William Sumner
It’s time for your Daily Hit of cannabis financial news for March 27, 2019.
On the Site
Seth Rogen, Evan Goldberg Team Up With Canopy Growth For New Cannabis Brand
Actor Seth Rogen and screenwriter Evan Goldberg have joined forces with Canopy Growth Corp. (NYSE: CGC) to launch a new cannabis and hemp company called Houseplant. The statement said that Houseplant will be dedicated to product quality and consumer education; delivering only the highest quality cannabis product for Canadians. Houseplant said that its strains are designed to satisfy both expert and new users.
In Other News
Arcadia Biosciences Inc.
The food ingredient company Arcadia Biosciences Inc. (NASDAQ: RKDA) announced its financial results for the fourth quarter and for the full year of 2018. In the same announcement, the company revealed that it would apply its expertise to the cultivation of cannabis. “We are now well positioned in 2019 to apply our years of expertise to a new crop – cannabis – with the formation of Arcadia Specialty Genomics. This new strategic business unit, headed by Matt Plavan, is dedicated to improving the plant quality, productivity, consistency and climate resilience of cannabis, working initially in hemp in federal and state legal markets,” said Raj Ketkar, the President and CEO of Arcadia.
Zenabis Global Inc.
Zenabis Global Inc (TSXV: ZENA) announced that it has closed a previously announced bought private placement of 15,000 unsecured convertible debentures for $15 million. The proceeds will go towards working capital and the conversion of its facilities to cannabis production.
Ascent Industries Corp.
Ascent Industries Corp. (CSE: ASNT) announced that it, along with its subsidiaries, received an Approval and Vesting Order by the Supreme Court of British Columbia. The order was issued in regard to an asset purchase agreement with BZAM Management Inc. upon which BZAM will acquire all of Ascent’s Canadian assets, as well as certain liabilities such as Ascent’s ligations to purchase a greenhouse located in Pitt Meadows, British Columbia. The total value of the purchase agreement is CAD$45 million. The transaction is expected to close on April 3, 2019.
