The Daily Hit is a recap of the top cannabis business stories for June 7, 2022.
ON THE SITE
New Jersey Cannabis Sales Fire Up Expansion
With just 12 dispensaries open in the state, New Jersey still managed to ring up $24 million in sales in the first month. That’s roughly $5 million a week. According to the New Jersey Cannabis Regulatory Commission, “On the first day of adult-use sales in New Jersey, 12 participating dispensaries sold cannabis and cannabis products to 12,438 recreational cannabis customers for a total gross sale of nearly $1.9 million.” BDSA expects New Jersey to be the third-largest contributor to overall US sales growth by 2026 and is forecast to generate annual revenue of $2.3 billion in total legal cannabis sales. Read more here.
Cannaccord Leads Dealmakers
Cannabiz Media recently did a deep dive into the deal makers to see which advisors were leading the pack and Canaccord Genuity (OTC: CCORF) comes out on top. Of the 137 recognized deals, Canaccord Genuity is the financial leader advising on 22 of the 137 deals. ATB Capital Markets was a distant second with 10 deals. Canaccord is also the leader on both the buy and sell-side components. Canaccord is listed as having advised on$8.1 billion in deals. Read more here.
When Politics and Psychedelics Collide
Another sure sign that psychedelics are gaining momentum in mainstream medicine is how government officials and lawmakers are reacting to the surge of interest from the public. Read more here.
IN OTHER NEWS
AIkido Pharma Inc.
Shalom Auerbach, a significant stockholder of AIkido Pharma Inc. (NASDAQ: AIKI) beneficially owning approximately 3.4% of its common stock, today issued the following letter to members of the AIkido Pharma Inc. Board of Directors. Read more here.
Simply Better Brands Corp., Jones Soda Co.
Simply Better Brands Corp. (TSX Venture: SBBC) (OTCQB: PKANF) and Jones Soda Co. (CSE: JSDA) (OTCQB: JSDA) announced that due to current market conditions, SBBC and Jones have terminated the previously announced letter of intent. “We are disappointed that due to current market conditions we are unable to move forward with our intended transaction at this time. The Jones Soda brand is one we felt confident would add tremendous value to our existing platform and ultimately be accretive to shareholder value. We wish Jones management and their board much success in their future,” says Kathy Casey, CEO of Simply Better Brands. Read more here.
Delta 9 Cannabis Inc.
Delta 9 Cannabis Inc. (TSX: DN) (OTCQX: DLTNF) announced the price of its previously announced marketed public offering of units of the company. Pursuant to the offering, the company intends to issue units at a price of $0.22 per unit for aggregate gross proceeds of approximately $2,000,000. The offering is led by Research Capital Corporation as sole agent and sole bookrunner. Read more here.
Safe Harbor Financial, Solar Cannabis Co.
SHF, LLC, dba Safe Harbor Financial, a financial services provider to the cannabis industry, today announced the closing of a $5 million senior secured loan to Solar Cannabis Co., an established vertically-integrated cannabis operator headquartered in Somerset, Massachusetts. Solar Cannabis will use the funds to further accelerate its growth. This transaction marks the evolution of Safe Harbor’s senior secured lending program, which was established to provide loans to cannabis operators in states in which cannabis is legal. Read more here.
Stem Holdings, Inc.
Stem Holdings, Inc. (OTCQX: STMH CSE: STEM), a vertically-integrated cannabis and hemp company with state-of-the-art cultivation, processing, extraction, retail, and distribution operations, announces that the company is seeking the approval of the holders of the C$3,687,050 principal amount of convertible debentures to reprice the convertible debentures. The convertible debentures presently mature on June 27, 2022, and September 14, 2022. Read more here.
Neon Bloom, Inc., Bazelet Health Systems
Neon Bloom, Inc. (OTC: NBCO): Bazelet Health Systems™, a wholly owned subsidiary of Neon Bloom, announced the endowment of a program known as ‘cERI’ (cannabis Education & Research Initiative). The program encompasses the donation by Bazelet of federally legal cannabis genetics (genetically producing 0% THC) to DEA registered research entities, such as the National Center for the Development of Natural Products at the University of Mississippi and the broader qualified scientific community wishing to conduct, disseminate and support rigorous scientific research on the clinical effects of cannabis. Read more here.
Green Check Verified, Canix
Green Check Verified (GCV), a fintech provider of compliant cannabis banking solutions and services, today announced an official integration with Canix, one of the cannabis industry’s most comprehensive seed-to-sale enterprise resource planning (ERP) solutions. Canix serves both large commercial operations and single owner operators, and maintains over 2,000 cannabis licenses on its platform. This integration will enable GCV’s partners to seamlessly sync sales with Canix while greatly enhancing their data visualization capabilities.