Staff
It’s time for your Daily Hit of cannabis financial news for February 23, 2021.
On the Site
GrowGen
GrowGeneration Corp . (NASDAQ: GRWG) is buying San Diego Hydroponics & Organics, a four-store chain of organic, hydroponic and aquaponics garden centers in San Diego, California. The company said that San Diego Hydroponics & Organics is San Diego County’s premier hydroponic equipment supplier, with annual revenues approaching $10 million. GrowGen did not say what it paid for the company. This latest acquisition brings the total number of GrowGen hydroponic garden centers to 50 stores. In California, the country’s largest legal cannabis market, GrowGen now has 17 stores, with eight of those stores located in Southern California.
GTI
Green Thumb Industries Inc. (OTCQX: GTBIF) announced it has raised approximately $56 million by selling 10 million of its subordinate voting shares, that was declared effective by the U.S. Securities and Exchange Commission (SEC) as of February 8, 2021. Green Thumb said it had received and accepted offers from investors to purchase 1.6 million registered subordinate voting shares at $35.50 per share for a total of approximately $56 million. The stock closed at $35.35 on Monday.
Psychedelics
Massachusetts lawmakers are moving forward to decriminalize psychedelic drugs. The effort began at the city level when Somerville and Cambridge adopted measures that would make possession of psychedelics a low law enforcement priority. Now it has moved to a state-wide initiative.
In Other News
Subversive Acquisition LP (NEO: SVX.U) (OTCQX: SBVRF) announced today that InterCure Ltd. (dba Canndoc) (TASE: INCR), Israel’s leading cannabis company and SVX’s intended target for its “Qualifying Transaction” has released its estimated unaudited fourth-quarter results for the year ended December 31, 2020. Highlights include:
- NIS ₪27 million in fourth-quarter revenue, establishing a new quarterly revenue record for InterCure
- Revenue growth of more than 13 times compared to Q4 2019 and more than 3 times compared to InterCure’s annual revenue in 2019
- Continued increase in profitability, operating profit and net profit
