It’s time for your Daily Hit of cannabis financial news for September 19, 2019.
On the Site
California delivery software company Eaze has finally gotten fed up with DionyMed’s (CSE: DYME) (OTC:DYMEF) accusations and filed a countersuit on Tuesday against the company. For DionyMed, it comes at a pretty bad time. The company just accepted the resignation of its COO Pete Hilliard and is restructuring its debt. Plus, the stock was halted in trading. So, where to begin? Let’s start with the Eaze lawsuit.
iAnthus Capital Holdings, Inc. (CSE: IAN) (OTCQX: ITHUF) has entered an agreement to acquire WSCC, Inc., better known as Sierra Well, for $27.6 million. iAnthus will pay for the acquisition price with $5.1 million in cash and $22.5 million in company shares, priced at the 10-day volume-weighted average price prior to closing of the transaction. Sierra Well is a Nevada-based, vertically integrated cannabis company with two retail dispensary locations and two cultivation/production facilities in Reno and Carson City totaling a combined 20,000 square feet
In Other News
Future State Brands
The cannabis brand holding company, Future State Brands, announced its launch today with more than $25 million in funding. The company is led by PRØHBTD CEO and Founder Drake Sutton-Shearer; and its portfolio includes a hemp cosmetics line, a music-inspired cannabis brand called Heavy Grass, and a line of infused products. “I’m excited to move into this next phase of our journey with a crystal clear vision of our desired future state. Although brands is the vehicle to get us there, it cannot be achieved without an incredible team, accessible capital and most of all, an understanding of the customer we are building for,” said Sutton-Shearer.
Vireo Health International, Inc. (CNSX: VREO) (OTCQX: VREOF) announced today that its shares have received Depository Trust Company (DTC) full-service eligibility in the United States. DTC is a subsidiary of the Depository Trust & Clearing Corp., which manages the electronic clearing and settlement of publicly traded companies. DTC Eligibility will allow the company’s shares to be distributed, settled and serviced through DTC’s automated processes.