It’s time for your Daily Hit of cannabis financial news for August 6, 2018.
William “Beau” Wrigley, Jr. has joined Surterra’s Board of Directors as Chairman. Additionally, Surterra Wellness closed a $65 million Series C equity fundraising round in July, led by Wrigley’s direct investment arm. The round brings Surterra’s total capital raised to over $100 million since 2015.
Surterra Wellness is one of the fastest growing and leading medical cannabis companies in the US. With licenses in Florida and Texas, Surterra is currently expanding into new state markets across the country as it builds the industry’s broadest portfolio of brands trusted by patients.
Surterra plans on using the funds across a number of strategic initiatives in Florida and Texas. Plans include constructing substantial cultivation space in Florida, executing multiple partnerships with premier consumer brands, and accelerating its product development initiatives. In addition, Surterra will conduct clinical research trials related to cannabinoid treatment of anxiety, pain, and PTSD, as well as other significant health issues facing the country, with cannabinoids.
Mentor Capital Inc.
Mentor Capital, Inc. (MNTR), an M&A and funding provider for the cannabis and medical marijuana sector, will start to trade on the OTCQX Best Market effective today. We are delighted to be moving up to OTCQX,” said Chet Billingsley, Chairman, and CEO of Mentor Capital, Inc. “When we shifted to the medical marijuana market in 2013, we committed to bring professionalism and integrity to the cannabis sector like we had encountered both in Silicon Valley and while working in cancer-related biotech outside of San Diego, which we feel is signaled by this move to OTC Market’s top tier. Those high standards also link to a tangible investor advantage. Accordingly, this upgrade is a significant milestone for Mentor Capital, and we believe a step towards increasing the liquidity of our stock.”
About Mentor Capital: The company seeks to come alongside and assist private medical marijuana and cannabis companies and their founders in meeting their liquidity and financial objectives, to add protection for investors and to help incubate larger private cannabis companies.
The Greater Cannabis Company, Inc.
The Greater Cannabis Company, Inc. (GCAN) acquired Green C Corporation through a Share Exchange Agreement dated July 31, 2018. Green C is a Canadian company focused on innovative drug delivery systems for the Cannabis industry and has an exclusive worldwide license for PharMedica’s “Eluting Transmucosal Patch Platform” for non-invasive drug delivery for use in the Cannabis field.
On July 31, 2018, the Company and Green C Corporation closed on a Share Exchange Agreement whereby the Company issued to the holders of Green C’s common stock a newly designated Preferred Stock titled Series A Convertible Preferred Stock for all of the issued, and outstanding shares of common stock of Green C. Upon closing, Green C became a wholly owned subsidiary of the Company.