Aleafia Completes Phase One Construction and Retrofitting of Niagara Greenhouse Facility: Aleafia Health Inc. (TSXV: ALEF) (OTCQX: ALEAF) (FRA: ARAH) has completed Phase I construction and retrofitting of its Niagara Greenhouse facility (“Niagara”) located in Grimsby, Ontario. The Company expects to complete Phase II of the construction and retrofitting on the balance of the facility in late Q1 or early Q2 2019. The Company has also submitted the facility’s Evidence Package to Health Canada, marking the final stage in the Cultivation Licence application process. Pending Health Canada approval, the first Niagara crop is expected to begin in the next 60 days. Aleafia expects that the Niagara facility will lead to a meaningful increase in the Company’s total cannabis production capacity.
Aleafia will have multiple avenues to distribute the cannabis produced at Niagara, including leveraging its 15,000 kg 2019 supply agreement with CannTrust Holdings Inc. (TSX: TRST) in the near term. The Cannabis Investor
TransCanna Closes Initial Public Offering: Transcanna Holdings Inc. (CSE: TCAN) is pleased to announce that on January 8, 2019, it completed its initial public offering of 4,400,000 units (each a “Unit“) issued at a price of $0.50 per Unit. This generated aggregate gross proceeds of $2,200,000 pursuant to a prospectus dated December 10, 2018 (the “Prospectus“). The Company’s common shares were listed for trading on the CSE under the trading symbol “TCAN” on January 8, 2019 and are expected to commence trading on or about January 9, 2019. The Cannabis Investor
iAnthus Opens First Medical Cannabis Dispensary in Brooklyn Serving Borough of 2.6 Million People: iAnthus Capital Holdings, Inc., (CSE: IAN) (OTCQX: ITHUF), which owns, operates, and partners with best-in-class regulated cannabis operations across the United States, is pleased to announce that it has opened its first and flagship dispensary in New York on December 30, 2018. The dispensary, located at 202 Flatbush Avenue directly across from Barclays Center and Atlantic Terminal, is the first in Brooklyn, New York’s largest borough, with a population of roughly 2.6 million people. The dispensary will operate under iAnthus’ “Citiva” New York dispensary brand. The Cannabis Investor
Emblem Oils Now Available Through Shoppers Drug Mart: Emblem Corp.(TSXV: EMC) (OTCQX: EMMBF) through its wholly-owned subsidiary Emblem Cannabis Corporation, today announced that Emblem-branded cannabis oils are now available online through Shoppers Drug Mart to patients with a valid medical authorization.
“As a patient-first provider, Emblem is committed to helping provide patients access to our products through distribution channels that provide both care and convenience like Shoppers Drug Mart,” said Nick Dean, CEO, Emblem Corp. “Accessing a variety of distribution channels also continues to be a critical factor in our business strategy as we remain focused on being a leader in the medical cannabis space.” The Cannabis Investor
Applied BioSciences Acquires Majority Stake in Cannabis Testing Firm: Applied Biosciences Corp. (OTCQB: APPB), a diversified cannabinoid therapeutics company focused on the medical, bioceutical and pet health industries, announced that it has acquired a majority stake in Trace Analytics, Inc., a leading testing and analytics company. The team has over 65 years of experience in the testing and analytics space and a full-time staff of nine employees including, two Ph.D. analytical chemists and five other scientists.
A recent report from Coherent Market Insights1 estimates that the global cannabis testing market is projected to grow 13.2% year-over-year through 2026, when it is expected to surpass $1.5 billion USD. The Cannabis Investor
Supreme Cannabis Receives Conditional Approval to List on the Toronto Stock Exchange: The Supreme Cannabis Company, Inc. (TSXV: FIRE) (OTCQX: SPRWF) (FRA: 53S1) announced today that it has received conditional approval from the Toronto Stock Exchange (the “TSX”) to graduate from the TSX Venture Exchange (“TSXV”) and list its common shares on the TSX. Newswire.ca
Aurora Cannabis Provides Q2 Revenue Guidance of $50M to $55M: Aurora Cannabis Inc. (“Aurora” or the “Company”) (TSX: ACB) (NYSE: ACB) (Frankfurt: 21P; WKN: A1C4WM) today provided an expected revenue range for the second quarter of the Company’s Fiscal 2019 (“Q2 2019”), the period ended December 31, 2018. Full results will be published on Monday, February 11, 2019pre-market, followed by a conference call later that day, details for which can be found at the end of this release.
