Daily Hit Archives - Green Market Report

Debra BorchardtDebra BorchardtOctober 17, 2018
daily_hit004-1280x533.png

4min210

It’s time for your Daily Hit of cannabis financial news for October 17, 2018.

Move over 420, because 1017 is the new cannabis holiday. Today marked the first day of legal adult use cannabis sales in Canada and it was well discussed on the GMR website.

On The Site

Prohibition Has Ended

It’s been gracing the front of almost every newspaper, on the tongues of this year’s political candidates, and becoming the topic of choice around the water cooler: The end of cannabis prohibition in Canada has finally come.

Canada is now the first G7 country to legalize cannabis on the federal level, making it legal to sell cannabis across the country to adults over the age of 19 (or 18 in Quebec and Alberta).

Lessons To Learn on Pricing

As Canada launches its adult use cannabis sales, the focus from investors has been on production size and facilities. Canadian cannabis companies have been racing each other to claim the crown as the biggest producer with the largest facilities and greatest yields. The industry north of the border has seemed to ignore the lessons already learned in the U.S. when there is a race to produce more than is needed.

Acreage Holdings

Acreage Holdings is expected to invite former Prime Minister of Canada Brian Mulroney to be on the company’s Board of Directors following the company’s reverse takeover according to a report from The Globe and Mail. Last month, Acreage announced a plan to go public by entering into a reverse takeover with Applied Inventions Management which is expected to close in November. The stock will be traded on the Canadian Securities Exchange.

Should Mr. Mulroney accept the position, he will join former Speaker of the House John Boehner, former Massachusetts Governor Bill Weld, former Chairman and CEO of tw telecom Larissa Herda and former IBM CFO Douglas Maine.

 

In Other News

Sunniva Inc.

Sunniva Inc. (SNNVF) has signed a non-arms length binding letter of intent dated October 16, 2018, with the Oakland Vision Project to acquire all the issued and outstanding equity interests of the companies that comprise Vision.  Vision is co-owned by Vinayak Shastry, Sunniva’s President of US Operations.  Vision operates a licensed cultivation facility located in Irvine, California.   Completion of the acquisition remains subject to a number of conditions including, among other things: the negotiation and execution of a definitive agreement between Sunniva and Vision, completion of due diligence and receipt of regulatory approvals, including approval of the Canadian Securities Exchange.

Organigram Holdings Inc.

Organigram Holdings Inc. (OGRMF) executed an investment agreement dated as of October 10, 2018, with alpha-cannabis Pharma GmbH pursuant to which the purchaser will acquire 8,333 common shares of ACG, representing a 25% stake in the capital of ACG, for aggregate proceeds of €1,625,000.  The closing is subject to certain formalities under German law largely of an administrative nature.


StaffStaffOctober 16, 2018
daily_hit004-1280x533.png

8min540

It’s time for your Daily Hit of cannabis financial news for October 16, 2018.

On The Site

India Globalization Capital Inc. (IGC) is – a cannabis company that doesn’t sell cannabis and is listed on the New York Stock Exchange (ICE). The company only books revenue from its legacy business of trading commodities and heavy equipment rental. For the three months ending September 30, this was $811,000. The net loss for the quarter was $858,000. There is no revenue from cannabis products at this time.

In Other News

The Green Organic Dutchman Holdings Ltd.  (TGODF)  received its medical sales license from Health Canada pursuant to the Access to Cannabis for Medical Purposes Regulations for its Ancaster, Ontario facility.

PotNetwork Holdings, Inc.  (POTN) has successfully filed its Form 10 registration statement with the U.S. Securities and Exchange Commission, which included independent third party PCAOB auditor certification of its financial performance for all of 2017 and verification of its financial results through the first 6 months of 2018. Going forward, all such financial information will be PCAOB auditor verified.

Aphria Inc. (TSX: APH) (APHQF) has formed an alliance with the noted UK-based neurologist and rehabilitation physician Professor Michael Barnes MD FRCP, a leading voice on medical cannabis policy in Europe.

