Daily Hit Archives - Green Market Report

StaffStaffJuly 9, 2020
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6min1050

It’s time for your Daily Hit of cannabis financial news for July 9, 2020. 

On the Site 

High Times 

The Cannabis Law report has confirmed from HighTimes Holding Corp. lawyer  Stephen Weiss and Megan Penick of L.A. based Michelman Robinson LLP that the Securities & Exchange Commission (SEC) has halted sales of shares in the company. The story as reported by Teri Buhl states that the reason the sales were stopped is the company hasn’t filed its annual report. 

The last time the company filed official annual earnings was June 2019. High Times had told investors it would get updated financial information on June 12, but that did not happen. The company has extended the offering of shares for two years, initially telling investors that it would list its shares on the NASDAQ. Then it lowered those expectations to the Over-The-Counter Marketplace. Still, it hasn’t happened. 

What has happened is that the company continually announces acquisitions and tells investors how much money the new acquisition will bring in. Then months later, the deal typically quietly goes away. Sometimes announced in an SEC filing and sometimes just through a press release. In some cases, the acquisitions just never close and stay in a suspended state waiting for the shares to go public as payment for the acquisition. 

Higher Ground 

Higher Ground media and Seattle-based cannabis company Saints Joints have created The Ballot Box, a high-end box of cannabis joints designed to smash stoner stereotypes by registering people to vote. In addition to five premium pre-rolls, the Ballot Box contains a QR code that immediately registers voters, a mini version of the Bill of Rights, and non-partisan information about voting and elections. 

“The cliche, obviously, is that pot smokers are lazy and couch-locked, when – in fact – we’re as active and involved as any community,” notes Higher Ground Editor-in-Chief Michael A. Stusser. “With the Ballot Box, we’re using a new platform as an entry point to spark engagement, and register new voters.” 

In Other News 

Marijuana Policy Project, the largest organization in the U.S. focused solely on enacting humane cannabis laws, is launching its “Reimagining Justice” Initiative on July 15. The event will take a deeper look at Race, Cannabis and Policing in America with an afternoon of thoughtful discussion amongst America’s leading civil rights and cannabis activists, including former NBA star Al Harrington and Canadian cannabis entrepreneurs and Houseplant co-founders, Seth Rogen and Evan Goldberg. 

“As our country grapples with how to address criminal justice and policing reform, it is of the utmost importance to include cannabis legalization in the discussion. For decades, cannabis criminalization has disproportionately harmed Black and Brown lives and has served as a pretext for countless police stops, some of which end with fatality. While cannabis legalization is not the cure-all to end oppressive policing, it is necessary and would provide an opportunity to shift policing away from the failed drug war and towards community healing,” said Steve Hawkins, Executive Director of the Marijuana Policy Project. 


StaffStaffJuly 8, 2020
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6min1010

It’s time for your Daily Hit of cannabis financial news for July 8, 2020. 

On the Site 

KushCo 

KushCo Holdings, Inc. (OTCQX:KSHB) reported that its net revenue dropped 46% in its fiscal third-quarter ending May 31, 2020. The net revenue of $22 million was also lower than what the company has forecast in March when it told investors that it would be roughly $30 million. Analysts according to Yahoo Finance had estimated that revenue on the low end would be $29 million. 

The company attributed the drop to the adoption of the 2020 Plan, which meant tighter credit terms being extended to smaller customers. the company is focused on larger, more financially healthier customers. 

In addition to that, the drop in revenue was also driven by lower sales from vape and natural products, as well as order lumpiness from KushCo’s larger customers. Compounding the quarter’s decision to tighten credit, COVID-19 caused travel and regulatory restrictions in the markets that the company operates. 

Conception Nurseries 

Tissue culture technology company, Conception Nurseries has raised more than $15 million with the addition of approximately $12 million in its Series A round. The company said that the proceeds would be used to operationalize its facility in Sacramento, CA. 

