William Sumner, Author at Green Market Report - Page 2 of 20

William SumnerWilliam SumnerDecember 3, 2018
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6min3850

It’s time for your Daily Hit of cannabis financial news for December 3, 2018

On the Site

Cresco Labs

Chicago-based Cresco Labs is set to begin trading on the Canadian Securities Exchange on Monday using the symbol CL. Cresco is headed by Chief Executive Officer Charles Bachtell who was also a founding member of the Illinois Cannabis Bar Association and the Medical Cannabis Alliance of Illinois. Cresco hits the market with operations in six states (Illinois, Ohio, Pennsylvania, Nevada, California, and Arizona). The company focuses on entering markets with outsized demand potential, significant supply constraints and high barriers to entry.

Harvest Health & Recreation

Harvest Health & Recreation, Inc. (OTCMKTS: HTHHF) today announced its financial results for the third quarter ending on September 30, 2018. The financial results pertain the operations of the Harvest Enterprises Group of Companies, which acquired Harvest Health & Recreation (then known as RockBridge Resources Inc.) in a reverse takeover last month.

Meet The Owner Of A Humboldt County Organic Farm

Green Market Report recently visited Humboldt County and during our time out there, we met Dave Sandomeno. He’s the owner/farmer of Sunrise Mountain Farm. Along with his wife Lorelle, they run an organic cannabis farm that supplies product to leading companies like Papa & Barkley. Check out the 8-foot tall cannabis plants!

In Other News

Cronos Group

The cannabis industry was abuzz with news this morning as news broke that the maker of Marlboro Cigarettes, Altria Group, (NYSE: MO) was in talks to acquire the Canadian Licensed Producer Cronos Group (NASDAQ: CRON). News of the talks caused Cronos’ stock price to jump roughly 10% from $9.25 at the start of trading to $10.17 at the close of the market. At present, details of the deal at not forthcoming and there is no certainty that Cronos will even agree to a deal. The talks are expected to last for several weeks.

Aphria

Aphria Inc. (NYSE: APHA) took a major hit today as stock prices for the company plummeted in the wake of a report where shorth seller Gabriel Grego called the company worthless. Grego, who is the founder of Quintessential Capital Management, worked with Hindenburg Research, a forensic analysis firm. In the report, Grego wrote that the company had redirect company funds towards investments held by company insiders. Both Grego and Hindenburg Research are shorting Aphria. In response, Aphria issued a statement calling the report “malicious and self-serving,” and told investors to “exercise caution in relying on the misrepresentations and distortions contained in the report and recognize that, by their own admission, Hindenburg Research “…stands to realize significant gains in the event that the price of any stock covered herein declines.””

OG DNA Genetics

The cannabis brand OG DNA Genetics announced today that it has successfully closed its first two equity financings, raising $35 million from a group of institutional and strategic investors. Serving as the placement agent for the financings was KES 7 Capital Inc. The company intends to use the proceeds to manufacture, distribute, and sell a variety of cannabis products under the DNA brand label. “I’m excited with our ability to now bridge the gap between real financial markets and real cannabis companies,” said Don Morris, co-founder of DNA. “We have a strong network of great operators and brands across many verticals and applications in the cannabis space, which combined with this capital raise enables us to further develop and refine them, while always staying true to our core strengths, which have positioned us extremely well for our next phase of growth.”


William SumnerWilliam SumnerDecember 3, 2018
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3min4790

Harvest Health & Recreation, Inc. (OTCMKTS: HTHHF) today announced its financial results for the third quarter ending on September 30, 2018. The financial results pertain the operations of the Harvest Enterprises Group of Companies, which acquired Harvest Health & Recreation (then known as RockBridge Resources Inc.) in a reverse takeover last month.

Revenue increased from $10.5 million last quarter to $11.2 million; representing a year-over-year increase of 62% when compared to the same period in the previous year. Net loss for the quarter was $0.5 million; which includes $3.7 in costs and other related expenses of the company’s reverse takeover of RockBridge. Excluding the impact of biological assets, gross profit was $5.6 million, representing a year-over-year increase of 61%, and the gross profit margin was 50%. Over the last year, adjusted EBITDA rose from a loss of $0.04 million to $3.2 million.

As of September 30, 2018, the company had $28 million in cash and cash equivalents, and over the last year the company has raised approximately $290 million; $50 million in convertible debentures (which was converted into common stock at the completion of the RockBridge reverse takeover), $20 million in senior debt, and $218 million in a brokered private placement.

