Harvest Health & Recreation Archives - Green Market Report

StaffStaffMarch 11, 2020
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3min7390

Harvest Health & Recreation Inc. (CSE: HARV)(OTCQX: HRVSF)  announced the execution of a definitive merger agreement of the previously announced acquisition of Interurban Capital Group, Inc. (ICG), the resignation of Jason Vedadi from his role as Executive Chairman of the Board of Directors. Current independent Board member Mark Barnard will assume duties as Chairman of the Board. He brings significant leadership experience gained through executive roles with Diageo PLC and Unilever, among others.

ICG Acquisition

Harvest has said it would acquire ICG for consideration of approximately $85.8 million payable by issuance of 309,452 multiple voting shares, assumption of approximately $19.1 million of debt convertible into 205,594 multiple voting shares and payment of an additional $9.3 million upon exercise of a call option agreement to acquire controlling interests in five Washington cannabis dispensaries or alternatively $12.4 million to acquire substantially all of the assets of these dispensaries. ICG’s assets include direct and indirect licenses and rights to acquire entities with licenses in CaliforniaIowa, and Washington. In addition, ICG is a service provider to these entities.

“We are excited to welcome the Have a Heart dispensaries into the Harvest family,” said Harvest Chief Executive Officer Steve White. “The merger provides access to capital and a new set of shareholders that will provide Harvest with greater financial flexibility and resources to invest further in key markets such as ArizonaFloridaMaryland, and Pennsylvania.”

ICG will add to Harvest’s existing retail footprint with three open retail locations and seven potential retail licenses in California, five open retail locations in Washington state and two open retail locations in Iowa.

As of February 29, 2020, Harvest had US$50.9 million in cash and equivalents. Harvest expects to report fourth-quarter and full-year 2019 financial results during the week of April 6, 2020.

In addition to Vedadi leaving the board, Scott Atkison will be appointed to the Board. The company said that Atkison has decades of executive experience in the timber and cannabis industries and brings valuable expertise, networks and fundraising skills to Harvest


Debra BorchardtDebra BorchardtJanuary 21, 2020
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5min20500

Two weeks ago, Harvest Health & Recreation Inc. (CSE: HARV)(OTCQX: HRVSF) filed suit against Falcon International, Inc. asking to terminate the planned merger agreement and return the money Harvest paid to Falcon under the Merger Agreement. That lawsuit alleged that Falcon’s principals stalled due to the falling share price of Harvest. Harvest went on to suggest that Falcon International engaged in illegal activities.

Today, Falcon has said that Harvest owes the company $50 million in a breakup fee. In addition to that Falcon said, “Amounts previously funded by Harvest to Falcon are convertible into Falcon equity at Harvest’s or Falcon’s option and, accordingly, are unlikely to be paid.”

Headed To Divorce Court

The original merger agreement dates back to February 2019, when cannabis stocks were still firmly in green territory, but then the bear market took hold and the entire sector saw stock valuations plummet. There was no provision in the merger agreement with regards to a stock selloff and according to the lawsuit, Falcon executives  James Kunevicius and Edlin Kim wanted to renegotiate the Merger Agreement which resulted in the June
7, 2019 Amendment. This increased the stock consideration to $240 million.

Harvest stock was trading roughly around $7.47 a share in February 2019, by August it was down to $3.19. It has lately recovered and was recently trading near $3.51, above its 52-week lows of $2.03.

Harvest said that by August and September, it had loaned Falcon roughly $47 million and still hadn’t closed the merger. Falcon began demanding more money according to Harvest suggesting Harvest would be in breach if it didn’t pay. Harvest was now questioning the use of the money that had already been sent. Despite that, it still looked like the merger would close in October 2019. This is when Falcon began filing “standstill agreements” and essentially stalled the closing process.

The two companies met at the MJ Biz Conference in Las Vegas in December. Harvest described it in this manner, ”

“The business meetings at the convention were non-productive, with one Falcon representative (Edlin Kim) appearing at the meeting with visibly large amounts of cash in his front pocket and back pocket and in a bag, and wearing what appeared to be many tens of thousands of dollars in men’s jewelry made of gold, and with both Falcon representatives (Edlin Kim and James Kunevicius) expressing no interest in doing any work to move the planned transaction with Harvest forward and, instead, stating openly that Falcon would not close the Merger Agreement, as amended, due exclusively to the decline in Harvest’s stock price.”

