The big news this week was the acquisition of acreage holdings by canopy growth in a deal valued at $3.4 billion. Following approvals from shareholders, acreage will immediately get $300 million and ultimately access to Canopy’s Tweed and Tokyo Smoke brands. Acreage also entered the Nevada market this week with its acquisition of Deep Roots Medical bringing the company’s state footprint up to 20 and making it the largest cannabis company in the U.S.
NASDAQ finally approved a US-based cannabis related company to list on its marketplace. Vape distributor Greenlane Holdings upsized its IPO and priced the shares at $17, above its planned range of $14-$16. The symbol is GNLN. The company reported revenue of $178 million in 2018.
Aphria reported its earnings with a $108 million loss and once again rejected the Green Growth acquisition. Aphria also priced $300 million in convertible debentures this week.
Horizons ETF announced it was launching a US-based ETF that began trading on Thursday using the symbol HMUS
iAnthus will be selling CBD for Life products in Urban Outfitters.
Of course, it’s the big 4/20 celebration this week. This year the April 20 holiday falls on a Saturday for the first time and coincides with Easter Weekend. All of the data providers are projecting big sales on Friday and Saturday as many dispensaries are running promotions and legal states are hosting events.
The Green Market Summit is on May 7 in Chicago. This exciting conference will feature panels on hiring and recruiting in the cannabis industry, a review of hemp pricing in preparation for futures trading and a deep dive into the vape business of Slang Worldwide. Visit www.greenmarketsummit.com for tickets.