Video Staff
This week, Martha Stewart agree to work with Canopy Growth Corporation (CGC) to create a CBD line of products for animals.
On the acquisition front, Curaleaf (CURA) bought Eureka Investment Partners in a deal valued at $30.5 million. Eureka operates a cultivation facility in the Salinas Valley and is developing three dispensaries across the state. The deal will be $10 million in cash, $20.5 million in Curaleaf stock, with a potential added bonus to be paid if certain goals are met. The deal is expected to close in March 2019.
SOL Global formed a new hemp subsidiary called Heavenly RX and its first investment was for $30 million into a Tennessee-based company called Bluhen Botanicals.
Choom acquired Clarity Cannabis MD Holdings in a cash and stock deal valued at roughly $5.5 million. Clarity has 30 retail locations in Canada.
Cannex bought Pure Ratios Holdings as a way into the CBD market in a deal valued at $8 million.
It is certainly earnings season. We can’t cover them all here, but these are the major ones:
GW Pharmaceuticals(GWPH) released its first earnings to include sales of its drug Epidiolex. Revenue for the quarter was $6.7 million, which beat analyst estimates and sales from Epidiolex whose sales began on November 1 were $4.7 million.
MedMen Enterprises (MMNFF) reported revenue of $29 million for its fiscal second quarter but net losses remained high at $64 million. Most of the company’s revenue came from its Southern California stores.
In other news
Zynerba (ZYNE) received a patent for its CBD gel which covers the company’s ZYN002 drug.
CannTrust began trading on the NYSE using the symbol CTST. It will continue to trade on the Toronto Exchange using the symbol TRST.
