It’s been a relatively quiet week for cannabis stocks, but not for the Justice Department which is ramping up efforts to seize assets for people that they think have committed a crime. The new directive tries to circumvent current limitations on what can be kept. They also held a private meeting in Colorado that was mostly attended by anti-marijuana voices.
Canadian company Canopy Growth accepted a subscription agreement for a private placement with a single investor. It will issue 3.1 million shares at $8.05 per share for a net proceed of $25 million.
Greengro Technologies, Inc. (GRNH), announced it expects revenues for its second quarter ending June 30, 2017, to reach a record $830,000, or nearly eight times its revenue during the second quarter of last year. Greengro also reported that its pipeline of new contracts has grown to nearly $50 million as of the end of the second quarter, with recurring revenues expected to generate between $2 million – 5 million in produce sales annually. The shares have slipped from a 52-week high of 16 cents down to 4 cents and popped at least a penny on the news.
Golden Leaf Holdings Ltd.(GLDFF) announced the resignation of Don Robinson as its Chief Executive Officer and William Simpson, the current President of GLH, has been appointed as the new Chief Executive Officer. Simpson came on when the company acquired Chalice Farms earlier this month.
Tetra Bio-Pharma Inc. (TBPMF), announced it signed a Letter of Intent (LOI) with Constance Therapeutics, Inc. of San Francisco, for the clinical development and commercialization in Canada of its signature standardized, patent-pending, medicinal cannabis extract products. The stock had climbed to 75 cents back