Based on preliminary (unaudited) results, the Company anticipates revenues for Q2 2019 of between $50 million and $55 million (net of excise taxes), compared to $11.7 million for the same quarter in the prior year, and compared to $29.7 million for the previous quarter ended September 30, 2018 (“Q1 2019”). The results reflect an anticipated revenue growth rate in excess of 327% compared to Q2 2018 and in excess of 68% compared to Q1 2019. The Cannabis Investor
Canopy Growth Outlines its CBD Advantage: Canopy Growth Corp. (TSX: WEED) (NYSE: CGC) began adding strategic hemp assets to its portfolio in 2016 focused on consumer-packaged goods. The market potential for hemp and future CBD products was soon realized and the Company began investing in field-scale operations in late 2017 in order to vertically integrate its hemp business to mirror its existing cannabis business. Based on a successful first season, Canopy Growth’s hemp division has harvested over 190 million sq. ft. (4500 acres) of CBD-rich hemp genetics in Saskatchewan. Once extracted, the company expects a yield of approximately 7000 kilograms of hemp-derived CBD, repeatable annually. At this time, there is no path to the US market for CBD derived from Canadian-grown hemp. That said, with the expertise that Canopy Growth has developed through the entire product cycle, from breeding to extraction to formulation, the Company is well positioned to assist and enable American farmers to move their hemp to market and positions the company as an expert partner in the United States. www.prnewswire.com
Canopy Rivers Announces $80 Million Bank Debt Facility at PharmHouse: Canopy Rivers (TSXV: RIV) (OTCPK: CNPOF) announced that its 49%-owned joint venture PharmHouse Inc. has entered into a syndicated credit facility with the Bank of Montreal , as agent and lead lender, and with Canadian Imperial Bank of Commerce and Concentra Bank as lenders. Under the terms of the Credit Facility, the Lenders will provide PharmHouse up to C$80 million of secured debt financing at a rate of interest that is expected to average in the mid-to-high 5% per annum range over its three-year term. The Credit Facility will be used to finalize the acquisition of the 1.3 million square foot modern greenhouse facility and further fund necessary project equipment and ongoing construction costs as the production and distribution platform ramps up. globenewswire.com
CannTrust Applies to List on NYSE: CannTrust (TSX: TRST) (OTCPK: CNTTF), announced that it has applied to list its common shares on the New York Stock Exchange. www.prnewswire.com
MediPharm Labs Signs Large Multi-Year Cannabis Extraction Agreement With TerrAscend Marking Strong Start to 2019: MediPharm (TSXV: LABS) (OTCQB: MLCPF) entered into an initial three-year extraction agreement for processing of dried cannabis to cannabis oil concentrates with TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF). Under the terms of the Agreement, TerrAscend will supply bulk quantities of dried cannabis to MediPharm for processing on a fee for service basis into bulk resin or other premium cannabis oil derivative products sold under TerrAscend brands. globenewswire.com
Cannabis REIT to Acquire MedMen Real Estate, Looks to Capitalize on Fast Growing Sector: MedMen (CSE: MMEN) (OTCQX: MMNFF) announced that Treehouse Real Estate Investment Trust has completed its first round of capital raise at $133 million and will partially use the funds to purchase properties from the company. Treehouse is a collaboration between MedMen and Stable Road Capital, a Venice, California-based investment firm with successful track records in real estate and cannabis. Treehouse has a management contract with MedMen to oversee day-to-day operations until Treehouse goes public, at which point management will be internalized. These potential transactions include real estate related to retail stores, and cultivation and production facilities. The Company intends to use the proceeds from the prospective transactions to assist in funding the buildout of its national footprint that includes 76 retail licenses and 16 cultivation and manufacturing licenses in 12 states. The company currently operates 16 stores and 3 cultivation and manufacturing facilities. www.businesswire.com
