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Marijuana firm Planet 13 raises $53.9M in bought deal public offering

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Nevada marijuana company Planet 13

Holdings raise 69 million Canadian dollars 

($53.9 million) on Tuesday in a bought

deal public offering.

According to a company news release,

the money will be use for “potential acquisitions

for purposes of retail, cultivation and

production expansion outside of Nevada,

as well as general corporate and other

working capital purposes.”

The offering by a syndicate of underwriters,

led by Beacon Securities and Canaccord Genuity,

sold a total of 9.9 million units of Planet 13

at a cost of CA$7 per unit, including units

sold under an over-allotment option.

Each unit includes one common share

and a warrant to purchase 0.5 common shares,

which can be exercised at CA$9 per

share for the next two

years. buy pluto kush online.

The underwriters receive a cash commission

of 6% of the gross proceeds, plus a compensation

option equaling 6% of the units sold.

The compensation option entitles the underwriters

to purchase common shares at CA$7 per

share for the next two years.

The bought deal public offering

was announced Jan. 12.

Planet 13 Holdings’ shares trade on the

Canadian Securities Exchange as PLTH, and

the warrants will trade on the same exchange.

Planet 13 also trades on the U.S.

over-the-counter markets as PLNHF.

while Drizly’s founders, investors and board

San Francisco-base Uber Technologies on

while Drizly’s founders, investors and board

Tuesday announced an agreement to

 acquire Boston-based Drizly, the nation’s

leading alcohol delivery platform, for $1.1

billion, mostly in stock.

Drizly launched Lantern last May, but

Lantern isn’t part of the Uber deal.

while Drizly’s founders, investors and board

“Since launching in 2020, Lantern has been

while Drizly’s founders, investors and board

an independent subsidiary of Drizly Group

while Drizly’s founders, investors and board

and will now operate as a fully autonomous

while Drizly’s founders, investors and board

private company,” Lantern President

while Drizly’s founders, investors and board

Meredith Mahoney said in a statement.

while Drizly’s founders, investors and board

She said Lantern’s management team, staff

while Drizly’s founders, investors and board

and core products will remain the same,

while Drizly’s founders, investors and board

members will serve as strategic advisers to Lantern.

while Drizly’s founders, investors and board

In an interview with CNBC, Uber CEO Dara

while Drizly’s founders, investors and board

Khosrowshahi says the company currently

 isn’t interested in marijuana delivery but

indicate that sentiment could change.

Perlmutter note that, last session,

the House passed his cannabis proposal as standalone legislation, but “the Senate sat on it, so the Senate’s go to get busy and work on this subject.” The measure also advance twice through the House as part of COVID relief, and it was included in a proposal from then-Senate Minority Leader Chuck Schumer (D-NY) that did not get a vote.

He also mention that the House approved a comprehensive legalization bill—the Marijuana Opportunity, Reinvestment and Expungement (MORE) Act—last year.

With Democrats now in control

of both chambers of Congress, the chances of passing either his more narrowly tailore financial services legislation or broader cannabis reform are significantly improve.

“The Senate may take up a broader version” of marijuana reform, Perlmutter said, “and we’ll deal with that if they could ever move something out of the Senate, which is where the roadblock has been.”

while Drizly’s founders, investors and board

Already, the newly install Democratic Senate leadership has made clear that marijuana reform will be prioritize this year, with Schumer, Finance Committee Chairman Ron Wyden (D-OR) and Sen. Cory Booker (D-NJ) announcing on Monday that they will soon be releasing draft legalization legislation and soliciting feedback on the proposal.

But in the meantime, Perlmutter

 says his cannabis banking bill is still in play.

The congressman say that the goal of his proposal is to give marijuana businesses access to financial services that are available to other markets, but “there has to be some criminal justice reform attach to that as well because so many people over the years have been subject to different kinds of violations and crimes that have really caused difficult records for these folks, and we need to clean up a lot of this.”

“We’ve got to align the laws

because banking laws are generally under the federal umbrella, and the banking laws, it’s difficult for some cannabis companies and cannabis relate businesses to have legitimate banking relationships so we want to get that part straightened out,” he said.

Meanwhile, Wyden recently discuss the Finance Committee’s role in advancing marijuana reform this session, saying his objective will be to “end the prohibition and come up with sensible tax and regulatory oversight at the federal level.”

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