It’s time for your Daily Hit of cannabis financial news for July 13, 2020.
On the Site
Jushi Holdings Inc. (OTCQX: JUSHF) announced $15.25 million in debt financing. To date, The company said it has received cash proceeds of $16.325 million and additional binding subscriptions, for a pro forma total issuance of $17.425 million of 10% senior secured notes and warrants to acquire a subordinate voting share. The company also received non-binding indications of interest for up to an additional $10 million of financing.
The money will be used for the cash portion of a previously announced Pennsylvania grower-processor permit holder transaction. Last month the company said it was planning on buying Vireo Health’s (OTC:VREOF) Pennsylvania Medical Solutions in an effort to strengthen its position in the state’s market. Jushi was to pay Vireo $16.3 million in cash, a $3.8 million seller note, and assume a $17 million facility associated with a long-term lease obligation. The $37 million deal is expected to close by the end of August 20.
According to the state Department of Revenue data, Colorado’s cannabis dispensaries sold almost $192.2 million worth of marijuana products in May. the state reported $42.9 million in medical marijuana sales and $149.1 million adult-use cannabis sales.
Sales shot up 23% over April, which is typically the biggest month for sales due to the 420 holiday. That’s an 11% increase over the all-time high of $173.2 million, set in August of 2019. Denver County alone accounted for $43.9 million in sales.
In Other News
In celebration of National Hemp Month, Uncle Bud’s, the Made in America, mass-market leader in Hemp and CBD, reveals its first campaign imagery with Jane Fonda, the brand’s newest ambassador. Shot by acclaimed photographer John Russo with styling by Cristina Ehrlich, who is named one of the top 25 most powerful stylists by The Hollywood Reporter, the campaign features two-time Academy Award-winning actress, author, activist, and fitness guru Jane Fonda, who was playfully captured with her go-to products from Uncle Bud’s Hemp & CBD.
With the partnership kicking off during the pandemic, Uncle Bud’s, an innovative leader in the Hemp and CBD space was inspired to get creative in working with Fonda to release the collaboration. In lieu of a traditional photoshoot, Fonda was announced as the brand’s newest ambassador in May by way of a lighthearted video created by Fonda and shared on her personal social media accounts. The video was a fun play on TikTok’s viral ‘pass the brush’ challenge, and the partnership has lived on social channels until now.