Here on the Marijuana Minute, you will find the top stories from around the industry in this week’s Cannabis Stock News Recap for the week of May 6th – 12th, 2019.
Canopy Growth Corporation (TSX: WEED) (NYSE: CGC) is pleased to announce today that has signed an offtake agreement with PharmHouse Inc. (“PharmHouse”), a 49 percent-owned joint venture of Canopy Rivers Inc. (TSXV: RIV) (OTC: CNOPOF). Under the terms of the agreement, PharmHouse has agreed to allocate high-quality cannabis flower from an additional 20 percent of the flowering space available at its Leamington greenhouse facility over the next three years.
Canopy Growth Corporation (TSX: WEED) (NYSE: CGC) is pleased to introduce Spectrum Therapeutics, a new global brand that will encompass all of the Company’s ongoing commercial medical and clinical research operations including Spectrum Cannabis, Canopy Health Innovations (CHI), and the most recent addition to Canopy Growth’s medical portfolio, Bionorica SE-founded C3Cannabinoid Compound Company (“C3“), a European leader in cannabinoid-based medical therapies.
Aleafia Health Inc. (TSX: ALEF) (OTCQX: ALEAF) (FRA: ARAH) has completed the largest adult-use cannabis order in the Company’s history today. The Order is scheduled to depart from the Company’s facility today, with delivery to a Canadian provincial government for distribution to online and retail consumers. It will contain the Company’s branded Symbl oils, oral sprays, and dried flower products.
Aleafia Health Inc. (TSX: ALEF) (OTCQX: ALEAF) (FRA: ARAH) is entering the German medical cannabis market via its joint-venture with German pharmaceutical wholesaler Acnos Pharma GmbH, together. The JV entity will purchase Aleafia Health branded cannabis oils for distribution to German pharmacies and for clinical trial usage. Aleafia Health’s wholly-owned subsidiary Emblem Cannabis Corp. is the majority shareholder of the JV with 60 percent ownership with Acnos owning the remaining 40 percent.
CannabisNewsAudio — announces the TransCanna Holdings Inc. (CSE: TCAN) (FSE: TH8) availability of a CannabisNewsAudio Broadcast titled, “Full-Spectrum Seed-to-Sale Model, Quality Branding Key to Cannabis Success.”
To hear the CannabisNewsAudio and editorial version, visit the link below.
Transcanna Holdings Inc.(CSE: TCAN) (FSE: TH8) is pleased to announce the execution of a non-binding letter of intent with Persuasion Brewing Co., a private brewing company located in Modesto, California. Both companies have agreed to create a division within TransCanna’s recently purchased 196,000-square-foot vertically integrated facility to establish a Persuasion Brewing division, which will produce a variety of different CBD infusion non-alcoholic beers.
“The TransCanna property is significant and takes in excess of 90 minutes for the complete tour. Our goal was to provide a glimpse of the size and scope of the facility through this video, which we believe will allow us to scale as we create and acquire 15 premium brands in California. Our objective is to grow TransCanna as expeditiously as possible, and we believe this facility is a huge step forward in achieving that goal,” stated Jim Pakulis.
Transcanna Holdings Inc. (CSE: TCAN) (FSE: TH8) is pleased to announce to announce that it has appointed Haywood Securities Inc. to act as lead agent on behalf of a syndicate of agents to be formed to sell, by way of a private placement on a best efforts basis, up to 2,000,000 units of the Company at a price of $5.00 per Unit for gross proceeds of up to $10,000,000, subject to receipt of all applicable regulatory approvals.
Ignite International Brands, Ltd. (CSE: BILZ), a global super-premium cannabis and CBD investment company, today is pleased to announce that, further to its February 26, 2019 news release, it has signed definitive agreements for the manufacture and distribution of CBD products in the United Kingdom with Taylor Mammon & Nathan Limited. This agreement also includes the option for the Company to expand into other strategic European markets. Taylor Mammon is a leading cannabidiol (CBD) manufacturer and distributor of white label CBD solutions, based in the United Kingdom.
Aurora Cannabis Inc. (TSX: ACB) (NYSE: ACB) (Frankfurt: 21P; WKN: A1C4WM) announced today that the Company, through its wholly-owned subsidiary Aurora Deutschland, has been selected by the Luxembourg Health Ministry as the exclusive supplier in a public bid to supply a second delivery of medical cannabis to Luxembourg.
“We are proud to continue serving as the exclusive supplier of medical cannabis to the Luxembourg Health Ministry,” said Neil Belot, Chief Global Business Development Officer.
Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON), today announced financial results and business highlights for the first quarter ended March 31, 2019.
- Cronos Group Closes C$2.4 Billion Strategic Investment from Altria Group
- Cronos Group Establishes Cronos Device Labs, a State-of-the-Art Vaporizer R&D Initiative
- NatuEra Receives License to Cultivate Psychoactive Cannabis in Colombia
“In the first quarter of 2019, the business performed in line with our expectations. We continue to stay laser-focused on our strategy of building our supply chain, distribution, intellectual property, and brand portfolios,” said Mike Gorenstein, CEO of Cronos Group.
Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) today announced that it is expanding its global infrastructure network and innovation capabilities with the opening of a cannabinoid device R&D facility, based in Israel. The state-of-the-art facility supports Cronos Group’s efforts to develop next-generation vaporizer products that are designed specifically for cannabinoid applications.
“The launch of Cronos Device Labs is an exciting next step on our journey to become a leader in cannabinoid innovation,” said Cronos Group’s Mike Gorenstein, Chairman, President, and Chief Executive Officer.
