Cannabis stock news and notes: Mergers and acquisitions

Nov 11, 2020

Octave, a company in the cannabis hardware industry, which dubs itself as being “known for the highest quality product in the world,” sets its sights on cross-country business with a unique partnership in China.

According to a press release, earlier this year, founders Davis Clayton Kiyo and Ben Kovacs gave up equity to their team of engineers and designers in China “in order to lock down the best supply chain in the industry.”

“Our overseas team is just incredible,” said Co-founder Ben Kovacs in a statement. “They work so hard every single day to ensure that Octave is successful. They are extremely proud to be part of an American company, and we are equally proud to consider them our friends and partners. They deserve to be treated like the best companies in the world treat their valued employees, and that is what we strive to do. Free healthy lunches, yoga, PTO, maternity leave, and even equity sharing for our employees are all part of what we offer. In short, we do not hide the fact that we make amazing products in China, we embrace it and our team is one of our best advantages.”

CLS Holdings reports exceptional October financial results

CLS Holdings USA, Inc. (OTCQB:CLSH)(CSE:CLSH), a cannabis company, also known as Cannabis Life Sciences, announced their financial and operational results for its Nevada wholly-owned subsidiaries for October. The company saw net revenues of $1.787 million with a gross margin of 50.12 percent. 

According to a statement, the results “represent the fourth consecutive record revenue month for the company, with both the highest month of sales and highest single-day sales at its retail division, Oasis Cannabis.”

"The momentum of the summer has carried through to the fall, and we couldn't be more proud of our teams in Nevada," said Company President and COO Andrew Glashow in a statement. "We are still operating under significantly reduced hours with a maintained focus on the health and safety of our customers and team members on both the retail and manufacturing sides. Moving into the holiday season, we will remain vigilant on this front while nurturing the strong relationships we've built in the community."

Verano Holdings conducts major merger 

Verano Holdings, a multi-state cannabis owner, operator, and manager, announced a significant merger agreement with Alternative Medical Enterprises, LLC, Plants of Ruskin, LLC, and other affiliated companies. They are all vertically-integrated cannabis companies that develop, cultivate, produce, and dispense medical cannabis and medical cannabis products in Florida and Arizona. According to a statement, “the transaction is expected to result in a highly-accretive combination of Verano and AltMed with the resulting company operating under the Verano name.”

“The combination of Verano and AltMed is a game changer in the U.S. cannabis industry. It is expected to create one of the largest private cannabis companies with truly no redundancies in geography or operations. AltMed is an ideal partner to accelerate our shared vision to be one of the most innovative and profitable cannabis operators in the country. Our cultures are seamlessly aligned and we have a strong commitment to providing a superior, customer-focused cannabis experience across our existing markets. AltMed not only has a substantial market presence in Florida and Arizona, a state which recently approved recreational use, but also delivers a portfolio of high-quality, pharmaceutical-grade medical cannabis products,” said George Archos, Founder, and CEO of Verano Holdings, in a statement.

He continued: “Together, we believe we have a very strong management team whose experience spans cannabis, pharma, real estate and hospitality, and we are very excited to welcome and work collectively with AltMed’s Michael Smullen, Bill Petron and John Tipton.”

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