Delta 9 Cannabis Inc. (TSXV: NINE) said that legal sales of recreational cannabis will begin at 12:01 a.m. on Wednesday, with same day service within the city of Winnipeg. Recreational cannabis sales will also begin at 10 a.m. at Delta 9’s first retail Cannabis Superstore, located at 827 Dakota Street in the St. Vital area of Winnipeg. The Delta 9 store will carry a wide range of cannabis products from Delta 9 Cannabis, Canopy Growth, and Broken Coast Cannabis, among other suppliers. It will also offer a wide range of accessories, and the store will have highly trained cannabis specialists on site to answer any questions about products or product safety.

Charlotte’s Web Holdings, Inc. (CWEB), the market share leader in hemp-based CBD wellness products, has surpassed 3000 retail locations across the United States. At the end of 2017, Charlotte’s Web products were sold in approximately 2,000 locations. The company disclosed today that it surpassed its 2018 year-end goal of 3,000 locations during the 3rd quarter.

CV Sciences, Inc., (CVSI) preeminent supplier and manufacturer of industry leading hemp extract brand, PlusCBD Oil, is now sponsoring Rodale Institute’s research on organic hemp farming alongside industry leaders Patagonia and Dr. Bronner’s. The Rodale Institute is the nation’s leading organic farming institution, dedicated to pioneering organic farming through research and outreach.

 


StaffStaffOctober 15, 2018
daily_hit004-1280x533.png

8min820

It’s time for your Daily Hit of cannabis financial news for October 15, 2018.

On The Site

Canopy Growth Corporation

Canopy Growth Corporation (CGC) entered into an agreement to acquire the assets of Evergreen, Colorado-based hemp research company ebbu, Inc.  It is a cash and stock deal that is expected to close in November.

According to the company statement, Canopy Growth will pay C$25 million in cash and issue 6,221,210 company common shares to ebbu in exchange for the assets being acquired. In addition to that, up to a further C$100 million in purchase price shall be payable if certain scientific related milestones are achieved within two years following closing. Canopy Growth will have the option of satisfying such milestone payments in cash, shares or a combination of cash and shares.

Canada

On Wednesday, both medical and adult use cannabis will be legal for adults in Canada. The Cannabis Act that was passed in June created a legal cannabis program allowing each province in the country to establish its own cannabis marketplace. Canada is the first G-7 to legalize cannabis in both forms at a national level.

October 17 was the day that was set for the first sales of adult use or recreational cannabis. The dispensaries won’t be like the ones in the U.S. since the packaging is decidedly plain, but adults will be able to purchase up to 30 grams of cannabis.

In The News

CannAmerica Brands

CannAmerica Brands began trading today on the Canadian Securities Exchange under the symbol “CANA”. “CannAmerica is excited to achieve this milestone as we work toward expanding our brands into new markets in the U.S. cannabis sector, and beyond,” said Dan Anglin, CannAmerica Co-Founder and CEO. “Today’s announcement is a significant landmark for CannAmerica and the direct prospectus listing provides investors with access to a new player in this emerging industry. We have multi-state licenses who benefit from a recognized brand, as well as the proprietary formulas, recipes, intellectual property, ingredients, packaging solutions, and trade secrets for creating premium cannabis products.”

High Park Holdings Ltd.

High Park Holdings Ltd., a subsidiary of Tilray, Inc. (TLRY) today unveiled a broad-based portfolio of cannabis brands including three new, original brands exclusive to the Canadian adult-use market: Canaca™, Dubon™ and Yukon Rove. High Park’s comprehensive brand portfolio reflects the breadth of consumer preferences and includes a diverse range of quality and innovative products.

“The launch of the world’s largest federally legal cannabis market is only days away and High Park is ready to be a part of history,” said Adine Fabiani-Carter, Chief Marketing Officer at High Park. “We believe great brands are the engine of an enduring and vibrant cannabis industry and we’re excited for Canadians to finally have safe-access to unique consumer-driven brands and quality-assured products.”

Isodiol International Inc. 

Isodiol International Inc. (ISOLF) is launching Pawceuticals, a CBD-based product line that naturally aids in restoring a pet’s health and improving overall wellness. The Pawceuticals functional CBD pet products are designed for dogs and cats and are scientifically formulated with a proprietary blend of adaptogens that may aid in comfort, calming, healthy gums support, immune support, itch support, joint support, kennel cough support, kidney support, liver support, urinary support and anti-aging. The Company anticipates these products will be available for purchase online in late November at Pawceuticals.com.

