acquisitions Archives - Page 2 of 3 - Green Market Report

Debra BorchardtOctober 3, 2018
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MedMen Enterprises Inc.  (MMNFF)  signed an agreement to purchase Scottsdale-based cannabis company Monarch from WhiteStar Solutions. Monarch is a licensed medical cannabis license holder with dispensary, cultivation and processing operation. In addition, MedMen will acquire WhiteStar’s exclusive co-manufacturing and licensing agreements with Kiva, Mirth Provisions and HUXTON for the state of Arizona.

MedMen will pay WhiteStar approximately 80% in stock and 20% in cash in an undisclosed amount. The stock consideration will be satisfied by way of issuance of shares of MedMen Enterprises, Inc.

“Our strategy has been to establish our brand in the primary markets of California, Nevada and New York,” said Adam Bierman, MedMen chief executive, and co-founder. “We have a leading presence in those primary markets and we are now ready to expand our reach. Arizona, with its robust medical marijuana program and connectivity to California and Nevada where our brand is already strong, makes this a great fit.”

Monarch was founded in 2013 and according to the company statement is among the top medical marijuana dispensaries in the country and is the first cannabis dispensary to break ground in Scottsdale with impressive product offerings in its portfolio and a run rate revenue of over $10 million. Monarch is licensed to operate a 20,000-square-foot cultivation and manufacturing facility in Mesa, Arizona. As a wholesaler in the Arizona market, Monarch distributes branded products to over 60 dispensaries in the state.

Seven Point Acquisition

In addition to the Arizona acquisition, MedMen is also purchasing Chicago-based dispensary Seven Point for an undisclosed amount of cash at closing, deferred cash, and shares of MedMen Enterprises, Inc.

“This acquisition brings the MedMen brand to yet another major stage,” said Bierman. “MedMen has established a presence in the primary markets of California, Nevada and New York. Our strategy has been to put our brand in high visibility commercial districts in popular locations like Beverly Hills, Manhattan, Las Vegas, and Oak Park, just outside Chicago, fits the mold perfectly.”

Originally, MedMen had been expected to remain in the key markets of California, Nevada and New York. However, it recently made a move towards Florida and this week’s acquisitions signal an additional effort to move beyond those heavy tourist locations. Seven Point is located in a high foot traffic shopping district among popular restaurants, cafes and major retailers like Whole Foods, Gap and Pier 1.

“Seven Point is proud of its strong commitment to the local medical patient community and the loyal following we have built over the years,” said Brad Zerman, chief executive of Seven Point. “MedMen will continue that tradition while bringing its industry-leading retail operations and
commitment to quality and service.”

Loan Facility Is Closed

Also this week, MedMen closed a C$93,822,023 (US$73,275,000) senior secured term loan facility with funds managed by Hankey Capital and with an affiliate of Stable Road Capital as the largest loan participant.

The principal amount under the Facility will accrue interest at a rate of 7.5% per year, paid monthly, with a maturity date of 24 months following the date of closing on October 1st, 2018. The Facility will be used for acquisitions, capital expenditures, and general corporate purposes.

“This industry is more investable than ever, and this loan is reflective of that progress. Hankey Capital and Stable Road Capital’s knowledge of this sector and their creativity allowed us to structure one of the first true senior secured loans in cannabis,” said Bierman. “Our
operations in the primary markets of California, Nevada and New York are robust, and now we are turning our attention to the most promising and strategic markets across the country and the industry.”

The loan follows a recent bought deal that raised C$86 million (US$67 million). MedMen may repay the loan at any time and from time to time, in whole or in part, with a prepayment penalty of 1.0 percent of the outstanding principal amount repaid if repaid before December 31, 2019.

MedMen said it is also planning the structured sale to a special purpose real estate entity focused on the cannabis sector of real estate assets it currently owns in key markets.

“MedMen has an unmatched track record of execution in this fast-growing industry,” said Stable Road Chief Investment Officer Brian Kabot. “We are proud to facilitate MedMen’s growth with capital that can enhance value for all stakeholders and we look forward to a long-term partnership.”

Stock Performance

MedMen stock was lately trading at $3.95 on the OTC Markets. It has dropped from its 52-week high of $5.45 but remains above its year low of $2.61. It is trading at C$5.17 on the Canadian Securities Exchange, above the year low of C$2.61 and near the year high of C$5.45.


