The Green Market Summit in Chicago is on May 7. We have an amazing lineup. You will hear from Peter Miller the CEO of Slang Worldwide as he dives into building top selling brands in the crowded vape space. We’ve got Cresco Labs talking about building a national brand, MMLG Brands brings their consulting secrets to the stage and Cresta Management will be talking about hiring and recruiting for cannabis companies. It wouldn’t be right to come to Chicago and not talk about commodity trading in hemp. We’ve got Jonathan Rubin from Cannabis Benchmarks to talk about wholesale hemp pricing. Buy your tickets now.
This week was fairly quiet compared to last week’s news cycle. We have some earnings to cover. Cresco Labs reported fourth-quarter revenue of $17 million, a 441% increase and the company reported a profitable year for 2018. How many cannabis companies can say that so early in the game?
Harvest Health & Rec reported $16.9 million in revenue for the fourth quarter an increase of 135% over last year.
CannTrust also reported preliminary earnings of $17 million in the first quarter and also announced that it has begun a $200 million offering.
SOL Global, the owner of Florida’s 3 Boys Farms, entered into a binding letter of intent with Merida Capital Partners 2019 to acquire Merida’s Michigan subsidiary, MCP Wellness, Inc. in a deal valued at $150 million. Interestingly enough, a separate company that Merida invested in New Frontier Data filed a defamation lawsuit against SOL Global’s CFO Andy Defrancesco. That could certainly get awkward very quickly.
Ionic Brands acquired edibles company Zoots for $855,000.
MedMen got its first tranche of money from Gotham Green and it was $20 million.
Pax Labs said that it raised $420 million – see what they did there? The company says the post-money valuation is now $1.7 billion and the company is expected to go public soon.