It’s time for your Daily Hit of cannabis financial news for July 18, 2019.
On the Site
Italy has chosen Canadian-based Aurora Cannabis Inc. (NYSE: ACB) (TSX: ACB) as the sole winner of the Italian government’s public tender to supply medical cannabis in Italy. The contract is expected to be signed in September 2019… It will be a two-year contract in which Aurora will provide 400 kg of medical marijuana from its Canadian facilities.
5 Ways To Fix The California Cannabis Market
While it would be wonderful to have the luxury of starting over again, rebooting is not an option for California. The past cannot be changed. Those who are interested in addressing the chaos in the regulation of California’s cannabis industry must go forward from where we are today.
In Other News
Neptune Wellness Solutions
Neptune Wellness Solutions Inc. (NASDAQ: NEPT) (TSX: NEPT) announced that it has closed a private placement offering of 9,415,910 common shares of the company, at a price of $4.40 per share, for $41.4 million. The offering was led by Perceptive Advisors. The proceeds of the offering will go towards working capital, general corporate purposes, and the acquisition of the assets of SugarLeaf Labs LLC and Forest Remedies LLC. The SugarLeaf acquisition is expected to close on or around July 31, 2019.
MediPharm Labs Corp. (TSXV: LABS) (OTCQX: MEDIF) announced that it has received conditional approval to trade it shares on the Toronto Venture Exchange and list its common shares on the TSX under the symbol “LABS”. “We are thrilled to have qualified to uplist to the TSX. This is an important step for the MediPharm Labs team and our shareholders,” said MediPharm Labs CEO, Patrick McCutcheon.
Origin House (CSE: OH) (OTCQX: ORHOF) announced that its preliminary unaudited revenue for the second quarter, ending on June 30, 2019, was $21 million, representing an approximate gross margin, excluding fair value items, of 17%. The company plans on releasing its full financial results for the quarter during the second half of August. “Origin House has continued to gain momentum as our team leveraged the California-focused platform we have built over the past two years to drive another quarter of record revenue along with steady progress on gross margin. As expressed previously, we strongly believe that 2019 will mark an inflection point both for the California market and Origin House as a whole and the numbers are proving this out,” said Marc Lustig, Chairman and CEO of Origin House.
Akerna Corp. (Nasdaq: KERN) announced today that it has partnered with Leafly to integrate its seed-to-sale compliance software, MJ Platform, with Leafly.com. With the integration, MJ Platform users will be able to view their inventory and menus automatically update on Leafly. “MJ Platform is the cannabis industry’s first ERP software and through partnerships, such as the one with Leafly, we provide a leading compliance, technology platform across the entire supply chain that connects almost every data point,” said Akerna CEO, Jessica Billingsley. “The partnership with Leafly provides a seamless integration for MJ Platform users, which is good business practice as it eliminates manual updates and delayed information.”