It’s time for your Daily Hit of cannabis financial news for July 1, 2021.
On the Site
Hemp CBD company Exactus, Inc. (OTCQB:EXDI) acquired Panacea Life Sciences, Inc., but the amount of the transaction was not disclosed. Panacea Life Sciences is a woman-owned and woman-led company, dedicated to developing and producing legal, hemp-derived cannabinoid products for consumers and pets. Beginning at PANA Organic Botanicals located at Needle Rock and throughout its 51,000 square foot, state-of-the-art, cGMP, extraction, manufacturing, testing and fulfillment center located in Golden, Colorado, Panacea operates in every segment of the CBD product value chain.
Empower Clinics Inc. (CSE: CBDT)(OTC PINK: EPWCF) released its audited consolidated financial statements in United States dollars. Empower Clinics reported total revenues grew 58% to $3,209,196 for the fiscal year 2020 versus revenues of $2,031,581 for the fiscal year 2021. The company had a net loss of $17,066,311 or $0.09 per share compared to $4,301,663 or $0.04 per share for the fiscal year 2019. the company said this was primarily driven by a non-cash loss on the fair value adjustment related to its warrants outstanding that were impacted by the significant appreciation of the company’s share price (a key input in determining the fair value).
In Other News
Nabis, California’s largest licensed cannabis wholesale marketplace platform, announced today the company raised $23 million in a Series B funding round. The infusion of capital will support the expansion of Nabis’s online wholesaling business that already distributes more than $350 million worth of cannabis products per year. Prominent Series B investors include FJ Labs, Artemis Growth Partners, Silverleaf Venture Partners, Liquid 2 Ventures and Stanley Tang (Co-Founder, DoorDash). Investors in the company’s $5 million Series A raise, which closed less than a year ago, include Y Combinator and Babel Ventures.
Kadenwood, a leading plant-based wellness company dedicated to fostering consumer trust and transparency, has raised $50 million of cash and media value in a Series B fundraising round with global purpose-led investment house The Craftory and Arcadian Capital Management, and follow-on investments from existing investors. Already the largest U.S. supplier of vertically integrated CBD consumer packaged goods, this latest funding round further accelerates the brand’s mission to normalize CBD in health and wellness products through scale, strategic partnerships, and acquisitions.
Truth Enterprises, the parent corporation behind Sacramento-based lbs. Distribution, today announced the oversubscription of a $10M round via private placement offering and priced round to make it over a $11,500,000 raise. The funding will help Truth Enterprises accelerate growth. Truth Enterprises operates several licensed B2B cannabis verticals including a distribution arm (lbs. DistributionTM), cannabis manufacturing, and cultivation. The company operates throughout California and is currently in an aggressive sales push in the Southern California market.