It’s time for your Daily Hit of cannabis financial news for June 18, 2018.
On The Site
MedMen Enterprises Inc. (MMEN.CN) (MMNFF) announced today that the OTC Markets Group has approved the listing of the Company’s subordinate voting shares on its OTCQB Venture Market under the ticker symbol “MMNFF”. MedMen’s subordinate voting shares will begin trading on the OTCQB at the opening of the market on Monday, June 18th.
In Other News
Aurora Cannabis Inc.
Aurora Cannabis Inc. (ACBFF) announced that it has closed its previously announced $7 million investment in Choom Holdings Inc. whereby Aurora received 9,859,155 common shares from Choom’s treasury, priced at $0.71 per share, representing a 6% ownership interest. In total, Choom issued 14,225,352 shares for total gross proceeds of $10.1 million. All securities issued are subject to a four-month hold period.
Namaste Technologies Inc.(NXTTF) announced that it has signed a subscription agreement to acquire 10% of the issued share capital of Israeli licensed producer of medical cannabis, Cannbit Ltd for NIS 2,500,000 or approximately CAD $ 908,000, which includes a combination of both cash and shares.
According to the statement, Cannbit has also signed a binding agreement to complete a merger with a company listed on the Tel Aviv stock exchange, whereby Cannbit will retain 85% ownership of the combined public entity, the company believes that its investment will be immediately accretive in nature based on the valuation metrics of the transaction which consequently valued Cannbit significantly higher than what Namaste acquired its 10% equity stake for. In anticipation of closing this transaction, Namaste has established a supply arrangement with Cannbit to export cannabis to the Canadian market (subject to approval by Health Canada and the Israeli government), and will also engage with Cannbit to expand the Company’s Israeli-based vaporizer sales platform.
Marketing tech company Springbig announced that it has exceeded the 1,000,000 consumer milestone, establishing the company as one of the fastest growing CannaTech companies in the cannabis industry. springbig has quickly risen since its June 2017 launch as the most effective, precise, and efficient technology available in the market. Through partnerships with some of the leading POS providers in the cannabis space, including Greenbits, Cova, flowhub, Korona, Leaflogix, MJ Freeway andTreez, springbig has worked alongside retailers to send over 12,270 Campaigns and has seen 60,616 rewards redeemed in return! Springbig’s dedication and expertise have allowed retailers to see immediate and significant ROIs on their marketing initiatives.