The Daily Hit is a recap of the top cannabis business stories for April 20, 2022.
ON THE SITE
RED, WHITE & BLOOM
Red White & Bloom Brands Inc. (CSE: RWB and OTC: RWBYF) announced a series of transaction and operational decisions to strengthen the balance sheet and provide significant cost reductions in 2022. The changes included selling the Illinois property, paying down debt, reducing its headcount, and focusing on its own brands. Read more here.
420 A BIG HIT
Another April 20 is upon us as the holiday has become the single biggest day for sales. It doesn’t even seem to matter that the holiday falls on a Wednesday this year. People are sick of the pandemic and ready to party. They may even pass joints in a circle without wiping off the end. Read more here.
The “4/20 Cannabis Insights Poll”, a national poll commissioned by Jushi Holdings, Inc. (OTC: JUSHF) surveyed 1,100 cannabis and non-cannabis consumers in the U.S. (ages 21 years+) and found that not only did more than half of cannabis consumers try cannabis for the first time in the last year, but that a majority also believe that cannabis has an overall positive impact on society, economic growth and the job market. Read more here.
More governments around the world are seeing the potential of psychedelics in treating large swaths of their population, andhave begun to anty up on the bet of better mental health wellness using psychedelics. Here’s a quick look at what is happening not just in the U.S., but in four other countries as well. Read more here.
IN OTHER NEWS
California cannabis company Lowell Farms Inc. and Pennsylvania-based lighter brand Zippo have entered into a non-binding letter of intent that will expand the presence of both companies in California’s licensed cannabis dispensaries. The 18-month collaboration sees Lowell Farms serving as the exclusive distributor of Zippo products at dispensaries and retaining exclusive rights to the Zippos name for all co-branded events and activations within the cannabis industry. Read more here.
The Arcview Group, a vertically integrated events and financial services firm serving the cannabis and industrial hemp and psychedelic industries, reported continued success of its principal investing unit, Arcview Ventures LLC, with their second Investment out of the Arcview Entourage Seed Fund and its 19th Investment out of the Arcview Collective Fund in Nuka Enterprises LLC dba 1906. Arcview’s two highest performing investments for 2021 are Abstrax Holding Inc. and the Blinc Group, Inc. Read more here.
FIRE & FLOWER, CIRCLE K
Fire & Flower Holdings Corp. (TSX: FAF) (OTCQX: FFLWF) a cannabis consumer retail and technology platform announced today that 2707031 Ontario Inc., an indirect wholly-ownedsubsidiary of Alimentation Couche-Tard Inc., [owner of convenience retail chain Circle-K] has confirmed its intention to exercise warrants (the Series B Warrants) to acquire 8,288,067common shares of Fire & Flower pursuant to the terms of a Second Amended and Restated Warrant Certificate. Read more here.
SCOTTS MIRACLE-GRO COMPANY
The Scotts Miracle-Gro Company (NYSE SMG), one of the world’s largest marketers of branded consumer lawn and garden products, will release its second quarter financial results on Tuesday, May 3, 2022, prior to the opening of the U.S. financial markets. Read more here.
Treez (www.treez.io), the leading enterprise cloud commerce platform that powers retail and supply chain operations for the cannabis market, today announced completion of a $51 million Series C funding at a valuation in excess of $260 million. Read more here.
Ascend Wellness Holdings, Inc. (CSE: AAWH.U) (OTCQX: AAWH), a multi-state, vertically integrated operator, announced that it completed an equity transaction to roll up all of the other existing members of Story of PA CR, LLC. Story received a Clinical Registrant permit (“Permit”) from the Pennsylvania Department of Health on March 1, and Story will remain the Permit holder and operator of the Permit. Read more here.
WEST TOWN BANK & TRUST
West Town Bank & Trust announced the launch of its dedicated cannabis banking program. The program provides the cannabis industry with secure, convenient, and modern financial tools, enabling businesses to operate more efficiently and reduce the risks associated with operating a cash-intensive business. Read more here.
Top Strike Resources Corp. d.b.a. “Vencanna Ventures” (the “Corporation” or “Vencanna”) (CSE: VENI) (OTCQB: TPPRF) is pleased to provide an update in respect of the previously announced business combination transaction with CannavativeGroup LLC (“Cannavative”). On March 12, 2021, the Vencannaand Cannavative announced the execution of an exclusive non-binding letter of intent. Read more here.
THE FLOWR CORPORATION
Flowr (TSXV: FLWR, OTC: FLWPF) has entered into a definitive agreement to sell Holigen to Akanda for aggregate consideration of approximately $35 million, including approximately $5.1 million of indebtedness being assumed by Akanda under the transaction, representing value of approximately $0.08 per share. Read more here.
Roundhill Investments, an ETF sponsor focused on innovative thematic funds, today launched the Roundhill Cannabis ETF (“WEED ETF”) on the Cboe BZX Exchange. The WEED ETF seeks to provide investors with exposure to the cannabis sector, including U.S. multi-state operators (“MSOs”). Read more here.