It’s time for your Daily Hit of cannabis financial news for October 22, 2018.
On The Site
Aurora Cannabis will begin trading on the New York Stock Exchange on October 23, but it was crashing on Monday as the OTC shares fell over 16%. The Canadian cannabis company is following in the footsteps of Canopy Growth (NYSE: CGC), which also moved up from the OTC Markets Group to the venerable halls of the NYSE. While the iconic Exchange is happy to list the cannabis shares, don’t expect the red carpet to be rolled out.
In Other News
Pax Gets Big Valuation
Bloomberg reported that vape company Pax Labs Inc. is valued at $5 billion. The San Francisco-based vaporizer company recently announced that it had raised $20 million in its latest fundraising round. Pax CEO Bharat Vasan noted that even though there was huge interest in the company, he intentionally kept the round small so that he could give up less of the company. “This is a deliberately small round,” he said. Pax Labs stemmed form the company Ploom, which was created by the founders of the highly addictive nicotine device called Juul. The scourge of all teenage parents everywhere.
CannaRoyalty (OTCQX: CNNRF) has changed its name to Origin House. It will begin to conduct business under the new name Origin House name effective immediately. At market open on October 23, 2018, the Company’s ticker symbol will change from “CRZ” to “OH” on the Canadian Securities Exchange.
The Origin House corporate identity embodies the Company’s strategy to be the preeminent global house of cannabis brands. The new corporate logo visually represents this ‘house’, comprised of the union of Origin House’s core components (the triangles) by a stylized cannabis leaf (the white space). The Company has unveiled an updated investor presentation and fact sheet as part of this new identity, which is available on its new website, originhouse.com.
MedMen Enterprises Inc.
MedMen Enterprises Inc. (OTCQB: MMNFF) signed a definitive agreement to acquire Viktorya’s Medical Supplies LLC d/b/a Buddy’s Cannabis; a microbusiness license entitling the Company to retail, distribute, cultivate and manufacture cannabis onsite in San Jose, California. This will be MedMen’s second retail store in Northern California.