The Daily Hit: September 27, 2018

It’s time for your Daily Hit for cannabis financial news for September 27, 2018:

On the Site

GW Pharmaceuticals

The Acting Administrator of the Drug Enforcement Administration has placed FDA-approved drugs that contain CBD derived from cannabis and no more than 0.1 percent tetrahydrocannabinols  (THC) in schedule V. GW Pharmaceutical’s (GWPH) Epidiolex had been a schedule I controlled substance, with this new directive Epidiolex (and any generic versions of the same formulation that might be approved by the FDA in the future) will be a schedule V controlled substance.

Khiron Life Sciences

The medical cannabis producer Khiron Life Sciences (KHRNF) is positioned to secure a significant share of the cannabis market in Latin America, according to a report released Canaccord Genuity, initiating coverage on the company with a speculative buy rating at a C$3.00 per share target rate. This comes right as the company announced that it signed a non-binding memorandum of understanding (MOU) with Fundacion Daya, Chile’s leading medical cannabis institution and the holder of Chile’s only medical cannabis license

In Other News

Supreme Cannabis Company Inc.

Supreme Cannabis Company Inc. (FIRE) announced that it has entered into an agreement with a group of underwriters, led by GMP Securities and BMO Capital Markets, on a bought deal basis. Under the agreement, the underwriters will purchase C$90 million of convertible debentures, at a price of $1,000 per debenture.  The convertible debentures will yield an interest rate of 6% per annum, payable bi-annually on June 30 and December 31; starting this coming December. The offering is expecting to close on or around October 19, 2018.

Aphria Inc.

Today Aphria Inc.  (APH) announced that it had closed the acquisition of LATAM Holdings Inc. from Scythian Biosciences (SCYB). The acquisition was funded by Aphria assuming $1 million of debt held by LATAM Holdings and through the issuance of 15.6 million shares. Included in the acquisition is a 90% ownership of Colcanna S.A.S., a medical cannabis company located in Colombia’s “Coffee Zone”; the pharmaceutical import and distribution company ABP, S.A.; a 49% ownership in Marigold Projects Jamaica Limited; and the right of first offer and refusal in an unnamed Brazilian entity.

MedMen Enterprises Inc.

MedMen Enterprises Inc. (MMEN) reports that it has closed its previously announced bought deal financing through a group of underwriters led by Eight Capital and Cormark Securities Inc. The offering sold 15,681,818 units of the company, at a price of C$5.50 per unit, for a total of C$86.25 million. This sum includes the full exercise of the underwriters’ over-allotment option. The proceeds of the offering will be used for general and working capital, developing the company’s cultivation and production facilities, and expanding its retail dispensary network.



William Sumner

William Sumner is a freelance writer specializing in the legal cannabis industry. You can follow William on Twitter @W_Sumner or on Medium.

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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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