Here are your daily cannabis news briefs for April 11, 2018:
On The Site
The big news this week is that former Speaker of the House John Boehner and former Massachusetts governor Bill Weld have joined the board at the up & coming Acreage Holdings. The company was formerly known as High Street Capital and initially got into the cannabis industry to make investments. It has pivoted from investor to owner and now has ownership of properties in 11 states. The company focuses on medical marijuana but expects to transition to adult-use as legality permits.
Altitude Investment Management
Altitude Investment Management raised $18.7 million in capital from more than 50 investors for its fund Altitude Investment Partners, which invests in a range of early-stage to growth companies in the emerging legal cannabis industry. This is a major step toward the $50 million target the firm has set for the next 11 months.
Cannabis workforce software company Wurk announced that it has raised $3.2 million in a bridge funding round. The funding round included participation from both new and returning investors, including Poseidon Asset Management, which led the round, as well as Phyto Partners, Altitude Investment Partners, Arcview Investor Network and Arcadian Fund.
MM Enterprises USA, LLC, better known as MedMen Enterprises, announced today that it has entered into a binding “Letter of Intent” outlining the proposed terms and conditions pursuant to which MedMen Enterprises will effect a reverse takeover of OutdoorPartner Media Corporation. MedMen Enterprises will become a publicly traded company through a reverse takeover, or RTO. In an RTO, the security holders of a private company that aims to become publicly traded take over an existing public company. OutdoorPartner Media Corporation is an unlisted Canadian public company.
Kush Bottles (KSHB) entered into a merger agreement to acquire Summit Innovations, LLC. As per the merger agreement, Summit Innovations, LLC will merge into a wholly-owned subsidiary of Kush Bottles in exchange for 1.28M shares of Kush Bottles common stock and $3.2M in cash, a portion of which will be held back to satisfy certain post-closing obligations.
MedReleaf announced that it has completed a supply agreement with Société des alcools du Québec (“SAQ”) to supply the future Société québécoise du cannabis (SQDC) with high-quality adult recreational-use cannabis products in accordance with the previously announced Letter of Intent. Under the terms of the agreement, MedReleaf is committed to supplying the Quebec market with 8,000 kilograms of cannabis products per year with a minimum three-year term.
Fire & Flower, a corporate retail cannabis store, announces that it has entered into a preferred cannabis supplier agreement with Emblem Corp.(EMMBF). Fire & Flower plans to launch retail cannabis stores across Canada. Within Alberta alone, Fire & Flower has applied for 37 retail store licenses with the Alberta Gaming and Liquor Commission (AGLC). Its experienced, industry-leading team will continue to aggressively pursue applications for retail licenses in other provinces at its earliest opportunity.