Cronos Group Inc.

Cronos Group Inc. (CRON) entered into a sponsored research agreement with the Technion Research and Development Foundation of the Technion – Israel Institute of Technology to explore the use of cannabinoids and their role in regulating skin health and skin disorders. The preclinical studies will be conducted by Technion over a three-year period and will focus on three skin conditions: acne, psoriasis and skin repair.

Aphria Inc.

Aphria Inc. (APHQF) completed its first shipment of cannabis oil to its Argentina-based subsidiary ABP, S.A. a pharmaceutical import and distribution company. In accordance with a previously announced supply agreement, the Company delivered 1,500 bottles of Aphria’s renowned Rideau CBD oil, which were provided to Hospital de Pediatria Garrahan a leading pediatric hospital located in Buenos Aires, for use in a clinical study focused on treating refractory epilepsy in children.

Elev8 Brands, Inc.

Elev8 Brands, Inc. (VATE) was approved for trading on the OTCQB Venture Market. Elev8 Brands, Inc. has been working diligently to make this come to fruition for its shareholders. The OTCQB provides a more transparent platform with fully audited financial statements as well as a stringent review process from OTC Markets.


William SumnerWilliam SumnerOctober 9, 2018
daily_hit004-1280x533.png

4min1420

It’s time for your Daily Hit of cannabis financial news for October 9, 2018.

On the Site

Aurora Cannabis

On October 9, 2018, Aurora Cannabis Inc. (ACB) announced that it has filed an application to list its shares on the New York Stock Exchange (NNYSE. The company said that it expects to begin trading on the NYSE by the end of October under the symbol “ACB.”

In Other News

MassRoots Inc.

Today, MassRoots Inc. (MSRT) announced that its cannabis rewards program, WeedPass, has signed on more than 50 participating dispensaries. Since its launch, WeedPass users have earned a combined 650 tickets to sporting events and music festivals, driving roughly $45,000 in sales for the participating dispensaries.  “We plan to continuously expand our dispensary footprint and consumer reach, in addition to the variety of rewards listed on our platform. We expect this to drive more consumers and purchasing volume to our dispensary clients,” said MassRoots CEO, Isaac Dietrich. “We believe WeedPass’s unique structure can drive significant purchasing volume to the thousands of dispensaries across the United States by offering compelling rewards for mainstream cannabis consumers.”

Green Acre Capital

Green Acre Capital has announced that it has received more than $75 million for the initial closing of Fund II. With funding in hand, the company said that it will begin making investments and plans to stop taking capital within the next 30 days; focusing on ancillary cannabis companies as well as early and growth stage cannabis companies that are not directly involved in cultivation. Approximately two thirds of the Fund II investors came from investors in Fund I. “The response to our Fund II launch and fundraising activities has been humbling,” said Green Acre Capital Managing Director, Tyler Stuart.  “We are eager to start deploying this fresh capital into the most compelling ideas in the cannabis space.  As the recreational markets come online in Canada this month our pace of activity continues to accelerate.”

Biome Grow

Biome Grow (BIO) announced today that it has begun trading on the Canadian Securities Exchange (CSE), trading under the ticker symbol “BIO.” Focusing on rapid expansion, Biome thus far has acquired four subsidiary companies with a combined grow space of approximately 390,000 square feet. Biome has also worked towards establishing relationships with local organizations and communities, most recently signing a three-year partnership with St. Xavier University to implement a number of cannabis-related initiatives. “Listing on the CSE represents a significant milestone in the growth and expansion of Biome as we continue to build a Canadian cannabis conglomerate,” said Khurram Malik, Interim CEO of Biome. “We believe public listing will provide Biome increased visibility with prospective global investors, improved liquidity, and a more diversified shareholder base as we continue to grow through agreements, partnerships, and acquisitions across Canada and globally.”


StaffStaffOctober 8, 2018
daily_hit004-1280x533.png

5min1130

It’s time for your Daily Hit of cannabis financial news for October 8, 2018.

Happy Columbus Day or Indigenous People’s Day, whichever you celebrate. The stock market was open today, but the bond desks were quiet as banks were closed.

