Cannabis and Washington crossed paths again this week and not in the usual legislative way. Last week Green Market Report broke the news that two associates of President Trump and Mayor Guiliani who were arrested for campaign finance violations had their hands in the cannabis industry in Nevada. David Correia was arrested this week at a New York Airport. GMR also reported on the ties of already arrested Andrey Kukushkin to the California cannabis market. Kukushkin and Correia are supposed to go back to court on Thursday this week.
Aphria Inc. (TSX: APHA)(NYSE: APHA) stock jumped over 16% to trade at approximately $5.10 in early trading after the company reported that its revenue increased 849% to $126.1 million for the first quarter with net income of $16.4 million.
Valens GroWorks Corp. (TSXV: VGW) (OTC: VGWCF) reported its financial results for the third quarter of fiscal 2019 with revenue increasing 87.1% to $16.5 million and delivered net income of $5.9 million.
Cannabis tech company Flowhub has raised an oversubscribed $23 million Series A financing round led by e.ventures, Evolv Ventures — the venture fund backed by Kraft Heinz — and Poseidon, with contributions from investors 9Yards Capital, former NBA commissioner David Stern and Iqram Magdon-Ismail, the co-founder and former CEO of Venmo, among others.
Orthogonal Thinker announced last month that it raised $2.5 million in capital. This funding completes approximately $4 million in seed capital raised to date, with more funding coming in. Orthogonal will use this financing to support intellectual property rights for plant-based psychoactive compounds.
Private company Holistic Industries closed on $55 million in funding. The multi-state operator (MSO), which started on the East Coast and has rapidly expanded to the Midwest and West Coast, currently operates in California, Maryland, Massachusetts, Michigan, Pennsylvania, and Washington D.C.
Legion M is a fan-owned company. Its latest project is the Jay & Silent Bob Reboot movie from director Kevin Smith and it was screened this week as a Fathom Event. The dynamic duo head to Hollywood to stop a reboot of their movie. It contains lots of cannabis humor as well. The movie was released along with the launch of Jay & Silent Bob’s Private Stash cannabis strains, which is available to buy in California with plans to expand to other states