Harvest Lawsuit

The lawsuit from Harvest claimed that Harvest had performed all of its legal obligations, but that Falcon did not produce auditable financial information or records concerning its business operations and revenue despite repeated requests. Harvest also accused Falcon of transporting cannabis across state lines and that the company was not complying with California state law regarding the regulation of sales of marijuana.

Harvest said in the lawsuit that it has paid over $50 million in cash and advances, but that Falcon executives complain about being unhappy about the deal. Harvest said it wants its money back. Harvest also claims that Kunevicius and Kim pocketed a $4 million payment that was supposed to go to the company and have no intention of paying the money back and believe they are entitled to it.

 


William SumnerWilliam SumnerAugust 15, 2019
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7min8850

It’s time for your Daily Hit of cannabis financial news for August 15, 2019.

On the Site

Trulieve

Yesterday, Trulieve Cannabis Corp. (OTCMKTS: TCNNF) (CNSX: TRUL) announced the release of its second quarter financial results. Year-over-year, Trulieve’s increased 149% from $23.3 million to $57.9 million. Keeping pace with revenue, operating expenses also rose from $6 million to 14.8 million, representing a 146% increase. Gross profit was $37.6 million, and the gross profit margin was 65%. Adjusted EBITDA was $31.6 million.

Harvest Health & Recreation

Harvest Health & Recreation, Inc. (CSE: HARV) (OTCQX: HRVSF) has reported its financial results for the second quarter, ending on June 30, 2019. Revenue rose from $19.2 million in the previous quarter to $26.6 million, representing an increase of 39%. If one were to include Harvest Health’s completed and pending acquisitions, quarterly revenue would be $78 million.

Money Moves From Aurora Cannabis, Green Growth Brands

Aurora Cannabis Inc.  (NYSE | TSX: ACB) said that it has secured commitments from an expanded syndicate of lenders led by the Bank of Montreal to amend and upsize its existing C$200 million secured credit facility.

Green Growth Brands Inc. (CSE:GGB) (OTCQB:GGBXF) said that it has entered into backstop commitment letters with each of All Js Greenspace LLC, Park Lane Capital Limited, and Chiron Ventures Inc. in which they have committed to subscribe for and purchase up to C$102,796,241 in the aggregate or roughly $77 million of convertible debentures to support the Company’s operations and capital needs.

Canopy Growth

Canopy Growth Corporation  (TSX: WEED) (NYSE: CGC) stock dropped over 10% after the company announced its financial results for the first quarter ending June 30, 2019. The worst of the news in the release was that the company’s fiscal first-quarter net losses of C$1.28 billion, or C$3.70 a share, dwarfed last year’s losses of C$91 million, or 40 cents a share. The loss was attributed to a non-cash charge of $1.2 billion in Canopy’s extinguishing warrants related to the Constellation Brands Inc. (NYSE: STZ) investment.

In Other News

Vireo Health

Vireo Health International, Inc. (CNSX: VREO) (OTCQX: VREOF) announced that its affiliate, Ohio Medical Solutions (OMS), has been granted a Certificate of Operation by the Ohio Department of Commerce. OMS, which was previously granted a provisional processing license, will begin operations immediately. The license will allow OMS to purchase plant material from cultivators and manufacture Vireo-branded medical cannabis products.  “We are delighted that Ohio Medical Solutions will begin manufacturing Vireo products for the benefit of Ohio patients,” said Vireo CEO, Kyle Kingsley, M.D. “The City of Akron has been great to us and as our business grows, we look forward to continuing to create new jobs and make a positive impact on the local economy.”

Front Range Biosciences

Front Range Biosciences (FRB) announced that it has entered a collaborative licensing agreement with Steep Hill, and that it will acquire Steep Hill’s Genomics Research & Development team. The agreement will help accelerate FRB’s marker-assisted breeding program and develop new traits and varieties of hemp and cannabis. “The Steep Hill R&D team is among the top three cannabis genomics groups in the world, and we are very excited to welcome them to FRB,” said Dr. Jonathan Vaught, CEO and Co-Founder of FRB. “This acquisition is a major value inflection point for FRB…”

Medical Marijuana Inc.

