William SumnerSeptember 10, 2019
It’s time for your Daily Hit of cannabis financial news for September 10, 2019.
On the Site
Canndescent
Private premium cannabis company Canndescent announced that it closes on a $27.5 million in Series C Preferred Funding. Leading the investment round, Green Acre Capital, a cannabis-specific venture fund from Canada, was joined by Carnegie Arch Capital, Senterra, LLC., Altitude Investment Management, JW Asset Management and a multinational beer company from Asia. The money will be used for the company’s expansion into vapes and ingestibles as well as supporting efforts in Massachusetts, Nevada, Canada and beyond.
Dissect the Economics of Cannabis Branding at the Green Market Summit
On September 11th, 2019, investors, entrepreneurs, and branding experts will gather to dissect the economics of cannabis business brands at The Green Market Summit in Los Angeles, California. Following a sold-out event in Chicago, The Green Market Summit will bring its business acumen to the world of cannabis branding and provide exclusive industry information on topics such as the celebrity effect on cannabis, how to manage brand perception for public companies, and the world of luxury cannabis.
In Other News
MedMen
MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF) announced that the waiting period stipulated by the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended has expired in relation to the company’s proposes acquisition of PharmaCann LLC. The waiting period was one of several conditions needs to close the acquisition, and the deal is expected to close by the end of 2019. “Today marks a monumental day for the cannabis industry,” said Adam Bierman, MedMen co-founder and CEO. “We hope this will pave the way for other companies in what has become a highly acquisitive and dynamic industry.”
Sunniva
Sunniva Inc. (CSE: SNN) announced that it has entered into an agreement to sell its subsidiary Natural Health Services, Ltd. (NHS) to The Clinic Network Canada, Inc. (TCNC) for C$9 million. Half of the purchase price will be paid in cash, while the other half will be paid through the issuance of 4.5 million shares of TCNC. The closing of the sale could not have come at a better time for Sunniva, as yesterday, NHS was named in a class action lawsuit in connection with a previously reported privacy breach of the Electronic Medical Record system used by NHS.
