William Sumner
It’s time for your Daily Hit of cannabis financial news for June 27, 2019.
On the Site
Green Growth Brands
After a trial period of selling the Green Growth Brands Inc. (CSE: GGB) (OTCQB: GGBXF) CBD line called Seventh Sense Botanical Therapy products, Abercrombie & Fitch (A&F) has decided to carry the products in 160 stores. The expansion includes Seventh Sense’s CBD-infused body lotions, muscle balms, lip balms, and sugar scrubs, and is Green Growth Brands’ second major wholesale agreement since the passage of the Agriculture Act of 2018 in December 2018.
Executive Spotlight: Dr. Jared Helfant, Co-Founder and President of Sparx Cannabis
At Sparx, Dr. Helfant applies his expertise to oversee operations, branding, and marketing. With a proven track record of providing top-tier, customer-facing services and long-term strategic planning, his knowledge helps facilitate budget analysis, marketing strategies, and partner relationships.
In Other News
Surterra Wellness
The medical cannabis company Surterra Wellness announced that it had closed a $100 million Series D funding round. So far, the company has raised over $300 million in private capital. Proceeds from the funding will go towards expansion initiatives such as strategic acquisitions and infrastructure capital expenditures. Surterra also announced that it had expanded its board of directors to include Ed Brown, Surterra’s Executive Director, and its Executive of Operations, Kevin Fisher.
Curaleaf
Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) announced today that it had acquired both Glendale Greenhouse and Phytotherapeutics Management Services, LLC. Glendale Greenhouse is a vertically integrated cannabis business operating a cultivation and processing facility with a 20,000 square foot production facility capable of producing 3,600 pounds of flower annually. Glendale also owns a 1,500 square-foot dispensary and the master lease on the 15,000 square-foot multi-tenant building where the dispensary is located. Phytotherapeutics Management Services, LLC operates under the license of Phytotherapeutics of Tucson, LLC. Once the transaction is closed, the Phytotherapeutics’ license would be transferred to Curaleaf and apply to a newly developed, flagship dispensary.
Aleafia Health
Aleafia Health Inc. (TSX: ALEF) (OTC: ALEAF) (FRA:ARAH) has closed a $40.25 million over-subscribed public offering. Leading the offering was Mackie Research Capital Corporation and BMO Capital Markets, and included Canaccord Genuity Corp. “We are excited to close this financing and strengthen our balance sheet as we solidify and accelerate the expansion of our cannabis health and wellness ecosystem, in Canada, and globally,” said Aleafia Health CEO, Geoffrey Benic. “This is a key step enabling management to execute on its business plan and to drive operational results creating value for shareholders.”
