Staff, Author at Green Market Report - Page 24 of 180

StaffFebruary 17, 2022
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3min7800

Cannaclusive

Jordan Watson / Creative Consultant

**Pronouns**: He/him

When did you formally enter the cannabis space?

I formally entered the space back in 2016 during the prop 215 days that was my first formal introduction to the cannabis space.

What made you decide to work in the cannabis industry?

I fell in love with the people. I came from luxury fragrance – a world that was very refined and where I sold things that did nothing to help people. I wanted to be an industry where I could really make a difference.

Do you feel there is more opportunity for Black Americans in the cannabis industry versus a more traditional industry? Yes or no and why?

In terms of traditional vs our industry, yes there are more opportunities. In terms of opportunities in general, there should be more! Our entire industry is built on a foundation of cages filled with black and brown women and men. We should see more of them as the faces leading the industry.

What is the most successful social equity effort in your opinion? Can be a charity or company program.

I am a huge fan of the work of Hilary Yu and Our Academy. They help social equity brands gain access to funding and resources to make it on the market with their 15-week program. I really admire Hilary and the entire Our Academy team for the work they do to help create more space for social equity in our industry.

What is your personal goal for 2022?

My personal goal is to continue to enjoy myself and spread that joy to others, and more importantly I want to see all of the powerful WOMEN in this industry that are so often overlooked WIN! Sorry not sorry fellas, but it’s time for the ladies to get the flowers they deserve!


StaffFebruary 16, 2022
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The Daily Hit is your rundown of the business stories for the cannabis industry on February 16, 2022.

On The Site

Icanic

Despite numerous other cannabis companies managing to complete their bookkeeping during the pandemic, Icanic Brands (OTC: ICNAF) is now blaming Covid as the reason its financial filings are late. The delay has resulted in a cease trade order by the British Columbia Securities Commission under National Policy 11-207. The financials are related to the fiscal year ending in July 2021 and the quarter ending in October 2021. Icanic has already received one extension from the BC Securities Commission that ended on February 11, 2022. Read more here.

InterCure

Israeli-based cannabis producer InterCure Ltd. (NASDAQ: INCR) also known as Canndoc is buying medical cannabis company Cann Pharmaceutical Ltd. also known as Better in a deal valued at $35 million. It is expected to close at the beginning of the third quarter of 2022. InterCure is Israel’s largest licensed cannabis producer and one of the first to offer Good Manufacturing Practices (GMP) certified and pharmaceutical-grade medical cannabis products. InterCure leverages its market-leading distribution network, international partnerships, and a high-margin vertically integrated “seed-to-sale” model to lead the fastest growing cannabis global market outside of North America. Read more here.

Field Trip

Field Trip Health Ltd. (NASDAQ: FTRP) reported its third fiscal quarter 2022 results for the three months ending December 31, 2021 and gave a business update. Field Trip reported that it had earned patient services revenues of $1,360,811, an increase of 50% over the prior quarter and 330% year over year. The company also noted that it had approximately $74.5 million in unrestricted cash and cash equivalents and short-term investments at the end of 2021. The company also delivered a net loss for the third fiscal quarter of $14 million, which the company attributed to total operating costs of $15 million of which $2 million was related to non-cash share-based compensation and $1 million was related to non-cash depreciation and amortization and a foreign exchange loss $479,255. Read more here.

In Other News

Decibel

Decibel Cannabis Company Inc. (OTCQB: DBCCF) posted an update on its recent Canadian recreational market share.

Market Share in Decibel’s Major Markets

  • Record 4.3% recreational market share in January over 4.2% in December 2021

National Market Share

  • Decibel’s market share has grown from 3.4% to 3.6% over the same period

Ontario Market Share

  • Decibel’s market share has grown from 3.1% to 3.2% over the same period

Read more here.

Cansativa

Cansativa Group announced that it has closed a $15M Series B investment. The funding round was led by Casa Verde with participation by Argonautic Ventures and Munich-based family office Alluti. This represents Casa Verde’s largest investment in Germany and in Europe to date. Given its exclusive relationship with German regulator, the Federal Institute for Drugs and Medical Devices (BfArM), Cansativa is the only company permitted to distribute domestically-grown medical cannabis. Read more here.


StaffFebruary 16, 2022
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Trulieve

Valda Coryat, Chief Marketing Officer, Trulieve (OTC: TCNNF)

When did you formally enter the cannabis space?

