Kaitlin Domangue
It’s time for your Daily Hit of cannabis financial news for December 2nd, 2020.
On the Site
Hydrofarm Plans IPO to Pay off Debt
The independent branded hydroponics company with a comprehensive distribution platform, Hydrofarm Holdings Group, Inc. said it was launching an initial public offering of 8,666,667 shares of its common stock. The initial public offering price is expected to be priced between $14.00 and $16.00 per share. The company is hoping to raise $118 million, but the over-allotment option could bring that to $136 million.
2020 Holiday Gift Guide: Cannabis Gift Sets
Green Market Report launched our holiday gift guide this morning, kicking off the series with something easy – gift sets! The guide featured mainly hemp-derived CBD products so you can buy them for your friends anywhere, plus a local-to-California holiday box set for a friend in eligible counties.
Look at products from Nugg Club, Charlotte’s Web, Level Select, Caliva, and the Martha Stewart CBD line.
Executive Spotlight: Michael Beaudry
Mike Beaudry is the founder and CEO of HERBL, which has quietly become California’s largest distributor – with dozens of popular brands (Raw Garden, Select, and Garden Society, etc.) and 850+ dispensary customers.
“I’d love to look back and feel we have lived up to our core principles of demonstrated passion, unrelenting integrity, flawless execution, and to have honored the legacy of California cannabis while helping create its future,” says Beaudry of HERBL.
SprinJene And Zelira Deliver CBD Oral Care Line
SprinJene and its partner Zelira Therapeutics (ASX: ZLD, OTCQB: ZLDAF) today officially launched their new CBD oral care line. In September, we reported on their partnership announcement and the future launch of their new hemp-derived CBD oral care line.
In Other News
Columbia Care Officially Acquires Project Cannabis
Leading cannabis product developer and retailer, Columbia Care (CCHWF) has officially completed the acquisition of Project Cannabis, LA-based dispensary and cannabis delivery service. The total transaction includes roughly $52.5 million in Columbia Care stock, as well as an additional $16.5 million expected to come from selling some of Project Cannabis’ real estate assets.
“The transaction is immediately accretive to adj. EBITDA and cash flow, and California is now one of our top five markets by both revenue and profitability. We look forward to driving additional operational and financial synergies with Project Cannabis as we leverage their adult-use and wholesaling expertise across the rest of our U.S. markets,” CEO Nicholas Vita commented.
