Green Thumb Industries Archives - Green Market Report

Video StaffSeptember 14, 2021

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Green Thumb Industries (OTC: GTBIF) is breaking ground on a cultivation center in Warwick NY, a town 54 miles north of New York City. The location is unique because the site used to be a prison that at one time held people incarcerated for cannabis. GTI’s CEO Ben Kovler told the Green Market Report that he appreciates the history of the site and notes the location is key for distribution to New York consumers. He is also pleased that the town has shown its appreciation for GTI’s investment into the facility and the jobs that it will bring.

Here are some fast facts:

The former Warwick medium-security prison, which housed about 1,000 inmates, many for drug offenses, closed just a decade ago.

  • There’s a great full-circle story here – building the modern cannabis campus on the site of a prison that was previously used to incarcerate cannabis users.
  • The $150 million investment made by Green Thumb to refurbish and remodel the site will create hundreds of construction jobs and permanent employment in the region.
  • Senator John Martucci and Assemblymember Karl Brabenec were in attendance at the groundbreaking ceremony
  • The area has a rich history. Before being a prison, the site was also home to the Warwick State Training School for Boys, which was founded in the 1920s. Eleanor Roosevelt and then-Senator Franklin Roosevelt were supporters of the school.

StaffSeptember 1, 2021
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Green Thumb Industries Inc. (GTI) (CSE: GTII) (OTCQX: GTBIF) has bought Massachusetts-based GreenStar Herbals, Inc. The value of the transaction was not disclosed. The single state operator owns and operates two adult-use retail locations in Massachusetts. The acquisition also includes a third retail location, set to open in 2021 near Logan International Airport and the Encore Casino.

“Expanding our retail footprint throughout Massachusetts continues our Enter, Open, Scale strategy,” said Green Thumb Founder and Chief Executive Officer Ben Kovler. “With this acquisition, we have the maximum number of retail locations in the state, which directly supports the increased production capacity from our acquisition of Liberty Compassion in June. We are excited to work together with the GreenStar team to serve the massive demand for cannabis throughout the Commonwealth.”

In a statement, GTI noted that with the acquisition of GreenStar Herbals Inc., it now has two operational adult-use retail stores in Dracut and Maynard, with a third to open in Chelsea this year, and three medical-use retail stores in Amherst, Boston, and West Springfield. Green Thumb’s existing Rise Amherst store reverted to a medical cannabis store in August.

GreenStar Herbals Chief Executive Officer Thomas Morey added, “We are thrilled to partner with Green Thumb and to continue providing Massachusetts consumers with the highest quality and most diversified cannabis product offerings, along with a premiere in-store retail experience. Green Thumb’s expertise in the industry, along with the company’s values, vision, and emphasis on community impact made this the right partner for our team.”

It may have been slow to be established. but the Massachusetts recreational cannabis market has sold more than $1.5 billion in cannabis products since launching adult-use sales in 2018, according to the state’s Cannabis Control Commission, with daily sales averaging over $3 million so far in 2021. Adult-use cannabis sales in the state have reached nearly $755 million so far in 2021 and are projected to reach $1.2 billion by the end of the year.

Green Thumb’s branded products, including Rythm premium flower and vapes; Dogwalkers brand pre-roll joints; and Incredibles gummies, chocolates, and tarts, are produced in the Commonwealth and available at licensed cannabis dispensaries across Massachusetts. The company began serving medical patients in Massachusetts in 2018 and has two operational cultivation and production facilities in Holyoke and Clinton to serve the growing consumer demand for cannabis.

 


Debra BorchardtAugust 11, 2021
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Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) reported its financial results for the second quarter ending June 30, 2021, with total revenue jumping by 85% to $221.9 million. Green Thumb’s revenue rose 14.1% sequentially and beat the average analyst estimate per Yahoo Finance of $205 million. Net income for the second quarter was $22.1 million or $0.10 per basic and diluted share, compared to a net loss of $12.9 million, or a loss of $0.06 per basic and diluted share in the prior year. This beat the average analyst estimate per Yahoo Finance which was $0.07.

GTI said that the revenue growth was primarily driven by increased scale in the Consumer Packaged Goods and Retail businesses, especially in Illinois and Pennsylvania. Overall performance was driven by the expanded distribution of Green Thumb’s branded products, 10 additional stores, and increased traffic in the Company’s 58 open and operating retail stores. In the second quarter of 2021, Green Thumb generated revenue from all 12 of its markets: California, Colorado, Connecticut, Florida, Illinois, Maryland, Massachusetts, Nevada, New Jersey, New York, Ohio and Pennsylvania. The Company continued to invest in expanding its cultivation and manufacturing capabilities.

