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Have not heard. All I know is that the city of Coalinga CA has given the go ahead to start construction. Might have to change all of the paperwork due to the sell. Personally, I don't think the timing is good for building right now. Too many supply issues. Building materials cost going through the roof. If Trump gets re-elected that should all settle back down. 2023 would be the time to think about building the next 60,000 square foot building.
What I have seen with my own eyes is very promising. Just one of the building blocks for Planet 13. It's a good one. The bigger companies with some success will be buying out the smaller. Nature of business. I am all in with Planet 13. Started with Next Green Wave. Like what I am seeing.
Quote: "There’s a lot of runway to grow at the Coalinga facility – with more than 15 acres, or around 350,000 square feet"
Important financial reports coming up. We'll be looking for financial health and guidance from leadership on what the business goals will be for the upcoming year(s).
Important financial reports coming up. We'll be looking for financial health and guidance from leadership on what the business goals will be for the upcoming year(s).
Ever since Next Green Wave started Construction on its grow I added. I knew what I saw as I walked through the half-completed building. I sold a short while back and purchased Planet 13. I never liked the Next Green Wave name. I saw the name Planet 13 and that was it. It’s a good name.
I think you should know who has been dumping this stock by now along with your absent hypesters from NGW. I warned you guys months ago over on nxgwf after what Mike lost in court.
Always somebody else's fault huh? Not maybe I shoulda dumped this stock when I had the opportunity right? "In February, Scotts warned that Hawthorne’s first-quarter sales were expected to decline by roughly 40% because of “a slowdown in the cannabis market as well as supply chain disruptions,” despite its recent acquisitions of Luxx Lighting and True Liberty Bags."
Next Green Wave and Planet 13 should be ashamed of how they did us shareholders that believed in NXGWF dirty. We did NOT get the conversion rate we were promised because we were locked out of trading for nearly 2 weeks. IR for both companies sucks balls, I know they could care less but Mike, and Planet13 and their trust “attorney” really did us all wrong. Welcome to this dump of a company, which is now at an all time low. Zero communication from both companies and lack of care for long term investors. Zero respect.
Yaaaa I kinda seccond that! As one coming from the other side, I think we're all a bit out of the loop on expansion progress. I haven't seen an update in months. But I'm not selling in the down market. I think this has brighter days ahead.
Would love to hear from the NXGWF OGs Hunter and Harpo on the new path.
What a great welcoming for the NGW shareholders 25% down! Our stock not being tradeable for several days allowing us to get stuck taking a big haircut off the 46.5 cents CAD we were to receive. What a great deal Mike really took care of his stockholders. What about the 50000 sqft expansion at NGW facility is it a go or not? I think Plantet 13 owes the loyal NGW shareholders some kind of guidance for the near future to stop this bleeding!
So Planet 13 made Mike Jennings President of East Coast Operations and they took Todd Hybels and made him Vice President of midwest operations even though the only operations they have are in Nevada and California. The company forked out $55 million for a medical only license in Florida from Harvest Health whom was acquired by and forced by Trulieve to sell their license. Florida is in a race to the bottom with Trulieve owning more then 50% of the entire market share and it's stock at a 52 week low down 58% in the past year. So Planet 13 got Mike out of Cali as far as they could to a market that is nonexistent for them. How much you want to bet he's shown the door in the next 6 months along with Hybels??? Crazy industry. Am I the only one that actually does research anymore?
Questrade told me today it could be 15 business days from today before all the procedures are finished, couldn't tell me anything about the value would be though.
The swap to planet 13 shares hasn’t actually happened yet. But yes, when I log into my brokerage it’s showing a huge % down on green wave shares. It better go back up when they issue the new shares.
“ The Plan of Arrangement went effective on March 2nd and the payment date is today March 7th. You should have your shares today, tomorrow or at worst the following day.”
I hope our value goes back up to what it should be.
Did the value of anyone's stocks go down after the swap? Mine was showing down almost 50% yesterday, back up till full value today, now showing down almost 50% again.
