Green Economy | Cannabis Industry Financial News March 26, 2021

GrowGeneration Acquires, Char Coir, and 55 Hydroponics

GrowGeneration Corp. (NASDAQ: GRWG), a chain of specialty hydroponic and organic garden centers, acquired wholesale agriculture purchasing and logistics platform, RHP-certified growing medium Char Coir, and 55 Hydroponics, a hydroponic and organic fertilizer superstore located in Santa Ana, California, bringing its number of acquisitions in 2021 to eight.

“As additional legal cannabis markets continue to open up across the country, we are expanding and enhancing our commercial services, from facility design and consulting to volume product pricing, to deliver best-in-class support for large growers,” said GrowGen Chief Executive Officer Darren Lampert.

MWG Holdings Group, Inc. Closes $10.8 Million Series B Preferred Private Placement

MWG Holdings Group, Inc., parent company of Perfect Union, closed its Series B preferred private placement for aggregate gross proceeds of $10.8 million. The funds will be used for retail expansion and vertical integration.

“The closing of our Series B round accelerates Perfect Union’s trajectory towards becoming a leading vertically-integrated cannabis retailer in California,” said MWG Executive Chairman Chris Running. “We believe our management team’s ability to execute at such a high level and fast pace under challenging conditions while generating 84 percent year-over-year same-store sales growth and positive EBITDA is exemplary, and we intend to maintain this intensity as we solidify our leadership in the world’s largest regulated cannabis market.”

Harborside Secures $12 Million Revolving Credit Facility

California dispensary chain Harborside Inc. (CSE: HBOR) (OTCQX: HBORF) entered into a $12 million loan financing arrangement with a commercial, federally regulated bank. The company plans to use a majority of the loan proceeds to purchase a forty-seven-acre production campus in Salinas, California.

“To the best of our knowledge, Harborside is the first cannabis business in the United States to secure a commercial loan of this kind with a traditional lender,” said Harborside Chief Financial Officer Tom DiGiovanni. “This deal is the culmination of months of effort and reflects the close working relationship and trust that we have developed with our bank. By significantly lowering our cost of capital, we will be able to better serve our customers, provide high-quality products and invest more heavily throughout California.”

Leaf Trade Closes $5.5M Series A Round

Wholesale marketplace and payments platform Leaf Trade closed a $5.5 million Series A preferred round bringing its total funding to $10 million. The round was led by Artemis Growth Partners with participation from Future Shape 1.5 and Hyde Park Angels.

“We are fortunate to have great existing partners and to add a strategic group like Artemis,” said Leaf Trade Chief Executive Officer James Yi. “With our visions aligned, we can continue to focus on offering the best-in-class solutions to customers in the B2B segment of the cannabis supply chain.”

CapStone Holdings Inc. Invests in United Green

CapStone Holdings Inc., a business incubator and investment group, made a $2 million strategic investment in The United Green, a national cannabis staffing agency. CapStone said it is “actively exploring additional investment positions in the medical marijuana industry.” Prior investment recipients include Curaleaf and TerrAscend’s Ilera Healthcare Division.

“The medical marijuana industry is counting on reliability and quality from growers and producers, as well as qualified staff at retail locations,” said CapStone founder and chairman Keith J. Stone. “This can only be achieved through well-trained, qualified employees and contract personnel. With decades of experience in the staffing and recruitment profession and a proven reputation serving the cannabis and hemp industries, United Green’s growth potential is very strong.”

Bluma Wellness Announces US$7.5 Million Loan from Cresco Labs

Bluma Wellness Inc. (CSE: BWEL.U) (OTCQX: BMWLF) subsidiary 3 Boys Farm, LLC (d/b/a One Plant Florida) received a $7.5 million loan from a subsidiary of Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF). (“Cresco”). Loan proceeds will be used for capital expenditures and tax liabilities.

NewLake Capital Partners and GreenAcreage Real Estate Corp. Close Merger

Cannabis real estate investment companies NewLake Capital Partners, Inc. and GreenAcreage Real Estate Corp. merged under the name NewLake Capital Partners, Inc.

“The combination of our portfolios creates one of the leading cannabis real estate platforms in the industry and positions us to be an important long-term real estate partner to our valued tenants,” said NewLake President and Chief Investment Officer Anthony Coniglio. “Diversification is the centerpiece of our strategy, and we own some of the highest-quality cannabis properties located in limited license jurisdictions. With over $110 million

of cash, we intend to aggressively pursue further investments and diversification. We are already in due diligence on several other potential investment opportunities in an effort to further accelerate growth.”

Resonate Blends, Inc. Closes Private Placement

Cannabis holding company Resonate Blends, Inc. (OTCQB: KOAN) closed its private placement raising $3,312,500 in gross proceeds. The funds will be used to pay previous obligations and launch Resonate’s KOAN Cordials product line.

“We have worked diligently to get to this point and are extremely excited as we plan for our full-scale production of our highly anticipated KOAN Cordials,” said Resonate Blends Chief Investment Officer David Thielen. “Our goal has been to establish a broad network of strategic investors committed to our long term growth and values who support the management team and vision. The success of this round of funding has provided precisely that. We look forward to working with this network and others to build a next generation cannabis company.”

Yooma Wellness Inc. Acquires Socati Corp.

International distribution company Yooma Wellness Inc. (CSE: YOOM) acquired U.S.-based manufacturer Socati a transaction valued at $25 million. Yooma is headquartered in Toronto with offices in Shanghai, Tokyo, Los Angeles, the United Kingdom, and France.

“Socati’s unique ability to deliver consistent cannabinoid ingredients and finished products that meet industry-leading quality standards makes Socati a natural fit for Yooma,” said Yooma Chairman Lorne Abony. “The Socati acquisition further expands Yooma’s global footprint by adding Socati’s customer base which includes some of the largest consumer brands in the CBD and wellness space across North America.”

Have financial news to share in Green Economy? Send your press release to

Source link

About the Author: admin

You might like

Leave a Reply