It’s time for your Daily Hit of cannabis financial news for February 11, 2020.
On The Site
2019 proved to be a challenging year for the companies tied to vape products. Now it looks as if there could be strength in numbers as TILT Holdings Inc. (CSE: TILT) (OTCQB: TLLTF) and its vape subsidiary Jupiter Research, LLC has partnered with vape device company The Blinc Group, LLC.
The Blinc Group makes proprietary cannabis vaping solutions for MSOs and focuses on control of the entire value chain from R&D to product design, to compliance and manufacturing at ISO and cGMP certified facilities with oversight by Blinc’s China-based quality control team. Blinc’s Co-Founder and CEO Arnaud Dumas de Rauly said, “We look forward to working closely with Jupiter and bringing additional value and expertise to their extensive network of clients,” said Mr. Dumas de Rauly. “I am excited to see what the future of cannabis vaping landscape holds when two companies like Jupiter and Blinc work closely together to help shape the new standards and set an example for regulatory compliance as a whole.”
The trend of cannabis decorative bouquets, gifts, and arrangements is here to stay. As of January 2020, it was rated one of BDS Analytics “Top 10 Cannabis Market Trends for 2019″ and its popularity as a must-have, must-try cannabis item is steadily growing: BDS Analytics › Top Ten Cannabis Market Trends for 2019
Additionally, cannabis florist Cortney Lynn, owner and founder of Bitchin’ Bouquets in Big Bear, California, opened her online business on Dec. 5, 2017. She offers some tips for DIY cannabis bouquets for those looking to complement their weed arrangements and handicrafts:
In Other News
GenCanna Global USA, Inc. announced today it has filed a petition for voluntary Chapter 11 reorganization with the U.S. Bankruptcy Court in the Eastern District of Kentucky. The filing will allow GenCanna to continue to operate its business without interruption to customers, vendors, partners, and employees while working through a reorganization plan that could include the refinancing of the Company’s existing indebtedness, or an alternative restructuring transaction such as a sale.
GenCanna has obtained approximately $10 million in post-petition debtor-in-possession (DIP) financing from its senior lender, which, subject to Court approval, will provide the Company with liquidity to maintain its operations in the ordinary course of business during the Chapter 11 process.
The Supreme Cannabis Company, Inc. (TSX: FIRE) (OTCQX: SPRWF) announced the implementation of a new operating structure, including staff reductions, to drive efficiencies and support long-term, profitable growth. Under the new optimized organization, reporting structures at the corporate level are being streamlined and vendor contracts and support services have been rationalized. Focusing the Company on near-term revenue generating opportunities and creating a more nimble and effective corporate structure resulted in a 33% reduction in employee headcount at a corporate level.
Grown Rogue International Inc. (CSE: GRIN) (OTCQX: GRUSF) announced that on February 10th, 2020 it received a commitment from Cannabis Growth Opportunity Corporation (CSE: CGOC) to invest up to CDN$1,500,000 million in a non-brokered private placement offering with each unit comprising of one common share in the capital of the company and one common share purchase warrant. Each warrant is exercisable into one share at a price equal to a 25% premium to the unit price for a period of 24 months.
Today Old Pal announced that Kiva Sales and Services (KSS), the states’ leading distribution operator, will be their exclusive distribution partner and the first to service the entire state of California for Old Pal.
This partnership between these two powerhouse brands is projected to more than double Old Pal’s retail availability and will expand KSS’s portfolio of products. Kiva will start to distribute Old pal’s full portfolio of sharable cannabis products to licensed California dispensaries effective immediately. A great benefit to this agreement is that KSS’s logistics capabilities will increase Old Pal’s speed to market and meet the consistently rising demand from California consumers for Old Pal’s products.