In addition to last month’s reverse takeover, Harvest Health also acquired San Felasco Nurseries, Inc., a medical cannabis license holder in the state of Florida, for $65.6 million. Harvest Health’s operational footprint now includes 40 cannabis licenses in 10 U.S. states. This recent acquisition will allow Harvest Health to produce, process and dispense medical cannabis and will enable the company to open as many as 25 medical cannabis dispensaries in the state.

The company also acquired CBx Enterprises LLC, a cannabis-focused intellectual property company. CBx is currently engaged in a licensing agreement with two Colorado-based cannabis companies, THChocolate, LLC and Evolutionary Holdings, LLC.

“This acquisition ensures Florida patients can finally receive the highest quality products and experience in the cannabis industry,” said Harvest CEO and founder Steve White. “Harvest is thrilled to bring its consistent, safe, fully vertically integrated approach to dozens of forthcoming stores in the Sunshine State.”


William SumnerWilliam SumnerNovember 30, 2018
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4min4980

MPX Bioceutical Corporation

MPX Bioceutical Corporation (CSE: MPX) reported its financial results for the second quarter ended on September 30, 2018. MPX recorded revenue of CAD$14.7 million, up from CAD$4.4 million in the same quarter during the previous year. The increase in revenue was attributed to wholesale operations and the company’s management of four cannabis dispensaries in Arizona. Gross profits for the quarter rose by 30.1% to $4.4 million.

The company’s net loss for the quarter rose precipitously to CAD$19.2 million, up CAD$3.9 million in the same period during the previous year. The company attributes its losses to general operations, accretion expense of CAD$1.4 million and costs related to the change in fair value for the Hi-Med Facility and convertible loan for CAD$9.2 million.

“For the second quarter, we again experienced strong growth, with revenue increasing $10.3 million year over year, topping $14.7 million, driven by the strong performance of our Arizona operations and much-improved production from our facility in Nevada,” said W. Scott Boyes, Chairman, President, and CEO of MPX. “We continue to execute upon our aggressive expansion strategy, as demonstrated by the successful openings of the Health for Life dispensaries in Maryland managed by one of MPX’s subsidiaries.”

Plus Products Inc.

The California-based edibles manufacturer, Plus Products Inc. (CSE: PLUS) announced its financial results for the quarter ended on September 30, 2018. Revenue rose to $2.56 million, up 60% over the previous quarter. The company’s loss and comprehensive loss rose to $1.79 million, up from $1.21 million during the same period during the last year.

PLUS ended the quarter with a gross margin of $0.38 million (15%) and $11.1 million in cash on hand. Shortly after the end of the quarter, the company  went public and closed a CAD$20 million IPO

“We are pleased that as measured by retail sales in Q3, the PLUS brand is now the leading edibles brand in the largest and most competitive cannabis market in the world, and we look forward to extending the brand beyond California in 2019,” said Jake Heimark, CEO of PLUS.

Emerald Health Therapeutics Inc.

Emerald Health Therapeutics Inc. (TSXV: EMH) reported its financial results for the third quarter ending on September 30, 2018. Revenue for the company rose to $321,070, representing an increase of 51% when compared to the same period in the previous year. Likewise, Emerald Health’s net loss also increased; increasing from $1.9 million in Q3 of 2017 to $6.26 million.

Shortly before the end of the quarter, Emerald Health was chosen as an authorized cannabis supplier by the Newfoundland Labrador Liquor Corporation (NLC), and by the last week of November had completed its first adult-use cannabis shipments to Newfoundland; as well as British Columbia and Labrador.

“As we move forward at this pivotal point of commercial production, we expect our Pure Sunfarms joint venture, Quebec facility, and hemp sourcing agreements to result in significant scaling of production and sales from the fourth quarter onward,” commented Avtar Dhillon, MD, President of Emerald Health.

 


William SumnerWilliam SumnerNovember 29, 2018
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6min2860

It’s time for your Daily Hit of cannabis financial news for November 29, 2018.

On the Site

MedMen

MedMen Enterprises (MMEN) (MMNFF) reported that its fiscal year 2019 first-quarter revenue grew 1,094% to $21.5 million over last year’s $1.8 million for the same time period. Still, the company reported a net loss of $66.5 million, or a loss of $1.42 per share, a dramatic increase over last year’s loss of $5.7 million for the same time period. This was a slight improvement over the net loss of $78.7 million for the fourth quarter last year.

