Canopy Growth Reports Record Q3 Net Revenue of $83 Million: Canopy Growth Corporation (TSX: WEED) (NYSE: CGC) (“Canopy Growth” or “the Company”) today released its consolidated financial results for the third quarter fiscal 2019 ended December 31, 2018. All financial information in this press release is reported in Canadian dollars unless otherwise indicated.
- Cannabis shipments totaled 10,102 kilograms and kilogram equivalents.
- Net income of $74.9 million, including changes in fair values of financial liabilities included in Other Income.
- Closed the previously announced $5 billion investment by Constellation Brands Inc and began putting that capital to work for shareholders with key acquisitions of Storz & Bickel and the assets of ebbu Inc.
- Expanded to new markets including the United Kingdom and Peru, and announced intention to establish operations in New York State, marking the Company’s entry into the US hemp market.
- Intellectual property portfolio grew to 32 issued patents and over 140 patent applications, covering a range of target areas from technology to genetics to clinical formulations.
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iAnthus Opens 20th Dispensary in the U.S. and 2nd in New York: 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 second New York dispensary, located in the Dutchess County town of Wappingers Falls. The dispensary will operate as “Citiva Hudson Valley” under iAnthus’ “Citiva” New York dispensary brand.
“The opening of our Citiva Hudson Valley dispensary is a major milestone for iAnthus, as it marks the 20th dispensary opened by the Company,” said Hadley Ford, CEO of iAnthus. “2019 will be full of catalysts and exciting developments for Citiva, including the much-anticipated completion of our cultivation facility in Warwick, New York, and the opening of dispensaries in Staten Island and Chemung County.”
CannTrust to Begin Trading on NYSE February 25: CannTrust Holdings Inc. (TSX: TRST) is pleased to announce that it has satisfied all the regulatory requirements to list its common shares on the New York Stock Exchange (“NYSE”).
Trading of the Company’s common shares on the NYSE will begin on Monday, February 25, 2019, under the ticker symbol “CTST”. The Company’s common shares will continue to be listed on the Toronto Stock Exchange under the ticker symbol “TRST”.
“We are continuously looking to deliver shareholder value and the NYSE listing is a natural progression for CannTrust,” said Peter Aceto, Chief Executive Officer. “We have taken steps to strengthen our management team to accelerate our growth as we face high demand for our products and expertise, both domestically and internationally. Specifically, we have recently hired Greg Guyatt as Chief Financial Officer, who has demonstrated experience in international capital markets. We expect the NYSE listing will result in an expanded institutional and retail shareholder base, increased capital markets exposure and firmly establish CannTrust as a global company.”
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Aleafia Announces New President of Clinic Operations: Aleafia Health Inc. (TSXV: ALEF) (OTCQX: ALEAF) (FRA: ARAH), has named private healthcare executive Keith White as the Company’s new President of Clinic Operations. Most recently, White was The Oshawa Clinic’s, Chief Operating Officer. Oshawa, the largest of its kind in Canada, is a Greater Toronto Area multidisciplinary medical clinic network with over 500,000 unique patients. White also serves as the Chairman of the Lakeridge Health Foundation, a healthcare not-for-profit.
In his new leadership role, White will integrate Aleafia Health’s wholly owned Canabo Medical Clinics and Emblem’s (“Emblem”)(TSXV: EMC, OTCQX: EMMBF) GrowWise Health, following the closing of the Company’s previously announced Emblem acquisition.
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TransCanna Announces Conference Call to Provide Corporate Update on Future Vision and Activities Since IPO: February 15, 2019) – TransCanna Holdings Inc. (CSE: TCAN) (FSE: TH8) intends to host a corporate update conference call, after the close of the market at approximately 1:15 pm (pst) on Tuesday, February 19th, 2019. The agenda for the call is to provide an update on the corporation’s activities since the IPO and articulate the future vision and opportunities the company is pursuing.
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Tilray to Acquire the World’s Largest Hemp Food Company Manitoba Harvest for $419 Million: Tilray, Inc. (NASDAQ: TLRY), a global leader in cannabis research, cultivation, production and distribution, today announced it has entered into a definitive agreement pursuant to which Tilray will acquire all of the issued and outstanding securities of FHF Holdings Ltd. (“Manitoba Harvest”), from Compass Group Diversified Holdings, LLC (NYSE: CODI) and other shareholders of Manitoba Harvest.
Under the terms of the Agreement, Tilray will acquire Manitoba Harvest on a cash and debt-free basis, for an aggregate purchase price, including cash and class 2 Common Stock in the capital of Tilray (“Tilray Shares”), of up to C$419 million pending the achievement of certain milestones after the closing of the Transaction.
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Tidal Royalty and MichiCann Medical Strike Deal to Create New U.S. Multi-State Operator: Tidal Royalty Inc. (CSE: RLTY.U), a leading provider of royalty financing to licensed U.S. cannabis operators, is pleased to announce that it has entered into a binding letter of intent (the “LOI“) with MichiCann Medical Inc. (operating as Red White & Bloom) with respect to the acquisition of all of the issued outstanding shares of MichiCann. After completion of the Proposed Transaction, the shareholders of Tidal will hold approximately 20% of the issued common shares of the resulting issuer, and the former shareholders of MichiCann will hold approximately 80% of the resulting issuer shares, on a fully-diluted basis.
