CRON - Marijuana Money: June 18 2021
WM Holding Company better known as Weedmaps completed its previously announced business combination with Silver Spike Acquisition Corp. (Ticker: “SSPK”). SSPK changed its name to WM Technology, Inc. The ticker symbol will change to “MAPS” and began trading as such on the Nasdaq this week.
Several acquisitions happened this week
Canadian-based Cronos Group Inc. (NASDAQ: CRON) is buying an option to acquire 10.5% of U.S.-based PharmaCann for $110.4 million.
Columbia Care (OTC: CCHWF) has entered into a definitive agreement to acquire Medicine Man Denver in a deal valued at $42M.
Cannabis company Creso Pharma Limited (ASX: CPH) (OTCQB: COPHF) is merging with psychedelic treatment company Red Light Holland Corp. (CSE: TRIP) (OTC Pink: TRUFF) to create The HighBrid Lab.
We also had a lot of earnings this week
HEXO Corp. (NYSE: HEXO) reported that its third-quarter fiscal 2021 total revenue slid by $10.2 million sequentially to $22.6 million.
Fire & Flower Holdings Corp. (OTCQX: FFLWF) reported its fiscal first quarter revenue rose 90.7% to $44.1 million. However, Fire & Flower also delivered a net loss of $61.6 million.
KushCo Holdings, Inc. (OTCQX: KSHB) reported preliminary results for its fiscal third quarter with revenue expected to be between approximately $27.5 million and $28.0 million. This is a decline from the $32.9 million in revenue in the second quarter .
Greenway Greenhouse Cannabis Corporation has filed a prospectus for a listing on the CSE. The company is majority-owned by Sunrite Greenhouses Ltd., an established cultivator of greenhouse-grown produce within the Del Fresco Group of companies.
Berlin-based cannabis start-up Sanity Group has closed a $44.2M USD Series A financing round. Previous investors include celebrity angels like music producers will.i.am , Scooter Braun and actress Alyssa Milano.
The state of Connecticut keeps trying to pass the legalization of adult-use cannabis but seems to be thwarted each time. In the state’s recent special session, the Senate approved a full legalization bill by a vote of 19-12. After some back and forth over the social equity component, the governor has now said he will sign it. Sales are expected to begin next May.