The Canadian Bioceutical Corp. (CSE:BCC) released its financial results for the first quarter of the 2018 fiscal year, which ended on June 30, 2017.
As quoted in the press release:
As the Company’s activities are nearly exclusively related to cannabis assets owned in the U.S., which were acquired in calendar 2017 only, comparison to the financial performance in calendar 2016 is relatively without meaning. Hence, the Company has chosen to present the prior quarter, Q4 F2017, as the most meaningful comparable.
Other highlights for the period are as follows:
- Completed the acquisition of a 51% interest in a management company supporting a cultivation and production facility and up to three dispensaries in Massachusetts, which has voted in favour of legalizing the adult use of cannabis. In consideration of the acquisition, BCC paid US$5.1 million in cash and 2,000,000 stock options at an exercise price of CAD$0.39 per common share.
- Signed LOIs to complete the following acquisitions:
– GreenMart of Nevada, a Las Vegas-based cultivation and production wholesale operation
– A profitable fourth Arizona cultivation/production/dispensary operation
– Three licenses to develop and operate up to three dispensaries and one (of only 15 statewide) production licenses in Maryland
- Signed a partnership with MJardin which will be providing cultivation services to certain of BCC’s operations, the first of which will be in Nevada, subsequent to completion of the acquisition.
- Signed a strategic partnership with Israeli pharmaceuticals company, Panaxia, for the formation of a Joint Venture whereby Panaxia will be providing proprietary, smokeless, pharma-grade cannabis-based products that have been proven to be in high demand, but have not been readily available in the U.S. These products will be sold through the Health for Life dispensaries, as well as wholesale to other dispensaries in the markets in which BCC is active. Revenues are to be shared on a 50/50 basis, with Panaxia taking on all CapEx and OpEx related to the building and operations of the assembly facilities within the footprint of BCC cultivation facilities. BCC will be providing the cannabis for extraction by the JV and assembly into the Panaxia products. The first production unit is scheduled to become operational in Arizona during the first quarter of 2018.
- Completed the second US$2.3M tranche of an US$11.2M private placement of common shares priced at CA$0.50 per share.
- Arranged a US$25M credit facility with Florida-based Hi-Med. To-date, no funds have been drawn down against the facility, with the maximum of US$25M remaining available to the Company to fund the execution of its growth strategy.
Scott Boyes, CEO of Canadian Bioceutical, commented:
We recorded a solid quarter with double digit sequential revenue growth, driven by strong sales of high-margin concentrates. At the same time, we continued to execute on our aggressive expansion strategy. We are developing a new dispensary in the Greater Phoenix Area, which we anticipate to be operational by late November of this year. Development of our assets in Massachusetts is progressing well, and we anticipate cultivation to commence in the second calendar quarter of 2018, with up to three dispensaries to open the following quarter. Additionally, we continue to make good progress on the other potential acquisitions, and anticipate completing several of these shortly. Once all initiatives have been developed, we aim to have a total of 10 dispensaries through four states, 9 million grams per annum in cultivation and 1.2 million grams per annum in concentrates production capacity. We believe this will generate significant additional firepower to fuel further expansion, especially in combination with our proven access to capital. Finally, our joint venture with Panaxia provides important product differentiation into the pharma-grade products segment, unlocking new avenues to pursue revenue and margin growth.
As investors continue to prioritize cannabis opportunities in the US, market watchers expect mergers and acquisitions (M&A) to play a role in the future for Canadian companies.
A consolidation trend has been expected in the Canadian cannabis space for some time now based on the size of the market compared to the number of operations in the country.
BioHarvest Sciences Inc. Unveils the Unique Polyphenolic Content of Its Upcoming Olive-Based Nutraceutical
The product will include polyphenols known to have significant health benefits.
BioHarvest Sciences Inc. (CSE: BHSC) (“BioHarvest” or the “Company”) has reached an important milestone in its development program of additional Nutraceuticals. The olive-based Nutraceutical product scheduled for market availability in the second half of 2022 will contain the following unique matrix of polyphenols: hydroxytyrosol, trosol, and verbascoside. These compounds are the major polyphenols in naturally grown olives and are responsible for the high antioxidant activity of olives and olive oil. Importantly, the BioHarvest olive-based Nutraceutical product will provide all the benefits of olives and olive oil with a low calorie count per serving.
Cresco Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco” or the “Company”), one of the largest vertically integrated multistate cannabis operators in the United States, announced today that it will report financial results for the fourth quarter and full year ended December 31 st , 2020 on Thursday March 25 th , 2021 before the market opens.
The Company will host a conference call and webcast to discuss its financial results and provide investors with key business highlights on Thursday March 25 th , 2021 at 8:30am Eastern Time (7:30am Central Time).
Canopy Growth to Participate in BofA Securities Virtual Consumer & Retail Technology Conference on March 11, 2021
Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) (“Canopy Growth” or “the Corporation”) announced today that EVP & CFO Mike Lee will be participating in a fireside chat at the BofA Securities Virtual Consumer & Retail Technology Conference on Thursday, March 11, 2021 at 9:30am ET .
Hill Street Beverage Company Inc. (TSXV: BEER) (“Hill Street” or the “Company”). The Company announces that further to its press release dated March 2, 2021, it has obtained TSX Venture Exchange approval to extend the closing date of its previously announced private placement of units (“Units”) until April 7, 2021. Each Unit is comprised of one (1) common share and one (1) warrant, exercisable for one common share at price of $0.11 per share, for a period of three (3) years from the date of Closing. The Company applied to extend the date of closing to allow a greater number of interested investors to participate.
For more information regarding the Company or the offering, please contact email@example.com, or