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General Cannabis Corp (OTCMKTS:CANN) On Recent Deals

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As an extension of its diversification procedure, General Cannabis Corp (OTCMKTS:CANN) bought GC Finance Arizona in June 2017. The acquisition has allowed expansion of the firm’s presence into the segment of distributing and producing medical marijuana-infused offerings. GC Finance distributes and produces a wide range of medicinal marijuana offerings led by Dixie Elixirs and Edibles items in Arizona. The firm has free space of 14,000 square feet and recorded 2017 total revenue of $194,000.

The highlights

The deal of Miles High Corporation provides security services to the hospitality market and has enthused shareholder confidence in Green Cannabis long-term opportunities. The acquisition is projected to complement the firm’s current security operations that is being managed by the IPG. The deal expands company footprint within the cannabis security market of Colorado in addition to assisting expand the security operations into other markets.

General Cannabis reported that it has entered into a deal to offer its real estate investment in Colorado for gross cash consideration of $625,000. The Property comprises of three acres of land, which comprises a building and parking lot spread on total of 5,000 square-foot. The sale is at par with company’s long-term plan of investing for total return in attempt to continue offering superior long term value creation to investors.

Prior to this, the firm reported that it has completed the earlier private posted placement of its warrants and common stock to buy its common stock. The offering was increased to $4 million. In total, General Cannabis issued a total of 4 million shares of warrants and common stock to buy up to four million shares of common stock. Financing closing provides the firm the capital to expand its operations into new markets.

In the last trading session, the stock price of General Cannabis jumped more than 10% to close the day at $7.66.

INDUSTRIAL HEMP

Digipath Inc. (OTCMKTS: DIGP) Announce Significant Milestones On Development Of GroSciences Hemp-Test Kit

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Digipath Inc. (OTCMKTS:DIGP) has announced that its GroSciences subsidiary has made substantial progress in the development of its Tru-Hemp ID project that is targeted for commercial availability at the end of this year or early 2020.

GroSciences announce the development of the hemp-testing kit

GroSciences is a wholly-owned subsidiary of Digipath that uses proprietary research and data testing experience to come up with “The Science to Succeed” for its clients who are looking for expert guidance on identification and formulations. Digipath recently announced that it is developing field testing kit through its subsidiary GroSciences. The kit tests for cannabis, hemp, and other products and it has many applications and it can be used by farmers and law enforcement.

The subsidiary has so far completed the initial testing of the Tru-Hemp ID at two different facilities. Tru-Hemp is a DNA-based test kit that has the capability of distinguishing legal industrial hemp from street type cannabis. The kit will be vital in addressing the growing need in the fast-growing hemp industry since it is not easy to distinguish legal industrial hemp from high-THC cannabis which is a Schedule I Controlled Substance.

Beta-test for the Tru-Hemp ID kit in August

GroSciences is currently planning a beta-test for Tru-Hemp ID kit in New York, Vermont, and North Carolina as from August. The company is also in talks with regulators and growers from Colorado, Oregon, and California to test the kit.

Digipath Chief Science Officer, Dr. Cindy Orser indicated that the company has made significant milestones in the development of the Tru-Hemp ID. Cindy said that besides the developing of the technology that the Tru-Hemp test kit uses the company has also partnered with leading hemp farmers to carry out independent testing of the technology. She adds that that will be vital in accelerating the company’s path to commercial availability of the testing kit.

According to the CEO of Digipath Todd Denkin, the deployment of the testing kit in the commercial market place will be a good revenue stream for the company.

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INDUSTRIAL HEMP

Harvest Health & Recreation Inc (OTCMKTS:HRVSF) Launches Expands Its Footprint In Florida With New Medical Marijuana dispensary in Gainesville

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Harvest Health & Recreation Inc (OTCMKTS:HRVSF) recently announced that it launched a new outlet in Gainesville, making it the company’s sixth medical marijuana store in Florida.

Florida is one of the markets that Harvest Health targets heavily for its medical cannabis products. The company has so far secured licenses for 35 medical dispensaries in the state as well as a license for a manufacturing facility and a cultivation facility. So far Harvest Health has launched six dispensaries in Florida including the latest one located in Gainesville.

The company’s new dispensary in Gainesville will be opened every day from 9 a.m. to 6 p.m local time. The store will stock a variety of products including capsules and vape pens but there are plans to expand the product variety in the future. The firm has also invested in training staff so that they can help patients to pick out the best suited personalized medical marijuana treatments.

“We’re thrilled to be bringing our high-quality cannabis products to patients in Gainesville as we continue to expand our footprint in Florida, the third most populous state in the country,” stated Jason Vedadi, Harvest Health’s executive chairman.

Harvest Health discloses its Q2 2019 preliminary revenue figures

Harvest Health released its preliminary results for the second quarter of 2019 earlier this month. The company revealed that it expects its revenue for the quarterly period to come in between $26 and $27 million. This means that the cannabis firm anticipates a 37% to 42% increase in revenue compared to the revenue that the company reported in Q1 2019.

Harvest Health also anticipates its consolidated revenue for the second quarter to be between $75 and $77 million which will range between 47% and 51% higher than the consolidated revenue reported in Q1. This is on a Pro-forma basis, factoring in completed acquisitions including Urban Greenhouse and Leaf Life, as well as pending acquisitions which include Devine Holdings, CannaPharmacy, Verano and Falcon.

Harvest Health will announce the Q2 2019 full financial results on August 15. The company will publish the results on its website but it has also provided toll-free contact details through which interested parties in Canada and the U.S can access the live conference.

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INDUSTRIAL HEMP

Harvest Health & Recreation Inc (OTCMKTS:HRVSF) Gets Greenlight To Expand Its Foreign Private ISSUER Threshold

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Harvest Health & Recreation Inc (OTCMKTS:HRVSF) revealed earlier this month that its Board of Directors has approved a plan to increase the firm’s foreign private issuer threshold by 9.99%.

The approval will allow the company to expand the foreign private issuer threshold from the current 40% to 49.99%. The threshold increment is also in line with Harvest Health’s guidelines. The company operates as a foreign private issuer in the U.S which means that U.S residents directly or indirectly own less than 50% of the firm’s stake.

“Our vision is to become the most valuable cannabis company in the world and the adjustments related to the FPI per the Board consent will help fuel Harvest’s growth,” stated Steve White, the CEO of Harvest Health.

White also noted that it is important for any company to have access to a decent capital pool to secure long-term success. It also falls in line with Harvest Health’s goal of giving customers a high-quality experience. The Board of Directors’ consent also allows for the appointment of an officer that will make sure the firm complies with the company’s articles as part of its FPI status.

The Articles allow Multiple Voting Shares (MVS) to be converted to Subordinate Voting Shares (SVS) but only if they do not surpass the set threshold, in this case, the 49.99% level. The Articles require the firm to employ reasonable commercial efforts to make sure that conversions such as the recently announced ones do not surpass the 49.99% threshold.

Harvest Health secures $225 million credit facility to finance its expansion

Harvest Health also announced at the end of July that it secured a loan of $225 million which it plans to use fund its expansion plans in the cannabis industry. The company will receive the loan in three tranches of $75 million.

The loan will be backed by Torian Capital Partners which is a well-known investment firm in Miami. Harvest also announced that the funds will be used to secure strategic acquisitions, to boost working capital and also to support the company’s general corporate purposes. Harvest Health will secure the loan through its assets which include dispensary licenses.

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