“The second quarter continued to be about disciplined execution and the team should be proud of the results. On a year-over-year basis, we grew revenue by 85% to $222 million; more than doubled Adjusted EBITDA to $79 million and continued to deliver positive cash flow. Since the first quarter, we closed three acquisitions, expanding our manufacturing capabilities in Massachusetts and geographic footprint into two new states, Virginia and Rhode Island. These critical steps strengthened our position to distribute our brands to more patients and consumers in existing and new markets,” said Green Thumb Chairman, Founder and Chief Executive Officer Ben Kovler.

In the second quarter 2021, EBITDA was $65.9 million or 29.7% of revenue versus $28.3 million or 23.6% of revenue in the prior year period. Adjusted Operating EBITDA, which excluded non-cash stock-based compensation of $5.7 million and other non-operating expenses of $7.7 million, was $79.3 million or 35.7% of revenue as compared to $35.4 million or 29.6% of revenue for the second quarter 2020. The improvement in EBITDA and Adjusted Operating EBITDA over the prior year period largely reflected revenue growth and increased scale-driven operating leverage from both the Consumer Packaged Goods and Retail businesses. For additional information on these non-GAAP financial measures, see below under “Non-GAAP Financial Information.”

“Finding new and meaningful ways to support the communities we serve is a mission we all share at Green Thumb. We are especially proud of our recently announced Good Green grant program for heroes helping to fight problems created by the failed War on Drugs. Ahead of launching the Good Green brand of products later this year, we are allocating at least $1,300,000 in social equity grants to qualified 501(c)(3) organizations over the next 18 months to jump start this important initiative,” said Kovler.

Expenses increased as total selling, general and administrative expenses for the second quarter were $72.1 million or 32.5% of revenue versus $49.6 million or 41.5% of revenue for the second quarter 2020. Improved operating costs as a percentage of revenue reflected increased operating leverage in the company’s Consumer Packaged Goods and Retail businesses.

“The great American growth story in cannabis is happening–the momentum is undeniable. Consumers demand safe, reliable alternatives for well-being and we are excited to meet their needs with high-quality cannabis experiences. There is still incredible untapped potential in all of our operating regions, and we will continue our strategy to invest in high-return initiatives that prepare us for the growth ahead and future value creation for our stakeholders,” concluded Kovler.


StaffMay 12, 2021
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Green Thumb Industries Inc.  (OTCQX: GTBIF) continues to show its strength as an industry leader after reporting solid financial results for the first quarter ended March 31, 2021. GTI delivered total revenue of $194.4 million, up 9.7% sequentially and up 89.5% from $102.6 million in the prior-year period. this beat the Yahoo Finance average analyst estimate for revenue of $187 million.

The company also delivered a net income of $10.4 million or $0.05 per basic and diluted share, compared to a net loss of $4.2 million, or a loss of $0.02 per basic and diluted share in the prior year. This was lower than the Yahoo Finance analyst estimates for $0.08 per share.

GTI said that revenue growth was primarily driven by increased scale in the Consumer Packaged Goods and Retail businesses, especially in Illinois and Pennsylvania. Overall performance was driven by the expanded distribution of Green Thumb’s branded products, 13 new store openings, and increased traffic in the company’s 56 open and operating retail stores. In the first quarter of 2021, Green Thumb generated revenue from all 12 of its markets: California, Colorado, Connecticut, Florida, Illinois, Maryland, Massachusetts, Nevada, New Jersey, New York, Ohio and Pennsylvania. The company continued to invest in the expansion of its cultivation and manufacturing capabilities in Illinois, Maryland, Massachusetts, New Jersey, Ohio and Pennsylvania.

“2021 is off to a strong start. In the first quarter, we delivered year-over-year revenue growth of 90%, reported adjusted operating EBITDA growth of 179%, and recorded our third sequential quarter of positive net income. Our business continues to scale as the demand for cannabis swells across the country, and our team continues to rise to the occasion for our patients and customers,” said Green Thumb Chairman, Founder and Chief Executive Officer Ben Kovler.

Total selling, general and administrative expenses for the first quarter were $59.3 million or 30.5% of revenue, compared to $45.4 million or 44.3% of revenue for the first quarter 2020. Improved operating costs as a percentage of revenue reflected increased operating leverage in the Company’s Consumer Packaged Goods and Retail businesses.