The raise was announced by Viridian Capital Advisors, who through broker-dealer, Pickwick Capital Partners, led the financing round. 

Massachusetts 

Adult-use stores in Massachusetts closed for business on March 24th and reopened on the 25th of May. Sales were significantly higher than usual in the two weeks leading up to the closing of the adult-use market’s retail stores in Massachusetts. The day before closing, March 23rd, sales spiked 60% because of customers trying to stock up before the lockdown.  

A new report issued by Nucleus One, a Massachusetts-based B2B cannabis company offering a variety of services, has reviewed the COVID-19’s impact on the state’s cannabis industry. 

In Other News 

Scythian Real Estate, a full-service real estate company that specializes in working with sophisticated, well-capitalized cannabis operators, today announced the acquisition of a 3,048-square-foot facility operated by Grassroots Cannabis in Bradford, Pennsylvania. Scythian purchased the recently renovated property at 109 Main Street from Grassroots Cannabis in a sale-leaseback transaction. 

“This is our third transaction with Grassroots, and we’re thrilled to continue building a strong relationship with such a well-respected leader in the cannabis market,” said Randy Roberts, partner at Scythian. “We look forward to identifying new opportunities to further position Scythian for long-term growth in limited-license states and other strategic markets in the U.S.” 

 

 

 


StaffStaffJuly 7, 2020
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6min850

It’s time for your Daily Hit of cannabis financial news for July 7, 2020. 

On the Site 

Jushi Holdings 

Jushi Holdings Inc. (JUSHF) announced its financial results for the first quarter ending March 31, 2020, and pre-announced its second-quarter 2020 revenues. Total revenue for Jushi increased 43% sequentially to $8.6 million, while the company delivered a net loss for the quarter of $15.8 million. The net losses were down slightly from the fourth quarter’s net losses of $17 million. 

The company attributed the increase in revenue to the acquisition of two medical marijuana dispensaries in Illinois, one of which began serving adult-use customers in March, and strong revenue growth at the Company’s BEYOND/HELLO stores in Pennsylvania. 

CannaGlobal 

Despite the continuing opportunities for the cannabis industry, many companies have decided that they don’t want to miss out on the emergence of the mushroom industry. The latest entry to the psilocybin race is CannaGlobal Wellness. 

This company is a combination of CannaGlobal, Sansero Life Sciences, and Rise Wellness. The new company said it will focus on psilocybin and other natural compounds to promote emotional, mental, and physical wellness. The company believes that its assembled team of cannabis executives will prove to be a winner in the increasingly crowded space for psilocybin, which is still an illegal substance. 

California 

The Santa Barbara County Grand Jury issued its 2019-2020 Final Report on June 30, 2020. The last section of this report is devoted to the County’s actions relating to the cannabis industry. This last section of the Report is a scathing indictment of the manner in which greed for money and power influenced the governance of Santa Barbara County in its adoption of ordinances relating to cannabis. 

The following is an introductory summary of the Report. 

“The action taken by the Santa Barbara County Board of Supervisors to certify the development of a robust cannabis industry as the primary objective of the cannabis ordinances has altered the quality of life in Santa Barbara County, perhaps forever.”

In Other News 

Cansortium Inc. (OTCQB: CNTMF) announced financial results for its first quarter ended March 31, 2020, and reiterated its full-year 2020 outlook. Consolidated revenue increased 84 percent to $10.2 million, compared with revenue of $5.5 million. Consolidated net loss totaled $(13.9) million, or $(0.07) per diluted share, compared to consolidated net loss of $(16.3) million, or $(0.10) per diluted share. 

The Company reiterated its full-year 2020 outlook for consolidated revenues in the range of $55 million to $60 million and Adjusted EBITDA of more than $15 million. The forecast is based on projected revenues of at least $45 million for Cansortium’s Florida operations with additional revenue from the Michigan, Pennsylvania and Texas markets.  

