Debra Borchardt
It’s time for your Daily Hit for the financial cannabis news for December 5, 2018.
The stock and bond markets were closed in honor of the funeral for former President George H.W. Bush.
On The Site
Illegal Grows
When a company is caught growing cannabis illegally, it’s often the landlord who’s left to clean up the mess. The criminals rarely come back for their equipment and the police want nothing to do with it either.
So, the landlord is confronted with clearing out sometimes hundreds of sophisticated, expensive lights, watering systems, and other various cultivation items in order to get the space back to rent. Metal scrapper and the owner of CH Hydroponics James Robba stumbled into the market when he was asked to disassemble a huge illegal grow.
In Other News
MedMen
MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF) completed its previously-announced bought deal of 13,640,000 units at a price of C$5.50 per unit for aggregate gross proceeds of C$75,020,000. MedMen stock closed down 18% to C$3.40 despite the news. The net proceeds from the offering will be used for expansion of the Company’s retail network, development of cultivation and production factories, to fund operating cash flow and for general corporate and other working capital purposes. The company also opened its first store in Arizona.
