It’s time for your Daily Hit of cannabis financial news for June 24, 2021.
On the Site
Commercial real estate finance company AFC Gamma, Inc. (Nasdaq: AFCG) priced its underwritten public offering of 2,750,000 shares of its common stock at a public offering price of $20.50 per share. AFC Gamma has granted the underwriters of the Offering a 30-day option to purchase up to an additional 412,500 shares of common stock. AFC provides loans to operators in the cannabis industry.
Precision Extraction Solutions and Cascade Sciences have entered into a definitive merger agreement to create Sinclair Scientific, forming the largest cannabis and hemp extraction equipment and services company in the world with an unparalleled portfolio of technological offerings. the two operators have combined annual revenue of over $100 million. The global cannabis extract market size is expected to be valued at $28.5 billion by 2027, according to a new report published by Grand View Research, Inc. It is projected to expand at a CAGR of 16.6% over the forecast period. Based on product type, cannabis extracts are classified into oils and tinctures.
Silo Wellness Inc. (CSE: SILO) (OTC: SILFF) has launched Marley One, a psychedelic mushroom consumer brand, in collaboration with the family of legendary musician Bob Marley. Silo said that the initial product offering will include a range of functional mushroom tinctures with unique blends highlighting the brand’s connection to Jamaica, including species such as cordyceps, lion’s mane, chaga, reishi, and turkey tail that offer a range of unique health and wellness benefits, from immunity and gut health to cognitive function and sleep enhancement. These initial mushroom supplements have no psychoactive properties, but Silo said it is planning a psychedelic mushroom product line under the Marley name later this year.
In Other News
Agrify Corporation (NasdaqCM:AGFY) has entered into a definitive agreement with current customer Nevada Holistic Medicine LLC for the build-out of their 12,400 square foot state-of-the art facility. Under the terms of the agreement, Agrify will provide architectural, engineering, construction and horticultural consulting services, installation and lease of 140 Vertical Farming Units (VFUs), and five years’ use of the Agrify Insights software platform in exchange for at least $12 million of production-based and monthly SaaS fees.
Planet 13 Holdings Inc. (CSE:PLTH) (OTCQB:PLNHF) announced the grand opening of the Planet 13 Orange County SuperStore. The Orange County SuperStore is located at 3400 W Warner Ave Santa Ana, California. A grand opening ceremony will take place at the new SuperStore on July 1, 2021. P13 OC is Planet 13’s 3rd retail outlet and marks the Company’s first foray into California – the most developed cannabis market in the country.