It’s time for your Daily Hit of cannabis financial news for June 30, 2021.
On the Site
The Seeds of Change Report, released by Leafly for the first time this month, is an examination of how social justice, equity, and inclusion policies are implemented across the United States’ 19 legal cannabis markets as well as how cannabis legalization can implement eight key strategies to make the industry more fair and equitable. One of the most glaring statistics found in the report reflects that while Black people make up 14 percent of the population of the United States, only 2 percent of America’s estimated 30,000 cannabis companies are Black-owned.
The Mercer Park brand SPAC will begin trading next week on July 5 on the NEO exchange in Canada under the name GH Group, Inc. or Glass House Brands. The subordinate, restricted, and limited voting shares and warrants of Glass House were approved for listing on the NEO Exchange under the symbols “GLAS.A.U” and “GLAS.WT.U”, respectively. The symbol on the OTC is MRCQF, but markets are closed in the U.S. on Monday for the Independence Day holiday.
As the United States inches closer to legalization, yesterday Justices on Mexico’s highest court have essentially decriminalized cannabis by allowing adults to possess and cultivate small quantities of marijuana without penalty. The Justices have given lawmakers until April 30 to create legislation regulating the use of cannabis by adults. Having said that, Mexico’s House and Senate lawmakers did not agree on a plan prior to the deadline. Mexico’s Supreme Court also mandated that the Health Department begin issuing permits to members of the public who wish to either possess or grow personal use quantities of cannabis.
In Other News
Grown Rogue International Inc. (CSE: GRIN) (OTC: GRUSF), a multi-state cannabis company with operations and assets in Oregon and Michigan, reports record pro-forma revenue of $2.75M, helping to drive the sixth consecutive quarter of positive adjusted pro-forma EBITDA of $0.5M for the three months ended April 30, 2021.
“Grown Rogue continues to execute upon our strategy of low cost, high quality cannabis cultivation with another quarter of record revenues and profitability,” said Obie Strickler, CEO of Grown Rogue. “Starting in Q1 2021 we put a plan in place to triple our indoor production in Oregon by Q3 of 2021, which we made possible with the additional 40% capacity expansion at our existing facility and the purchase of the new 30,000 sq ft facility. These improvements, along with having added another 30% flowering capacity in Michigan in Q2, are positioning Grown Rogue to continue reporting industry leading metrics.”
AgriCann Solutions Corp., a licensed full-service cannabis nursery operator, is pleased to announce a non-brokered private placement of up to 2,500,000 units at a price of $0.60 per Unit for gross proceeds of up to $1,500,000. The net proceeds of the Offering will be used for additional inventory and increased volume capacity at existing facilities, and general corporate purposes.