Ancillary Investor Launches
$100 Million Fund
Phyto Partners, a Boca Raton, Florida-based venture capital fund that invests in ancillary cannabis companies, has launched its second cannabis venture capital fund, Phyto II. The $100 million fund will invest in privately held companies that provide business-critical services and solutions to the marijuana industry.
Holding Company Raises $2.83 Million
MariMed, a cannabis holding company in Newton, Massachusetts, has raised $2.83 million in equity through the sale of restricted common stock in private placements between Oct. 30, 2017, and Jan. 24, 2018, at prices averaging 15% below the market price. The funds were used for the continued development of MariMed cannabis facilities in Maryland and Massachusetts.
Three MMJ Retailers Land Iowa Low-THC Licenses
A trio of medical marijuana retailers won permission to sell low-THC cannabis in Iowa. The winning retailers and their dispensary locations are:
- MedPharm Iowa, with locations in Windsor Heights and Sioux City
- Have a Heart Compassion Care, with locations in Council Bluffs and Davenport
- Iowa Cannabis Co., with one location in Waterloo
Ancillary Titans Merge
Colorado-based Helix TCS, a publicly traded ancillary marijuana company specializing in security and banking consulting, signed a merger agreement with BioTrackTHC, a Florida-based seed-to-sale, cannabis-tracking software company. The deal’s price was not disclosed, but BioTrackTHC stakeholders will own 48% of Helix TCS once the merger is finalized.
North Carolina Hemp Company Offers New Product Line
Founder’s Hemp, a North Carolina company, has launched Hemp Excellence, a beauty product line aimed at minority consumers. In March, Hemp Excellence went on sale at two North Carolina beauty shops that cater to women of color, and the firm is in talks to expand distribution to South Africa, Ghana, Bolivia and other countries.
MJ Investment Firm Changes Name
High Street Capital Partners changed its name to Acreage Holdings as part of a plan to pursue an initial public offering. The New York company has won state-awarded licenses, recruited operators and provided growth capital to local businesses in 11 states.
Blue Moon Brewing Vet Goes Green
Keith Villa, the creator and head brewmaster of Blue Moon Brewing, and his wife, Jodi Villa, a civil engineer, launched CERIA Beverages, a THC-infused nonalcoholic drink formulated to take effect at the same pace as beer. Jodi Villa will be CEO, while Keith Villa, who retired from MolsonCoors in January, will serve as brewmaster. CERIA is based in Denver.
Cannabis Grow Supplies Hit Major Online Stores
American Cannabis Company, a Denver-based consulting firm and seller of ancillary products to the cannabis industry, announced that its SoHum Living Soils potting mix and Dr. Marijane Root Probiotic, manufactured by Earth Alive Clean Technologies, are available for purchase through the Home Depot, Walmart and Amazon online stores.
Cannabis and Hemp Group Wins Major Award
The American Trade Association for Cannabis & Hemp won Campaigns & Elections magazine’s Stanley F. Reed Award for Trade Association of the Year. The Reed Award is judged by political luminaries and is the campaign industry’s highest honor.
Tilray Partners With Novartis Unit
British Columbia-based medical marijuana producer Tilray formed a strategic partnership with Sandoz Canada, the first known affiliation between a marijuana producer and a major pharmaceutical company. Tilray signed a letter of intent with the Quebec-based affiliate of Sandoz International GmbH, an arm of global health care giant Novartis. British Columbia-based Tilray will collaborate with Sandoz Canada to make co-branded, nonsmokable and noncombustible cannabis-based medical products such as sprays, patches and gel caps.
Cronos Taps Big Banks for Raise
Licensed producer Cronos Group has chosen two major Canadian mainstream banks, Bank of Montreal-owned BMO Capital Markets and GMP Securities, to lead a $78 million (CA$100 million) raise.
Pharmacy Chain Signs Contracts for Two Cannabis Companies
Pharmasave, a chain of about 650 drugstores, signed letters of intent to buy cannabis supplies from Tilray and Zenabis, licensed producers based in British Columbia.
MedReleaf Strikes German Deal
MedReleaf, a licensed producer in Ontario, agreed to become the largest supplier of medical cannabis products to Cannamedical Pharma GMBH, a leading medical cannabis distributor to pharmacies in Germany. MedReleaf will provide Cannamedical with monthly exports of five of its premium-strain varieties, significantly improving the predictability and security of drug delivery to the German market.
Company Nabs Capital for Massachusetts Retailer
Future Farm Technologies, a Vancouver company with cannabis-related holdings in California, Florida, Maryland and Rhode Island, has closed on a $4 million investment from Yorkville Advisors Global in Mountainside, New Jersey. Future Farm will use the capital to fund the acquisition of a licensed medical cannabis dispensary in Attleboro, Massachusetts, the Bristol County Wellness Center.
Future Farm also hired a new auditing firm, Dale Matheson Carr-Hilton Labonte, which replaces Davidson & Co.
Vancouver Hemp Raises $1.2 Million
Global Hemp Group of Vancouver has closed a $1.2 million (CA$1.5 million) non-brokered private placement consisting of 12.5 million units at a price of 9 cents per unit. Proceeds will be used to develop the company’s New Brunswick hemp cultivation and extraction project and to fund due diligence on potential acquisitions.
British Columbia Grow Gets Boost
THC BioMed International, a licensed producer in Kelowna, British Columbia, closed a $774,000 (CA$1 million) private placement under its previously announced investment agreement with Alumina Partners, a New York investment firm. Alumina has invested more than $7 million in THC BioMed.
Ottawa Drug Discovery Firm Nabs $3.5 Million
Ottawa-based Tetra Bio-Pharma, a cannabinoid-based drug development and discovery company, raised $3.5 million (CA$4.5 million) through a private placement. The money will be used to pay for clinical trials and reduce debt.
WeedMD, an Ontario-based federally licensed producer and distributor of medical cannabis, and Phivida Holdings, a Toronto-based CBD-infused beverage company, signed a letter of intent to form a joint venture, Cannabis Beverages, to develop cannabis-infused beverages at WeedMD’s greenhouse in Strathroy, Ontario.
Investment Firm Completes Research Acquisition
Veritas Pharma, a cannabis-focused investment company in Vancouver, has completed a 100% takeover of its research arm, Cannevert Therapeutics. Cannevert will develop cannabis strains, providing distribution channels for the company’s patent-protected cultivars and strains.
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