I formally joined the cannabis industry in December 2019 after spending over 25 years in marketing, building brands at both Fortune 500 companies and private-equity-backed ventures. I saw so many new growth opportunities in cannabis – and what better way to cut my teeth in this emerging industry than to lead marketing at one of the largest MSOs in the country?

Before joining Trulieve, I served as the Director of Marketing at the National Mango Board and spoke at many food-and-beverage industry conferences. There, I noticed several cannabis entrepreneurs presenting how cannabis fits into the sector’s future. This piqued my interest, and the more I looked into the cannabis industry, the more I realized how I could apply my skills to add value within this space. Now, I’ve been a part of this industry for just over two years, and it’s been incredibly rewarding to create a positive impact within so many local communities through this plant.

 What made you decide to work in the cannabis industry?

I saw the opportunity to channel my skills towards a greater cause and help companies make purpose-driven business decisions. Cannabis has been used as a healing modality for thousands of years by providing real relief for millions of people, and I believe in the natural benefits of the plant. It’s rewarding to know that I’m helping destigmatize the plant, change misperceptions and fight injustices brought on by the disastrous War on Drugs.

Since the industry is so new, there isn’t a marketing playbook to follow – and it’s exciting to write it in real-time. Every new market and brand launch is a valuable opportunity to fine-tune Trulieve’s approach to engaging with patients and consumers who come from varying experience levels, preferences, lifestyles and ages. The industry is full of bold, imaginative problem solvers, and it’s inspiring to build this space from the ground up with so many talented professionals.

Do you feel there is more opportunity for Black Americans in the cannabis industry vs a more traditional industry? Yes or no and why?

Cannabis is still a relatively young industry and I believe there are relatively more entry points for Black professionals to become leaders in this space. At the same time, it’s clear that Black Americans need more representation in the regulated industry, and there are numerous opportunities to make this space more equitable and inclusive.

Black Americans played a tremendous role in creating the vibrant cannabis culture that exists today, and established companies have a responsibility to rectify the social and economic disparities created by the War on Drugs by investing resources into initiatives like expungement and partnering with Black-owned brands and suppliers.

While capital remains one of the main barriers to entry on the industry’s plant-touching side, there are still numerous ancillary opportunities that Black entrepreneurs can pursue. I encourage Black professionals to look beyond owning a dispensary – we need marketers, lawyers, coders and a host of other business skills to grow this evolving industry.

 What is the most successful social equity effort in your opinion?

There are several nonprofits driving profound industry-wide change, but the Last Prisoner Project stands out. Although the regulated cannabis space is growing at breakneck speed and is now increasingly accepted by the public, there are still thousands of individuals incarcerated for nonviolent cannabis charges.

Last Prisoner Project addresses this head-on by not only providing pro-bono legal services but supporting local expungement efforts and offering critical reentry programs. Trulieve has been a long-time partner of the organization and will continue to donate and raise awareness to support this impactful team.

What is your personal goal for 2022?

I want to create more pathways for Black folks with a variety of skills to enter the cannabis industry and thrive. This means developing deeper relationships with more Black vendors and suppliers and featuring more local Black-owned brands in Trulieve’s dispensaries. As an executive at the largest MSO in the country, I am also personally committed to mentoring and supporting more Black professionals, both within Trulieve and in the industry at large. I hope to utilize my professional circles and resources to foster new connections within the Black business community and create a welcoming environment for aspiring entrepreneurs of color.


StaffFebruary 15, 2022
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3min7810

Field Trip Health Ltd. (NASDAQ: FTRP) reported its third fiscal quarter 2022 results for the three months ending December 31, 2021 and gave a business update. Field Trip reported that it had earned patient services revenues of $1,360,811, an increase of 50% over the prior quarter and 330% year over year. The company also noted that it had approximately $74.5 million in unrestricted cash and cash equivalents and short-term investments at the end of 2021.

The company also delivered a net loss for the third fiscal quarter of $14 million, which the company attributed to total operating costs of $15 million of which $2 million was related to non-cash share-based compensation and $1 million was related to non-cash depreciation and amortization and a foreign exchange loss $479,255. The company noted that this compares with a net loss of $8,275,669 in the third fiscal quarter of 2021. The increase from the prior year primarily reflects the company’s focus on growing the business and continued investment in its drug development pipeline and best-in-class clinic infrastructure.

