It’s time for your Daily Hit of cannabis financial news for October 9, 2018.
On the Site
On October 9, 2018, Aurora Cannabis Inc. (ACB) announced that it has filed an application to list its shares on the New York Stock Exchange (NNYSE. The company said that it expects to begin trading on the NYSE by the end of October under the symbol “ACB.”
In Other News
Today, MassRoots Inc. (MSRT) announced that its cannabis rewards program, WeedPass, has signed on more than 50 participating dispensaries. Since its launch, WeedPass users have earned a combined 650 tickets to sporting events and music festivals, driving roughly $45,000 in sales for the participating dispensaries. “We plan to continuously expand our dispensary footprint and consumer reach, in addition to the variety of rewards listed on our platform. We expect this to drive more consumers and purchasing volume to our dispensary clients,” said MassRoots CEO, Isaac Dietrich. “We believe WeedPass’s unique structure can drive significant purchasing volume to the thousands of dispensaries across the United States by offering compelling rewards for mainstream cannabis consumers.”
Green Acre Capital
Green Acre Capital has announced that it has received more than $75 million for the initial closing of Fund II. With funding in hand, the company said that it will begin making investments and plans to stop taking capital within the next 30 days; focusing on ancillary cannabis companies as well as early and growth stage cannabis companies that are not directly involved in cultivation. Approximately two thirds of the Fund II investors came from investors in Fund I. “The response to our Fund II launch and fundraising activities has been humbling,” said Green Acre Capital Managing Director, Tyler Stuart. “We are eager to start deploying this fresh capital into the most compelling ideas in the cannabis space. As the recreational markets come online in Canada this month our pace of activity continues to accelerate.”
Biome Grow (BIO) announced today that it has begun trading on the Canadian Securities Exchange (CSE), trading under the ticker symbol “BIO.” Focusing on rapid expansion, Biome thus far has acquired four subsidiary companies with a combined grow space of approximately 390,000 square feet. Biome has also worked towards establishing relationships with local organizations and communities, most recently signing a three-year partnership with St. Xavier University to implement a number of cannabis-related initiatives. “Listing on the CSE represents a significant milestone in the growth and expansion of Biome as we continue to build a Canadian cannabis conglomerate,” said Khurram Malik, Interim CEO of Biome. “We believe public listing will provide Biome increased visibility with prospective global investors, improved liquidity, and a more diversified shareholder base as we continue to grow through agreements, partnerships, and acquisitions across Canada and globally.”