William Sumner
This is your Daily Hit of cannabis news for May 10, 2018:
On The Site
Opinion: Overwhelming Public Support For Marijuana Doesn’t Mean Legalization
In recent days, it seems the dam has broken and a string of positive developments have materialized for marijuana reformers—welcome news to the legal marijuana industry, the voters who supported it, and the local communities relying on it for new tax revenues. But given the structure of anticipated reforms—and the history of the implementation of prior reforms—the path ahead is unlikely to be smooth. Continue Reading…
In Other News
Aurora Cannabis Inc.
Following a less than stellar release of its quarterly financial statements, Aurora Cannabis Inc. (ACB) has announced that, following escrow release conditions, the company has acquired 2.3 million shares in Alcanna Inc. (CLIQ), formerly known as Liquor Stories NA, to the tune of $34.6 million. Aurora now holds 9.2 million shares in Alcanna, which represents approximately 25% ownership in the company (on a non-diluted basis). Alcanna will use the proceeds to establish a chain of adult use cannabis dispensaries, approximately 50 stores in total.
Liberty Health Sciences Inc.
Liberty Health Sciences Inc. announced that is has closed its short term prospectus offering on a bought deal basis, which includes the full exercise of the underwriters over-allotment option. In total, 23,55,875 units of the company were sold at $0.90 per unit, for approximately $23 million. A unit of the company consists of one common share and one common share purchase warrant, which entitles the holder to purchase one common share of the company until May 10, 2020 at a price of $1.10 per share. The company will use the proceeds from the offering to partially fund the purchase of a 75% ownership stake William Noyes Webster Foundation, Inc.
Namaste Technologies
Namaste Technologies Inc. (N), announced that, in accordance with its previously announced letter of intent, the company has signed a share purchase agreement to acquire 51% of the outstanding shares with 2624078 Ontario Inc., also known as Infinite Labz. As Infinite Labz seeks to become a Health Canada Licensed Producer and Dealer of medical cannabis oil, Namaste has agreed to finance the construction of a production facility for the company in Etobicoke, Ontario. Once construction and licensing is complete, Infiinte Labz will sell low cost medical cannabis oils and extracts through Namaste’s subsidiary, Cannmart Inc. “We are very pleased to have entered into a definitive agreement as we believe that the facility at Infinite Labz can be instrumental in allowing Namaste to participate in the recreational market,”stated Namaste President and CEO, Sean Dollinger.
