During the past trading week (December 10 to 14), the movement of a new farm bill which will open the hemp market in the US continued in the Senate and House.
An update from Aphria (NYSE:APHA,TSX:APHA) in the midst of a short seller attack also made headlines throughout the week alongside a few updates from fellow Canadian cannabis producers.
Here’s a closer look at what some of the biggest news was during last week’s trading period.
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The US House of Representatives approved a finalized version of a US$867 billion farm bill, passed by the Senate on Tuesday (December 11), which now puts it closer to becoming law. The bill will act as a key to opening the hemp and derivatives market in the US.
Senate Majority Leader Mitch McConnell (R-KY) has been a big supporter of the market and what it could to farmers in his representative state.
Several cannabis-related companies have announced intentions to pursue plays in this market, with research from Brightfield Group of Chicago showing the North American CBD from hemp industry could be worth US$22 billion by 2022.
Investors await Aphria response
Canadian licensed producer (LP) Aphria (NYSE:APHA,TSX:APHA) is still facing questions raised by a short seller report published at the start of December. The company had promise a rebuttal to every element of the short seller report was on its way.
On Friday (December 14), BNN Bloomberg reported Aphria will share its response once it completes an internal review of the company.
“We have full confidence in the work being done by the special committee’s independent directors and their independent advisors to review and confirm the company’s record,” an Aphria spokesperson said in reference to a special grouping made by Aphria to investigate the deals called into question by the short sellers Quintessential Capital Management and Hindenburg Research.
Since the first report was published on December 3, shares of Aphria have decreased in value 7.37 percent. The stock opened on Friday with a price of C$6.86.
Market update
Following the opening of the cannabis market in Mexico, on Monday (December 10) Aurora Cannabis (NYSE:ACB,TSX:ACB) announced it was purchasing a local importer in an all stock deal.
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Aurora will complete the purchase of Farmacias Magistrales, a pharmaceutical laboratory based in Mexico City, by way of its own shares at a price not yet confirmed set to be determined “on a valuation of the proforma distribution revenue projections of Farmacias.”
Aurora’s interest in the Mexican venture comes after the LP confirmed an exclusive partnership to import Aurora’s medical cannabis product.
Fellow LPs HEXO (TSX:HEXO) and Organigram Holdings (TSXV:OGI) issued new financial results for investors to gauge the progress of the company’s following the legalization of recreational cannabis in Canada.
“The importance of 2018 can not be overstated for Organigram as well as the industry,” Greg Engel, CEO of Organigram, said in a statement to investors.
As part of its 2018 fiscal and Q4 results, Organigram reported net income of C$20.5 million in 2018. The company informed shareholders of its expectations moving into 2019:
Fiscal 2019 sales will be dominated by adult recreational use revenue and the Company estimates that Q1, 2019 sales will exceed that of the full year for fiscal 2018, despite only a portion of Q1, 2019 including adult recreational use market sales. Further, the Company expects that Q2, 2019 sales will exceed Q1, 2019 sales based on purchase orders received to date.
Meanwhile, HEXO generated C$6.7 million in revenue during Q1 of its fiscal 2019, with adult-use product representing C$5.2 million in sales.
HEXO disclosed, during the quarter, 90 percent of its recreational product was allocated to Quebec while the remaining 10 percent was split between Ontario and BC.
Don’t forget to follow us @INN_Cannabis for real-time news updates!
Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.
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** This article is updated each week. Please scroll to the top for the most recent information**
Cannabis Weekly Round-Up: Cronos Secures Altria Investment
By Bryan Mc Govern, December 7, 2018
During the past trading week (December 3 to 7), the company behind Marlboro cigarettes made a US1.8 billion investment in a cannabis company.
The turbulent ride for Aphria (NYSE:APHA,TSX:APHA) investors as part of a pair of short seller reports also made headlines throughout the week alongside an executive request pursuing NASDAQ listing.
Here’s a closer look at what some of the biggest news was during last week’s trading period.