Acreage Holdings

Today, Acreage Holdings Inc. (CSE: ACRG.U) announced its unaudited financial results for the third quarter, which ended on September 30, 2018.

Acreage reported quarterly revenue of $5.5 million, representing a 160% increase when compared to the same period in the previous year. The company’s year-to-date revenue increased by 92% to $10.6 million. The company’s net loss increased from $0.7 million in the third quarter of 2017 to $4 million. The year-to-date net loss was $2.1 million.

Dixie Brands Begins Trading On CSE Today

Dixie Brands, Inc. began trading on the Canadian Securities Exchange (CSE) on Thursday following the completion of a reverse takeover (RTO) of Canadian public company, Academy Explorations Limited. Dixie shares opened at C$1.05 and the shares traded as high as C$1.18 and as low as C$0.76.

In Other News

Canopy Growth Corporation

Canopy Growth Corporation (TSX: WEED) announced that it has entered into an 18-month strategic supply agreement with MediPharm Labs Inc. (TSX: LABS). MediPharm will supply Canopy and its subsidiaries with 450 kilograms of cannabis extract, with an option to purchase an additional 450 kilograms. “As the industry matures we are seeing exciting businesses like MediPharm establish specialized skill sets that will drive the industry forward. Extraction is now and will continue to be an opportunity to develop expertise and IP,” said Bruce Linton, Chairman & Co-CEO of Canopy Growth.

Xtraction Services

Xtraction Services, a company focused on providing financing for cannabis extraction equipment, announced that it has oversubscribed its Series C financing round and has raised more than $3 million; marking the second time the company has exceeded its financing goal. “Xtraction Services has received substantial attention from both investors and customers for our exclusive position, approach, and product offering within these emerging industries,” said David Kivitz, CEO of Xtraction Services. “This additional funding will allow us to grow and scale our company, as well as expand our leasing options to meet the additional needs of our existing and new customers.”

Body and Mind Inc.

Body and Mind Inc. (CSE: BAMM) and Australis Capital Inc. (CSE: AUSA) announced today a USD $5.2 million investment into Green Light District Holdings, Inc. (GLDH). The investment was made through a senior secured convertible note at a rate equal to 20% per annum. Body and Mind has the option to convert the note into 89.75% of the shares in GLDH. Additionally, the company has agreed to issue roughly USD $6.9 million, payable in shares, to David Barakett. Body and Mind’s investment partially funded by a AUS $4 million secured loan from Australis. “Our gratitude goes to the team at Australis, who worked tirelessly in assisting us in getting this deal completed within a one-week period.  Australis not only provided BaM with a secured credit facility, but also agreed to exercise approximately 3.2 million warrants to allow us to maintain a responsible debt to equity ratio,” commented Body and Mind CEO Leonard Clough.  “This is a demonstration of how the Australis and BaM relationship benefits both our shareholders.  Secondly, I am happy to welcome David to our team and believe that this opportunity is multi-dimensional as it provides a benefit to almost all our business segments.”


William SumnerWilliam SumnerNovember 29, 2018
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3min4870

Today, Acreage Holdings Inc. (CSE: ACRG.U) announced its unaudited financial results for the third quarter, which ended on September 30, 2018.

Acreage reported quarterly revenue of $5.5 million, representing a 160% increase when compared to the same period in the previous year. The company’s year-to-date revenue increased by 92% to $10.6 million. The company’s net loss increased from $0.7 million in the third quarter of 2017 to $4 million. The year-to-date net loss was $2.1 million.

Gross profits for the quarter, excluding fair value items, was $1.9 million; up 118% when compared to the same period in the previous year. Year-to-date gross profits were $3.8 million, representing an increase of 76% over the previous year.

During the last quarter, Acreage launched its flagship brand, “The Botanist;” opening a cannabis dispensary in Baltimore, Maryland and increasing the number of dispensaries owned by the company to 16. By January 2019, the company expects to have as many as 23 retail dispensaries opened. Acreage was also awarded the right to receive one of eight total dispensary licenses in the state of North Dakota.

