It’s time for your Daily Hit of cannabis financial news for July 20, 2021.
On The Site
Entourage Health Corp. (formerly WeedMD Inc.) (TSX-V:ENTG) (OTCQX:WDDMF) announced preliminary unaudited revenues of $13.6 million for the three months ending June 30, 2021. The company said this was another sequential quarter of record sales growth across its adult-use and medical sales channels.
Clever Leaves Holdings Inc. (Nasdaq: CLVR) closed on $25 million in financing from Catalina LP, an affiliate of SunStream Bancorp Inc., a joint venture initiative sponsored by Sundial Growers Inc. (Nasdaq: SNDL). Clever Leaves also repaid the outstanding principal amount of the secured convertible notes due March 30, 2022. Clever Leaves also recently joined the Russell Microcap Index at the end of June.
Michigan-based Gage Growth Corp. (CSE: GAGE) has added another high-profile name to its dispensaries. A couple of weeks ago it was Wiz Khalifa and his brand, Khalifa Kush (“KK”) that Gage said it was going to develop and launch in the state of Michigan in an exclusive deal. Now Gage and Pure Beauty have entered into an exclusive five-year partnership agreement to launch Pure Beauty’s line of premium cannabis products in Michigan, pending Michigan. Pure Beauty is a California-based boutique cannabis brand that combines art, culture, and style with sustainable and social justice practices.
In Other News
Sundial Growers Inc. (Nasdaq: SNDL) has closed its acquisition of the issued and outstanding common shares of Inner Spirit Holdings Ltd. (CSE: ISH) (OTCQB: INSHF) for consideration per Inner Spirit Share consisting of (i) $0.30 in cash and (ii) 0.0835 of a common share of Sundial. “The acquisition of the Spiritleaf cannabis retail network makes Sundial a stronger and more diverse cannabis company,” said Zach George , Chief Executive Officer of Sundial. “We are excited to work with the Spiritleaf team and franchise partners to further develop and optimize the store network in Canada and provide a clear path to sustainable profitability for Sundial. Spiritleaf has demonstrated the ability to grow its brand from coast to coast, and we plan to support this growth trajectory, enhance the use of data to make key business decisions, and provide an optimal product assortment to meet the diverse needs of Canadian cannabis consumers.”
GrowGeneration Corp . (NASDAQ: GRWG ) announced its acquisition of Aqua Serene, a southern Oregon -based hydroponic garden center with stores in Eugene and Ashland , Oregon. Aqua Serene is one of Oregon’s largest indoor/outdoor garden center, with revenue of over $14 million annually.