconsin.

Indiana and Wisconsin have no legal marijuana markets, and Ohio’s is currently medical only.

Ghanem said stores close to the border have a different product mix than urban stores – for example, with premium products such as Cookies being a hot commodity among curious cross-border buyers.

Those border-store consumers also take less frequent trips but also want to buy more – meaning bulk and value are important to prioritize in those stores as well.

“We’re looking for those insights and making decisions based on that data,” Ghanem said.

Despite the company’s accomplishments thus far, the remainder of 2023 and 2024 will be the true test of whether TerrAscend is positioned for success.

Wild has repeatedly said on earnings calls and media interviews that the TSX listing isn’t a “magic bullet” that will immediately solve problems around raising capital.

But he told MJBizDaily he believes the listing is already making some crucial incremental progress.

For example, Morgan Stanley and BNY Mellon have removed the ban on providing custodial services for the company’s TSX listing, which could improve its chances of securing the institutional investment it hopes for in an upcoming road show.

The slow pace of federal marijuana reform and disappointing returns so far have scared a lot of investors away from the industry in recent years, and it’s far from certain the TSX listing will generate institutional investors’ interest in TerrAscend.

Firms will need to decide whether investing fits within their compliance, Wild said, but at least he knows the ban won’t get in the way if TerrAscend can attract interest.

“We’ve got what we think is a really good growth story out of this,” he said.

“I’m super grateful that we’re not where we were a year ago. where we got this thing that people thought might be good but we weren’t able to go in there and tell them.”

Source: https://mjbizdaily.com/how-terrascend-became-toronto-stock-exchange-trailblazer-for-us-cannabis/

Aviation

IndiGo Crisis Exposes Risks of Monopoly: What If Telecom or E-commerce Collapses Next?

Published

on

By

Airports across India witnessed scenes of distress and confusion as thousands of passengers were stranded due to IndiGo’s massive flight disruptions. Families with medical emergencies, funerals, and personal crises were left helpless as the airline cancelled hundreds of flights without adequate communication or support.

Passengers described desperate situations — a mother pleading for sanitary pads for her daughter, a woman unable to transport her husband’s coffin, and others stranded while trying to reach family funerals or hospitals. “It was like a lockdown at the airport,” one passenger said, describing the panic that unfolded as IndiGo’s mismanagement crippled operations nationwide.

Root Cause: IndiGo’s Market Monopoly

The turmoil, industry experts argue, stems from IndiGo’s monopolistic control over India’s domestic aviation market. The airline operates nearly 2,100 flights daily and holds around 60% market share — meaning every second plane flying within India belongs to IndiGo.

This dominance has given the company unparalleled influence. When IndiGo falters, the entire aviation system suffers. Passengers are left with few alternatives, as other airlines lack capacity to absorb stranded travellers. The result: skyrocketing ticket prices, chaos at terminals, and total dependence on a single private operator.

Aviation pioneer Captain G.R. Gopinath, founder of Air Deccan, criticised the government’s inaction, noting that on some routes, IndiGo’s economy fares surged to ₹1 lakh. He compared the situation to a hostage crisis, writing that the airline “held the system ransom” and forced regulators to defer new safety rules meant to protect pilots and passengers.

Government Intervention and Regulatory Weakness

The crisis erupted after IndiGo failed to comply with the Flight Duty Time Limitations (FDTL) — rules introduced by the DGCA in January 2024 requiring adequate rest for pilots. Despite having nearly two years to adapt, IndiGo blamed the rule for operational disruptions, citing a shortage of pilots.

Under mounting public pressure, the government stepped in, temporarily relaxing FDTL norms and capping airfare hikes. Officials claimed the move was to protect passengers, but analysts say it exposed the state’s vulnerability to corporate monopolies. “The government had no option but to yield,” said one aviation policy expert, pointing out that ignoring safety regulations for short-term relief could have long-term consequences.

The crisis also rekindled memories of the June 2025 Air India crash near London, which claimed over 240 lives. Experts warn that compromising pilot rest and safety standards to maintain flight schedules could risk another tragedy.

If Telecom Giants Fail: A National Paralysis

The article raises a troubling question — what if a similar crisis struck the telecom sector, where Jio and Airtel together control nearly 80% of subscribers and serve over 780 million users?

If both networks failed simultaneously, the repercussions would be catastrophic. Internet shutdowns would halt UPI transactions, online banking, OTP verifications, video calls, OTT streaming, and emergency communications. Critical services such as airports, hospitals, stock exchanges, and small businesses — many of which rely on WhatsApp and digital payments — would come to a standstill.

In essence, a telecom breakdown could paralyse India’s digital economy, exposing the nation’s dependence on a duopoly.

E-commerce Monopoly: Another Fragile Ecosystem

The same risk looms over the e-commerce sector, where Amazon and Flipkart dominate nearly 80% of the market. A disruption similar to IndiGo’s could cripple daily life — halting delivery of groceries, medicines, and essential goods, freezing refunds and customer support, and leaving small sellers without platforms to trade.

Local retailers, freed from competition, might exploit shortages by inflating prices. Such a scenario underscores the perils of market centralisation in sectors critical to everyday living.

