The big news this week of course was the announced merger between Aphria and Tilray. Aphria will own over 60% of the combined entity and Irwin Simon, Aphria’s CEO will take on the same role at the new company. However, it will be known as Tilray and use the Tilray symbol.
Mind Medicine (MindMed) Inc. (NEO: MMED) (OTCQB: MMEDF) raised C$80 million in an upsized bought deal. the company said the net proceeds will be used for investment in Project Lucy, Albert (the company’s digital medicine division), additional microdosing research and development, Project Layla (18-MC) as well as general working capital. The original raise was planned for $50 million.
California-based cannabis company Indus Holdings, Inc. (CSE: INDS)(OTCQX: INDXF) has filed a C$100 million offering in Canada. While the September quarter was good, Indus said its December quarter is “expecting lower harvest yields due to plant stress experienced from sealing greenhouses to prevent poor air quality from entering due to wildfires in California that occurred in late summer. The company also said it expects net revenue to drop to a range of $9.5 million to $11.5 million.
Aurora Cannabis extended its credit facility and said it was closing the Aurora Sun facility resulting in the layoffs of 200 employees. Still the company has ~$450 million in cash on hand.
HEXO Corp. (NYSE: HEXO) reported first-quarter fiscal 2021 financial results with gross revenue of $41.3 million, a sequential increase of 14% and 114% from the prior-year period first-quarter. Total net revenue increased $2.3 million to $29.4 million from the fourth quarter due mostly to an 8% growth in adult-use cannabis sales and a 54% growth in the adult-use beverage category.
GrowGeneration Corp . (NASDAQ: GRWG) has just announced its seventh acquisition of the year with its purchase of California-based Grassroots Hydroponics. It’s a three-store chain of hydroponic garden centers in Southern California and the purchase price was not disclosed but the company did say it has annual revenues approaching $20 million
Michigan-based Gage Cannabis Co. has secured an investment of $20 million from funds advised by JW Asset Management as part of the company’s Regulation A, Tier 2 capital raise. The company said it is hoping to go public by the end of the first quarter of 2021.
Since the next two holidays fall on Fridays, this will be the final marijuana money for 2020. We wish everyone a Merry Christmas and a Happy New Year.