Vicki Reed, Chief Growth Officer, said, “Since joining Field Trip, we have implemented a number of marketing and client acquisition strategies to increase conversion. The effects of these changes, along with our strong organic engagement, have led to positive growth trends and a significant improvement in our client conversions through digital acquisition channels. We achieved this despite the ongoing effect of COVID-19 along with what is typically a seasonally slower quarter. We expect to see continued improvement in our marketing efficiency and revenue growth in the coming quarters.”

New Clinics

Third fiscal quarter 2021 patient services revenues were generated from three clinics, Toronto, New York, and Santa Monica. The quarter-over-quarter revenue increase was in part due to the three additional clinics as compared to the prior quarter. During the quarter, Field Trip opened clinics in Seattle, Washington, Fredericton, New Brunswick, and San Diego, California. Subsequent to the quarter, the Company announced the opening of its Vancouver, BC and Washington DC locations. The Company’s focus on operational improvements, together with the effects of COVID, impacted the timing of the construction of our remaining clinics and the Company is evaluating the timing and scope of its expansion strategy as part of its previously announced strategic review.

During the quarter, Field Trip progressed its strategy of building the leading psychedelic therapy company through its Field Trip Health division and continued to invest in its lead drug development program through its Field Trip Discovery division with FT-104, and its pipeline expansion, currently under the heading of FT-200 Group (Field Trip Discovery), while conducting activities associated with the Strategic Review.


StaffFebruary 15, 2022
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7min7640

On The Site

MedMen

Ascend Wellness (OTC: AAWH) has pulled off the gloves in its latest complaint (filed on February 14, 2022) against MedMen (OTC: MMNFF) calling the company, “A broken and mismanaged cannabis company that has repeatedly reneged on its promises to its employees, suppliers, shareholders, medical marijuana patients, regulators, and now Ascend.” MedMen had agreed to sell its New York assets to Ascend, but the deal was contingent upon New York State giving approval to the deal. The state regulators gave an ambiguous approval in December but tried to clarify that language in the waning hours of 2021. MedMen has since refused to close the deal saying the state hadn’t really given final approval and accusing the state and Ascend of influence peddling. Read more here

Cann

Infused beverage company and celebrity favorite Cann announced a $27 million Series A funding round coming from fresh institutional capital as well as existing investors like  Imaginary Ventures who added to its original investment. Cann was launched in 2019 and raised $5 million in a seed round in 2020. Cann added its newest celebrity investors Nina Dobrev, Julianne Hough, Sara Foster, Paul Scheer, and Adam Devine. They join current investors, Gwyneth Paltrow, Baron Davis, Rebel Wilson, Kate Hudson, Rosario Dawson, Darren Criss, Casey Niestat, Tove Lo, and Bre-Z. Read more here.

iPower

Hydroponic equipment company iPower Inc. (Nasdaq: IPW) reported its financial results for its fiscal second quarter ended December 31, 2021, with total revenue increasing 52% to $17.1 million. iPower said that the increase was driven by greater in-house product sales and strong demand for ventilation products. The company reported that its net income increased 39% to $0.8 million or $0.03 per share. Read more here

Acquisitions

With so many deals never making it to the finish line, two cannabis companies closed on strategic deals today. Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) completed the acquisition of an operational 64,000 sq. ft. cultivation facility in Phoenix, Arizona. Trulieve said it will pay $13.75 million cash at closing, with potential milestone payments subject to earn-out and escrow requirements. Ayr Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF) has closed the acquisition of Cultivauna, LLC, the owner of Levia branded cannabis-infused seltzers and water-soluble tinctures. Read more here.

KetaDASH

Ehave, Inc. (OTC Pink: EHVVF) reported that its wholly-owned subsidiary, KetaDASH has started clinical operations that are offering in-home ketamine therapy to patients suffering from treatment-resistant mental health issues. Ehave said that the treatment will be offered in the San Francisco Bay Area and Greater Sacramento Area first with plans to expand to other markets in the coming months. Read more here.

In Other News

Aleafia Health Inc.

Aleafia Health Inc. (OTCQX: ALEAF) reported its financial results for the three and 12 months ended December 31, 2021, last after the market closed on Monday. Net revenue was $36.1 million for the 12 months ending December versus $44.5 million in the 12 months ending December 2020. For the fourth quarter, net revenue was $8.8 million, compared with $15.2 million in Q4 2020. The company said the decline in net revenue was based on shifting from lower margin, higher volume bulk wholesale commodity cannabis revenue to higher-margin, higher potency and innovative adult-use products, offering a unique value proposition. Read more here.


StaffFebruary 15, 2022
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4min13240

With so many deals never making it to the finish line, two cannabis companies closed on strategic deals today.

