The Daily Hit is a recap of the top cannabis business stories for June 27, 2022.
ON THE SITE
Safe Harbor Financial SPAC Deal Could Close Today
The Northern Lights Acquisition Corp. (NASDAQ: NLIT), a special purpose acquisition corporation, rescheduled its special meeting of stockholders to Monday, June 27, 2022 at 4:00 pm ET. The vote was originally planned for June 24 in order to approve Safe Harbor Financial as the qualifying transaction for the SPAC. The deal is valued at $185 million or 9.1x 2023 EV/EBITDA vs. 9.7x peer group average according to Northern Lights. The enterprise value of the IPO is 2.0x versus the cannabis SPAC average of 3.0x. Once complete, the company will begin trading on the Nasdaq stock exchange under the ticker “SHFS.” Read more here.
ManifestSeven Implodes Despite Raising Millions
How does a company raise millions, make millions, but then basically go out of business in just a few years? It seems to happen more and more in the cannabis industry. ManifestSeven is one such company. Too much debt and bloated salaries conspired to bring the company down. Read more here.
Medical Mushrooms Leave no Room for the Magic
In Oregon, when voters approved Ballot Measure 109 calling for the legalization of psilocybin in November 2020, there was a silent hurrah throughout the state among people who took magic mushrooms for fun that went something like this: “Now we can go into a psilocybin store and get a few grams of ‘shrooms—or maybe a handful—for the next concert.” But that wasn’t the case. The measure was created to provide psilocybin for mental health therapy. It was strictly medicine. Wasn’t it? Read more here.
Medical Mushrooms Showing Potential for Treating COVID Symptoms
Revive Therapeutics Ltd. (OTCQB: RVVTF) (CSE: RVV) gave an update last week on the company’s U.S. Food & Drug Administration (FDA) Phase 3 clinical trial (NCT04504734) to evaluate the safety and efficacy of Bucillamine, an oral drug with anti-inflammatory and antiviral properties, in patients with mild to moderate COVID-19. Read more here.
IN OTHER NEWS
Curaleaf Holdings, Inc., B Noble Inc., and Fab 5 Freddy
B Noble Inc. and Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF), an international provider of consumer products in cannabis, today announced the expansion of its B NOBLE product partnership in New Jersey. Founded in collaboration with Fab 5 Freddy, legendary Hip-Hop pioneer, filmmaker, visual artist and cannabis advocate, and Bernard Noble, B NOBLE is a for-profit, cause-based cannabis brand. Read more here.
Cronos Group Inc.
Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) announced that at its Annual Meeting of Shareholders held on June 23, 2022, shareholders voting in person or by proxy held in total 265,763,587 common shares of the company, representing 70.76% of the total number of common shares of the company outstanding. Read more here.
Agrify™ Corporation, Ora Pharm
Agrify™ Corporation (Nasdaq: AGFY), a provider of advanced cultivation and extraction solutions for the cannabis industry, announced it has signed a definitive agreement to supply Ora Pharm, a Waikato, New Zealand-based health and wellness company developing high-quality, sustainably-produced medicinal cannabis, with a full suite of end-to-end hardware and software products to be utilized at a 5,000-square-foot facility in Auckland, New Zealand. Read more here.
Chemesis International Inc.
Chemesis International Inc. (CSE: CSI) (OTC: CADMF) (FRA: CWAA), announced that it will complete a consolidation of its issued and outstanding common shares on the basis of one post-consolidation common share for each two pre-consolidation common shares. Any fraction of a common share will be rounded down to the nearest whole number. As a result of the consolidation, the outstanding common shares of the company will be reduced to 33,588,039. Read more here.
Agra Ventures Ltd.
Agra Ventures Ltd. (CSE: AGRA) (OTC: AGFAF) (FRA: PU31), a diversified company focused on the international cannabis industry, is pleased to provide the voting results from its Annual General & Special Meeting that was held today in Vancouver, British Columbia. A total of 947,584 common shares of the Company were voted, representing 3.81% of Agra’s outstanding shares. Shareholders voted in favor of all applicable items of business set before the meeting. Read more here.
INDIVA Limited (TSXV: NDVA) (OTCQX: NDVAF) announced the results of its annual general meeting of shareholders. At the meeting, Indiva shareholders approved: the re-election of the seven nominated directors, being Niel Marotta, Andre Lafleche, Hugh Hamish Sutherland, John Marotta, James Yersh, Russell Wilson and Rachel Goldman; the appointment of Ernst & Young LLP as the company’s auditors; and the adoption of the company’s amended and restated omnibus incentive plan. Read more here.