Shoppers Drug Mart Launches Ecommerce Platform for Medical Cannabis: Shoppers Drug Mart launched its online platform for the sale of medical cannabis, providing patients with a single, trusted source for all their cannabis therapy needs. The launch brings together Canada’s current ecommerce model for medical cannabis, with the expert advice and counsel from trusted healthcare professionals. At www.shoppersdrugmart.ca/cannabis patients have access to a number of products from Canadian licensed producers, shipped directly and discreetly to their doorstep. Additionally, Shoppers Drug Mart will provide support for patients through its newly created Shoppers Cannabis Care Centre – a virtual team of professionals who can provide counselling and support for patients. Under current regulations, pharmacists cannot dispense medical cannabis from a pharmacy.. www.newswire.ca
Former Cannimed CEO Brent Zettl Starts New Cannabis Extraction Company: Brent Zettl says his biopharmaceutical company Zyus Life Sciences Inc. will buy cannabis from licensed producers and focus on extraction and development of plant-based medicinal products for the global medical market. The Saskatoon-based company was initially called CB3 Life Sciences Inc. but has now been renamed Zyus. Zettl says Zyus has acquired a former ethanol extraction facility in Saskatoon and now has 43 employees — 35 who had previously worked at CanniMed. www.cbc.ca
Greenlane Announces Closing of $48.25 Million Convertible Note Financing: Greenlane Holdings LLC, a leading distributor of premium vaporization products and consumption accessories, today announced the completion of a $48.25 million convertible note financing. www.businesswire.com
Aphria, Tilray Canopy and Aurora Race To File Their CBD Trademarks Amid DEA Lifting Restrictions: President Trump has officially signed the farm bill that includes a section that legalizes the commercial cultivation of hemp nationwide. Will the legalization of industrial hemp open the door to federal trademark protection for CBD products. Many analysts are suggesting that these 4 powerhouses are posturing to trademark their CBD products now that Donald Trump has signed the bill. Elephant Journal
Acreage Holdings Acquires Nature’s Way Nursery of Miami, Inc.: Acreage Holdings (CSE: ACRG.U) (OTCQX: ACRGF) has closed the acquisition of Florida-based Nature’s Way Nursery of Miami, Inc. Nature’s Way was awarded a vertically integrated operating license last summer and will operate the business as Green Owl Pharms, the name under which it was awarded the operating license. The previously disclosed transaction paves the way for Acreage to bring cannabis products to Florida residents throughout the state. Acreage paid the shareholders of Nature’s Way $67 million plus assumption of certain transaction expenses of the sellers The Cannabis Investor
TILT Holdings Agrees to Acquire Jupiter Research: TILT (CSE: TILT) (OTC: SVVTF) announced it has agreed to acquire Jupiter Research for US$210 million to bolster TILT’s hardware offerings. Jupiter Research produces power supplies and cartridges specifically designed for cannabis oil in the market today, featuring exclusively ceramic CCELL technology. Jupiter’s team with decades of combined experience in vaporization partners with more than 700 brands and cannabis retailers across the U.S., Canada, Israel and the E.U. Jupiter generated approximately US$77M in 2018 revenue with an estimated 20 percent EBIDTA margin, and already has US$28M in booked orders going into Q1. www.businesswire.com
Green Thumb Industries (GTI) Enters Connecticut Market with Acquisition of Advanced Grow Labs LLC: Green Thumb (CSE: GTII) (OTCQX: GTBIF) has signed a definitive agreement to acquire Advanced Grow Labs LLC and enter the Connecticut market. AGL is one of only four companies in Connecticut licensed to grow and process cannabis.
- The Connecticut-based cannabis company operates a 41,000 square foot manufacturing facility in West Haven with the potential to expand.
- AGL has a 46 percent ownership of a recently-awarded dispensary that will be located in Westport which makes it the only vertically licensed company in the state.
- Upon the close of AGL and the other recently announced acquisition, GTI will have 12 manufacturing facilities and licenses for 85 retail locations across 11 states.
- The transaction is valued at approximately $80. Globenewswire.com
One of MedMen’s Largest Outside Shareholders and Former Board Member, an Affiliate of The Inception Companies, Sues MedMen and Alleges Breach of Fiduciary Duty – in the Superior Court of Los Angeles, California, The Inception Companies founders Brent Cox and Omar Mangalji (through an affiliated entity – MMMG-MC, Inc. – that holds a significant stake in MedMen’s management company MMMG, LLC) filed a complaint against Adam Bierman, Andrew Modlin and various MedMen Enterprises entities for alleged breaches of fiduciary duty.
