It’s time for your Daily Hit of cannabis financial news for September 30, 2019.
On The Site
Gotham Green Partners has invested an additional $20 million in iAnthus Capital Holdings, Inc. (CSE: IAN)(OTCQX: ITHUF) through the purchase of senior secured convertible notes. Green Gotham said it was part of a broader $100 million financing plan to support the buildout of all existing markets in which iAnthus currently operates.
iAnthus has been building its market share at a rapid pace. Over the past 16 months, Chief Operating Officer Pat Tiernan said in a statement that the company currently has 27 open dispensaries, 11 of which have opened in the last ten months and the company is aggressively working to open another 12 in the next six months. Tiernan added, “We are growing in each of our markets and are one of the only MSOs that has meaningful revenue in multiple states, including Arizona, Colorado, Florida, Maryland, Massa
Arizona-based DNA testing technology company PathogenDx, Inc. announced $7.5 million in Series B funding. This latest investment round was led by Cresco Capital Partners with participation from Altitude Investment Management, Arcadian Investment Partners, Panther Opportunity Fund LLC, Salveo Capital, Flatiron Venture Partners, and other investors. PathogenDx was able to close this round of funding in just under three months.
PathogenDx wants to become the new standard in DNA-based testing through widespread adoption of its advanced microarray testing platform for the cannabis, hemp, agriculture, food, and beverage industries. PathogenDx’s technology can rapidly identify and detect up to 50 pathogens all in a single test, in 6 hours providing triplicate data per analyte for certainty in results with a simple and easy process. This additional capital raise will allow PathogenDx to continue expanding its breakthrough technology into food and agriculture testing while continuing to build on its leadership position with a current portfolio of domestic and international clients in the cannabis industry.
In Other News
High Tide Inc. (CSE:HITI) (OTCQB:HITIF) an Alberta-based, retail-focused cannabis corporation enhanced by the manufacturing and wholesale distribution of smoking accessories and cannabis lifestyle products, has filed its financial results for the third fiscal quarter of 2019 ending July 31.
Revenue in the third quarter increased by 281%, to C$8 million from C$2 million for the same period in the previous year. Gross margin increased by 160%, to $3 million from $1 million in the same period in 2018, primarily due to an increase in sales volume.
48North Cannabis Corp. (TSXV: NRTH) released its financial and operating results for the fiscal year ended June 30, 2019. The company delivered net revenue of $4,820,000, marking 48North’s first full year of revenue, but a net loss of $8.1 million. In fiscal 2019, the company raised over $48 million and at the end of the year had $52.7 million in cash and cash equivalents on hand. As a result, 48North believes it is well capitalized to execute on its business plan.