Trulieve

Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) completed the acquisition of an operational 64,000 sq. ft. cultivation facility in Phoenix, Arizona. Trulieve said it will pay $13.75 million cash at closing, with potential milestone payments subject to earn-out and escrow requirements.

“We are excited to close this acquisition which is in line with our strategic priorities,” said Kim Rivers, CEO of Trulieve. “The facility strengthens Trulieve’s presence in the cornerstone market of our Southwest hub, as well as expands our cultivation capacity. We look forward to serving more patients and customers throughout Arizona with our high-quality, proprietary brands.”

The new cultivation facility immediately improves supply chain capacity and becomes Trulieve’s fifth cultivation facility in Arizona, supporting Trulieve’s 17 dispensaries in the state of Arizona with flower for medical patients and adult-use customers. Trulieve locations in Arizona include AvondaleCasa GrandeChandlerCottonwoodGlendaleGuadalupe, Lake Havasu, MesaPeoriaPhoenixScottsdaleTempe and Tucson.

Ayr Wellness

Ayr Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF) has closed the acquisition of Cultivauna, LLC, the owner of Levia branded cannabis-infused seltzers and water-soluble tinctures.

“Bringing Levia into the Ayr family represents a key addition to our portfolio of high-quality, branded offerings,” said Jonathan Sandelman, Founder, Chairman and CEO of Ayr. “We look forward to expanding the presence of Levia’s seltzers and water-soluble tinctures across our multi-state footprint, while bringing new, innovative form factors to life, like beverage enhancers. With a fast-acting formula and great taste, we believe Levia will be a crucial component in expanding our reach to new and existing consumers who seek a predictable and familiar cannabis experience.” Levia uses a proprietary technology that provides for rapid onset of the effects of THC, typically 15-20 minutes with lasting effects up to 3 hours, allowing for a more consistent consumption experience compared to many edible products, which often take longer.


StaffFebruary 14, 2022
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6min8910

It’s time for your Daily Hit of financial news for February 14, 2021. 

On the Site

Valentine’s

To celebrate winter’s sexiest holiday, multi-state cannabis company MariMed (OTC: MRMD) compiled a survey for their edible brand Betty’s Eddies. The results suggest that you might want to consider picking up your Valentine’s favorite brand of cannabis edible to heat things up this February 14th. According to MariMed’s survey, 72% of cannabis consumers are already planning to incorporate cannabis into their Valentine’s Day festivities, with more than half saying they would like to receive cannabis as a gift for the lover’s holiday. Read more here

Safe Harbor

Cannabis banking company Safe Harbor Financial (SHF, LLC) will go public through the SPAC (special purpose acquisition corporation) Northern Lights Acquisition Corp.  (NASDAQ: NLIT) has chosen it for the qualifying transaction. Safe Harbor is a subsidiary of Partner Colorado Credit Union, a Colorado-chartered credit union based in Arvada, Colorado. Safe Harbor will be led by Sundie Seefried, Founder and Chief Executive Officer of Safe Harbor. Read more here.

Relativity

Cannabis blank check company Relativity Acquisition has sold 12.5 million units at $10 each, and its underwriters have a 45-day option to buy up to an additional roughly 1.9 million units, which could raise another $18.75 million. Relativity Acquisition’s common stock is set to trade on the Nasdaq under the symbol “RACY” (the units will trade at RACYU) and its offering is expected to close on February 15, 2022. Read more here.

Michigan

On Friday, Governor Gretchen Whitmer announced that she was consolidating the regulatory bodies within the State of Michigan that oversee cannabis and hemp processing, distribution, and sale to improve efficiency. The governor’s statement said that these administrative changes would help the state continue growing the hemp and marijuana economy, create jobs, and invest in local communities. Read more here.

MedMen

Late after the market closed on Friday, MedMen Enterprises Inc. (OTCQB: MMNFF) announced that its Chief Revenue Officer Tracy McCourt was resigning effective March 4, 2022. McCourt has only been in the job for a little over a year. It was a new role that was described as leading the omni-channel marketing strategy as well as the company’s buying, merchandising and business intelligence efforts. She was hired by the former CEO Tom Lynch. Read more here.