“We are in the midst of a transformative moment for the U.S. cannabis industry and we have been laying the groundwork to fully leverage our unique strategic advantages – scale, operational depth, and financial strength,” commented Kevin Murphy, Founder, and CEO of Acreage. “Our November public listing and private placement equity raise of approximately $314 million gives us the ability to continue to expand our industry-leading footprint beyond the 18 states that we are in. These efforts have laid the foundation for us to roll out the nation’s first truly national brands in the industry. With our operational foundation now in place and the tailwinds of transformational pending legislation that we anticipate will open new cannabis markets in the U.S., we believe we are in a strong position for the future.”

Acreage on the Move

Over the last month, Acreage has made a number of property purchases and acquisitions to strengthen its portfolio. Most recently the company close the acquisition of Michigan-based Blue Tire Holdings LLC, entered into an agreement to acquire the intellectual property rights of one of the world’s largest and diverse libraries of cannabis genetics, and has agreed to purchase a third Connecticut cannabis dispensary. The latest purchase in Connecticut will give Acreage three of nine dispensary licenses in the state.

 


William SumnerWilliam SumnerNovember 27, 2018
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6min5550

During the massive gathering of cannabis industry leaders at Marijuana Business Conference & Expo in Las Vegas, Nevada, the leading women came together to honor the achievements of their peers. The 2nd Annual Industry Power Women Awards, the ceremony aimed to recognize the accomplishments of women in the cannabis industry; from entrepreneurs and investors to influencers and advocates, commenced.

The award ceremony was hosted by the group Industry Power Women (IPW) and made possible with generous sponsors that included Dr. Robb Farms, High Times Holding Company, Organa Brands, Regs Technology (Cannaregs), Skunk Factory, Mood33, Passport Cannabis, The GoldQ, CH3 Ventures, Greenhouse Ventures, Saka Wines and Pink Haze.

IPW was founded in 2017 and is an organization established to help advance female businesswomen in cannabis. IPW aims to elevate and empower female entrepreneurship within the cannabis industry by creating a support network of like-minded individuals.

Attending the invite-only ceremony was an assortment of women from across the industry and all walks of life. These women include founders, CEOs, C-suite executives, trade organization leaders and community organizers.

Green Market Report co-founder and CEO, Debra Borchardt, and managing partner of KCSA Strategic Communications as well as the founder of AxisWire, Cynthia Salarizadeh acted as hostesses for the event. The first to take home an award was Kristin Hope for the Rising Star Award. At just 15 years old, Hope became the first person to launch a pharmaceutical grade hemp beauty line, HOOP, and was most recently nominated for the Bell scholarship.

The next award recipient was Gaynell Rogers, who won Influencer of the Year. As one of the most respected voices in public relations, Rogers has worked with some of the best and brightest in the cannabis industry; including Harborside Health’s Co-Founder Steve DeAngelo.

Outside of the cannabis industry, Rogers is also known for her work as the senior publicist for Lucasfilm and the Head of Feature Film Publicity at Pixar for the first “Incredibles” and “Cars.”

For her outstanding work as a cannabis advocate, Amy T. Margolis was granted the 2018 Leadership Award. Margolis is the founder of the Oregon Cannabis Association, which is one of the largest trade organizations in the cannabis industry.

Most recently, Margolis was also named by Cannabis Business Executive (CBE) as one of the 2017’s 100 Most Powerful Political People in Cannabis and one of the 50 Most Important Women in Cannabis in both 2016 and 2017.

Taking the prize for Advocate of the Year was Wanda James. As an outspoken political voice and serial entrepreneur, James has been honored by High Times Magazine as one of the 100 Most Influential People in Cannabis and was also named as one of the 50 Most Important Women in the Cannabis Industry by CBE.

Emily Paxhia, co-founder and Managing Partner of Poseidon Asset Management, was named IPW’s Investor of the Year. Throughout her career, Paxhia has reviewed thousands of cannabis companies and has always taken the time to uplift promising female entrepreneurs by helping them shape their pitch preparations, go-to-market strategies/ product launches, and advised on day-to-day business operations.

Taking the Industry Power Women top honor of 2018 Business Woman of the Year was Jessica Billingsley. Billingsley is the Co-Founder and CEO of MJ Freeway Business Solutions; a technology company that provides software solutions to cannabis firms, as well as small-business, consulting services and application license support. In addition to her entrepreneurial accomplishments, Billingsley has also been named to Fortune Magazine’s list of Top 10 Most Promising Women Entrepreneurs.

