It was a shortened trading week as markets were closed on Monday for the New Year holiday.
This week Aurora Cannabis (NASDAQ: ACB) bragged about its solid balance sheet holding $320 million, but the company neglected to mention that it had almost $600 million in cash just a year ago. The company did reduce its convertible debt, but only by $84 million. The company also noted it sold its Polaris facility which brought in $15 million, however the company neglected to say it had only been open for 2 years and it is thought to have spent $50 million developing the facility.
Glass House Brands Inc. (OTCQX: GLASF) closed on a non-brokered private placement of Series C Preferred Stock, raising $4.7 million of new capital on top of the approximately $26.5 million of incremental capital raised from the company’s Series B Preferred Stock offering that closed on Dec. 6, 2022.
Flower One Holdings began its previously announced reorganization plan and the closing of the transactions contemplated by the plan, including a Canadian restructuring transaction.
Atlas Global Brands Inc. completed its reverse take-over transaction with Atlas Biotechnologies Inc., AgMedica Bioscience Inc., and Cambrosia Ltd., and the concurrent acquisition by Cambrosia of Tlalim Pappo Ltd., Pharmacy Baron Ltd., and R.J. Regavim Ventures Ltd., privately held operating cannabis pharmacies in Israel. The companies will join to form Atlas Global Brands Inc., which expects to begin trading on the Canadian Securities Exchange on Jan. 13 under the ticker symbol ATL.
Illinois is trying to pump up its social equity efforts. The state released newer, easier rules for applications. At the same time, local minority owned The 1937 Group created a social equity incubator to help social equity applicants in the state.
It’s been a busy week for legalization efforts.
A Republican lawmaker in the Virginia House of Delegates has introduced a bill to finally stand up the state’s adult-use cannabis market, more than 18 months after the legislature legalized recreational marijuana. But many advocates are unhappy with social equity changes made by the bill’s author, adding more uncertainty to the mix.
The U.S. Virgin Islands Senate voted to legalize adult recreational cannabis use, sending the legislation known as Bill 34-0345 to Gov. Albert Bryan Jr. for signature. Medical cannabis has been legal in the Virgin Islands since 2019.
This has been the big news this week, next week Connecticut will begin adult use sales in a select amount of locations.