It’s the Daily Hit for June 25, 3019.
On The Site
The Flowr Corporation (TSX.V: FLWR)(OTC: FLWPF) announced today that it has commenced an underwritten public offering of common shares for approximately C$125,000,000. As part of the offering, the company is offering an overallotment to purchase an additional 15% of the number of common shares at the offering price for 30 days following closing.
Flowr said that it intends to use the net proceeds to fund part of its acquisition of the approximately 80% equity interest of Holigen Holdings Limited that it does not already own, working capital required for the construction and development of Holigen’s and the company’s cultivation and production facilities.
In Other News
Driven Deliveries, Inc., (DRVD) completed the acquisition of Ganjarunner, Inc., a cannabis delivery company that provides high-quality lab-tested, pesticide-free medicinal and recreational products throughout California.
In addition to growing Ganjarunner’s customer base, the acquisition of Ganjarunner will allow for Driven to leverage its brand-to-consumer model across virtually the entire state of California. The subsidiary will provide Driven with multiple fulfillment centers, an additional delivery license in California, and a unique technology platform that will allow for improved efficiency. Ganjarunner has shown continuous revenue growth since its inception. During the previous 12 months, the Ganjarunner, Inc. successfully completed 18,854 deliveries to more than 7,748 customers and has experienced year over year revenue growth of 49.3%. As a subsidiary of Driven, Ganjarunner is projected to reach $4.1 million in revenue by the end of 2019.
Nabis Holdings Inc. (CSE:NAB) (OTC: NABIF) completed the purchase of 2,260,500 common shares, representing a 49% interest, of Cannova Medical Ltd., a provider of innovative solutions for cannabis consumption, with the option to acquire the remaining 51% interest.
Surterra Wellness announced the acquisition of Molecular Infusions (Mi), a Boston-based biotechnology research and development company that leverages innovative product delivery systems to improve the results of cannabis therapies. The acquisition expands Surterra’s research and development capabilities and establishes its first international footprint.
The Supreme Cannabis Company, Inc. (TSX: FIRE) (OTCQX: SPRWF) in partnership with Khalifa Kush Enterprises Canada ULC (KKE), launched KKE Oil, the first product under the KKE brand line. KKE Oil is a premium, recreational focused oil, developed for the consumer who wants the convenience, high THC potency and precise dosing offered by a cannabis oil. KKE Oils are one of the first ever recreational-focused cannabis oils available to consumers in Canada. Wiz Khalifa and the KKE team specifically selected the Supreme Cannabis’ wholly-owned subsidiary, 7ACRES Sensi Star strain for the debut of the line.
“I’m excited to bring our first products to Canada and launch KKE Oils. They are an awesome, high-in-THC product that everyone will love,” said Wiz Khalifa, principal of KKE. “This is a legendary moment that will be followed by many more game changing releases KKE will launch with Supreme Cannabis over the next year.