It’s time for your Daily Hit of cannabis financial news for June 23, 2021.
On The Site
Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) has completed its acquisition of The Supreme Cannabis Company, Inc. (TSX: FIRE) (OTCQX: SPRWF), a deal that was valued at $435 million. Supreme Cannabis’s portfolio of brands includes 7ACRES, 7ACRES Craft Collective, Blissco, sugarleaf, and Hiway. Supreme Cannabis addresses national and international medical cannabis opportunities through its premium Truverra brand. As a result of the deal, Supreme has become a wholly-owned subsidiary of Canopy. Supreme shares are expected to be de-listed from the Toronto Stock Exchange on or about June 23, 2021.
Psychedelic biotech company Awakn Life Sciences Corp. (NEO: AWKN) began trading today, June 23, 2021, on the NEO Exchange Inc. under the symbol “AWKN”. the company has raised C$13.5 million to date with large life science investors and dedicated psychedelic/CNS focused funds including Ambria Capital, Iter Investments, JLS Fund, Negev Capital and Neo Kuma Ventures.
The company has plans to open three UK psychedelic-assisted psychotherapy clinics where it will deliver ketamine-assisted therapies near term and MDMA when they secure authorization in 2021 (Bristol, London, and Manchester). The company’s target is 20 clinics by the end of 2024.
Circle K Owns 20% of Fire & Flower
Fire & Flower Holdings Corp. (TSX: FAF) (OTCQX: FFLWF) announced that 2707031 Ontario Inc. the wholly-owned indirect subsidiary of Alimentation Couche-Tard Inc. (OTC: ANCUF), the owners of Circle K, has delivered in escrow its exercise notice and gross proceeds of $9,770,374.47 to exercise warrants to acquire 10,505,779 common shares of Fire & Flower at an exercise price of $0.93 per common share pursuant to the terms of an Amended and Restated Warrant Certificate dated September 16, 2020.
TGOD Pays Debts
The Green Organic Dutchman Holdings Ltd. (TSX: TGOD) (US-OTC: TGODF) reported that its wholly-owned Quebec subsidiary Medican Organic Inc. has completed the sale of the majority of its assets in Valleyfield, Quebec, including all industrial and agricultural land, main hybrid greenhouse, rooftop greenhouse, all support buildings and certain related equipment, to Cannara Biotech (OPS) Inc. for the $27 million purchase price. In addition, Medican received a $5.7 million deposit refund from Hydro-Quebec. TGOD repaid approximately $31.8 million to its senior lender to settle all of its outstanding obligations and terminated the loan agreement with the lender.
In Other News
Bhang Inc. (CSE: BHNG) (OTCQX: BHNGF) provided an update with respect to its previously announced management cease trade order issued by the Ontario Securities Commission on May 3, 2021. On June 23, 2021, the Company filed its annual financial statements, management’s discussion and analysis, and related officer certifications for the financial year ended December 31, 2020.
Revenue dropped considerably from $4.6 million in 2019 to just $1.6 million in 2020. Product sales dropped from $3.7 million in 2019 to just $120,915 in 2020, with licensing income making up the difference.