Cronos Group Archives - Green Market Report

William SumnerWilliam SumnerDecember 7, 2018
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3min1290

Today, Cronos Group Inc. (NASDAQ: CRON) announced that it had received a CAD $2.4 billion investment from Altria Group Inc. (NYSE: MO), the owner of Marlboro cigarette marker Phillip Morris USA.

The investment comes a little more than a year after Corona beer distributor Constellation Brands announced that it would invest billions of dollars in Canopy Growth Corporation (NYSE: CGC). For some, the investments from both Constellation and Altria represent the maturation of the cannabis industry and a sign that cannabis has truly gone mainstream.

For others, however, the investments mark the beginning of the end for the independent cannabis industry as Big Tobacco and Alcohol, which have fought against cannabis legalization for decades, start to take over the market.

The private placement investment will give Altria a 45% stake in Cronos Group. Altria will receive 146.2 million Shares of Cronos at closing at a price of CAD $16.25 per Share, representing a 41.5% premium to the 10-day VWAP of the Shares on the TSX on November 30, 2018. In addition, Altria will receive purchase share warrants, valued at CAD $1.4 billion, which if exercised would give the company an additional 10% in Cronos.

“Investing in Cronos Group as our exclusive partner in the emerging global cannabis category represents an exciting new growth opportunity for Altria,” said Howard Willard, Chairman and CEO of Altria. “We believe that Cronos Group’s excellent management team has built capabilities necessary to compete globally, and we look forward to helping Cronos Group realize its significant growth potential.”

Under the agreement, Altria will have the right to name four directors to Cronos Group’s board of directors, which includes one independent director, and the board will be expanded from five directors to seven. Altria will make Cronos its exclusive partner for all world-wide cannabis-related investments, with some limited exceptions.

News of the deal has caused to Cronos’ stock price to jump by nearly 25% in pre-market trading. Altria’s stock price rose by nearly 2% in pre-market trading. As of publication, Cronos is trading at or around USD $13.00 per share, and Altria is trading at or around USD $55.43.

Pending regulatory approval, the deal is expected to close within the first half of 2019. Earlier this morning, Cronos held a conference call discussing today’s announcement, and a recording of the call has been made available at https://thecronosgroup.com/investor-relations.


Debra BorchardtDebra BorchardtDecember 4, 2018
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4min2120

Cronos Group Inc. (CRON) (TSX: CRON) confirmed on Tuesday that it was having discussions concerning a potential investment by tobacco company Altria Group Inc. (MO) in Cronos Group. The company statement said that “No agreement has been reached with respect to any such transaction and there can be no assurance such discussions will lead to an investment or other transaction involving the companies.”

The stock closed 11% higher on Monday after rumors of such talk sparked a run on the shares. The confirmation of the talks sent the stock another 15% higher and was lately trading at $11.23, below its 52-week high of $15.30. Yesterday Cronos sent an email to MarketWatch saying, “We do not comment on market rumors.” Last week, it was reported by The Wall Street Journal that Altria was considering taking a significant minority stake in e-cigarette company Juul Labs Inc.

In October, Altria, the maker of Marlboro cigarettes, was making headlines when it was rumored that it was in talks with another cannabis company Aphria. The Globe and Mail reported that Altria was considering an equity stake in Aphria (APHQF). However, the story source cautioned that a deal could take time to reach and that it could possibly end up not occurring. The Globe’s source said that the leadership teams from Altria and Aphria have met on several occasions. It was rumored that Altria would start with a minority stake and then ultimately push it to a majority stake.

Aphria issued a statement saying, “That there is no agreement, understanding or arrangement in place with a potential investor at this time” and then added, “Aphria will advise the investment community of any material changes, if and when they occur, in accordance with applicable disclosure requirements.”