“We are excited to expand our east coast footprint by signing an agreement to enter the Virginia cannabis market. This follows the recent sweep of adult use legalization measures across Virginia, New York and New Jersey where we see material untapped market potential. Our recent debt financing at industry leading rates positions us to capitalize on the opportunities ahead. A strong balance sheet, supported by a low cost of capital, is key to staying ahead in this fast-paced new industry. As the green wave continues to gain momentum, it is more important than ever to maintain our focus on strong execution and high-value capital allocation.  This is the best way for us to build long-term sustainable value for all of our stakeholders,” said

Solid Balance Sheet

The company closed the quarter with cash and cash equivalents of $275 million. Following the end of the quarter, the company closed a $216.7 million senior secured non-brokered private placement financing through the issuance of senior secured notes. GTI said it intends to use the proceeds to retire its existing $105.5 million senior secured debt and for general working capital and various growth initiatives.

 


StaffMay 3, 2021
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Green Thumb Industries Inc. (GTI) (OTCQX: GTBIF) is buying Virginia-based  Dharma Pharmaceuticals LLC for an undisclosed amount. the acquisition is expected to close in the second half of 2021. Dharma was the first operator to provide medical products to Virginia’s patients in 2020 and is strategically positioned to scale in the emerging adult-use market. Last month, Virginia became the first Southeastern state in the United States to legalize adult-use cannabis after the Virginia General Assembly approved legislation.

“Change is happening. We are seeing sweeping cannabis reform across the country in favor of expanded access. This momentum has finally reached the first state south of the Mason-Dixon line to ratify adult-use cannabis sales and we are excited to work with the Dharma team in Virginia,” said Green Thumb Founder and Chief Executive Officer Ben Kovler. “This industry will create consequential economic opportunities and social change in a part of the country that remains void of legal access to cannabis today. We look forward to serving Virginia’s current medical patients, and future adult-use consumers, while supporting the tremendous positive impact that the legal cannabis industry can have on local communities.”

Currently, Virginia has only legalized medical marijuana and while adult use has been also legalized, sales won’t begin until January 2024. With a population of nearly 8.5 million, Virginia is expected to generate over $1.5 billion in legal cannabis sales, which would create significant tax revenue for the Commonwealth and employ thousands of Virginians.

GTI has been rapidly expanding throughout the U.S. Once this deal is closed, the company will have a presence in 13 markets: California, Colorado, Connecticut, Florida, Illinois, Maryland, Massachusetts, Nevada, New Jersey, New York, Ohio, Pennsylvania, and Virginia. GTI noted that as one of only five licenses in the Virginia medical cannabis market, Dharma is licensed to grow, process, and retail cannabis directly to consumers. In a statement, the company said that the acquisition includes an existing production facility and retail dispensary located in Abingdon, VA. Green Thumb will also have the opportunity to open up to five additional retail locations in the Commonwealth.

Kevin Gibbs, Partner and Head of Operations of Merida Capital Holdings, which is the current majority-equity owner of Dharma, added, “Over the past two years our team has worked hard to introduce the first medical cannabis products to Virginia’s patients. Together with Green Thumb, Dharma’s offering will expand to prepare for the introduction of adult-use sales in the first market in the Southeastern United States.”

 


Debra BorchardtMarch 31, 2021
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Earlier this week, the Chicago Tribune ran a story alleging that cannabis company Green Thumb Industries Inc. (OTCQX: GTBIF) was under federal investigation for possible pay-to-play violations during its push for coveted state licenses. The article cited an unnamed source. The story claimed that investigators were looking into campaign donations as the company was seeking licenses in Illinois. No charges have been filed in the investigation according to the story. The stock fell over 11% in trading on Tuesday as the article made the rounds.

The story was relatively vague and stated, “It’s unclear what specific aspects of Green Thumb’s political giving, hiring or other activities are being scrutinized by federal authorities. The exact time frame and origin of the probe were not known.”

In a statement, Green Thumb said it possesses absolutely no evidence to corroborate claims that there is an open investigation by federal authorities as alleged in an article by the Chicago Tribune under a misleading headline published on March 29, 2021.

Green Thumb said it first learned of the alleged probe into supposed violations regarding obtaining licenses from a Chicago Tribune reporter who cited unnamed sources shortly before the article was published. The company went on to say that Federal authorities have made no effort to initiate contact with Green Thumb.

