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Below is a recap of the main news related to the cannabis industry and markets for the week of August 20, 2021.
Contents
One of the largest private cannabis companies in the world could soon go public on the OTC Markets with a valuation of more than $1 billion.
According to a report from Reuters, PharmaCann could IPO as soon as next fall, as it looks to raise funds ahead of New York’s adult-use cannabis program’s debut. Some of the sources indicated other options are still being considered, though.
Sources also mentioned PharmaCann would likely seek to list in Canada, following the steps of its competitor Ascend Wellness Holdings Inc (OTC:AAWH), which made its public debut in May and is already valued at almost $2 billion, after a surge of more than 35% in its stock price since opening.
Tilray, Inc. (NASDAQ:TLRY) acquired the majority of the outstanding senior secured convertible notes of MedMen Enterprises Inc. (CSE:MMEN) (OTCQX:MMNFF), which were originally held by certain funds affiliated with Gotham Green Partners, LLC and others. The transaction is valued at $165.8 million.
Benzinga Cannabis’ content is now available in Spanish on El Planteo.
What’s In It For Tilray? For starters, the investment provides Tilray with a potential accelerated path into the U.S. cannabis market upon federal legalization via a significant equity position in MedMen through conversion of the notes and the ability to exercise associated warrants.
Many believe federal cannabis legalization could happen sooner rather than later and Tilray’s chairman and CEO Irwin D. Simon is among them.
Following the news Cantor Fitzgerald’s Pablo Zuanic reiterated an ‘Overweight’ rating on Tilray’s stock, keeping the price target of $19 unchanged.
TPCO Holding Corp. (NEO: GRAM.U) (OTCQX:GRAMF), which does business as The Parent Company, appointed Troy Datcher to serve as its new CEO, effective September 8.
Datcher's historic appointment represents the first time a Black CEO will lead a major publicly traded U.S. cannabis organization.
"I'm truly honored to be at the forefront of shaping the future of the cannabis industry with The Parent Company," Datcher said.
HEXO Corp (TSX:HEXO) (NYSE:HEXO) announced the pricing of a previously announced overnight marketed public offering of its 47.46 million units at a price of $2.95 per unit.
The total proceeds from the offering amount to $140 million before deducting underwriting commissions and offering expenses.
The move follows the company’s recent announcement that it has applied to transfer its U.S. stock exchange listing from the New York Stock Exchange to the Nasdaq Stock Market. The transfer is expected to take place on Monday, Aug. 23, following Nasdaq’s approval.
Stocks traded in the red this week. Over the five trading days of this week:
| Acquiring Company | Acquired Company | Price | Conditions |
| Village Farms International Inc (NASDAQ:VFF) | Balanced Health Botanicals | $75 million | Cash and stock |
| Unrivaled Brands, Inc., (OTCQX:UNRV) | People’s First Choice | $60 million | Undisclosed |
| TerrAscend Corp. (CSE:TER) (OTCQX:TRSSF) | TerrAscend NJ | $50 million | Cash and stock for a 12.5% stake in TerrAscend NJ |
| Scotts Miracle-Gro (NYSE: SMG) | Rhizoflora’s leading nutrients business including its Terpinator and Purpinator brands | $33.5 million | Undisclosed |
| Ayr Wellness Inc. (CSE:AYR) (OTC:AYRWF) | Cultivauna, LLC | $20 million | Cash and stock |
| IM Cannabis Corp. (CSE:IMCC) (NASDAQ:IMCC) | Vironna Pharm | $3.3 million | Cash and stock for a 51% stake in Vironna |
| Scotts Miracle-Gro’s The Hawthorne Collective | Dewey Scientific | $3.2 million | Warrants |
| Cresco Labs (CSE:CL) (OTCQX: CRLBF), | Blair Wellness | Undisclosed | Undisclosed |
| Eaze | Green Dragon | Undisclosed | Undisclosed |
| Company | Lead Financier | Amount |
| MedMen Enterprises Inc. (CSE:MMEN) (OTCQX:MMNFF) | Serruya Private Equity | $100 million |
| Harvest Health & Recreation Inc. (CSE:HARV) (OTCQX:HRVSF) | Industrial Properties, Inc. (NYSE:IIPR) | $16 million – Sale leaseback |
| Avicanna Inc. (TSX:AVCN) (OTCQX:AVCNF) | Secured term loan financing |
$2.12 million |
| C15 Solutions | Poseidon | Undisclosed |
Also reporting earnings this week were:
Find all the details on these and other earnings reports on Benzinga Cannabis’ Earnings Center.