Medical Marijuana Inc. has filed its financial results for the second quarter. Revenue rose 30.8% to $20.7 million. Gross profit was $15.4 million and adjusted EBITDA was $1.5 million. General and administrative expenses decreased from 21% of sales in Q2 2018 to 16% of sales revenue. “We are excited to continue our tremendous sequential success with the second quarter of 2019 proving to be the largest sales revenue quarter in the history of our Company,” said Dr. Stuart Titus, CEO of Medical Marijuana, Inc. “As the world continues to become more receptive to learning about the benefits of hemp-derived CBD, we are enthusiastic about being at the forefront of the global cannabis industry which, according to Arcview Market Research, could be worth $57 billion by 2027.”


William SumnerWilliam SumnerAugust 1, 2019
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5min6800

It’s time for your Daily Hit of cannabis financial news for August 1, 2019.

On the Site

Executive Spotlight: Jamie Warm, CEO and Co-Founder of Henry’s Original

Jamie Warm is the CEO and Co-Founder of Henry’s Original. Despite the young age of the legal industry, Jamie has only had one career: growing cannabis. At Henry’s Original,  his responsibilities include setting the overall strategic vision of the company, driving retail penetration and nurturing the financial health of the company.

Tribune Publishing Enters Agreement With The Fresh Toast For Cannabis News

The medical and recreational marijuana industry just received a major boost with consumers.   Like Walmart, Kroger, CVS, Amazon, and other retailers embrace CBD, now mainstream media is working to give consumers the knowledge on how to use and where to shop.   Tribune Publishing Co. (NASDAQ: TPCO), the owner of the Chicago Tribune, NY Daily News, Orlando Sentinel, South Florida’s Sun-Sentinel, Hartford Courant and more along with syndicating content to over 500 United States newspapers, has entered a partnership with The Fresh Toast, one of the largest cannabis media companies in the industry.

Nielsen Predicts Legal Cannabis Sales In The U.S. To Reach $41 Billion By 2025

Cannabis was featured in Nielsen Company’s Total Consumer Report 2019, with the data and information company predicting the sales of cannabis consumer packaged goods to rise 5x that 2018’s sales. They forecast that the sales of all legalized cannabis products in the U.S. could reach $41 billion by 2025.

In Other News

Aphria

Today, Aphria Inc. (TSX: APHA) (NYSE: APHA) announced their financial results for the fourth quarter, ending on May 31, 2019. Net revenue was C$128.6 million, up 75% from the previous quarter. Revenue from adult-use cannabis was C$18.5 million. Adjusted EBITDA from cannabis operations was C$1.9 million. The net loss was C$15.76 million.  “It’s a new day at Aphria. Our team’s solid execution across key areas of our business resulted in strong adult-use revenue growth and a profitable fourth quarter,” stated Irwin D. Simon. “Over the last six months, our organization identified immediate priorities to help generate substantial progress near-term and long-term.”

Harvest Health & Recreation

Harvest Health & Recreation, Inc. (CSE: HARV) (OTCQX: HRVSF) today preannounced its unaudited revenue for the second quarter. Revenue is estimated to be between $26-$27 million, and between $75-$77 million when counting pending acquisitions of Falcon, Verano, CannaPharmacy and Devine Holdings and the closed acquisitions of Leaf Life and Urban Greenhouse. The company will release its full financial results on August 15, 2019.

Cadiz Inc.

Cadiz Inc. (NASDAQ: CDZI) announced that it has entered a joint venture partnership with Glass House Farms, which is a division of California Cannabis Enterprises. Operating under the name SoCal Hemp Co., up to 9,600 acres of hemp will be cultivated at Cadiz Ranch in San Bernardino County, California. “The sun-drenched, isolated natural environment at the Cadiz Ranch is ideal for the commercial production of organically sun-grown hemp and natural hemp-derived products, including CBD, which are presently driving market growth,” said Glass House Farms President Graham Farrar. “With plants already in the ground at the largest agricultural operation in San Bernardino County, we are working closely with the team at Cadiz to leverage our collective strengths. We look forward to bringing our full operation online and being a long-term, trusted partner and resource to the local community, our customers and clients.”


William SumnerWilliam SumnerJuly 31, 2019
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4min5020

It’s time for your Daily Hit of cannabis financial news for July 31, 2019.

