Harvest Health & Recreation (CSE:HARV,OTCQX:HRVSF) announced the closing of the first tranche for a brokered private placement of seven percent unsecured convertible debentures of the company at a price of US$1,000 per debenture for proceeds of US$100 million.
As quoted in the press release:
The Convertible Debentures have a maturity date (the “Maturity Date”) of May 9, 2022 and bear interest from the date of issue at 7.0 percent per annum, payable semi-annually on June 30 and December 30 of each year. The Convertible Debentures are convertible, at the option of the holder, into subordinate voting shares of the Company (“Subordinate Voting Shares”) at any time prior to the close of business on the last business day immediately preceding the Maturity Date. The Convertible Debentures have a conversion price of US$11.4198723 (the USD equivalent of CDN$15.378, based on the Bank of Canada CAD/USD exchange rate as of May 8, 2019) per Subordinate Voting Share (the “Conversion Price”). The purchaser of the Convertible Debentures also received, for no additional consideration, 3,502,666 warrants (the “Warrants”). Each Warrant is exercisable to purchase one Subordinate Voting Share at an exercise price of CDN$18.17 per share, for a period of 36 months from the date of issue.
“Our vision is to become the most valuable cannabis company in the world and this transaction will help fuel Harvest’s growth,” said Harvest CEO Steve White. “This is a particularly acquisitive time in the industry and access to significant capital with favorable terms is crucial to long-term success.”
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).