Origin House (CSE:OH) announced a binding term sheet with Alternative Medical Enterprises (AltMed) to alter its agreement in order to raise its equity position in AltMed.
As quoted in the press release:
Origin House a leading North American cannabis products and brands company, today announced that it has signed a binding term sheet (the “Agreement”) with Alternative Medical Enterprises, LLC (“AltMed”) to convert the Company’s 3.5 [percent] royalty interest on the sale of AltMed’s MÜV branded products (“MÜV”) into a combination of cash and 125 units of AltMed’s equity raising Origin House’s aggregate equity position in AltMed to 5.1 [percent].
Marc Lustig, Chairman and CEO of Origin House said, “AltMed has established itself as a successful cannabis business in the key markets of Florida and Arizona. Based on our discussions with AltMed, we believe eliminating the royalty will facilitate the multi-jurisdictional expansion of MÜV products and also furthers our strategic aim of converting non-core assets like the MÜV royalty.”
Origin House currently owns a 4.8 [percent] equity interest in AltMed and a 3.5 [percent] gross product royalty on the sale of certain MÜV products. Pursuant to the Agreement, AltMed will issue 125 units to Origin House in addition to cash, as consideration for the Company’s royalty interest. Upon conversion of the royalty interest, Origin House will own an aggregate of 5.1 [percent] of AltMed. Based on the valuation ascribed to AltMed for the conversion of the royalty, this 5.1 [percent] equity position has an equity value of US$10.3 million. The anticipated closing date is on or before February 15, 2019.
American cannabis sales hit US$17.5 billion in 2020, a research group’s new study shows.
Meanwhile, a Canadian cannabis producer began offering CBD beverages in the US, another move that shows how interested Canadians are in the overall US cannabis market at the moment.
Some pretty important news out of health and wellness; beverage and natural products company BevCanna Enterprises Inc. (CSE:BEV, Q:BVNNF, FSE:7BC) this week. For those of you following the Company with us, stay tuned.
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).