Lucy Scientific Discovery is quietly Acquiring Premium Assets in the Hottest Industry

DENVER, Colo., September 12, 2023 ( Lucy Scientific Discovery (NASDAQ:LSDI) and Richard Nanula, Lucy’s CEO, followed last week’s High Times’ acquisition news with an additional acquisition, BlueSky Wellness Inc., a portfolio of plant-based wellness brands including Keoni, Keoni Sport, Blush Wellness and AMMA Healing.

BlueSky Wellness’ e-commerce brands generated over $20 million in each of its last two years and an adjusted Ebitda of $3 million, in 2022, and its product offerings enhance HighTimes’ products and platforms.

Lucy Scientific expects to have approximately 25 million shares issued and outstanding; and projects the two transactions on a consolidated basis to add a minimum of $30 million of revenue and $10 million of EBITDA for 2024, assuming both transactions close this year. Lucy expects to complete the BlueSky Wellness acquisition within 90 days and the High Times transaction in two weeks, subject to customary closing conditions.

Nanula, the deal’s architect, stated, “The addition of the BlueSky portfolio and its team allows us to capitalize on revenue opportunities. Coupled with our HighTimes acquisition, this strategically positions us for substantial near and long-term growth. This acquisition is a testament to our commitment to expand and grow our business, adding revenue that diversifies our company and should deliver significant value to our Lucy Scientific shareholders.”

Both transactions were all-stock upfront, with a 5-year payout, in stock or cash at Lucy’s discretion, based on EBITDA generated. The transactions are the latest deals Nanula structured and add to a career where he managed more than $50 billion worth of M&A and financing transactions. As EVP Finance & Strategy and CFO of Amgen (NASDAQ:AMGN), he conceived and executed 5 acquisitions, valued at $18 billion, including the biotech industry’s largest ever, at the time. As The Walt Disney Company’s (NYSE:DIS) EVP and CFO, Nanula led the more than $20 billion acquisition and financing of Capital Cities/ABC (ABC television network, ESPN). During his tenure, Disney’s revenues grew from $2 billion to over $20 billion and market capitalization from $3 billion to over $40 billion. As President and COO Starwood Hotels and Resorts, now part of Marriott (NASDAQ:MAR), Nanula integrated 3 acquired entities, Starwood Hotels, Westin and Sheraton ITT into a single $20 Billion enterprise, the largest hospitality company in the world, with over 1,000 hotels.

It’s not just the assets, it’s the timing, because Lucy Scientific Discovery is unveiling these acquisitions, just as the cannabis industry is heating up, following the Bloomberg report that the US Department of Health and Human Services sent a letter to the US DEA, in late August, recommending that cannabis be downgraded from a Schedule I to a Schedule III drug.

The reschedule recommendation, in late August, sparked a rally that seems to be gaining steam.

For example, after Aurora Cannabis (NASDAQ:ACB) announced, yesterday, that it repurchased approximately US$9 million of its convertible senior notes in multiple transactions and has approximately US$39 million of notes outstanding. The news caused Aurora Cannabis to rally to hit a high of $0.938 and close at $0.9108, up $0.3818 (+72.17%), on trading volume of 255,717,466 shares.

Canopy Growth’s (NASDAQ:CGC) gains were ever more pronounced and it a high of $1.79, yesterday, while it closed at $1.69, up $0.7582 (+81.37%), on trading volume of 278,725,685 shares. Yesterday’s closing price represents a move of over 400% higher than where it was in late August.

However, the industry is retreating this morning after Marijuana Moment reported that a Senate Banking Committee spokesperson that the anticipated Secure and Fair Enforcement (SAFE) Banking Act “markup won’t be next week,” but they still plan to move forward in the future.

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