Its time for your Daily Hit of cannabis financial news for March 5, 2019.
On The Site
Following the market close on Monday, MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF) made a statement claiming it wasn’t aware of stock promotion activity by a company it hired for public relations. Yet in the statement, the company admits “There are statements made which encourage investors to purchase the stock of the Company.”
MedMen acknowledged in the statement that the OTC Markets had made inquiries about promotional activity relating to promotional materials encouraging investors to buy the company’s Class B Subordinate Voting Shares.
Doyen Elements has left a string of investors out in the cold each telling a similar story. In November of 2017, Green Market Report reported that Doyen Elements was planning to publicly list its shares on the OTC Market, and was accepting investments prior to its IPO at $7.00 a share.
Basically, it turns out there are two Doyen companies, one in the U.S. and one in Canada. The U.S. company is the one that has ghosted its investors, while the Canadian Doyen changed its name to Covalent Collective.
In Other News
Grown Rogue International Inc. (CSE:GRIN | OTC: NVSIF) reported that or the first quarter of fiscal 2019 Grown Rogue revenue grew to more than US$800,000 (C$1.07 million), an increase of more than 365% from revenue of US$171,000 (C$227,700) in its fiscal first quarter ended January 31, 2018. Financial results for the fiscal first quarter ended January 31, 2019 will be released during the last week of March, 2019. Current annual production capacity is approximately 5,000 lbs (2,300 kgs), but that number is forecast to more than triple to approximately 18,500 lbs (8,400kgs) by the end of fiscal year 2019 as Grown Rogue scales its cultivation operations in additional states.
JetBlack Corp. (OTC: JTBK) (“JetBlack”) finalized an agreement to purchase a Tier 1 Marijuana Production License in Oregon. The company will begin the transfer process of ownership and locations with OLCC as soon as possible. In addition, JetBlack is in the process of transferring ownership and locations of a separate Tier 1 Marijuana Production License. The company has received correspondence from OLCC stating that an investigator was assigned to the license transfer but the application has since been returned to the queue. There is an investigation whether, This Budz For You Farms, lost control of their previous location. Under OLCC rules, the licensee must have access and an active lease to the location. There was a discrepancy with the landlord that occurred. OLCC is conducting an investigation and the company will work with OLCC to try and remedy the situation. “The company from this point forward will limit the use of leases and will begin to look for more permanent solutions,” explained CEO Daniel A. Goldin.
Matica Enterprises Inc. (MMJ – CSE) (MQPXF – OTCQB) has been approved to begin trading on the OTCQB tomorrow under the symbol “MQPXF”. Real-time information, quotes, and the trading statistics can be found at www.otcmarkets.com. This is the latest development in the Company’s strategy to provide improved channels for market participation.