William SumnerAugust 7, 2018
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Aurora Cannabis Inc. (ACBFF) today announced that it has entered into a letter of intent to acquire HotHouse Consulting Inc. Founded in 2004, HotHouse provides greenhouse consulting services and specializes in hybrid greenhouse growing techniques. Initially, the company focused primarily on agricultural clients, but in the ensuing years has shifted towards the cannabis industry.

Under the agreement, the company has granted 1,940,000 options to buy shares of Aurora to officers of HotHouse, which will vest annually over the next three years and are exercisable at $7.39 per common share. Aurora has also granted HotHouse officers a total of 345,000 restricted stock units of the company, which will also vest annually over the next three years. Once the acquisition is complete, HotHouse founder Laust Dam will join Aurora Larssen Projects (ALPS) as its VP of Horticultural Development.

ALPS is a subsidiary of Aurora that provides unique turn-key services to the company and its domestic and international partners; services include facility design, engineering, construction, support, maintenance, security, regulatory support, cultivation, genetics, and consulting and assistance in meeting requirements for GACP cultivation and EU GMP certification.

Aurora will use this acquisition to enhance ALPS services by providing ongoing customer support and consulting, which will be provided by HotHouse’s crop specialists, as well as ensure that ALPS designed facilities continue to run at optimal efficiency following client handover.

“Developing efficient and technologically advanced greenhouses allows Aurora to produce and harvest the highest quality cannabis at incredible scale while maintaining unmatched, ultra-low costs per gram, per square foot, per year,” said Thomas Larssen, President of Aurora Larssen Projects. “Through the addition of Laust and the entire team at HotHouse, ALPS gains significant insight and experience that we can apply to our industry-leading cultivation design, engineering, and consulting projects. With the significant exposure and strategic support gained through the backing of Aurora, ALPS has emerged as the cannabis industry’s preeminent hybrid greenhouse engineering and consulting partner.”

 


Debra BorchardtJune 28, 2018
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The deals continue to happen in the cannabis space with lab company EVIO’s expansion in Oregon and CLS Holdings closing on its Oasis acquisition.

EVIO

EVIO Inc.  (EVIO) entered into an asset purchase agreement with Oregon-based MRX Labs. The company said that it has also formed a strategic alliance with MRX Xtractors which will develop and expand growth in existing and new markets.

According to the company statement, EVIO Inc. will acquire 100% of the assets of MRX Labs, LLC including equipment, real estate, customer lists, customer contracts, rental agreements, and equipment leases. EVIO Labs Portland will relocate its personnel and license to the Tigard facility. The transaction is expected to close on or before July 11, 2018.

“We are excited about the opportunity to further expand our reach and solidify our position as the dominant testing lab in Oregon,” said William Waldrop, CEO of EVIO. “As the Oregon market matures, there is a consolidation of the marketplace occurring, and this alliance is a win-win for both of our companies and our customers.”

MRX Labs, LLC, and MRX Xtractors, founded by Paul Tomaso, CEO and CTO, and Jonah Barber, President, have been research and development, design and engineering pioneers in both analytical testing and extraction technologies. “This relationship with EVIO affords MRX Xtractors an opportunity for us to focus on the global expansion of our extraction technologies, and to unite our testing lab with a company of scientists and professionals whom we trust will take great care of our loyal lab customers and employees,” said Barber. “We are thrilled with our newly formed alliance that gives us great confidence to refer our extraction customers, across the US and Canada, to EVIO’s network of labs and vice-versa.”

EVIO’s Lori Glauser spoke to Green Market Report not long ago about the company’s expansion plans in this video.

CLS Holdings USA, Inc

CLS Holdings (CLSH) closed its acquisition of Oasis Cannabis. With this purchase, CLS is now active in the legalized cannabis market in Las Vegas, NV, generating $850,000 in gross monthly revenue.

According to the company statement, Oasis Cannabis had its best month ever last month in generating $200,000 in gross revenues. Due to increased demand and the additional capital that was just raised, CLS plans to triple the grow production capacity over the remainder of 2018. On the retail dispensary side, Oasis has steadily witnessed increased traffic over the past few months, is now up to 400 daily visitors, and is currently generating $650,000 of gross monthly revenue.


Debra BorchardtJune 26, 2018
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Merger and acquisition activity in the cannabis industry is lit this year. So far in 2018, Viridian Capital reports that there have been 106 public and 26 private M&A deals in the cannabis industry for a total of 132 deals for the week ending June 8. Compare this to only 73 deals for the same time period for 2017 – an increase of 80%.

Cultivation and retail accounted for the most deals made, while the investment sector came in second and infused products & extracts were the third most popular sectors for deals.