The Company expects to open up to six additional Florida dispensaries during the remainder of 2020, contingent upon timing of construction and final permitting. These locations include Coral Gables, Kendall, and Coral Springs. In addition, the Company expects to develop two new dispensaries in the south-central region of Pennsylvania during 2020 that will begin operating by early 2021. 


StaffStaffJuly 6, 2020
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6min850

It’s time for your Daily Hit of cannabis financial news for July 6, 2020. 

On The Site

Fire & Flower 

The relationship between Fire & Flower Inc.  (OTCQX: FFLWF) and its strategic investor Alimentation Couche-Tard Inc. (OTC: ANCUF) had signaled that someday the convenience store chain Circle K would get involved with cannabis. It seems the day is getting closer as Fire & Flower announced the openings of its first two cannabis retail stores adjacent to Circle K locations in the province of Alberta. 

Fire & Flower’s plan is that it will gain from the high traffic at these Circle K locations that will be convenient for cannabis customers. The company said it believes it will maximize the benefit of the Spark Perks program and Spark Fastlane online ordering services at conveniently located stores. 

Havn Life 

Medical cannabis legalization is a fait accompli in thirty-three states and counting and eleven states have legalized recreational marijuana, suggesting a brighter horizon for other restricted plant medicines as well. Enter psychedelic mushrooms, otherwise known as Psilocybe spp., and Susan Chapelle, co-CEO of the newly-launched Havn Life, a company dedicated to developing a range of standardized, quality-controlled psilocybin products to be used by researchers. 

Chapelle (whose bio includes being the first female steel rigger in North America, a two-time elected politician, and boasts years spent lobbying for health policy change), launched Havn Life as part of a larger mission to build evidence-informed natural healthcare products that help people manage their own healthcare. 

In Other News 

Ayr Strategies 

Ayr Strategies Inc. (OTCQX: AYRSF) announced preliminary financial and operating results for the month of June and three months ended June 30, 2020. Revenue for June is expected to set an all-time monthly record at approximately $12.7 million, representing a 14% increase over the Q1 monthly average and a 46% increase over June 2019. Revenue for the second quarter is expected to be approximately $28.4 million, which represents a 15% decrease from the prior quarter due to COVID-related closures in April and May. 

“Despite the many challenges we faced during the second quarter, where our revenues fell essentially to zero at the beginning of April given the temporary regulatory restrictions in Nevada and Massachusetts, today’s preview of our Q2 2020 results shows our business is stronger than ever before,” said Ayr CEO Jon Sandelman. “In addition to increasing adjusted EBITDA and cash flow from operations for the quarter, we set monthly records in June for both revenue and adjusted EBITDA, as well as in income from operations.” 

Sunniva

Sunniva Inc. (OTCQB:SNNVF) said that its wholly owned subsidiary, 1167025 B.C. Ltd. (“1167025”) did not receive confirmation of the waiver of conditions on July 2, 2020 with respect to the previously announced sale of its property at Okanagan Falls, British Columbia, between 1167025 B.C. Ltd. and an independent real estate investment fund. As per the Sales Agreement, the failure to waive or fulfill any of the conditions will cause the contract to be terminated. On July 3, 2020, the Buyer advised the Company that it does not intend to proceed with the purchase of the property. 


StaffStaffJune 30, 2020
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8min1530

It’s Time for your Daily Hit of cannabis financial news for June 30, 2020. 

On the Site 

GW Pharmaceutical 

GW Pharmaceuticals plc (NASDAQ:GWPH) has pushed the legalization of cannabis ahead with its work on the drug Epidiolex. Now the company is making its plans for its other cannabis drug Sativex known and it’s impressive and hopeful. 

The company is announcing its plans for its pipeline product nabiximols to the U.S. market. This strategy includes multiple opportunities for the submission of an initial New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA), the earliest of which could occur in 2021. 

