The Daily Hit is a recap of the top cannabis business stories for July 20, 2022.
ON THE SITE
Cannabis Tech Firm Alleaves Looks To Expand, Raises $40 Million
Seed-to-sale technology firm Alleaves said it raised $40 million in a Series A funding round to expedite a multi-state commercial rollout, led by investment group The Eleven Fund at a valuation of $240 million. The financing deal comes during a time when a lack of cash is forcing cannabis companies to find new and creative ways to raise capital. Read more here.
Dutchie Jumps Into Fintech With Dutchie Pay
Cannabis platform tech company Dutchie is jumping into the world of fintech with the launch of Dutchie Pay, a fully-integrated digital payment solution. Cannabis companies have faced huge challenges on the payment side of the business since the major banks and credit card companies refuse to work with cannabis. The product remains federally illegal and that is enough for these financial institutions to just say no. Read more here.
Pink Market Capital Gives Trulieve a Rich Target Price
Freelance cannabis research firm Pink Market Capital Research published Trulieve Cannabis Corp. – A Titan in the Making, which examined how Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) has managed to rake in more revenue during the past year than its competitors and is increasingly penetrating key emerging states despite falling margins in the U.S. cannabis sector. Read more here.
IN OTHER NEWS
Avicanna Inc., Ei.Ventures, Inc.
Avicanna Inc. (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) a biopharmaceutical company focused on the development, manufacturing, and commercialization of plant-derived cannabinoid-based products, announced that the company has entered into an intellectual property licensing & royalty agreement with Ei.Ventures, Inc. to develop and commercialize functional fungi-based products. Read more here.
Heritage Cannabis Holdings Corp.
Heritage Cannabis Holdings Corp. (CSE: CANN) (OTCQX: HERTF) announced the launch of Heritage Helps, a new program embraced by management, employees and stakeholders that will be introduced throughout 2022. Heritage Helps is a multi-faceted program that combines initiatives that support the environment and communities in which it operates. Read more here.
Cova Software, a leading cannabis Point of Sale (POS) software company powering over 2,000 dispensaries across North America, announced the company will now support secure and convenient digital payment options, starting with debit card processing, for its U.S. dispensary customers through Cova Pay. Read more here.