“It seems to be a land grab based on valuations,” said Joe Hodas, COO of General Cannabis  (CANN). Some of the companies are putting up big numbers like MedMen (with a billion dollar valuation) that is leaving microcaps behind.”

The smaller companies are trying to compete with a market that is quickly leaving the small caps behind. Canopy Growth (CGC) is the leader in Canadian medical marijuana with a 15% market share according to a new report from Stifel. Aurora Cannabis (ACBFF) is acquiring MedReleaf and that is making them almost an equal player to Canopy. This means that two companies will own a third of the market for medical marijuana in Canada.

Looking ahead to the recreational market, the two leaders have signed supply agreements that would give them 46% market share. “The report said, “The consolidation in the category that would support a thesis of an oligopoly like structure prevailing that could benefit first movers and the category leaders.”

Hodas said General Cannabis is one of those companies that continues to look at acquiring microcaps. “We’re able to be flexible and opportunistic. We do a pretty aggressive due diligence and we bring valuations back in line with reality.” He said there is tremendous opportunity to acquire many smaller companies that started life at the beginning of the legalization effort a few years ago.

“The founders are tired and they are running out of money,” he said. “We provide some cash and liquidity and help them move the ball forward.” Some of the reasons why these companies make themselves so available for acquisition is that they underestimate the amount of capital and time to return money on investment and debt.

Hodas also noted that companies needed to have the right leadership in place and mentioned the implosion of wholesale cannabis broker Tradiv. Hodas was referring to Tradiv closing shop following the companies’ CEO admission of talking to God while tripping on acid in Alaska and in the process, investors lost their money on the investment.

Of course, Tradiv isn’t the only cannabis company that has flamed out. Hodas left the booming Smashburger franchise to join cannabis beverage company Dixie Elixirs. Dixie grabbed early attention in the cannabis product world and was expected to be a brand leader, but the company faced several challenges in 2017. Both Hodas and CEO Tripp Keber left the company, which recently secured new funding and licensing deals. “I hope Dixie succeeds and frankly I have equity in it,” said Hodas.

Many small companies see the valuations of much larger companies and feel they too should be awarded these outsize valuations. “We talk to companies that aren’t predicting crazy numbers and are back down to earth,” Hodas said. “The biggest issue with the industry and microcaps companies is they don’t have good proforma spreadsheets.”

This complaint was recently echoed by Emily Paxhia of Poseidon Asset Management. However, she said that as the industry has matured,  the small companies are becoming better prepared with their business documents. The weak spot that she has noticed is those small companies are good at getting started, but then management struggles at the growth stage. “I find I am often stepping into companies that we’ve invested in,” she said.

Tahira Rehmatullah of Managing Director at Hypur Ventures and CFO of MTech Acquisition agrees with Paxhia and said that she is also having to give hands-on help when she invests in small companies. “The CEO’s are doing everything themselves and that isn’t a roadmap for success,” she said.

Still, spreadsheets and management challenges haven’t kept these small cannabis companies from attracting the attention of investors or acquirors. The “Green Rush” is alive and active and while the unicorns may be getting all the attention, the microcaps are still in the game.


William SumnerApril 24, 2018
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The world of mergers and acquisitions is heating up in the state of California as two cannabis companies today announced a pair of high priced acquisitions.

First, Golden Leaf Holdings (GLH) announced that is has signed a letter of intent (LOI) to acquire a cannabis dispensary in northern California. Included in this transaction are all of the dispensary’s assets; such as licenses and permits for cannabis cultivation, production, manufacturing, distribution, and retail. Under the agreement, Golden Leaf will pay $1.25 USD million upfront in cash, an additional $500,000 in stock, and earn-out payments of up to $8 million based on future revenue thresholds. This transaction will mark Golden Leaf’s first entry into the U.S. market.

“Signing this LOI is another key strategic step forward for Golden Leaf, as we continue to execute on our plan to introduce our retail brand-focused model to the largest growth markets, both in the U.S. and internationally,” commented William Simpson, CEO of Golden Leaf, in a statement.

Also announcing a major acquisition today is Cannabis Strategic Ventures, Inc., which just completed the definitive agreement to acquire Worldwide Staffing Group, Inc. The company will acquire 100% of Worldwide’s issued and authorized shares and begin recognizing Worldwide’s revenue, which reached $1.5 million in 2017, upon the closing of the transaction.

Worldwide will continue to operate as an independent wholly owned subsidiary, providing employment and staffing services that are not related to the cannabis industry. However, the company will use Worldwide’s experience to eventually expand into cannabis industry staffing, particularly in the California market.