Zynerba 

Some drugs work and at other times they don’t, which is the whole point of testing and the importance of trying to find solutions to patient conditions. Unfortunately for Zynerba Pharmaceuticals, Inc. (ZYNE) its latest top-line results from the 14-week pivotal CONNECT-FX (Clinical study of Cannabidiol (CBD) in Children and Adolescents with Fragile X) trial failed to produce the necessary threshold for positive results. The stock was selling off as a result of the news. 

IIP & GrowGen 

Cannabis investors remain hungry for stock as long as the company is one with solid and consistent revenue. It seems GrowGeneration Corp. (NASDAQ: GRWG) and Innovative Industrial Properties, Inc. (NYSE: IIPR) are two such companies. Both priced and upsized offerings today. 

HBO Max 

HBO Max has become the latest production company to use cannabis products as a marketing tool. The company is partnering with Sunderstorm’s Kanha Cannabis Infused Gummies and online cannabis marketplace Eaze to launch a collection of character-inspired CLOSE ENOUGH edibles. 

“Close Enough, is a surreal animated comedy about a married couple, their five-year-old daughter, and their two divorced best friends/roommates all living together on the east side of Los Angeles. The series is from the creator  JG Quintel, creator of the Emmy Award-winning “Regular Show” and begins streaming on July 9. 

Paragon Coin 

Coin Telegraph reported that Paragon Coin will face federal claims from a class-action lawsuit alleging that the firm’s $70 million ICO from 2017 violated securities laws. The website said that a Californian federal judge has certified an investor class in a lawsuit alleging that the cannabis crypto firm Paragon Coin Inc violated securities laws in its 2017 initial coin offering (ICO) that raised $70 million. Paragon Coin promoted its ‘PRG’ tokens as a currency for the cannabis industry and hired popular rapper The Game to promote the offering. 

In Other News 

Harborside 

Harborside (OTC:HSDEF)said that its delay in completing the Annual Filings occurred due to the impact of the COVID-19 pandemic. “In addition, as previously announced, the company is relying on the blanket exemptions issued by provincial securities commissions due to COVID-19 to extend the date of filing its interim financial report for the three months ended March 31, 2020 and related management’s discussion and analysis. The Company does not expect to file the Interim Filings before the expiry of the 45-day extension on July 14, 2020.” 

The company said it continues to expect to file the Annual Filings, as well as the financial statements for the fiscal years ended December 31, 2017 and 2018, no later than July 10, 2020 and will apply to have its previously disclosed cease trade order revoked. Harborside said it expects trading to resume on the CSE shortly after the revocation of the CTO. 


Debra BorchardtDebra BorchardtJune 29, 2020
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6min1430

It’s time for your Daily Hit of cannabis financial news for June 29, 2020. 

On the Site 

Aurora Cannabis 

It’s been a rough road for some of the OG’s of the cannabis industry. Today, Aurora Cannabis (NYSE:ACB) said its Co-Founder Terry Booth had retired from his role as Director of the Company, effective June 26, 2020. Mr. Booth was the Chief Executive Officer of Aurora from December 2014 through February 2020 and served on Aurora’s Board of Directors since December 2014. 

According to Wikipedia, Aurora was founded in 2006 by Terry Booth, Steve Dobler, Dale Lesack, and Chris Mayerson. Booth and Dobler collectively invested over $5 million of their own capital. The founding group secured a 160+ acre parcel of land in Mountain View County, Alberta, where they established Aurora’s first facility. The company received its license to grow cannabis in 2014, making it the first cannabis producer to obtain a federal license in that province. The company went public in Canada in 2017 and then in 2018 began trading at the New York Stock Exchange. 

Cannapreneur 

Green Market Report CEO Debra Borchardt: 

Kevin Harrington has recently joined with Cannaprenuer Partners, a company that is investing in cannabis companies. Kevin, you’ve not been in cannabis, but you have certainly been in the corporate world and businesses. You’ve been helping so many companies get started or grow. What at this point prompted you to get into cannabis and specifically choose to join up with Cannaprenuer? 