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Cronos obtains coveted deal with Altria
On Friday (December 7), Canadian licensed producer (LP) Cronos Group (NASDAQ:CRON,TSX:CRON) announced it had secured an investment deal from Altria Group (NYSE:MO).
As part of the deal, Altria will gain shares of Cronos to obtain a 45 percent ownership interest in the cannabis company. Through additional options, Altria is allowed to increase its stake to 55 percent.
During the week, Cronos confirmed talks were in development but at the time said no assurance could be made regarding the deal.
Mike Gorenstein, CEO of Cronos, said Altria is the right partner for his company. He added that the money from the investment will be used to “expand our global infrastructure and distribution footprint, while also increasing investments in [research and development] R&D and brands that resonate with our consumers.”
Altria faces challenges as its revenues decline and its market projections faced pressures from low sales.
According to CNN Business, Altria’s shares have dipped 25 percent so far in the year while the company is projected to report a revenue growth of “only about 1 [percent] this year and in 2019.”
Cronos ends up beating fellow cannabis companies for the deal, as this wasn’t the first time the parent company of Marlboro cigarettes maker Philip Morris USA was linked to the marijuana space.
In October, a report appeared connecting the cigarette producer with Aphria for some version of a partnership.
“Investing in Cronos Group as our exclusive partner in the emerging global cannabis category represents an exciting new growth opportunity for Altria,” Howard Willard, Altria’s CEO, said in a statement.
Doug Waterson, CFO and portfolio manager with Faircourt Asset Management and manager of the Ninepoint UIT Alternative Health Fund, had previously told the Investing News Network he expected tobacco’s play in to cannabis to be more complicated than alcohol or pharmaceuticals.
“Tobacco you would think … they have their own baggage obviously to deal with,” Waterson said. “I would say it’s more important to them to do a deal but it’s also probably more difficult just politically, [with] shareholders, everything. It’s a challenging thing.”
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Aphria and partners targeted by short sellers
On Monday (December 3), Quintessential Capital Management and Hindenburg Research published a report and issued a presentation on faults they discovered and allegations raised against the way Aphria had gone about acquiring its Latin American assets.
In the report, the firm states that the research makes it believe that “Aphria is part of a scheme orchestrated by a network of insiders to divert funds away from shareholders into their own pockets.”
In September, Aphria closed a transaction acquiring the Latin American assets of Scythian Biosciences, now known as Sol Investments (CSE:SOL). These included facilities, licenses to operate and other assets in Colombia, Jamaica, Argentina and Brazil.
The report argued Aphria had spent over C$700 million in “worthless” assets.
Gabriel Grego, founder of Quintessential Capital Management, has said he welcomes legal action from Aphria or the fellow companies listed in the report. Grego said of the allegations and the report:
The game is they seem to go out, buy themselves very cheaply some companies in emerging markets and then sell them again, first to Scythian and then to Aphria for gigantic valuations and we believe this has not been disclosed properly to investors.
Aphria has defended itself throughout the week and even announced an independent group to investigate the purchases. However, the market has sold off on the stock of the Canadian producer.
Since Monday, the stock has suffered a turbulent ride with an immediate decrease, reaching a low of C$4.87 on Wednesday (December 5). As of 12:30 p.m. EST on Friday, Aphria shares are up 4.90 percent from its previous close to C$7.92.
If you got Aphria stock $APHA any time in the last two years, and held, you are losing money. If you got in around legalization, you are down 80%. pic.twitter.com/Y3dNqCZr76
— Chris Goodwin (@ChrisGoodwin79) December 6, 2018
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On Thursday (December 6), Hindenburg Research continued its attack on Aphria by publishing a second independent report now focussing on similar alleged irregularities with Aphria’s US partner Liberty Health Sciences (CSE:LHS).
“At this point, we think the responsibility is on management to earn back shareholder trust and begin making all the beneficiaries of these shell transactions, discounted private placements, and related deals fully transparent,” the new report indicated.
Hindenburg Research focussed on the acquisition of a Florida property by Liberty, which involves some of the same role players from the Aphria and Sol Investments situation.