A Wake-Up Call for Regulators

The IndiGo crisis, analysts say, is a warning shot for policymakers and regulators. A single company’s operational failure exposed systemic weaknesses in India’s infrastructure and consumer protection mechanisms.

As the aviation regulator DGCA investigates and IndiGo works to restore normalcy, the broader lesson remains clear: unchecked monopoly power in any essential service — whether air travel, telecom, or e-commerce — poses a direct threat to economic stability and citizen welfare.

Without stronger competition laws, redundancy frameworks, and regulatory oversight, India risks repeating this crisis across multiple sectors — each time with millions of citizens paying the price.

Continue Reading

Agriculture & Life Sciences

Canada’s Cannabis Industry Urges Government to Support Growing Export Market

Published

on

By

BuzzBuzz Cannabis Business News — 24 November 2025

Canada’s cannabis sector is calling on federal and provincial governments to recognize its fast-growing export potential and extend the same support other regulated industries receive. Industry leaders warn that Canada is losing its early global advantage due to slow regulatory processes, lack of trade promotion, and limited access to government-backed financing.

Canada’s medical-cannabis exporters now generate more than half a billion dollars annually and ship products to major markets including Germany, the UK, Australia, and Poland. Despite this, cannabis remains largely absent from Canada’s official trade and export strategies.

Industry Calls for Streamlined Export System

Paul McCarthy, President of the Cannabis Council of Canada, says the country has everything required to dominate the global medical cannabis trade—except government alignment.

“Our requests are simple,” McCarthy said. “Expedite Health Canada’s export-permit process, integrate cannabis into federal export programs like Global Affairs Canada trade missions and CanExport, and ensure provinces include cannabis in their export strategies.”

He stressed the need for mutual recognition agreements with importing countries to eliminate redundant testing and documentation. Access to Export Development Canada (EDC) and Business Development Bank of Canada (BDC) services also remains off-limits to cannabis exporters, placing them at a steep disadvantage.

“This industry does not just need permission to operate,” McCarthy added. “It needs to be treated like every other legitimate contributor to Canada’s trade objectives.”

Competitors Are Moving Faster

McCarthy warns that while Canada pioneered medical cannabis standards, other countries are rapidly advancing with more flexible and export-friendly systems.

“Faster approvals, lower compliance costs, and active government-backed strategies are helping other nations catch up,” he said. “Canada’s regulatory friction is already costing us global market share.”

Export permits currently must be issued for each shipment—a process that can take weeks—and Canadian testing standards often differ from international requirements, forcing companies to repeat expensive compliance checks.

High Tide CEO: Canada Needs a National Export Strategy

Raj Grover, CEO of High Tide Inc., says Canada risks surrendering its leadership if policymakers remain inactive.

“Canada developed the world’s most advanced cannabis regulatory system and contributed $76.5 billion to GDP since legalization,” Grover said. “But without a National Cannabis Export Strategy, we will lose ground to Australia, Israel, Portugal, and other emerging competitors.”

He noted that Canada’s industry table created by Innovation, Science and Economic Development Canada (ISED) has not met in more than a year—an opportunity wasted.

Grover urged the federal government to introduce domestic GMP certification and potency standards to streamline international market access. “Canadian producers must currently get GMP approval country by country. It’s duplicative and costly. Canada should be setting global benchmarks, not chasing them.”

Germany: A Key Market for Canadian Firms

High Tide recently expanded into Europe with its majority acquisition of Germany’s Remexian Pharma GmbH, giving the company a direct import and distribution channel in Europe’s largest medical-cannabis market.

“Our German strategy is already structured for success,” Grover said. “Through Remexian, we can supply premium medical cannabis at the lowest possible price, helping meet Germany’s quality and cost demands.”

Grover also warned that U.S. companies are already purchasing Canadian firms to stage their own international expansion—another sign that Canada’s leadership position is slipping.

Government Response Remains Limited

In response to industry concerns, a Global Affairs Canada spokesperson said the Trade Commissioner Service “continues to support exporters of cannabis for medical and scientific purposes that have obtained Health Canada permits.”

However, industry leaders argue that this support is minimal and does not include key tools such as trade missions, export credits, or bilateral agreements that other sectors routinely receive.

A Closing Window of Opportunity

With medical-cannabis exports already exceeding $500 million annually, industry executives say Canada must act quickly to preserve its competitive edge.

As McCarthy warns, without coordinated government support, Canada risks losing high-value pharmaceutical manufacturing, research investments, and thousands of skilled jobs.

And as Grover’s expansion into Germany demonstrates, the industry is moving forward—but whether Canada moves with it may determine if the country remains a global leader or becomes a pioneer that let others capitalize on its breakthroughs.

Continue Reading

Business

A Tipping Point for Cannabis: President Trump Champions CBD & Cannabis Science on Truth Social

Published

on

By

When the President of the United States shares a video about the life changing potential of hemp derived CBD on his personal social media platform, it is more than news, it is a cultural shift.

