The Daily Hit: June 11, 2019

It’s time for your Daily Hit of cannabis financial news for June 11, 2019.

On the Site

HempFusion

US hemp-based CBD company HempFusion has a distribution with over 3,400 retailers and is now partnering with RADD Capital to advise the company on strategic fundraising initiatives including multiple staged private financings and a future Canadian Initial Public Offering.

The company is FDA compliant and one of two companies with pending Self-Affirmed GRAS Affirmation. HempFusion has 31 products launched and 25 in the pipeline with two unique brands. It is one of the first 13 companies certified by the US Hemp Authority (GMP Verification).

C21 Investments

C21 Investments Inc. (CSE: CXXI) (OTC: CXXIF) announced unaudited revenue of $3.2 million for the month ended May 31, 2019. Unaudited Gross margin (before fair value adjustments) is estimated to be 50%. This amount reflects revenue from the Company’s operations in Nevada and Oregon. These figures include revenue from Swell Companies, starting from the closing date of the acquisition of May 24, 2019.

According to the company statement, the company delivered $7.7m in first quarter reported sales, Q1 had 89 days which is an average of $86,500 per day.  The company’s May sales increased averaging $103,000 per day. During the month, C21 Investment’s retail dispensaries completed a record 53,120 customer transactions compared to 38,076 for May 2018, prior to their acquisition by C21.

In Other News

Trulieve

Trulieve Cannabis Corp.  (CSE: TRUL) announced that it has priced its previously announced public offering of units of the company comprised of an aggregate principal amount of $70 million of 9.75% senior secured notes maturing in 2024 and an aggregate amount of 1,470,000 subordinate voting share warrants.

The company will issue an aggregate of 70,000 Units at a price of $980 per unit for gross proceeds of $68.6 million. Each unit will consist of one Note and 21 Warrants. Each Warrant will be exercisable for three years to purchase one subordinate voting share of the Company at an exercise price of C$17.25 per share, subject to adjustment in certain events.

Cresco Labs

Cresco Labs Inc.  (CSE: CL) (OTCQX: CRLBF) provided an update on its acquisition of CannaRoyalty Corp. d/b/a Origin House (CSE: OH) (OTCQX: ORHOF). Under the United States Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended Cresco Labs is required to file a notification to U.S. antitrust authorities and observe a waiting period before completing the Transaction. On June 10, 2019, pursuant to the HSR Act, the Company received a request for additional information from the United States Department of Justice Antitrust Division. The Second Request extends the HSR Act waiting period for up to 30 days after Cresco Labs and Origin House have each substantially complied with the Second Request, unless that period is extended voluntarily by the parties or terminated sooner by the Department of Justice.

Shareholders have approved the deal.

Sparx Cannabis

Sparx Cannabis, a vertically-integrated, family-owned and California-grown cannabis lifestyle company, announced today the completion of the Company’s Series A funding round with $10 million raised through private funding.

The funding comes at a vital time in Sparx Cannabis’ growth strategy. The Company plans to utilize the funds raised in their Series A round to continue to build out facilities and further their reach within the state of California to serve more customers. Funds raised will go toward the build-out and management of a manufacturing building called Sparx Distillery and the build-out of a distribution center. Additionally, the funds will be utilized to further promote the Sparx Cannabis brand as well as upgrading and running current Sparx Cannabis cultivation sites.

The Series A funding will also allow Sparx Cannabis to employ more residents of California’s central coast as additional employees will be needed to fill the infrastructures once build-out is complete.

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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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