Daily cannabis shot: September 16, 2021
This is your Daily Cannabis Financial News Hit for September 16, 2021.
On the site
Acreage Holdings, Inc. (OTC: ACRHF, ACRDF) sells its four dispensaries in Oregon to Chalice Brands Ltd. (CSE: CHAL) (OTCQB: CHALF). The assignment is part of Area strategy to target only major states rather than trying to be the largest MSO in most states. The transaction is valued at $ 6.5 million. Acreage’s four dispensaries in Oregon carry the Cannabliss & Co. brand and the sale will end the company’s presence in the state. The company said in a statement that stores in Oregon are negatively affecting the company’s results and using management resources.
It’s been a busy week for the psychedelic company Awakn Life Sciences Corp. (NEO: AWKN) (OTCQB: AWKNF) which released its financial results for the quarter ending July 31, 2021 and announced an acquisition. Wednesday, Wake up reported profits, but the relatively new company has no actual revenue. Instead, the company said it suffered a net loss of $ 9.1 million for the six months ending in July. Awakn also addressed its situation as a going concern due to its lack of incoming revenue. However, he was successful in raising funds and currently has $ 8.7 million in cash. The company has closed a financing of $ 8.3 million at $ 2.50 per share as part of its listing on the Neo Bourse.
In other news
Australis Capital Inc., operating as AUDACIOUS (CSE: AUSA) (OTC: AUSAF) purchases the outstanding shares of BW Macaw Group, Inc. (“Herbs”) for $ 5 million, as part of a transaction entirely in shares. The retail license, located at 543 Parrot Street, San Jose, California 95112, is part of the contemplated transaction, along with Herbs’ commercial license to grow, manufacture (production of derivatives and edibles) and distribute products to cannabis base.
Additionally, Herbs has entered into a distribution agreement with EAZE, California’s largest legal cannabis delivery and distribution company. The Company has two contract manufacturers lined up to begin production of the Company’s products in California.
“This agreement creates a platform for our future expansion in California through an irresistibly valuable transaction that allows us to establish a physical presence in an underserved market while teaming up with EAZE, one of the big names. industry with over 800,000 registered customers, ”said Terry Booth, CEO of AUDACIOUS. “Through our EAZE partnership, we can provide consumers across California with access to our award-winning brands, including our LOOS shots and new products in development soon to be launched. Additionally, with a license to authorize manufacturing and cultivation, this transaction, once completed, will provide us with the ability to expand our operations throughout the value chain to capture higher margins. The transaction will accelerate our revenue growth, while also reflecting our ongoing execution to become a level one MSO. “