Declining Sales

The Center for Disease Control and Prevention (CDC) reported that during 2017, about 249 billion cigarettes were sold in the United States—a 3.5% decrease from the 258 billion sold in 2016. Four companies—Philip Morris USA, Reynolds American Inc., ITG Brands, and Liggett—accounted for about 92% of U.S. cigarette sales.

By state, the average retail price of a pack of 20 cigarettes (full-priced brands), including federal and state excise taxes, ranged from $5.12 in Missouri to a high of $10.66 in New York, as of November 2016. On average, federal and state excise taxes account for 44.3% of the retail price of cigarettes.

Altria History

Altria was once known as called Philip Morris. It is based in Richmond, VA and its roots as a tobacco company date back to 1847 when it was founded in London. It was split off from Philip Morris in 2002. Its subsidiary NuMark is focused on developing and marketing e-vapor products for adult smokers and vapers. It also has a 10 percent equity investment in Anheuser-Busch InBev NV, the maker of Budweiser beer.

Altria generated more than $25.5 billion dollars in sales in 2017.


William SumnerWilliam SumnerDecember 3, 2018
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6min2420

It’s time for your Daily Hit of cannabis financial news for December 3, 2018

On the Site

Cresco Labs

Chicago-based Cresco Labs is set to begin trading on the Canadian Securities Exchange on Monday using the symbol CL. Cresco is headed by Chief Executive Officer Charles Bachtell who was also a founding member of the Illinois Cannabis Bar Association and the Medical Cannabis Alliance of Illinois. Cresco hits the market with operations in six states (Illinois, Ohio, Pennsylvania, Nevada, California, and Arizona). The company focuses on entering markets with outsized demand potential, significant supply constraints and high barriers to entry.

Harvest Health & Recreation

Harvest Health & Recreation, Inc. (OTCMKTS: HTHHF) today announced its financial results for the third quarter ending on September 30, 2018. The financial results pertain the operations of the Harvest Enterprises Group of Companies, which acquired Harvest Health & Recreation (then known as RockBridge Resources Inc.) in a reverse takeover last month.

Meet The Owner Of A Humboldt County Organic Farm

Green Market Report recently visited Humboldt County and during our time out there, we met Dave Sandomeno. He’s the owner/farmer of Sunrise Mountain Farm. Along with his wife Lorelle, they run an organic cannabis farm that supplies product to leading companies like Papa & Barkley. Check out the 8-foot tall cannabis plants!

In Other News

Cronos Group

The cannabis industry was abuzz with news this morning as news broke that the maker of Marlboro Cigarettes, Altria Group, (NYSE: MO) was in talks to acquire the Canadian Licensed Producer Cronos Group (NASDAQ: CRON). News of the talks caused Cronos’ stock price to jump roughly 10% from $9.25 at the start of trading to $10.17 at the close of the market. At present, details of the deal at not forthcoming and there is no certainty that Cronos will even agree to a deal. The talks are expected to last for several weeks.

Aphria

Aphria Inc. (NYSE: APHA) took a major hit today as stock prices for the company plummeted in the wake of a report where shorth seller Gabriel Grego called the company worthless. Grego, who is the founder of Quintessential Capital Management, worked with Hindenburg Research, a forensic analysis firm. In the report, Grego wrote that the company had redirect company funds towards investments held by company insiders. Both Grego and Hindenburg Research are shorting Aphria. In response, Aphria issued a statement calling the report “malicious and self-serving,” and told investors to “exercise caution in relying on the misrepresentations and distortions contained in the report and recognize that, by their own admission, Hindenburg Research “…stands to realize significant gains in the event that the price of any stock covered herein declines.””

OG DNA Genetics

The cannabis brand OG DNA Genetics announced today that it has successfully closed its first two equity financings, raising $35 million from a group of institutional and strategic investors. Serving as the placement agent for the financings was KES 7 Capital Inc. The company intends to use the proceeds to manufacture, distribute, and sell a variety of cannabis products under the DNA brand label. “I’m excited with our ability to now bridge the gap between real financial markets and real cannabis companies,” said Don Morris, co-founder of DNA. “We have a strong network of great operators and brands across many verticals and applications in the cannabis space, which combined with this capital raise enables us to further develop and refine them, while always staying true to our core strengths, which have positioned us extremely well for our next phase of growth.”