On The Site

On September 28, the United States Attorney for the District of Colorado, Bob Troyer, issued a warning for the state-legal cannabis industry:  the “crosshairs” of federal enforcement may shift to “the public harms caused by licensed businesses and their investors, particularly those who are not complying with state law or trying to use purported state compliance as a shield.”  In an interview with the Denver Post the same day, the U.S. Attorney warned that his office would soon bring an enforcement action against a licensed chain of marijuana dispensaries that he alleged was actually an illegal drug-trafficking organization.

Should the law-abiding cannabis industry panic?  Could this be the moment some feared when Attorney General Jeff Sessions revoked the Cole Memo in January 2018, granting more discretion to U.S. Attorneys around the nation—including U.S. Attorney Troyer—to pursue cases against state-legal marijuana businesses?

And would such a “crackdown” spread across the nation since U.S. Attorney Troyer noted that he is “the U.S. attorney leading other U.S. attorneys on marijuana issues?”

Papa & Barkley

With legalization, the former black market cannabis farms that are tucked in the hills of Humboldt County near Eureka are coming out into the open and bringing new money and manufacturing to the area. It is estimated that there are 6,000 to 10,000 farms spread throughout the county. Some have been growing cannabis for decades and are trying to make the transition to legal status.

Papa & Barkley is one company that has brought jobs to the sleepy town. It is a company known for its healing balms and patches, which were originated by founder Adam Grossman. Grossman developed the first balm to help his father’s tremendous back pain and continued to give samples to friends. Then it became a passion project.

In Other News

BioTrack THC

Seed-to-sale cannabis software firm BioTrackTHC, a wholly owned subsidiary of Helix TCS Inc. (HLIX), continues its international expansion with new customers serving medical market cannabis producers in Australia and New Zealand. “BioTrackTHC can service businesses in countries halfway around the world because of our geographically distributed  team,” Afaneh said. “With support spanning more than four time zones, we are confident in our ability to support the medical cannabis operators in Australia and New Zealand as they prepare to launch and scale their businesses.”

Curaleaf

Spark Dispensary in Northeast Portland will rebrand as Curaleaf, a vertically integrated cannabis operator with 28 dispensaries across 12 states. Curaleaf acquired Spark Dispensary in October of 2017. The rebrand will further diversify the dispensary’s wide range of unique product offerings and build upon the quality customer experience established by staff over the past year.

 

 


William SumnerWilliam SumnerOctober 5, 2018
daily_hit004-1280x533.png

5min1180

It’s time for your Daily Hit of cannabis financial news for October 4, 2018.

On the Site

High Times

The United States largest radio broadcaster is getting into cannabis. According to a report in The Wall Street Journal, iHeartMedia Inc. (IHRTQ) has entered into an agreement with High Times Holding Corp. to provide up to $10 million in advertising inventory in exchange for a five percent stake in High Times.

The Fresh Toast

With adult use cannabis sales set to become legal in Canada later this month, the world of cannabis media is starting to heat up. As entrepreneurs and investors alike are looking for ways to corner this emerging market, one cannabis publication hoping to get a piece of this investor action is The Fresh Toast.

The Economics of the Cannabis Consumer

At the recent Green Market Summit on September 14, 2018, a group of top cannabis industry professionals discussed The Economics of the Cannabis Consumer. David Dancer, Chief Marketing Officer at MedMen, Jeff Stein Managing Partner at Consumer Research Around Cannabis and Bethany Gomez Director of Research at Brightfield Group talked about which consumers were the most loyal cannabis consumers and what they bought.

In Other News

VIVO Cannabis Inc.

VIVO Cannabis Inc. (VIVO) announced that it would partner with Pharmascience Inc., which holds a Dealers License from Health Canada, to develop medical cannabis products that easy for patients to use. Additionally, Pharmascience will create a line of medical cannabis formulations designed to boost the therapeutic effects on patients. “VIVO, through our Beacon Medical™ division, is committed to launching innovative precise-dosage formats for medical cannabis, with the intent of enhancing patient safety and efficacy. We are pleased to combine our strengths with those of Pharmascience for the benefit of our current and future medical patients,” stated Barry Fishman, CEO of VIVO.