“The job demands in the Cannabis Sector are expanding into other job functions beyond the traditional Bud Trimmers and Bud Tenders. This acquisition better prepares us to meet the growth we are expecting through the end of this year, into next, and beyond,” stated Simon Yu, CEO of Cannabis Strategic Ventures. “We welcome Worldwide Staffing into the Cannabis Strategic portfolio.”


StaffApril 9, 2018
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Cannabis Wheaton Income Corp. (CWBTF) acquired Canadian private cannabis company Robinson’s Cannabis Incorporated in an all-stock deal. Cannabis Wheaton will acquire all of Robinson’s issued and outstanding shares.

Robinson’s is currently building a 27,700 square foot purpose-built facility for cannabis cultivation in Kentville, Nova Scotia. Robinson’s doesn’t have a license at this time but has completed the review process on paper and is confirming its readiness stage.

According to the company statement, Robinson shareholders will receive 5,369,126 common shares upon closing of the acquisition, 2,013,421 common shares issued and held in escrow to be released to Robinson’s shareholders upon Robinson’s receiving a cultivation license under the ACMPR and 2,013,421 common shares issued and held in escrow to be released to the Robinson’s shareholders when the company receives a sales authorization under the ACMPR.

Cannabis Wheaton seems to be focused on expanding its cultivation portfolio. The company also recently said it had entered into a joint venture with Peter Quiring, one of the largest greenhouse builders and operators in Canada, to build a brand new cannabis greenhouse facility in Leamington, Ontario. The joint venture will operate through a newly formed subsidiary dubbed GreenhouseCo. Quiring will act as Chief Executive Officer of GreenhouseCo.

Cannabis Wheaton Acquisitions

Cannabis Wheaton recently acquired DoseCann in an all-stock deal as well. Dosecann is a late-stage “Licensed Dealer” applicant pursuant to the Narcotic Control Regulations with a purpose-built 42,000 square foot facility located in Charlottetown, Prince Edward Island.

Last week, the company announced it had acquired all of the outstanding securities of Dosecann by way of a “three-cornered amalgamation.” Cannabis Wheaton will pay the holders of the Dosecann Securities an aggregate of up to $38,000,000, payable in common shares of Cannabis Wheaton subject to the satisfaction of certain post-closing time and performance-based milestones. As part of the acquisition, all outstanding convertible securities of Dosecann will either be converted into Dosecann common shares and exchanged for consideration shares on the closing of the acquisition.

Stock Performance

Cannabis Wheaton stock was lately trading at $1.22 on the OTC Markets, down from its 52-week high of $2.70. The Toronto Exchange stock was last trading at C$1.55, a drop for its 52-week of C$2.97.


Video StaffApril 6, 2018

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The acquisition side of the business continues to be active.

Cannabis Wheaton Income Corp.

Cannabis Wheaton Income Corp. (CBWTF) announced that it entered into a definitive acquisition agreement to acquire licensed dealer Dosecann Inc. in an all-stock deal that is expected to close on or about April 30. Dosecann is a late-stage “Licensed Dealer” applicant pursuant to the Narcotic Control Regulations with a purpose-built 42,000 square foot facility located in Charlottetown, Prince Edward Island.

According to the company statement, Cannabis Wheaton will acquire all of the outstanding securities of Dosecann by way of a “three-cornered amalgamation.” Cannabis Wheaton will pay the holders of the Dosecann Securities an aggregate of up to $38,000,000, payable in common shares of Cannabis Wheaton subject to the satisfaction of certain post-closing time and performance-based milestones.

High Times Media

Long-time cannabis lifestyle publisher High Times (OACQ) announced the acquisition of Green Rush Daily. Terms of the deal were not released, but it was previously noted that it was an all-stock transaction. High Times said that Green Rush Daily would continue to operate independently, but would be considered part of the High Times stable of brands like the Cannabis Cup.

Green Rush Daily was founded in 2015 by Scott McGovern, who is also a Senior Executive Vice President at High Times. Prior to entering journalism, McGovern was a financial advisor with a company named Horner Townsend & Kent.

Open Source Health Inc.

The Canadian company and women’s health website Open Source Health is seeking approval from the Canadian Securities Exchange to acquire private cannabis company Weekend Unlimited Inc. in an all-stock deal.

