Cannabis Stock News Weekend Roundup December 16

Cannabis News

iAnthus Capital Holdings (OTCMKTS:ITHUF) and MPX Bioceutical Corp. (OTCMKTS:MPXUF) reported receiving an interim order from the Supreme Court of British Columbia that allows MPX to hold a special securityholders meeting to consider a iAnthus proposal for acquisition of all of the issued and outstanding MPX common shares. Under the deal, MPX shareholders will receive 0.1673 of a common share of iAnthus and 0.1 of a common share of MPX International for each MPX share held. iAnthus Capital owns and operates licensed cannabis cultivation, processing and dispensary facilities in the U.S. Whereas, MPX provides management, staffing, procurement, advisory, financial, real estate rental, logistics and administrative services to three medicinal cannabis enterprises in Arizona.

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Lifestyle Delivery Systems (OTCQX: LDSYF) subsidiary Rêveur Corp. has signed a distribution services agreement with Rise Logistics LLC, an operating entity of DionyMed Brands (CSE: DYME), for distribution of its products into the California cannabis market. Adelanto, Calif,-based Rêveur is a city permitted and state licensed manufacturer and distributor/transporter in the California cannabis industry.

Hemp genetics developer New West Genetics says it closed a capital raise, with investors purchasing more than $3 million in instruments convertible into equity. New West Genetics is aiming for large-scale cannabinoid production by using data-driven discovery and conventional breeding to create high performing, sustainable hemp varieties.

PharmaCielo Ltd. has received a 500-year-old ancestral cannabis strain for its exclusive use, from the Arhuaco indigenous people. The company received the seeds as part of a traditional ceremony at the site of its nursery and propagation centre in Rionegro, Antioquia. The seeds will be cultivated by PharmaCielo in the Arhuaco’s ancestral territory of the Sierra Nevada mountains.

VT Business Products says that it acquired all the intellectual property of The House of Jane from General Beverage Consulting & Management. The acquisition will allow the company “focus on building a national branding and licensing company to exploit the growing market for cannabidiol products, also known as the CBD market,” according to a press statement.

Organigram Holdings (OTCQX: OGRMF), the parent company of licensed cannabis producer Organigram, reported its 2018 fiscal year and fourth quarter results. The company reported record net sales of $12.4 million for the 2018 fiscal year, up 131% from $5.4 million in 2017. Reported net income of $20.5 million in 2018, up from $10.9 million last year. Full earnings report is here.

Valens GroWorks (OTC: MYMSF), a provider of cannabis products and services focused on various extraction methodologies, distillation, cannabinoid isolation and purification, as well as associated quality testing, has entered into a multi-year extraction services agreement with Canopy Growth Corp. (NYSE: CGC) for cannabis extraction services. Under the terms of the agreement, Valens will provide extraction services to process Canopy Growth’s whole flower and trim into high-grade cannabis resin.

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