The Daily Hit: March 29, 2021

It’s time for your Daily Hit of cannabis financial news for March 29, 2021.

On the Site

Ayr Wellness

Ayr Wellness Inc. (OTCQX: AYRWF) is buying Garden State Dispensary, officially known as GSD NJ in a deal valued at $101 million.  Confirmation of the deal follows a Letter of Intent that was previously announced on December 22, 2020. The $101 million price tag includes $41 million in cash, $30 million in stock and $30 million in the form of promissory notes. The deal is expected to close in the third quarter of 2021.

New York

New York Legislators could vote as early as Tuesday on the legalization of adult-use cannabis in the state. Word of a compromise on language began to circulate last week, but it wasn’t until the weekend when the actual text of the legislation was released. the legislation is 128 pages long.


Subversive Acquisition LP  (OTCQX: SBVRF) gave the market an update on its qualifying transaction (QT) to combine with Israeli-based InterCure Ltd. (dba Canndoc) (TASE: INCR). Subversive believes the deal will close on April 8, 2021. InterCure is the first public company on the Tel Aviv Stock Exchange to hold a valid and permanent license for the medical cannabis value chain through its 100% ownership in Canndoc. Canndoc is a GMP medical cannabis producer and was licensed by the Israeli Ministry of Health in 2008.


Hundreds of millions of dollars have been raised for cannabis-focused SPACs (special purpose acquisition companies) over the past year making them the hot ticket in 2020. Add to that the celebrity names attached to some SPACs and you can see the attention they are getting. SPACs draw a lot of focus, but does it make sense for the average investor to join in on them? 

While it seems like SPACs just appeared on the scene, the instruments have been around for some time and were really popular right before the financial crisis. Hard to say if history will repeat itself. After that, the popularity of SPACs faded somewhat and they didn’t really make a big comeback until 2020. For example, in 2019 just 59 SPACs were launched. In 2020, 248 SPACs were started making up 50% of the total IPO volume in the year.

In Other News

Auxly Cannabis Group Inc. (TSX.V – XLY) (OTCQX: CBWTF) said that it has received conditional approval from the Toronto Stock Exchange (“TSX”) to graduate from the TSX Venture Exchange (“TSXV”) and list its common shares on the TSX. Final approval of the listing is subject to the Company fulfilling certain standard and customary conditions required by the TSX.

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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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