Welcome to 2021. Of course this week has been crazy for our country as domestic terrorists incited by President Trump stormed the state capital. It’s really hard to stay focused but democracy prevailed and President-elect Biden’s win was officially certified. He will be inaugurated on January 20 and there will be a transition of power. Votes matter.
It was a fairly quiet week as cannabis companies are slowly waking after the holidays.
This week the battle heated up between Sundial Growers Inc. (Nasdaq: SNDL) and Zenabis Investments Ltd. (OTC: ZBSIF) as it appears that Sundial is looking to capture Zenabis by becoming its creditor. Sundial’s subsidiary owns $51.9 million of the debt of Zenabis Investments. Zenabis made a principal payment of $7.0 million on December 31, 2020 in accordance with the terms of the Senior Loan. Despite that payment, a notice of default was delivered to Zenabis, and is arguing that it isn’t in default. While Zenabis is fighting desperately to keep Sundial from taking over the company, it says it has started talks with another significant licensed cannabis producer but won’t say who it is.
The year started with a couple of new stocks.
HempFusion Wellness Inc. completed its (IPO) of 7 million shares at a price of $1.00 per share for gross proceeds of $7 million and 10,000,000 units of the company for gross proceeds of $10 million for a total of $17 million. The company will begin trading on the Toronto Stock Exchange with the symbol CBD.U.
Canadian-based Eden Empire Inc. (CSE: EDEN) began trading common shares at the open of the Canadian Securities Exchange on Monday, January 4, 2021 using the ticker symbol “EDEN”. The company said it plans to expand its business to cannabis cultivation, extraction, and processing and become a fully integrated cannabis product company in various states throughout the US. Eden Empire said it will operate retail cannabis stores in Canada and the United States.
NeonMind Biosciences Inc. (CSE: NEON) common shares began trading on the Canadian Securities Exchange under the ticker symbol “NEON”. NeonMind is a psychedelic drug development company and the company recently completed its oversubscribed Initial Public Offering on December 30, 2020, for gross proceeds of $4.6 million.
Columbia Care Inc. (OTCQX: CCHWF) is buying California-based dispensary The Healing Center San Diego (THCSD) for approximately $15.0 million. The deal consists of $3.0 million in cash, $6.0 million in Columbia Care stock, and $6.0 million in seller promissory notes.
And finally Harborside Inc.’s (OTCQX: HBORF) Co-founder Steve DeAngelo is parting ways with the company as the company said it is eliminating the role of Chairman Emeritus, effective December 31, 2020. A longtime activist and strong advocate for the cannabis reform movement, Mr. DeAngelo co-founded Harborside in 2006 as a non-profit medical cannabis dispensary. Harborside was granted one of the first six medical cannabis licenses in the United States and was one of the first in the nation to support comprehensive cannabis education for seniors, veterans, and families with severely ill children.
Written by Video Staff.
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