Earnings

 CannaRoyalty Corp. (CNNRF) reported that its revenue for 2017 rose to C$3 million, but could only be compared to nine months of revenue for 2016 which was C$642,277. The same went for the company’s net losses, which were C$9 million versus a loss of C$10.3 million for nine months ending December 2016. The net loss per share was trimmed to C$0.22 for the 12 months ending in 2017 versus C$).41 for the nine months of 2016.

MariMed (MRMD) reported revenue of  $6.1 million in 2017, compared to $3.6 million in 2016, a year-over-year increase of 70.2%, primarily a result of higher sales at MariMed managed licensed cannabis businesses which in turn produce higher income for Company from fees, rents, and consulting. Gross profits were $ 3.5 million in 2017.  Gross profits rose to 58% compared to 55% in 2016. Operating Income was $1.2 million in 2017, compared to $775,000 in 2016, a year-over-year increase of 55.5%.

Emerald Health Therapeutics, Inc. (EMHTF)  and fourth quarter results. Revenue for the full year increased 270% from C$253,321 in 2016 to C$937,654 in 2017. Net losses for the year also increased from (C$2.9 million) in 2016 to (C$8.7 million) in 2017. The net loss per share went from five cents in 2016 to a net loss per share of ten cents in 2017.

Solis Tek Inc. (SLTK) today reported financial results for the year ended December 31, 2017. Revenue in 2017 increased by 5% to $8.98 million with a gross profit of $3.15 million. The net loss for the year was $14 million, compared to the previous year’s loss of $538,710. The loss increase was primarily driven by higher operating expenses as well as higher stock-based compensation expense, financing costs and changes in fair value of derivative liability. The company currently has $968,000 in cash-on-hand, which is higher than the previous year’s end total of $276,000.


Video StaffMarch 30, 2018

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The week got off to a big start as Senate Majority Leader Mitch McConnell said he planned on introducing legislation to take hemp off the controlled substances list. This would be a huge boost to his home state of Kentucky whose farmers are looking for a crop to replace tobacco. McConnell hasn’t actually introduced the legislation yet and of course, there is no way of knowing whether his support will be enough for the law to be approved.

Earnings

Innovative Industrial Properties Inc. 

Innovative Industrial Properties  (IIPR) reported fourth-quarter earnings of 7 cents a share and highlighted the steps it has taken since becoming a publicly traded company, perhaps paving the way for more small and mid-cap cannabis companies to do the same.

Innovative, which trades on the New York Stock Exchange under the ticker “IIPR,” said in a statement it earned 7 cents a share on $2.3 million in revenue. The commercial real estate company also said that adjusted funds from operations (AFFO), a widely used measure for real estate organizations, was 23 cents a share in the quarter.

CV Sciences Inc.

CV Sciences (CVSI) saw a 126% jump in revenue in its just reported fourth-quarter, due in large part to its continued push into the organic cannabis market. The company, which has offices in Las Vegas and San Diego, said fourth-quarter sales came in at $7.24 million, up 126 percent year over year. Gross profit also experienced a huge jump, rising 187 percent year-over-year to $5.21 million.

CannTrust Holdings Inc.

Canadian cannabis company  CannTrust (CNTTF) delivered fourth quarter and full-year earnings with profits overcoming losses. Revenues for the fourth quarter were C$6.9 million versus last year’s C$2.0 million and for the full year, revenues were C$20.6 million as compared to C$4.3 million for 2016. Net income for the fourth quarter was C$6.2 million versus a net loss last year of C$8.2 million for the same time period. The net income for 2017 was C$6.8 million over 2016’s net loss of C$13.6 million.

Acquisitions

GB Sciences, Inc.

GB Sciences, Inc. (GBLX)  has signed a letter of intent (LOI) to purchase NevadaPURE’s Las Vegas operation for $28 million in cash and the assumption of approximately $5 million of outstanding liabilities.

The NevadaPURE acquisition will also provide GB Sciences with three additional licenses in the state, including a cultivation license, a production license, and a dispensary license. The company believes that margins will grow as the deal will effectively reduce the need for a middleman between the customer and the company.

CannaRoyalty

Activist investor CannaRoyalty (CNNRF) is at it again, making another acquisition in the cannabis space, this time announcing its intent to acquire all of River Distribution, California’s largest cannabis retail network.


Jack SmithMarch 27, 2018
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Activist investor CannaRoyalty (CNNRF) is at it again, making another acquisition in the cannabis space, this time announcing its intent to acquire all of River Distribution, California’s largest cannabis retail network.

