It’s time for your Daily Hit of cannabis financial news for July 9, 2018.
On The Site
Canadian-based cannabis cultivator, processor, and distributor Tilray Inc. has launched an initial public offering (IPO) of its Class 2 common stock and has applied to list its shares on the NASDAQ (NDAQ) exchange under the ticker symbol “TLRY” as previously announced. The company amended the offering to raise $135 million.
In Other News
Sproutly Canada Inc.
Sproutly Canada Inc, a ACMPR Licensed Producer of cannabis is now trading on the CSE with the ticker SPR. The company just recently submitted their letter of intent to acquire Infusion Biosciences and are launching a disruptive process fueled by its new technology in the growing cannabis beverage category. Sproutly will be a provider of the world’s first naturally water-soluble cannabis beverages in alcohol and non-alcohol drinks. It already owns a cultivating facility producing cannabis, which will supply the beverage arm.
Rubicon Organics Inc
Rubicon Organics Inc. announced the closing of its private placement offering of special warrants for aggregate gross proceeds of approximately C$11.8 million, upsized from C$7.0 million. Canaccord Genuity Corp., as sole bookrunner, and Mackie Research Capital Corp., acted as co-lead agents on behalf of a syndicate including Haywood Securities Inc.
Nutritional High (SPLIF) announced that it has signed a definitive agreement for the acquisition of Pasa Verde, a commercial scale cannabis oil extraction and edible facility in Sacrament, California. Pasa Verde produces a number of extract products on a contract manufacturing basis for leading brands and will begin producing Nutritional High’s FLÏ branded oil and edible products.
According to the company statement, the acquisition of 100% interest in Pasa Verde is expected to close before the end of July 2018 at a purchase price of US$1.65 million, of which $900,000 is payable in Nutritional High shares. The transaction also includes an earn-out of up to US$5.3 million depending on the growth of the business over the next 2 years. The earn-out is contingent on growth targets for 12, 18 and 24 months and is payable half in cash and a half in shares on Nutritional High.