The Daily Hit: July 24, 2019

It’s time for your Daily Hit of cannabis financial news for July 24, 2019.

On the Site

Executive Spotlight: Nick Ortega, Co-Founder & CEO of Claybourne Industries

Nick Ortega is the Co-Founder and CEO of Claybourne Industries, a cultivator and distributor specializing in growing brands throughout California. Claybourne’s house brand, Claybourne Co, is known for its innovative flower products such as The Claybourne Power PackTM and the Claybourne Top Shelf 1oz jar.

Fire & Flower Holdings

You may not be able to purchase cannabis from your local gas station, but that hasn’t stopped the international convenience store chain Alimentation Couche-Tard (TSX: ATD.A ATD.B) from staking a claim in the industry. Today it was announced that the company would purchase a stake in Fire & Flower Holdings Corp. (TSXV: FAF) $25.9 million.

80% Of Vape Products Could Be Fakes

In a time of designer bags, jewelry, shoes, and a slew of other consumer goods being knocked off, the cannabis industry has also fallen victim to counterfeit products. Imagine going into what you believe is a legitimate cannabis dispensary or online shop and being sold what you think is a King Pen, Brass Knuckles, or Heavy Hitter vape, only to find that in comparison to what you’re inhaling, “you’re better chewing on lead paint.”

In Other News

Curaleaf

In the wake of the news that Curaleaf Holdings (OTCMKTS: CURLF) had received a warning letter from the United States Food and Drug Administration over “unsubstantiated health claims,” the national pharmacy retailer CVS has announced that they will no longer sell Curaleaf products. In a statement, Mike DeAngelis, CVS’ senior director, corporate communications, said that the company has no plans to resume selling Curaleaf products once they are pulled from the shelves. In response to the FDA letter, Curaleaf representatives say that the company “will work collaboratively with the FDA to resolve all issues addressed in the agency’s letter.”

Green Growth Brands

Green Growth Brands Inc. (CSE: GGB) (OTCQB: GGBXF) announced that it had raised C$50.2 million in a bought deal offering led by Canaccord Genuity Corp. At C$2.45 per unit, Green Growth Brands sold 20.5 million units of the company. Each unit is comprised of one common share and half of one common share purchase warrant. The company has also extended to the underwriters an over-allotment option to purchase an additional 3,075,000 units at the offering price, totaling C$7.53 million. The closing is expected to close on August 21, 2019.

William Sumner

William Sumner

William Sumner is a freelance writer specializing in the legal cannabis industry. You can follow William on Twitter @W_Sumner or on Medium.


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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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