The Daily Hit: March 3, 2020

It’s time for your Daily Hit of cannabis financial news for March 3, 2020.

On The Site

Ceres

Ceres Group Acquisition Sponsor and Ceres Acquisition Corp. closed on its initial public offering (IPO) of $120 million of Class A restricted voting units of Ceres. Ceres is a newly organized special purpose acquisition corporation (SPAC) incorporated under the laws of the Province of British Columbia for the purpose of acquiring one or more businesses or assets. The focus will be on cannabis companies, but it is not limited to that specific industry or any geographic location.

The shares will begin trading today on the Neo Exchange Inc. under the symbol “CERE.UN”, and are intended to separate into Class A Restricted Voting Shares and Warrants in 40 days (or, if such date is not an Exchange trading day, the next Exchange trading day), which will trade under the symbols “CERE.U” and “CERE.WT”, respectively.

Village Farms

 Village Farms International, Inc. (TSX: VFF)(NASDAQ:VFF) and Emerald Health Therapeutics (TSXV: EMH)(OTCQX: EMHTF) said that they have entered into a settlement agreement that will settle their prior disputes. The result is that Village Farms will own 53.5% of Pure Sunfarms (PSF) and Emerald will own 46.5% of Pure Sunfarms. Originally this was a 50/50 joint venture, but then the two companies had a falling out.

Emerald’s $5.94 million equity contribution that it opted to not make is now canceled. It is waiving repayment of the $13 million loan and instead will issue a  promissory note to Pure Sunfarms in the amount of C$952,237. Village Farms has made an additional equity contribution to Pure Sunfarms of C$8.0 million in 2020.

In addition, Emerald had the provision to purchase 40% of Pure Sunfarms’ aggregate production in 2018 and 2019 and they are now released from that. Pure Sunfarms and Emerald will release each other from their current supply agreement under which Emerald has the provision to purchase 25% of Pure Sunfarms’ aggregate cannabis production from the Delta facilities in 2020, 2021 and 2022.

Psychedelic Report Issued

The Green Market Report (GMR), the cannabis industry’s leading financial news outlet, releases its first Psychedelic Trend Report.  This nine-page, 3500-word report was created as a result GMR’s first ground-breaking, sold-out event on the emerging psychedelic market it held in NYC in January. This original report looks at the trends and companies that are paving the way for new looks at old treatments. You can download the report at greenmarketreport.com/reports.

As more municipalities and states begin to decriminalize various psychedelic products for medical treatments, the investment world has taken an interest in the emerging industry. Many cannabis industry leaders and investors have begun crossing over into the psychedelic world to start new companies and pursue new medical treatments.It was the interest in this evolving industry that caused the Green Market Report to host its first Psychedelic Investing Summit in New York City.

In Other News

New SPAC Established

On March 2nd, Collective Growth Corporation, which intends to trade its units on the NASDAQ with the symbol “CGROU”, filed an S-1 registration statement to raise $150 million by selling 15 million units that include shares at $10 with $11.50 warrants for 1/2 of a share. 52 days after trading commences, the company expects that the shares will begin trading with the symbol “CGRO” and the warrants with the symbol “CGROW”. Following the offering, the company will have a total of 19.012 million Class A and Class B shares and 9.506 million warrants. Collective Growth sold 4.3 million Founder Shares for $25,000 in December, with up to 562,500 shares subject to forfeiture. Bruce Linton serves as Chairman and CEO of the Austin-based company, and his management team includes several Canopy Growth veterans.

Drug Policy Alliance

The Board of Directors of the Drug Policy Alliance (DPA) has selected the acclaimed drug policy reform activist Kassandra Frederique as its next Executive Director. Frederique, who is now the organization’s Managing Director of Policy Advocacy and Campaigns, will assume the role in September after completing projects to which she is committed to in her current position.

“We could not be more excited that a leader with Kassandra’s strategic vision, integrity, and passion will take the reins at DPA,” said board chair Derek Hodel. “By any measure, Kassandra is a force to reckon with – she has significantly influenced drug policy reform in New York, and has helped to shape the national drug policy conversation. She will be a terrific executive director.”

 

 

Leave a Reply

Your email address will not be published. Required fields are marked *


About Us

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


READ MORE



Recent Tweets

@GreenMarketRpt – 2 days

In case you missed it. Weed Talk News 10/16/2020 via @ProCannaMedia

@GreenMarketRpt – 5 days

Green Market Report’s Marijuana Money October 16, 2020

@GreenMarketRpt – 1 week

Green Market Report Wins Big During 2020 Awards Season

Back to Top

You have Successfully Subscribed!