Front Range Biosciences

Today, Front Range Biosciences announced that is has completed its Series A round of financing and has raised $10 million. Participants in the funding round include Phyto Partners, WelCan Capital, Salveo Capital, Cornerstone Opportunity Partners, Sand Hill Angels, Harvard Business School Alumni Angels of New York, New York Angels, and Altitude Investment Management. “This financing will help us accelerate our Clean Stock program in Colorado, California, and Canada, in addition to aggressively pursuing IP development and resourcing our varietal development program for hemp and cannabis,” commented Dr. Jonathan Vaught, CEO and co-founder of Front Range Biosciences.

MediPharm Labs Corp.

MediPharm Labs Corp. today started trading its stock on TSX Venture Exchange under the symbol “LABS.” The company also provided a general corporate update, including the plans to build four retail cannabis dispensaries in Manitoba in 2019, the development of an extraction facility in Australia, and the completion of the phase one build-out of the company’s environmental labs. “Our public listing marks a tremendous milestone for MediPharm Labs and will allow us to further enhance our position as an industry leader in the production and supply of pharmaceutical grade extracted cannabis products in Canada and globally, backed by our diverse team of highly sophisticated and accomplished professionals,” commented MediPharm CEO Patrick McCutcheon.


StaffStaffOctober 3, 2018
daily_hit004-1280x533.png

4min1140

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

On The Site

MedMen Enterprises Inc.

MedMen Enterprises Inc.  (MMNFF)  signed an agreement to purchase Scottsdale-based cannabis company Monarch from WhiteStar Solutions. Monarch is a licensed medical cannabis license holder with dispensary, cultivation and processing operation. MedMen will also acquire WhiteStar’s exclusive co-manufacturing and licensing agreements with Kiva, Mirth
Provisions and HUXTON for the state of Arizona.

In addition to the Arizona acquisition, MedMen is also purchasing Chicago-based dispensary Seven Point for an undisclosed amount of cash at closing, deferred cash, and shares of MedMen Enterprises, Inc.

Also this week, MedMen closed a C$93,822,023 (US$73,275,000) senior secured term loan facility with funds managed by Hankey Capital and with an affiliate of Stable Road Capital as the largest loan participant.

In Other News

Tilray Inc.

Tilray Inc. (TLRY) intends to offer, subject to market conditions and other factors, $400 million aggregate principal amount of Convertible Senior Notes due 2023 in a private placement to qualified institutional buyers.  The notes will be sold to accredited investors in Canada. Tilray also intends to grant the initial purchasers of the notes an option to purchase up to an additional $60 million aggregate principal amount of notes.

Tilray intends to use the net proceeds from this offering for working capital, future acquisitions and general corporate purposes, and to repay the approximately $9.1 million existing mortgage related to its facility in Nanaimo, British Columbia.

Innovative Industrial Properties, Inc.

Innovative Industrial Properties, Inc. (IIPR)  has commenced a public offering of 2,000,000 shares of its common stock. The company expects to grant the underwriters a 30-day option to purchase up to an additional 300,000 shares of its common stock to cover overallotments if any. All of the shares are being sold by the company.

The company intends to use the net proceeds from this offering to invest in specialized industrial real estate assets that support the regulated cannabis cultivation and processing industry that are consistent with its investment strategy, and for general corporate purposes.

Canopy Growth Corporation

Canopy Growth Corporation  (CGC) said that its wholly-owned subsidiary, Spectrum Cannabis has partnered with the Ontario Long Term Care Association by way of an unrestricted educational grant to pursue the development and implementation of a long-term care (LTC) medical cannabis pilot study and care pathway for utilization in Ontario long-term care homes. The six-month pilot aims to measure how medical cannabis use can potentially displace other, less-desirable therapeutics for both pain and cognitive function for residents in a select group of homes.

48North Cannabis Corp.

48North Cannabis Corp.  (TSXV:NRTH) today announced that the Company has been added to the Horizons Emerging Marijuana Growers Index ETF (NEO:HMJR).

“The addition of 48North to the Horizons Emerging Marijuana Growers Index ETF is a validation of our strong position in the evolving cannabis industry and solidifies our place as an emerging player,” said Alison Gordon, Chief Executive Officer at 48North.

