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Latin American Cannabis Co. Blueberries Medical Wraps Up 2023 With Multi-Million Dollar Private Placement Deal

By Jelena Martinovic
January 2, 12:10 PM
Blueberries Medical, a Latin American licensed producer of medicinal cannabis and cannabis-derived products, has announced a non-brokered private placement, to raise approximately CA$1.9m ($1.4m). The company announced the sale of 180,716,00 common shares at CA$0.011 per share. The net proceeds from the sale will be used to repay existing debt and for general corporate and working capital purposes. The offering was led by Terraflos, a Latin American company founded and controlled by Facundo Garreton, who serves as Blueberries' chairman, CEO, and director. Terraflos is exploring opportunities in Argentina, Mexico, and Brazil and plans to expand into those markets in the near future.

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3 minute read

Here’s Where To Buy Legal Weed: Cannabis Store Openings Ahead Of The New Year

By Jelena Martinovic
December 29, 2:28 PM
The first licensed adult-use cannabis dispensary and delivery service in New York, Housing Works Cannabis Co, has celebrated a successful first year of operations. The dispensary, which reported selling roughly $12m worth of marijuana during its first six months, curated a menu of over 1,000 SKUs across 124 brands. This resulted in total sales of $24m in the company's first year. While New York could potentially house up to 600 stores based on California's density, Pablo Zuanic of Zuanic & Associates suggested that the figure could be over 3,600 if it follows Colorado's model. Other cannabis stores have opened in the US and Canada recently. Trulieve Cannabis opened two new medical dispensaries in Florida, while Ascend Wellness Holdings opened a dispensary in Ohio. Canadian retailer High Tide also opened three new Canna Cabana stores in Canada.

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2 minute read

22nd Century Group Exits Cannabis Industry, Closes Franchise Sale Deal

By Jelena Martinovic
December 29, 11:20 AM
22nd Century Group, a biotechnology company focused on plant genetics and cannabis research, has announced the sale of its hemp/cannabis assets. The sale, along with the assignment of a non-strategic hemp/cannabis asset in Colorado, is expected to reduce the company's debt by $3.2 million. An additional $2 million reduction will come from the buyer's payment of a secured promissory note. After these transactions, the remaining outstanding debt is expected to be approximately $8.8 million. The company's chairman and CEO, Larry Firestone, stated that the sale will help reduce operating costs and move the business towards a sustainable, cash-positive operating basis. The insurance proceeds from a fire at the company's manufacturing facility in Grass Valley will also be used to further reduce the debt.

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