It’s time for your Daily Hit of cannabis financial news for March 20, 2019.
On The Site
The Top 12 Cannabis MSO’s
Green Market Report has compiled a list of some of the largest MSO’s in the country. Many of the companies are in the middle of major acquisitions which haven’t technically closed, which makes ranking these companies difficult. These deals are being recognized for the most part and included in the company statistics. It’s also challenging to define which company is the largest as that depends on the metric being reviewed. Active states versus licensed states or operational dispensaries versus square footage of cultivation.
Curaleaf Holdings, Inc. (CSE: CURA) (OTC: CURLF) reported its financial and operating results for the fourth quarter and full year ended December 31, 2018 after the market close on Wednesday. The fourth quarter total revenue of $32 million increased 49% sequentially and 408% over the 2017 fourth quarter. Curaleaf delivered a net loss of $16.5 million, a steep drop from the previous quarter’s loss of $33 million, but the company reported a gain of $600k in the fourth quarter of 2017.
Canopy Growth Corporation (TSX: WEED) (NYSE: CGC) signed a multi-year processing and extraction agreement HollyWeed Manufacturing & Extracts Inc. HollyWeed NorthCannabis Inc. is the parent company of HollyWeed Manufacturing & Extracts Inc., which is a female-led, LGBTQ2-positive company based in British Columbia that operates several subsidiaries specializing in the growth, manufacturing, licensing, and production of cannabis and other pharmaceutical grade products.
In Other News
Vireo Health International, Inc., a multi-state cannabis company, listed on the Canadian Securities Exchange under the stock symbol, VREO. Vireo Health becomes the first multi-state medical cannabis company to go public this year. The company has grown to over 250 employees, operates in six states and manages a rapidly expanding national footprint of manufacturing facilities and retail dispensaries that will total 11 states year’s end. Vireo Health is one of the only physician-founded, physician-led cannabis grower/processors in the country.
Greenlane Holdings, Inc., a leading distributor of premium vaporization products and consumption accessories, announced that it has publicly filed a registration statement on Form S-1 with the Securities and Exchange Commission related to a proposed initial public offering of Class A common stock. The number of shares to be offered and the price range for the proposed offering have not yet been determined. Greenlane has applied to list its Class A common stock on the Nasdaq Global Market under the symbol “GNLN.”
DionyMed Brands Inc.
DionyMed Brands Inc. (CSE: DYME) signed a binding term sheet with MM Esperanza 2 LLC, doing business as “MMAC,” to acquire select MMAC assets, including the 1.83 acre Los Angeles cannabis campus that includes a dispensary storefront, distribution facility, manufacturing hub and direct-to-consumer fulfillment center. The acquisition includes all property, leaseholds, equipment and licenses for a purchase price of $19 million and enhances DionyMed’s brands distribution and direct-to-consumer footprint in Southern California.
BANGI, Inc. (OTC: COBI), a diversified investment vehicle that acquires and leases specialized real estate assets, such as cannabis farms, announced that it expects its reporting status to be upgraded to “Current Information” on the OTC Pink Market, the highest level of the OTC Pink Market. The Company expects to apply for a new ticker symbol with FINRA and corporate name change immediately following this expected upgrade.