Day: March 23, 2017

Gaithersburg-based medical cannabis company raises $1.6 million

GAITHERSBURG, MD — A medical cannabis company raised $1.6 million from 42 investors, according to a filing Thursday with the Securities and Exchange Commission.

Green Leaf Medical filed the Form D on March 23. The minimum investment accepted from any outside investor is $25,000, with the first sale occurring June 25.

Of the proceeds, $170,000 will be used for payments to executive officers, directors, or promoters of the company.  The offering is not being made in connection with a business combination transaction, and is not intended to last more than one year.

Green Leaf Medical was founded in 2014, when cannabis was legalized in Maryland for medical purposes. The company is currently building its facility to produce flower, trim and whole plants for dispensaries and processors throughout Maryland.

Philip Goldberg, chief executive officer of Green Leaf Medical, signed the Form D, which can be found here. He serves as the president-elect of the Maryland Cannabis Industry Association and is a founding member.

The company claimed a Rule 506 (b) exemption for the filing. Companies relying on the Rule 506 exemption do not have to register their offering of securities with the SEC, but they must file a Form D electronically with the SEC after they first sell their securities.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

Nature’s Care and Wellness raises $840,000 after securing medical cannabis license

NOTTINGHAM, MD –  A Maryland-based medical cannabis dispensary company raised $840,000 in equity, according to a Securities and Exchange Commission filing.Maryland Biz News Wire

Nature’s Care and Wellness LLC filed the Form D on March 23. It did not disclose what it intended to with the proceeds.

The company listed eight investors on the form, and it was filed by executive officer Robert Windsor.

Nature’s Care and Wellness was granted stage one pre-approval by the Maryland Medical Cannabis Commission on Dec. 9, 2016. The selection made them one of 102 companies able to apply for state licenses. The company has a year from the approval date to commence operations and apply for a full license.

Patrick Jameson, executive director of the Maryland Medical Cannabis Commission, stated, “These dispensaries will be the new face of the medial cannabis industry in Maryland once final licenses are issued.”

Cannabis was legalized in Maryland for medical purposes in 2014. There is a legal possession limit of a 30-day supply.

The company claimed a Rule 506 (b) exemption for the filing. Companies relying on the Rule 506 exemption do not have to register their offering of securities with the SEC, but they must file a Form D electronically with the SEC after they first sell their securities.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

 

RLJ Entertainment reports lower fourth-quarter loss

rlje-logoSILVER SPRING, MD — RLJ Entertainment, a Maryland-based entertainment company that owns streaming services for African-Americans and fans of British programming, reported a fourth-quarter loss that was less than the quarterly loss in 2015, according to a filing with the Securities and Exchange Commission on Thursday.

The company reported a net loss of $4.8 million, or 90 cents per share, in the fourth quarter, compared to a net loss of $37.7 million, or $8.87 per share, in the fourth quarter of 2015. In the fourth quarter of 2015, the company took a $30.3 million goodwill impairment charge.

Revenue for the quarter fell 12.8 percent to $28.4 million from $32.5 million in the same quarter of 2015.

In 2016, revenue for the company’s digital channel business increased 115.6 percent to $16.3 million. The services, Acorn TV and Urban Movie Channel, contributed $6.3 million of income from continuing operations for 2016 compared to a loss of $1.5 million in 2015.

Acorn TV launched in 2011 and has more than 370,000 subscribers. RLJ’s paying subscriber base increased by 125 percent from 203,000 to 457,000 in 2016. The company crossed half a million subscribers in February 2017.

“We see the one million subscriber target to be achievable in the next 24 months,” said Miguel Penella, chief executive officer.

The company’s chairman is Robert Johnson, the U.S.’s first black billionaire and the founder of Black Entertainment Television.

In other news, RLJ refinanced its debt in October 2016 and January 2017 and received net proceeds of $7.4 million. The company said it will expand one of its loans from $5 million to $13 million and extend the maturity date of the loan to June 30, 2019.

Part of the debt was issued with AMC Networks in 2012. AMC invested $65 million in RLJ last year in order to create a partnership aimed at reaching two niche audiences — African-American viewers and fans of British programming — with online video services.

AMC, best known for the U.S. cable channel that airs “The Walking Dead,” also operates BBC America through a joint venture with BBC Worldwide, and owns WE tv, a network popular with black viewers.

RLJ also cited increased earnings from its affiliate Agatha Christie Ltd. ACL manages the media and literary rights to British crime author Christie’s works. RLJ owns 64 percent of the company.

The Guardian valued ACL at $125 million in 2010. The bestselling author of all time, according to Guinness World Records, Christie’s work has produced a huge fortune since her death in 1976, and her books continue to fill shelves around the world, particularly those featuring detectives Hercule Poirot and Miss Marple. Christie’s “The Mousetrap” is the longest-running stage play in the world and a fixture in London’s West End since 1952.

Christie’s family owns the other 36 percent of ACL.

Shares of RLJ were trading at $2.44, up 1 cent, in midday trading on Thursday.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

 

Federal Realty Investment Trust CEO Wood’s compensation skyrockets

FederalRealtyInvestment-Trust-logoROCKVILLE, MD — Federal Realty Investment Trust’s chief executive officer received a 73 percent increase in total compensation from the previous fiscal year, according to a Securities and Exchange Commission filing.

Donald C. Wood, president and chief executive officer of the Rockville-based real estate investment trust, received a total compensation of $9.5 million for the 2016 fiscal year, up from total compensation of $5.5 million in 2015.

He received a salary of $950,000, a 12 percent increase from 2015. His stocks awarded increased 115 percent from 2015 to $7.5 million from $3.5 million. In addition, Wood received an annual bonus of $1.4 million.

Wood collected 75 percent of his annual bonus in cash, totaling $1.06 million.

The real estate investment trust, which owns, manages, and develops retail and mix-use properties, reported increases in revenue and net income for the 2016 fiscal year. The company reported a $800 million in revenue, a 7.7 percent increase, and $249 million in net income, a 19 percent increase.

The company hired Daniel Guglielmore as chief financial officer in the 2016 fiscal year. Guglielmore received a total compensation of $2.02 million for his first year at Federal Realty Investment Trust.

The real estate investment trust’s stock price is currently $134.91, up $1.80 in Thursday morning trading.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

 

 

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