Ron Strider
Well-Known Member
It started out as another sleepy, summer week in the cannabis industry until Thursday morning when High Times announced it was merging with Origo Acquisition Corp. in order to go public. Before we get into that, we should touch base on things happening in Washington, DC. As you are probably aware, Attorney General Sessions' actions have been closely watched for any signs of what he may do with regards to cannabis and the signs hadn't been very positive.
However, on Thursday, the U.S. Senate Appropriations Committee adopted an amendment to continue preventing the DOJ from meddling with state marijuana laws. With little debate and a voice vote, the amendment that was sponsored by Senator Patrick Leahy (D-VT), was approved. It was a strong rebuke to Sessions. The next step was for the budget to be approved (to which the amendment is attached) and that happened last night. Then it will go to a special conference committee to reach a compromise with the House. If the budget isn't approved by September 30, the previous amendment will automatically be renewed.
Also this week, the Republicans blocked a vote on an amendment that would increase access of medical marijuana to military veterans. Meanwhile, the House Appropriations Committee said that marijuana's designation as a schedule 1 drug created unnecessary and harmful barriers to research. Separately, the acting White House Drug Czar confirmed a visit to Colorado and said he was concerned "about this commercialized model of widespread availability of marijuana and very limited controls."
High Times Holding Corp., the publisher of the 43-year old magazine High Times is going public through a definitive merger agreement reached with Origo Acquisition Corporation. In a press announcement released on Thursday July 27, the company stated it will "utilize its public company status, diversified revenue streams, established and trusted brand name, and deep grassroots following to capitalize on the ongoing, orderly conversion of the U.S. marijuana black market to a legal and regulated national industry." High Times stated that its existing equity value was approximately $250 million as a result of the merger. In May, the family estate that owned the magazine was sold to a group called Oreva Capital, led by Adam Levin in a deal valued at roughly $70 million. According to the SEC filings, the company plans to list on NASDAQ. Nasdaq in the past has been reluctant to work with cannabis related companies. Most recently rejecting the request to list by MassRoots.
Medicine Man Technologies agreed to acquire Denver Consulting Group effecting July 24. MDLC will issue 2,258,065 shares to members of DCG in exchange for their ownership.
Signal Bay Inc. is acquiring Viridis Analytics MA for an undisclosed amount. The transaction is expected to close July 31. Signal Bay is an Oregon based testing firm and this purchase quickly gets them into the Massachusetts market.
MassRoots, Inc. announced it has closed a $1,217,000 private placement of common stock and warrants, as detailed in MassRoots' Current Report on Form 8-K filed on July 24, 2017 with the U.S. Securities and Exchange Commission. MassRoots' Chairman and only over 5% shareholder, Mr. Isaac Dietrich, participated in the offering along with several "accredited investors," including family offices and high net worth individuals. The company has said before that it needs $5 million to stay a going concern.
Tetra Bio-Pharma Inc. announced that it appointed Bernard Fortier to the position of Chief Executive Officer, effective July 24, 2017. Mr. Andre Rancourt, previous interim CEO will take the position as Chairman of the Board of Directors.
The MariMed Inc. Board of Directors appointed Mr. Robert Fireman as President and Chief Executive Officer and Mr. Jon Levine as Treasurer and Chief Financial Officer. This completes the planned transition of management of the company to a singly focused enterprise specializing in the design, development, operation, funding, and optimization of cultivation, production, and dispensary facilities in the emerging legal cannabis industry.
Kush Bottles, Inc. announced that it entered into an exclusive distribution agreement with JKD Brands to effectively penetrate the Alaska market. JKD Brands, an established distribution leader in the state of Alaska, will now be providing the cannabis market with Kush Bottles' premier products including child-resistant containers and bags, as well as all other packaging, labeling, and accessory options. Given its geography, Alaska presents logistical challenges for most U.S. distribution companies.
