It’s time for your Daily Hit of cannabis financial news for September 2, 2021.
On the Site
Healthcare tech company Forian Inc. (NASDAQ: FORA) has raised $24 million through a convertible note offering. The company said in a statement that the notes are convertible into shares of the company’s common stock at a conversion price of $11.98, the consolidated closing bid price of its common stock as reported by the Nasdaq on Tuesday, August 31, 2021. In addition to the fundraising, Forian appointed Michael Vesey as Chief Financial Officer effective September 2, 2021. Vesey will succeed Clifford Farren, who will remain with Forian in an advisory capacity through the end of the year to ensure an orderly transition.
The global cannabis beverage market is estimated to reach $2.8 billion by 2025 and is projected to see a growth rate of 17.8% from 2019 to 2025. As consumer behavior shifts from carbonated soft drinks to health sodas and legalization gains more footholds across the country, the cannabis beverage market pivots to offer consumers potent and flavor-forward beverages that offer a fresh take on the time-honored ritual of “kicking back with a cold one”. Innovative technologies are likewise flourishing, a development that both drives and responds to growth in the cannabis beverages market.
Green Market Report broke the news yesterday that New York’s Governor Kathy Hochul had named her two candidates for leading the adult-use cannabis legalization movement. Chris Alexander for the Executive Director of the Office of Cannabis Management and Tremaine Wright will be named Chair of the Board. Late Wednesday the state Senate confirmed both nominees to lead the agencies that will regulate cannabis sales in New York. The process had stalled under Governor Cuomo who publicly supported legalization, but often stalled the process behind the scenes.
In Other News
Columbia Care Inc. (NEO: CCHW) (OTCQX: CCHWF) has received approval from the Florida Department of Health’s Office of Medical Marijuana Use (OMMU) to operate as Cannabist.
Effective immediately, Columbia Care’s 14 dispensary locations across the state will be renamed to Cannabist. Patients will continue to have access to the same high-quality cannabis products at their preferred dispensaries and will begin seeing retail improvements that reflect the new Cannabist brand and shopping experience.