The Daily Hit: May 8, 2019

It’s time for your Daily Hit of cannabis financial news for May 8, 2019.

On the Site

CalCannabis: Why Such a Debacle?

We were prompted to write this article by Joe Kukura’s article “Pot Growers Nipped in the Bud by Bureaucratic Bungle.” We agree with the article. CalCannabis created a gigantic debacle with its licensing of cultivators. However, a more accurate statement is, “CalCannabis is a gigantic blunder.”

Marketing Matters: More… On The Art Of Branding & Identity

Defining your brand is paramount. Define who you are, what you stand for and who you are not. Provide a relevant point of view to the market you serve and develop your brand message & voice to match it.

In Other News

Nug

Nug Inc. announced today that it has raised $15 million in a Series A Funding round. Nug initially set out to raise $10 million but the offering was oversubscribed and the company raised an additional $5 million. The company will use the proceeds from this fundraising round to expand its manufacturing, distribution and branding capacities. “This latest capital infusion represents an ongoing phase of aggressive growth for NUG and is indicative of an auspicious future, validating our team’s relentless ambition and commitment to developing top notch products, innovative services and technology,” said Dr. John Oram, CEO and Founder of NUG.

Abacus Health Products

Abacus Health Products, Inc. (CSE: ABCS) announced that it has raised $34.5 million through a bought deal offering of 2,464,450 units of the company, which includes the full exercise of the underwriters’ over-allotment option. A syndicate of underwriters, including Eight Capital, GMP Securities LP, Cormark Securities Inc., Haywood Securities Inc. and Paradigm Capital Inc. led the offering. The company intends on using the proceed from the offering for general working capital, increase international distribution of products, and to ramp up its marketing and sales programs to seek to increase retail pharmacy store locations from 1,100 to over 10,000.

Tilray

Tilray Inc. (NASDAQ: TLRY) said today that it plans to make an investment of $32.6 million to increase the company’s Canadian cannabis production manufacturing footprint from 1.1 million to 1.3 million square feet across three facilities located in Leamington, Ontario; London, Ontario; and Nanaimo, British Columbia. The investment is expected to create around 100 news jobs.

William Sumner

William Sumner

William Sumner is a freelance writer specializing in the legal cannabis industry. You can follow William on Twitter @W_Sumner or on Medium.


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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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