It’s time for your Daily Hit of cannabis financial news for February 17, 2021
On The Site
Neptune Wellness Solutions, Inc. (NASDAQ: NEPT) (TSX: NEPT) said has entered into an agreement with institutional investors for the purchase of 27,500,000 common shares that will bring the company gross proceeds of approximately $55.0 million before deducting fees and other estimated offering expenses. Neptune said it expects to use the net proceeds for working capital and other general corporate purposes. The Offering is expected to close on or about February 19, 2021.
MedMen Enterprises Inc. (OTCQX: MMNFF) delivered its consolidated financial results for its second-quarter fiscal 2021 ending December 26, 2020. Net revenue across MedMen’s operations in California, Nevada, New York, Illinois, and Florida was $33.8 million for the second quarter, up 0.3% sequentially excluding Evanston. Still, the company delivered a net loss of $68.9 million which included $24.0 million of tax provision expense, compared to a net loss of $93.2 million which included a tax provision benefit of $14.6 million in the same period last year.
HEXO Corp. (TSX: HEXO; NYSE: HEXO) is buying Zenabis Global Inc. (TSX: ZENA) in an all-stock deal valued at approximately $235 million. Zenabis had hinted that such a deal was in the making during its fight with Sundial. In January, the company had said it had started talks with another significant licensed cannabis producer, so it seems Hexo was the company. Zenabis stock has jumped over 18% to lately trade at 14 cents. The combined organization would be a top-three licensed producer in terms of combined Canadian recreational cannabis sales.
JW Asset Mgmt
While most athletes align themselves with CBD brands, five-time NBA All-Star Chris Webber announced a partnership with Jason Wild and JW Asset Management, LLC to launch a $100 million private