It’s time for your Daily Hit of cannabis financial news for January 28, 2021.
On the Site
Ayr Strategies Inc. (OTCQX: AYRWF) has taken the next steps in its Arizona strategy by signing a Definitive Agreement to buy Blue Camo, LLC in a deal first announced in November 2020. the deal is valued at $75.4 million, made up of $9.5 million in cash, $37.4 million in stock, and $28.5 million in seller notes. the deal is expected to close in late March depending upon regulatory approvals.
Blue camo’s operations include three Oasis-branded dispensaries in the greater Phoenix area, a 10,000 ft2 triple-stacked cultivation and processing facility in Chandler, and an 80,000 ft2 cultivation facility under development in Phoenix.
Rohan Marley, who is a longtime New Jersey resident and son of reggae legend Bob Marley is entering the New Jersey medical marijuana market with Lightshade. If New Jersey approves the dispensary application, the Lightshade retail site will be only the second dispensary to open in Montclair and Lightshade’s first outside Colorado.
“Lightshade and our team led by Rohan Marley have assembled a fantastic proposal that mirrors our focus on our customers and the communities that we serve,” said Mike Leach, COO, Lightshade. “From the moment we met Rohan, we knew he shared our same outlook concerning social equity in today’s cannabis space and doing right by the people who use our products. And like those of us at Lightshade, he values a commitment to the community where he works and wants to give back in any way he can.”
The legal status of weed in Canada is perhaps the best thing that cannabis enthusiasts may have come across in recent years. Buying and consuming cannabis is easy if you are past the legal age, but there are still several province-specific regulations you need to follow. You must be all the more careful if planning to travel around the country with your stash because you will not want to get into legal hassles when away from home. Whether you plan to drive or jet to a destination of your choice, here is a cannabis user’s travel safety guide that will keep you on the right side of the law.
In Other News
Marrone Bio Innovations, Inc. (NASDAQ: MBII), an international leader in providing growers with sustainable bioprotection and plant health solutions to support global agricultural needs, announced today that Suping (Sue) Cheung has been appointed chief financial officer, effective Feb. 18, 2021. She succeeds James Boyd, who previously announced his intention to retire.
Seelos Therapeutics, Inc. (Nasdaq: SEEL) closed its previously announced underwritten public offering of 17,530,488 shares of its common stock, at a price to the public of $2.05 per share, which includes the exercise in full by the underwriter of its option to purchase up to 2,286,585 additional shares of common stock. The net proceeds to Seelos from this offering are expected to be approximately $33.5 million, after deducting underwriting discounts and commissions and other estimated offering expenses payable by Seelos. Seelos intends to use an aggregate of $3.8 million of the net proceeds from the offering for the partial repayment of certain outstanding convertible promissory notes and the remainder for general corporate purposes and to advance the development of its product candidates.