News Moderator: Ron Strider 420 MAGAZINE ®
Full Article: Cannabis Industry Weekly Recap 7/28/2017
Author: Debra Borchardt
Contact: Contact Information
Photo Credit: Jim Brueckner
Website: {{meta.title}}
However, on Thursday, the U.S. Senate Appropriations Committee adopted an amendment to continue preventing the DOJ from meddling with state marijuana laws. With little debate and a voice vote, the amendment that was sponsored by Senator Patrick Leahy (D-VT), was approved. It was a strong rebuke to Sessions. The next step was for the budget to be approved (to which the amendment is attached) and that happened last night. Then it will go to a special conference committee to reach a compromise with the House. If the budget isn't approved by September 30, the previous amendment will automatically be renewed.
Also this week, the Republicans blocked a vote on an amendment that would increase access of medical marijuana to military veterans. Meanwhile, the House Appropriations Committee said that marijuana's designation as a schedule 1 drug created unnecessary and harmful barriers to research. Separately, the acting White House Drug Czar confirmed a visit to Colorado and said he was concerned "about this commercialized model of widespread availability of marijuana and very limited controls."
High Times Holding Corp., the publisher of the 43-year old magazine High Times is going public through a definitive merger agreement reached with Origo Acquisition Corporation. In a press announcement released on Thursday July 27, the company stated it will "utilize its public company status, diversified revenue streams, established and trusted brand name, and deep grassroots following to capitalize on the ongoing, orderly conversion of the U.S. marijuana black market to a legal and regulated national industry." High Times stated that its existing equity value was approximately $250 million as a result of the merger. In May, the family estate that owned the magazine was sold to a group called Oreva Capital, led by Adam Levin in a deal valued at roughly $70 million. According to the SEC filings, the company plans to list on NASDAQ. Nasdaq in the past has been reluctant to work with cannabis related companies. Most recently rejecting the request to list by MassRoots.
Medicine Man Technologies agreed to acquire Denver Consulting Group effecting July 24. MDLC will issue 2,258,065 shares to members of DCG in exchange for their ownership.
Signal Bay Inc. is acquiring Viridis Analytics MA for an undisclosed amount. The transaction is expected to close July 31. Signal Bay is an Oregon based testing firm and this purchase quickly gets them into the Massachusetts market.
MassRoots, Inc. announced it has closed a $1,217,000 private placement of common stock and warrants, as detailed in MassRoots' Current Report on Form 8-K filed on July 24, 2017 with the U.S. Securities and Exchange Commission. MassRoots' Chairman and only over 5% shareholder, Mr. Isaac Dietrich, participated in the offering along with several "accredited investors," including family offices and high net worth individuals. The company has said before that it needs $5 million to stay a going concern.
Tetra Bio-Pharma Inc. announced that it appointed Bernard Fortier to the position of Chief Executive Officer, effective July 24, 2017. Mr. Andre Rancourt, previous interim CEO will take the position as Chairman of the Board of Directors.
The MariMed Inc. Board of Directors appointed Mr. Robert Fireman as President and Chief Executive Officer and Mr. Jon Levine as Treasurer and Chief Financial Officer. This completes the planned transition of management of the company to a singly focused enterprise specializing in the design, development, operation, funding, and optimization of cultivation, production, and dispensary facilities in the emerging legal cannabis industry.
Kush Bottles, Inc. announced that it entered into an exclusive distribution agreement with JKD Brands to effectively penetrate the Alaska market. JKD Brands, an established distribution leader in the state of Alaska, will now be providing the cannabis market with Kush Bottles' premier products including child-resistant containers and bags, as well as all other packaging, labeling, and accessory options. Given its geography, Alaska presents logistical challenges for most U.S. distribution companies.
News Moderator: Ron Strider 420 MAGAZINE ®
Full Article: Cannabis Industry Weekly Recap 7/28/2017
Author: Debra Borchardt
Contact: Contact Information
Photo Credit: Jim Brueckner
Website: {{meta.title}}
