The Highlights
It was a holiday-shortened week for US stocks, and this will be a briefer edition of The Highlights. The US cannabis MSOS ended the week -2.32%, while the global YOLO ETF was +2.43%. Volumes were light, especially on Friday, when Ascend’s (CSE: AAWH, OTCQX: AAWH) US listing traded just $11,553 in volume. There was less dispersion in returns this week, and the movements were largely driven by lighter volume in thinly traded names. Jushi (CSE: JUSH, OTCQX: JUSHF) drifted 9.28% lower over the five-day stretch, while Green Thumb Industries (CSE: GTII, OTCQX: GTBIF) gained 5.79%. MariMed (CSE: MRMD, OTCQX: MRMD) announced that it closed a $58.7 million secured credit facility with a US chartered bank on November 17, 2023. The refinancing will result in a $4.7 million reduction to principal and interest expense in the first 12 months and $3.5 million annually for the next four years. MariMed estimates its new weighted average cost of debt is now about 8%, down from more than 11% previously. The financing is a 10-year, construction to permanent commercial real estate mortgage (CREM) loan. For the first five years, the interest rate is fixed at 8.43%. The interest rate resets after five years to the FHLB rate plus 3.50%. The terms of the transaction do not include warrants, equity, or other dilutive instruments. We are publishing an update note on the refinancing today and on Tuesday, November 28 at 1:00 pm ET we are hosting a Spaces on X with MariMed’s CEO, Interim CFO, and President Jon Levine to review the transaction. Those interested can listen live or hear the recording using the link in the full report accessible below. The Journal of Cannabis Research published that cannabis and opioids were perceived to be equally efficacious in reducing chronic pain intensity, but cannabis additionally positively affected broader pain-related factors such as emotion, functionality, and overall sense of wellbeing. This supports the hypothesis that cannabis alleviates pain through holistically altering the pain experience. Despite research to the contrary, cannabis remains a Schedule I drug with “no currently accepted medical value and a high potential for abuse.”
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