The big news this week was the announcement by Acreage Holdings of its $119 million capital raise. This U.S. cultivator is in 13 states and soon to be 15. It is the largest U.S. cannabis company raise and sets the company on a solid path to becoming publicly traded this fall on the Canadian stock exchange. The most amazing part of this story is that Acreage did this without hiring bankers. That’s baller.
The Cato Institute released a new report that said if drugs were legalized the government could save billions of dollars in drug enforcement and also make billions in tax revenues.
Emblem ended up buying all of Natura Naturals in a deal valued at C$76 million. The company announced last week that it made a $3 million dollar investment. This week it decided to buy the whole enchilada.
MariMed acquired iRollie in a deal valued at $600,000.
MedMen completed a strategic investment in Lowell Herb Co., the California pre-roll company known for its celebrity endorsements and marijuana flower crowns.
CV Sciences released unaudited second quarter results boasting Q2 revenue of$12.3 million, up 203% over last year and a 53% sequential increase. The company also announced that it has applied to list on the NASDAQ Capital Market. Until approved, the company will continue trading on the OTC Markets under its current symbol, CVSI. “We believe up-listing from the OTC Market to the Nasdaq Capital Market will increase corporate visibility, improve liquidity, and broaden awareness in the financial markets,” said CV Sciences CEO Joseph Dowling.
Bespoke Extracts was approved for an uplisting to the OTC Venture Market Place. “We are very pleased to be trading on the OTCQB as it will provide our shareholders and potential new investors with greater transparency and liquidity in our common stock.
PotNetwork Holdings had to take back its Form 10 to become a fully reporting SEC company after its accounting firm lost its certification. On Thursday the company hired a new firm and is back on track.