The Daily Hit is a recap of cannabis business news for Dec. 21, 2022.
ON THE SITE
Unhappy Riv Capital Investors Want to Toss Board
JW Asset Management, the largest shareholder of RIV Capital (OTC: CNPOF), has called for a special meeting of shareholders to replace five of the seven directors on the board. At the heart of the dissatisfaction is the price paid for New York cannabis company Etain. Read more here.
Shaq Wants His Cannabis Money Back
Basketball legend Shaquille O’Neal and business partner Jerome Crawford spent $150,000 investing in Viceroy LLC back in 2017. Viceroy was supposed to use the money to invest in legal cannabis businesses but is now described as a “black hole” with no evidence of having made any efforts with the money. Read more here.
Housing Works Gets First Legal Adult-Use Cannabis Sales in New York
New York will meet its self-imposed end-of-year deadline to launch recreational cannabis sales, with 48 hours to spare. At the state’s Cannabis Control Board meeting Wednesday, the agency’s executive director revealed that the first licensed adult-use marijuana sales will take place Dec. 29 at a dispensary run by the nonprofit Housing Works, one of the 36 retail license recipients announced a month ago. Read more here.
Trulieve Extends 2023 Cash Runway with $71.5 Million in Financing
Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) on Wednesday closed on a financing deal that will provide the company additional funds to the tune of $71.5 million. The commercial loan is secured by a cultivation and manufacturing site in Florida, and the company said it will pay interest at a fixed rate of 7.53% for the duration of the five-year loan – a solid rate for the cannabis industry. Read more here. Read more here.
SNDL Bets on Nova for the Long Run, Revises Accord
SNDL (Nasdaq: SNDL) and Nova Cannabis (OTCQB: NVACF) have fashioned new terms for their existing relationship as the two look to grab more market share in a consolidating Canada. Read more here.
IN OTHER NEWS
Greenway Greenhouse Cannabis Corp.
Greenway Greenhouse Cannabis Corporation (CSE: GWAY) (OTC: GWAYF), a cultivator of greenhouse cannabis for the Canadian market, entered into a binding third-party purchase and sale agreement for the sale of a surplus greenhouse for a purchase price of C$7.5 million. Read more here.
New Leaf Ventures Inc.
New Leaf Ventures Inc. (CSE: NLV) (OTC: NLVVF) has entered into an amalgamation agreement with High Profile Holdings Corp., pursuant to which New Leaf has agreed to acquire all of the issued and outstanding common shares of High Profile by way of a statutory three-cornered amalgamation. Read more here.