Greenlane, KushCo Merge
Global house of brands Greenlane Holdings, Inc. and ancillary products and services provider KushCo Holdings, Inc. merged in March. As part of the transaction that combined two ancillary companies with more than twenty-five years of combined operational history, KushCo became a wholly owned subsidiary of Greenlane. The merged company expects to generate more than $310 million in revenue in 2021.
“As an industry leader, the combined company will be well positioned to grow profitability and maximize value for all stockholders, while also providing enhanced product offerings and expanded ancillary services to our valued customer bases,” said KushCo co-founder and Chief Executive Officer Nick Kovacevish.
Flower One Issues Common Shares
Under the terms a loan modification agreement, Nevada-based cultivator and producer Flower One Holdings Inc. (CSE: FONE) (OTCQX: FLOOF) (FSE: F11) issued 1,996,742 common shares to Delaware limited liability company RB Loan Portfolio II, LLC, and its respective loan participants.
Dynaleo Inc. Completes Oversubscribed Equity Financing
Canadian manufacturer Dynaleo Inc. completed a non-brokered $9.7 million offering of class A common shares.
“We have raised over $25 million since our inception and we are grateful for the support from our investors that continue to see the tremendous opportunity that lies ahead of us,” said Dynaleo Executive Chairman Michael Krestell. “Our main priority is to develop and manufacture products that consumers will deeply enjoy and trust, but behind the scenes, this requires complex supply chain management and the ability to navigate the highly regulated Canadian retail channel. Our recent financing provides us with all of the necessary liquidity to achieve our goals.”
Eden Empire Completes First Tranche Closing of Non-Brokered Private Placement
Eden Empire Inc. (CSE: EDEN), a Canadian retailer, closed the first tranche of its previously announced $1,000,000 private placement. The first tranche consisted of 4,875,333 units for gross proceeds of $585,040. The company paid an aggregate cash finder’s fee of $19,980 and issued 166,500 warrants to Haywood Securities Inc. and Leede Jones Gable Inc. in connecting with the first tranche private placement.
Gage Growth Corp. Commences Trading on the Canadian Securities Exchange
Michigan-based cultivator and brand house Gage Growth Corp. on April 6 began trading subordinate voting shares on the Canadian Securities Exchange under the symbol “GAGE.”
“We are humbled by all the support we have received from our shareholders, customers, strategic partners, and those that have cheered us on from the sidelines in anticipation of our public listing,” said Gage Chief Executive Officer Fabian Monaco. “As a publicly traded entity, this milestone will increase our visibility, allow us to attract new investors, increase our brand awareness, and open doors to exciting new business opportunities.”
Auxly Receives Conditional Approval to Graduate to the Toronto Stock Exchange
Auxly Cannabis Group Inc. (TSXV: XLY) (OTCQX: CBWTF), a consumer packaged goods company, received conditional approval from the Toronto Stock Exchange to graduate from the TSX Venture Exchange to the TSX. The company’s common shares will be delisted from the TSXV and commence trading on the TSX under its existing symbol “XLY.”
“This conditional acceptance to graduate to Canada’s largest exchange is a significant milestone for Auxly,” said Auxly Chief Executive Officer Hugo Alves. “After an incredibly successful Cannabis 2.0 launch last year and our strategic expansion into Cannabis 1.0 in 2021, we believe that uplisting to the TSX is the next logical step in our corporate growth. By raising our profile in the investment community and enhancing the liquidity of our stock, we will be able to broaden our shareholder base and continue to build long-term shareholder value for our investors.”
Rubicon Organics Repays $5.0 Million First Mortgage
Rubicon Organics Inc. (TSXV: ROMJ) (OTCQX: ROMJF), a licensed producer of organic certified cannabis, repaid a $5.0 million mortgage on its Delta facility. The repayment funds came from proceeds from the company’s recently completed $23 million equity financing.
“Our debt financing has served us well, limiting dilution to shareholders as the company was ramping up its operations,” said Rubicon Chief Executive Officer Jesse McConnell. “We remain very well capitalized to execute on our innovation pipeline and advance strategic initiatives, all with the goal of driving shareholder value through disciplined capital allocation.”
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