This is your Daily Hit of cannabis news for May 24, 2018:
On The Site
Newstrike Resources Ltd.
Toronto-based Newstrike Resources Ltd. (NWKRF) announced that it has entered into an agreement with a syndicate of investment dealers co-led by Cormark Securities Inc. and INFOR Financial Inc. to purchase 53,350,000 units of Newstrike, at a price of $0.75 per unit. The deal is expected to generate total gross proceeds of approximately $40 million. The net proceeds of the deal will be used for growth initiatives, working capital, and general corporate purposes.
Organigram Holdings Inc.
Organigram Holdings Inc. (OGI) announced today that it has entered into a non-binding letter of intent with Hyasynth Biologicals Inc. Hyasynth is a biotechnology company that captured headlines several years ago with news that the company was capable of producing phytocannabinoids using genetically engineered strains of yeast; which allows the company to manufacture CBG, CBD, and THC for novel and specialized products, and as pharmaceutical ingredients.
In Other News
Isodiol International Inc.
Isodiol International Inc. (ISOL) announced that it has entered into a letter of intent with Sundial Growers Inc., a Health Canada ACMPR-approved licensed producer of medical cannabis, for the import of CBD isolate into Canada. Under the agreement, CBD will be imported into Canada through a licensed dealer and will be tested by Sundial in accordance with Canadian laws. Both Isodiol and Sundial intend to executed a definitive supply agreement, which will be contingent on regulatory approval from both Canada and the United Kingdom.“Isodiol continues to position itself as a go-to partner in the global supply for the highest quality, pharmaceutical grade CBD isolate. We are pleased to begin this new relationship with Sundial and assist them in producing products that customers can trust,” said Isodiol CEO, Marcos Agramont.
Golden Leaf Holdings Ltd.
Golden Leaf Holdings Ltd. (GLH) announced today that it has hired Ryan Purdy as its Vice President of Operations. Purdy will report directly to company COO, Mike Genovese, and will be responsible for overall supply chain strategy and execution, including vendor selection, production planning, procurements, and logistics. “We are thrilled to welcome Ryan to the Golden Leaf team. As Vice President of Operations, he will play a critical role optimizing our supply chain and organizational structure, as we build a vertically integrated company that can capitalize on opportunities for growth and operational efficiency…” commented Golden Leaf CEO, William Simpson.
MedReleaf Corp. (LEAF) announced that, in collaboration with the Canadian Football League Alumni Association (CFLAA), that it would conduct an observational study on the benefits of medical cannabis in treating chronic pain and related ailments in retired professional athletes. The study set to begin some time later this summer and will include volunteers from the CFLAA.”We are excited to collaborate with the CFL Alumni Association on this significant observational study with legends in the Canadian athletic arena,” said Neil Closner, MedReleaf CEO. “Through ongoing research, our understanding of the benefits of medical cannabis has grown significantly and we welcome the opportunity to apply our expertise in validating new patient therapies and contributing to positive patient outcomes for this exceptional group of former athletes.”