If completed, the Proposed Transaction will constitute a “Fundamental Change” of the Company, as such term is defined in policies of the Canadian Securities Exchange (the “CSE”). The Company’s shares will remain halted until the CSE has reviewed and approved the Proposed Transaction and has determined it appropriate to lift the halt on trading in respect of the securities.
HEXO Corp. Secures $65 Million Credit Facility with CIBC and BMO: HEXO Corp. (TSX: HEXO) (NYSE-A: HEXO) is pleased to announce it has entered into a syndicated credit facility with Canadian Imperial Bank of Commerce (“CIBC”), as Sole Bookrunner, Co-Lead Arranger and Administrative Agent and Bank of Montreal as Co-Lead Arranger and Syndication Agent. Under the terms of the credit facility, the Lenders will provide HEXO up to C$65 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 consists of a C$50 million term loan and a C$15 million revolving loan, with an uncommitted option to increase the facility by up to C$135 million, subject to the satisfaction of certain customary legal and business conditions. Both loans mature in 2022. HEXO may, at its discretion, repay the balance of the loans without penalty, at any time.
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Aphria Special Committee Announces Results of LATAM Acquisition Review: Aphria Inc. (TSX: APHA) (NYSE: APHA) today announced that its Board of Directors has accepted and considered the report of the special committee of independent directors, which reviewed the allegations made against the Company in respect of the Company’s previously completed acquisition of LATAM Holdings Inc.
- Special Committee concludes that acquisition of LATAM assets was within an acceptable range as compared to similar acquisitions by competitors.
- Review also involved independent physical inspection of operating LATAM assets, confirming facilities, licenses, and employment.
- Provides recommendations for further governance enhancements.
- Company provides update on executive transitions.
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TransCanna Announces the Completion of Proprietary Software Platform 420 Global: TransCanna Holdings Inc. (CSE: TCAN) (FSE: TH8) is pleased to announce that it has completed phase I of its proprietary software platform called “420 Global”. The state-of-the-art proprietary software is designed to create a Business Intelligence backend that integrates accounting, human resources, procurement, manufacturing and project management solutions.
420 Global will allow the Company to efficiently operate and fulfill every business aspect within their current and future facilities throughout the California cannabis market. “By streamlining this incredible amount of data and allowing management teams to pull pertinent reports in a timely manner is a tremendous benefit. 420 Global will be the backbone of our enterprise, the completion was on budget and ahead of schedule.” Stated Jim Pakulis CEO.
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Namaste Technologies Settles with Former CEO Sean Dollinger and Provides Corporate Update: Namaste Technologies Inc. (TSXV: N) (OTCQB: NXTTF) (FRANKFURT: M5BQ) today is pleased to announce that it has reached a mutually agreed upon settlement with Sean Dollinger resulting in Mr. Dollinger entering into an advisory relationship with Namaste providing transition support to the Company to ensure the best interests of the business and stakeholders are met. Pursuant to the Agreement, Mr. Dollinger has withdrawn his previously announced legal application against the Company and has agreed to step down from all formal roles with the Company, including as a director, which will also enable him to spend more time with his young family and pursue other opportunities. Meni Morimremains Interim Chief Executive Officer of Namaste.
“The events of the past few weeks have been difficult for everyone involved, but we are pleased to have reached a mutually agreed upon settlement that puts the interests of Namaste and our shareholders first,” said Interim CEO Meni Morim. “With this issue behind us, Namaste can focus on what matters most – growing our business and creating shareholder value. We have an excellent management team, a strong cash position, and a strategic plan that will drive innovation and growth. The future for Namaste is bright.”
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Tilray Closes Natura Naturals Acquisition: Tilray, Inc. (NASDAQ: TLRY), a global leader in cannabis research, cultivation, production and distribution, is pleased to announce the closing of a previously announced definitive agreement (“the Agreement”) to acquire all of the issued and outstanding securities of Natura Naturals Holdings Inc. (“Natura”), the parent company of a licensed cultivator of cannabis. Moving forward, the Natura facility will operate under the name High Park Gardens and serve as an additional cultivation facility to serve the medical and adult-use market in Canada.
As a result of the finalized acquisition, Tilray and High Park have obtained the 662,000 square-foot greenhouse cultivation facility, of which 155,000 square feet are currently licensed. There are also options to expand the facility to further increase production capacity. Natura, through a wholly-owned subsidiary located in Leamington, Ontario, is a licensed cultivator under the Cannabis Act specializing in the greenhouse cultivation.
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Aphria announces early termination and liquidation of interests in Liberty Health Sciences:
Aphria Inc. (TSX: APHA) (NYSE: APHA) today announced that independent members of its Board of Directors consisting of Shlomo Bibas, John Herhalt, Tom Looney and Irwin Simon, unanimously approved the early termination and liquidation of a promissory note, option and other agreements (the “Early Termination and Liquidation”) related to the Company’s previously announced divestment of all interests in Liberty Health Sciences, Inc. (CSE: LHS) (OTCQX: LHSIF)
As detailed on September 6, 2018, the Company entered into a share purchase agreement with a group of buyers, wherein it completed the sale of the shares making up 100% of its outstanding interest in Liberty, in exchange for a five-year promissory note due September 6, 2023, bearing interest at 12% per annum and in the amount of $59,097,986. Aphria retained an irrevocable option to repurchase its shares in Liberty from the buyers for a period of up to five years, subject to the satisfaction of certain conditions.
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