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The Daily Hit: October 21, 2020

cannabis financial news

It’s time for your Daily Hit of cannabis financial news for October 21, 2020 On The Site The Flowr Corporation The Flowr Corporation (TSXV: FLWR) (OTC:FLWPF) is buying  Terrace Global in a deal valued at $63 million. The proposed transaction provides a 47% premium to Terrace Global’s current share price and a premium of 76% to the last […]

The post The Daily Hit: October 21, 2020 appeared first on Green Market Report.

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It’s time for your Daily Hit of cannabis financial news for October 21, 2020

On The Site

The Flowr Corporation

The Flowr Corporation (TSXV: FLWR) (OTC:FLWPF) is buying  Terrace Global in a deal valued at $63 million. The proposed transaction provides a 47% premium to Terrace Global’s current share price and a premium of 76% to the last Terrace Global financing at $0.125 per share. Flowr said it has secured support from approximately 38% of the shareholders of Terrace Global. Once the deal is completed, existing Flowr and Terrace Global shareholders would own approximately 60.9% and 39.1% of the pro forma company, respectively, on a fully-diluted in-the-money basis (including the conversion of $11.9 million of Flowr convertible debentures).

Empower Clinics

Empower Clinics (OTC PINK:EPWCF) announced it buying Lawrence Park Health and Wellness Clinic Inc., 1100900 Canada Inc dba Atkinson, and Momentum Health Inc. collectively. The deal is contingent on Empower completing a debt or equity financing to raise minimum gross proceeds of C$750,000. The company has entered into an agreement with Mackie Research Capital Corporation for a private placement of up to C$1,100,000. The private placement is scheduled to close on or about the week of November 2, 2020, and the acquisition is expected to occur on or about November 10, 2020.

Conferences

At a time when it seems like no one can see eye-to-eye on anything, there is one undeniable fact that most can agree on: something needs to change. Industry leaders are hoping that 2021 will be the turnaround after a monumentally tragic year where the lingering effects of COVID-19 changed how business was done and how we communicate with one another in the online and offline worlds. Not only did this impact high-volume in-person trade show events, but also supporting industries such as hospitality, travel, arts, and leisure.

Toronto-based cannabis events and marketing firm, Lift & Co, (OTC: LFCOF) which produces Canada’s largest cannabis expo, recently stunned industry insiders when it declared bankruptcy after laying off employees in March and postponing their annual November event.

In Other News

Vibe Growth

Vibe Growth Corporation (CSE: VIBE) (OTC Pink: VBSCF) announced preliminary unaudited third quarter 2020 financial highlights for the period ending September 30, 2020. All dollar amounts in this press release are in U.S. dollars.

  • Q3 2020 revenue is expected to exceed $7.25 million, a 28% sequential increase over Q2 2020
  • Q3 2020 revenue is expected to increase 74% over the year prior period
  • Q3 same store sales are expected to increase 45% over the year prior period

Growth in the quarter continues to be driven primarily by higher sales volumes and operational efficiencies at the Company’s dispensaries delivering a superior customer service experience. The Company expects to continue to report positive EBITDA and adjusted funds flow in Q3 2020 due to the strategic initiatives implemented earlier this year which resulted in improved margins and operating efficiencies.

“The Third Quarter will be the highest quarterly revenue ever for Vibe”, said Mark Waldron, CEO of Vibe. “Vibe continues to be rewarded by our loyal customer base for our inexorable focus on providing outstanding customer experiences and premium marijuana products.”

Harvest Health

Harvest Health Recreation Inc. CSE: HARV ) has entered into an agreement pursuant to which Eight Capital, as lead agent and bookrunner, together with a syndicate of will purchase on a “bought deal” basis 13,274,400 units of the Company at a price of $2.26 per Unit for aggregate gross proceeds to Harvest of $30,000,144.

Each Unit shall consist of one common share of the Company and one-half of one common share purchase warrant. Each Warrant shall be exercisable into one common share of the Company at an exercise price of $3.05 per common share for a period of 30 months from the Closing Date. If the daily volume-weighted average trading price of the common shares of the Company on the Canadian Securities Exchange for any 10 consecutive days equals or exceeds $4.97, the Company may, upon providing written notice to the holders of the Warrants, accelerate the expiry date of the Warrants to the date that is 30 days following the date of such written notice.


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