The Daily Hit: November 15, 2018

It’s time for your Daily Hit of cannabis financial news for November 14, 2018.

On the Site

Acreage Holdings

New York-based cannabis company Acreage Holdings began trading on the Canadian Securities Exchange using the symbol ACRG and pricing the shares at C$25. The company has raised $314 million prior to going public and gained a great deal of attention after naming high profile politicians to the board of directors.

MJardin

MJardin Group signed a letter of intent to acquire Toronto-based cannabis company GrowForce Holdings Inc. MJardin will own 100% of the outstanding shares of GrowForce in an all-stock deal valued at approximately C$275 million. In addition to that, MJardin began trading on the Canadian Securities Exchange using the symbol MJAR.

In Other News

Columbia Care LLC

Columbia Care announced that the nation of Malta’s economic development agency had approved the company’s license application to import, export, cultivate, process and distribute medical cannabis; making it the first U.S.-based cannabis company to operate in the European Union. “With a desire to realize our mission regardless of geography, we look forward to disrupting the status quo outside the U.S. and bringing our expertise to the rest of the world,” said Nicholas Vita, CEO of Columbia Care.

Harvest Health & Recreation Inc.

Harvest Health & Recreation Inc. announced that it had acquired CBx Enterprises. CBx Enterprises is a biotechnology company that provides in-demand services and creates products, formulations, and platforms. Technology developed by CBx is used in several product lines developed by the cannabis brand Evolabs, and as part of the acquisition, CBx Sciences and Evolab products will become available at Harvest locations by the end of the year.

GrowLife Inc. announced its financial results for the third quarter ending on September 30, 2018. During the last quarter, the company’s revenue grew from $661,000 to $954,000. The company’s assets, as of June 30, 2018, grew to approximately 1.2 million. “We are pleased to share some of the significant milestones met in the development and expansion of our commercial cultivation product offering as well as impressive revenue growth we achieved in the third quarter of this year,” said GrowLife CEO Marco Hegyi.