Yup. T. D. Ameritrade is still showing the NXGWF shares there. But eventually it will show all the PLNHF shares and no NXGWF. May take a few days but it will happen.
Cannabis Bank Safe Harbor to Go Public via SPAC Merger
February 14, 2022 at 7:33 am Published by NCV Newswire
Northern Lights Acquisition Corp. Announces Entering into a Business Combination Agreement with Safe Harbor Financial, the Leading Provider of Financial Services and Access to Banking Solutions for the U.S. Cannabis Industry
Transaction advances Safe Harbor’s mission to be the leading provider of compliant and reliable access to banking and financing solutions for the U.S. cannabis industry
One of the first cannabis-focused commercial lending platforms with an actionable pipeline of over $300 million in near term opportunities with proven multi-state and single-state operators
Tenured management team led by banking and cannabis industry pioneer, Founder and CEO Sundie Seefried
Estimated post-transaction equity value of the post-closing company will be $327 million with a fully committed $60 million PIPE from leading institutional investors
NEW YORK and ARVADA, Colo., Feb. 14, 2022 /PRNewswire/ — Northern Lights Acquisition Corp. (NASDAQ: “NLIT”) (“Northern Lights”), a special purpose acquisition corporation and SHF, LLC dba Safe Harbor Financial (“Safe Harbor” or the “Company”), the leading cannabis-focused financial services provider offering reliable access to banking and financing solutions for the cannabis industry, announced today the signing of a definitive business combination agreement that will result in Northern Lights’ acquisition of Safe Harbor from a subsidiary of Partner Colorado Credit Union, a Colorado-chartered credit union based in Arvada, Colorado (“PCCU”). Upon the closing of the transaction, Northern Lights and Safe Harbor will be led by Sundie Seefried, Founder and Chief Executive Officer of Safe Harbor. The boards of directors and managers of Northern Lights, PCCU, and Safe Harbor have unanimously approved the proposed business combination.
Established in 2015 by PCCU, Safe Harbor was formed to provide an unmet need – compliant access to banking and financial services for the rapidly growing U.S. cannabis industry. Over the past seven years, Safe Harbor has grown to nearly 600 accounts spanning 20 states. Additionally, Safe Harbor has processed over $11 billion in transactions with $4 billion in 2021 and has grown deposits at a 73% CAGR since inception. As legislative reform unfolds in the U.S., Safe Harbor’s platform is uniquely positioned to continue as the trusted, leading standard for cannabis financial services.
The regulated U.S. cannabis market currently consists of more than 70,000 cannabis-related businesses (“CRBs”), with sales that are expected to double to over $46 billion by 2025. Despite this rapid growth, there remains limited access to reliable cannabis financing and banking solutions caused by conflicting state and federal laws, unclear banking guidelines, and a lack of “safe harbor policy” for financial institutions. These dynamics have weighed heavily on cannabis-related companies, which currently operate without effective cash management solutions or traditional commercial financing options.
Safe Harbor addresses these challenges with its industry-leading financial services and commercial lending platform, providing its clients with increased safety and security through access to normalized banking and cash management. Through its proprietary risk management and compliance program, Safe Harbor operates under regulations promulgated under the Bank Secrecy Act (“BSA”) and additional FinCEN guidance, as demonstrated by passing 15 state and federal examinations since inception.
To help cannabis operators overcome their historic reliance on expensive, non-traditional forms of capital, Safe Harbor launched one of the first commercial cannabis lending platforms in late 2021. Since initiating the program, Safe Harbor has an actionable pipeline of over $300 million from both its existing and new clients. With its low cost of capital advantage, underpinned by industry-leading compliance and underwriting, Safe Harbor offers competitive rates with flexible structure and collateral packages ushering in a new wave of commercial capital for the cannabis industry.
