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Kaitlin DomangueJanuary 29, 2020

US-based company, EcoGen Labs, is continuing to expand and grow as it successfully closes on a $40 financing arrangement through private placement.

EcoGen Labs is a vertically-integrated, seed-to-sale manufacturer and supplier of specialty hemp-derived ingredients and proprietary formulas in the United States. The company also produces private-label finished product, as well as providing unique genetics.

Since its launch in 2016, the company has expanded rapidly, producing over $80 million in revenue last year. EcoGen supplies nearly 70% of the ingredients used in various retailers across the US, including Whole Foods, Sephora, and CVS Health Corp.

Alexis Korybut, the Co-Founder of EcoGen says “We are very encouraged by the strong support we’ve received from the institutional marketplace. This investment is an important step forward that will allow us to further grow and expand our business.”

EcoGen has a solid strategy for the utilization of this transaction, the plans include supporting the further development of its facilities, focusing on its research and development, and the expansion of marketing and sales divisions. Advancing the company’s seed and genetics, the expansion of private-label finished goods, and new technologies are also on the agenda for EcoGen.

“With engineering as a passion and also my background, the prospect of new innovation is what led me to this industry,” says Joseph Nunez, Co-Founder of EcoGen. “When we first started, we were on a mission to create a state-of-the-art process to produce exceptionally pure CBD that set the standard for the industry. We’re proud to say that goal was quickly achieved and this capital raise will allow us to expand that success into other verticals of the business.”

EcoGen also has plans to develop their new national headquarters on a nearly-20 acre property located in Grand Junction, Colorado. When development is complete it will include everything from seed production to the making of CBD products.

Kaitlin DomangueJanuary 28, 2020

Its time for your Daily Hit of cannabis financial news for January 28th, 2020.

On the Site

Emerald Using Shares to Pay Bills

Canadian cannabis company Emerald Health Therapeutics (TSXV: EMH; OTCQX: EMHTF) had entered into a shares for debt transaction with Emerald Health Sciences, a control person for the former company. Presently, Emerald carries an aggregate debt of $2,816,963. The company will settle $794,182 owed to Sciences, as well as $2,022,781 owed pursuant to trades payable. Emerald Health Therapeutics will also issue 9,713,666 common shares of Emerald to Sciences at $0.29 per share.

TerrAscend Names Ackerman as Interim CEO, Ends Gravitas Deal

TerrAscend Corp. (CSE: TER)(OTCQX: TRSSF) has named the company’s Executive Chairman Jason Ackerman as the interim CEO, replacing the current CEO Michael Nashat.

Just yesterday, TerrAscend terminated its decision to acquire Gravitas Nevada Ltd. which operates a retail cannabis dispensary in Las Vegas, Nevada under the trade name “The Apothecarium.”

2020 Promises Greener Pastures for Cannabis Legislation

More than 75% of the United States of America have legalized (and decriminalized) Cannabis use. Whether that use is in the form of CBD, restricted to medicinal use, or completely without consequence, America’s legislation is changing rapidly.

The new decade started with Illinois celebrating its June 2019 legalization victory and now, New Mexico is following suit. New Mexico’s governor is currently pushing legalization. US News reported on the turn of the decade, there is strong legislative evidence five more states are rolling toward legalization before 2020 comes to a close.

In Other News

Vireo Health Expands Partnership With Leaf Trade

Physician-led, science focused cannabis company Vireo Health (CNSX: VREO, OTCQX: VREOF) announced the expansion of the company’s partnership with Leaf Trade. The partnership will provide a wholesale order and fulfillment management platform in four states where Vireo operates.

Kaitlin DomangueJanuary 28, 2020

Emerald-Health-Takes-Cannabis-Industry-by-Storm-400x225.jpg

Emerald Health Therapeutics (TSXV: EMH; OTCQX: EMHTF), referred to as “Emerald” for clarity, is a Canadian cannabis company offering wellness-oriented and recreational cannabis products. Emerald provided an update yesterday on their recently announced a shares for debt transaction with Emerald Health Sciences, (“Sciences”) a control person for Emerald.

Presently, Emerald carries an aggregate debt of $2,816,963. Per a previously disclosed loan agreement between both parties, Emerald will settle $794,182 owed to Sciences, as well as $2,022,781 owed to Sciences pursuant to trades payable. Emerald Health Therapeutics will also issue 9,713,666 common shares of Emerald to Sciences at $0.29 per share in order to fulfill the debt.

Currently, Sciences holds roughly 29,687,942 of Emerald’s issued shares and upon the completion of the debt settlement, Sciences will hold approximately 23.1% of the issued and outstanding shares of Emerald, on an undiluted basis.