“The Chicago Tribune has published unfounded allegations that completely contradict our corporate values,” said Green Thumb Founder and CEO Ben Kovler. “The reporter did not cite any credible sources nor evidence, and published under a salacious front page headline intended to mislead. This is not just irresponsible journalism but reckless behavior that impacts the livelihood of our employees, the close bond to the communities in which we serve, and the trust of our investors. Our company has secured licenses through competitive state-run programs and traditional M&A transactions. We have taken painstaking measures to scale compliantly as we provide access to well-being through cannabis, and will continue to hold ourselves to the highest standards.”

The article did state that records showed that GTI’s executives and affiliates donated to a number of politicians as well as a political action committee that was instrumental in the marijuana legalization effort. However, that is common practice in every state where companies are pushing for legalization. The story didn’t mention whether other Illinois license holders had also donated to the legalization effort.

The story said that the company also hired lobbyists and consultants with deep ties to then-House Speaker Michael Madigan. Yet, it failed to note that most of the license holders in the state also helped support the fight for legalization by making donations.


Debra BorchardtFebruary 9, 2021
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Green Thumb Industries Inc. (OTCQX: GTBIF) filed a Form S-1 registration statement to sell up to 10 million of its subordinate voting shares. Shortly following becoming effective, Green Thumb said it received and accepted an offer from a single institutional investor to purchase approximately 3.1 million registered subordinate voting shares at $32.03 per share for a total of $100 million.  The sale will close on February 9, 2021.  The company said that the principal purpose of this offering is to increase Green Thumb’s capitalization and financial flexibility.

“Institutional investors are waking up to the great American cannabis growth story,” said Green Thumb Founder and Chief Executive Officer Ben Kovler.“This investment reflects the very real interest, understanding, and momentum behind the potential $100 billion U.S. cannabis opportunity that is happening now. The industry needs more meaningful access to capital to unleash the true economic and social growth potential. The next step should be allowing U.S. cannabis companies to formally list on major U.S. exchanges just like our Canadian counterparts. The U.S. cannabis industry creates jobs, tax revenue, and has the opportunity to address head on some of the major injustices and inequities brought on by the War on Drugs.”

The company did not disclose the name of the buyer. GTI stock was lately selling at roughly $33, near the company’s 52-week high of $34 and far exceeding the year’s low of $3.69.

Strong Earnings

GTI is a leading cannabis consumer packaged goods company and the owner of Rise Dispensaries. In November, the company reported its earnings for the third quarter of 2020. Overall, the company’s balance sheet was strong and retained a positive cash flow for the third consecutive quarter. Green Thumb’s revenue increased 31.3% quarter-over-quarter, and year-over-year 131.% to $157.1 million. The company’s gross margin for the third quarter of 2020 was 55.4%, an increase from a 53.2% gross margin the quarter prior.

The company’s adjusted operating EBITDA increased by 50% to $53.2 million, or 33.9% of revenue for the third quarter of 2020. The prior quarter ended with an adjusted EBITDA of $35.4 million, or 29.6% of revenue. As of September 30th, 2020, Green Thumb’s current assets totaled $159.1 million and included cash and cash equivalents equaling $78.1 million. The company reported a total debt outstanding of $97.1 million, $0.3 million being due within 12 months.

Retail revenue increased by 27.9% quarter-over-quarter, primarily being driven by increased foot traffic in established stores. Comparable sales growth exceeded 65%, on a base of 25 stores. Green Thumb Industries also partnered with the Last Prisoner Project in an attempt to help raise awareness and funds towards the incredibly important cause. The company also announced the launch of the License Education Assistance Program, designed to equip social equity business applicants for success in Illinois.

Headquartered in Chicago, Illinois, Green Thumb has 13 manufacturing facilities, licenses for 97 retail locations and operations across 12 U.S. markets. Established in 2014, Green Thumb employs over 2,300 people and serves thousands of patients and customers each year.

 


William SumnerAugust 28, 2019
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It’s time for your Daily Hit of cannabis financial news for August 28, 2019.

On the Site

SLANG Worldwide

SLANG Worldwide Inc. (CNSX: SLNG) delivered its financial results in Canadian dollars for the second quarter ending June 30, 2019, with revenue increased sequentially by 44% to $7.2 million and a big jump over last year’s $440,000 for the same time period. More importantly, Slang reported a net income of $17.5 million in the quarter versus a net loss of $13 million for the same time period in 2018. An even bigger accomplishment sequentially with a net loss of $16.1 million in the first quarter.

Environmental Issues Decided For San Diego Cannabis Dispensaries

On August 19, 2019, the Supreme Court of California issued a unanimous opinion in Union of Medical Marijuana Patients, Inc. (“UMMP”) v. City of San Diego. Except for the parties and the limited number of individuals who follow litigation involving environmental law, this case has moved through the California court system with little notice.