Debra BorchardtDebra BorchardtNovember 13, 2018
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3min2000

Cronos Group (CRON) reported a 186% increase in third quarter revenues to $3.8 million versus last years $1.3 million for the same time period. Gross profits were essentially flat with C$2.09 million for this past quarter versus C$2.0 million for the previous year.

The net loss increased to C$7.2 million for the quarter over last year’s net income of C$1.0 million. The net loss per diluted share was four cents versus last year’s net income per diluted share of one cent.

“We are encouraged with our third quarter results, which reflect the meaningful progress we are making on our strategic initiatives. In the quarter, we announced a number of landmark partnerships to expand our reach beyond the flower and beyond Canada and launched our second differentiated recreational cannabis brand,” said Mike Gorenstein, CEO of Cronos Group. “The recent legalization of cannabis sales for adult recreational use in Canada was a watershed moment for our industry and our Company.”

The company sold 514 kilograms of cannabis in the quarter, a 213% increase over last years 164 kilograms. The company said that the main drivers associated with the increase in revenues and the increase in kilograms sold were the increased production capacity and increased volumes sold through the domestic medical and international channels, as well as initial shipments into the domestic adult-use recreational market.

Cronos said it continues to see strong growth in cannabis oil sales, which represented 29% of total revenue in the third quarter of 2018.

Since The Quarter Ended

On October 17, legal adult use cannabis sales began in Canada. Cronos is currently selling dried cannabis, pre-rolls and cannabis oils to Ontario, British Columbia, Nova Scotia and Prince Edward Island, which collectively represent over 50% of the Canadian population.

Also in October, Cronos entered into a sponsored research agreement with the Technion Research and Development Foundation of the Technion – Israel Institute of Technology to explore the use of cannabinoids and their role in regulating skin health and skin disorders. The preclinical studies will be conducted by Technion over a three-year period and will focus on three skin conditions: acne, psoriasis and wound healing.

 


Debra BorchardtDebra BorchardtAugust 14, 2018
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3min4960

Cronos Group (CRON) stock popped over two percent in early market trading after the Canadian cannabis reported that its revenue for the second quarter jumped 428% to $3.4 million. It was an increase of $2.8 million over the previous year’s quarter.

The main drivers behind the revenue increase were an expansion in patient onboarding, an increase in average sales price and the strong growth in cannabis oil sales. Second quarter cannabis sales were responsible for 40% of the company’s domestic medical sales.

The company delivered a gross profit of $6.3 million for the quarter versus $1.1 million for the same quarter in 2017. The net income rose to $723,000 for the quarter versus $174,000 for the same quarter last year. Cronos strengthened its balance sheet by raising $100.0 million of gross proceeds through a bought deal offering of common shares in April 2018. bringing the company’s total liquidity to $118.0 million.

“Cronos Group delivered encouraging results across the Company in the second quarter with sales growing among all of our products and channels, impressive improvements in cultivation yields since the start of the year, and continued business development success in penetrating new markets and establishing new partnerships for expansion,” said Mike Gorenstein , CEO of Cronos Group.

Since Q2

The company has been busy since the quarter closed. Last month it announced a 50/50 strategic joint venture with a group of investors led by Bert Mucci to create a new partnership named Cronos Growing Company Inc. The group plans to construct an 850,000 square foot greenhouse for cannabis production on approximately 100 acres of land owned by Cronos GrowCo in Kingsville, Ontario. Once fully operational, the greenhouse is expected to produce up to 70,000 kilograms of cannabis annually.

