It’s time for your Daily Hit of cannabis financial news for February 4th, 2020. 

On the Site

MassRoots Wants To Be The Greatest Come Back In the Cannabis Industry

MassRoots had a net loss of $142 million for the nine months ending in September 2020. This is a staggering loss, and MassRoots’ CEO attributes a great majority of these losses to derivative liabilities. “MassRoots’ liabilities currently exceed its assets. Like a Phoenix rising from the ashes, we have been working to rebuild MassRoots with the goal of making it one of the greatest comeback stories in the cannabis industry,” said Isaac Dietrich, CEO of MassRoots.

Using Music to Stimulate Cannabis Plant Growth

This article explains whether or not playing music makes a difference to plants, and research indicates that certain types of music may yield favorable results. 

Veriheal: A CannaTech Company Focused on Medical Marijuana Card Accessibility 

Veriheal was created in 2017 by black businessmen Joshua Green and Samuel Adjetunji with the objective of providing quality medical marijuana education and resources. They provide a few services to make it easier to obtain a medical card, including: locating medical marijuana doctors, consultations to gain more knowledge on cannabis and its benefits, dispensary locator, opportunity to apply for a medical marijuana card.  

iAnthus Gets $11 Million For New Jersey Facility

iAnthus (OTC: ITHUF) stock popped over 57% to lately sell at 29 cents after the company was able to close on an $11 million bridge financing funded by certain lenders affiliated with the counterparties to the previously announced restructuring support agreement dated July 10, 2020.

Power REIT Acquires Facility Used by Canndescent 

Power REIT (NYSE: PW) has acquired a 37,000 square foot state-of-the-art greenhouse cannabis cultivation facility located in Riverside County, California through a wholly-owned subsidiary for $7.685 million.

Break the Grass Ceiling: New Whitepapers Support Women in the Cannabis Industry

As the inspiration from the first female Vice President grows, women are motivated to empower themselves and do even more amazing things than ever before. In celebration of this historic event, The National Cannabis Industry Association and the Women’s Inclusion Network by Arcview jointly released a set of five cannabis-related white papers that outlines the different challenges women executives face in the cannabis industry. 

GW Pharmaceuticals Stock Pops on Acquisition 

GW Pharmaceuticals began the day with a market capitalization of around $4.6 billion with approximately 31.18 million shares outstanding and a short interest of about 8.3%. GWPH shares opened 47% higher today at $215.00 (+$68.75, +47.01%) over yesterday’s $146.25 closing price and reached a new 52-week high this morning of $217.50. The stock has traded today between $212.15 and $217.50 per share and is currently trading at $212.88 (+$66.63, +45.56%), in response to the acquisition.

In Other News 

Delic Corp Announces Acquisition

Delic Corp, a psychedelic conglomerate, just announced a binding agreement to acquire Ketamine Infusion Centers (KIC). KIC operates two ketamine infusion treatment clinics, one in Phoenix, Arizona and one in Bakersfield, California. In the last three years, KIC has generated over $1.55 million in revenue, and have conducted over 4,000 treatments. 

Sundial Growers Announces $74.5 Million Registered Offering Closing

The company announced today that it has closed an underwritten registered offering of 60,500,000 Series A Units. Each unit consists of one common share and one-half Series A Warrant, with each whole Series A Warrant permitting the holder to purchase a single common share, and 14,000,000 Series B Units. 

Both Series A and Series B Units were sold at a price of $1.00 per whole unit, minus $0.0001. 

Leafly and Jane Announce Partnership 

Two giants in the cannabis industry, Leafly and Jane, are partnering together to bring an easier online cannabis consumer experience. 

“[Dispensaries] don’t have a solution that can be seamless like a Shopify or Amazon,” Jane’s CEO Socrates Rosenfeld said. “I think, together with Jane’s ability to cleanse information in real time, and essentially automate e-commerce for large brick and mortar selling sellers, combining that with Leafly’s consumer marketplace, we are making shopping for cannabis as simple as shopping on Amazon.”