The Daily Hit: June 8th, 2020

cannabis financial news

It’s time for your Daily Hit of cannabis financial news for June 8th, 2020.

On the Site

Schwazze to Buy Star Buds Locations in Colorado

Schwazze(OTCQX: SHWZ) formerly known as Medicine Man Technologies is buying 14 Star Buds locations in the state of Colorado as part of the company’s pending acquisitions. The deal is valued at $118 million and the locations are said to have earned $50 in annual revenue.

MediPharm Closes On $37 Million Private Placement

MediPharm Labs Corp. (OTCQX: MEDIF) closed a private placement with an institutional investor for gross proceeds of C$37,822,500. The company said it plans to use the money for general corporate purposes, including building on the launch of its Cannabis 2.0 offerings with new product formats and expanding its product and Active Pharmaceutical Ingredient exports.

Procan Labs and Horwitz + Armstrong Claim Victory in Huge Lawsuit

Leading cannabis manufacturer in California, Procan Labs, announced its victory in a monumental lawsuit against the state of California. The company was found to have $2.6 million in “black market” cannabis oil as well as $620,000 in cash. The judge ultimately ruled the cannabis oil to be legally produced, as well as ruling that the Controlled Substances Act does not apply to licensed cannabis businesses in the state of California.

In Other News

Aphria

Aphria traded today for the first time on the NASDAQ. As communicated on May 16th of this year, the company will trade under the ticker symbol “APHA” and this will not impact its primary listing on the Toronto Stock Exchange (TSX:APHA).

Sunniva Labs (CSE:SNN, OTCQB:SNNVF) 

The company announced the termination of the previously announced sale of Sunniva Labs. Sunniva Labs was to be acquired by CannaPharm Rx and its 114-acre property in Okanagan Falls, British Columbia. 

Oregon CBD Sales 

Oregon CBD sales topped $100 million for the month of May according to 420 Intel. This is the state’s first $100 million-plus month and it represents a 15% increase from April, as well as a 60% YOY spike from May 2019. 

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