It’s time for your Daily Hit of cannabis financial news for May 4, 2020
May the Fourth be with you!
On The Site
While other cannabis companies have complained of a tight capital environment, Nevada-based Flower One Holdings Inc. OTC:FLOOF has successfully closed its previously announced non-brokered private placement. The company said it raised C$10.9 million or $7.8 million. This is higher than the previously planned offering of $7.5 million. Flower One said it plans to use the proceeds for general corporate and working capital purposes.
Flower One is the largest cannabis cultivator, producer, and full-service brand fulfillment partner in the state of Nevada. Flower One’s flagship 400,000 square-foot greenhouse and 55,000 square-foot production facility is used for large scale cannabis cultivation, processing, and manufacturing. Flower One also owns and operates a second production facility in Las Vegas, with 25,000 square feet of indoor cultivation and a commercial kitchen that will produce several of the nation’s top-performing edible brands.
Have A Good Trip
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In Other News
Intec Pharma Ltd. (NASDAQ: NTEC) has entered into definitive agreements with several institutional and accredited investors for the purchase and sale of 16,291,952 of the Company’s ordinary shares, at a purchase price of $0.30690 per share, in a registered direct offering. Intec has also agreed to issue to the investors unregistered warrants to purchase up to an aggregate of 8,145,976 ordinary shares. The offering is expected to close on or about May 6, 2020, subject to satisfaction of customary closing conditions.H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.
The warrants will have a term of five and one-half years, be exercisable immediately and have an exercise price of $0.245 per ordinary share. The gross proceeds to Intec from this offering are expected to be approximately $5.0 million, before deducting the placement agent’s fees and other offering expenses. The Company intends to use the net proceeds from the offering to fund its research and development activities and for working capital and general corporate purposes.