It’s time for your Daily Hit of cannabis financial news for April 18, 2019.
On The Site
Acreage Holdings
Acreage Holdings, Inc. (CSE: ACRG.U) (OTC: ACRGF) (FSE: 0ZV) announced that on April 17, its subsidiary, High Street Capital Partners agreed to acquire Nevada-based Deep Roots Medical in a deal valued at $120 million. The cash and stock transaction will mark Acreage’s entry into the Nevada market. This deal plants another flag in Acreage’s growing empire bringing the footprint up to 20 (including pending acquisitions) making it the largest company in the US cannabis industry.
Canopy Growth
Canopy Growth Corporation (TSX: WEED) (NYSE: CGC) is acquiring Acreage Holdings, Inc. (CSE: ACGR.U) (OTC: ACRGF) in a deal valued at $3.4 billion. However, the deal will not be consummated until cannabis is federally legal in the U.S. and assuming the shareholders approve as well as the Supreme Court of British Columbia.
Greenlane Holdings
The NASDAQ Markets Group (NDAQ) has been notoriously reluctant to list any cannabis related companies, even if they are only ancillary and not plant-touching. It seems vape distributor Greenlane Holdings Inc. has broken through the company’s barriers. Greenlane will begin trading on NASDAQ today with the ticker GNLN after upsizing its initial public offering of six million shares with the offering price of $17. The company had expected to price the shares between $14-$16.
In Other News
Aphria
Aphria Inc. (NYSE: APHA) announced the pricing of US$300 million aggregate principal amount of 5.25% convertible senior notes due in a private placement to qualified institutional buyers. Initial purchasers of the note will have the option to purchase an additional $50 million of notes. The sale of the notes to initial purchasers is expected to close on April 23, 2019. The company intends to use the proceeds of the offering for general corporate purposes, expansion initiatives, and future acquisitions.
Aurora Cannabis
Aurora Cannabis Inc. (NYSE: ACB) announced that the company’s contract with the German Federal Institute for Drugs and Medical Devices has been approved. Now that the contract has been approved, Aurora will start construction on an indoor cannabis production facility in Leuna, Germany in May of this year. The facility is expected to be completed within a year of breaking ground, and Aurora believes that the facility’s first harvest will be completed by October 2020. At minimum, the facility should produce approximately 4,000 kilograms of cannabis over a four-year period.
The post The Daily Hit: April 18, 2019 appeared first on Green Market Report.
http://bit.ly/2I68Fi3 April 18, 2019 at 10:55PM, 420GrowLife, KahliBuds
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