In Other News

Ascend Wellness

Ascend Wellness Holdings, Inc. (CSE: AAWH.U) (OTCQX: AAWH) announced that it has promoted the company’s Co-founder and Chief Strategy Officer, Frank Perullo, to President of AWH. Perullo will be responsible for AWH’s day-to-day operations, with the Retail, Sales and Marketing, and Operations departments reporting directly to Perullo going forward, in addition to his existing reports. Abner Kurtin, founder, and CEO of AWH, will continue to lead the company and oversee Perullo, along with Dan Neville, Chief Financial Officer, and Robin Debiase, Chief People Officer. Kurtin will also continue to manage M&A, strategic opportunities, and capital allocation. Read more here.

Flower One

Flower One Holdings Inc. (OTCQX: FLOOF) announced a term loan financing with an existing shareholder for aggregate proceeds of $10.1 million. In addition, the company has said it has made further advancements in its ongoing debt restructuring through an additional loan modification agreement with its term lender and its affiliates. Read more here.


StaffFebruary 14, 2022
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Green Thumb Industries

Jai Kensey – Director of Social Impact at Green Thumb Industries (OTC: GTBIF)

 

When did you formally enter the cannabis space?

I entered the legal cannabis space in 2021 as the Director of Social Impact at Green Thumb Industries, but I’ve been connected to the legacy market most of my life and even grew up in a cannabis-friendly household. Before joining Green Thumb, I managed community relations and corporate communications for non-profit and private companies in the U.S. and Australia. I currently serve as Green Thumb’s representative on the Board of the National Hispanic Cannabis Council, a non-profit focused on increasing Hispanic representation within the regulated cannabis industry.

 What made you decide to work in the cannabis industry?

Cannabis has always been part of my life, but it was Green Thumb’s “Growing for Good” program –which supports Black and Brown communities disproportionately impacted by the War on Drugs –that persuaded me to pivot to cannabis.

After the murder of George Floyd and the civil unrest that followed, I knew that I wanted to work in a space that was more aligned with my desire to support communities of color in a meaningful way. I was also ready to move into a space that not only provided new professional and personal growth opportunities but also valued what I brought to the table as a Black woman. So far, leading Green Thumb’s social impact initiatives has certainly surpassed my expectations.

I have the privilege of working with colleagues and advocates who are so passionate about supporting local communities as well as Black and Brown cannabis entrepreneurs who are trailblazers in this industry. More importantly, I am encouraged to be my authentic self at Green Thumb, which I believe is my superpower in this industry.

 Do you feel there is more opportunity for Black Americans in the cannabis industry versus a more traditional industry? Yes or no and why?

Yes, there are so many opportunities outside of cultivation and retail. The cannabis industry needs more ancillary businesses of color. There is an enormous demand for services like packaging and labeling materials, marketing, security, delivery, software development, construction and real estate throughout the supply chain – the opportunities in the ancillary space are abundant! And if you have an existing business, see if you can pivot your business model to include serving the cannabis industry.

There is so much media attention around state-issued licenses to grow and sell cannabis, but I don’t want my community to miss out on equally essential opportunities that are probably more accessible. Right now, many large multi-state operators are eager to work with BIPOC-owned ancillary businesses to diversify their vendors and suppliers. On the retail side, operators like Green Thumb are also designating more shelf space to Black and other diverse brands to bring these products to new audiences.

There are also countless opportunities for professionals like me who transferred their existing skills to the cannabis industry. Companies around the country are trying to build truly diverse and inclusive teams, and I encourage Black professionals from mainstream sectors interested in cannabis to attend as many educational and networking events as possible.

 What is the most successful social equity effort in your opinion? Can be a charity or company program.

I come from the non-profit world, so I like to highlight the work of Green Thumb’s non-profit partners who are in the trenches doing the hard work. I can’t focus on just one because this type of work, what I call “heart” work, is a community effort. When the community wins, we all win, and Green Thumb has the privilege of supporting these local and national organizations through donations, sponsorships and partnerships.

I will say, what’s personal for me is the work some of our non-profit partners lead in expunging criminal records associated with cannabis and other offenses.

I often tell people about my family’s story. My nephew, who is now 21, was charged with two cannabis-related felonies at 18. This was his first run-in with the law, and the injustice system tried to throw the book at him. Even worse, the white cannabis distributor involved in the case received immunity to testify against my nephew, who is now on probation for five years and unable to live a normal life. These punitive rulings have a tremendous negative impact on individuals and their families – mentally, emotionally and financially. People with cannabis offenses deserve to have their records expunged to access jobs, housing and voting privileges. I’m thankful my role as the Social Impact Director allows me to help organizations focused on expunging records nationwide.

 What is your personal goal for 2022?

