Debra Borchardt
It’s time for your Daily Hit of cannabis financial news for October 17, 2019.
On The Site
Holistic Industries
Private company Holistic Industries closed on $55 million in funding. The multi-state operator (MSO), which started on the East Coast and has rapidly expanded to the Midwest and West Coast, currently operates in California, Maryland, Massachusetts, Michigan, Pennsylvania and Washington D.C., with numerous licenses pending across the country. Holistic Industries said it will use the funding to accelerate expansion and provide greater access for patients and consumers to its high-quality cannabis products.
CBD Unlimited
CBD Unlimited, Inc. (OTC: EDXC) formerly known as Endexx Corporation (EDXC) secured a stage one $2 million financing program. CBD Unlimited’s three-pronged approach has made headway to its financial targets as a critical piece was completed in its short-term, mid-term, and long-term goals. The past year has provided CBD Unlimited, along with other companies in the Hemp industry, extended opportunities and increased demand with the legalization of hemp-derived products.
In Other News
DionyMed
DionyMed Brands Inc. (CSE: DYME)(OTCQB: DYMEF) on Wednesday announced that the company’s CEO Edward Fields and Mark Zinselmeier, the company’s Interim COO, have both resigned effective immediately. Mr. Fields also resigned as a director of the Company and as an officer of the subsidiaries of the Company.
Today, it told the public that GLAS USA LLC, as administrative agent and GLAS America LLC as collateral agent under the Company’s credit agreement dated January 16, 2019, provided the company with notice of default under the Credit Agreement and demand for immediate payment of the amount of $24,810,682.80 plus any additional interest, fees and expenses. GLAS America also concurrently provided the company with a Notice of Intention to Enforce Security under section 244 of the Bankruptcy and Insolvency Act (Canada).
The Marijuana Policy Project (MPP), the nation’s leading cannabis policy reform group, announced the election of Revolution Global CEO Mark de Souza to its board of directors. Revolution is a Chicago-based multi-state cannabis company and Mr. de Souza brings experience in business development, finance and capital restructuring, corporate management, and lobbying to MPP’s board.
Social CBD (www.thesocialcbd.com), the wellness company providing high-quality, lab-tested and certified CBD solutions, today announced the landmark partnership with the National Women’s Soccer League’s Portland Thorns FC. With shelf presence at over 10,000 retail locations nationwide, including major drug and grocery store chains, Social CBD is coming face-to-face with professional athletes and consumers to lead the global conversation on CBD… on and off the field.
