Each week, DCN will curate a rundown of startup, tech, and innovation news in the cannabis industry for its new series, DCN Micro News.

April 1st, 2019

WeedMD Enters Into $39 Million Debt Facility with BMO and Acquires 98-acre Licensed Strathroy Property.

WeedMD Inc. (TSX-V:WMD) (OTCQX:WDDMF) (FSE:4WE) (“WeedMD” or the “Company”), a federally-licensed producer and distributor of medical-grade cannabis, is pleased to announce that it has entered into a credit facility with Bank of Montreal (“BMO”). Under the terms of the credit facility, BMO will provide WeedMD up to $39 million of secured debt financing at a rate of interest that is expected to average in the low-to-high 5% per annum range over a three-year term.

The facility consists of a $33.1 million term loan, a $3.0 million equipment term loan and a $3.0 million revolving credit facility (collectively, the “Loans”), all of which mature in 2022. WeedMD may, at its discretion, repay the balance of the Loans without penalty at any time during the term.

Original Press Release, Click here.

Cresco Labs to Acquire Origin House in Largest-Ever Public Company Acquisition in the U.S. Cannabis Sector

Cresco Labs Inc. (“Cresco Labs” or the “Company” – CSE: CL, OTCQX: CRLBF) and CannaRoyalty Corp. d/b/a Origin House (“Origin House” – CSE: OH, OTCQX: ORHOF) are pleased to announce today that they have entered into a definitive agreement (the “Agreement”) pursuant to which Cresco Labs will acquire all of the issued and outstanding shares of Origin House (the “Origin House Shares”) (the “Transaction”). Under the terms of the Agreement, holders of common shares of Origin House will receive 0.8428 subordinate voting shares of Cresco Labs (the “Cresco Labs Shares”) for each Origin House Share (the “Exchange Ratio”).

Original Press Release, Click Here. 

April 2nd, 2019

48North Closes Previously Announced Bought Deal for Total Gross Proceeds of $28.75 Million

48North Cannabis Corp. (“48North” or the “Company”) (TSXV: NRTH) is pleased to announce that the Company has closed its previously announced “bought deal” short form prospectus offering of units (“Units”) of the Company (“Offering”) for total gross proceeds of approximately $28.75 million, which included the exercise of the over-allotment option granted to the Underwriters (defined below) in full. Pursuant to the Offering, 21,139,760 Units were sold at a price per Unit of $1.36 (“Issue Price”) for gross proceeds of $28,750,073.60. The Offering was completed by a syndicate of underwriters including Eight Capital, as sole bookrunner and lead underwriter, and Canaccord Genuity Corp. (“Underwriters”).

Original Press Release, Click Here.

Vertical™ Closes $58 Million Series A Financing

Vertical Companies™ announced the closing of its Series A Financing Round at $58 million. Vertical upsized the original $20 million Series A to $35 million late last year due to investor demand. The round formally closed on March 31, bringing the total amount raised by the company to $65 million since inception.

This capital is being used to build out Vertical’s large scale multi-state infrastructure and bring its brands to market.

Original Press Release, Click Here. 

April 4th, 2019

Halo Labs Announces Closing of $18 Million Prospectus Offering and Repayment of Debt

Halo Labs Inc. (“Halo” or the “Company”) (NEO: HALO, OTC: AGEEF, Germany: A9KN) is pleased to announce the closing of its previously announced marketed public offering (the “Offering”) of unsecured convertible debenture units of the Company (the “Debenture Units”) for aggregate gross proceeds of $18,143,000. In connection with the Offering, the Company issued (i) 18,143 Debenture Units at a price of $1,000 per Debenture Unit, and (ii) 3,020 Debenture Units to certain debtholders to satisfy and extinguish an aggregate of US$2,220,000 of debt and interest accrued thereon (the “Debt Repayment”).

Original Press Release, Click Here. 

Merida Capital Partners Launches $200MM Third Fund; Crosses $125MM in Assets Under Management; Announces New Toronto Office and Three Key Hires

Merida Capital Partners (Merida), a cannabis-focused private equity fund, has launched its $200MM third fund, which will focus on concentrated, high conviction investments in leading companies in the cannabis ecosystem. Since launching its first fund in late 2016, Merida has deployed nearly $80MM across the firm’s first two funds and now has more than $125MM under management. Though only two years old, Merida has accelerated liquidity within its portfolio of 25 investments through public listings for GrowGeneration, Vireo Health and CB2 Insights as well as leading investments in public companies KushCo Holdings and Freedom Leaf Health.

Original Press Release, Click Here. 

Harvest Health & Recreation Announces Private Placement of US$500 Million of Convertible Debentures

Harvest Health & Recreation, Inc. (CSE: HARV, OTCQX: HRVSF) (“Harvest”), a vertically integrated cannabis company with one of the largest and deepest footprints in the U.S., today announced that it has entered into an engagement agreement for a brokered private sale of up to 500,000 convertible debentures (the “Debentures”) of Harvest, at a price of US$1,000 per Debenture, for gross proceeds of US$500 million (the “Offering”). The Offering is intended to be closed in five tranches of 100,000 Debentures per tranche, over a period of not more than 18 months. The net proceeds of the Offering will be used by Harvest for working capital and general corporate purposes.

Original Press Release, Click Here. 

April 5th, 2019

Aurora Cannabis Awarded Maximum Number of Lots in German Cannabis Production Tender

Aurora Cannabis Inc. (“Aurora” or the “Company”) (TSX: ACB) (NYSE: ACB) (Frankfurt: 21P; WKN: A1C4WM) announced today that the Company has been selected by the German Bundesinstitut für Arzneimittel und Medizinprodukte BfArM (Federal Institute for Drugs and Medical Devices) as one of three winners in the public tender to cultivate and distribute medical cannabis in Germany. The contract will be formalized at the earliest on April 17, 2019, pending the outcome of an appeal procedure on which a ruling is anticipated by April 10, 2019.

Original Press Release, Click Here. 

Aphria Awarded Provisional Approval in Germany for Cannabis Cultivation License

Aphria Inc. (“Aphria” or the “Company“) (TSX: APHA and NYSE: APHA) today announced that its German subsidiary Aphria Deutschland GmbH(“Aphria Germany“) has been selected by the German Federal Institute for Drugs and Medical Devices (“BfArM“) to receive a license for the domestic cultivation of medical cannabis. The provisional decision announced by BfArM is subject to a mandatory 10-day standstill period for public contracts (the “Standstill“), which permits unsuccessful bidders to challenge the decision before the final contract is signed. BfArM’s decision would grant Aphria 5 of the 13 available lots, each with a minimum annual capacity of 200 kg.

Original Press Release, Click Here. 

Do you have an upcoming press release or announcement you want to share with DCN and our readers? Find us on twitter, @_dcnetwork_ or email submitthis@directcannabisnetwork.com.

This site uses Akismet to reduce spam. Learn how your comment data is processed.