The Daily Hit: August 27, 2018

It’s time for your Daily Hit of cannabis financial news for August 27, 2018.

On The Site

Charlotte’s Web

Charlotte’s Web, the cannabis company responsible for turning CNN’s Dr. Sanjay Gupta into a medical marijuana believer has filed for an IPO worth C$100 million. Priced at C$7.00 a share, the company and the selling shareholders will be receiving gross proceeds of $93,185,050 and $6,914,950, respectively.

Late last week, Charlottes’ Web Holdings, Inc., announced an offering for an aggregate of 14,300,000 common shares, which consisted of a treasure issuance by the company of 13,312,150 shares, and a secondary offering of 987,850 common shares. The common shares are being offered for sale by Canaccord Genuity Corp, acting as lead underwriter.

CannaRoyalty

CannaRoyalty Corp.  (CNNRF) entered into a binding letter of intent with Tidal Royalty Corp. (TDRYF) to acquire the company’s equity stake and royalty entitlement in Alternative Medical Enterprises LLC or AltMed for C$8 million. CannaRoyalty will continue to have the right to license MÜV products in California, Nevada, Canada and other select markets. CannaRoyalty said that the sale of AltMed represents a roughly 168% return on investment for its shareholders.

AltMed is a Florida-based licensed cannabis business operating in the state of Florida that exclusively manufactures and distributes a line of cannabis-infused products marketed under the MÜV™ brand. NuTrae, the company that actually makes the MüV products is a subsidiary of AltMed and launched the MüV product line in 2016 in Arizona.

In Other News

Veritas Pharma Inc.

Veritas Pharma (VRTHF) announced that it has completed the Share Purchase Agreement to acquire 50% of the issued and outstanding shares of 3 Carbon Extractions Inc.

Under the terms of the Agreement as previously announced on April 16, 2018, Veritas has invested $300,000 US into 3 Carbon and issued 1,500,000 common shares of Veritas at a deemed price of $0.40 per share to the shareholders of 3 Carbon. The cash consideration will be used to build a scalable extraction facility at a location to be determined by the board of Veritas.

Emerald Health Therapeutics, Inc.

Emerald Health Therapeutics  (EMHTF) announced that it has signed a term sheet to form a strategic alliance with Factors R&D Technology, Inc., a division of Factors Group of Nutritional Companies Inc. In this exclusive arrangement, FTI will provide to Emerald pharmaceutical-grade, industrial-scale manufacturing capacity as well as expertise in GMP-level extraction, softgel production, and packaging focused on the rapidly emerging market opportunities for medicinal cannabis in Canada and internationally. This collaboration leverages the Factors Group’s decades of experience in product development, formulation and innovation.

Tilray Canada Ltd.

Tilray Canada Ltd. , a wholly owned subsidiary of Tilray, Inc. (TLRY) announced that it has been selected by the Nova Scotia Liquor Corporation to receive an initial purchase order for adult-use cannabis. The purchase order would allow Tilray, one of fourteen cannabis producers selected by NSLC, to supply the province of Nova Scotia with a diverse array of cannabis products in anticipation of the launch of the adult-use market on October 17, 2018. Tilray intends to fulfill NSLC purchase orders through its affiliate High Park Holdings Ltd., DBA High Park Company, which was formed to produce and distribute a broad-based portfolio of adult-use cannabis brands and products.

James E. Wagner Cultivation Corporation

James E. Wagner Cultivation Corporation (TSX VENTURE: JWCA) announced its financial and operational results for the three months ended June 30, 2018. Revenues were $34,373. The company ended Q3 with just over 138kg of dried cannabis in its storage area. Sales to patients began during Q3, and the company is focused on building out its patient roster during Q4, and is working with several clinics locally, to that end.

The company is also looking to leverage its relationship with Canopy Growth Corporation and has begun shipping product for inclusion on their Craft Grow store shelves. Once the shipments have been cleared, patients should see them available sometime in September 2018. The company has also begun shipping product to MediPharm Labs Inc. as part of its agreement with MediPharm to support its cannabis oil program.

Biome Grow

Biome Grow announced that Orca Touchscreen Technologies Ltd. (CSE: OAA) has received conditional approval from the Canadian Securities Exchange for the listing of the common shares in the capital of the company upon closing of the previously announced three-cornered amalgamation transaction among Biome, Orca, and 151856 B.C. Ltd.. The closing of the transaction and the listing of the common shares are subject to a number of conditions including, but not limited to, the satisfaction of all closing conditions pursuant to the Amalgamation Agreement, the completion of all remaining CSE filing requirements, and the receipt of final approval from the CSE.

Debra Borchardt

Debra BorchardtDebra Borchardt

Debra Borchardt is the CEO, Co-Founder, and Editor-In-Chief of GMR. She has covered the cannabis industry for several years at Forbes, Seeking Alpha and TheStreet. Prior to becoming a financial journalist, Debra was a Vice President at Bear Stearns where she held a Series 7 and Registered Investment Advisor license. Debra has a Masters degree in Business Journalism from New York University.


Leave a Reply

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

Get the latest news delivered straight to your inbox!

Join our mailing list to receive the latest news and updates from the Green Market Report.

Upon joining you will be asked to confirm your email address.


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

@GreenMarketRpt – 3 days

RT : The State of Cannabis SPACs was recorded on April 13, 2021. If you want to learn everything about SPACs in the cannabis i…

Back to Top