It’s time for your Daily Hit of cannabis financial news for November 4, 2019.
On The Site
Beleaguered cannabis rollup TILT Holdings Inc. (CSE: TILT) (OTCQB: TLLTF) closed a private placement of up to $35 million of senior secured notes from a syndicate consisting of existing shareholders and new investors. The company said that the first close was $25.6 million and any further closing of up to $9.4M would take place within 45 days. TILT says it has agreed to change the Board of Directors with new independent Board members in line with new management’s focus on transparency, compliance and corporate governance. The lenders have proposed two Board Members who will be appointed shortly after closing.
Terra Tech Corp (OTCQX:TRTC) is merging with privately held OneQor Pharmaceutical, a company that is focused on developing, patenting, and delivering proprietary, plant-derived formulations in an all-stock transaction. The deal is expected to close by December of this year.
According to a statement, the combined company will focus principally on emerging pharmaceutical development opportunities for OneQor, while the operation of Terra Tech’s portfolio of THC and agricultural-related assets is expected to continue in the short-term. However, the new company expressed that it wanted to list on a national securities exchange and will consider several “strategic options for the legacy Terra Tech business segments that may include a spin-off, special dividend, merger or potential sale among other accretive transactions.”
In addition to that news, the company has lost its Chief Financial Officer. Dave Lyle, Chief Financial Officer has resigned as an officer, effective November 1st, for personal reasons. In the interim, Sunniva’s Global Controller, David Weinmann, has been appointed as the temporary CFO. The company statement said that Mr. Weinmann has a Bachelor of Science in Accountancy from San Diego State University. Prior to joining Sunniva, he worked for Thermo Fisher Scientific, Inc., Accriva Diagnostics, and Ambit Biosciences. He has spent the past few years consulting for companies within the start-up, transition, and transaction phase, this includes, ACEA Biosciences, Inc., Ametek, Inc., and Robo3D Limited.
In Other News
Flower One Holdings Inc. (CSE: FONE) (OTCQX: FLOOF) said that it is commencing an overnight marketed offering of convertible debenture units of the Company. In connection with the Offering, the Company intends to file a prospectus supplement to the Company’s short form base shelf prospectus dated October 22, 2019 with the securities regulatory authorities in each of the provinces of Canada, other than Québec. Each Debenture Unit will consist of one 9.5% unsecured convertible debenture due November 2022.
Curaleaf Holdings, Inc. (CSE: CURA/OTQX: CURLF), a leading vertically integrated cannabis operator in the United States, today announced the launch of its first Massachusetts adult-use dispensary in Oxford, Massachusetts. The retail store is now open at 425 Main Street in Oxford.
Retail store hours are 9AM-8PM, Monday thru Saturday and 10AM – 5PM on Sunday. The retail location is co-located with Curaleaf’s current medical retail location, which opened in April, 2018. A Grand Opening Celebration is scheduled for Wednesday, November 6, 2019 at 11 a.m. featuring Boston Red Sox great and longtime cannabis advocate Bill “Spaceman” Lee.
In addition to receiving approval on its final license to co-locate the Oxford location by the Massachusetts Cannabis Control Commission on September 13, 2019, the company was also granted approval on two provisional licenses to open adult-use retail locations in Ware and Provincetown, Massachusetts. The company was also granted approval on two final licenses for cultivation and manufacturing to be co-located with the current medical cultivation and manufacturing facility in Webster, Massachusetts.