TCNNF - $65.6M Equity Offering Led By Good Day Farm Signals M&A Activity - What's The Big Picture? | Benzinga
Executives and investors linked to Good Day Farm, a prominent marijuana multistate operator (MSO), are engaging in a significant financial maneuver with plans to raise $65.6 million.
This equity offering, spearheaded by NOLA PharmaHoldings aims to bolster its presence in Louisiana’s medical cannabis market with additional sites in Arkansas, Florida, New York and Texas.
SEC Filing Details
A recent filing with the U.S. Securities and Exchange Commission (SEC) in May revealed that NOLA PharmaHoldings has already raised $48.1 million. MJBizDaily reported that the company, incorporated in Louisiana, operates out of an Arkansas location, emphasizing its multi-state operational base. Alex Gray, the CEO of NOLA PharmaHoldings, also serves as the chief strategy officer and president of sales at Good Day Farm, further linking the two entities.
The SEC filing discloses significant overlaps in leadership between Good Day Farm and NOLA PharmaHoldings. Notably, Good Day's CEO Terry Fitch and Reid Dove, a board member and owner of Good Day Farm Arkansas, serve as directors at NOLA PharmaHoldings.
Corporate Strategy
Good Day Farm's strategy includes operating retail locations across Arkansas, Mississippi and Missouri, and serving as a cultivation contractor in Louisiana. The company's integration in Louisiana was solidified when Republican Governor Jeff Laundry transferred two medical marijuana cultivation licenses to Good Day Farm and Ilera Holistic Healthcare in ...