Following the ceremony, many of the attendees would later recount with exuberance how empowered the event made them feel. For many, this event stood out as one of the few places where they could be with other women and talk about their trade. In an industry that continues to be dominated by men, that matters; and it only serves to highlight the continued relevance, and need, for ceremonies like the Industry Power Women Awards.

 


William SumnerWilliam SumnerNovember 20, 2018
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4min2070

Is the cost of legalized cannabis too high? According to one study commissioned by the Centennial Institute at Colorado Christian University, the answer is yes. Hoping to understand the impact of cannabis legalization fully, the study examined publicly available data in the state of Colorado, highlighting nine areas of interest. Those areas include health, productivity, traffic, crime, housing, environmental impact, cannabis tourism, homelessness, and pets.

According to the study, for $1.00 generated by Colorado’s cannabis industry, state residents spent approximately $4.50 to mitigate the costs of legalization. The most significant contributors to costs were related to the healthcare system and high-school dropout rates.

The study also highlights the dramatic rise in cannabis-related calls to the state Poison Control center, the correlation between cannabis use and those without a college degree, and the yearly estimated costs for cannabis users ($2,200 for heavy users, $1,250 for moderate users, and $650 for light users).

“Studies such as this show that the only people making money off the commercialization of marijuana are those in the industry who profit at the expense of public health and safety,” said Kevin Sabet, an ardent cannabis critic and president of the anti-legalization group Smart Approaches to Marijuana (SAM), in a statement.

While the study presents a damning portrait of cannabis legalization in Colorado, the study also relies on flawed estimates and simple correlations to arrive at many of its conclusions.

For example, when addressing the issue of cannabis addiction, researchers are keen on pointing out that the costs of treatment for cannabis addiction are approximately $31.4 million. However, what is not mentioned, although it is clearly presented in the study’s chart, is that the number of individuals admitted for treatment is the lowest it has been in 10 years.

Researchers also note that fewer cannabis users have a college degree (19%) when compared to non-users (27%). However, according to the study itself, on average recreational cannabis users have a slightly above average income ($60,000).

Furthermore, when calculating the potential cost of cannabis use among students, researchers take a specious approach. To come to their conclusion, researchers multiply the number of students who dropped out of high school and multiply it by the number of high school students who use marijuana and the cost of not earning a high school diploma. The study assumes that students who use cannabis will drop out of high school, ignoring all other mitigating factors or the fact that Colorado’s high school graduation rates are at an eight year high.

In the absence of long-term data, studies like the one commissioned by the Centennial Institute will remain inherently flawed; highlighting the need for extensive, peer-reviewed studies into the actual effects of legalizing adult-use cannabis in the United States.


William SumnerWilliam SumnerNovember 19, 2018
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3min2410

As the international cannabis industry begins to open up, thousands of investors and entrepreneurs are pouring millions of dollars into this nascent market. At the Marijuana Business Conference & Expo (MJBizCon) in Las Vegas, attendees were able to learn about the best practices for investing in the global cannabis market and how to avoid some of the pitfalls inherent in the international investment.

Speaking on the subject was a panel of cannabis financial experts. The speakers included Adam S. Fayne, an attorney at Saul Ewing Arnstein & Lehr; John McMullen, CEO of LGC Capital; Josh Rosen, Co-founder and CEO of 4Front Ventures; and John Sabetti, a Partner at Fasken Martineau DuMoulin.

Starting off the discussion panel was McMullen, who issued a short-term prediction for the trajectory of the cannabis industry.

“I think the forecast going forward for the next one year is still going to be extremely explosive, but that’s because borders are opening globally,” McMullen said.

Citing a report by the Bank of Montreal, McMullen went on to say that in Europe alone, the adult-use cannabis market is predicted to reach $98 billion by 2025. However, McMullen also warned investors to be circumspect about who they invest with; stating that some of the cannabis companies out there are overvalued.

“If you look at valuations, some of these companies, they’re just too farfetched,” said McMullen. “There are better companies out there, real companies.”

Echoing McMullen’s sentiment, Rosen stated that it is becoming increasingly difficult to discern the difference between real investment opportunities and fraudulent ones.

“We’re this stage where discerning between signal and noise is really challenging,” said Rosen.

Rosen continued by saying that although investors are starting to conduct due diligence on par with some financial institutions, it is still relatively shallow compared to other global industries. According to Rosen, when investing in a cannabis company, investors should look at the operator’s level of personal investment.

