Debra Borchardt
In this week’s top financial news for the cannabis industry:
MJ Freeway seems to keep finding ways to stop traffic. The seed-to-sale tracking company has experienced multiple failures over the past few days causing many dispensary owners to close down or in some cases hand write transactions. MJ Freeway was supposed to take over the Washington State system from BioTrackTHC on Oct. 31 and now the cannabis businesses have learned it won’t be fully functional until possibly 2018. The company keeps insisting the problems have been short-lived and customers have had their services restored within hours. This is the state’s third vendor so it seems the problem lies with the state and not the vendors. BioTrackTHC is offering a workaround for the businesses until MJ Freeway can get up and running. It’s a hot mess.
Maricann Group (MRRCF) Increased the size of its private placement offering of convertible debenture units from $20 million to up to $26 million. The amendment will accommodate and include a broader group of investors. Canaccord Genuity Corp. is acting as lead agent and it is expected to close on October 27.
Cannabis lifestyle brand Tokyo Smoke announced the closing of its oversubscribed Series B funding of approximately $6 million CAD or $4.7 million USD. The funding round was led by Aphria Inc.(APHQF), one of Canada’s largest medical cannabis producers, and Green Acre Capital Fund, a fund dedicated to strategic investments in cannabis properties.
Canopy Growth Corporation (TWMJF) announced that it launched a strategic partnership in the Jamaican cannabis market as part of its ongoing international expansion. The partnership will be called Grow House JA Limited and will operate as Tweed Limited JA. the company said that the conditional license approvals are already in place and construction has begun on the facilities.
The Canadian Bioceutical Corporation or CBC (CBICF) today announced that it made an initial drawdown of US$10 million under the US$25 million revolving credit facility originally announced in the Corporation’s press release on May 3, 2017.
