The Daily Hit: March 19, 2019

It’s time for your Daily Hit of cannabis financial news for March 19, 2018.

On The Site

Canopy Rivers

Canopy Rivers Inc. (TSXV: RIV) is teaming up with LeafLink, Inc. to create LeafLink Services International ULC. The new venture will exclusively license and leverage LeafLink’s dominant business-to-business (B2B) marketplace and supply chain technology platform for deployment throughout regulated international cannabis markets.

In order to get the venture off the ground, LeafLink has made an initial capital commitment of $1 million along with an exclusive, royalty-free license for all non-US marketplaces for their proprietary B2B software platforms and service solutions. In addition to that, Canopy Rivers has committed an initial equity investment of $2 million. Canopy Rivers also has an option to invest an additional $6 million.

MJIC

California-based  MJIC, Inc. successfully closed a private round of financing resulting in gross proceeds of U.S. $15 million. The company said it is planning on becoming a publicly traded company in 2019 and recently entered into a financial advisory agreement with Haywood Securities.

“This financing will significantly accelerate our growth strategy as we continue to build MJIC’s integrated distribution and retail platform across the entirety of the cannabis ecosystem,” said Sturges Karban, Chief Executive Officer and Board Member of MJIC.

In Other News

Grassroots

Grassroots launched its convertible note financing round on December 3, 2018, with the intent to raise at least $40,000,000 in proceeds. Due to strong demand, the financing round was ultimately increased to accommodate $90,000,000 of subscriptions. By successfully completing this round of funding, Grassroots has solidified its already strong financial position, which includes $165,000,000 of total equity and equity-linked securities raised to date.

“We believe this capital raise now makes Grassroots the largest privately held cannabis company in the U.S.,” said Mitch Kahn, CEO, and Co-Founder. “Our growth is a testament to our team’s collective strategic vision and execution of building an integrated business model that enhances the communities which we serve.”

The planned use of the proceeds from the convertible note raise will support the build-out of Grassroots existing 11 state platform, as well as M&A and growth initiatives.

Valens

Valens GroWorks Corp. (CSE: VGW)  entered into an agreement with AltaCorp Capital Inc. under which AltaCorp has agreed to purchase, as lead underwriter and sole bookrunner, on its own behalf and on behalf of a syndicate of underwriters, including GMP Securities L.P., and Raymond James Ltd., Haywood Securities Inc., and Mackie Research Capital Corp., on a bought deal basis, 10,169,492 units of the Company at a price of C$2.95 per Unit, representing aggregate gross proceeds to Valens of approximately C$30 million.

Aleafia

Aleafia Health Inc. (TSX: ALEF) (OTC: ALEAF)  said that its common shares began trading today on the Toronto Stock Exchange. The common shares will continue to trade under the symbol “ALEF.” Upon listing on TSX, Aleafia Health will also become a reporting issuer in the Province of Ontario.

Isodiol

Isodiol International Inc. (CSE: ISOL) (OTCQB:ISOLF) stock was halted in trading briefly as the company announced the launch of its products with Holland & Barrett International, beginning with an initial order of ten SKUs of hemp-extract based cannabidiol (CBD) products from the company’s RapidCBD™ and Iso-Sport™ brand catalogs for more than $1 million.

The launch has commenced online and more than 45,000 units are expected to be available in up to 800 Holland & Barrett stores by the end of March 2019 throughout the United Kingdom and the Republic of Ireland.  Holland & Barrett is the largest health and wellness retailer in Europe, operating more than 1,300 stores, 10 million customer loyalty program members, and $800 million in annual revenues.

The post The Daily Hit: March 19, 2019 appeared first on Green Market Report.