William SumnerIt’s time for your Daily Hit for cannabis financial news for October 1, 2018:
On the Site
Dixie Brands
One of the earliest cannabis companies Dixie Brands is joining its peers in the rush to become a publicly traded company. Dixie will complete a reverse takeover (RTO) of a Canadian public company, Academy Explorations Limited and will be subsequently renamed Dixie Brands (USA) Inc. Both of the companies have gotten board and shareholder approval for the RTO and the shares will be listed on the Canadian Securities Exchange.
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Hollyweed North Cannabis
HollyWeed North Cannabis Inc. signed a letter of intent on September 10, 2018, to acquire Women Grow, LLC for an undisclosed amount. Women Grow was founded in 2014 in Denver, CO and provides connections, education, and empowerment for aspiring and current cannabis entrepreneurs and business executives.
In Other News
The Green Organic Dutchman Holdings Ltd.
The Green Organic Dutchman Holdings Ltd. (TGOD) announced that it has entered into an agreement with a syndicate of underwriters, led by Canaccord Genuity Corp. Under the agreement, the underwriters will purchase, on a bought deal basis, 10.95 million units of the company at a price of C$6.85 per unit, for a total of $75,007,500. The company has also granted the underwriters an over-allotment option to purchase 1,642,500 units at a price of C$6.85, for a period of up to 30 days after the closing date of the offering. The offering is expected to close on October 17, 2018.
GW Pharmaceuticals plc
GW Pharmaceuticals (GWPH) announced that it plans on selling $300 million worth of American Depositary Shares (ADSs), which represent regular GW shares on the NASDAQ, in a U.S. public offering. GW will also offer an over-allotment option to underwriters to purchase an additional $45 million of ADSs. Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, J.P. Morgan and Cowen and Company, LLC. will be acting as the joint book-running managers for the offering. A price for the offering has not been set, and as of yet, there is no indication as to when the offering may be complete.
Nabis
Nabis, a Type 11 cannabis distributor in the state of California, announced that it had raised a $1.25 million seed round from investors such as Babel Ventures, CannaAngels, Jeremy Gardner, Scott Robinson, and Y Combinator alumni. With a growing supply chain, Nabis provides distribution services to approximately two-thirds of all licensed cannabis dispensaries in California.
