It’s time for your Daily Hit of cannabis financial news for July 6, 2021.
On the Site
GH Research, a Dublin-based company studying the potential of 5-MeO-DMT for the treatment of psychiatric and neurological disorders, is now listing its stock on the Nasdaq under the symbol “GHRS” after opening for trading on Friday, July 2 at $22. The company had an IPO of 10 million shares at an initial price of $16 per share for total proceeds of approximately $160 million. The company said that its initial focus is on developing the novel and proprietary 5-Methoxy-N, N-Dimethyltryptamine, or 5-MeO-DMT, therapies for the treatment of patients with Treatment-Resistant Depression, or TRD.
Numinus Wellness Inc. (TSXV: NUMI) (OTC: LKYSF) is buying the Neurology Centre of Toronto as of an agreement dated July 2, 2021, in a deal valued at half a million dollars. Numinus will pay $300,000 in cash and $200,000 in Numinus shares upon closing and future performance-based payments totaling up to $500,000 in Numinus shares to complete the transaction. The deal is expected to close by the end of August 2021. All of NCT’s staff – including medical doctors, nurses, physician assistants, occupational therapists, psychotherapists, physiotherapists, nutritionists, and administrative staff – are expected to remain with Numinus after the deal closes.
WeedMD Inc. (TSX-V:WMD) (OTCQX:WDDMF) is changing its name to Entourage Health Corp. over the next few months. The company said that throughout the transition it will continue doing business as Entourage Health Corp., its Health Canada license will continue under its wholly-owned subsidiary WeedMD RX Inc.
In Other News
Agrify Corporation (NasdaqCM:AGFY) has entered into a definitive agreement with current customer Nevada Holistic Medicine for the build-out of their 12,400 square foot state-of-the art facility. Agrify will provide architectural, engineering, construction and horticultural consulting services, installation and lease of 140 Vertical Farming Units (VFUs), and five years’ use of the Agrify Insights software platform in exchange for at least $12 million of production-based and monthly SaaS fees. The company has also signed a definitive Collaboration Agreement forming a long-term research and development partnership with Curaleaf Holdings. Agrify will supply its VFUs and provide use of the Company’s Agrify Insights software platform for a period of three years at Curaleaf’s primary R&D facility located in Massachusetts, with an option to extend another three years.
Khiron Life Sciences Corp. (TSXV: KHRN) (OTCQX: KHRNF) has agreed to sell 27,435,000 units of the company at a price of $0.45 per Unit for gross proceeds of $12,345,750. The company intends to use the net proceeds of the Offering for (i) future acquisitions; (ii) capital expenditures; and (iii) general corporate and working capital purposes. The proposed Offering is expected to close on or about July 8, 2021