Laws

Good Day Farm execs raising $65M in marijuana equity offering


Some executives and financial backers of marijuana multistate operator Good Day Farm are affiliated with an Arkansas company aiming to raise $65.6 million to invest in Louisiana’s medical cannabis market and other locations.

According to a May filing with the U.S. Securities and Exchange Commission, NOLA PharmaHoldings sold $48.1 million in an equity offering.

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Besides Louisiana, the equity offering is targeting:

Arkansas.
Florida.
New York.
Texas.

According to the filing, NOLA PharmaHoldings, is incorporated in Louisiana but has an Arkansas mailing address.

The filing also lists Alex Gray as CEO of Little Rock, Arkansas-headquartered NOLA PharmaHoldings.

Gray is chief strategy officer and president of sales at Good Day, according to Arkansas Business, which first reported the offering.

Other Good Day executives and investors are listed as NOLA PharmaHoldings directors, according to the filing, including:

CEO Terry Fitch.
Reid Dove, an owner and board member of licensed cultivator Good Day Farm Arkansas.
Todd Denton, owner and CEO of Little Rock-based Foxden Capital, who has a 1% stake in Good Day Farm Arkansas.
Peyton Bush, chief investment officer at New Orleans-headquartered Bollinger Enterprises, who has a 5% stake in Good Day Farm Arkansas.

Good Day Farm declined an MJBizDaily request for comment and acknowledgement of any affiliation with NOLA PharmaHoldings.

Good Day Farm, which operates retail locations in Arkansas, Mississippi and Missouri, is a cultivation contractor in Louisiana.

Republican Gov. Jeff Laundry in May signed a bill that transferred Louisiana’s two medical marijuana cultivation licenses from public universities to Good Day Farm and the state’s other contractor, Ilera Holistic Healthcare.

According to the Louisiana Illuminator, Good Day Farm also has deep ties to local politicians:

The company’s primary shareholder is Donald “Boysie” Bollinger, a shipbuilding magnate and significant Republican donor.
Good Day President John Davis is married to state Rep. Paula Davis.

Chris Casacchia can be reached at chris.casacchia@mjbizdaily.com.

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