Major developments taking place in the legal cannabis industry in North America, particularly Canada. Canada is just about on the cusp of legalizing recreational marijuana through Bill C-45, which is best known as the Cannabis Act that is highly anticipated to be signed into law very soon. The long enduring process and expected legalization of recreational cannabis is a long time coming for marijuana industry as a whole. The long process for the Bill C-45 first made its way to Canada’s Senate just about 14 months ago, and was only voted on after numerous debates, speeches, and amendments just recently. Industry experts are not certain what the demand and supply picture will look like in Canada because it often takes Health Canada a long time to issue cultivation licenses and sales permits. But either way, as the long waited day approaches, active companies in the industry are making moves to ready that include: Choom™ Holdings Inc. (CSE:CHOO) (OTC:CHOOF), Aurora Cannabis Inc. (TSX:ACB) (OTC:ACBFF), Canopy Growth Corp. (TSX:WEED) (NYSE : CGC ), Aphria Inc. (TSX:APH) (OTC:APHQF), The Green Organic Dutchman Holdings Ltd. (TSX:TGOD) (OTC:TGODF).
Choom™ Holdings Inc. (CSE: CHOO) (OTCQB: CHOOF) BREAKING NEWS: Choom™, an emerging fully-integrated cannabis company, is pleased to announce it has closed its previously announced non-brokered private placement (June 13, 2018). The Company issued 14,225,352 shares for total gross proceeds of $10.1 million. Aurora Cannabis is the cornerstone investor in the placement with a lead order of $7 million. All securities issued are subject to a four month hold period.
“The financing provides us with the funds to accelerate the execution of our unique retail strategy moving forward,” states Chris Bogart, CEO and President of Choom. “We are now well positioned to expand our production and retail footprint, as well as, pursue further opportunities across Canada.”
None of the securities issued in connection with the placement will be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act. This news release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there by any sale of the securities in any state where such offer, solicitation, or sale would be unlawful. Read this and more news for Choom™ at:http://www.marketnewsupdates.com/news/choo.html
Additional industry related developments from around the markets:
Aurora Cannabis Inc. (TSX:ACB.TO) (OTCQX:ACBFF) and Anandia Laboratories Inc. have signed a binding term sheet whereby Aurora intends to acquire all of the issued and outstanding common shares of privately held Anandia in an all-share transaction valued at approximately $115-million on a fully diluted basis. Led by chief executive officer and co-founder Dr. Jonathan Page, PhD, one of the industry’s most widely recognized cannabis experts, Anandia is considered the industry leader in science, genetics and independent cannabis product testing. Dr. Page was the first scientist to sequence the cannabis genome and provide deep insights into the biosynthesis of cannabinoids and the interplay between cannabinoids and terpenes.
Canopy Growth Corp. (TSX: WEED.TO) (NYSE : CGC ) has priced its previously announced offering of convertible senior notes due 2023. The company will issue $500-million aggregate principal amount of the notes. Canopy Growth has granted the initial purchasers of the notes an option to purchase up to an additional $100-million aggregate principal amount of notes. The offering was upsized from the previously announced $400-million aggregate principal amount. Cowen and Company LLC and BMO Nesbitt Burns Inc. are acting as joint book-running managers, and Eight Capital and Bryan, Garnier & Co. are acting as co-managers for this offering. Canopy Growth has been advised by Greenstar Canada Investment LP, an affiliate of Constellation Brands Inc., that it intends to participate in the offering.
Aphria Inc. (TSX: APH.TO) (OTCQB:APHQF) has appointed Joel Toguri as vice-president of sales, effective on June 18, 2018. Mr. Toguri joins the company from Southern Glazer’s of Canada, where he was vice-president of sales and operations since 2013. “We’re thrilled to bring Joel’s incredible talent and considerable experience to Aphria,” said Jakob Ripshtein, chief commercial officer at Aphria. “Over many years, Joel has developed a proven track record of driving sales, generating growth and delivering results. His experience in building Southern Glazer’s in Canada and his deep familiarity with our exclusive sales distribution partner will help to ensure Aphria’s brands and products are successfully represented by cannabis retailers throughout the country.”
The Green Organic Dutchman Holdings Ltd. (TSX: TGOD.TO) (OTCQX: TGODF) has entered into a strategic partnership with Epican Medicinals Ltd. This partnership will add an additional 14,000 kilograms, taking Green Organic’s total organic financed capacity to 130,000 kg. Epican is a vertically integrated Jamaican cannabis company with cultivation, extraction, manufacturing and retail distribution licences. This strategic partnership introduces Green Organic’s premier organic cannabis brand to the international medical market. “This represents the first of many strategic partnerships TGOD intends to execute in the coming months,” said Robert Anderson, chief executive officer. “Our value-added approach taken in this investment will set an international M&A framework for capital investment, transfer of knowledge and sector expertise. We will continue to evaluate international opportunities that will assist us in executing our business plan to become the world’s largest organic cannabis brand,” continued Mr. Anderson.
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