MVC Technologies Inc., operating as CB2 Insights (“CB2” or the “Company”), a leading data-driven company focused on bringing real-world evidence driven from the point-of-care to the medical cannabis community, is pleased to announce the completion of its non-brokered private placement for gross proceeds of C$5.74M. The raise was conducted concurrently with the Company’s final steps in its previously announced reverse takeover transaction (see previous releases for transaction details – January 23, 2019 and September 7, 2018). CB2 is pleased to announce that the private placement was oversubscribed from the original offering of C$5 million.
“In the coming weeks we plan to deploy a portion of the proceeds from the financing to continue our acquisitions of US-based medical cannabis evaluation clinics,” said Prad Sekar, Chief Executive Officer, CB2 Insights. “With our background as clinical practice management operators, our team has proven our ability to increase the revenues and profitability of acquired clinics while reducing patient churn. The scale we are building is not simply for a roll-up; we are using the data we gather within our operations to bring real-world evidence to the medical cannabis space and to develop new predictive analytics tools for all industry stakeholders.”
New York-based Merida Capital Partners (“Merida”), a private equity fund targeting fundamental growth drivers underpinning the rapid development of the global cannabis industry led the private placement round with C$3.68M. Having deployed more than $70 million of capital into the cannabis space, Merida holds a diverse portfolio of investments across the entire cannabis supply chain with a focus on medical cultivation, cultivation infrastructure, data and technology services and pharmaceutical development. Merida’s 23 investments include public companies KushCo Holdings Inc. (OTC.KSHB), GrowGeneration Corp. (OTC.GRWG) and Freedom Leaf Inc. (OTC.FRLF) and private companies Simplifya, New Frontier Data, Mainstem, and Emerald Scientific.
“CB2 Insights fills a critical gap in the market, bringing highly controlled, clinically-validated Real World Evidence to the cannabis industry,” said Mitch Baruchowitz, Managing Partner, Merida Capital Partners. “We are pleased to add CB2 to our portfolio as we continue to support game-changing tools that engage the medical community while giving doctors and the medical community at large the data they need to confidently recommend cannabis-based medicines.”
Mr. Sekar continued, “Merida’s deep understanding of the cannabis industry, both core and ancillary, makes them an ideal strategic partner for our company moving forward. Attracting a lead order from such a strong presence in the market provides further validation of our vision and our ability to execute on that vision as we enter this pivotal chapter in CB2 Insights’ history.”
Proceeds from the Private Placement will be used to accelerate an aggressive clinical M&A and consolidation strategy which CB2 Insights will execute over the course of the current and next fiscal year.
American cannabis sales hit US$17.5 billion in 2020, a research group’s new study shows.
Meanwhile, a Canadian cannabis producer began offering CBD beverages in the US, another move that shows how interested Canadians are in the overall US cannabis market at the moment.
Some pretty important news out of health and wellness; beverage and natural products company BevCanna Enterprises Inc. (CSE:BEV, Q:BVNNF, FSE:7BC) this week. For those of you following the Company with us, stay tuned.
As investors continue to prioritize cannabis opportunities in the US, market watchers expect mergers and acquisitions (M&A) to play a role in the future for Canadian companies.
A consolidation trend has been expected in the Canadian cannabis space for some time now based on the size of the market compared to the number of operations in the country.
BioHarvest Sciences Inc. Unveils the Unique Polyphenolic Content of Its Upcoming Olive-Based Nutraceutical
The product will include polyphenols known to have significant health benefits.
BioHarvest Sciences Inc. (CSE: BHSC) (“BioHarvest” or the “Company”) has reached an important milestone in its development program of additional Nutraceuticals. The olive-based Nutraceutical product scheduled for market availability in the second half of 2022 will contain the following unique matrix of polyphenols: hydroxytyrosol, trosol, and verbascoside. These compounds are the major polyphenols in naturally grown olives and are responsible for the high antioxidant activity of olives and olive oil. Importantly, the BioHarvest olive-based Nutraceutical product will provide all the benefits of olives and olive oil with a low calorie count per serving.
Cresco Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco” or the “Company”), one of the largest vertically integrated multistate cannabis operators in the United States, announced today that it will report financial results for the fourth quarter and full year ended December 31 st , 2020 on Thursday March 25 th , 2021 before the market opens.
The Company will host a conference call and webcast to discuss its financial results and provide investors with key business highlights on Thursday March 25 th , 2021 at 8:30am Eastern Time (7:30am Central Time).