It’s time for your Daily Hit of cannabis financial news for July 26, 2018.
On The Site
Emblem Corp. (EMMBF) signed a non-binding Letter of Intent to acquire all of the issued and outstanding securities in Natura Naturals Inc. that it does not already own for C$25 million in cash, C$12.5 million in mortgage financing and 26,102,941 common shares of Emblem. Emblem recently announced a C$3 million investment in the company and an agreement for 3,000 kg of cannabis supply per year.
The deal is valued at C$76 million (inclusive of Natura shares already owned by Emblem). As a result of this acquisition, Emblem will further its aggressive approach to sales growth both domestically and internationally backed by robust supply from the Natura greenhouse.
In Other News
Aphria (APHQF) completed its largest international shipment of cannabis oil to date to Australian medical marijuana company Medlab Clinical Limited. The shipment is part of the previously announced agreement between Aphria and Medlab in which Aphria produces and supplies high-yield cannabis extracts for Medlab to be used in a human trial to test the management of intractable pain in oncology patients – the first trial of its kind globally.
Benzinga reported that MedReleaf Corp. (MEDFF) acquired MED Colombia for €2.75 million in cash. The purchase secures licenses to cultivate cannabis and produce extracts in Colombia, which will feed MedReleaf’s global supply chain with low-cost, high-quality raw materials.
“As the legalization of medical cannabis continues to expand, we must ensure that our ability to cultivate cost-effectively extends beyond Canada to supply our global operations,” MedReleaf CEO Neil Closner said in a statement. “Colombia has one of the best climates in the world for cannabis cultivation and excellent regulation to protect the rights of growers and operators.” Through the acquisition, MedReleaf intends to accelerate plans to establish a Colombian cultivation and extraction facility.
The Green Organic Dutchman
The Green Organic Dutchman (TGODF) appointed Geoff Riggs and Chief Information Officer. Riggs is a 20-year IBM veteran and will set the company’s direction on information technology, e-commerce, and artificial intelligence.