In addition to that joint venture, Cronos entered into a supply agreement with Cura Cannabis Solutions, which is one of the largest cannabis companies in the world by revenues in the first quarter of 2018. The five year take-or-pay supply agreement is set to purchase a minimum of 20,000 kilograms of cannabis per annum from Cronos GrowCo starting from the date Cura receives its production and sales licenses from Health Canada. Cura also expects to build its proprietary, state-of-the-art extraction facility on a parcel of land owned by Cronos Group in the heart of Okanagan Valley, British Columbia.

Stock Performance

Cronos stock was moving up over 2% in early trading to $5.96. The stock’s 52-week high was $10.39 and the year’s low is $5.12.


William SumnerWilliam SumnerAugust 9, 2018
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5min2770

It’s time for your Daily Hit of cannabis financial news for August 9, 2018.

On the Site

High Times

The longest-running marijuana media company High Times is launching an unfiltered “over-the-top” online streaming-video product called High Times TV. The channel is live now on tv.hightimes.com and available as an app for iOS, Apple TV, Android, and Roku. HTTV  was created in order to give a home to the best cannabis-related videos across the internet. In turn, creators and fans will get a much-needed resource to find entertainment and information that continues to come under fire from traditional outlets that have tried to restrict content featuring marijuana. You may recall that recently, YouTube began deleting Spanish language cannabis related channels.

Canopy Growth Corporation

Canopy Growth Corporation  (CGC) has acquired all of the remaining outstanding shares of its Chilean in-market entity, Spectrum Cannabis Chile SpA . According to the statement, in exchange for Cannagrow SpA’s 15 percent interest in Spectrum Cannabis Chile SpA, Canopy Growth paid cash of US$750,000. Prior to the acquisition, the Company controlled 85 percent of the issued and outstanding shares of Spectrum Cannabis Chile SpA.

In Other News

Terra Tech Corp.

Today, Terra Tech Corp. (TRTC) reported its financial results for the second quarter, ending on June 30, 2018. Revenue for the quarter rose 11% from $7.8 million during the same period in the previous year to $8.7 million. The company’s net loss also rose from approximately $500,000 to $11.4 million. Cash on hand slightly declined, falling from $5.4 million as of December 31, 2017, to $5.2 million. “During the second quarter of fiscal 2018 we focused on both growing topline revenues, which reached $8.7 million for the quarter, and investing in building out infrastructure to support our longer-term growth strategy,” commented Terra Tech CEO Derek Peterson.

The Green Organic Dutchman Holdings Ltd.

The Green Organic Dutchman Holdings Ltd. (TGOD) announced that is has chosen Shopify to build its e-commerce platform for medical cannabis and future recreational cannabis sales. Shopify is slowly becoming one of the leading sources in the cannabis industry for e-commerce solutions. The company has already entered into agreements to build e-commerce platforms for Aurora Cannabis, The Hydropothecary Corporation, and the provincial government of Ontario. “We are pleased to announce this agreement with e-commerce giant Shopify,” said Csaba Reider, President of TGOD. “We see tremendous value in this relationship and Shopify will play an instrumental role in our ability to rapidly scale and provide our premium organic cannabis to global markets.”

Cronos Group Inc.

Cronos Group Inc. announced that it has entered into a supply agreement with Cura Select Canada, Ltd. In terms of revenue, Cura is one of the largest cannabis companies and is best known for its Select Oil and Select CBD brands. Cronos has signed a five year take-or-pay supply agreement in which Cura will purchase a minimum of 20,000 kilograms of cannabis per year from Cronos Growing Company Inc., which Cura will use to develop and manufacture cannabis extracts and products. “We are thrilled to be partnering with one of the cannabis industry leaders in extraction technology and value-added products,” said Mike Gorenstein, CEO of Cronos Group. “This supply agreement is the start to a synergistic collaboration for our newly created entity Cronos GrowCo and through the structure with Cura, is the type of creative and forward-thinking partnership that is at the core of industry-leading infrastructure that Cronos seeks to establish.”

