Here are today’s cannabis industry financial news briefs for April 5, 2018.
On The Website:
High Times Holding Corp.
Long-time cannabis lifestyle publisher High Times announced the acquisition of Green Rush Daily. Terms of the deal were not released, but it was previously noted that it was an all-stock transaction. High Times said that Green Rush Daily would continue to operate independently, but would be considered part of the High Times stable of brands like the Cannabis Cup.
According to the High Times Preliminary Prospectus, on August 31, 2017, THC entered into an online sales representative agreement with Green Rush Daily Inc. “Under the terms of the agreement Green Rush appointed Trans-High as Green Rush’s exclusive sales representative with respect to: (a) all advertisements to be sold or otherwise offered to third-party advertisers on the Green Rush websites, and (b) all advertisements for display to retail and wholesale channels on the websites. All fees received from advertisers on the Green Rush website are to be split 70% to THC and 30% to Green Rush. In a related development, THC entered into a three-year employment agreement with Scott McGovern, the owner of Green Rush, under which Mr. McGovern became Senior Vice President of Publishing of the THC Group.
Canopy Growth Corporation
Canopy Growth Corporation (TWMJF) and Canopy Rivers Corporation announced today that they have executed a strategic agreement with LiveWell Foods Canada Inc., a vertically integrated cannabis company. Under the agreement, Canopy Growth and Canopy Rivers will assist in the development and commercialization of LiveWell’s two cannabis cultivation facilities, located in Ottawa, Ontario, and Litchfield, Quebec.
In Other News:
Airware Labs Corporation
Airware Labs Corporation (AIRW) announced that the company voted to officially change its name to Item 9 Labs Corp., reflecting the company’s new business direction. Airware has filed its plans for this proposed name change with FINRA (Financial Industry and Regulatory Authority) and has requested a new ticker symbol that better suits the company’s new name..
Airware Labs recently acquired BSSD Group an Arizona company doing business as Item 9 Labs, which was completed on March 21, 2018. In conjunction with the acquisition, Airware closed on a material definitive financing agreement in the principal amount of $1 million. The new symbol is under review and will be forthcoming upon confirmation from FINRA.
Green Spirit Industries Inc.
Green Spirit Industries (GSRX) announced that it has acquired The Green Room, a cannabis dispensary business located in Point Arena, Mendocino County, California. The business is licensed under the name Green Spirit Mendocino, LLC, and will continue to do business as The Green Room.
HempAmericana, Inc. (HMPQ) announced that it has filed permits to become a licensed grower in the State of Maine. The company is scheduled to close on a property tailored to the cultivation of genetically superior CBD-rich hemp stock for its extraction, processing, and production operations based in nearby Augusta, Maine. Locking in permits now will allow for timely ramping of full-scale CBD Oil production this quarter.