It’s time for your Daily Hit of cannabis financial news for April 2, 2019.
On the Site
iAnthus Capital Holdings
iAnthus Capital Holdings, Inc. (CSE: IAN, OTCQX: ITHUF) reported its fiscal fourth quarter and full year unaudited results for 2018, however, the company did not release any financial statement to accompany the press release.
Jacana Exported Medical Marijuana Out Of Jamaica, But Is That Legal?
The Minister of Ministry of Industry, Commerce, Agriculture, and Fisheries, Audley Shaw, recently lauded Cannabis company, Jacana, for making a multi-million-dollar investment in the cannabis industry as the first local entity to export cannabis flowers from Jamaica… There remains one issue with this export; there does not seem to be in existence a law in Jamaica supporting the export of cannabis flowers.
In Other News
IONIC Brands Corp.
IONIC Brands Corp. (CSE: IONC), a company focused on developing luxury cannabis brands, announced today that it has begun trading on the Canadian Securities Exchange (CSE) under the trading symbol IONC. “We are excited that IONIC BRANDS is listed on the Canadian Securities Exchange. This is a critical step in the Company’s growth plans,” said John Gorst, CEO & Chairman of IONIC BRANDS in a statement. “We look forward to the access of the capital markets to build IONIC BRANDS and our premium brand portfolio.”
48North Cannabis Corp.
48North Cannabis Corp. announced that it has closed a previously announced bought deal short form prospectus offering, which includes the exercise of an over-allotment option granted to the underwriters. The company sold 21,139,760 units of the company at a price of $1.36 per unit, raising $28,750,073.60. 48North will use the proceeds of the offering to develop a 100-acre outdoor cultivation site in Brant County, Ontario and general corporate purposes.
Vertical Companies announced that it has raised $58 million in its Series A Financing Round. Originally the company set out to raise $35 million, but later raised the goal by $20 million due to investor demand. “Although early on we thought we might get broader institutional support based on their interest, the federal prohibition kept those funds out of our reach,” said Smoke Wallin, Vertical Companies President, in a statement. “In spite of those challenges, it is terrific that we have such broad-based investor support from the Merida team as well as high-net-worth individuals and family offices. Closing out at $58m with such investor momentum helps propel the company forward as we scale our commercial operations with a keen focus on execution.”