The Daily Hit: April 9, 2019

It’s time for your Daily Hit of cannabis financial news for April 9, 2019.

On The Site

Harvest Health & Recreation

Harvest Health & Recreation, Inc. (CSE: HARV, OTCQX: HRVSF) is acquiring CannaPharmacy, Inc. in a deal with undisclosed value. CannaPharmacy owns or operates cannabis licenses in Pennsylvania, Delaware, New Jersey, and Maryland. Harvest recently announced the private placement of $500 million in convertible debentures to continue to finance acquisitions and corporate growth. Harvest said that it expects that the transaction will be accretive to Harvest’s 2020 revenue and EBITDA.

New York State Stalls Major Cannabis Mergers

New York State’s Department of Health that oversees the medical marijuana program has yet to approve three outstanding proposed acquisitions. The three deals include the MedMen Enterprises Inc. (MMNFF) acquisition of Pharmacann, The Green Thumbs Industries (GTI) acquisition of Fiorello Pharmaceuticals and the Cresco Labs Inc. (CRLBF) deal with Valley Agriceuticals.

In Other News

Pivot Pharmaceuticals Inc.

Pivot Pharmaceuticals Inc. (CSE: PVOT) announced that on April 8, 2019, it entered into a binding letter of intent with High Park Ventures Inc. (HPK) for a private placement of $15 million. The private placement is expected to close in two tranches and is contingent upon HPK satisfactorily completing its due diligence investigation. “With the investment and support provided by the High Park Ventures Team, we are able to implement and accelerate our initiatives,” stated Pivot CEO Dr. Patrick Frankham. “The experience and track record of the High Park Ventures Team will greatly benefit Pivot’s management team as we commercialize our industry leading bio-cannabis product line.”

Green Thumb Industries

Green Thumb Industries (CSE: GTII) today reported its financial results for the forth quarter and full year ending on December 31, 2018. For the fourth quarter, GTI increased its revenue by 237% to $20.8 million. For the year, GTI made $62.5 million. EBITDA for the quarter was a loss of $4.8 million and for adjusted EBITDA was a loss of $12.4 million. However, for the year, EBITDA and Adjusted EBITDA was $27.7 million and $21.5 million, respectively. The company experienced a net loss of $3.1 million for the quarter and $7.7 million for the whole year. “Discipline continues to drive how we allocate capital to create long-term shareholder value,” commented GTI Founder and CEO Ben Kovler. “We continue to execute against our strategic priorities for 2019: 1) establish a leading brand portfolio through innovation, standardization, and distribution; 2) accelerate retail growth through new store openings and consumer loyalty, and 3) bolster infrastructure with people, process, and technology to deliver sustainable profitable growth.”

Cansortium Inc.

Cansortium Inc. (CSE: TIUM) today announced a $25 million private placement with Canaccord Genuity Corp. and Paradigm Capital Inc. The company will issue convertible debenture units at an issue price of $1,000 per unit. Each unit will consist of a senior secured convertible debenture of the company valued at $1,000 and accruing interest at 12.0% annually, and 229 common share purchase warrants. The offering is expected to close on or around April 23, 2019.

William Sumner

William Sumner

William Sumner is a freelance writer specializing in the legal cannabis industry. You can follow William on Twitter @W_Sumner or on Medium.


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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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