Largest U.S. cannabis company listed on Canadian exchange
- Via a reverse merger, Los Angeles-based cannabis producer MM Enterprises, renamed MedMen Enterprises, began trading on the Canadian Securities Exchange under the symbol "MMEN“.
- The company raised C$143M in a private placement, valuing the organization at C$2.14B (US$1.65B).
Short position in cannabis-related stocks reached US$2.1 billion, or over 200 million shares, as a record high
Four public cannabis-related companies raised capital (OTC: EMHTF, MRPHF, SPBBF, VFFIF)
- Emerald Health Therapeutics (OTCQX:EMHTF) announced that it had closed its prospectus sale of 4 million units at a price per unit of C$4.20 for gross proceeds of C$16.8 million (~US$13.04 million). According to the release, Emerald intends to use the net proceeds of the offering to fund the completion of its recently acquired Agro-Biotech facility in Quebec, for working capital, and for general corporate purposes.
- Marapharm Ventures (MRPHF) announced that its non-brokered private placement unit offering closed oversubscribed for total gross proceeds of C$4.5 million (~US$3.49 million). According to the release, the net proceeds raised from the offering are intended to be used for further development of the company's projects in Las Vegas, Washington State, and California.
- Speakeasy Cannabis Club (OTCPK:SPBBF) announced that the company closed the first tranche of its non-brokered private placement of 4.9 million units at a price of C$1.00 per unit for gross proceeds of C$4.9 million (~US$3.80 million). According to the release, the proceeds of this private placement are for general working capital.
- Village Farms Internationals (VFFIF) announced that it completed its private placement of common shares for gross proceeds of approximately C$10 million (~US$7.76 million). According to the release, the net proceeds of the offering will be used, if required, to contribute capital to Pure Sunfarms, the company's 50%-owned JV with Emerald Health Therapeutics, as it ramps up commercial production at its 1.1 million sqft greenhouse, as well as for general working capital purposes.
Cannabis Development Map
As of May 31st, in the US, the total number of states with recreational cannabis use approval reached eight. 22 states legalized medical marijuana use while 16 approved CBD and THC products usage. Four states, ID, SD, NE, and KS, have no broad laws regarding cannabis legalization.
As of May 31st, in Canada, marijuana use is generally legalized:
- There are in total 105 authorized licensed producers (LPs).
- SK and MB approved private online sales of cannabis, and simultaneously, there are eight provinces allowed homegrown cannabis.