The Week In Cannabis: Big Earnings Reports, Biden's Change Of Heart, New Report On Dispensaries

Hemptown Organics Corp., a hemp company that does business as Hemptown USA, said it raised CA$23.3 million ($17.2 million) to fund an expansion of its operations. Full story here.

Steven Ernest, former co-founder of Mazakali and JPMorgan Wealth Manager, joined Viridian Capital Advisors as director of business development. Alongside the accelerating growth and consolidation of the cannabis industry, Viridian is attracting top talent to its team as it continues to prove itself a leader in the cannabis capital markets.

Contract cannabis manufacturer Natura Life + Sience completed a $91-million private round of financing for the construction of a large, vertically integrated cannabis campus in California. Full story here.

Driven Deliveries Inc DRVD expanded its cannabis delivery operations from California to Nevada. Driven will service the Las Vegas area in Nevada while maintaining its operations in California.

“We are excited to launch our services in Nevada as we continue on our growth trajectory to enter the neighboring states of California, and eventually, the rest of America," President Brian Hayek told Benzinga.

"We look forward to reaching a new customer base in a fast and convenient manner. Our partnership with Shango Marijuana Dispensary will provide quality products on demand across the state of Nevada.”

MediPharm Labs Corp. MEDIF agreed to a multiyear supply deal with Cronos Group. Full story here.

Tikun Olam said its brand was approved by The Realm of Caring Foundation in Florida. 

“Realm of Caring has a track record of making a powerful impact on families through their innovative programs, especially by providing personalized product and dosing recommendations through the guidance of trained specialists," Tikun Olam CMO Stephen Gardner said in a press release.

"We are excited to offer this service to our patients in Florida, helping ensure they have an optimal experience with our products on their path to plant-based wellness."

Unicorn cannabis investment company Canopy Rivers Inc CNPOF invested $1.5 million in Biolumic, creators of a sustainable UV crop yield enhancement system. This is Canopy River’s first investment in the AgTech sector. Canopy Rivers is the investment arm of Canopy Growth. Full story here.

Halo Labs Inc AGEEF reported first-quarter financials, with first-quarter 2019 revenue of $8.7 million. From non-traditional beginnings running the company out of a backyard chicken coop using highly volatile extraction technology, Halo now ranks second among U.S. plant-touching cannabis stocks on a revenue growth basis. The corresponding revenue for the first quarter of 2018 was $2.16 million. Halo projects nearly $50 million in revenue and 332-percent organic growth over 2018.

Fintech company Promontory Interfinancial Network recently conducted a survey of bankers in the U.S. Results showed that 82 percent of respondents think the federal government should allow them to serve plant-touching cannabis businesses. This legislation is in Congress in the form of the SAFE Banking Act. Full story here.

Dip Devices released a limited-edition Rainbow Dipper. A donation of 5 percent of sales from every unit will be made to the Trevor Project, a national organization providing crisis intervention and suicide prevention services to young queer people.

Kush Marketplace, an anonymous platform that seeks to create a level playing field for cannabis and hemp buyers and sellers, is re-launching as Kush.com after having facilitated almost $11 million in wholesale transactions. Full story here.

Erica Daniels is the founder of Hope Grows for Autism, a nonprofit aimed at improving the lives of families affected by autism through research, education and the advocacy of medical marijuana. She's partnered with Ilera Healthcare for the launch of a new tincture, HOPE. 

This formulated medicine created by Ilera was designed for patients to improve their quality of life.

Ilera’s pharmaceutical development capabilities and formulation expertise are being combined with Daniels and her team’s significant experience with this patient population.

Cannabis dispensary operator iAnthus Capital Holdings unveiled its national retail brand at the Canaccord Genuity third annual Cannabis Conference: "Be." Full story here.

California cannabis brand Canndescent started selling cannabis oil concentrate products in Nevada. “We are thrilled to bring Canndescent to the Nevada market to ensure our retail partners and customers have access to uncompromising, high-quality cannabis products,” CEO Adrian Sedlin said in a press release.

“The sale of our premium oils has exceeded expectations in California and we are positive that connoisseurs and new customers alike will appreciate the experience our products deliver.”

CbdMD Inc YCBD reported second-quarter results Thursday that arrived higher than expected and included a record sales figure. Full story here.

CNBC's Jim Cramer warned cannabis investors about overly promotional executives. Full story here.

Bank of America Merrill Lynch analyst Christopher Carey reiterated a Buy rating and CA$15 price target ($11) on Aurora Cannabis. 

“We see the strategy as reasonable; however, with so many companies also focused on these areas, and very few with the scale or capabilities to build advantages in untapped areas like beverages (with the exception of Canopy and Hexo), we wonder if Aurora could be ‘missing the boat’ on an area which could prove large as newer consumers wanting less pervasive, socially accepted product forms demand both psychoactive (THC-infused) and CBD beverages,” the analyst said. 

Blühen Botanicals, a hemp CBD company, opened its first retail wellness location in Knoxville, Tennessee. SOL Global Investments Corp SOLCF recently announced a $30.06-million investment in Blühen as part of its plan to diversify into hemp-related businesses through HeavenlyRx Holdings.

SOL Global also announced its proposed acquisition of Northern Emeralds, a Humboldt County-based cannabis cultivation and production company, as well as the One Plant-branded dispensary chain. The acquisitions provide SOL Global with access to California, as it moves forward in the launch of its own multistate operator. The $120-million deal for Northern Emeralds gives SOL Global access to the NorCal company’s advanced cultivation and processing techniques as well as its library of flower strains.

View single page >> |
How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.