Texas Cannabis Report Ceases Publishing

In June 2013 Texas Cannabis Report launched as a premier news agency dedicated to covering the issue of cannabis activism and policy. Texans did not have a reliable source of news in this area, prompting our formation. Six years later there has been much progress made in ensuring this under-served community has access to quality and reliable information.

Green Thumb Industries

Green Thumb Industries Inc.  (CSE: GTII) (OTCQX: GTBIF) reported that its second-quarter revenue increased 228% to $44.7 million for the period ending June 30, 2019, over last year’s $13.6 million.  Revenue grew 60% over the first quarter of 2019. The company said that the revenue growth was driven by organic growth across GTI’s consumer products and retail businesses, strategic acquisitions and increased store traffic.

In Other News

TILT Holdings

TILT Holdings Inc. (CSE: TILT) (OTCQB: SVVTF) has released its financial results for the quarter ending on June 30, 2019. Revenue was $39 million, up 13% from the previous quarter. EBITDA was a loss of $4 million, up from a loss of $7.9 million. The net loss was $48.9 million. “The second quarter was a highly productive period for TILT. We continue to optimize our organization, including the dismissal and re-alignment of senior leadership, accelerate integration efforts, dramatically reduce overhead and instill an enhanced focus on profitable growth. TILT is making progress on our key initiatives to drive operational stability and progress toward profitability…” commented TILT Holdings interim CEO Mark Scatterday.

Origin House

Origin House (CSE: OH) (OTCQX: ORHOF) released its financial results for the three and six month period ending on June 30, 2019. Revenue for the quarter was $21.4 million. The gross margin was $4.4 million and adjusted EBITDA was a loss of $21 million. The net loss was $34.9 million. “”I am very proud of the entire Origin House team for generating another quarter of record revenue growth, leveraging the California brand support and distribution platform we built over the past several years, to deliver results for shareholders,” said Origin House CEO Marc Lustic.

Curaleaf Holdings

Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) announced the release of its financial results for the second quarter. Total revenue for the quarter rose from $35.25 million in the previous quarter to $48.48 million. Adjusted EBITDA was $3.35 million, up from a loss of $3.6 million. The net loss was $24.54 million. “With the industry’s largest operational footprint, we have the scale to rapidly accelerate growth across the country. I continue to believe Curaleaf is the best positioned operator in the cannabis space with the potential to create substantial shareholder value,” said Curaleaf CEO Joseph Lusardi.

TerrAscend

TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF) announced that it has signed a definitive agreement to purchase ABI SF, LLC, which operates a Bay Area cannabis cultivation facility and owns the premium cannabis brand State Flower. Initially, TerrAscend agreed to purchase 49.9% of State Flower for $2.85 million, along with extending a line of credit up to $3.75 million for cultivation facility improvements. The company has since upped its stake to 50.1%.

Vibe Bioscience

Vibe Bioscience Ltd. (CSE: VIBE) released its financial results for the three and six months ending on June 30, 2019. Quarterly revenue rose from $1.31 million in the first quarter to $3.09 million. The gross margin was $1.2 million and adjusted EBITDA was $113,322.


Debra BorchardtAugust 28, 2019
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Green Thumb Industries Inc.  (CSE: GTII) (OTCQX: GTBIF) reported that its second-quarter revenue increased 228% to $44.7 million for the period ending June 30, 2019, over last year’s $13.6 million.  Revenue grew 60% over the first quarter of 2019. The company said that the revenue growth was driven by organic growth across GTI’s consumer products and retail businesses, strategic acquisitions and increased store traffic.

Still, GTI delivered a net loss of $22.2 million versus a net loss of $9.7 million in the first quarter. The loss was attributed to a decrease in value from a variable note receivable in other income and debt-related interest expenses.

“We are pleased to report another solid quarter of positive yet disciplined momentum with record revenue and positive adjusted operating EBITDA as our strategic plan delivers on operating efficiencies from scale. Continued execution of key priorities such as the closing of Integral Associates, accelerated store openings, and expanded distribution of our brand portfolio sets us up well for the future,” said GTI Founder and Chief Executive Officer Ben Kovler. 

Expenses Rise

The company saw a heavy increase in total operating expenses to $32.5 million versus $12.1 million for the same period last year and $26.1 million in the first quarter. The company said that increased headcount contributed to the rising expenses as the company grow and also non-cash expenses related to stock-based compensation of $6.3 million for the quarter.

