It’s time for your Daily Hit of cannabis financial news for March 15, 2021.

On The Site

Greenrose

Cannabis SPAC (special purpose acquisition company)  Greenrose Acquisition Corp. (NASDAQ: GNRSU, GNRS, GNRSW) has entered into definitive agreements to acquire four cannabis companies, which it has dubbed The Platform. The companies are Shango Holdings Inc. (Shango), Futureworks LLC (d/b/a The Health Center), Theraplant, LLC, and True Harvest, LLC. The total initial transaction value is $210 Million with a maximum earnout of $110 million. Greenrose plans to initiate an offering of $150 million in equity and debt securities and plans to use the net proceeds for the acquisition of the Platform and general corporate purposes.

Corbus

Endocannabinoid drug development company Corbus Pharmaceuticals Holdings, Inc. (NASDAQ: CRBP)  reported financial results for the fourth quarter and year-end 2020. The company said that revenue from awards and licenses was $700,000 for the quarter ending December 31, 2020, versus $2.6 million in the same time period in 2019. Corbus delivered a net loss of approximately $8.6 million or a net loss per diluted share of $0.10, for the quarter versus a net loss of approximately $26.6 million, or a net loss per diluted share of $0.41, for the same period in 2019.

GrowGen

If it’s Monday that must mean that GrowGeneration Corp . (NASDAQ: GRWG) is buying another company. This week the nation’s largest chain of specialty hydroponic and organic garden centers said it was buying Char Coir, an RHP-certified growing medium made from coconut fiber. Char Coir’s line of coco products is projected to add in excess of $15 million in revenue to GrowGen in 2021, but the company did not disclose the purchase price.

In Other News

Harvest Health & Recreation Inc. (OTCQX: HRVSF) settled its dispute with Falcon International Corp. and its affiliates on mutually agreeable terms.On February 14, 2019 , Harvest announced a definitive agreement to acquire Falcon.  In January 2020 , the merger agreement was terminated and the parties entered arbitration to resolve disputes related to the merger agreement.  The parties have reached a mutually agreeable resolution of their disputes and have agreed to a final dismissal of all litigation and arbitration between them arising out of the 2019 merger agreement.  In accordance with the settlement terms, Harvest now owns 10% of Falcon.  Each share comes with a 10-year warrant entitling Harvest to two (2) common shares of Falcon at an exercise price of US$1.91, subject to customary anti-dilution adjustments.

TerrAscend (TRSSF) announced that the Ontario Superior Court of Justice approved a settlement agreement between its subsidiary TerrAscend Canada and PharmHouse for an offtake agreement dated Oct. 25, 2018. Post the original agreement, PharmHouse was required to sell to TerrAscend Canada, cannabis from 20% of its licensed dedicated flowering space in Leamington, Ontario under a supply agreement with mutual obligations.Settlement agreement provides that TerrAscend make a one-time purchase of a specific quantity of cannabis that was grown under the offtake agreement for a set price per gram, and for a one-time cash payment to PharmHouse for full and final satisfaction of any claims or obligations between the company and PharmHouse. Both payments are immaterial to TerrAscend and it plans to monetize the purchased cannabis.

Planet 13 Holdings Inc. (OTCQB:PLNHF) announced that Select has partnered with Planet 13 to create a unique shop-in-shop experience, highlighting the Select brand in the Las Vegas SuperStore. The shop-in-shop, which will occupy prime space within the Planet 13 Las Vegas SuperStore dispensary, will host its grand opening on March 15th and will be staffed by Select team members.