Staff
It’s time for your Daily Hit of cannabis financial news for June 24, 2019.
On The Site
BioTrackTHC
BioTrackTHC has been awarded a contract by the New Hampshire Department of Health and Human Services to provide its Therapeutic Cannabis Program Patient Registry System to electronically process and track patient and caregiver card applications. BioTrack is a subsidiary of Helix TCS, Inc. (OTCQB: HLIX)
According to the statement. BioTrack has a separate contract with all of the New Hampshire Alternative Treatment Centers, referred to as “dispensaries” in most states, for seed to sale inventory tracking. The contract’s life is through December 31, 2021 and is valued at $400,000. With the addition of this contract, BioTrackTHC provides government cannabis regulatory technology to 10 U.S. states and territories and was recently awarded seed to sale traceability contract extensions in Illinois, Hawaii, and Delaware.
Executive Spotlight
Morgan Paxhia is a co-founder and Managing Partner of Poseidon, one of the longest running funds in the cannabis industry.
With over ten years experience in investing and finance, Morgan has developed a deep understanding of individual company analysis, portfolio construction, and risk mitigation. Since 2012, he has dedicated his investment focus primarily to the cannabis industry. Given the limited amount of information in this emerging vertical, the lack of institutional research, and relative industry immaturity, Morgan embraces an active approach of working closely with companies. He utilizes a “boots on the ground” methodology to better understand individual companies and the industry.
In Other News
Flowr
The Flowr Corporation (TSX.V: FLWR)(OTC: FLWPF) announced that it has entered into a definitive agreement to acquire the remaining 80.2% interest in Holigen Holdings Limited by way of a share purchase. Flowr previously announced its intention to acquire 19.8% of Holigen. Upon the Closing of the Acquisition, Flowr expects to own 100% of the issued and outstanding shares of Holigen. The Acquisition has been approved by the board of directors of each of Flowr and Holigen and is strongly supported by both management teams.
Canopy Growth
Canopy Growth Corporation (TSX: WEED) (NYSE: CGC) received a new license from Health Canada permitting it to grow cannabis at an outdoor site in northern Saskatchewan. Hours after receiving the license, the first cannabis cuttings were planted at a 7 million sq. ft. (160 acres) secure cultivation field in the province, one that is patrolled by drones (kidding – no drones, promise.) The new license expands Canopy Growth’s diversified Canadian footprint and complements its existing indoor and greenhouse facilities to provide a leading balance of facilities to produce low-cost input materials for value-add products while ensuring more sophisticated growing operations for in-demand flower products.