Cox stated, “We have a long history with MedMen – as one of the largest and original shareholders of the company. Sadly, we are backed into a corner here and compelled to take action on behalf of all stakeholders of the company.” Cox is a former board member of MedMen, serving in that role from March 2016 to March 2018 and Founder of The Inception Companies. Omar Mangalji, Partner and Founder of The Inception Companies added, “Simply put, MedMen is a publicly traded company that is withholding its shares from its shareholders. Management is using conflicted corporate structuring in breach of its fiduciary duty to its shareholders.” BusinessWire
Weekly Deal Watch: New Year Ushers in Multimillion-Dollar Cannabis Deals Worldwide: Marijuana Business Daily and Viridian Capital Advisors provides the latest data on cannabis investment activity and M&A, along with key takeaways, analysis and trends
- Israeli device manufacturer Syqe Medical closed a $50 million raise – a funding round estimated to be the single largest investment into a cannabis-related firm, according to Harrison Phillips, vice president of Viridian Capital Partners. Syqe manufactures medical devices capable of delivering metered-dose inhalations of drugs, including cannabinoids. The raise follows a distribution and cooperation agreement inked in November with pharmaceutical giant Teva Pharmaceutical Industries.
- The New Year kicked also kicked off another small, but noteworthy U.S.-based raise: A $4 million funding round by Chooze Corp., which does business as Lucid Mood. The company is setting out to craft a cannabis vaporizer that boasts formulations that produce a variety of mood states.
- Multistate U.S. marijuana firm Acreage Holdings kicked off the New Year with a more than $67 million acquisition of Florida licensee Nature’s Way Nursery. Nature’s Way holds a vertically integrated operating license for a cultivation and processing facility and up to 30 medical cannabis dispensaries, which Acreage expects will carry the firm’s newly aligned retail brand, The Botanist, and other “soon-to-launch” products. The company said it expects to “invest significant financial capital throughout Florida to build out its cultivation and retail operations.”
- Canadian licensed producer Sunniva closed its acquisition of California-based distributor LTYR Logistics. “Interest in California remains high as it is the single largest market in U.S., which is likely the largest market in world,” Phillips said. “Distribution companies continue attracting investment as they are required middlemen between other licensed businesses and are a new license type.” MJBizDaily
4Front Hires Former Trader Joe’s Exec as Cannabis Firms Continue to Attract Top Talent: The U.S.-based retail and brand development cannabis company 4Front Holdings, LLC hired former Vice President of Buying at Trader Joe’s Glenn Backus to serve as their new President of Mission, a network of branded retail outlets. A multi-state network of medical cannabis dispensaries, Mission currently operates five stores in four states, including Illinois, Maryland, Massachusetts, and Pennsylvania, and plans to open in several new markets according to a statement released by the company. Pot Network
Curaleaf launches its 20th medical cannabis dispensary in Florida: Curaleaf Holdings, Inc. (CSE: CURA) (OTCPK: CURLF) has announced the opening of the first medical cannabis dispensary in the Florida community of Titusville, bringing the number of company dispensaries in the state to 20. Curaleaf claims it has the largest cannabis dispensary footprint in the U.S., with a total of 38 dispensaries. The Cannabis Investor
Michigan Issues First Medical Cannabis Recall for Untested Products: Michigan regulators issued the first recall of medical marijuana products since the state’s new licensing and testing system went into place last year. David Harns, spokesman for Michigan’s MMJ program, said the statewide monitoring system detected five different cannabis-infused tinctures and patches being sold at certain dispensaries that “weren’t connected to any testing result and sent out a red flag.” While the products hadn’t been tested, they weren’t necessarily unsafe. Choice Labs, a Jackson, Michigan, company that processed and distributed the untested batches, won’t face any fines or disciplinary action because the state attributed the mistake to a processor input error and lack of proper training in using the new seed-to-sale tracking system. MJ Biz Daily
U.S. Firm Building a Ccannabis Superhighway’ Plans to List in Canada: MJIC Inc., a pot distributor building a “cannabis superhighway” in California, is planning a Canadian listing by the end of February. The company, based in Commerce, near Los Angeles, plans to sell shares on the Canadian Securities Exchange via a reverse takeover. MJIC said its superhighway will create the infrastructure to legally transport, distribute and sell marijuana amid a thicket of regulations that hamper the industry supply chain. At present, a licensed grower can’t legally transport his crop to his own licensed extraction facility across the street without hiring a licensed distributor, according to Karban. The company is acquiring dozens of licenses, trucks and warehouses across the state to build a legal corridor for cannabis stretching from San Diego to Oakland. The Star
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