Kevin Harrington: 

Great question. Thank you. If I go all the way back, I’ve been a product guy for many years. 38 years ago I was creating infomercials and As Seen on TV, and doing some fun things with Jack LaLanne and the juicer, and George Foreman, and Tony Little, and Billy Mays. That’s been my previous life, and taking a lot of pitches. Of course, then original Shark on Shark Tank, being able to take pitches on national television, that was pretty cool. But one thing Shark Tank never did, they never took pitches about cannabis. Shark Tank is on ABC Network. It’s the Disney Group and so cannabis was not their cup of tea. I don’t know if they’ll change that at some point, but most of the entrepreneurs and judges and Sharks are in cannabis investments, O’Leary and Cuban, et cetera. 

 In Other News 

Innovative Industrial Properties, Inc. (NYSE: IIPR) announced today that it has commenced a public offering of 1,800,000 shares of its common stock. The company said it expects to grant the underwriters a 30-day option to purchase up to an additional 270,000 shares of its common stock. The company said it intends to use the net proceeds from this offering to invest in specialized industrial real estate assets that support the regulated cannabis cultivation and processing industry that are consistent with its investment strategy, and for general corporate purposes. 


Kaitlin DomangueKaitlin DomangueJune 25, 2020
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4min1270

It’s time for your Daily Hit of cannabis financial news for June 25th, 2020.

On the Site

Canopy Growth Changes Acreage Holdings Deal, CEO Murphy Is Out

Canopy Growth Corporation (NYSE: CGC) and Acreage Holdings, Inc. (OTCQX: ACRGF) stunned markets when the two companies agreed to an unusual deal in 2019. The agreement was that when cannabis was legalized in the U.S., Canopy would buy Acreage. It was called the “triggering event” and was originally valued at $3.4 billion. The price has dropped considerably.

A lot has changed since then and now the deal has changed accordingly.  Acreage shareholders will now get an initial up-front payment of $37.5 million in connection with the modification of Canopy Growth’s rights, including the extension of the term, and give Acreage shareholders the ability to participate in upside potential upon the Triggering Event.

In addition to that CEO Kevin Murphy is resigning from the company.

Aphria Agrees To Pay Aleafia $29 Million To Settle Case

Aleafia Health Inc. (OTC: ALEAF) and its subsidiary Emblem Cannabis Corporation and Aphria Inc. (NASDAQ:APHA)have said that the parties entered into a settlement agreement on June 25, 2020, to resolve their outstanding dispute in respect of the termination of the parties’ wholesale cannabis supply agreement.

New Study On Using CBD For Pain

Reprinted with permission from AmericanMarijuana.org.

Should you consider CBD for pain relief? Studies upon studies on CBD’s effectiveness against pain relief has been put on the tables. Even though most of them came up with positive results, there still are a few studies that concluded otherwise, claiming that studies still ARE NOT enough.

In this study, AmericanMarijuana looks at 1,453 Americans that use CBD for pain relief to see how well it performed compared to opioid. The research showed great promise for CBD instead of opioid use. 

In Other News

Pure Harvest Cannabis Group Changes Name to Pure Harvest Corporate Group

The new name better represents the company’s expanding diversity of interests. 


Kaitlin DomangueKaitlin DomangueJune 24, 2020
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3min1000

It’s time for your Daily Hit of cannabis financial news for June 24th, 2018.

On the Site

 

Originally Seen On Cannabis Law Report – The Failures of California Cannabis

An overview highlighting the regulatory failures of cannabis in California. 

Aurora Cannabis’ Hard Decisions Make Analysts Happy

Aurora Cannabis Inc. (NYSE:ACB) announced several difficult moves from the company including the layoffs of numerous employees and the closing of several facilities. The Canadian cannabis company laid off 25% of Aurora’s SG&A staff, most of those to take place immediately and a roughly 30% reduction in production staff over the next two quarters. The cuts went to the highest levels including a restructuring of the executive leadership team and the recently announced retirement of President Steve Dobler. 

