It’s time for your Daily Hit of cannabis financial news for January 26, 2021.
On The Site
It’s a bombshell recording between former iAnthus Capital Holdings Inc. (OTC: ITHUF) Hadley Ford and an unidentified investor that has been leaked to the internet. A transcript was published online in which Ford candidly discusses the company’s dealings with its lenders Gotham Green Partners and Oasis Management. Green Market Report reached out to both companies for comment but has yet to receive a response. The most explosive exchange alleges that the lenders conspired to wipe out the unsuspecting shareholders. The stock was plunging another 30% to lately sell at 29 cents as it has also found itself mired in a lawsuit with MPX NJ, a class-action lawsuit, and a fight over the company’s recapitalization or bankruptcy plan.
GrowGeneration Corp . (NASDAQ: GRWG ) is at it again. The hydroponic chain has acquired Indoor Garden & Lighting, a two-store chain of hydroponic equipment and indoor gardening supply stores serving the Seattle and Tacoma, Washington area. GrowGen said it will be consolidating its current Seattle operation into the acquired stores. This acquisition brings the total number of GrowGen hydroponic garden centers nationwide to 40 stores. The company stock was jumping over 2% in early trading to lately sell at $49.66, closing in on its 52-week high of $53.
The doyen of lifestyle branding Martha Stewart has launched her line of hemp CBD products for dogs. Martha Stewart CBD for Pet was created in collaboration with Canopy Animal Health, a division of Canopy Growth Corporation (NASDAQ: CGC) which is focused on improving pet health through evidence-based CBD therapies. Stewart had initially begun using CBD for personal use and launched her CBD gummy line in September 2020. This is her entry into the pet side of the business.
As the race to own the psilocybin market heats up, MagicMed Industries Inc. (CSE: MGIC reserved) announced that it has completed the establishment of the psilocybin-derivatives patent portfolio of the Psybrary and the launch of the Candidate Selection program. The company said that Psybrary is a proprietary physical and knowledgebase collection of novel psychedelic-derivative drug candidates, manufacturing methods, pharmacological data, and patent filings that protect all of the above.
Delta 8 THC has caught the attention of many in recent years. Although still in the shadow of much more popular and widely used Delta 9 THC and CBD, this cannabinoid is promising something completely new and unseen before, with its own set of benefits. Although it’s still rising in popularity and products are only becoming available, it’s useful to know some necessary information about Delta 8. So, here you’ll find all about what is Delta 8 THC, how it works, and what are its benefits and effects. Then, you can decide whether this cannabinoid is the right choice for you or not. However, most people praise Delta 8 THC for being the perfect cannabinoid providing ultimate relaxation without paranoia or increased anxiety.
In Other News
Seelos Therapeutics, Inc. (Nasdaq: SEEL) announced today the pricing of an underwritten public offering of 15,243,903 shares of its common stock, at a price to the public of $2.05 per share. In addition, the company granted the underwriters a 30-day option to purchase up to 2,286,585 additional shares of its common stock to cover over-allotments, if any. All of the shares of common stock in the offering are being sold by Seelos. Seelos anticipates the aggregate net proceeds from the offering will be approximately $29.1 million.
The Supreme Cannabis Company, Inc. (OTCQX: SPRWF) announced today the pricing of its previously announced overnight marketed public offering of units of the company at a price of $0.19 per Unit. The underwriters for the Offering have agreed to purchase 105,260,000 Units from the company for total gross proceeds of approximately $20 million.