The Daily Hit: August 15, 2018

It’s time for your Daily Hit of cannabis financial news for August 15, 2018.

On The Site

Canopy Growth Corporation

Canopy Growth Corporation (CGC) stock jumped over 27% to lately trade at $31 after it was announced that alcohol beverage company Constellation Brands (STZ) was increasing its stake in the company. This is a significant expansion of the partnership that was initiated last year.

Constellation is acquiring 104.5 million shares of Canopy Growth at a price of C$48.60 a share or $36.99 by today’s currency exchange rates. This is a 37.9% premium to Canopy’s 5-day average price and a 51.2% premium to the closing price on August 14.  Constellation will also receive additional warrants of Canopy that, if exercised, would provide for at least an additional $4.5 billion CAD to Canopy Growth. The deal is expected to close by the end of October.

The Green Organic Dutchman 

The Green Organic Dutchman (TGODF) reported its quarterly results that demonstrate the company is still in a phase of ramping up as there are no sales to report as of yet. The net loss for the quarter ending June 30, 2018, was C$8.5 million or C$0.04 per share versus last year’s C$2.3 million loss or C$0.02 per share.

The company celebrated its successful Initial Public Offering during the quarter that raised C$132 million and listed its shares on the Toronto Stock Exchange. This resulted in the shareholder count jumping from 4,000 to over 20,000. These shareholders are clearing pinning their hopes on the many deals that TGOD has arranged and the eventual success of the company’s cultivation facilities.

In Other News

WeedMD Inc. 

WeedMD Inc.  (WDDMF) and Phivida Holdings Inc. (PHVAF) are pleased to announce the signing of a final definitive joint venture agreement to develop and operate Cannabis Beverages Inc. at WeedMD’s state-of-the-art greenhouse facility in Strathroy, Ontario.

Under the terms of the Agreement, both companies will be strategic partners in the development of CanBev. WeedMD will act as the exclusive supplier of cannabinoid extracts for use in innovative cannabis-infused consumer products to be made at the CanBev facility. In doing so, WeedMD will designate manufacturing space at its 610,000 sq. ft. state-of-the-art licensed cultivation and processing facility located in Strathroy, Ontario.

Kush Bottles, Inc. 

Kush Bottles, Inc. (KSHB) announced the launch of Kush Supply Co., a new subsidiary based in Toronto, Ontario, with a national sales force leveraging the robust infrastructure of Kush Bottles’ current distribution platform. This new subsidiary will serve licensed producers, processors, retailers, and distributors throughout Canada and will be led by Gordon Woolley, Vice President, and Mark Doerr, Regional Sales Director.

Emerald Health Therapeutics, Inc.

Emerald Health Therapeutics, Inc. (EMHTF) has completed the purchase of the remaining shares of Northern Vine Canada Inc. from Abattis Bioceuticals Corp. (ATTBF) for $2 million in cash and 1,093,938 common shares of Emerald (with a deemed value of $4 million. This transaction, announced on July 19th, increases Emerald’s ownership of Northern Vine from 65% to 100%. Northern Vine is a Licensed Dealer under the provisions of the Canadian Controlled Drugs and Substances Act.

Maricann Group Inc.

Maricann Group Inc. (MRRCF) announced that it successfully exported dry cannabis flowers to Germany.  The recent shipment of dry cannabis flowers from its EU-GMP certified facility in Langton, ON Canada, was successfully exported from Canada and then imported to Germany.  The material then underwent further analytical testing and met all specifications and requirements. The Company will now move to export further product to the German medical market.

Veritas Pharma Inc.

Veritas Pharma Inc. (VRTHF) signed a Memorandum of Understanding with IsCann Group Limited located in Be’er Tuvya, Israel with the aim of establishing, maintaining, and expanding business in the Canadian and Israeli medical cannabis sector.

Under the terms of the MOU, both parties will identify key extraction, pharmaceutical, nutraceutical, and cannabis manufacturing partners with a whole plant focus rather than molecular research; undertake joint clinical research and development on select products; and identify key national and international distributions partners for market size analysis with a focus on Israel and legal European markets. Both parties will also propose speakers to participate in workshops, conferences, seminars, and other events to discuss primarily bilateral trade between Veritas Pharma & Israeli pharma companies.

GW Pharmaceuticals

GW Pharmaceuticals (GWPH) initiated with Buy rating and $181 (36% upside) price target at Stifel citing bullish prospects for Epidiolex.

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the latest cannabis news delivered right to your inbox

The Morning Rise

Unpack the industry with the daily cannabis newsletter for business leaders.

 Sign up


About Us

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


READ MORE



Recent Tweets

Get the latest cannabis news delivered right to your inbox

The Morning Rise

Unpack the industry with the daily cannabis newsletter for business leaders.