It’s time for your Daily Hit of cannabis financial news for September 10, 2020.
On The Site
California-based ManifestSeven announced it closed on an aggregate of $10.2 million in gross proceeds raised via three private placements of equity and convertible debt in 2020. In addition to the fundraising, the company said it is close to completing its reverse takeover transaction of P&P Ventures Inc., which is to be renamed ManifestSeven Holdings Corporation. M7 said it expects to begin trading within the coming days on the Canadian Securities Exchange using the ticker symbol “MSVN”.
ManifestSeven is an omnichannel platform for legal cannabis, merging compliant distribution with a retail superhighway. M7, with offices in Commerce and Irvine, California. The company said it has a growing portfolio of owned and operated retail operations located in major metro markets, including brick-and-mortar dispensaries, local on-demand delivery services, e-commerce, and subscription offerings.
Havn Life Sciences announced that, on August 31, 2020, its wholly-owned subsidiary, HAVN Research Inc., was granted a Section 56 exemption by Health Canada, meaning it now has the ability to possess certain amounts of pure psilocybin for scientific purposes, specifically for the research and development of quality control methods.
Havn Life said it plans to immediately begin work on experiments with the objective of developing a set of methods for the safe, standardized, quality-controlled production of medical compounds extracted from the Psilocybe spp. mushroom.
The queen of lifestyle branding Martha Stewart has launched a new line of CBD products with cannabis company Canopy Growth Corporation (NYSE:CGC.) The hemp-derived wellness supplements are inspired by some of Martha’s most popular recipes featuring Meyer lemons and blood oranges. The initial product offering will include a range of human wellness supplements, with a gift box and pet line launching later this year.
In Other News
The Nebraska Supreme Court has ruled that the medical marijuana ballot initiative supported by Nebraskans for Medical Marijuana will not appear on the November 2020 ballot. The decision came in response to a lawsuit filed by opponents arguing that the measure violated the state’s single subject rules.
The Marijuana Policy Project, which has assisted the campaign from its inception and played an important role during the signature drive, expressed its extreme disappointment with the decision while vowing to continue supporting efforts to reform marijuana laws in the state.
Nebraskans for Medical Marijuana submitted over 190,000 signatures in support of the amendment in July. The Court’s decision overturns Secretary of State Bob Evnen’s decision to certify the initiative after a similar legal challenge was submitted by opponents in August.