Video Staff
The big news this week is that former Speaker of the House John Boehner and former Massachusetts Governor Bill Weld have joined the board at the up & coming Acreage Holdings. The company was formerly known as High Street Capital and initially got into the cannabis industry to make investments. It has pivoted from investor to owner and now has ownership of properties in 11 states. The company focuses on medical marijuana but expects to transition to adult-use as legality permits.
Raising Capital
Altitude Investment Management raised $18.7 million in capital from more than 50 investors for its fund Altitude Investment Partners, which invests in a range of early-stage to growth companies in the emerging legal cannabis industry. This is a major step toward the $50 million target the firm has set for the next 11 months.
Cannabis workforce software company Wurk announced that it has raised $3.2 million in a bridge funding round. The funding round included participation from both new and returning investors, including Poseidon Asset Management, which led the round, as well as Phyto Partners, Altitude Investment Partners, Arcview Investor Network and Arcadian Fund.
Palo Alto-based cannabis-infused edibles brand Plus Products closed an approximately $6M in Series B financing to expand its operations. The money from the capital raise will be used to fund rapid production expansion, factory automation, working capital, and new product development.
Acquisitions
Cannabis Wheaton Income Corp. (CWBTF) acquired Canadian private cannabis company Robinson’s Cannabis Incorporated in an all-stock deal. Cannabis Wheaton will acquire all of Robinson’s issued and outstanding shares.
Kush Bottles (KSHB) entered into a merger agreement to acquire Summit Innovations, a leading distributor of hydrocarbons. This acquisition marks Kush Bottles’ entry into a new business vertical supplying gas to cannabis extractors that turn cannabis plants into oils. Kush also reported its second-quarter earnings with revenue rising 249% and gross profits increasing 270%. Still, the company’s expenses were more than the profits and so they ended up reporting a loss of almost a million dollars.
