Green Thumb Industries
Chicago-based cannabis company Green Thumb Industries (GTI) began trading on June 13 under the ticker symbol “GTII” on the Canadian Securities Exchange. GTI’s owner VCP23 did a reverse take over of Bayswater Uranium Corporation raising $67 million through a private placement. VCP reported that its total revenue for the year ending December 31, 2017, was $16.5 million with a net loss of $4 million.
Toronto-based 48North began trading on Monday on the TSX Venture Exchange with the ticker NRTH. Led by Chief Executive Officer Alison Gordon, this cannabis company is a vertically-integrated house of brands focused on women’s health and wellness. So far the company has raised $27M between 2014-2016 via non-brokered private placements.
22nd Century Group
22nd Century Group, Inc. (NYSE: XXII) announced that it will be added to the Russell 2000, Russell 3000, and Russell Global Indexes when FTSE Russell (Russell) reconstitutes its U.S. and global equity indexes on June 22, 2018.
Aurora Cannabis Inc. (ACBFF) has signed a binding term sheet to acquire all the shares of private company Anandia Laboratories Inc. in an all-stock transaction valued at C$115 million. Anandia Labs is led by cannabis expert Jonathan Page, Ph.D., the company’s CEO and Co-founder. Dr. Page was the first scientist to sequence the cannabis genome and provide deep insights into the biosynthesis of cannabinoids and the interplay between cannabinoids and terpenes.
PRØHBTD, the leading cannabis lifestyle media, and brand platform have raised $12 million in funding, $8 million of which was recently secured from a Series A round of investment. The company plans to go public in Canada this year.
In other cannabis news…
The Farm Bill passed with the attached hemp legalization language. The Senate Agriculture Committee passed the 2018 farm bill in a 20-1 vote despite an attempt to tighten farmer subsidies. Sen. Chuck Grassley, R-Iowa, cast the sole “no” vote, because his amendment to limit subsidy payments wasn’t added to the proposed bill.
A new report from the Alaska Alcohol and Marijuana Control Office and the Department of Environmental Conservation found that labs testing marijuana for potency were delivering very different results.
Different labs using similar methodology should have reported similar results, instead, the results came back and they weren’t even close. For example, the test took a marijuana muffin, and brought it to the only two testing labs in the state. The results delivered a large margin of error between the two. They can’t even tell which lab is the accurate one.