It’s time for your Daily Hit of financial news for February 14, 2021.
On the Site
To celebrate winter’s sexiest holiday, multi-state cannabis company MariMed (OTC: MRMD) compiled a survey for their edible brand Betty’s Eddies. The results suggest that you might want to consider picking up your Valentine’s favorite brand of cannabis edible to heat things up this February 14th. According to MariMed’s survey, 72% of cannabis consumers are already planning to incorporate cannabis into their Valentine’s Day festivities, with more than half saying they would like to receive cannabis as a gift for the lover’s holiday. Read more here.
Cannabis banking company Safe Harbor Financial (SHF, LLC) will go public through the SPAC (special purpose acquisition corporation) Northern Lights Acquisition Corp. (NASDAQ: NLIT) has chosen it for the qualifying transaction. Safe Harbor is a subsidiary of Partner Colorado Credit Union, a Colorado-chartered credit union based in Arvada, Colorado. Safe Harbor will be led by Sundie Seefried, Founder and Chief Executive Officer of Safe Harbor. Read more here.
Cannabis blank check company Relativity Acquisition has sold 12.5 million units at $10 each, and its underwriters have a 45-day option to buy up to an additional roughly 1.9 million units, which could raise another $18.75 million. Relativity Acquisition’s common stock is set to trade on the Nasdaq under the symbol “RACY” (the units will trade at RACYU) and its offering is expected to close on February 15, 2022. Read more here.
On Friday, Governor Gretchen Whitmer announced that she was consolidating the regulatory bodies within the State of Michigan that oversee cannabis and hemp processing, distribution, and sale to improve efficiency. The governor’s statement said that these administrative changes would help the state continue growing the hemp and marijuana economy, create jobs, and invest in local communities. Read more here.
Late after the market closed on Friday, MedMen Enterprises Inc. (OTCQB: MMNFF) announced that its Chief Revenue Officer Tracy McCourt was resigning effective March 4, 2022. McCourt has only been in the job for a little over a year. It was a new role that was described as leading the omni-channel marketing strategy as well as the company’s buying, merchandising and business intelligence efforts. She was hired by the former CEO Tom Lynch. Read more here.
In Other News
Ascend Wellness Holdings, Inc. (CSE: AAWH.U) (OTCQX: AAWH) announced that it has promoted the company’s Co-founder and Chief Strategy Officer, Frank Perullo, to President of AWH. Perullo will be responsible for AWH’s day-to-day operations, with the Retail, Sales and Marketing, and Operations departments reporting directly to Perullo going forward, in addition to his existing reports. Abner Kurtin, founder, and CEO of AWH, will continue to lead the company and oversee Perullo, along with Dan Neville, Chief Financial Officer, and Robin Debiase, Chief People Officer. Kurtin will also continue to manage M&A, strategic opportunities, and capital allocation. Read more here.
Flower One Holdings Inc. (OTCQX: FLOOF) announced a term loan financing with an existing shareholder for aggregate proceeds of $10.1 million. In addition, the company has said it has made further advancements in its ongoing debt restructuring through an additional loan modification agreement with its term lender and its affiliates. Read more here.