On the Site

Brightfield Group Names Top 5 CBD Companies

The CBD industry is becoming much more saturated than it was before the passing of the U.S. Farm Bill late last year, with new products entering the market, threatening to take a slice of the CBD pie that the early producers of CBD have enjoyed until this time…Brightfield Group listed the Top 5 CBD Companies that the research group says “continue to make a name for themselves” within the growing CBD market. Here’s what we know about these various companies…

TILT Holdings

Following the market close and at the end of the evening on Tuesday, TILT Holdings Inc.  (CSE: TILT) (OTCQB: SVVTF) said that it refiled amended and restated management’s discussion and analysis for the quarters and year ended December 31, 2018, and for the three month period ended March 31, 2019, and 2018  (the YE 2018 MD&A and the Q1 2019 MD&A together.  The documents were prepared following a continuous disclosure review by the British Columbia Securities Commission of the company’s disclosure records.

CannTrust

Following the disastrous revelation that the company began growing cannabis plants in grow rooms without licenses, CannTrust Holdings Inc. (TSX: TRST)(NYSE: CTST) said that its special committee has retained Greenhill & Co. Canada Ltd. as the Special Committee’s financial advisor, to assist in a review of strategic alternatives. Those options include a sale of the company, a merger or changes to the company’s strategy. The interim CEO has said the talks are happening at only a conversation level at this time.

In Other News

Harvest Health & Recreation

Harvest Health & Recreation, Inc. (CSE: HARV,) (OTCQX: HRVSF) announced that it has entered a term sheet for a secure term loan of up to $225 million. The loan comes from an investment fund managed by Torian Capital Partners, and will be made available to Harvest in three tranches of $75 million. Harvest will use the proceeds from the loan to fund expansion initiatives. “Harvest is in a strong financial position in the cannabis industry and this growth capital, which we believe is provided at an attractive financing cost will enable us to deliver on our commitment to enhance shareholder value,” said Steve White, CEO of Harvest. “With greater financial flexibility, we are better equipped to execute our strategy to aggressively expand our retail and wholesale footprint across the U.S. into key markets, while seeking to build and acquire brands for broad distribution,” White concluded.


William SumnerWilliam SumnerJune 3, 2019
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5min6480

It’s time for your Daily Hit of cannabis financial news for June 3, 2019.

Harvest Health & Recreation

Harvest Health & Recreation, Inc. (CSE: HARV) (OTCQX: HRVSF) announced the release of their financial results for the first quarter of 2019. Year-over-year, revenue rose from $8.3 million to $19.2 million. Net loss for the period was $20 million, which the company attributes to planned investments in infrastructure and personnel. Adjusted EBITDA was $4.7 million. “By adhering to our four core initiatives: building a world class team, aggressively expanding our retail and wholesale footprint across the U.S., building, acquiring and expanding brands and distributing them across our footprint, and continuing on a path of profitable growth, we believe that we can fulfill our objective of becoming the most valuable cannabis company in the world,” commented Harvest Health CEO Steve White.

TILT Holdings Inc.

TILT Holdings Inc. (CSE: TILT) (OTCQB: SVVTF) released its financial results for the first quarter of 2019. Reported revenue for the quarter was $34.4 million, and pro forma revenue was $39.6 million. Adjusted EBITDA was $8.0 million, and the net loss was $77.89 million. “We are pleased to report our first quarter as a consolidated company, reflecting the strength of the business combination that has established TILT as one of the largest revenue producing companies in the cannabis industry,” said Mark Scatter Day, TILT’s interim CEO. “We have only begun to realize the synergies of our business combination, which we expect to drive incremental revenue growth and improved margins as we execute our business development and integration strategies.”

Vireo Health International

Vireo Health International, Inc. (CSE: VREO) announced the released of their financial results for the first quarter of 2019. Year-over-year revenue rose by 57% from $3.7 million to $5.8 million. Much of the revenue increase was driven by retail sales wholesale revenue generation in the states of Maryland and Pennsylvania. Gross profit before fair value adjustments was $2.1 million. The net loss was $3.4 million, and adjusted EBITDA was $3.8 million. “We continued to experience strong revenue growth during the first quarter, with increasing patient counts in Minnesota and New York and contributions from wholesale revenue streams in Maryland and Pennsylvania during the quarter,” said Vireo Founder & CEO, Kyle Kingsley.

Organigram Holdings

Organigram Holdings Inc. (NASDAQ: OGI) (TSXV: OGI) announced that it had closed a previously announced credit facility with Bank of Montreal as lead agent. The facility consists of a $115 million term loan and a $25 million revolving credit facility, which matures in May 2022. The facility includes an option to increase it in increments of $35 million, up to $175 million. The proceeds of the facility will go towards the funding of Phase 4 and 5 expansions of its Moncton campus and refinance its existing long-term debt with Farm Credit Canada.  “The closing of this credit facility reflects BMO’s and the syndicate lenders’ vote of confidence in our management team, ability to deliver financial results, and investment in our world-class Moncton campus,” said Organigram CEO Greg Engel. “Our current expansion plans are fully funded as we continue to remain on track for completion of Phases 4 and 5 of our campus.”

