It’s time for your Daily Hit of cannabis financial news for October 15, 2018.
On The Site
Canopy Growth Corporation
Canopy Growth Corporation (CGC) entered into an agreement to acquire the assets of Evergreen, Colorado-based hemp research company ebbu, Inc. It is a cash and stock deal that is expected to close in November.
According to the company statement, Canopy Growth will pay C$25 million in cash and issue 6,221,210 company common shares to ebbu in exchange for the assets being acquired. In addition to that, up to a further C$100 million in purchase price shall be payable if certain scientific related milestones are achieved within two years following closing. Canopy Growth will have the option of satisfying such milestone payments in cash, shares or a combination of cash and shares.
On Wednesday, both medical and adult use cannabis will be legal for adults in Canada. The Cannabis Act that was passed in June created a legal cannabis program allowing each province in the country to establish its own cannabis marketplace. Canada is the first G-7 to legalize cannabis in both forms at a national level.
October 17 was the day that was set for the first sales of adult use or recreational cannabis. The dispensaries won’t be like the ones in the U.S. since the packaging is decidedly plain, but adults will be able to purchase up to 30 grams of cannabis.
In The News
CannAmerica Brands began trading today on the Canadian Securities Exchange under the symbol “CANA”. “CannAmerica is excited to achieve this milestone as we work toward expanding our brands into new markets in the U.S. cannabis sector, and beyond,” said Dan Anglin, CannAmerica Co-Founder and CEO. “Today’s announcement is a significant landmark for CannAmerica and the direct prospectus listing provides investors with access to a new player in this emerging industry. We have multi-state licenses who benefit from a recognized brand, as well as the proprietary formulas, recipes, intellectual property, ingredients, packaging solutions, and trade secrets for creating premium cannabis products.”
High Park Holdings Ltd.
High Park Holdings Ltd., a subsidiary of Tilray, Inc. (TLRY) today unveiled a broad-based portfolio of cannabis brands including three new, original brands exclusive to the Canadian adult-use market: Canaca™, Dubon™ and Yukon Rove. High Park’s comprehensive brand portfolio reflects the breadth of consumer preferences and includes a diverse range of quality and innovative products.
“The launch of the world’s largest federally legal cannabis market is only days away and High Park is ready to be a part of history,” said Adine Fabiani-Carter, Chief Marketing Officer at High Park. “We believe great brands are the engine of an enduring and vibrant cannabis industry and we’re excited for Canadians to finally have safe-access to unique consumer-driven brands and quality-assured products.”
Isodiol International Inc.
Isodiol International Inc. (ISOLF) is launching Pawceuticals, a CBD-based product line that naturally aids in restoring a pet’s health and improving overall wellness. The Pawceuticals functional CBD pet products are designed for dogs and cats and are scientifically formulated with a proprietary blend of adaptogens that may aid in comfort, calming, healthy gums support, immune support, itch support, joint support, kennel cough support, kidney support, liver support, urinary support and anti-aging. The Company anticipates these products will be available for purchase online in late November at Pawceuticals.com.
Cronos Group Inc.
Cronos Group Inc. (CRON) entered into a sponsored research agreement with the Technion Research and Development Foundation of the Technion – Israel Institute of Technology to explore the use of cannabinoids and their role in regulating skin health and skin disorders. The preclinical studies will be conducted by Technion over a three-year period and will focus on three skin conditions: acne, psoriasis and skin repair.
Aphria Inc. (APHQF) completed its first shipment of cannabis oil to its Argentina-based subsidiary ABP, S.A. a pharmaceutical import and distribution company. In accordance with a previously announced supply agreement, the Company delivered 1,500 bottles of Aphria’s renowned Rideau CBD oil, which were provided to Hospital de Pediatria Garrahan a leading pediatric hospital located in Buenos Aires, for use in a clinical study focused on treating refractory epilepsy in children.
Elev8 Brands, Inc.
Elev8 Brands, Inc. (VATE) was approved for trading on the OTCQB Venture Market. Elev8 Brands, Inc. has been working diligently to make this come to fruition for its shareholders. The OTCQB provides a more transparent platform with fully audited financial statements as well as a stringent review process from OTC Markets.