The Daily Hit: March 11, 2021 - Grow Life 420

The Daily Hit: March 11, 2021

March 11, 2021

#KahliBuds #MMJ #CBD #THC

It’s time for your Daily Hit of cannabis financial news for March 11, 2021.

On The Site


The cannabis industry’s fear of big tobacco trying to elbow into the industry has finally come true with today’s announcement of a $175 million investment into Organigram Holdings Inc. (NASDAQ: OGI) from a wholly-owned subsidiary of British American Tobacco or BAT (NYSE: BTI). The BAT subsidiary has subscribed for approximately 58.3 million common shares of OGI, which represents a 19.9% equity interest on a post-transaction basis for total proceeds of approximately C$221 million (“Investment Proceeds”) at a price per share of C$3.792.


Following the market close on Wednesday, Ayr Wellness Inc. (OTCQX: AYRWF) delivered financial results for the quarter and full-year ending December 31, 2020. Revenue rose 48% in the fourth quarter to $47.8 million versus last year’s $32.3 million and an increase of 5% sequentially. Ayr Wellness also trimmed the operating loss to $2.2 million from last year’s operating loss of $16.9 million. The stock was trading slightly higher to lately sell at $33.10. For the full year, the company delivered revenue of $155.1 million, which rose 25% over 2019’s annualized revenue of  $124 million. The operating income for the year was $16 million versus 2019’s operating loss of $37.5 million.


Australis Capital Inc.  (OTC: AUSAF) has completed the acquisition of a 51% ownership interest in ALPS in a deal valued at $12 million, which consisted of $10 million in shares and $2 million in cash. Australis has the option to acquire the remaining 49%. Former Aurora Cannabis founder (NYSE: ACB) Mr. Terry Booth has been named CEO, effective immediately. Former MedMen alumni Dr. Duke Fu, who had been serving as the company’s Interim CEO since November 2020 will remain on the AUSA board of directors. Thomas Larssen, founder of ALPS, will remain as President of ALPS.

In Other News

Innovative Industrial Properties, Inc. (IIP) (NYSE: IIPR), the first and only real estate company on the New York Stock Exchange focused on the regulated U.S. cannabis industry, announced today that it completed the acquisition of a property in San Marcos, Texas, and entered into a long-term lease with Surterra San Marcos LLC (Surterra San Marcos), a subsidiary of Surterra Texas, which is a subsidiary of Parallel, one of the largest privately-held multi-state cannabis operators in the United States. The purchase price for the property was approximately $3.4 million (excluding transaction costs). Surterra San Marcos is expected to construct three buildings (one retail and two industrial) comprising an aggregate of approximately 63,000 square feet on the property, for which IIP has agreed to provide reimbursement of up to $24.0 million.

The post The Daily Hit: March 11, 2021 appeared first on Green Market Report.



Staff, KahliBuds, 420GrowLife

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