It’s time for your Daily Hit of cannabis financial news for November 19, 2018.
On The Site:
MedMen Enterprises (MMNFF) stock was halted for trading following the company’s amended capital raise terms on November 9, 2018, MedMen made a deal for C$120 million of subordinated voting share units priced at C$6.80. MedMen announced that it had entered into a letter of engagement with Canaccord Genuity Corp. Under the agreement, Canaccord has agreed to purchase, on behalf of a group of underwriters, 17,648,000 units of the company on a bought deal basis.
Then the bottom fell out and the stock plunged to as low as C$5.39. Last Friday, MedMen decided to amend the terms of the deal to issue to the underwriters 13,640,000 units at a price per unit of $5.50 for gross proceeds of $75,020,000. The IIROC required a revised prospectus which it received the receipt of approval late on Monday.
Florida’s Trulieve (CSE: TRUL) (TCNNF) reported that its third-quarter revenue came in at $28.3 million, a 21% sequential increase and 42% increase over last year’s revenue of $19.8 million for the same time period. The net income increased 386% to $17.5 million versus last year’s net income of $3.6 million for the same time period. Following the end of the quarter, Trulieve announced that it was moving beyond the Florida market by making acquisitions of Life Essence, Inc. and Leef Industries, LLC., based in Massachusetts and California respectively.
In Other News
Supreme Cannabis to acquire communications and stakeholder relations firm. Bayfield CEO Riyaz Lalani to assume Chief Corporate Officer role of the Company. The acquisition is being pursued to allow the Company to accelerate strategic priorities, bolster communications efforts, and drive global growth