Debra BorchardtJune 13, 2018It’s time for your Daily Hit of cannabis financial news for June 13, 2018.
On The Site
Green Thumb Industries
Chicago-based cannabis company Green Thumb Industries (GTI) will begin trading on June 13 under the ticker symbol “GTII” on the Canadian Securities Exchange. GTI’s owner VCP23 LLC did a reverse take over (RTO) of Bayswater Uranium Corporation raising C$87 million or $67 million through a private placement.
VCP reported revenue in its filing for the three months ending March 31, 2018, as $10.9 million with a gross profit of $4.8 million and a net loss of $1.5 million. VCP also reported that its total revenue for the year ending December 31, 2017, was $16.5 million with a net loss of $4 million.
Lab Testing
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, cookie crumbs, capsules and dried flower and brought them to the only two testing labs in the state. The results delivered a large margin of error between the two.
In Other News
Farm Bill Passes
The Farm Bill passed with the attached hemp legalization language. According to CNBC, 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. The farm bill includes hemp legalization legislation that is backed by Senate Majority Leader Mitch McConnell, R-Ky. McConnell made a case during Wednesday’s agriculture panel meeting for supporting the hemp legalization.
22nd Century Group Inc.
22nd Century Group, Inc. (NYSE: XXII) announced that it the Company 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. Russell’s preliminary announcement of its annual reconstitution of these Indexes, which includes 22nd Century Group, was posted on the Russell website on Friday, June 8, 2018, after the U.S. stock market closed.
Aurora Cannabis Inc.
Aurora Cannabis Inc. (TSX: ACB) (OTCQB: ACBFF) announced that it intends to complete a $7 million investment in Choom Holdings Inc. (CSE:CHOO) (OTCQB: CHOOF), whereby Aurora will receive 9,859,155 common shares from Choom’s treasury, priced at $0.71 per share (the “Transaction”), representing an 8% ownership interest. Choom currently operates two late-stage applicants under the Access to Cannabis for Medical Purposes Regulations (“ACMPR”). Choom has agreements in place to acquire two additional late-stage applicant craft growers in BC and Saskatchewan, including a facility in Sooke, British Columbia, anticipated to receive its cultivation license from Health Canada in the third quarter of 2018.
The Green Organic Dutchman Holdings Ltd.
The Green Organic Dutchman Holdings Ltd. (TGOD.TO) (TGODF) announced that, effective June 13th, the company has secured DTC Eligibility. The Green Organic Dutchman also wishes to announce that it will begin trading on the OTCQX Best Market June 14th under the symbol “TGODF.”
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