The big news this week, of course, was Canada. The country began its legal adult use cannabis sales on the 17th. While there weren’t necessarily a huge amount of dispensaries open, there were definitely some that began sales at midnight. Delta 9 (VRNDF) cannabis store reported that within the first minute of online sales, there were 100 orders and that sales for the day totaled $50,000. Products sold out within the first few hours.
In other Canada news, Acreage Holdings invited former Prime Minister Brian Mulroney to its board of directors.
iAnthus Capital (ITHUF) is acquiring MPX Bioceutical Corporation (MPXEF) in an all-stock transaction valued at $835 million. At a price of approximately $1.28 per MPX common share, its a premium of 30% based on the closing price of iAnthus and MPX common shares on October 17.
Canopy Growth Corporation (NYSE: CGC) entered into an agreement to acquire the assets of hemp research company ebbu, Inc. It is a cash and stock deal that is expected to close in November. Canopy Growth will pay C$25 million in cash and issue 6,221,210 company common shares to ebbu in exchange for the assets being acquired.
MedMen is selling three of its property assets to Treehouse Real Estate Investment Trust. This initial investment in the three properties will represent approximately $12.5 million in proceeds, after debt repayment. The properties sold will be leased back to MedMen so the medical cannabis giant and its subsidiaries can continue to operate in its original properties.
Lots of housekeeping news on stocks.
CannAmerica Brands began trading on the Canadian Securities Exchange under the symbol “CANA”.
Elev8 Brands, Inc. (OTCQB: VATE), was approved for trading on the OTCQB Venture Market.
India Globalization Capital Inc. (IGC) is – a cannabis company that doesn’t sell cannabis and is listed on the New York Stock Exchange. The company only books revenue from its legacy business of trading commodities and heavy equipment rental. For the three months ending September 30, this was $811,000. The net loss for the quarter was $858,000. There is no revenue from cannabis products at this time.