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6d ago Cannabis greenmarketreport Views: 32

It’s time for your Daily Hit of cannabis financial news for February 22, 2021. On the Site New Jersey On Monday, New Jersey’s Democratic Governor Phil Murphy signed legislation that legalizes adult-use marijuana possession and licenses retail marijuana sales. NORMAL stated that three bills were signed by the Governor. A21/S21 licenses the commercial production and retail sale of cannabis to adults. Under the new law, adults may legally purchase and possess up to one ounce of cannabis. Retail sales are subject to state sales tax. Seventy percent of the revenue derived from sales taxes on retail marijuana purchases will be directed toward reinvestment in designated, lower-income communities. Sales are expected to begin this summer. Parallel Privately-held multi-state cannabis operator Parallel and special purpose acquisition corporation (SPAC) Ceres Acquisition Corp. (OTCQX: CERAF) have entered into a definitive business combination agreement involving a transaction that, if completed, would result in Parallel becoming a public company. The investors have an over-subscribed private investment in public equity (PIPE) of $225 million. The deal is expected to close in Summer 2021.The deal values Parallel at an implied enterprise value of $1.884 billion with expected net revenues of $447 million in 2021. The expected pro forma cash on hand of $430 million at the close, including the $225 million from the PIPE and $120 million of cash held in Ceres’ escrow account assuming no redemptions. Delta-8 According to the January 2021 Hemp Benchmarks report, there is an increasing demand for delta-8 THC, which is not derived from hemp plant material but synthesized from extracted CBD. This is helping drive sales of crude CBD oil, CBD Isolate, and some wholesale CBD products. As the popularity of delta-8 THC increases, Hemp Benchmarks observed a consistent decline in prices. Despite the fact that trading volumes of delta-8 THC remain a small proportion of those for CBD products, it is the fastest-growing product in the hemp sector as of the January report. A Tennessee processor told Hemp Benchmarks that they have seen as many as about 20% of their CBD customers shift to purchasing delta-8 THC. In Other News Fire & Flower Fire & Flower Holdings Corp. (OTCQX: FFLWF), today announced that it has entered into agreements with a Canadian private company, operating as “American Acres Managers” including an agreement to license its Fire & Flower brand, store operating system and Hifyre technology platform for dispensaries in California, Arizona and Nevada as the Company aims to deliver its best-in-class technology and retail functionality in these competitive, high growth markets. Fire & Flower anticipates the first branded store to be open in Palm Springs, California, during the first half of its fiscal 2021 year. Under the Strategic Agreements, in recognition of the value of the Fire & Flower license, Fire & Flower will have the option to acquire American Acres at a discount to fair market value. The acquisition is expected to occur upon the federal legalization of adult-use cannabis in the United States High Tide High Tide Inc. (OTCQB: HITIF) announced the closing of its previously announced “bought deal” short-form prospectus offering of units of the company, including the exercise in full of the underwriters’ over-allotment option. The Offering was led by ATB Capital Markets Inc. and Echelon Wealth Partners Inc., together with Beacon Securities Limited and Desjardins Securities Inc. In connection with the Offering, the Company issued an aggregate of 47,916,665 Units at a price of $0.48 per Unit, for aggregate gross proceeds of $22,999,999.20. The Daily Hit: February 22, 2021 on Green Market Report. -

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