An ongoing dispute between a Canadian cannabis company and a group of dissatisfied investors reached its conclusion this past week.
Meanwhile, a company managing a cannabis cultivator based in Colombia told investors that its UK expansion plan is now underway.
Keep reading to find out more cannabis highlights from the past five days.
Investor group takes over Australis management team in surprising win
It’s a time of change for Australis Capital (AUSA) (CSE:AUSA,OTCQB:AUSAF), which confirmed the victory of the Concerned Shareholders of Australis Capital at its annual and special meeting of shareholders. The Concerned Shareholders had been leading a takeover dispute against AUSA’s management.
Before the official vote took place, the board nominees put forward by AUSA were withdrawn, leaving the nominees from the Concerned Shareholders to win seats on the AUSA board of directors.
Duke Fu, one of the newly elected AUSA board members, said there is significant work ahead to edge the company towards becoming a US cannabis operation. “We thank all shareholders for their involvement, support and patience during this process. Our mission to move the Company forward is front and centre,” he said in a statement.
Terry Booth, a leading member of the Concerned Shareholders, has been retained as a consultant for the company moving forward. In a statement, Booth said he is excited for the future of the company and pointed to the will of investors as the motivation for the new management team.
“There is simply no alternative, shareholders expect and deserve accretive growth without delay. It is indeed time to ignite, excite and delight this loyal shareholder base,” said Booth, who is the founder and former CEO of Aurora Cannabis (NYSE:ACB,TSX:ACB).
With this change confirmed, the former AUSA management team issued their resignations from the company — CEO Harry DeMott, CFO Alex Han, COO Cleve Tzung and Daniel Norr, executive vice president and chief legal officer, all stepped down.
The election results helped shares of the company jump in value this past week. As of Friday (November 20) at 11:37 a.m. EST, shares of AUSA were worth C$0.20 each. Over the past five trading days, the company went up nearly 30 percent.
Colombian cannabis producer sets eyes for UK market
The Toronto-based company, which is managing a cannabis producer in Colombia, confirmed it has a deal in place with its distribution partner that will last until Q1 2021. This arrangement will allow PharmaCielo to ship up to 1,000 kilograms of product during the Q1 2021 period.
Moving forward, PharmaCielo expects to obtain a novel foods authorization for its CBD extracts, at which point it will be able to expand its product offerings throughout its fiscal 2021 year. The permit would indicate that the company meets regulatory market standards.
David Attard, CEO of PharmaCielo, said he expects 2021 to be a critical year for the company as it continues to attempt its expansion plans across the international cannabis markets.
Cannabis company news
- TerrAscend (CSE:TER,OTCQX:TRSSF) gave investors an official look at its Q3 performance period, during which sales came to C$51 million and adjusted EBITDA increased to C$17.8 million. Jason Ackerman, CEO and executive chairman of TerrAscend, highlighted the Pennsylvania and New Jersey markets for the company.
- Charlotte’s Web Holdings (TSX:CWEB,OTCQX:CWBHF) will look into the therapeutic use of cannabinoids via a new research project done in collaboration with the University at Buffalo’s Center for Integrated Global Biomedical Sciences.
- Neptune Wellness Solutions (NASDAQ:NEPT,TSX:NEPT) issued financial results for its second fiscal quarter of 2021, reporting a net loss of C$21,840 despite a total revenue spike to C$28,686.
- Trulieve Cannabis (CSE:TRUL,OTCQX:TCNNF) reported its Q3 results, highlighting a 13 percent revenue increase to US$136.3 million. Overall, the company reported net income of US$17.4 million and adjusted EBITDA of US$67.5 million.
- Curaleaf Holdings (CSE:CURA,OTCQX:CURLF) took the opportunity in its Q3 financial report to announce the succession plan for CEO Joseph Lusardi, who will be transitioning away from the role. Curaleaf President Joseph Bayern has been appointed as the next leader.
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Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.