In May, the company closed on a $105.5 million senior secured non-brokered private placement of notes. GTI said it plans to use the proceeds for general working capital purposes, strategic growth initiatives and to retire existing debt.

Balance Sheet

As of June 30, 2019, GTI had cash and cash equivalents of $135.8 million and long-term liabilities of $153.4 million, plus $96.3 million in total debt.

“We are deep in the chapter of maximizing the levers in our business to drive long-term operational performance that delivers value for our shareholders and the communities in which we operate, ” Kovler continued. “We are focused on optimizing our wholesale and retail businesses, integrating our acquisitions, and further strengthening compliance across the organization.”

 


William SumnerJune 18, 2019
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It’s time for your Daily Hit of cannabis financial news for June 18, 2019.

On the Site

Luxury Cannabis is Not Going Away Anytime Soon

The world of cannabis is becoming more refined. When California first legalized medical cannabis in 1996, the only way one could purchase cannabis legally was through darkly-lit dispensaries with bars on the windows that were squirreled away in industrial parks. More than two decades later, the cannabis industry has evolved to a point where its consumers are more sophisticated and discerning, giving rise to a new sub-market within the industry: Luxury Cannabis.

MediPharm Labs

MediPharm Labs Corp. (LABS.V) (MEDIF) (MLZ.F) has applied to list its common shares on the Toronto Stock Exchange (TSX). MediPharm Labs continues to trade on the TSX Venture Exchange under the symbol “LABS”. This follows the company’s announcement that it had closed its previously announced bought deal offering of 13,514,000 common shares in the capital of the company at a price of $5.55 per common share for aggregate gross proceeds of C$75 million.

Surterra Wellness

Biotech company Intrexon Corporation (NASDAQ: XON) and cannabis company Surterra Wellness (Surterra) announced an exclusive global licensing agreement.  The two companies will join forces to help Surterra’s cannabinoid production by using Intrexon’s proprietary yeast fermentation platform. According to the company statement, yeast fermentation of cannabinoids provides advantages over conventional plant-based extraction.

Flowr Corp.

The Flowr Corporation (TSXV: FLWR)(OTC: FLWPF)  has received a loan commitment from a syndicate of lenders led by ATB Financial in its capacity as lead arranger and administrative agent for up to $50,000,000 of committed senior secured credit facilities.

Executive Spotlight: Ben Kovler, CEO, Founder & Chairman of Green Thumb Industries (GTI)

Ben Kovler brings his extensive experience managing complex operating companies and his deep commitment to philanthropy as Founder, CEO and Chairman of Green Thumb Industries.

In Other News

California Cannabis Enterprises

California Cannabis Enterprises (CCE) announced that it has appointed Daryl Kato as its Chief Operating Officer. Kato is the former chief financial officer (CFO) and board director at Nissin Foods USA and finance manager for confections and snacks at Nestle USA. “With an aggressive plan for continued growth and a commitment to expand our family of companies and world-class brands, attracting top talent like Daryl will give us a competitive advantage as the cannabis marketplace expands and matures,” said CCE CEO Kyle Kazan.

CAVU Resources

CAVU Resources, Inc. (OTCMKTS: CAVR) announced that it has applied to trade under a new symbol, “KUSH.” The change was requested because the company wants its symbol to reflect the new cannabis-focused direction the company is taking. CAVU is also seeking a regional accounting firm to provide audit services for 2017, 2018 and the current year to date 2019 so that it can start the procedure of up-listing to OTCQB.

Delta 9 Cannabis

Delta 9 Cannabis Inc. (TSXV: NINE) (OTCQX: VRNDF) announced that its previously announced offering will be for an offering size of a minimum of $10,000,000 and up to $14,000,000. Priced as $1,000 per unit, the company will issue between 10,000 and 14,000 convertible debenture units. The offering is being co-led by Mackie Research Capital Corporation, as sole bookrunner, and Canaccord Genuity Corp. as co-lead agents.

Jushi Holdings

Jushi Holdings Inc. (NEO: JUSH.B) has entered into an agreement to acquire an unnamed Phase I Medical Marijuana Dispensary Permit holder and three provisional Phase II Medical Marijuana Dispensary Permit holders for an aggregate of approximately $63 million. Of the $63 million, $27.11 million will be paid in cash, $27.5 million will be paid through the issuance of certain 10% secured notes, and the remaining balance will be paid through the issuance of approximately 3.38 million shares to the sellers of the purchased companies.


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