The Daily Hit is a recap of the top cannabis business stories for June 30, 2022.
ON THE SITE
Tyson 2.0 Raises $9M with Plans to Expand Celebrity Property
Cannabis advocate and former boxer Mike Tyson’s cannabis brand Tyson 2.0 announced the close of its oversubscribed $9 Million Series A round led by JW Asset Management. Additional investors in the round include K2, Ambria Capital, Tress Capital, and Patrick Carroll. The company said that the new funds will be used to acquire more celebrity intellectual property, scale marketing efforts, accelerate distribution, and further invest in the development of Tyson 2.0’s house of brands strategy. Read more here.
Akerna Shares Plunge on New Offering
Despite being in financial trouble, cannabis tech firm Akerna Corp. (Nasdaq: KERN) announced the pricing of an underwritten public offering of 29,382,861 units with common stock warrants. The units are being sold at a public offering price of $0.23 per unit and the pre-funded units are being sold at a public offering price of $0.2299 per pre-funded unit. The news sent shares tumbling almost 50% in early trading to lately sell at 14 cents per share. The offering should bring in roughly $6.7 million. Read more here.
Grown Rogue Reports Rising Revenue as Prices Fall
Grown Rogue International Inc. (CSE: GRIN) (OTC: GRUSF) reported its fiscal second-quarter 2022 results for the three months ending April 30, 2022. Grown Rogue reported revenue rose 72% to $4.7 million versus $1.37 million for the same time period last year. Sales also rose sequentially from the first quarter’s revenue of $3.73 million. Read more here.
Curaleaf Pushes Back on Tip Jar
Cannabis multi-state operator Curaleaf Holdings Inc. (OTC: CURLF) is pushing back against an employee lawsuit that sued the company for the contents of a tip jar. Former employee Morgan Heller filed a complaint in March accusing the company of not giving the employees $126,000 that had been collected in tip jars. Heller says the managers took the money instead. Read more here.
Field Trip’s Clinics Cost More Than the Revenue They Bring In
Field Trip Health Ltd. (NASDAQ: FTRP) reported fiscal fourth-quarter and full-year 2022 results for the period ending March 31, 2022, and provided a business update today. All results are reported in Canadian dollars. For the quarter, Field Trip earned patient services revenues of $1,724,102 from its twelve clinics in operation, an increase of $1,197,667 or 228%, over the fourth quarter ended March 31, 2021. Read more here.
Psychedelic Microdosing is Trendy, but Studies are Lacking
Microdosing psychedelics is quickly becoming a trendy new mental and physical wellness event that athletes, celebrities, and everyday businesspeople are doing it as a daily ritual that is sometimes even encouraged by their bosses. In fact, the very term “microdosing” is working into common usage as just another way of saying you tried something, or attended some event, or ingested some substance — but just not a lot of it. Read more here.
IN OTHER NEWS
Canopy Growth Corporation
Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) announced today that, further to its press release dated June 29, 2022, it has entered into an additional privately negotiated exchange agreement with a holder of the company’s outstanding 4.25% unsecured senior notes due 2023, to acquire approximately C$7.25 million (approximately USD$5.6 million) aggregate principal amount of the notes from the noteholders in exchange for common shares of the company and approximately C$140,000 (approximately USD$110,000) in cash for accrued and unpaid interest. Read more here.
MariMed, Inc. (OTCQX: MRMD), a multi-state cannabis operator, today announced that it has obtained a receipt for its final non-offering, long form prospectus dated June 29, 2022, from the Ontario Securities Commission. Concurrent with its prospectus filing, the Company also received conditional approval from the Canadian Securities Exchange to list the company’s common shares on the CSE under the symbol “MRMD”. Listing of the common shares is subject to the satisfaction of certain customary conditions, including the receipt by the CSE of all final documentation. Read more here.
Northern Lights Acquisition Corp., SHF Holding Co., LLC
Northern Lights Acquisition Corp. (Nasdaq: NLIT), a special purpose acquisition company, announced that it has amended that certain unit purchase agreement, dated February 11, 2022, by and among the company, 5AK, LLC, the company’s sponsor, SHF, LLC d/b/a Safe Harbor Financial, a Colorado limited liability company, SHF Holding Co., LLC, a Colorado limited liability company and the sole member of the target, and Partner Colorado Credit Union, a Colorado corporation and the sole member of the Seller, to extend the date by which the transactions contemplated thereby had to be consummated from June 30, 2022, until July 29, 2022, with the ability for the deadline to be extended through August 31, 2022. The extension of the outside date will provide the company with additional time to complete the business combination as it awaits regulatory approval. Read more here.
Ascend Wellness Holdings, Inc.
Ascend Wellness Holdings, Inc. (CSE: AAWH.U) (OTCQX: AAWH), a multi-state, vertically integrated cannabis operator, announced that it has closed on $28.5M of the remaining additional funding under the accordion feature of its existing term loan credit facility. As previously announced, the company drew initial funding of US$210M in August 2021 and subsequently closed on a US$36.5M expansion in May 2022. This additional raise brings the total raised under the senior credit facility to US$275M. Read more here.
Auxly Cannabis Group Inc.
Auxly Cannabis Group Inc. (TSX: XLY) (OTCQX: CBWTF) announced today the voting results from its annual general meeting of shareholders held on June 30, 2022. A total of 159,835,106 common shares of the company, representing 17.85% of the issued and outstanding common shares of the company, were voted in connection with the meeting by shareholders and proxy holders. All of the matters put forward before the company’s shareholders for consideration and approval, as set out in the company’s information circular dated May 20, 2022, were approved by the requisite majority of the votes cast at the meeting. Read more here.
Canntab Therapeutics Limited
Canntab Therapeutics Limited (CSE: PILL) (OTCQB: CTABF) (FRA: TBF1) a developer in cannabinoid and terpene blends in hard pill form for therapeutic applications, provided a corporate update to its shareholders and stakeholders. Further to the announcement made by Canntab on April 14, 2022, with respect to our exploration of a variety of alternative business strategies including potential M&A opportunities, as well as identifying and negotiating partnerships to assist Canntab in expanding its product offerings in the United States and other international jurisdictions. Read more here.
Pervasip Corp. (OTC: PVSP), a developer of companies and technologies in high value emerging markets, and Zen Asset Management, its wholly owned subsidiary today announced that its partnership with Full Spectrum Advisors is yielding results ahead of expectations. Following announcements made in March, introducing its partnership with Full Spectrum Advisors, Pervasip reports early results that are exceeding projected yield improvements with 25% increased harvest results in the cultivation centers growing Artizen flower. Read more here.
MediPharm Labs Corp.
MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) (FSE: MLZ), a pharmaceutical company specialized in precision-based cannabinoids, today announced the results of matters voted on at its annual meeting of holders of common shares held on Thursday, June 30, 2022. The voting results for each of the matters presented at the meeting are outlined below. Read more here.
Humble & Fume Inc.
Humble & Fume Inc. (CSE: HMBL) (OTCQX: HUMBF), a North American distributor for cannabis and cannabis accessories, announced the detailed voting results for the 2021 Annual General Meeting of Shareholders, held on June 29, 2022, which includes the election of Mark Hubler to the Board of Directors. Read more here.