It’s time for your Daily Hit of cannabis financial news for July 23, 2019.
On the Site
Consumer Preference Is Shaping Cannabis Consumption
As the restrictions on cannabis start loosening, new consumer demands are shaping the industry. The following infographic is contributed content from Ionic Brands.
Executive Spotlight: Marion Mariathasan of Simplifya
If there is someone who exemplifies a smart investor in the cannabis industry, it’s Marion Mariathasan, currently the co-founder and CEO of Simplifya, the industry’s leading regulatory compliance tool for licensees and those who audit them. Green Market Report caught up with Mariathasan to hear about his path to where he is now in the cannabis space.
Amplify Investments is getting into the cannabis industry. Today, Amplify ETF’s announced the launch of Amplify Seymour Cannabis ETF (NYSE Arca: CNBS), an actively managed ETF covering the cannabis industry. Tim Seymour, CIO of Seymour Asset Management and CNBC Fast Money co-host, will act as the fund’s portfolio manager.
In Other News
Today, Curaleaf Holdings (OTCMKTS: CURLF) received a warning letter from the United States Food and Drug Administration regarding what the agency says are unsubstantiated health claims on its products; including the company’s CBD Lotion, Pain-Relief Patch, Tincture, Disposable Vape Pen, and its Bido CBD for Pets. “You should take prompt action to correct the violations cited…” reads the letter. “Failure to promptly correct these violations may result in legal action without further notice, including, without limitation, seizure and injunction.” Curaleaf has 15 days to respond to the FDA’s letter and take corrective actions.
Sundial Growers, an early-stage Canadian cannabis producer, announced today the terms of its initial public offering (IPO). Hoping to raise $130 million, the company is offering 10 million shares ranging in price between $12 and $14. Founded in 2006, the company recorded an annual revenue of $1 million. Sundial hopes to lists its shares on the NASDAQ market under the symbol SNDL. Cowen, BMO Capital Markets, RBC Capital Markets, Barclays, and CIBC Capital Markets are leading the IPO as joint bookrunners.
Written by William Sumner
Green Market Report