It was a big week for our friends in the great white north. Canadian lawmakers passed the Cannabis Act, also known as C-45 which will legalize and regulate cannabis for adult use. Prime Minister Trudeau has been very supportive of the legalization effort and has stated that October 17 is the planned date for the first legal recreational sales. Canada will be the first G7 nation to legalize marijuana for adults at the national level.
Tilray Inc. has filed for an initial public offering to list its shares on NASDAQ using the symbol TLRY. Privateer Holdings will continue to own a majority of the voting power of all outstanding shares of Tilray’s capital stock and as such will be considered a “controlled company.” Privateer will own 75 million shares and have the majority of the voting power. In the company filing, Tilray reported that revenue rose 62% from 2016’s C$12.6 million to 2017’s C$20.5 million.
Long-time cannabis media company High Times is launching an equity crowdfunding program under the SEC’s Reg. A+ process. The company had made plans in 2017 to go public following a merger with Origo Acquisition company, but so far the deal hasn’t closed. With the crowdfunding campaign, High Times will offer investors a chance to buy shares before the delayed initial public offering. The Reg. A+ stock is to be priced at $11 a share and the company is saying that this will be a 10% discount to its planned price on NASDAQ.
High Times said the initial response to the crowdfunding campaign has been strong with 400 new investors on the first day alone.
The Hydropothecary Corporation (TSX-V:THCX) announced that it has received approval from the Toronto Stock Exchange to uplist from the TSX Venture Exchange to the regular Toronto Stock Exchange. In addition to the uplisting, the company is changing its corporate name from The Hydropothecary Corporation to HEXO Corp and will trade under the symbols “HEXO”
Innovative Industrial Properties (IIPR) filed a prospectus for a $300M mixed securities shelf offering. The company intends to use the net proceeds from the sale of these securities to invest in specialized industrial real estate assets
Canadian cannabis company MedReleaf reported that its sales increased 8% to C$43.6 million for the fiscal year 2018, still the company reported a net loss of C$7.5 million. The fiscal fourth-quarter sales rose 16% to C$12 million and a net loss of C$812,000.
Scotts Miracle-Gro Co. (SMG) was downgraded to underperform from market perform at Raymond James on concerns that expectations are too high to overcome near-term challenges.
Marketing tech company springbig announced that it has exceeded the 1,000,000 consumer milestone, establishing the company as one of the fastest growing CannaTech companies in the cannabis industry.