INSPIRE TECHNOLOGY
Three firms steer e-cig and cannabis firm’s $42m IPO filing
Law 360 reports that the e-cigarette and cannabis vaping product brand Ispire Technology plans to raise up to USD$42 million by offering six million shares at a price range of $6 to $8 each.
The IPO will be guided by Ellenoff Grossman & Schole LLP, Sidley Austin LLP and Tian Yuan Law Firm.
The shares will be listed on the Nasdaq under the ticker symbol “ISPR”, and the company has said that, based on the proposed price range’s midpoint, it expects a market value of $392 million.
FIRST INVESTMENT
New York’s social equity cannabis investment fund yet to deploy first investment
Over a year after New York Gov. Kathy Hochul (D) pledged $200 million to support social equity applicants in the state’s burgeoning cannabis market, the Social Equity Cannabis Investment Fund is still pending its first investment, highlights The Dales Report.
At the same time, 280 conditionally licensed New York cannabis farmers have until Wednesday, February 1, to decide on four cultivation plans for 2023.
Tim Moshier, owner of B30 Farm in Fulton told the publication: “It appears to be locking us into uninformed decisions, possibly for the next couple of years, and that’s really what has the growers concerned.
“We haven’t been able to get our stuff to market yet and find out what sells and what doesn’t.”
HIGH TIDE
Cannabis retailer High Tide’s sales double, inks deal with Germany’s Sanity
MJ Biz Daily reports that revenue for High Tide in the fourth quarter doubled to CA$108.2 million, up from CA$53.8 million a year earlier.
The business has also entered into a nonbinding letter of intent with Germany-based health and life science company Sanity Group. The pair will be working on go-to-market strategies, identification of M&A opportunities, the sourcing of high-quality real estate, expansion within European markets and regulatory compliance topics.
High Tide has stated: “With a well-established track record in Germany with respect to medical cannabis, finished pharmaceuticals, and cannabinoid-based consumer goods, High Tide believes that Sanity Group is the best-positioned potential partner in its home market of Germany.”
