It’s time for your Daily Hit of cannabis financial news for October 31, 2018.
On the Site
2018 Midterm Elections Could Be a Tipping Point for Cannabis
Cannabis could be the issue that tips the ballots towards certain candidates around the U.S. as the country heads into mid-term elections on November 6. Many are calling these elections the “tipping point” for cannabis, with 4 states going to vote on major cannabis laws, and cannabis measures showing up on local ballots across states. Not sure about your state? Green Market Report offers Bill Track 50, a state-by-state overview of the bills across each U.S. state.
Grassroots Wants To Be The Next Biggest Multi-State Operator
As the landscape for multi-state operators gets more and more crowded, it’s becoming difficult to differentiate between them all. Grassroots Cannabis is the latest to toss its hat into the ring. It was founded by Mitch Kahn in Illinois and the company currently holds 27 licenses with operations in six states.
The Green Market Report Cannabis Company Index Q3 Update
The Green Market Report’s Cannabis Company Index has issued its third-quarter report. The index has removed some stocks while adding others as more cannabis companies enter the publicly traded stock arena.
In Other News
Wayland Group, a vertically integrated international cannabis company, announced that it had closed a previously announced bought deal financing, raising slightly over $50 million. Units of the company, which consisted of one common share and one-half of one common share purchase warrant, were sold at $1.65 per unit. A group of underwriters, led by Canaccord Genuity Corp., completed the offering. The underwriters were granted an over-allotment option to purchase up to 4,552,500 units and are exercisable on or before November 30, 2018. The proceeds of the offering will go towards general working capital, general corporate purposes, and the expansion of the company’s facility located at 138, 8th Concession Road in Langton, Ontario.
Jane Technologies, Inc.
Jane Technologies, Inc., a retail technology company focused on the cannabis industry, announced that it has completed its Series A funding round; raising $6 million through private investment. Operating in roughly 500 dispensary partners across 19 states and US territories, the company provides cannabis software that is capable of seamlessly integrating with over 35 POS software platforms and touts a 40% user base growth month over month. “Jane Technologies is at the forefront of the intersection between cannabis and technology, with breakthrough retail innovation with the potential to offer novel and lasting value to all participants in this emerging marketplace,” said Scott Stern, Professor of Management at the MIT Sloan School of Management.
GSRX Industries Inc.
GSRX Industries Inc. (OTCQB: GSRX) has announced its financial results for the third quarter, which ended on September 30, 2018. GSRX generated $706,428 in revenue, representing a 100% increase from the previous quarter. Gross profits were $255,052, up 66% from the previous quarter. The rise in revenue is attributed to the company’s Green Spirit RX dispensaries in Puerto Rico and The Green Room in California. Operations in Puerto Rico say a 298% increase in sales and California operations saw a 2% increase. Operating expenses declined by 42% to $2,198,056 and net losses also decreased to approximately $1,555,745.
Diego Pellicer Worldwide, Inc.
Following the completion of a 20-to-1 reverse stock split, Diego Pellicer Worldwide, Inc. (OTCQB: DPWWD) announced that it has been granted a new and temporary stock symbol on the OTC Markets. The company will now trade under the symbol “DPWWD” until November 30, 2018. The company’s symbol will return to “DPPW” after that date.