GW Pharmaceuticals Epidiolex Now Exempt From Controlled Drug Requirements

GW Pharmaceuticals plc (Nasdaq: GWPH) said that the UK Home Office has reclassified Epidiolex, the company’s cannabidiol medicine as a Schedule 5 drug. The company said that the change will take effect immediately in all four of the constituent nations of the UK – with Northern Ireland enacting separate legislation – and sees the medicine move from Schedule 2 to Schedule 5 under the Misuse of Drugs Regulations 2001.

 

In Other News

Alcanna Inc. Completes Secondary Offering to Aurora Cannabis of $27.6 Million

Alcanna has purchased 9,200,000 common shares from an indirect, wholly-owned subsidiary of Aurora at a price of $3/share. 


StaffStaffJune 23, 2020
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9min1210

It’s time for your Daily Hit of cannabis financial news for June 23, 2020. 

On The Site 

Aurora  

Aurora Cannabis Inc.  (NYSE: ACB) is the latest cannabis company to destroy the job argument as a reason for legalization. The Canadian cannabis company laid off 25% of Aurora’s SG&A staff, most of those to take place immediately and a roughly 30% reduction in production staff over the next two quarters. The cuts went to the highest levels including a restructuring of the executive leadership team and the recently announced retirement of President Steve Dobler. 

Aurora said it has initiated a plan to close operations at five facilities over the next two quarters in order to focus production and manufacturing at the Company’s larger scale and highly efficient sites. The company will take a charge of $60 during the fourth quarter in order to make these changes. 

Harvest Health 

Harvest Health & Recreation Inc. (OTCQX: HRVSF) said that it has completed the initial closing of certain retail properties in California to Hightimes Holding Corp. as previously announced on April 28, 2020, and June 12, 2020. The deal was recently amended from the original 13 operational and pending properties to ten. Those terms have now been reduced to a deal now valued at $67.5 million. The terms are now $1.5 million in cash and a $4.5 million one-year promissory note with 10% interest and $61.5 million in Series A Preferred stock issued by Hightimes Holding Corp. 

Organigram 

Organigram Holdings Inc.  (NASDAQ: OGI) issued a very brief announcement stating that the company was facing a lawsuit and that it was changing its newly launched Trailer Park Buds brand. Organigram said it wouldn’t comment on the case, which was started in the Court of Queen’s Bench in Alberta. It is a class action case that seeks damages from many cannabis companies including Organigram. 

In Other News 

TILT

TILT Holdings Inc. (OTCQB: TLLTF) reported Quarterly revenue of $42.4 million, up 27% Quarter over Quarter and 23% over Q1 2019. The company reported a positive net income of $50,925.  

“We are pleased to report our Q1 financials, which were driven by strong performances from our well-balanced portfolio of businesses,” said Mark Scatterday.  “Our first quarter revenue was up 27% Quarter over Quarter, and gross margins grew to 27.7%, demonstrating the durability of our business model as we support our customers in their quest to build winning cannabis brands.” 

“With our portfolio of market-leading businesses, TILT is activating multiple revenue streams leading to increased cash flow generation and shareholder value creation.  We are proud of our team’s agility and fortitude in the face of this ever-evolving and challenging environment, and look forward to continuing to build on the solid foundations we’ve established.  We believe that we will continue to move in a positive trajectory as the economy shifts into a more normalized environment.” 

Trading Ceased

The following companies are suspended pursuant to CSE Policy 3. The suspensions are considered Regulatory Halts as defined in National Instrument 23-101 Trading Rules. A Cease Trade Orders have been issued by one or more securities commissions. 

Alternate Health Corp.  AHG  Ontario Securities Commission 
Champignon Brands Inc.  SHRM  British Columbia Securities Commission 
CIM International Group Inc.  CIM  Ontario Securities Commission 
iAnthus Capital Holdings Inc.  IAN  Ontario Securities Commission 
Ionic Brands Corp.  IONC  Ontario Securities Commission 
Sunniva Inc.  SNN  Ontario Securities Commission and British Columbia Securities Commission 

StaffStaffJune 22, 2020
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8min1440

It’s time for your Daily Hit of cannabis financial news for June 22, 2020. 

