It’s time for your Daily Hit of cannabis financial news for April 20, 2020.
Happy 420 day everyone. Not a typical day of festivities, but we hope everyone is staying safe and healthy and next year is sure to be bigger and better.
On The Site
Monday, April 20, 2020, from 12PM to 5PM PST, the organizers of Chronic Relief look to make this 4/20 the most iconic celebration in the cannabis community’s history, making a lasting impact where it matters most. As all major 4/20 in-person celebrations have been canceled, the organizers took the opportunity to leverage long-standing partnerships and friendships through their vast network of supporters and sponsors to capture a large audience of virtual cannabis enthusiasts in support of a unified cause – helping the Feeding America network of food banks as they support communities and families impacted by the pandemic. Households facing hunger may be more susceptible to the virus, further contributing to the demands placed on food banks. Your donation will enable food banks to serve the most vulnerable members of the community and our neighbors in need during this difficult time. The event will be live-streamed on Twitch, YouTube, Facebook, and more.
As the world is seemingly closed for business, many business owners find themselves in hot water. According to Liesl Bernard, CEO, and founder of cannabis staffing agency CannabizTeam, the cannabis industry is not one of those businesses. Being coined as “corona stress disorder”, people are turning to cannabis products to ease their anxiety over the current state of the world. And since everyone is at home, people are running through their products at a much faster rate than usual.
Bernard tells Green Market Report, “There has been a rise in hiring temporary employees in the cannabis industry, even with COVID-19 looming over the economy. Across the board, our clients are looking for extra support. Last month, we saw a 100% increase in temporary staffing, and we’re still getting plenty of clients who need temps. Our top temp positions are warehouse technicians, budtenders, extraction technicians, and dispatch managers.”
Looking to jazz up your virtual background for 420? The marketing team at SLANG decided to produce some cannabis-themed zoom backgrounds featuring some of our favorite brands as many of us gear up for a virtual 4/20 at home. You can find the link to download them here. The brands featured include Cookies, O.penVAPE, District Edibles, Pressies, Firefly, and Bakked.
In Other News
Mineral Hill Industries Ltd. listed on the TSX Venture Exchange under the trading Symbol MHI had received subscription agreements for PP1 in the amount of CAD $2,196,538, relating to the subscription of 2,196,538 common shares at a deemed issue price of CAD $1.00 per share. MHI’s contract partner, SCRH, referred to in the above News Releases, and especially its owner and sole shareholder Mr. Joseph Durrell Cleghorn can be credited with the successful private placement participation.
Further to the TSXV’s request that MHI unwind PP1, after thorough discussions between MHI’s management and SCRH, the Company’s Board of Directors resolved to unwind its announced private placement “PP1” and return all of the funds received from the PP1 investors in order to fully comply with TSXV rules and policies.
Mr. Cleghorn, who has made a strong strategic commitment to the real estate business, has agreed to join MHI’s advisory board. The Company will remain focused on the real estate business with an emphasis on an UPREIT structure and will follow up on real estate projects which are not ancillary in a material way to the cannabis business in order to stay in compliance with the rules of the TSXV. The Company and SCRH will jointly draft a termination agreement regarding their definitive agreement dated January 28th, 2020.
CB2 Insights (OTCQB: CBIIF) completed the terms of the purchase agreement of Colorado-based Rae of Sunshine Health Services (ROSH). CB2 announced the purchase and took over operations for the multi-location clinic group in April 2019. As per the agreement with ROSH, the Company will issue 882,978 shares to complete the purchase; shares will be subject to a 4-month hold. Over 2019, Relaxed Clarity has contributed approximately CAD$1.1mm in revenue and CAD$200K in positive EBITDA to the Company. The Company, which already represents one of the largest networks of medical centres specializing in medical cannabis therapy in the United States, is only further strengthened by the addition of 11K patients throughout 2019 derived from Relaxed Clarity.
First & Free, an American-made CBD brand from Canopy Growth Corporation (TSX: WEED) (NYSE: CGC), today announced a new line of CBD Creams: Everyday, Motion and Revitalize. The creams are the latest addition to First & Free’s portfolio of hemp-derived CBD isolate products including oil drops and softgel capsules, which launched exclusively in the U.S. last December.