William Sumner
It’s time for your Daily Hit of cannabis financial news for October 4, 2018.
On the Site
High Times
The United States largest radio broadcaster is getting into cannabis. According to a report in The Wall Street Journal, iHeartMedia Inc. (IHRTQ) has entered into an agreement with High Times Holding Corp. to provide up to $10 million in advertising inventory in exchange for a five percent stake in High Times.
The Fresh Toast
With adult use cannabis sales set to become legal in Canada later this month, the world of cannabis media is starting to heat up. As entrepreneurs and investors alike are looking for ways to corner this emerging market, one cannabis publication hoping to get a piece of this investor action is The Fresh Toast.
The Economics of the Cannabis Consumer
At the recent Green Market Summit on September 14, 2018, a group of top cannabis industry professionals discussed The Economics of the Cannabis Consumer. David Dancer, Chief Marketing Officer at MedMen, Jeff Stein Managing Partner at Consumer Research Around Cannabis and Bethany Gomez Director of Research at Brightfield Group talked about which consumers were the most loyal cannabis consumers and what they bought.
In Other News
VIVO Cannabis Inc.
VIVO Cannabis Inc. (VIVO) announced that it would partner with Pharmascience Inc., which holds a Dealers License from Health Canada, to develop medical cannabis products that easy for patients to use. Additionally, Pharmascience will create a line of medical cannabis formulations designed to boost the therapeutic effects on patients. “VIVO, through our Beacon Medical™ division, is committed to launching innovative precise-dosage formats for medical cannabis, with the intent of enhancing patient safety and efficacy. We are pleased to combine our strengths with those of Pharmascience for the benefit of our current and future medical patients,” stated Barry Fishman, CEO of VIVO.
Front Range Biosciences
Today, Front Range Biosciences announced that is has completed its Series A round of financing and has raised $10 million. Participants in the funding round include Phyto Partners, WelCan Capital, Salveo Capital, Cornerstone Opportunity Partners, Sand Hill Angels, Harvard Business School Alumni Angels of New York, New York Angels, and Altitude Investment Management. “This financing will help us accelerate our Clean Stock program in Colorado, California, and Canada, in addition to aggressively pursuing IP development and resourcing our varietal development program for hemp and cannabis,” commented Dr. Jonathan Vaught, CEO and co-founder of Front Range Biosciences.
MediPharm Labs Corp.
MediPharm Labs Corp. today started trading its stock on TSX Venture Exchange under the symbol “LABS.” The company also provided a general corporate update, including the plans to build four retail cannabis dispensaries in Manitoba in 2019, the development of an extraction facility in Australia, and the completion of the phase one build-out of the company’s environmental labs. “Our public listing marks a tremendous milestone for MediPharm Labs and will allow us to further enhance our position as an industry leader in the production and supply of pharmaceutical grade extracted cannabis products in Canada and globally, backed by our diverse team of highly sophisticated and accomplished professionals,” commented MediPharm CEO Patrick McCutcheon.
