It’s time for your Daily Hit of cannabis financial news for July 22, 2020.
On The Site
Europe’s largest independent cannabis company EMMAC Life Sciences Limited will become a publicly-traded company on the NASDAQ following a merger with Andina Acquisition Corp. III (NASDAQ: ANDA). The two companies signed a non-binding letter of intent (LOI) to combine with EMMAC’s shareholders rolling over all of their equity in EMMAC into the combined public company and becoming the majority owner of the combined company
Cannabis wholesale marketplace, LeafLink announced that its cannabis supply chain financing arm LeafLink Financial has closed a $250 million senior secured credit facility with a private commercial lender. The company said that the capital will be used to provide liquidity directly to licensed businesses.
“We are excited to announce this milestone – it’s a huge leap forward for the cannabis industry, and marks a major advancement in the way LeafLink is able to serve and support our community,” said Doug Gordon, EVP and Head of LeafLink Financial. “As the cannabis industry’s wholesale marketplace, we are in the ideal position to support our customers with the liquidity they need to efficiently run their businesses, and closing this facility allows us to accomplish just that.”
Keystone Canna Remedies
As the pandemic stretches into more months, dispensaries are realizing that this might not be a temporary situation. Slapping up some plastic sheets isn’t a solution that will work for the long-term and it just doesn’t look nice. One company has incorporated new safety design measures in its dispensaries and it seems that these local level efforts could set a trend nationwide.
Led by the Guadagnino family (a family-owned business), Keystone Canna Remedies (KCR) is an MMJ dispensary chain in Pennsylvania that currently has 3 locations – Allentown, Bethlehem, and Stroudsburg (the Poconos). Its third dispensary in Stroudsburg, PA has included features in its design of the space by architect Ryan Welty of RGW Architecture, LLC to make sure both patients and employees are safe.
In Other News
Willow Biosciences Inc. (OTCQX: CANSF) is pleased to announce that it has been approved to commence trading on the OTCQX® Best Market, beginning today, July 22, 2020, under the symbol “CANSF”. Willow has upgraded to the OTCQX from the OTCQB® Venture Market.
Sunniva Inc. (OTCQB:SNNVF) announces that on July 21, 2020, its wholly-owned subsidiary 1167025 B.C. Ltd entered into a Purchase and Sale Agreement with a British Columbia investment company pursuant to which it has agreed to sell the OK Falls Property to the Buyer for gross proceeds of CA$6,800,000. Closing of the Transaction is subject to completion of due diligence and confirmation of the waiver of conditions of the Property by the Buyer, but is not subject to a financing condition.