Dai Truong's Cannabis Newsletter - Issue #13
The fast growing company has 203 drivers, of which 125 have been hired since the beginning of the year. Most were lured from gig work with Uber, Lyft and DoorDash. Drivers start at $15.00-$17.50 an hour. Full time drivers receive health insurance, vacation, a 401K and stock options, plus the option of purchasing stock during the investment round.
Mountain View City Council on May 23d scrapped a plan to allow two retail marijuana stores and two delivery services to open in town, instead deciding to allow three delivery businesses.
Being first to market in a town that is already a tourist destination has been a boon to Theory Wellness’s business. In less than five months, its sales have totaled $11 million, the owners say, with half of its 50,000 customers coming from New York state and 25% from the New York metro area.
Once upon a time, you might have gotten away with delivering weed two hours late. But these days, punctuality and accuracy will make or break a cannabis business. The solution? Integrate with a software platform such as GetSwift that manages order flow and optimizes delivery over the so-called last mile, or final stretch of a route, to make sure packages arrive mistake-free and on time.
The Arizona medical marijuana community and business industry could finally exhale: The state Supreme Court decided a crucial appeal on Tuesday by siding with patients and state voters on marijuana resin extracts.
HelloMD—the world’s largest online platform of cannabis patients, doctors and consumers—today announced delivery of THC-infused products to Los Angeles customers as part of a state-wide roll-out. Residents of the greater San Francisco Bay Area are already able to receive THC products from HelloMD’s large menu of vetted providers within two hours of ordering.
Grateful Dead’s Mickey Hart Partners with Left Coast Ventures™ to Introduce Mind Your Head™ Cannabis Brand
The Mind Your Head brand’s first product offering is Magic Minis, pre-rolled whole-flower joints packaged in a tin adorned with Hart’s celebrated artwork.
Plus Products Inc. (CSE: PLUS) (OTCQB: PLPRF) announced its expansion into the Nevada market, its first market outside of California. PLUS has entered into a definitive agreement to partner with TapRoot Holdings Inc. (“Taproot”),a vertically integrated cannabis company operating cultivation and manufacturing facilities in Las Vegas, Nevada.
A visualization of Cannabis storefronts and deliveries across the U.S.
Companies that sell cannabis products—even those consisting of CBD derived from hemp, which was legalized in the U.S. through the Farm Bill late last year—are continuing to have trouble accessing basic financial services that are available to businesses in other sectors. That includes being able to maintain bank accounts and process their customers’ credit cards. The latter problem could be solved under a new pilot program that has quietly been launched by the payment processing service Square. “Square is currently conducting an invite-only beta for some CBD products,” a spokesperson for the company said in an email.
Gas station and convenience store chain Sheetz is well-known for its signature snacks. Now the chain is selling CBD.
The commission approved the sale of Sira Naturals to Cannabis Strategies Acquisition Corp.
Green Thumb Industries Inc. (“GTI” or the “Company”) (CSE: GTII) (OTCQX: GTBIF), a leading national cannabis consumer packaged goods company and owner of the retail chain Rise™, announced the Company has closed on a $105M Senior Secured non-brokered private placement financing through the issuance of senior secured notes. The Company intends to use the proceeds for general working capital purposes, various growth initiatives, as well as to retire the Company’s existing debt.
London-based firm will be an integral part of Canopy Growth’s entry into the natural wellness industry and further strengthens the Company’s international…
TerrAscend Corp. (CSE:TER;OTCQX:TRSSF) completed its previously announced upsized non-brokered private placement with orders totaling approximately $69M. The Company issued 9,026,034 common shares in the Private Placement at the previously announced price of $7.64.
MediPharm Labs Corp. (TSXV: LABS) (OTCQX: MEDIF) (FSE:MLZ), a leader in specialized, research-driven cannabis extraction and cannabinoid isolation, announced that it has entered into an agreement with Scotiabank, on behalf of a syndicate of underwriters, including GMP Securities L.P. and BMO Capital Markets, pursuant to which the Underwriters have agreed to purchase on a bought deal basis 10,815,000 common shares of the Company at a price of $5.55 per share for gross proceeds of $60M. The Company has granted the Underwriters an option to purchase up to an additional 1,622,250 Shares on the same terms and conditions.
Ignite International Brands announced completion of a non-brokered offering 17,200,000 subscription receipts at a price of $1.50 per Subscription Receipt for gross proceeds of $25,800,000. The net proceeds from the Offering will be used by the Resulting Issuer for working capital and general corporate purposes.
Lineage Provides Update on Harborside RTO and Closing of Harborside $19.65M Subscription Receipt Financing
At the special meeting of shareholders of Lineage, shareholders approved various matters relating to the Reverse Takeover, including (i) an amendment to the articles of Lineage creating certain special shares, (ii) an amendment to the articles of Lineage consolidating the Lineage common shares and re-designating the post-Consolidation common shares as subordinate voting shares, creating a new class of multiple voting shares and changing the name of the Company, (iii) a new equity incentive plan for the Company as the resulting issuer from the Reverse Takeover, (iv) an updated set of by-laws which will include advance notice provisions, and (v) a shareholder rights plan for the Resulting Issuer.
Australis Capital, the Las Vegas-based investment group that spun off of Canadian giant Aurora Cannabis, said it will acquire certain brands and cultivation assets of Nevada’s Green Therapeutics for approximately $8M.
Canopy Growth Corporation (“Canopy Growth” or the “Company”) (WEED.TO) (CGC) announced the appointment of Mike Lee to its executive leadership team in the acting role of Chief Financial Officer (CFO), effective June 1, 2019. Mike brings a wealth of experience from the consumer goods & beverages industry, having worked for companies such as E. & J. Gallo Winery, PepsiCo, and recently Constellation Brands, where he served as Senior Vice President & CFO for their US$3B Wine & Spirits Division. He worked closely with Constellation Brands’ executive leadership to transform their premium Wine & Spirits business, applying financial rigor along the way with a true sense of urgency that translated strategy into action. Mike also led the business transformation agenda at Constellation Brands, focused on digital enablement and operating model design. Most recently, Mike has served in the role of Executive Vice President, Finance at Canopy Growth Corporation.
HEXO Corp formalizes US presence by naming Michael Monahan as CFO and establishing HEXO USA Inc. in Delaware
HEXO Corp (TSX: HEXO; NYSE-A: HEXO) is formalizing its US presence with the appointment of Michael Monahan as Chief Financial Officer (CFO) and the establishment of HEXO USA Inc. HEXO Corp is creating innovative, easy-to-use, branded products that which will offer consumers consistent cannabis experiences.
“I have been touring the US to meet with current and potential investors and to tell the HEXO story. We’ve been sharing our vision and plans to operate in legal markets in the US to provide legal cannabis experiences powered by HEXO,” said Sebastien St-Louis, CEO and cofounder of HEXO Corp. “Onboarding a US-based CFO of Michael’s caliber and establishing HEXO USA Inc. are real steps towards bringing the HEXO experience to the US.”
Cannabis industry investment firm Northern Swan Holdings has announced that former federal lawmakers Rep. Joseph Crowley and former Senate Majority Leader Tom Daschle have been added to the company’s advisory board.