It’s time for your Daily Hit of cannabis financial news for November 23rd, 2020.
On the Site
Dispensaries Pivot As Regions In Ontario Start New Lockdown Orders
The number of cases of COVID-19 has spiked in the province of Ontario causing new lockdown orders. On Sunday, Ontario Regulation 654/20 was made allowing cannabis retail stores located in the lockdown regions to operate through e-commerce, curbside pickup, and home delivery services causing cannabis stores to once again pivot to online orders.
Jushi Plans $50 Million Expansion In Scranton, PA
Jushi Holdings Inc. (OTCMKTS: JUSHF) said it is planning a $50 million expansion project in Scranton, Pennsylvania which is expected to create more than 100 more new jobs in the Scranton area
Cansortium Says Revenue Rose 94% In Third Quarter
Cansortium Inc. (OTCQB: CNTMF) delivered revenue of $14.3 million for its third-quarter ending September 30, 2020. This was a 94% increase over last year’s $6.9 million for the same time period
KIND Creates Closed-Loop Payment System
Tech company KindPay has created a closed-loop payment system, which means that it is able to be used only with specific merchants. The mobile app will be able to be used by specific people in the cannabis industry, including dispensaries, growers, and consumers.
In Other News
Ayr Strategies Announces Short-Term Incentive for Shareholders
The company announced today incentive exercise rights available on a short-term basis to the company’s shareholders. The company will be offering a C$0.50 incentive for the purchase of up to 3 million warrants, purchases being made in cash only. If all 3 million warrants are exercised, the proceeds will result in US$25 million.
We are pleased to be able to offer our warrant holders this opportunity at a very exciting time for both our Company and our industry. Ayr has incredible growth ahead driven by the great progress our team has made operationally in Massachusetts and Nevada, as well as our exciting expansions into Pennsylvania, Arizona and Ohio. The continued mainstreaming of cannabis is expected to provide new opportunities for growth, and we expect our business to continue to expand, solidly funded based on projected cash proceeds from our warrant holders and the anticipated debt financing we have previously mentioned in our investor calls. We appreciate the support of all our stakeholders immensely,” said Jonathan Sandelman, Ayr Chairman and CEO.
4Front Ventures Announces Closing of C$17.25 million Offerings
Vertically integrated MSO, 4Front Ventures, announced today their closing of a bought deal public offering. The units sold total an aggregate amount of C$17,251,150. The company issued 24,644,500 units at a price of C$0.70 per unit. 4Front Ventures plans to use the proceeds from this deal to fund a state of the art, 185,000 sq ft, highly automated facility located in Commerce, California. They anticipate the construction to be completed in April 2021, with the first sales taking place in May.