The move is a bold step for the Marc Lustig-led company, giving it access to a large network and significantly growing its revenue. In 2017, River generated $25.4 million in revenue, which would bring total 2017 revenue CannaRoyalty has acquired to $31.9 million, including from Alta Supply, another California-based distributor CannaRoyalty previously acquired.

“The RVR and CannaRoyalty teams have already worked closely together for the past year. We are confident that the consolidation of RVR with Alta Supply will position us as a leader in the world’s largest regulated cannabis distribution system, in California,” Lustig said in a press release.

With the acquisition, which is expected to close by the end of the second quarter 2018, CannaRoyalty is going to be the “largest revenue-generating cannabis holding companies in the world,” the company said.

Lustig continued, noting CannaRoyalty’s existing network makes it a perfect fit for River Distribution. “Our extensive distribution network in California makes us an ideal partner for brands that are looking to grow in California at scale,” he said. “And a carefully selected portfolio of manufacturing partners also make us a superior partner for dispensaries seeking one-stop access to a full spectrum of top products and brands, in an efficient and cost-effective manner.”

Ted Simpkins, the founder, and CEO of River said the deal helps complement River’s existing business, allowing it to grow even further, alluding to his experience having built a wine and spirits business previously.

“I am highly confident that distribution will become one of the most valuable and integral components of the cannabis value chain as the adult-use market matures over the next several years,” Simpkins said in the statement. “CannaRoyalty has been an exceptional partner to RVR and it is clear to me that its growing team has the right mix of talent and assets to enable us to continue to meaningfully grow our already leading network.” Simpkins, along with River’s CFO Henry Pilger, will join the combined company after the deal closes.

The move puts CannaRoyalty squarely in the largest cannabis market in the world. In 2016, the California cannabis market saw $2.8 billion in sales, according to New Frontier Data. The market is expected to nearly triple by 2021, totaling $6.8 billion, with vapor products expected to account for 15 percent of the market.

Edible products are expected to be another strong segment of the market, accounting for 22 percent of the market, growing at an annual clip of 117 percent in 2018, according to data compiled by Brightfield Group & BDS Analytics.

Though the final acquisition price was not disclosed, CannaRoyalty said it would use 5 million shares, along with 1.65 million shares to pay for the acquisition. There is also another 2 million shares “subject to the successful completion by RVR of financial milestones to be agreed on by the parties.”

CannaRoyalty trades on the Canadian Stock Exchange under the ticker “CRZ” as well as over-the-counter exchanges under the ticker “CNNRF.” Shares of the over-the-counter stock recently changed hands at $2.94, down since the high of $4 seen in early January.

 


Debra BorchardtFebruary 27, 2018
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NewBridge Global Ventures, Inc. (NBGV) announced that it has acquired cannabis education company Elevated Portfolio Holdings, LLC in an all-stock transaction.

Elevated Education, Inc. will acquire the assets of Elevated in exchange for 2,000,000 shares of company common stock. Elevated Portfolio is a company that offers medically focused education modules for physicians and clinicians as well as significant training regarding the body’s endocannabinoid systems and the use of cannabis for health and wellness.

Once closed, Elevated Education will be managed by the current NewBridge management team as well as key members from Elevated. This acquisition will be the first of what the company plans to be a series of acquisitions as part of its strategy to acquire industry leading companies in the regulated cannabis education, cultivation, manufacturing and distribution verticals.

“Our acquisition of Elevated initiates our strategy of investing in and acquiring industry technologies and companies in our targeted verticals. We’re excited to help expand the Elevated brand and offerings,” commented Mark Mersman, Chief Executive Officer of NewBridge Global Ventures. “We believe there is a significant need for medical professionals to become more informed on the endocannabinoid system and that bridging that gap between patient demand and healthcare provider knowledge is key to the growth of the emerging medical cannabis industry.”

SinglePoint Aquires Stake

SinglePoint Inc. (SING)  announced that it has signed a Letter Of Intent to acquire a stake in California cannabis cultivation MTH Development Group.  MTH currently operates 4.7 acres of land zoned for cannabis cultivation. SinglePoint has invested in the company in return for an equity stake. Currently the company leases its properties to licensed cultivators and operates one of the largest cultivations in Adelanto, California. This deal will further establish SinglePoint’s California footprint.

“We are excited for this opportunity. Having been to the operation and seeing their proprietary cultivation procedures we feel this is a great investment for SinglePoint. Part of this investment is to also test our new technologies with their tenants to improve as well as validate our systems. Their feedback will help us build the right solution and navigate the California market regulations”, states Wil Ralston President SinglePoint.

 

 


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