“One of the things from my investment management career that I always looked at, and I think it still holds true, is how much skin do they have in the game? How much of it is just other people’s money,” advised Rosen.

Noting the increased level of investor diligence, Fayne closed out the discussion by recommending to cannabis operators that they should be completely transparent with investors when seeking capital funding.

“Investors these days are getting smarter,” commented Fayne. “You want to be upfront with them; you want to show them all the positives, you want to show them where there are some landmines.”


William SumnerWilliam SumnerNovember 16, 2018
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4min2551

It’s time for your Daily Hit of cannabis financial news for November 14, 2018.

On the Site

Acreage Holdings

New York-based cannabis company Acreage Holdings began trading on the Canadian Securities Exchange using the symbol ACRG and pricing the shares at C$25. The company has raised $314 million prior to going public and gained a great deal of attention after naming high profile politicians to the board of directors.

MJardin

MJardin Group signed a letter of intent to acquire Toronto-based cannabis company GrowForce Holdings Inc. MJardin will own 100% of the outstanding shares of GrowForce in an all-stock deal valued at approximately C$275 million. In addition to that, MJardin began trading on the Canadian Securities Exchange using the symbol MJAR.

In Other News

Columbia Care LLC

Columbia Care announced that the nation of Malta’s economic development agency had approved the company’s license application to import, export, cultivate, process and distribute medical cannabis; making it the first U.S.-based cannabis company to operate in the European Union. “With a desire to realize our mission regardless of geography, we look forward to disrupting the status quo outside the U.S. and bringing our expertise to the rest of the world,” said Nicholas Vita, CEO of Columbia Care.

Harvest Health & Recreation Inc.

Harvest Health & Recreation Inc. announced that it had acquired CBx Enterprises. CBx Enterprises is a biotechnology company that provides in-demand services and creates products, formulations, and platforms. Technology developed by CBx is used in several product lines developed by the cannabis brand Evolabs, and as part of the acquisition, CBx Sciences and Evolab products will become available at Harvest locations by the end of the year.

GrowLife Inc. announced its financial results for the third quarter ending on September 30, 2018. During the last quarter, the company’s revenue grew from $661,000 to $954,000. The company’s assets, as of June 30, 2018, grew to approximately 1.2 million. “We are pleased to share some of the significant milestones met in the development and expansion of our commercial cultivation product offering as well as impressive revenue growth we achieved in the third quarter of this year,” said GrowLife CEO Marco Hegyi.


William SumnerWilliam SumnerNovember 14, 2018
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3min7521

Harvest Enterprises Inc. announced that it has closed its reverse takeover (RTO) of RockBridge Resources Inc., which will now be known as Harvest Health & Recreation Inc. Harvest Enterprises is just the latest in a growing number of cannabis companies going public in Canada through a reverse takeover.

Most recently, Cresco Labs LLC went public on the Canadian Securities Exchange (CSE) through an RTO of Vancouver-based Randsburg International Gold Corp., and Acreage Holdings, one of the largest vertically integrated cannabis companies in the U.S., has also announced plans to go public through an RTO.

As part of the RTO, the company created a three-class voting structure for shareholders, taking effect on November 14, 2018. Holders of subordinate voting shares are entitled to one vote per share on all matters to be voted on by shareholders. Multiple Voting shareholders are entitled to 100 votes per share, and Super Voting shareholders are entitled to 200 votes per share.

The RTO was made possible through a series of actions; including an exchange of shares between existing shareholders of the acquired company, a share exchange between existing holders of common shares of Harvest FINCO, Inc., and an amalgamation among the Corporation, Harvest Finco Canada and 1185928 B.C. Ltd.

In conjunction with the RTO, HVST Finco (Canada) Inc. also announced that it has completed a brokered private placement offering.

Co-led by Eight Capital, Canaccord Genuity Corp. and GMP Securities L.P, the offering issued 33,305,294 subscription receipts of the company at a price of $6.65 per subscription receipt. The offering generated in total $218,149,676 in gross proceeds. Upon the closing of the offering, the subscription receipts were converted into common shares in the capital of Harvest Finco Canada and subsequently exchanged into subordinate voting shares of the company.

Harvest Health has received conditional approval from the CSE to lists its subordinate voting shares. The shares are expected to commence trading under the symbol “HARV” on November 15, 2018.



About Us

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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