Management Comments
“Safe Harbor is the most compelling investment opportunity we have encountered in the cannabis industry as both operators and investors. Safe Harbor is one of the only multi-state financial service organizations to successfully navigate the highly regulated cannabis banking industry, providing services that operators in other industries take for granted,” noted John Darwin and Joshua Mann, Co-CEOs of Northern Lights, both of whom will remain on Northern Lights’ Board of Directors upon completion of the transaction. “Setting the gold standard for regulatory compliance, as well as providing access to growth capital across the entire cannabis value chain, Safe Harbor is uniquely positioned to scale. We are confident that our collective experience in the cannabis industry and strong pipeline of lending opportunities are complementary to the incredible business Sundie and her team have established.”
The acquisition by Northern Lights will allow Safe Harbor to advance its efforts to remain the premier cannabis financial services provider. Over the last seven years, our team has pioneered what many consider to be the industry standard cannabis banking platform by establishing strong internal processes and controls, and by complying with rigorous state and federal banking guidelines.
Sundie Seefried, Chief Executive Officer of Safe Harbor Through the SPAC transaction, we believe Safe Harbor will be well-positioned to expand its suite of financial services for our existing and new clients and continue to support the growth of the cannabis industry at a very high level. Our goal is to become a ‘one-stop-shop’ for cannabis business financial needs.
Transaction Overview
Northern Lights will acquire Safe Harbor, a subsidiary of PCCU for a total of $185 million, of which $70 million will be paid in cash and $115 million in shares of Northern Lights Class A common stock. The estimated post-transaction equity value of the Company will be approximately $327 million, assuming no redemptions by the stockholders of Northern Lights. The transaction will provide up to $107 million of gross proceeds (assuming no redemptions), including $117 million from Northern Lights’ cash-in-trust and a fully committed $60 million PIPE from institutional investors.
The transaction is subject to approval by the stockholders of Northern Lights and other customary closing conditions. Additional information about the proposed transaction, including a copy of the business combination agreement and investor presentation, will be provided in a Current Report on Form 8-K to be filed by Northern Lights with the Securities and Exchange Commission, and will be available at www.sec.gov.
About Safe Harbor Financial
Safe Harbor is one of the first financial services providers to offer reliable access to banking solutions for cannabis, hemp, CBD, and ancillary operators, making communities safer, driving growth in local economies, and fostering long-term partnerships. Safe Harbor, through its partners, serves the regulated cannabis industry and implements the highest standard of accountability, transparency, monitoring, reporting, and risk mitigation measures while meeting BSA obligations in line with FinCEN guidance on CRBs. Over the past seven years, Safe Harbor has processed over $11 billion in transactions with operations spanning 20 states with regulated cannabis markets. For more information, visit www.shfinancial.org.
About Northern Lights Acquisition Corp.
Northern Lights is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. For more information, visit northernlightsacquisitioncorp.com
About NLIT Sponsor
The Sponsor is an affiliate of Luminous Capital Inc. (“Luminous”), a U.S. and Canadian-based private equity firm with a team of industry experts that have managed operations from concept to public company exit, raised and deployed institutional capital, and held board seats on multiple private and public cannabis companies. For more information, visit www.luminouscapitalinc.com.
Advisors
EF Hutton, division of Benchmark Investments, LLC, is serving as placement agent and capital markets adviser. Nelson Mullins Riley & Scarborough LLP is serving as legal advisor to Northern Lights. Donald T. Emmi, Esq. and David Waller, Esq. are serving as legal advisors to Safe Harbor and PCCU. KCSA Strategic Communications is serving as public relations and investor relations advisor.
Coming in as a long time NGW shareholder, I feel as though the purchase price struck was much, much less than the company actually warrants. Next Green Wave is insanely profitable.........something which is rare indeed in this sector. They have earned an incredibly loyal customer base and for good reason. They produce the finest cannabis products available at any price.........in this is consistently verified by third party testing. But I realize this is not uncommon for anyone holding shares of a company which is being acquired.
There are a lot of things I loke about the deal however. I see it as a truly symbiotic acquisition where each company is helping the other.
Just wondering what others feel, especially those from the other side of the equation.
Nice move today for PLNHF. Us NGW shareholders need the price of P13 to be between $3.00 and $3.25 by the time the acquisition takes place. That gives us the greatest bang for the buck. Looking good.
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