Green Market Report: Marijuana Money Feb. 8

The top financial cannabis news stories for the week

Photo via rawpixel.com, Leaf Illustration by cheifyc via Pixabay

This week, Namaste Technologies Inc. (NXTTF) terminated its CEO Sean Dollinger. The company said that a special committee found cause to terminate. Dollinger, who co-founded the company has filed a counter lawsuit. Dollinger is still on the board and owns 6% of the company’s shares. The investigation seemed to confirm a short-seller report from Citron Research that had alleged impropriety involving the sale of a company asset.

FSD Pharma and Auxly terminated their agreement to work together. Auxly said that FSD breached the agreement and when notified and asked to comply with the agreement, FSD didn’t and then tried to control the message by announcing it had terminated first.

In another divorce in the cannabis industry, MedMen Enterprises Inc. (MMNFF)  former CFO James Parker filed a lawsuit against the company late last week. The company said it will fight the lawsuit and considers it to be a meritless case from a disgruntled ex-employee.

RELATED: Banking And Protections For Marijuana Businesses Could Be Coming Soon

Green Thumb Industries Inc. (OTCQX: GTBIF) is acquiring For Success Holding Company, the owner of Los Angeles-based Beboe branded cannabis products for an undisclosed amount that will be paid in GTI stock.

LB Equity has raised $50 million for a portfolio titled LB Equity Emerging Growth Fund, which will be concentrating its investments in cannabis companies that are involved in beauty, health, and wellness. The company’s first investment is with the platform Standard Dose.

Canopy Rivers Inc. (TSXV:RIV) entered into an agreement with CIBC Capital Markets and Eight Capital to purchase, for a $55.0 million bought deal.

Illinois-based Verano Holdings, LLC has acquired Four Daughters Compassionate Care Inc. of Sharon, Massachusetts and its provisional medical cannabis licenses for an undisclosed amount. The first cultivation and dispensary facilities in Sharon are expected to open in six to nine months. The company said it would hire 50-75 employees locally and train them for these sites in 2019.

The Supreme Cannabis Company, Inc. (FIRE) began trading on Toronto Stock Exchange on February 4, 2019.

This article originally appeared on Green Market Report.

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