It’s time for your Daily Hit of cannabis financial news for December 15, 2020.
On the Site
Mind Medicine (MindMed) Inc. (NEO: MMED) (OTCQB: MMEDF) entered into an agreement with Canaccord Genuity Corp. to purchase, on a bought deal basis an aggregate of 11,364,000 units of the company at a price of C$4.40 per unit for gross proceeds of C$50 million. the company said the net proceeds will be used for investment in Project Lucy, Albert (the company’s digital medicine division), additional microdosing research and development, Project Layla (18-MC) as well as general working capital. MindMed also announced the successful completion of a pre-IND (Investigational New Drug) meeting with the U.S. Food and Drug Administration (FDA) regarding the development of lysergic acid diethylamide (LSD) assisted therapy for anxiety disorder.
Numinus Wellness Inc. (TSXV: NUMI) has acquired Montreal-based psychedelic programming company Mindspace Psychology Services Inc (DBA Mindspace Wellbeing). The agreement brings together the capabilities of two leading Canadian organizations to develop and scale delivery of evidence-based psychedelic-assisted psychotherapy to provide the highest quality patient outcomes. The deal has an approximate value of C$3.7 million. Just last week, Numinus had announced announce that it has entered into an agreement with Canaccord Genuity Corp. and Eight Capital for a bought deal basis that delivered approximately $10 million.
GrowGeneration Corp . (NASDAQ: GRWG) has just announced its seventh acquisition of the year with its purchase of California-based Grassroots Hydroponics. This three-store chain of hydroponic garden centers in Southern California is known for being home to high-volume retail locations in Anza, Lake Elsinore, and Murrieta. With these additions, GrowGen will operate 13 stores in the booming California cultivation market and 39 total retail locations across the country.
While some companies like Canopy Growth (NASDAQ: CGC) are laying off employees by the hundreds, Slang Worldwide (OTC: SLGWF) is doing the opposite. This quietly growing cannabis brand company is adding jobs and the state of Colorado couldn’t be happier because the company decided to move its headquarters there.
In Other News
Mindset Pharma Inc. a drug discovery and development company focused on developing next generation psychedelic medicines for the treatment of neuropsychiatric and neurological indications with unmet needs, is pleased to announce that it has upsized and completed its previously announced brokered private placement, led by Mackie Research Capital Corporation, as sole agent and sole bookrunner, pursuant to which the Company issued an aggregate of 10,428,813 units at a price of $0.40 per Unit for aggregate gross proceeds of $4,171,525.20, including the full exercise of the over-allotment option.
Indus Holdings, Inc. (CSE: INDS) (OTCQX: INDXF), intends to conduct an overnight marketed public offering of units of the Company, comprised of subordinate voting shares and warrants of the Company. The Offering is expected to be priced in the context of the market, with the final terms of the Offering to be determined at the time of pricing. There can be no assurance as to whether or when the Offering may be completed, or as to the actual size or terms of the Offering. The closing of the Offering will be subject to market and other customary conditions, including satisfying the requirements of the Canadian Securities Exchange.