It’s time for your Daily Hit of cannabis financial news for February 13, 2019.
On The Site
Emerald Health Therapeutics, Inc. (OTCQX: EMHTF) announced that its 50%-owned joint venture for large-scale, low-cost, high-quality cannabis production, Pure Sunfarms Corp. has entered into a credit agreement with Bank of Montreal as agent and lead lender and Farm Credit Canada as a lender for C$20 million secured non-revolving term loan. The credit is secured by the greenhouse facility.
Cannabis HR firm Wurk announced the raise of $11 million in a funding round led by returning investors Poseidon Asset Management and Arcadian Fund. Existing investors Altitude, Salveo Capital, Phyto Partners, and The Arcview Group also participated in the round.
Wurk plans to use the money to enhance the client experience while expanding its cannabis HCM platform, including the launch of managed services
In Other News
Choom (OTCQB: CHOOF) entered into a letter of intent agreement with one of the 25 Cannabis Retail lottery winners to open a location in Ontario. Choom, an emerging adult use cannabis retailer, is building out one of the largest retail cannabis networks in Canada. The LOI is with a winner of one of the 25 retail opportunities to apply for a license to operate a cannabis retail store granted as a result of the Alcohol and Gaming Commission of Ontario’s Expression of Interest Application Lottery conducted on January 11, 2019.
Sunniva Inc. (OTCQB:SNNVF) completed the previously announced non-brokered offering of convertible debentures. The originally announced $10 million Financing was over-subscribed with gross proceeds received of CAD $15,042,055. This financing provides additional working capital to enable Sunniva to meet the higher than anticipated near term sales demand for Sunniva branded cannabis products in California and for general corporate purposes. The financing included two insiders of the company subscribing, directly or indirectly, for a total of CAD $2.3 million which demonstrates management and insiders’ commitment to the Company.
Weekend Unlimited Inc. (WKULF) entered into a definitive agreement with R&D Pharma, which is anticipated to close next week. R&D Pharma is a Canadian company building a vertically integrated medical cannabis business in Jamaica. RDP has secured a Tier-3 Cultivator’s License, which allows for full cultivation of cannabis plants on a land of over 5 acres, which in this case applies to the 98-acre RDP property.