It’s time for your Daily Hit of cannabis financial news for March 25, 2019.
On The Site
A vote was planned in New Jersey for the legalization of adult use cannabis, but a lack of votes caused the legislation to be postponed until a later date – possibly November. The proposed legislation, which many expected to be passed today, would have allowed adults 21 and over to consumer, purchase and possess cannabis from licensed retailers.
Last week, the Senate Judiciary Committee and the Assembly Appropriations Committee voted in favor of legalization bills. NJ Advance Media was the first to report Senate President Stephen Sweeney (D) called off the vote. Apparently, it became clear the Senate — the upper house of the Democratic-controlled state Legislature — would remain a handful of votes shy of the minimum 21 needed for passage.
Cronos Group Earnings Preview
Not only that, the company has incurred heavy volatility heading into fourth-quarter earnings. Further, significant movement in the options market suggests that traders anticipate a big move. Considering that technical momentum has dried up for nearly two months and that analysts are skeptical of the sector’s production capabilities, it’s critical that CRON delivers the goods.
iAnthus & MPX
iAnthus Capital Holdings, Inc. (CSE: IAN) (OTCQX: ITHUF) is redeeming its outstandingconvertible debentures of MPX Luxembourg SARL, a wholly-owned subsidiary of iAnthus, in the aggregate principal amount of $32,257,804.07. The redemption date of the Debentures will be April 24, 2019. In a separate transaction, MPX International Corporation (CSE: MPXI) closed its previously announced non-brokered private placement offering of units of the Company. Due to increased demand, the previously announced offering was increased from C$20 million (approximately $15 million) to C$26,905,162 (approximately $20.2 million). The offering consists of the issuance of 56,052,421 Units issued at a price of C$0.48 per Unit.
In Other News
The Green Organic Dutchman Holdings Ltd. (TSX: TGOD) (US: TGODF) announced that effective today sales of certified-organic cannabis have started with national distribution to medical patients. The Growers’ Circle is a select group of patients across Canada now receiving TGOD’s first certified-organic flower. The Growers’ Circle launch is a limited production rollout of the company’s premium product, allowing TGOD to perfect its distribution ahead of its production ramp-up and scaled rollout this year. TGOD is now shipping its Unite Organic strain to over 200 medical patients across Canada.
Canopy Growth Corporation (TSX: WEED), (NYSE: CGC) received a cultivation license from Health Canada for its facility in Fredericton, New Brunswick. With this licensing, Canopy Growth predicts the facility will initially produce more than 5,000kg of cannabis annually, with first harvests expected to become available to the market within six months.
Liberty Health Sciences Inc. (CSE: LHS) (OTCQX: LHSIF) received Florida Department of Health (DOH) approval to sell whole flower smokable products to patients in Florida, making it one of the first companies in the state to provide smokable medical marijuana in all of its dispensaries. The Company is awaiting DOH approval to provide pre-rolls to patients.
Helix TCS, Inc. (OTCQB: HLIX company BioTrackTHC, has been awarded a one-year contract extension with the State of Hawaii to continue providing the state’s medical cannabis traceability system through June 30, 2020. BioTrackTHC was awarded the Hawaii traceability contract in November of 2016 and launched Hawaii’s cannabis traceability system 72 days later, the first known government cannabis tracking system to be deployed in a FedRAMP authorized cloud-hosting environment. BioTrackTHC currently operates 9 government cannabis tracking systems across 7 states, Puerto Rico, and the city of Arcata, California. Last week, the company announced a 2-year extension for the state of Delaware’s government tracking contract.
Choom Holdings Inc. (CSE: CHOO) (OTCQB: CHOOF) announced that it intends to expand into Florida. Choom, through its wholly owned US subsidiary, Choom Holdings USA Inc., has signed a letter of intent to purchase a 95% equity interest in a Florida-based vertically-integrated cannabis applicant