The Green Organic Dutchman Holdings Ltd. (TSX: TGOD) (OTCQX: TGODF) is pleased to announce the Company’s strategic investment into the US beverage space as a co-founding investor and strategic partner in the newly formed Califormulations LLC. Califormulations will operate out of Columbus, Georgia serving global branded companies with concept-to-shelf beverage commercialization support including formulation development, technical services, in-house pilot-scale production and contract manufacturing coordination. TGOD will work with Califormulations to expedite the US launch of TGOD branded organic hemp-based CBD beverages, as local laws and regulations permit.
MediPharm Labs Corp. (TSXV: LABS) (OTCQX: MEDIF) (FSE: MLZ) a global leader in specialized, research-driven cannabis extraction, distillation, purification, and cannabinoid isolation is pleased to announce first quarter financial results for the three months ended March 31, 2019. The consolidated financial statements and management’s discussion and analysis for the period will be available on SEDAR and on www.medipharmlabs.com.
Key Q1 2019 Financial and Year-to-Date Highlights:
- Revenue of $22 million, a 115% increase over Q4 2018, leading the Canadian cannabis extraction-only industry
- Gross Profit of $6.9 million, Gross Margin 31%
- Adjusted EBITDA of $4.3 million, a 102% increase over Q4 2018, Adjusted EBITDA margin of 20%
Village Farms International, Inc. (TSX: VFF) (NASDAQ: VFF) today announced its financial results for the first quarter ended March 31, 2019. All figures are in U.S. dollars unless otherwise indicated.
Financial and Corporate Highlights for the First Quarter Ended March 31, 2019:
- Net income before tax improved to positive US$12.1 million and included the contribution of positive net income from Pure Sunfarms Corp. (“Pure Sunfarms”) of US$4.3 million (CAD$5.7 million) (Village Farms’ share based on its 50% ownership). This compares with a net loss before tax of (US$1.4 million)
- Sales including Pure Sunfarms’ contribution of US$5.4 million (CAD$7.2 million) (Village Farms’ 50% share) increased to US$37.3 million. This compares with US$29.5 million
Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF), a leading vertically integrated cannabis operator in the United States, today announced the launch of Bido, hemp-based CBD products for pets. CBD is a non-intoxicating, non-psychoactive compound from the cannabis sativa plant. CBD has been shown in initial third-party studies to support a pet’s overall wellness including the potential to help manage pain and anxiety. Bido pet drops come in three varieties, bacon, salmon and unflavored “pure,” and Bido soft-baked bites are available in apple chicken, peanut butter bacon, and honey sweet potato. All Bido products can be purchased online at www.curaleafhemp.com.
Tilray Inc. (NASDAQ: TLRY), a global pioneer in cannabis research, cultivation, production, and distribution, today announced an investment of US$32.6M to increase the company’s Canadian cannabis production and manufacturing footprint by 203,000 square feet across three facilities. This investment will expand Tilray’s total production and manufacturing footprint from 1.1 million to 1.3 million square feet worldwide.
GW Pharmaceuticals plc (NASDAQ: GWPH), the world leader in the science, development, and commercialization of cannabinoid prescription medicines, announces financial results for the first quarter ended March 31, 2019.
“We are pleased to report a strong launch of Epidiolex in the US and continue to be encouraged by the level of support for this medicine from patients, caregivers, and healthcare professionals. As the first and only plant-derived CBD medicine approved by the FDA, Epidiolex offers a novel treatment option for patients with Lennox-Gastaut Syndrome and Dravet syndrome, two highly treatment-resistant forms of childhood-onset epilepsy”, stated Justin Gover, GW’s Chief Executive Officer.
Marcato Capital Management LP, a San Francisco-based investment manager which manages funds that beneficially own approximately 2.7% of the outstanding Subordinated Voting Shares* of Acreage Holdings, Inc. (CSE: ACRG.U) (OTCQX: ACRGF) (FSE: 0ZV), today announced it will vote against Acreage’s value-destroying proposed transaction with Canopy Growth Corporation (TSX: WEED) (NYSE: CGC).
Marcato also sent a letter to Acreage’s Board of Directors, which can be found via the link below.
Charlotte’s Web Holdings, Inc. (CSE: CWEB) (OTCQX: CWBHF) the market share leader in hemp-derived CBD extract products, is pleased to announce the expansion of its canine-focused pet products, launching an all-new 12 SKU lineup comprised of hemp-extract infused chews, flavored and unflavored oils, and a topical balm. Since introducing its first PAWS™ hemp-extract product for pets in February 2017, interest has exceeded all expectations, producing high demand and sales growth. With today’s launch of the expanded pet product line, Charlotte’s Web aims to increase its market share in the rapidly growing market segment for hemp-derived CBD pet products. According to market research firm, Brightfield Group, the CBD Pet market is forecast to grow at a Compound Annual Growth Rate (CAGR) of 151% between 2018-2022 to a market size of US$1.16B.
Liberty Health Sciences Inc. (CSE: LHS) (OTCQX: LHSIF), a provider of high-quality cannabis, announced today that it will open its 14thFlorida dispensary in Cape Coral’s South Cape business district on Friday, May 10th, subject to Florida Department of Health approval. This is the first medical facility to open in Cape Coral and Liberty’s second dispensary to open in Lee County.
“We anticipate strong patient demand in the Cape Coral area, which is supported by a large population of potential patients living in Southwest Florida who can take advantage of our exceptional customer service and educational resources,” said Victor E. Mancebo, interim CEO of Liberty.