It’s time for your Daily Hit of cannabis financial news for July 3, 2021.
On The Site
July 2021 saw record-setting temperatures in parts of the country, alarming spikes in Delta variant Covid infections, and large numbers of Americans returning to summer vacationing after having last summer’s dreams of ocean breezes and lakeshore barbecues dashed by the pandemic. It was also a notable, if not promising month for hemp. Hemp Benchmarks, a division of New Leaf Data Services and leading provider of financial, business, and industry data for the North American hemp markets, recently issued its report for July, which touches on some of the most high-profile talking points of the hemp market to date.
TPCO Holding Corp. (OTCQX: GRAMF) has acquired an operating retail dispensary located in Ceres, California from the owners of Jayden’s Journey. Terms of the transaction were not disclosed and remain subject to customary closing conditions, including regulatory approval. The company said it plans to rebrand the location at a later date. Jayden was the first child to be given CBD on national television by his father Jason who pioneered the CBD movement. Jayden’s Juice began when the company founder, Jason David’s son was diagnosed with Dravet syndrome, a rare and catastrophic form of epilepsy, at four months old. Jayden had hundreds of seizures each day, and doctors believed he might not live past his fifth birthday. After spending more than a thousand dollars a month on 22 pills a day, the founder’s son was still experiencing terrifying seizures.
Viridian Capital Advisors pointed out this week that while cannabis SPACs have finished approximately $5 billion of qualifying transactions, there is still plenty of money that remains to be invested. Viridian said it expects the second wave to be equally significant with approximately $5.9B of deals announced or projected.
In Other News
Jazz Pharmaceuticals plc (Nasdaq: JAZZ) today announced financial results for the second quarter of 2021 and affirmed non-GAAP adjusted financial guidance for 2021. Total revenues increased 34% to $751.8 million compared to the second quarter 2020. 2021 total revenue guidance affirmed at $3.02 billion to $3.18 billion
Petalfast, a full-spectrum sales and marketing agency for the cannabis industry announced today an exclusive partnership with Nabis, the leading licensed cannabis wholesaling platform. By leveraging Nabis’ statewide network and best-in-class technology tools, Petalfast’s portfolio of brands will enjoy rapid fulfillment, low-cost financing, efficient order management and sophisticated data analytics, allowing them to scale more effectively.