 


Debra BorchardtDebra BorchardtJune 25, 2018
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5min2790

It’s time for your Daily Hit of financial cannabis news for June 25, 2018.

On The Site

GW Pharmaceuticals

If any other company released any news today, then it went basically unnoticed because the FDA approved GW Pharmaceutical’s (GWPH) cannabidiol drug Epidiolex. The news was expected sometime this week, so it was nice of the FDA to just get it out of the way on Monday. According to the press release, this is the first FDA-approved drug that contains a purified drug substance derived from marijuana and it is also the first FDA approval of a drug for the treatment of patients with the Dravet syndrome.

Even though the FDA has now approved the use of Epidiolex as a real treatment for these diseases, it doesn’t immediately change the status of cannabis as a controlled substance. The FDA did not say in its release whether it had delivered a recommendation to the DEA regarding Epidiolex and its schedule status.

However, in GW Pharmaceutical’s statement, the company said it would have to be rescheduled before it could be made available to patients. “Rescheduling is expected to occur within 90 days. Access is expected to be similar to other branded AEDs and EPIDIOLEX is expected to be available to appropriate patients by Fall 2018.

Marapharm Ventures

Marapharm Ventures Inc.  (MRPHF)  announced that it has entered into a Letter of Intent dated June 21, 2018 to purchase all the shares of  Full Spectrum Medicinal Inc. Marapharm will have until September 30, 2018, to conduct due diligence on Full Spectrum, with a view to negotiating the terms of a definitive agreement in order to complete the transaction. The company did not provide a valuation for the proposed transaction.

In Other News

Harvest One Cannabis Inc.

Harvest One Cannabis Inc. (TSXV: HVT) has signed a binding Share Sale Agreement with Australian-based MMJ PhytoTech Limited for the purchase of 100% of Israeli-based PhytoTech Therapeutics Ltd. The transaction will be a combination of cash and shares. Upon completion, $1 million in cash and $7 million in Harvest One common shares issued at the then 10-day volume weighted average closing price, will be paid to MMJ.

Cronos Group Inc.

Cronos Group Inc. (CRON)  announced that it entered into a strategic distribution partnership with privately owned pharmaceutical wholesaler Delfarma Sp. Zo.o. Founded in 2004, Delfarma was the first company in Poland to introduce international parallel import of medicinal products from European Economic Area countries. Delfarma distributes directly to over 5,000 pharmacies and more than 200 hospitals, a distribution network that reaches approximately 40% of the Polish domestic market.

Hiku Brands

Hiku Brands (HIKU.CN) announced that it has been granted permission for ten stores by the Province of Manitoba. Four of the stores will be located in Winnipeg and one in Brandon, all of which will be opened under our award-winning cannabis retail brand Tokyo Smoke, winner of Cannabis Brand of the Year at the 2017 Canadian Cannabis Awards.

Hiku is actively working with various regulators, provincial and municipal governments in the Province of Manitoba to obtain the necessary permits for our proposed Tokyo Smoke stores and will ensure location specific permission prior to announcing our chosen locations. This announcement is in addition to Hiku’s announcement on June 22, 2018 on the update for Alberta retail storefronts which detailed how Hiku has filed applications for more than a dozen storefronts in Calgary and are at the top of the list to be considered in each of those locations following Calgary’s first come, first serve approach to licensing.  As previously announced, Hiku has also entered into a letter of intent with Oceanic Releaf Inc., a late-stage applicant under the ACMPR in Newfoundland & Labrador, pursuant to which Oceanic and Hiku are working with the government on the approval for Oceanic of up to 5 additional stores in that province.

 

 


Debra BorchardtDebra BorchardtMay 15, 2018
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3min6910

Cronos Group Inc. (CRON) reported that its first-quarter total sales rocketed 473% to $2.9 million versus last year’s $0.5 million. Sequentially, sales jumped by 83% from the fourth quarter of 2017 to $1.3 million in the first quarter of 2018.