 On The Site 

Jushi 

Jushi Holdings Inc. (OTCQX: JUSHF) is planning on buying Vireo Health’s (OTC:VREOF) Pennsylvania Medical Solutions, LLC as the company looks to strengthen its position in the state’s market. Jushi will pay Vireo $16.3 million in cash, a $3.8 million seller note, and assume a $17 million facility associated with a long-term lease obligation. The $37 million deal is expected to close by the end of August 20. 

FSD Pharma 

Canadian licensed producer FSD Pharma Inc. (Nasdaq: HUGE) has made a pivot in order to assist in the treatment of the deadly COVID-19 virus. The company announced favorable topline results from its Phase 1 randomized, double-blind, placebo-controlled study of ultramicronized palmitoylethanolamide (PEA), or FSD201. The company is hoping that with positive Phase 2 results, it can be used to treat COVID-19. 

IIPR

Innovative Industrial Properties, Inc. (NYSE: IIPR) is making available $30 million for additional expansion of their cannabis cultivation and processing facilities at the Green Leaf Medical property in Saxton, Pennsylvania. The company’s lease was amended to reflect the new investment as well as an adjustment to the base rent to take into account the additional available funding and extended the term of the lease agreement. Assuming full payment of the additional funding, IIP’s total investment in the property will be $43.0 million. 

In Other News 

Curaleaf 

Curaleaf Holdings, Inc.  (OTCQX: CURLF) changed the terms of its acquisition of Grassroots and removed the cash portion of the deal. . On July 17, 2019, Curaleaf announced an agreement to acquire Grassroots. Under the new mutually agreed and amended terms of the agreement, the principal component of the transaction consideration remains the same at approximately 102.8 million subordinate voting shares of Curaleaf.  What had initially been a $75 million cash component of the consideration has been eliminated, while the component of additional Curaleaf SVS to be priced at the 10-day volume-weighted average price prior to closing of the transaction has been increased from $40 million to approximately $90.1 million, subject to final adjustment. Accordingly, the total SVS consideration for the transaction is expected to be approximately 118.9 million shares. 

Joseph Lusardi, CEO of Curaleaf, stated, “Today’s announcement marks another significant step forward in finalizing our acquisition of Grassroots, providing Curaleaf an important entry to highly populous, vertically integrated markets in the Midwest. The pending integration of Grassroots will solidify Curaleaf’s position as the world’s largest cannabis company by revenue and the most well-diversified, vertically integrated cannabis company in the United States, the world’s largest cannabis market. We are well positioned to continue to lead our growing industry, and we look forward to closing the transaction and serving new patients and customers in the Grassroots community.” 

Harvest Health

Harvest Health & Recreation Inc. (CSE: HARV, OTCQX: HRVSF) (“Harvest”), a vertically integrated cannabis company and multi-state operator (MSO) in the U.S., today announced the appointment of Deborah Keeley as Chief Financial Officer, effective immediately.  Mrs. Keeley joined Harvest in April 2020 as Vice President of Finance and Tax.

ACS Laboratory 

ACS Laboratory expanded its national presence with its highly anticipated acquisition of Botanica Testing, Inc., a certified hemp and CBD testing laboratory. The acquisition by ACS Labs adds 500 new hemp and CBD clients to its existing, and rapidly growing, portfolio.   

Botanica Testing Inc. has a reputation for impeccable quality, which aligns with ACS’s standards and ongoing expansion throughout the United States. In its search for a trusted buyer, Botanica sought ACS Laboratory to provide its clients with the level of service they expect and deserve. This transaction accelerates ACS’s position as one of the largest and top-ranking laboratories for precision testing of hemp, CBD and cannabis in the U.S. with customers in 44 states throughout the country.  



About Us

The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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