It’s time for your Daily Hit of cannabis financial news for September 10, 2018:
On The Site
ICC is a fully licensed producer and distributor of medicinal cannabinoid extracts, recreational cannabis, and industrial hemp products in Uruguay as well as a fully licensed producer of medicinal cannabis in Colombia. The Company has active operations in Uruguay and is focused on becoming the worldwide leading producer of cannabinoid extracts.
Golden Leaf Holdings
Cannabis company Golden Leaf Holdings Ltd. (GLDFF) entered into an agreement with Canaccord Genuity Corp. as sole agent and bookrunner for a private placement of unsecured convertible subordinated debenture units. The deal is expected to close on or about October 4.
Golden Leaf is a Canadian company operating in multiple jurisdictions, including Oregon, Nevada, and Canada, with cultivation, production and retail operations built around recognized brands like Chalice Farms. Golden Leaf distributes its products through its Chalice Farms retail dispensaries, as well as through third-party dispensaries. Golden Leaf’s cannabis retail operations and products are designed with the customer in mind, focused on superlative in-store experience and quality products.
In Other News
Emerald Health Therapeutics, Inc.
Emerald Health Therapeutics, Inc. (EMHTF) has been selected as an authorized cannabis supplier by the Newfoundland Labrador Liquor Corporation to supply cannabis products to the NLC and serve the newly legalized adult-use market in the province of Newfoundland Labrador when sales begin on October 17.
According to the company statement, with its previously announced supply agreements with the provinces of British Columbia and Ontario, as well as its commercial production facilities quickly ramping up in British Columbia and Quebec, Emerald is prepared for the adult-use market. The company is focused on product innovation that will command high-profit margins; differentiating its marketing strategy; and securing significant supplies of safe, quality, low-cost cannabis.
The Supreme Cannabis Company, Inc.
The Supreme Cannabis Company, Inc. (SPRWF) announced that its wholly-owned subsidiary, 7ACRES, has entered into a supply agreement to provide dried cannabis to Tilray Canada Ltd., a subsidiary of Tilray Inc. (TLRY). The statement said that the value of this initial supply agreement is estimated to be in excess of C$2 million. Dried cannabis provided to Tilray by 7ACRES will be used primarily to support medical cannabis patients in Canada, including Tilray’s robust patient population.
It was announced today that a company identified as 10557404 Canada Corp. signed a non-binding Letter of Intent with MVC Technologies Inc. a cannabis-focused service and technology company and a plan to file a prospectus with the British Columbia Securities Commission to go public in a reverse take over.
According to the company statement, the key drivers of this acquisition are Sail, a pre-eminent cannabis EMR platform, Canna Care Docs, a multi-state network of patient evaluation and education centers and revenue of $5.4-million for the six months to June 30, 2018.
HEXO Corp. (TSX:HEXO) announced the acquisition of a 25% interest in a 2,004,000 sq. ft. facility in Belleville, Ontario. This is the first facility of the Company to be established outside of Quebec, further delivering on its national expansion strategy and providing capacity for the manufacturing of advanced cannabis products, including cosmetics, vapes, non-alcoholic beverages and other edibles.