 


StaffStaffOctober 2, 2018
daily_hit004-1280x533.png

3min1100

It’s time for your Daily Hit of cannabis financial news for October 1, 2018.

On The Site

Aleafia Health Inc.

Canadian cannabis company Aleafia Health Inc. (ALEAF) has submitted an application to list its shares on the NASDAQ (NDAQ) exchange. The stock is currently trading in the OTC Markets Group in the U.S. and the Toronto Venture Exchange in Canada.

The company said it also intends to submit a Form 40-F, which is a requirement for Canadian companies to register securities it intends to offer on U.S. markets, to the Securities and Exchange Commission (SEC) later this week. The listing remains subject to NASDAQ and SEC approval.

Until that is approved, the shares will continue to trade on the OTCQB under the ticker symbol “ALEAF”. Aleafia’s common shares will also continue to trade on the TSX Venture Exchange under the ticker symbol “ALEF” post-NASDAQ up-listing.

 In Other News

GW Pharmaceuticals plc

GW Pharmaceuticals plc (Nasdaq: GWPH, “GW,” and the “Company”), a biopharmaceutical company focused on discovering, developing and commercializing novel therapeutics from its proprietary cannabinoid product platform, announced the pricing of an underwritten public offering by the Company. GW will issue 1,900,000 American Depositary Shares, representing 22,800,000 ordinary shares of GW, at a price to the public of $158.00 per ADS on the Nasdaq Global Market, raising gross proceeds of approximately $300 million (before deducting underwriting discounts, commissions and offering expenses).  GW has granted the underwriters a 30-day option to purchase up to an additional 285,000 ADSs at the public offering price less underwriting discounts and commissions.  Closing of the offering is expected to occur on 5 October, 2018.

The Green Organic Dutchman Holdings Ltd.

The Green Organic Dutchman Holdings Ltd. (TGODF) closed the previously announced acquisition of HemPoland. The transaction has received approval from the Toronto Stock Exchange and cements the Company’s commitment to building shareholder value through international expansion.

Cannex Capital Holdings Inc.

Cannex Capital Holdings Inc. (CNXXF) announced record revenues and net income for its first fiscal quarter of 2019 ended July 31, 2018. Revenues increased 223% to $3,400,435 in Q1 2019, compared to $1,528,341 for the comparative period. Revenue was generated primarily by way of packaging sales and rental income. Income for the period was $2,428,507 for Q1 2019, $.01 per share, as compared to a loss of $403,027 for the comparative period.

 


William SumnerWilliam SumnerOctober 1, 2018

5min1390

It’s time for your Daily Hit for cannabis financial news for October 1, 2018:

On the Site

Dixie Brands

One of the earliest cannabis companies Dixie Brands is joining its peers in the rush to become a publicly traded company. Dixie will complete a reverse takeover (RTO) of a Canadian public company, Academy Explorations Limited and will be subsequently renamed Dixie Brands (USA) Inc. Both of the companies have gotten board and shareholder approval for the RTO and the shares will be listed on the Canadian Securities Exchange.

Vaping Business as Your Key to Wealth

Vaping is one of the fastest developing industries in the world. It’s a good tactic for you as an entrepreneur to focus your efforts where the profit may be more lavish. The global vaporizer market is expected to be worth $61.4 billion in 2025, growing at a rate of 20% by then.But since the opportunities for business ventures are promising, more and more manufacturers, retailers, and other groups spring up to service it. Be ready to face stiff competition. To become a successful businessman, you must have a plan and a vision. And you must know where exactly you want to go. Here’re 5 helpful tips…

Hollyweed North Cannabis

HollyWeed North Cannabis Inc. signed a letter of intent on September 10, 2018, to acquire Women Grow, LLC for an undisclosed amount.  Women Grow was founded in 2014 in Denver, CO and provides connections, education, and empowerment for aspiring and current cannabis entrepreneurs and business executives.

In Other News

The Green Organic Dutchman Holdings Ltd.

