This is the Daily Hit – a recap of the day’s top business stories in the cannabis industry.
On the Site
MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF) announced that it plans to sell its Florida assets to Florida-based private company Green Sentry Holdings LLC for $83 million. MedMen said in a statement that it is a cash deal that includes the sale of substantially all of MedMen’s Florida-based assets, including its license, dispensaries, inventory, and cultivation operations. Additionally, MedMen agreed to license its trademarks in the state for two years, subject to termination rights, for a quarterly revenue-based fee. Read more here.
Flora Growth Corp. (NASDAQ: FLGC) has purchased Just Brands LLC and High Roller Private Label LLC for cash consideration of $16 million and 9.5 million privately issued Flora common shares. Just Brands and High Roller are the owners of the JustCBD brand and associated operations. JustCBD generated audited revenues of $28 million and EBITDA of $7 million in the fiscal year 2020 across multiple categories, including gummies, tinctures, vape cartridges, creams, pet wellness, among others, all of which we believe to have meaningful long-term growth potential. Flora said it expects JustCBD’s financial performance to immediately contribute to Flora’s 2022 revenues and earnings. The stock was popping by 11% to lately sell at $2.03. Read more here.
Curaleaf (OTC:CURLF) found itself in the social media crosshairs last week when several stock jocks blasted Curaleaf for its relationship with Russia. The criticism sparked dialogue both in support of the company and against it. The company issued the following response on its website on Friday, February 25: Read more here.
In Other News
Zynerba Pharmaceuticals, Inc. (Nasdaq: ZYNE) announced that the European Commission (EC) has granted orphan drug designation to cannabidiol, the active ingredient in its transdermal gel, Zygel™, for the treatment of Fragile X syndrome (FXS). “Orphan drug designation by the EC is another important milestone for Zygel,” said Armando Anido, Chairman and Chief Executive Officer of Zynerba. “It underscores the urgent, unmet medical need for patients diagnosed with Fragile X syndrome, and will benefit us as we continue to advance our clinical programs and prepare to bring Zygel to market.” Read more here.