Happy Thanksgiving everyone. The stocks markets were closed yesterday, however, there was still had quite a bit of news to cover.
Massachusetts began selling adult use cannabis this week. Industry experts believe that the total Massachusetts cannabis market will exceed $1 billion annually generating hundreds of millions in taxes for the Commonwealth. Massachusetts has a population of 6.8 million people and over 47 million people live within a 4-hour drive of Boston, MA.
Two dispensaries were set to open to service customers. Cultivate Holdings, which has a retail shop in Leicester and New England Treatment Access (NETA) LLC in Northampton were given approval by The Massachusetts Cannabis Control Commission.
MedMen Enterprises (MMEN.CN) (MMNFF) stock was halted for trading following the company’s amended capital raise terms on November 9, 2018, MedMen made a deal for C$120 million of subordinated voting share units priced at C$6.80. Then the bottom fell out and the stock plunged to as low as C$5.39. Last Friday, MedMen decided to amend the terms of the deal and almost halved it to $75 million. The IIROC required a revised prospectus and once that was approved, the stock went back to trading but was lately trading at roughly C$4.62.
TILT Holdings is one step closer to going public. The company raised $119 million closed its merger of Baker Technologies Inc., Briteside Holdings LLC, Sea Hunter Therapeutics, LLC and Santé Veritas Holdings Inc. (CSE: SV)
Florida’s Trulieve (CSE: TRUL) (TCNNF) reported that its third-quarter revenue came in at $28.3 million and a 42% increase over last year’s revenue of $19.8 million. The net income increased by 386% to $17.5 million. Trulieve announced that it was moving beyond the Florida market by making acquisitions of Life Essence, Inc. and Leef Industries, LLC., based in Massachusetts and California
Cannabis lab testing company EVIO Inc. (OTCQB: EVIO) announced unaudited revenue for its fiscal 2018 fourth quarter It looks like for the year EVIO made approximately $3.3 million in revenues, an increase of 9.9% year over year
Aurora Cannabis (ACB) and ICC Labs Inc. completed the previously announced deal in which Aurora acquired all of the shares of ICC for $1.95 per share in a deal valued at approximately $290 million.