The Daily Hit: July 22, 2019

It’s time for your Daily Hit of cannabis financial news for July 22, 2019.

On The Site

The Flowr Corp.

The Flowr Corp.  (TSXV: FLWR.V) was originally thought to be listing shares last week on the NASDAQ Marketplace, but that was shelved. Instead, the company announced on Monday that it agreed to sell 10,610,000 units of the company at a price of C$4.10 per unit for approximately C$43,501,000 in proceeds.

The underwriters were led by GMP Securities L.P. The Flowr Corp. also agreed to an over-allotment option to purchase and additional 1,591,500 shares, which would bring in an additional C$6,525,150 in gross proceeds. If that happens, the gross proceeds will be C$50,026,150. The deal is expected to close on August 8, 2019.

Senate

Next week, the Senate will be holding a hearing on July 23 by the Committee on Banking, Housing and Urban Affairs. The Senate is making a move following a House cannabis banking bill that cleared that chamber’s Financial Services Committee with a bipartisan vote in March. Readers can follow the action on that bill for free on the Green Market Report under the Legislation tab.

That piece of legislation now has 206 cosponsors, almost half of the House while the Senate legislation has only 32 out of 100 senators signed on. The conservative politicians would prefer to stand down while cannabis is still federally illegal, but supporters of the legislation argue that forcing the industry to a cash system encourages theft and diversion.

Virginia

Under a new policy announced by the Northam Administration, the Commonwealth of Virginia will soon officially authorize hemp processors to produce hemp extracts for human consumption.

For months, Virginia hemp farmers and processors have been operating under a cloud of regulatory uncertainty despite the enactment of legislation last March authorizing commercial hemp production, including extracts, in Virginia.

On July 16, the Virginia Department of Agriculture and Consumer Services (VDACS)announced that Governor Northan has directed VDACS “to treat hemp-derived extracts intended for human consumption as approved food additives and to place qualifying Registered Industrial Hemp Processors under food safety inspection so that inspected and approved processors may manufacture a hemp-derived extract intended for human consumption.”

In Other News

CannTrust Holdings Inc. (TSX: TRST)( NYSE: CTST) announced that as a result of months of discussions, CannTrust has agreed to waive the exclusivity provision under the Brokerage Agreement between CannTrust and Kindred Partners Inc. It is expected that this revised arrangement will over time allow CannTrust to reduce the expenditures incurred by CannTrust under the Brokerage Agreement.

Debra Borchardt

Debra BorchardtDebra Borchardt

Debra Borchardt is the CEO, Co-Founder, and Editor-In-Chief of GMR. She has covered the cannabis industry for several years at Forbes, Seeking Alpha and TheStreet. Prior to becoming a financial journalist, Debra was a Vice President at Bear Stearns where she held a Series 7 and Registered Investment Advisor license. Debra has a Masters degree in Business Journalism from New York University.


One comment

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    Eric Jackson

    July 22, 2019 at 10:51 pm

    That job I asked you about a year or two ago never jumped up and bit me but you were so kind to take your valuable time to reply. I appreciate all the work you do. If you Ever have a question about Extended Care I’ll bet I’d have good suggestion. thanks so much
    ps. i wish my mmj investments were faring better – be safe out there

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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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