Cannabis-infused beverage company Cann launched Passion Peach Maté a caffeinated cannabis beverage that was designed in collaboration with a Swedish singer and songwriter Tove Lo, Sweet Flower and Airfield Supply Co. Tove Lo is also a Cann investor such as other celebrities including Academy Award-winner Gwyneth Paltrow, as well as Ruby Rose, Rebel Wilson, Darren Criss, Baron Davis, Casey Neistat and Calesha Murray (aka Bre-Z).
Later in the week, Rosario Dawson, known for her roles in Disney’s (NYSE: DIS) Mandalorian series, Men in Black II, Rent and many more, joined Cann’s board.
Cannabis tech platform Weedmaps owned by WM Holding Company, LLC (NASDAQ:MAPS) entered into a multi-year agreement with two-time NBA champion Kevin Durant and Thirty Five Ventures as well as a sponsorship deal with Boardroom. Durant is also president and co-founder of Thirty Five Ventures, a venture capital firm with the sports business media network Boardroom as well as an investment portfolio with more than 10 companies, including Dutchie.
NewLake Capital Partners, Inc (OTCQX:NLCP), a sale-leaseback real estate company for the cannabis industry began trading on the OTCQX Best Market under symbol NLCP on Friday, August 20.
The news was disclosed by OTC Markets Group Inc. (OTCQX:OTCM) on the heels of the company's closing of an initial public offering of 3.91 million shares of common stock at an IPO price of $26 per share.
The Flowr Corporation (TSXV:FLWR) (OTC:FLWPF) announced that its indirect wholly-owned subsidiary, RPK Biopharma Ltd, has entered into a series of agreements with Cookies Creative Consulting and Promotions Inc, to cultivate and distribute Cookies products in Portugal from its E.U. GMP facility in Sintra spanning 25,000 square feet.
The move follows Cookies' debut in Europe in May 2020.
Under the terms of licensing agreements, RPK Biopharma will have the exclusive rights to cultivate and sell Cookies branded products, including non-cannabis merchandise, in Portugal for three years subject to certain milestone commitments.
MediPharm Labs obtained approval from ANVISA and Health Canada to ship medical cannabis oil to Brazil.
The Valens Company Inc. (TSX:VLNS) (OTCQX:VLNCF) announced that its subsidiary Green Roads has entered into a third-party distribution agreement with Tele Marche Co., Ltd. for the sale and distribution of Green Roads' award-winning CBD products in Japan.
Orchid Ventures Inc (OTC:ORVRF) launched its proprietary new technology platform PurGuard, which integrates age verification through web-based and/or mobile application, eliminating the possibility of a minor using the device. The product also has an auto-lock feature that locks the device when the registered user is out of range, further preventing its usage by a minor. This technological advancement is believed to be the biggest advancement in vaporizer safety technology in over a decade.
Petalfast Inc. announced a partnership with Dimensional Insights and its Diver Platform. This partnership will provide Petalfast with access to “real-time performance and sales analytics,” similar to how major food, wine and spirits brands have access. Access to analytics has long presented a challenge to cannabis companies seeking to build their brands. Dimensional Insights will provide Petalfast with sell-in data enabling the company to view sell-in data and be able to review performance at the retail, brand, SKU, regional and salesperson level. Although
this is the first time a platform like this has been leveraged for the cannabis industry, it will certainly not be the last.
Akerna (NASDAQ:KERN) announced its new offering, Akerna Connect. The new eCommerce software provides a suite of digital marketing tools to retailers and dispensaries enabling locations to reach their consumers and enhance their shopping experience through online ordering, loyalty programs and text messaging.
Find out all about the latest executive moves at:
Check out the top stories on Benzinga Cannabis this week:
Top Spanish Stories
Lead image by Ilona Szentivanyi. Copyright: Benzinga.
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