For decades our government lied to us about cannabis. It demonized the plant, waged war on its users, and filled prisons while allowing pharmaceutical companies to flood the nation with addictive and deadly drugs. For over a century we have been fighting uphill, not just for legalization, but for truth, for science, and for the right to heal ourselves naturally.

Now in 2025, the most powerful political figure on Earth is using his own voice and platform to talk about the endocannabinoid system and the science backed benefits of CBD. That is monumental. It is validation for everyone who has fought, been arrested, been silenced, and been dismissed for telling this truth. The President’s video post is already being described as a pivotal moment in cannabis history, and President Trump CBD Cannabis Science Truth Social is trending across platforms as advocates celebrate the breakthrough.


The Science Behind the Endocannabinoid System

The video begins by introducing something most people, including many doctors, still know little about, the endocannabinoid system. Discovered in the 1990s, the ECS is a network of receptors and signaling molecules that works as the body’s master regulator, coordinating communication between major systems like the nervous, immune, cardiovascular, and digestive systems.

The roots of this discovery go back much further. CBD was first isolated in 1940 by American chemist Roger Adams, but it was Dr. Raphael Mechoulam, an Israeli organic chemist, who fully elucidated the chemical structure of CBD and identified its stereochemistry in the 1960s. His pioneering work not only opened the door to modern cannabinoid science but also earned him the title “Godfather of Cannabis Research.” It was this foundation that led to the identification of the endocannabinoid system itself decades later, revealing how cannabinoids interact with our physiology on a fundamental level.

The ECS is now widely recognized as a vital part of human biology, with extensive research supported by the National Institutes of Health. When functioning properly, the ECS acts like the conductor of an orchestra, ensuring every section plays in harmony. As we age, the system weakens. That imbalance is linked to inflammation, chronic pain, cognitive decline, sleep problems, and many other conditions associated with aging.

Mainstream medicine often addresses these issues with pharmaceutical band aids, dangerous and addictive drugs that treat symptoms rather than root causes. Lifestyle changes such as diet and exercise help, but they only partially support the ECS and do so slowly over time.


Hemp Derived CBD: A Game Changer for Aging

Here is where the science gets exciting. As the video explains, the ECS can be restored much more quickly with hemp derived CBD. Strengthening this system naturally helps the body regain balance, reducing pain, improving sleep, lowering stress, slowing disease progression, and even extending healthy lifespan.

It is not theoretical. One in five seniors is already using CBD to manage pain, arthritis, cancer symptoms, sleep disorders, Alzheimer’s, and more. Despite decades of research and acknowledgment from institutions like the National Institutes of Health, most physicians receive no training on the ECS. There are still no FDA standards for CBD products on the market. If that were the case for any other class of medicine, it would be considered malpractice.

The World Health Organization has confirmed CBD’s excellent safety profile and non addictive nature in its critical review report. The result is that millions of older Americans are suffering unnecessarily when a safe and natural solution exists.

Hemp derived CBD is a powerful first step in restoring balance to the endocannabinoid system, but it is only part of the picture. Research shows that full spectrum cannabis extracts, which include a broader range of cannabinoids and terpenes, can work even more effectively. Complete concentrated cannabis oil, containing the full spectrum of natural endocannabinoids, may deliver the most profound results for certain patients. Expanding access to these therapies will be essential if we want to unlock the full healing potential of this plant.


The Economic and Social Impact

The video cites a powerful figure. A PricewaterhouseCoopers analysis estimates that fully integrating cannabis into the healthcare system could save the United States nearly 64 billion dollars annually. These savings reflect reduced pharmaceutical dependency, fewer hospitalizations, improved chronic disease outcomes, and enhanced quality of life for aging Americans. You can read more about PwC’s research on healthcare innovation here.

It is a financial argument, but it is also a moral one. Why should our elders endure pain, anxiety, and cognitive decline when nature has given us tools to help them live longer, happier, and healthier lives?


A Call to Action: Finish What the Farm Bill Started

The message concludes by crediting the 2018 Farm Bill, championed by President Trump, for legalizing hemp and laying the groundwork for today’s CBD market. The Farm Bill was just the first step.

Now the call is for bold next moves.

  • Educate doctors about the endocannabinoid system
  • Include CBD under Medicare coverage
  • Provide clear federal standards for CBD quality and dosing

These steps would constitute the most significant senior health reform in modern history, one that would transform aging and cement a powerful legacy for any administration that makes it happen.


What This Means for Future Cannabis Medicine

For those of us who have been in the cannabis community for decades, this is not just another news story. It is a signal that our movement is winning. A conversation that was once criminalized and censored is now being amplified by the President of the United States on his own platform.

It means the science is undeniable. It means the truth can no longer be buried. It means the wall of prohibition is cracking, not just legally, but culturally, scientifically, and politically.

It also means that everything we have been fighting for at 420 Magazine since 1993, education, access, healing, and justice, is finally moving full steam ahead. The President Trump CBD Cannabis Science Truth Social moment is proof that science and policy are finally converging.

Continue Reading

Trending

Copyright © 2022 420 Reports Marijuana News & Information Website | Reefer News | Cannabis News