It’s time for your Daily Hit of cannabis financial news for June 18th, 2020.
On the Site
Product Review: Elixinol
Hemp Market Report reviews Elixinol’s “Stress Less” and “Body Comfort” capsules, as well as their “Daily Balance” tincture.
Executive Spotlight: Emma Chasen
Emma Chasen is the co-founder of Eminent Consulting, a cannabis consulting company. According to Chasen, “We know the eccentricities of the cannabis industry and therefore we approach shaping its culture accordingly. Our mission is to guide and influence emerging cannabis entrepreneurs to successfully implement a craft ethos and cutting-edge business model through scientific-based educational initiatives and authentic collaborative relationships.”
Sunniva is Running Out of Options
Sunniva Inc. (OTCQB:SNNVF) said that it has received notice from the British Columbia Securities Commission that the company has been placed on the default issuers list as a result of its failure to file its annual audited financial statements and accompanying management’s discussion and analysis, and related CEO and CFO certifications, as required by National Instrument 52-109, for the financial year ended December 31, 2019 prior to the filing deadline on June 15, 2020.
Failure to correct the above-noted deficiencies may result in further action including the issuance of a Cease Trade Order.
MedMen Cancels Founders
MedMen co-founders, Adam Bierman and Andrew Modlin have stepped down from the company’s Board of Directors, announced yesterday. This comes after a long series of errors and Bierman eventually stepping down as CEO in February. The company failed to pay vendors, slashed 20% of the corporate workforce, and more.
Acreage Stock Tumbles On News Of Loan With 60% Interest Rate
Acreage Holdings, Inc. (ACRGF) stock tumbled over 9% after the company said it entered into a short-term definitive funding agreement with an institutional investor for a total of $15 million in gross proceeds. The terms for the loan is what rattled shareholders. It’s a four month loan with a 60% interest rate.
In Other News
Houston Processing and Extraction Company Acquires Dallas CBD Retailer
Bayou City Hemp Company announced today their acquisition of Leaf Life, a Dallas-based CBD retailer focused on luxurious skin care, cosmetics, and wellness products.
“This acquisition will put us into a solid position of leadership in CBD product formulation and quality assurance of hemp-based products and is expected to be accretive to our earnings immediately,” said Karen Trotter, Bayou City Hemp CFO. “Continuing with our core values of building a vertically integrated CBD business founded on integrity and innovation, ensuring quality consumer products in our distribution network is key to our aggressive growth plan.”