Due to Sciences being a control person of Emerald, the settlement is considered to be a “related party transaction”, meaning the companies had a pre-existing connection prior to the transaction.

Emerald is not the only company in a cash crunch, and relying on selling common shares to stay above water. MedMen has also been making the headlines for a similar situation. The company recently sent out emails to their vendors stating they cannot pay them, and are offering shares in their company instead.

Green Market Report talked to Adam Bierman, the CEO of MedMen, about their circumstances. Bierman tells us, “We’ve been very forthright with the public, and with our investment community at large about the fact that at the end of last year we entered into a restructuring in the business, exiting the hyper-growth stage of the business, and getting into sustainability, and with that, there’s a lot of pain. And that pain starts at the employees that were on this mission with us, building this platform with us that we had to part ways with.”

AxisWireMay 21, 2019

SAN FRANCISCO–May 21, 2019 /AxisWire/ Today, three-time GRAMMY® winner and Grateful Dead drummer Mickey Hart announces the launch of Mind Your Head ™, an innovative cannabis brand produced in California in partnership with Left Coast Ventures™. Mind Your Head is inspired by the groundbreaking culture of creativity and community that Hart helped create and continues to foster through his art and his band, Dead & Company, which launches their summer tour on May 31 st at Shoreline.

The Mind Your Head brand’s first product offering is Magic Minis, pre-rolled whole-flower joints packaged in a tin adorned with Hart’s celebrated artwork. These collectible tins are available in select Bay Area dispensaries:

Urban Pharm (San Francisco)
Sparc (San Francisco)
Berkeley Patients Group (Berkeley)
Hi-Fidelity (Berkeley)
Airfield Supply Co. (San Jose)
Mercy Wellness (Cotati)

With the Mind Your Head cannabis brand, Hart is seeking to share an essential part of the inspiration behind his work as a musician and artist that created a cultural phenomenon with The Grateful Dead.

“Cannabis is about opening the mind by inspiring intellectual curiosity and breaking free from ordinary thinking,” Hart said. “Throughout my life, cannabis has played an important role in inspiring creativity and I hope that Mind Your Head cannabis activates others to find their own dimension of creativity. It’s about transporting your mind, connecting with the rhythm of your body and getting into the zone.”

Mind Your Head Magic Minis feature Chemdog, a legendary strain discovered outside a Grateful Dead show on Shakedown Street in 1991 by a loyal fan now known as ‘Chemdog.’ The namesake strain of cannabis is renowned for boosting artistry and mindfulness. True to Hart’s vision, the Chemdog strains produced for Magic Minis were mindfully grown, pursuing kindness and care in cultivation practices.

“As a loyal Deadhead, I’m proud to see Chemdog featured in the first product from Mickey Hart,” said Chemdog. “It plays an important role in Grateful Dead history and I think it’s exciting that Mickey is bringing it full circle to fans and cannabis enthusiasts in Mind Your Head.”

Left Coast Ventures is a diversified cannabis and hemp company working to shape the future of the legal cannabis industry in the United States — starting with California, the world’s largest legal cannabis market. Left Coast’s portfolio of brands has grown through acquisition, investment and incubation, covering the spectrum from cultivation to distribution and retail.

“We are proud to introduce California enthusiasts to a premium cannabis brand rooted in a global movement that spans generations,” said Left Coast Ventures CEO Brett Cummings. “It’s a true honor to work with a legendary musician and activist who has inspired millions of individuals and shares our values and passion to legitimize the future of cannabis.”

About Mind Your Head

Mind Your Head is a cannabis brand from legendary Grateful Dead drummer and visual artist, Mickey Hart. The brand is founded on the belief that cannabis grown with care can transport minds by inspiring creativity and mindfulness. Mind Your Head operates using sustainable, just and innovative practices. It is currently available in select Bay Area dispensaries, with plans to expand distribution in 2019. Learn more at mindyourheadcannabis.com.

About Left Coast Ventures

Headquartered in Santa Rosa, CA, Left Coast Ventures is a diversified cannabis and hemp company specializing in cultivation, manufacturing, brand development and distribution. Left Coast Ventures and its subsidiaries are working to shape the future of the legal cannabis industry in the United States through acquisitions, investments, and incubation while building a respected portfolio of top shelf brands. Wholly owned, licensed, and distributed brands in Left Coast Venture’s portfolio include: Marley Natural™, Mind Your Head™, Headlight™, Dutchy, and JEF™.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190521005355/en/

CONTACT: Ann Peltz, Media Relations

press@leftcoastventures.us