They’re still in the early stages of executing their business plan, but Stony Hill (STNY.OTC) founder Damian “Jr Gong” Marley has delivered a rarity in the public markets space, by picking up the viral marketing that comes from naming a Grammy award winning album after your company.
Imagine the rush for shares if “..and the award goes to… Aurora Cannabis (ACB.T)!” was spoken in front of a few hundred million people at the Oscars.
Well, Marley made that happen for Stony Hill last night.
The award was Jr Gong’s fourth.
Marley opened for Jay-Z on a recent tour, and contributed to the rap superstar’s recent track, BAM.
On the company front, this helps move the STNY CBD business further long the path. I’m told the company brass are heading to the Superbowl where Stony Hill will be hosting a series of events to promote the brand, while other ancillary deals they’re associated with continue to progress.
The cannabis advocate and partnering company, Ocean Grown Extracts, purchased the 77,000 square foot Claremont Custody Center – which was shut down in 2011 – from the City of Coalinga in 2016 for $4.1 million dollars.
They are cultivating medical marijuana for state dispensaries as well as cannabis oils. The business is expected to bring 100 new jobs and an annual tax revenue of over $1 million to the city which is struggling financially.
Damian Marley also launched a 3,000-square-foot dispensary in Denver, in partnership with Colorado-based TruCannabis. The facility which is just across from Mile High Stadium has a 30,000-square-foot grow space complete with radio-frequency identification (RFID) tags for each plant.
Meanwhile, High Times, of which STNY is a major shareholder, is headed to IPO.
Hightimes Holdings issued a preliminary prospectus for a Reg A+ offering, with a goal of raising up to $50 million by selling shares at $11.00, with net proceeds of up to $43 million after an 8% selling agent fee and expenses of up to an additional $3 million. The company intends to raise a minimum of $5 million and needs to raise at least $17.2 million to list on the NASDAQ, where it intends to apply with the symbol “HITM”. The company will list on the OTCQX if not approved NASDAQ, but it may defer if it proceeds with a previously announced merger agreement with Origo Acquisition (NASDAQ: OACQ).
We’re awaiting STNY showing some deal flow that puts dollars in the bank, as the stock has traded lightly, though it’s held its share price for months now and was up this morning on the news.
In other weed news: Maricann (MARI.C) raised $70m in about five minutes today, which caused some downward pressure on the stock. While a $4 raise on a stock trading roughly near that price isn’t a surprise, the $4.15 FULL warrant good for three years (yoinks) is a total giveaway.
Raising $70m is impressive, but deals like this, which bring accredited investors great swathes of potential profits while the average investor is left holding the bag on the ensuing drop, are pretty shitty.
— Chris Parry
FULL DISCLOSURE: Stony Hill is an Equity.Guru marketing client.
NB: BEVERLY HILLS, CA / ACCESSWIRE / March 7, 2018 / Stony Hill Corp. (OTCQB: STNY), a diversified cannabinoid therapeutics company focused on the medical, bioceutical, and pet health industries, announced today that it will change its name to Applied BioSciences Corp., to better reflect the focus and resources of the Company.