“Liberty takes the unconfirmed allegations contained in the Report very seriously and will provide updates as they relate to this matter in due course,” the US company said in a statement in response to the report.
Aleafia chairman asks for support on consolidation move for NASDAQ listing
Aleafia Health’s (TSXV:ALEF) chairman Julio Fantino penned a letter to investors asking for shareholder support in a pursuit for a NASDAQ listing.
Fantino told shareholders in a letter that in order to obtain a NASDAQ listing the Canadian LP may have to consolidate its shares to meet the minimum share price requirement from the exchange.
“Successfully listing on a major US stock exchange would broaden Aleafia’s shareholder base, and increase appeal to institutional investors,” Fantino wrote.
In the letter, the chairman presented his case by sharing the following points:
- Aleafia will only pursue a share consolidation if it is deemed necessary to meet NASDAQ requirements. This resolution simply allows the flexibility to pursue this option at an advantageous time for Aleafia’s shareholders.
- If a share consolidation is enacted, it will not have an effect on the percentage ownership of each individual shareholder or the company.
- We may not need to pursue a consolidation.
Since the announcement on Monday the share price for the company has dropped over 11 percent in value.
Don’t forget to follow us @INN_Cannabis for real-time news updates!
Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.
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Ayurcann Holdings Corp. (CSE: AYUR) (the “Company” or “Ayurcann”) an integrated Canadian extraction company specializing in the processing of cannabis and hemp for the production of oils and various derivative products, announces the granting of stock options and restricted share units.
The Company has announced that it has granted incentive stock options to directors, officers, employees and consultants of the Company to purchase an aggregate of 1,000,100 common shares under the Company’s Stock Option Plan. Each option is exercisable at a price of $0.16 per common share, expires three years from the date of grant and vest six months from the date of the grant.
The Company has also granted restricted share unit grants, pursuant to the Company’s Restricted Share Unit plan, dated April 1, 2021, totaling 1,548,875 to certain eligible participants.
For further information, please contact:
Igal Sudman, Chairman, Chief Executive Officer and Corporate Secretary
Ayurcann Holdings Corp.
Tel: 416-720-6264
Email: igal@xtrx.ca
Investor Relations:
Ryan Bilodeau
Tel: 416-910-1440
Email: ir@ayurcann.com
About Ayurcann Holdings Corp.:
Ayurcann is a leading post-harvest solution provider with a focus on providing and creating custom processes and pharma grade products for the adult use and medical cannabis industry in Canada. Ayurcann is focused on becoming the partner of choice for leading Canadian cannabis brands by providing best-in-class, proprietary services including ethanol extraction, formulation, product development and custom manufacturing.
Neither the Canadian Securities Exchange nor its Regulation Services Provider have reviewed or accept responsibility for the adequacy or accuracy of this release.
News Provided by GlobeNewswire via QuoteMedia
Keep reading to find out more cannabis highlights from the past five days.
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Tilray delays critical shareholder meeting
On Thursday (April 15), Tilray (NASDAQ:TLRY) announced it will be postponing its shareholder vote on the fate of its merger with Aphria (NASDAQ:APHA,TSX:APHA). It will take place on April 30 instead of April 16.
Neither cannabis company offered an explanation for the change. Tilray has asked shareholders to participate in this vote regardless of how many shares they may hold. “Tilray stockholders who have not already voted, or wish to change their vote, are strongly encouraged to do so,” the company said.
This news came days after Aphria shareholders overwhelmingly voted in favor of the business transaction, with a total of 99.38 percent of shareholders voting for the deal to continue. Confirmation from Aphria Chairman and CEO Irwin Simon indicated the partnership was en route to being complete.
This past week Aphria also released financial results for the third quarter of its 2021 fiscal year, in which the firm highlights the overall direction of the company with the Tilray deal.
“We expect to have a tremendous runway for long-term sustainable growth as we build upon our existing foundation in Canada and internationally by increasing the scale of our global operations,” Simon said in a statement.
