Market Overview

Boehner-Backed Acreage To Seek CSE Listing, CV Sciences Applies To Nasdaq, PotNetwork Withdraws Form 10

Boehner-Backed Acreage To Seek CSE Listing, CV Sciences Applies To Nasdaq, PotNetwork Withdraws Form 10
Read more about our latest Cannabis News! CANNABIS HOME

Cannabis companies took three steps forward and one step back Monday in the fight for global legitimacy in financial markets. Here are the industry’s three biggest stories.

A Delayed Filing

PotNetwork Holdings Inc. (OTC: POTN) withdrew its application with the Securities and Exchange Commission to become a fully reporting company.

Management reversed its decision after learning that its auditing firm lost PCAOB certification; the accounting firm had already been under known scrutiny at the time of its hiring in 2016. Additionally, "420 Investor" Alan Brochstein had identified errors in PotNetwork’s Form 10’s Cash Flow Statement and Income Statement.

The company said it will file a revised registration statement as soon as possible.

New IPOs

Acreage Holdings, whose board includes former House Speaker John Boehner and former Massachusetts Gov. Bill Weld, said it plans to list in on the Canadian Securities Exchange this fall via a reverse takeover deal.

"The liquidity on the CSE is incredibly attractive to Acreage, and we know that retail investors in the U.S. have become comfortable with that exchange," Acreage CEO Kevin Murphy said in a statement.

The firm further announced the closing of a $119 million round of funding.

Cannabis investors can't afford to miss the Benzinga Cannabis Capital Conference, a premier gathering of investors and entrepreneurs painting an honest picture of the opportunities and challenges in cannabis investing. Space is limited—get your tickets before they sell out.

Also pursuing exposure to the public markets is CV Sciences, Inc. (OTC: CVSI), which applied for up-listing from the OTC to the Nasdaq. CV’s board approved a reverse stock split between 1-for-2 and 1-for-10 for all outstanding shares in order to meet Nasdaq’s minimum bid price requirement.

“We believe up-listing from the OTC Market to the Nasdaq Capital Market will increase corporate visibility, improve liquidity, and broaden awareness in the financial markets,” CEO Joseph Dowling said in a statement.

A Takeover

LiveWell announced its purchase of a 12-percent stake in GCH, which secures Canadian distribution rights to Willie Nelson’s cannabis brand, Willie’s Reserve.

The firm is also taking over management of 51st Parallel and pursuing a reverse takeover of Target Capital, the latter of which will enable listing on the Canadian exchanges.

Related Links:

Pennsylvania Official Calls For Marijuana Taxation

A Private Equity Investor Explains What Got Him Into Cannabis

Read more about our latest Cannabis News! CANNABIS HOME

Posted-In: Acreage Holdings CV Sciences PotNetworkCannabis News After-Hours Center Best of Benzinga


Related Articles (CVSI + POTN)

View Comments and Join the Discussion!

Cannabis Movers

Sign up for our secret cannabis newsletter!
Never miss out on the breaking news in the Cannabis Industry!

All The Major Executive Departures Of 2018 — So Far

Neuronetics Wins A Sell-Side Bull With Pill-Free Depression Treatment