Below is a complimentary excerpt from an institutional research note written by our Cannabis analysts Howard Penney and Daniel Biolsi. If you are an institutional investor interested in accessing our research email email@example.com
Louisiana Governor John Bel Edwards signed into law last week's new Cannabis legislation.
The bill significantly expands beyond the 14 specific maladies that qualify patients for legal cannabis access under the state's current program. As of August 1, patients in Louisiana will be able to get medical marijuana for any debilitating condition their doctors see fit.
The governor also signed legislation protecting banks and credit unions that service cannabis businesses from being penalized by state regulators, as well as another bill to provide legal protections for doctors who recommended medical marijuana and authorized medical facilities that have cannabis patients in their care.
Those measures also take effect on August 1.
HAVE YOU EVER?
I have seen some crazy stuff in Cannabis over the past two years, but this takes the cake.
Acreage Holdings (ACRGF) today announced it entered into a short-term definitive funding agreement with an institutional investor for a total of $15,000,000 in gross proceeds. The secured note has a maturity date of four months and bears interest at a per annum rate of 60%.
It is secured by, among other items, the Company's cannabis operations in Illinois, New Jersey, and Florida, as well as the Company's U.S. intellectual property. In the event of default, the Company is further obligated to pay Lender an additional fee of $6,000,000.
The Company may prepay the note without penalty or premium at any time following the 90th day following the closing.