 


William SumnerWilliam SumnerApril 23, 2019
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5min5480

It’s time for your Daily Hit of cannabis financial news for April 23, 2019.

On The Site

Harvest Health & Recreation

Harvest Health & Recreation, Inc. (CSE: HARV) (OTCQX: HRVSF) reported the company’s fourth quarter and fiscal year 2018 financial results. For the quarter HHR delivered total revenue of $16.9 million, an increase of 135% versus last year’s $7.2 million in the same time period. This was a sequential increase of 52%.

Cannabis Rock Star Lineup For The Green Market Summit In Chicago

As the U.S. market continues to develop, the  Green Market Report invites you to discuss the advanced economic state of cannabis at the Green Market Summit in Chicago, Illinois on May 7, 2019. This special one-day symposium will discuss the continued development of the U.S. cannabis market, as well as the effect that the 2018 Farm Bill’s passage has had on the industry.

Mattio Communications

One of the fastest growing cannabis-focused public relations firm MATTIO Communications announced that it received a seed round of funding. The investors for the company included Phyto Partners, venture capital titan Alan Patricof, founder of Greycroft, and Green Seed Fund.

In Other News

IONIC Brands

IONIC Brands Corp., formerly known Zara Resources Inc. (CSE: IONC; FRA: 1B3), announced that has acquired Zoots Premium Cannabis Infused Edibles for $855,000 and an issuance of 10.7 million common shares of the company. Additionally, ICONIC will issue 5.35 million common share purchase warrants to the shareholders of Zoots, with an exercise price of C$1.33 per share, exercisable over three years.

DELTA 9

DELTA 9 CANNABIS INC. (TSXV: NINE) (OTCQX: VRNDF) today released its year-end financial results for ending December 31, 2018. Revenue for the company rose by 702% from $944,114 in the previous year to $7.2 million. Gross profits were $5.74 million, up from $442,681 in the previous year. The company reported a net income loss of $8.61 million. For the fourth quarter, revenue was $5.27 million and a gross profit of $3.34 million. Quarterly losses were $2.17 million.

MedMen Enterprises

MedMen Enterprises Inc. (CSE:MMEN) (OTCQX:MMNFF)  announced that it has entered into a definitive agreement for the previously announced $250 million secured convertible credit facility with Gotham Green Partners. MedMen received the first tranche of $20 million. The company said it will use the proceeds to consolidate its supply chain, invest in technology and digital infrastructure, accelerate expansion through acquisitions and investments in core markets, integrate acquired assets, and operationalize existing retail licenses.


Debra BorchardtDebra BorchardtApril 23, 2019
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5min10360

Harvest Health & Recreation, Inc. (CSE: HARV)(OTCQX: HRVSF) reported the company’s fourth quarter and fiscal year 2018 financial results. For the quarter HHR delivered total revenue of $16.9 million, an increase of 135% versus last year’s $7.2 million in the same time period. This was a sequential increase of 52%.

The company still delivered a net loss of $71.1 million for the quarter which included a non-recurring, non-cash fair value charge of $50.7 million associated with convertible debt that was converted to equity during the year. The gross profit, excluding the impact of biological assets, was $7.2 million, an increase of 342%, up from $1.6 million in Q4 2017.

“2018 continued to set records for Harvest’s growth and momentum across the United States,” said Chief Executive Officer Steve White. “Three key initiatives dictated our decisions throughout the year and will continue to be our focus in 2019: aggressively expanding our retail and wholesale footprint across the U.S., building, acquiring and expanding our suite of brands across our footprint and continuing to operate in a financially disciplined way, while also fueling the revenue growth of the company.”

HHR made a splash recently when it announced it was acquiring Verano Holdings in a deal valued at $850 million. Verano is one of the largest privately held multi-state, vertically integrated licensed operators of cannabis facilities. Upon completion of the acquisition, it is expected to add licenses throughout the Midwest and East Coast. As of December 31, 2018, HHR operated ten retail locations in four states. The company said that significant expansion of cultivation, manufacturing and retail locations will occur throughout 2019.

