It’s time for your Daily Hit of cannabis financial news for April 25, 2019.
On The Site
Bank of America Merrill Lynch Initiates Coverage On Cannabis Industry
It was a significant move for the financial industry and the cannabis industry when Bank of America Merrill Lynch (BAML) released a 62-page report entitled “A cannabis world… and more people are living in it.” Green Market Report combed through this detailed report to find some poignant highlights brought forth by Bank of America Merrill Lynch in their analysis of the growing global cannabis market.
SOL Global Investments Corp. (CSE: SOL) (OTCQB: SOLCF), the owner of 3 Boys Farms, which holds one of Florida’s original 14 operating and vertically integrated medical marijuana treatment center licenses, has entered into a binding letter of intent with cannabis-focused private equity firm Merida Capital Partners to acquire Merida’s Michigan subsidiary, MCP Wellness, Inc. in a deal valued at $150 million.
In Other News
Vireo Health International, Inc. (CSE: VREO) announced that its patent application titled, “Tobacco Products with Cannabinoid Additives and Methods for Reducing the Harm Associated with Tobacco Use” has been approved by the United States Patent and Trademark Office (USPTO). The patent application covers the use of cannabinoids as a “harm reduction agent” in certain tobacco products such as cigarettes, pipe tobacco, or smokeless tobacco products.
MariMed Inc. (OTCQB: MRMD) announced that its subsidiary MariMed Hemp will acquire a 70% of MediTaurus, which owns the CBD health and wellness brand Florance, which has an established retail presence in both the United States and the European Union. The acquisition is part of MariMed’s strategy to optimize its investment in the Kentucky-based CBD producer GenCanna Global Inc. Terms of the transaction were not disclosed. “We at MediTaurus are extremely pleased to be joining the MariMed family and combining our expertise to further develop innovative products and processes and creating world-class brands with fully compliant and transparent supply and production,” said MediTaurus CEO and co-Founder Dr. Jokūbas Žiburkus. “The current dynamic growth of hemp and medical cannabis presents unprecedented opportunities for synergies among scientists, medical practitioners, consumers, and the financial marketplace.”