The Daily Hit: January 25. 2021 - Grow Life 420

The Daily Hit: January 25. 2021

January 25, 2021

#KahliBuds #MMJ #CBD #THC

It’s time for your Daily Hit of cannabis financial news for January 25, 2021.

On the Site

RLX Tech

An e-cigarette brand in China called RLX Technology raised $1.4 billion by offering 116.5 million ADSs at $12, above the range of $8 to $10. At the pricing, the company commanded a market value of $18.6 billion. Shares spiked and were lately selling at over $25 with the symbol RELX and now has a $49 billion valuation.


The Valens Company Inc. (TSX: VLNS) (OTCQX: VLNCF) entered into an agreement with ATB Capital Markets Inc. to purchase 17,080,000 units at a price of C$2.05 per Unit for gross proceeds of C$35,014,000. Then following that announcement, Valens said it was buying LYF Food Technologies Inc. in a cash and share transaction for C$24.9 million, plus up to an additional C$17.5 million in consideration upon the business achieving certain earn-out EBITDA milestones. Valens said in a statement that the LYF Acquisition is expected to be accretive in 2021, and if all of the Milestones are met, the transaction represents an approximate ~4.2x multiple on the last milestone achieved. LYF is an edibles manufacturer based in Kelowna, British Columbia with expertise in novel product creation, white label manufacturing, and infusion technologies.

Harvest Health

Harvest Health & Recreation Inc. (CSE: HARV, OTCQX: HRVSF) is getting a lift in its stock after the company announced the closing of a sale-leaseback transaction with Innovative Industrial Properties, Inc. (NYSE: IIPR) that will bring the company roughly $35 million. Harvest sold an industrial property totaling approximately 292,000 square feet for $23.8 million. The company also noted on Friday that it began adult-use sales in Arizona.  The stock rose by over 8% on Friday to lately sell at $3.40.

Along with the sale of the property, Harvest entered into a triple net lease with IIP.  Harvest said it plans to continue to operate the property as a licensed cultivation and processing facility and expects to recover up to approximately $10.8 million in tenant improvements from IIP.


This week the first psychedelic stock ETF (exchange-traded fund) will begin trading on the Canadian NEO exchange under the ticker PSYK on January 27. The base currency will be Canadian dollars. The ETF will be managed by Canadian financial services company Horizons ETF Management and it will be focused on the emerging psychedelics opportunity led by life science and pharmaceutical companies. Horizons noted that a growing body of clinical research has demonstrated the potential use of psychedelic compounds, such as psilocybin and ketamine, as treatment for mental illness, depression, addiction, post-traumatic stress disorder (PTSD), and other medical conditions. As a result, there is a growing number of public companies listed in North America that are focused on the development of therapeutic solutions using psychedelics.


The Sustainable Cannabis Coalition (SCC) has been created by a diverse group of cannabis cultivation, manufacturing, and technology experts. The SCC said it will work proactively with industry cultivation and manufacturing peers and vendors to promote proven sustainability best practices that can be implemented at scale across the cannabis market.

In Other News


iAnthus Capital Holdings, Inc. (CSE: IAN) (OTCPK: ITHUF) provided updates on: (i) a complaint filed by MPX New Jersey, LLC (“MPX NJ”); (ii) the Company’s previously announced recapitalization transaction (the “Recapitalization Transaction”); and (iii) a class action complaint filed against the Company’s wholly-owned subsidiary, iAnthus Empire Holdings, LLC (“IEH”) for alleged violations of the Telephone Consumer Protection Act (“TCPA”).

The Company is in receipt of a complaint filed in the Superior Court of New Jersey by MPX NJ against iAnthus New Jersey , LLC and iAnthus Capital Management, LLC. MPX NJ entered into a Financing, Leasing, Licensing and Services Agreement with iAnthus NJ in August 2019. MPX NJ seeks a declaratory judgment from the court declaring: (i) MPX NJ is solely authorized to represent its interests to state and local officials and other parties and that Ms. Stavola is principally responsible for the management and operations of MPX NJ; and (ii) that the Services Agreement is currently ineffective and unenforceable.  iAnthus disputes the allegations of the Complaint and disputes that it ever engaged in the conduct that was the subject of the temporary restraints in the first place.

The post The Daily Hit: January 25. 2021 appeared first on Green Market Report.



Staff, KahliBuds, 420GrowLife

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