Cannabis retailer celebrates digital trend
As part of a celebration for April 20, otherwise known as 420, Fire & Flower Holdings (TSX:FAF,OTCQX:FFLWF) announced the dissemination of a non-fungible token (NFT) digital art piece.
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Bidding for the piece, named “Non-Fungible Toke“ started at a price of C$4.20. The retailer plans to donate the proceeds to two charities, Second Harvest and Less.
The latter is designed to counter the carbon footprint of blockchain technology, a common criticism drawn against the rise of NFTs and other novel technologies.
As of 11:00 a.m. EST on Friday (April 16), the NFT bid was up to C$169.11.
Cannabis company news
- The Valens Company (TSX:VLNS,OTCQX:VLNCF) issued its financial report for the first quarter of its 2021 fiscal year. In its results, the company highlights a net revenue uptick of 24.7 percent from the previous quarter, resulting in C$20 million for the period.
- Trulieve Cannabis (CSE:TRUL,OTCQX:TCNNF) closed a public offering of 5 million subordinate voting shares at a price of C$50 each for total gross proceeds of C$287.5 million. The company celebrated its financial position after an offering in January, which will lead to the pursuit of merger and acquisition targets.
- Australis Capital (CSE:AUSA,OTCQB:AUSAF) appointed Jason Dyck as its new chief science officer and chairman of the firm’s scientific advisory board. Dyck previously served as an executive at Aurora Cannabis (NASDAQ:ACB,TSX:ACB), leading the scientific efforts for the cannabis producer. “I look forward to providing AUSA with advice and direction in its scientific efforts towards bringing innovations to market with immediate and significant commercial appeal,” Dyck said.
- Truss Beverage, a cannabis drinks venture co-owned by Molson Coors Beverage Company (NYSE:TAP,TSX:TPX) and HEXO (NYSE:HEXO,TSX:HEXO), released the details of its new lineup of infused beverages. Six new drinks will become available around the summer and are intended to pair with the season.
Don’t forget to follow us @INN_Cannabis for real-time updates!
Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.
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Partnerships with Minardi Law , Minorities for Medical Marijuana, CultivatED, and the Georgia Justice Project will include clinics and virtual events across Florida , Georgia , and Massachusetts
Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) (“Trulieve” or “the Company”), a leading and top-performing cannabis company based in the United States announced today a series of expungment clinics located throughout south and central Florida as well as virtual events in Georgia and Massachusetts . The clinics are part of the Company’s celebration of the 50 th anniversary of 420.
During the month of April, Minardi Law has hosted expungment clinics and will be hosting two more as follows:
- Releaf Patient Appreciation Day, April 17 th ( Valrico )
- First Annual 4/20 Event ( St. Petersburg Beach )
At these clinics, an attorney will be present to review records and see if someone is eligible for a sealing or expungment of their records. As part of the events, Trulieve will be helping cover the costs for finger prints, legal fees, and court costs.
Trulieve is working with Minorities for Medical Marijuana (“M4MM”) to host a 4/20 Expungement Clinic, part of M4MM’s Project Clean Slate. This event will take place on Saturday, April 24, 2021 , from 9:30am – 4:30pm at Riviera Beach City Hall. Anyone seeking to take place in this event is required to register in advance at http://trulieve.cc/expungementpreregistration .
In addition, Trulieve is sponsoring the First Friday Series , a weekly virtual event from the Georgia Justice Project to help Georgia citizens with record restrictions, and is also sponsoring the Fellowship Presentation and Expungement Clinic being offered through CultivateEd and GBLS on Friday, April 23 from 3:00pm – 4:00pm . You can register for the Massachusetts expungement clinic in advance here: HTTPS://BIT.LY/2Q655KK
“Our mission as a company has always been to improve people’s lives,” said Trulieve CEO Kim Rivers . “We’ve always been dedicated to improving the communities we call home. Partnering with Minardi Law , Minorities for Medical Marijuana, Georgia Justice Project and CultivatED on these clinics was a simple decision for us; we encourage anyone seeking help with the expungement process to attend one of these clinics in your own state to start the process.”