Fiscal Year

For the full year for 2018, HHR reported total revenue of $47.0 million, an increase of 106%, compared to $22.8 million for 2017. The net loss was $67.5 million which included a non-recurring, non-cash fair value charge of $50.7 million associated with convertible debt that was converted to equity during the year.

The gross profit, excluding the impact of biological assets, was $24.6 million, an increase of 135% compared to $10.5 million for 2017. The gross profit margin, excluding the impact of biological assets, was 52% for 2018, compared to 46% in the same period the prior year. The adjusted EBITDA totaled $10.3 million for the 12 months ended December 31, 2018, compared to $6.0 million for the same period in 2017.

Cash On Hand

As of December 31, 2018,  HHR had $191.9 million of cash and cash equivalents and $30.9 million of debt outstanding. The company has raised nearly $300 million in 2018: approximately $50 million of convertible equity notes, which converted into common stock when Harvest completed the RTO, approximately $20 million of senior debt, and over $218 million of equity issuances.

Looking Ahead

In February 2019 the company announced the pending acquisition of Falcon International Corp, a California vertically-integrated operator currently serving more than 80% of the legal dispensaries in California. It is expected to serve as a beachhead in California, providing cultivation, manufacturing, and distribution, wholesale opportunities, is expected to add well-regarded brands like Cru and High Garden to its portfolio and is expected to add key personnel to our team.


William SumnerWilliam SumnerApril 9, 2019
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5min6150

It’s time for your Daily Hit of cannabis financial news for April 9, 2019.

On The Site

Harvest Health & Recreation

Harvest Health & Recreation, Inc. (CSE: HARV, OTCQX: HRVSF) is acquiring CannaPharmacy, Inc. in a deal with undisclosed value. CannaPharmacy owns or operates cannabis licenses in Pennsylvania, Delaware, New Jersey, and Maryland. Harvest recently announced the private placement of $500 million in convertible debentures to continue to finance acquisitions and corporate growth. Harvest said that it expects that the transaction will be accretive to Harvest’s 2020 revenue and EBITDA.

New York State Stalls Major Cannabis Mergers

New York State’s Department of Health that oversees the medical marijuana program has yet to approve three outstanding proposed acquisitions. The three deals include the MedMen Enterprises Inc. (MMNFF) acquisition of Pharmacann, The Green Thumbs Industries (GTI) acquisition of Fiorello Pharmaceuticals and the Cresco Labs Inc. (CRLBF) deal with Valley Agriceuticals.

In Other News

Pivot Pharmaceuticals Inc.

Pivot Pharmaceuticals Inc. (CSE: PVOT) announced that on April 8, 2019, it entered into a binding letter of intent with High Park Ventures Inc. (HPK) for a private placement of $15 million. The private placement is expected to close in two tranches and is contingent upon HPK satisfactorily completing its due diligence investigation. “With the investment and support provided by the High Park Ventures Team, we are able to implement and accelerate our initiatives,” stated Pivot CEO Dr. Patrick Frankham. “The experience and track record of the High Park Ventures Team will greatly benefit Pivot’s management team as we commercialize our industry leading bio-cannabis product line.”

Green Thumb Industries

Green Thumb Industries (CSE: GTII) today reported its financial results for the forth quarter and full year ending on December 31, 2018. For the fourth quarter, GTI increased its revenue by 237% to $20.8 million. For the year, GTI made $62.5 million. EBITDA for the quarter was a loss of $4.8 million and for adjusted EBITDA was a loss of $12.4 million. However, for the year, EBITDA and Adjusted EBITDA was $27.7 million and $21.5 million, respectively. The company experienced a net loss of $3.1 million for the quarter and $7.7 million for the whole year. “Discipline continues to drive how we allocate capital to create long-term shareholder value,” commented GTI Founder and CEO Ben Kovler. “We continue to execute against our strategic priorities for 2019: 1) establish a leading brand portfolio through innovation, standardization, and distribution; 2) accelerate retail growth through new store openings and consumer loyalty, and 3) bolster infrastructure with people, process, and technology to deliver sustainable profitable growth.”

Cansortium Inc.

Cansortium Inc. (CSE: TIUM) today announced a $25 million private placement with Canaccord Genuity Corp. and Paradigm Capital Inc. The company will issue convertible debenture units at an issue price of $1,000 per unit. Each unit will consist of a senior secured convertible debenture of the company valued at $1,000 and accruing interest at 12.0% annually, and 229 common share purchase warrants. The offering is expected to close on or around April 23, 2019.



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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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