The stock was rising by 4% in early trading to approximately $6.85 after beating analysts’ expectations for revenue of C$3.6 million or $2.8 million by today’s currency exchange according to Yahoo Finance. Three analysts had given their estimates for the quarter. Five analysts cover the Canadian stock and have an average target price of C$7.95 or $6.19.

Still, the company reported a net loss of $1 million versus last year’s net loss of $844,000. The net loss per share was one cent, the same last year’s net loss of one cent per share for the same time period. Cronos did report a gross profit of $1.9 million for the quarter, an improvement over the prior year’s $1 million.

“We are pleased that the strategic initiatives launched in 2017 are coming to fruition,” said Mike Gorenstein, CEO of Cronos Group. “2017 was a building block year which set the groundwork and foundation for the results achieved in the first quarter. Cronos is focused on continuing to increase capacity in order to serve existing distribution and newly established markets, developing intellectual property and launching recreational brands.”

The first quarter was punctuated with the company becoming the first licensed producer to list on the NASDAQ (NDAQ) exchange in February. The company now has a market capitalization of $1 billion, which isn’t too shabby for a company with current sales of less than $3 million a quarter.

Looking Ahead

Investors though are buying into the company’s future. The 28,000 square foot greenhouse at Peace Naturals is expected to deliver its first harvest in the second quarter of 2018. Plus, Peace Naturals was completely rebranded and received a dealers license from Health Canada. So, the company is expecting big things from this brand.

In addition to that, Cronos entered into a strategic joint venture with the U.S.’s MedMen to create MedMen Canada to create a Canadian branded retail chain.

Since the quarter ended, Cronos raised $100 million in gross proceeds through a bought deal offering n April.


Debra BorchardtDebra BorchardtApril 30, 2018
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5min12181

Cronos Group Inc. (CRON) announced financial results for the fourth quarter and fiscal year ended December 31, 2017, with fourth-quarter sales of $1.6 million, an increase of 274%. Annual sales for fiscal 2017 were $4.1 million, a 636% increase over 2016’s $554,000.

The company also recorded a gross profit for 2017 of $7.2 million versus 2016’s gross profit of $1.9 million. The net income for 2017 was $2.4 million, which was a nice improvement over 2016’s net loss of $1.1 million. The diluted net income per share for 2017 was one cent per share versus 2016’s loss of two cents per share.

“We are building Cronos Group with a focus on the long-term and 2017 set the foundation for the explosive growth we have already started realizing in 2018,” said Mike Gorenstein,” CEO of Cronos Group.  “We are extremely proud of all that our team has accomplished and look forward to a year of rapid increases in sales, commencing distribution in new markets, further developing disruptive intellectual property and launching new iconic brands.”

Beacon Securities analyst Vahan Ajamian said, “Revenue for the quarter was $1.6MM – right in the middle of the implied range previously provided of $1.3-$1.9MM, but below our forecast of $1.8MM and the other analyst’s forecast of $2.0MM.”

Sales increased by $3.5 million, or 636%, to $4.1 million in FY 2017. The average selling price of whole flower is $8.50 per gram and processing costs are estimated to be $0.82 per gram with selling costs estimated to be $0.97 per gram. Cronos strengthened liquidity by $89.6mm, including a $40.0mm senior secured credit facility and $49.6mm in gross proceeds from three common share offerings.

So far in 2018, the company listed on the NASDAQ exchange and announced a joint venture with MedMen in the U.S.

Cronos also put a lot of effort into the rebranding of Peace Naturals with new packaging, a new logo, a revised website, a new shopping portal experience, and new products such as strain-specific oils and limited edition cultivars.

