The Daily Hit: March 14, 2019
It’s time for your Daily Hit of cannabis financial news for March 14, 2019.
On the Site
HEXO Corp (TSX: HEXO; NYSE: HEXO) delivered its financial results for the second quarter of the 2019 fiscal year with gross revenue of $16.2 million an increase of 1,269% versus the same time period for last year. Revenues increased by 114% sequentially.The company reported a net loss for the quarter of $4.3 million, which was a big improvement over last year’s net loss of $8.9 million for the same time period.
Green Peak Innovations LLC.
Michigan-based cannabis ag-tech company Green Peak Innovations LLC closed on a $30+ million capital raise in an oversubscribed mezzanine debt round. The company plans to use the money for expansion purposes within its home state. Green Peak Innovations is fully licensed by the LARA Bureau of Medical Marijuana Regulation as the largest holder of “Class C” cultivation licenses, processing, and has plans in place to open 19 provisioning centers
In Other News
Aleafia Health Inc.
Aleafia Health Inc. (TSXV: ALEF) announced that is has closed its acquisition of Emblem Corp. (TSXV: EMC). Under the arrangement, Aleafia has acquired all of Emblem’s common shares and will combine the company with Aleafia’s wholly-owned subsidiary 11208578 Canada Inc., continuing as Emblem Corp. “The acquisition of Emblem rapidly accelerates the execution of Aleafia Health’s strategy and positioning as a vertically integrated, diversified cannabis company with an integrated, highly differentiated consumer ecosystem,” said Aleafia CEO Geoffrey Benic in a statement.
Tilray Inc. (NASDAQ: TLRY) has finalized its CBD supply agreement with LiveWell Canada Inc. (CSE: LVWL). Under the agreement, LiveWell will supply Tilray with up to 150 kilograms of hemp-derived CBD isolate or full-spectrum CBD extract at equivalent amounts. That amount will increase to 300 kilograms as of August 2019, with an option to increase to 500 kilograms per month. The agreement will remain remain in effect until January 31, 2020; upon which it will automatically renew for another year unless either party decides to end the agreement. “We’re thrilled to have the opportunity to partner with Tilray, one of the best known and most stringent companies in the cannabis and cannabinoid space,” said David Rendimonti, President and CEO of LiveWell Canada, in a statement.