It’s time for your Daily Hit of cannabis financial news for October 30, 2018.
On the Site
NYSE Adds Cannabis Company Aphria, Kicks Out IGC
The New York Stock Exchange (NYSE: ICE) is delisting self-described cannabis company India Globalization Corp. (NYSE: IGC). In a short statement, the NYSE said that trading of the common stock would be suspended immediately. On a positive note, Aphria Inc. (TSX: APH) said that its common shares have been approved for listing on the New York Stock Exchange and will begin trading at the open of markets on November 2, 2018.
Here’s How Cannabis Companies Navigate The Internet
The internet is taken for granted by most companies, but it poses challenges for cannabis companies. At the recent Green Market Summit in New York City, several cannabis executives discussed how they meet conquer these barriers and thrive. Vivien Azer of Cowen & Co., Sean Dollinger, Namaste Technologies CEO, Peter Gigante – Head of Policy Research at Eaze and Michael Arnkvarn COO at MPX Bioceuticals.
Report: Nevada’s Cannabis Industry Will Generate $8 Billion in Economic Activity
What is the economic impact of adult use cannabis? In many U.S. states, that is a difficult question to answer. Hoping to divine the answer, the Nevada Dispensary Association (NDA), which represents approximately 80% of cannabis dispensaries in the state of Nevada, commissioned a report by RCG Economics to find out; and the results were surprising.
In Other News
Cresco Labs, a multi-state vertically integrated cannabis company, announced that is has acquired cannabis licenses and assets in the state of Arizona; including two cultivation facilities, a processing facility, and a dispensary. The new licenses and properties were made possible through a definitive agreement with Arizona Facilities Supply, LLC to acquire the company and several of its subsidiaries. “Arizona is a state closely aligned with our strategic focus on entering markets with great patient participation, sound regulatory structures and a need for consumer-focused and consistent, quality cannabis products,” said Cresco Labs CEO and Co-founder Charlie Bachtell.
INDUS Holding Company
INDUS Holding Company announced that it had raised $46 million in its Series B financing round, making it the company’s largest funding round to date. Initially set to raise $15 million, the company raised the funding goal twice due to increased investor interest. “This is our largest round of financing to date, and its success speaks not only to the incredible growth of this industry but also to our position as a vertically-integrated organization that proudly embraces regulatory compliance while serving as one of the leading cannabis producers and distributors in California,” said INDUS CEO Robert Weakly.
48North Cannabis Corp.
48North Cannabis Corp. announced that it is entered into a binding letter agreement with Good & Green to acquire all of the company’s issued and outstanding common shares, valued at $18 million. The company also announced a $10 million non-brokered private placement of units, which includes a $7 million lead order from an undisclosed US-based private investment fund. This is 48North’s second acquisition of a licensed Canadian cannabis producer. The acquisition will provide 48North with a total expected production of at least 45,000 kilograms of dried cannabis. “We are excited to acquire Good & Green, a company that shares our corporate values, strong management, and commitment to financial discipline,” said Alison Gordon, CEO of 48North. “With now two licensed facilities, we are optimally positioned for the next phase of cannabis legalization with extensive cultivation experience in large-scale, low-cost production.”