In addition, Cronos launched Peace Naturals strain-specific cannabis oils without using ethanol. In a company statement, Cronos said, “This is important because of the “entourage effect,” or the concept that all cannabis compounds work together synergistically to yield the desired therapeutic effect.”  On January 22, 2018, Peace Naturals received a dealer’s license pursuant to the Narcotic Control Regulations and CDSA from Health Canada for the possession, sale, transportation, and delivery of controlled substances including cannabis, tetrahydrocannabinol and cannabidiol.  The license allows Peace Naturals to export medical cannabis extracts, including concentrated oil and resin products, internationally.

International

The company said that 15% of its sales came from Germany. On the earnings call, the company said that everything was on track for Israel and while there has been market noise about disruptions, they have not experienced any. Cronos launched a strategic joint venture in Israel, with Israeli agricultural collective settlement Kibbutz Gan Shmuel to produce and distribute medical cannabis.The company announced a strategic joint for a venture in Australia for the research, production, manufacture, and distribution of medical cannabis and it owns a 50% equity interest in Cronos Australia.

Stock Performance

There are currently three analysts covering the company according to Yahoo Finance with an average price target of C$7.85 for the stock trading on the Toronto Exchange. That stock is currently trading at C$8.88. The stock on the NASDAQ exchange was lately trading at $7.14, down from its 52-week high of $10.39, but higher than its year low of $5.12.

 


Video StaffVideo StaffMarch 23, 2018

4min8220

It is definitely earnings season as companies begin to report their numbers.

Terra Tech (TRTCD) delayed its earnings announcement from Thursday to Friday following the market close. On Friday the stock closed $3.77, but then on Monday after the investors digested the news, the stock fell to a close of $3.24 and was down to $3.11.

Full-year revenues for 2017  increased 41% to $35.80 million over 2016’s $25.33 million. But Terra Tech delivered a net loss of $32.68 for 2017, which was an increase over last year’s loss of $26.72 million.

CanniMed Therapeutics (CMMDF) reported that its sales rose 41% to $4.8 million from last year’s $3.4 million for the same time period. The company said that rising demand for dried medical cannabis caused those sales to jump 33% to 455kg with an average selling price of $10.56. as you know Aurora Cannabis is acquiring CanniMed.

AXIM Biotechnologies (AXIM) reported fiscal 2017 full-year results, with CEO Dr. George Anastassov highlighting “solid progress” the company is making on its clinical pipeline, including it getting a mass-market chewing gum to help cancer patients with nausea and vomiting.The company lost 8 cents a share, compared to a loss of 17 cents in fiscal 2016. In addition to the chewing gum.

Two of the largest cannabis companies in the world are joining forces to form a first of its kind venture. On March 19, 2018, Cronos Group Inc. and MedMen announced that they have entered into an agreement to form a cross-border joint venture.

MedMen has 18 production facilities operating in 3 states and owns the largest dispensary chain in California, Most recently, Cronos became the first pure-play cannabis company to become listed on the NASDAQ Exchange (NDAQ).

Cronos also announced $100 million bought deal selling 10,420,000 shares at a price of $9.60 each. The money will be used for expansion, general working purposes, and new investment opportunities.

Online vaporizer site Greenlane formerly known as VapeWorld, acquired its competitor, VaporNation. Greenlane is now one of the world’s largest vaporizer distributors. With this recent acquisition, the company will expand its footprint to include eight US Cites, six automated distribution centers, and approximately 200 hundred employees.

Gene Simmons, best known for being the bassist and co-lead singer of the rock band Kiss and a reality TV star, is finally getting his own marijuana company – albeit with a catch. Invictus Md Strategies announced on Tuesday that Simmons will be the company’s Chief Evangelist Officer. And  the new ticker symbol is now GENE. The company’s previous ticker symbol was IMH.

Simmons owns a significant percentage of the company and will also make appearances for the company, specifically at the annual general meeting, investor meetings, trade shows, as well as serving as the company’s spokesperson.

 

 



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