For more information about Trulieve and the April expungment clinics, please visit www.Trulieve.com .
About Trulieve
Trulieve is primarily a vertically integrated “seed-to-sale” company in the U.S. and is the first and largest fully licensed medical cannabis company in the State of Florida . Trulieve cultivates and produces all of its products in-house and distributes those products to Trulieve-branded stores (dispensaries) throughout the State of Florida , as well as directly to patients via home delivery. Trulieve also has operations in California , Massachusetts , Connecticut and Pennsylvania. Trulieve is listed on the Canadian Securities Exchange under the symbol TRUL and trades on the OTCQX market under the symbol TCNNF.
To learn more about Trulieve, visit www.Trulieve.com .
View original content: http://www.prnewswire.com/news-releases/trulieve-announces-expungement-programs-in-several-states-as-part-of-420-celebration-301270340.html
SOURCE Trulieve Cannabis Corp.
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Seth Rogen’s New Cannabis Brand are Now Available at Apothecarium Dispensaries in San Francisco , Berkeley and Capitola
The Apothecarium is offering cannabis from Houseplant, the cannabis lifestyle brand founded by Seth Rogen and Evan Goldberg at its five California dispensaries. The Apothecarium has three San Francisco locations (Castro, SOMA and Marina ) and one each in Berkeley and Capitola (outside of Santa Cruz ).
“With the vast number of dispensaries in California , we put a lot of effort into identifying the right ones that align with Houseplant’s values,” said Seth Rogen , Co-Founder of Houseplant. “The Apothecarium shares the same commitment to creating a strong consumer experience that we pride ourselves on and we are thrilled to bring our three initial strains to their stores in the Bay Area.”
Houseplant is launching with three flower strains, all of which will be available at The Apothecarium, including: Diablo Wind (sativa), Pancake Ice (sativa) and Pink Moon (indica). Like their founder’s groundbreaking film “Pineapple Express”, Houseplant strains are named after weather phenomena. Each strain will be sold in a custom tin.
“We are so proud to be one of the very first dispensaries in California to offer Houseplant to our customers,” said Ryan Hudson , CEO and co-founder of The Apothecarium. “Seth, Evan and everyone at Houseplant love and respect cannabis as much as we do. We simply cannot wait to share their beautiful and delicious flowers with our guests.”
“We’ve been working with the Houseplant team for more than a year and are grateful to have a partner that shares so many of our values, including an emphasis on cannabis education, quality, reform of cannabis laws and beautifully designed, recyclable packaging.”
“Seth has been hands-on during the process, spending time with our store managers to make sure they know the products and how much care has gone into vetting and selecting the best strains. We think our guests are going to love Houseplant.”
About The Apothecarium
The Apothecarium is recognized as one of the nation’s premier cannabis dispensaries, with an emphasis on education via in-depth one-on-one consultations from highly trained cannabis consultants. The company was founded by three first cousins and two family friends in 2011. Our dispensaries are known for providing educational events that are open to the public at no cost — and for welcoming seniors, first-time dispensary visitors, and people with serious medical conditions. The Apothecarium’s flagship San Francisco dispensary was named the best-designed dispensary in the country by Architectural Digest . Patients and customers may order at our dispensaries or online for pickup or delivery at apothecarium.com [apothecarium.com] .
The Apothecarium is committed to giving back to the communities we serve. We have donated more than $400,000 in cash to community groups and nonprofits — plus more than $300,000 worth of in-kind donations.
All Apothecarium dispensaries continue to implement safety measures to protect guests and team members. Protocols include strict social distancing inside and outside the dispensaries, a mask requirement for everyone inside the dispensaries, no contact check-in procedures and ongoing sanitizing throughout the day.
CA Licenses: C10-0000523-LIC; C10-0000522-LIC; C10-0000515-LIC, C10-0000738-LIC, C10-0000706-LIC
View original content: http://www.prnewswire.com/news-releases/houseplant-launches-at-the-apothecariums-california-dispensaries-301270397.html
SOURCE TerrAscend
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(TheNewswire)
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