It’s time for your Daily Hit of cannabis financial news for January 30, 2019.
Dixie Brands Inc.
Dixie Brands Inc. (CSE: DIXI.U) and Khiron Life Sciences Corp. (OTCQB: KHRNF) have signed a binding letter of intent to establish a 50/50 joint venture to introduce a full line of cannabis-infused products to the Latin American market. Dixie will also manufacture and distribute Khiron’s Kuida brand of cannabidiol (CBD)-based cosmeceuticals in the United States, targeting the growing Hispanic population. Completion of the JV is subject to TSX Venture Exchange approval.
By combining Dixie’s market-ready portfolio of cannabis-infused products with Khiron’s established footprint throughout Latin America, the companies aim to capture first-mover advantage and establish leadership in one of the world’s fastest-growing cannabis markets. The agreement also creates a framework for the development of new products and brands tailored to Latin America, allowing Dixie and Khiron to take full advantage of opportunities resulting from cannabis legalization throughout the region.
Innovative Properties Inc.
Innovative Properties Inc. d/b/a Nabis Holdings (OTC: INNPF) entered into an agreement with Canaccord Genuity Corp. and Eventus Capital Corp. to act as co-lead agents and co-bookrunners, with respect to a commercially reasonable efforts brokered private placement of debenture units for aggregate gross proceeds to Nabis of up to C$30,000,000. for the sale of additional Debenture Units for additional aggregate gross proceeds to Nabis of up to C$5,000,000. Nabis Holdings is a Canadian investment issuer that invests in high-quality cash flowing assets across multiple industries, including real property, securities, cryptocurrency, and all aspects of the U.S. and international cannabis sector. Led by two of the co-founders of MPX Bioceutical (CSE: MPX)
HEXO Corp. (NYSE: HEXO) closed on its previously announced marketed offering of 8,855,000 common shares at a price of C$6.50 per share for aggregate gross proceeds of C$57,557,500, which includes the exercise of the full over-allotment option of 1,155,000 common shares.
The company will use the net proceeds from the offering for general corporate purposes, including funding its global growth initiatives and research and development to further advance the Company’s innovation strategies. The common shares were offered in each of the provinces and territories of Canada by way of a prospectus supplement dated January 24, 2019, to the company’s amended and restated short form base shelf prospectus dated December 14, 2018.
Cannabis Strategic Ventures, Inc.
Cannabis Strategic Ventures, Inc. (OTC: NUGS) announced its plan to break ground on a 6-acre canopy cultivation site in Northern California which will be known as The NUGS Farm. Complimentary to this land acquisition, the Company has obtained from the State of California over 20 licenses for cannabis manufacturing, distribution, and cultivation.