Marijuana Money: February 18, 2022

Ascend Wellness (OTC: AAWH) has pulled off the gloves in its latest complaint against MedMen (OTC: MMNFF) calling the company, broken and mismanaged and saying that it has repeatedly reneged on its promises to its employees, suppliers, shareholders, medical marijuana patients, regulators. MedMen had agreed to sell its New York assets to Ascend, but the deal was contingent upon New York State giving approval to the deal. MedMen has since refused to close the deal saying the state hadn’t really given final approval and accusing the state and Ascend of influence peddling. Ascend went on to say that MedMen just had buyer’s remorse and wants more money. The complaint also calls MedMen a pariah in the cannabis industry. 

More big SPAC news this week.

Cannabis blank check company Relativity Acquisition has raised $125 million and could raise another $18.75 million. Relativity Acquisition’s common stock is set to trade on the Nasdaq under the symbol “RACY”.

Banking company Safe Harbor Financial will go public through the SPAC Northern Lights Acquisition Corp.  (NASDAQ: NLIT). Safe Harbor is a subsidiary of Partner Colorado Credit Union, a Colorado-chartered credit union based in Arvada, Colorado. 

Infused beverage company and celebrity favorite Cann announced a $27 million Series A funding round coming from fresh institutional capital as well as existing investors like  Imaginary Ventures who added to its original investment. Cann was launched in 2019 and raised $5 million in a seed round in 2020.

Aleafia Health Inc. (OTCQX: ALEAF) reported its net revenue was $36 million for  2021 which was lower than its $44 in 2020. For the fourth quarter, net revenue fell to $8.8 million from $15 last year.

Despite numerous other cannabis companies managing to complete their bookkeeping during the pandemic, Icanic Brands (OTC: ICNAF) is now blaming Covid as the reason its financial filings are late. The delay has resulted in a cease trade order in Canada. Strangely enough the company was able to file its financials in the early part of the pandemic. 

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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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