This week the United Nations has voted to remove cannabis from its classification as a dangerous drug. Wednesday’s vote does not clear U.N. member nations to legalize marijuana under the international drug control system. For what it’s worth, Canada and Uruguay have legalized the sale and use of cannabis for recreational purposes, but many countries around the world have decriminalized marijuana possession.
Organigram reported fourth-quarter net revenue of $20.4 million versus $16.3 million in 2019 and attributed it to Higher flower sales on higher volumes due to the large format, value segment.
Auxly reported total net revenue of $13.4 million for the third quarter ending in September. 85% increase from the previous quarter. The net losses were $17.7 million.
4Front Ventures Announces Third-Quarter Revenue of $12.4 million and net losses of $3.9 million. Initial guidance for 2021 with Systemwide Pro Forma Revenue of $170-180 million
Columbia Care (CCHWF) has officially completed the acquisition of Project Cannabis, LA-based dispensary and cannabis delivery service. The total transaction includes roughly $52.5 million in Columbia Care stock, as well as an additional $16.5 million expected to come from selling some of Project Cannabis’ real estate assets.
Namaste Technologies Inc. (OTCMKTS: NXTTF ) is continuing in its efforts to win back investors. The company announced that it completed its acquisition of CannMart Labs, which has applied for a processing license for extraction. The company has also set up a whistleblower system within the company and appointed a seasoned investor relations person.
Hydrofarm Holdings Group, Inc. said it was launching an IPO to raise $118 million, but the over-allotment option could bring that to $136 million. The share price is expected to be between $14.00 and $16.00. Hydrofarm has applied to list its shares of common stock on the Nasdaq Global Market under the symbol “HYFM.”
Ackrell SPAC Partners I said it plans to raise $100 million for a SPAC (special purpose acquisition corp.) primarily focusing on the alcoholic and non-alcoholic beverage and wellness sectors, as well as hemp-based branded consumer goods. It plans to list on the Nasdaq under the symbol ACKIU.