It’s time for your Daily Hit of cannabis financial news for October 22nd, 2020.
On the Site
Diego Pellicer Worldwide
Luxury cannabis retailer Diego Pellicer Worldwide, Inc. (OTCQB: DPWW) announced that it has executed a series of agreements that will cancel the master lease on its Elizabeth Street cannabis cultivation facility in Denver while maintaining cash flow for DPWW.
“We worked collaboratively with the Diego operator at Elizabeth Street to make this a positive transaction as we initiate discussions of a merger,” said Nello Gonfiantini III, chief executive officer, Diego Pellicer Worldwide, Inc.
Women Grow Leadership Summit Moves to Online Format
Women Grow, the largest professional network for women in the cannabis industry, is uncertain if their annual Leadership Summit will return in 2021.
Cannabis ETF’s See Benefits From Cannabis As A Debate Topic
As the Presidential election nears, it seems the topic of cannabis legalization is driving investor interest in the industry. Cannabis ETF issuer ETFMG, who manages ETFMG Alternative Harvest ETF (NYSE Arca: MJ), reported its 1,000th creation unit sold on October 12, 2020. The company said that the subject of legalization of cannabis in several states has led to increased investor demand evidenced by the increased daily trading volume. Shortly after the Vice-Presidential debate, MJ saw trading volume increase three times its normal activity, 750,000 to nearly 2.4 million. MJ currently has 50 million shares outstanding. Since the beginning of Q4 2020, the Fund is up 10.66%.
LeafLink Gives Insight to Cannabis Wholesale Industry with New Report
Wholesale cannabis marketplace, LeafLink, releases monthly reports about the wholesale cannabis industry. This data primarily consists of financial facts and figures, and gives you an idea of what the industry is doing, where it is headed, and what that means for your cannabis business.
LeafLink reported a 118% year-over-year (YoY) increase as measured by the Gross Merchandise Value.
Cannabis Business Social Networks – 2020 Comprehensive Guide
This article discusses social networks for cannabis businesses, as well as the best ways to grow your brand on them.
In Other News
Psychedelics company, Cybin Corp, has announced their closing of one of the biggest psychedelic deals out of Canada to date, totaling $45M. The company announced in conjunction with Clarmin Explorations, a Canadian-based mining company that is also engaged in the business of acquisition, exploration, and development of mineral properties. The private placement offering consisted of 60,000,000 subscription receipts at C$0.75/receipt.
“The strong interest we received from distinguished healthcare investors enabled us to exceed our original capital-raising goals. We appreciate the support of investors who share our vision and commitment to developing alternative therapies,” said Doug Drysdale, CYBIN’s Chief Executive Officer. “The potential of psychedelic therapies to treat mental illness and addiction disorders has never been more significant. With this investment, we will continue to advance our robust pipeline of psychedelic-based products through clinical development.”
Cannabis industry leader, Indus Holdings, has announced Bruce Gates has joined the board of directors. Indus is a vertically-integrated cannabis company based in Salinas California.
“Bruce Gates is a seasoned executive with immense experience within complex regulatory environments set against shifting political backdrops,” says Indus Holdings, Inc. Chairman of the Board George Allen. “We are incredibly fortunate to have a leader and strategist of Bruce’s caliber on our board as we work to continue to take Indus to new heights of success.”
Gates serves as the Founder and President of Three Oaks Strategies LLC, a consulting firm based in Virginia. Gates also served as Senior Vice President of External Affairs for Altria, and briefly served as their representative on the board of Chronos Inc.
KushCo Holdings is to report their fourth quarter and full year results on Thursday, October 29th. GW Pharmaceuticals will announce their results from quarter three on a November 3rd conference call.