The Green Organic Dutchman Holdings Ltd. (TGOD) announced that it has entered into an agreement with a syndicate of underwriters, led by Canaccord Genuity Corp. Under the agreement, the underwriters will purchase, on a bought deal basis, 10.95 million units of the company at a price of C$6.85 per unit, for a total of $75,007,500. The company has also granted the underwriters an over-allotment option to purchase 1,642,500 units at a price of C$6.85, for a period of up to 30 days after the closing date of the offering. The offering is expected to close on October 17, 2018.

GW Pharmaceuticals plc

GW Pharmaceuticals (GWPH) announced that it plans on selling $300 million worth of American Depositary Shares (ADSs), which represent regular GW shares on the NASDAQ, in a U.S. public offering. GW will also offer an over-allotment option to underwriters to purchase an additional $45 million of ADSs. Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, J.P. Morgan and Cowen and Company, LLC. will be acting as the joint book-running managers for the offering. A price for the offering has not been set, and as of yet, there is no indication as to when the offering may be complete.

Nabis

Nabis, a Type 11 cannabis distributor in the state of California, announced that it had raised a $1.25 million seed round from investors such as Babel Ventures, CannaAngels, Jeremy Gardner, Scott Robinson, and Y Combinator alumni. With a growing supply chain, Nabis provides distribution services to approximately two-thirds of all licensed cannabis dispensaries in California.

 


William SumnerWilliam SumnerSeptember 27, 2018
daily_hit004-1280x533.png

4min1430

It’s time for your Daily Hit for cannabis financial news for September 27, 2018:

On the Site

GW Pharmaceuticals

The Acting Administrator of the Drug Enforcement Administration has placed FDA-approved drugs that contain CBD derived from cannabis and no more than 0.1 percent tetrahydrocannabinols  (THC) in schedule V. GW Pharmaceutical’s (GWPH) Epidiolex had been a schedule I controlled substance, with this new directive Epidiolex (and any generic versions of the same formulation that might be approved by the FDA in the future) will be a schedule V controlled substance.

Khiron Life Sciences

The medical cannabis producer Khiron Life Sciences (KHRNF) is positioned to secure a significant share of the cannabis market in Latin America, according to a report released Canaccord Genuity, initiating coverage on the company with a speculative buy rating at a C$3.00 per share target rate. This comes right as the company announced that it signed a non-binding memorandum of understanding (MOU) with Fundacion Daya, Chile’s leading medical cannabis institution and the holder of Chile’s only medical cannabis license

In Other News

Supreme Cannabis Company Inc.

Supreme Cannabis Company Inc. (FIRE) announced that it has entered into an agreement with a group of underwriters, led by GMP Securities and BMO Capital Markets, on a bought deal basis. Under the agreement, the underwriters will purchase C$90 million of convertible debentures, at a price of $1,000 per debenture.  The convertible debentures will yield an interest rate of 6% per annum, payable bi-annually on June 30 and December 31; starting this coming December. The offering is expecting to close on or around October 19, 2018.

Aphria Inc.

Today Aphria Inc.  (APH) announced that it had closed the acquisition of LATAM Holdings Inc. from Scythian Biosciences (SCYB). The acquisition was funded by Aphria assuming $1 million of debt held by LATAM Holdings and through the issuance of 15.6 million shares. Included in the acquisition is a 90% ownership of Colcanna S.A.S., a medical cannabis company located in Colombia’s “Coffee Zone”; the pharmaceutical import and distribution company ABP, S.A.; a 49% ownership in Marigold Projects Jamaica Limited; and the right of first offer and refusal in an unnamed Brazilian entity.

MedMen Enterprises Inc.

MedMen Enterprises Inc. (MMEN) reports that it has closed its previously announced bought deal financing through a group of underwriters led by Eight Capital and Cormark Securities Inc. The offering sold 15,681,818 units of the company, at a price of C$5.50 per unit, for a total of C$86.25 million. This sum includes the full exercise of the underwriters’ over-allotment option. The proceeds of the offering will be used for general and working capital, developing the company’s cultivation and production facilities, and expanding its retail dispensary network.

 

 



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


READ MORE



Recent Tweets

@GreenMarketRpt – 3 hours

RT : Here are the top financial cannabis news stories for the week ending October 12, 2018…

Back to Top

You have Successfully Subscribed!