Next week is the Green Market Report’s first Summit in Los Angeles. We’ll be doing a deep dive on the topic of cannabis branding. The number one selling product in California, PLUS products will be talking with CNBC’s Jane Wells, we’ll have singer Melissa Etheridge speaking about her company Etheridge Farms and on Day 2 Athletes for Care will be bringing several professional athletes who have started their own cannabis companies. You can still get tickets at www.greenmarketsummit.com.
Now on to the news,
Markets were closed on Monday to observe the Labor Day holiday.
Aurora Cannabis (ACB) sold off its remaining shares in The Green Organic Dutchman giving the company roughly $86 million. Aurora had a 50% internal rate of return for the investment. It no longer owns any shares, but still has over 16 million warrants to purchase more shares. TGOD also said this week that it received approval from Health Canada to expand operations in its new greenhouse in Hamilton Ontario.
Medicine Man Technologies, Inc. had a very busy week for acquisitions. The company is going to acquire Colorado Harvest Company which has two dispensaries in Denver and one in nearby Aurora. They are paying $4 million in cash and $8.5 million in Company stock. Then after they announced that, Medicine Man said it was buying four additional dispensaries in Colorado for $36 million. Still not done, it said it would buy five dispensaries operating under the Starbuds brand in Colorado paying $31 million for the group.
Diego Pellicer bought a dispensary in Denver that did over $8 million in sales in 2018.
GrowGeneration picked up Grand Rapids Hydroponics located in Michigan and now has four locations in the state.
WeedMD did a bought deal for 10,000 convertible debentures netting the company $10 million.