This year, I will continue listening to the needs of the communities we serve, as well as our social equity partners, to develop more effective initiatives with Green Thumb’s Social Impact team. I want to help create a seat at our table for Black entrepreneurs, vendors, suppliers and cannabis advocates. I’m like my grandmother, “I don’t meet a stranger,” so I want our partners to feel that when working with Green Thumb and our Social Impact team. I want them to know that we are sincere in our efforts, and we are working hard to help create a more inclusive cannabis industry.


StaffFebruary 14, 2022
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Late after the market closed on Friday, MedMen Enterprises Inc. (OTCQB: MMNFF) announced that its Chief Revenue Officer Tracy McCourt was resigning effective March 4, 2022. McCourt has only been in the job for a little over a year. It was a new role that was described as leading the omni-channel marketing strategy as well as the company’s buying, merchandising and business intelligence efforts. She was hired by the former CEO Tom Lynch.

In her past, McCourt led the strategy for the brand affinity team at Zappos, where she developed the brand marketing strategy to align business goals with merchandising strategy. Before joining Zappos, she was the Chief Marketing Officer for Frederick’s of Hollywood, where she increased the net operating profit of the division by 84% in her first year and then drove subsequent fiscal year profit expectations by double-digit growth year-over-year by creating operational efficiencies and new revenue opportunities.

“We appreciate Tracy’s contributions to the organization these past 14 months and wish her well in her future endeavors,” said Michael Serruya, MedMen’s CEO & Chairman.

In January, McCourt was named President of Emerald Village West Hollywood, the official marketing organization for licensed cannabis businesses in West Hollywood. At the time she said, “It’s an honor to lead an organization dedicated to promoting West Hollywood’s vibrant cannabis industry. Working together with a group of diverse cannabis retailers in the community, we’re positioning WeHo as the capital of cannabis culture and curated experiences for tourists and locals alike.”

MedMen seems to be in a constant state of upheaval. The company recently won a contentious lawsuit with its former CFO James Patterson and is trying to claw back money from Patterson. The company is also currently fighting its agreement to sell its New York assets to Ascend Wellness Holdings. Last week, the California-based cannabis company accused New York state cannabis regulators of being influenced by campaign money in order to speed up the approval of the acquisition.


StaffFebruary 11, 2022
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5min9290

Cannabis lending group Pelorus Equity Group closed on its previously announced $77.3 million non-dilutive real estate debt financing with Harborside Inc. (CSE: HBOR) (OTCQX: HBORF).  The initial funding of $45.35 million, the first of two planned tranches, includes three individual loans to Harborside, Urbn Leaf Holdings Inc., and Loudpack JV Corporation. The company said the proceeds will be used primarily to retire certain existing loans and provide additional working capital.

“We are extremely proud to be an important partner during this transformational event in the California market,” said Dan Leimel, CEO of Pelorus Equity Group, and manager of the Pelorus Fund. “The impact of the StateHouse Holdings transaction will be hugely beneficial towards the overall development of the legal cannabis space within the state of California. By partnering with leading companies in the space we have expanded the lending options available for cannabis operators and become the preferred partner for some of the largest players in the industry with our flexible capital and solutions for complex transactions.”

The money will clearly go towards Harborside’s acquisition of Urbn Leaf, and Loudpack. Once that is completed Harborside is expected to be renamed StateHouse Holdings.

“We are pleased to welcome Pelorus as our financial partner as we combine operations with Loudpack and Urbn Leaf to create StateHouse Holdings, a new market leader in California,” said Matt Hawkins, Chairman and interim CEO of Harborside Inc. “Pelorus’s willingness and ability to work with us to customize the financing was critical in enabling us to ideally structure our transactions, illustrating why they are the go-to player in cannabis finance.”

“The growth that Pelorus has seen over the past two years has been incredible, and seeing this loan, the first in our new lower cost stabilized lending program, come to fruition is a great day for us,” said Travis Goad, managing partner of Pelorus Equity Group. “We expect this new program will be a best-in-class option for operators and look forward to driving the progression of the market by collaborating with companies to develop effective and price sensitive solutions.”

Pelorus said that the second tranche of the Rollup Financing will be funded upon completion of the StateHouse Holdings Transaction and at a time of StateHouse Holdings choosing. The Rollup Financing contains a nominal interest rate of 10.25%, along with specified origination, closing and other transaction fees, and will be secured by certain real estate assets and cannabis licenses of Harborside, Urbn Leaf and Loudpack.


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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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