MjLink Cannabis Business News and Press
The company has added premium smokable flower and pre-roll joints to its portfolio of brands
1933 Industries Inc () (OTCQX:GIFF), a vertically integrated cannabis packaged goods company, said Wednesday that it had added premium smokable flower and pre-roll joints to its portfolio of brands.
The Vancouver-based company noted that while most cannabis companies focus on growing quantity, the company's AMA brand will “fill a void” in the market for craft-style quality cannabis grown at scale.
Nevada dispensaries resumed instore sales in May and recorded a 52% rise in sales, compared to the previous month when brick-and-mortar stores operated only through home delivery and curbside pickup. According to BDS Analytics, sales reached $58.2 million in May, 6% lower, compared to May 2019, but strong enough to drive year-to-date sales to $273.2 million.
READ: 1933 Industries’ premium Canna Hemp brand of CBD products now available in most of the US
The firm aims to construct a 4.3 million sq ft (40 hectares) facility, which will be built in three phases
Asterion Cannabis Inc outlined the various significant milestones achieved as the private firm continues its bid to build the world’s largest glasshouse medicinal cannabis production facility in Australia.
In a lengthy investor update, Asterion, which is currently raising C$10 million via a placing, highlighted that in April last year, it inked a definitive deal to buy 75 acres of land in Toowoomba, adjacent to the Toowoomba Wellcamp Airport in Queensland.
READ: Asterion Cannabis launches C$10M brokered private placement
The firm aims to construct a 4.3 million sq ft (40 hectares) facility, which will be built in three phases - the first and second phases being 10 hectares each.
It will include full extraction and processing equipment as well as a research and development (R&D) facility.
Under the proposed agreement, BevCanna will create the new State B beverage concept which will merge functional beverages and cannabis drinks
CEO Paul Rosen told shareholders that the company has the assets in place to build a profitable, self-sustaining business
1933 Industries Inc () () has announced plans to raise up to $5 million to pursue more business opportunities in the cannabis space.
The Vancouver-based cannabis firm will offer nearly 66.7 million units priced at C$0.075 each and consisting of one share and one-half of one warrant exercisable at C$0.125 for a 24-month period following the closing of the offering.
In a statement, new 1933's CEO Paul Rosen told shareholders that the company has the assets in place to build a profitable, self-sustaining business.
READ: 1933 Industries boosts management team with the appointment of new CFO Tricia Kaelin
“Our new cultivation facility in Las Vegas is now running at full capacity and we have launched new hemp and CBD wellness products and opened up new sales channels, including through Amazon and Walmart,” Rosen told investors.
Passport will launch its ACM Owl solutions at Cash Casino Calgary and Cash Casino Red Deer
Australis Capital Corp () () noted that its pending acquisition Passport Technology has launched its cashless solutions at two new Alberta-based casinos.
Passport will launch its ACM Owl solutions at Cash Casino Calgary and Cash Casino Red Deer. The firm also said it is debuting its POSpod kiosks, which are custom-built with unique features designed for the demands of the high-traffic casino environment. The POSpod line of self-service kiosks includes freestanding, countertop and new mobile cashier enhancements.
READ: Australis Capital to acquire casino payment platform Passport Technology, leveraging fintech assets globally
Passport’s ACM Owl technology provides ATM services that combine transaction speed, maximum throughput and local support within the kiosk. The firm’s CashValet PCI-DSS Level 1, P2PE-certified solution, and cloud-based application allows for immediate and maximum approval amounts and supports real-time reporting of the transaction cycle.
Casino guests also get dynamic fee structures, free play credits, self-exclusion options, and numerous security and regulatory compliance features.
A glance at some of the day's highlights from the Proactive Investors US and Canada newswires
Australis Capital (CSE: AUSA-OTC: AUSAF) CEO Cleve Tzung joined Steve Darling from Proactive to discuss the company’s recent transaction to acquire Passport Technology. Tzung discusses how the deal came about and what Passport immediately provides Australis.
Tzung also told Proactive if they are looking at any other potential acquisitions and also about their AGM which will be held in September.
CSE:AUSA
Market: CSE
Market Cap: $29.74 m
Follow
A glance at some of the day's highlights from the Proactive Investors US and Canada newswires
A glance at some of the day's highlights from the Proactive Investors US and Canada newswires
BevCanna will gain access to seed preservation company Phemone One's extensive live genetic cannabis library and use proprietary formulations from private label nutrient company Norstar Nutrients
The company is currently in talks with potential buyers to determine the optimal sales mix of CBD isolate, CBD distillate and CBD crude oil
AgraFlora Organics International Inc () () revealed that it has now produced around 1,000 kg of CBD oil with its biomass partner MicroC45, which it is preparing to sell this quarter.
The company said it is currently in talks with potential buyers to determine the optimal sales mix of CBD Isolate, CBD Distillate and CBD Crude Oil and expects to close its first bulk transactions this quarter.
READ: AgraFlora Organics International unveils partnership with MicroC45 Inc for growing hemp at Ontario farm
In June this year, AgraFlora struck a cultivation partnership with MicroC45 for growing hemp in Ontario, Canada. MicroC45 has a proprietary separation process that results in higher extraction value and ultimately a greater yield of major and minor cannabinoids.
The group said the CBD oil was produced from approximately 10,000 kilograms of hemp biomass that was run through the firm's proprietary pre-extraction processes.
Kaelin has executed high-growth strategies, increasing revenue to more than $1 billion for a privately-owned company
1933 Industries Inc () () said Tuesday that it has appointed experienced finance industry professional Tricia Kaelin as the company’s new chief financial officer.
The Vancouver-based vertically-integrated cannabis company said that as a “CPA with extensive CFO experience” across a variety of industries - including cannabis - Kaelin has joined the management team to help guide profitable growth.
The company thanked former CFO Stephen Radusch for his contributions.
The Vancouver-based company will become the exclusive Canadian manufacturing and distribution partner for Marianna's new line of white-label CBD-based drinks
The move is designed to reflect 16 additional contracts that Passport has signed since Australis announced the acquisition
() () said it had amended some of the terms of its planned acquisition of Passport Technology Inc.
The move is designed to reflect 16 additional contracts that Passport has signed since Australis announced the acquisition in June.
As a result of the new contracts with Gateway Casinos in British Columbia and Alberta, Passport revised its revenue forecast to $12 million in 2021 and operating income of $4 million.
READ: Australis Capital to acquire casino payment platform Passport Technology, leveraging fintech assets globally
The new terms stipulate that Passport will receive $2 million in Australis and shares if it achieves over $8.5 million in revenue in 2021 and an additional $2 million in shares of both companies if revenue surpasses $9.5 million the same year, as well as 25% of revenue if Passport’s EBITDA, or earnings before interest, taxes, depreciation, and amortization is over $3 million.
The company acquired the shares through the conversion of unsecured debentures valued at $1.6 million
() () has acquired 2.9 million shares in US multi-state operator (), the group said in a release on Friday.
The Vancouver-based company acquired the shares through the conversion of unsecured debentures valued at $1.6 million at a price of C$0.55 per share.
Australis converted the debentures on July 1, 2020, as part of a July 2019 conversion agreement. The debentures were acquired in a private placement from November 2018.
READ: Australis Capital pleased with shareholder response to pending Passport Technology acquisition
In consideration for the conversion agreement, Body and Mind paid Australis $148,339.72 as an advanced payment of interest payable under the debentures for the period beginning November 2, 2018, and ending July 1, 2020.
Australis Capital revealed that it was acquiring Passport to complement its existing fintech assets.
Passport Technology Inc, a provider of cash access services to casinos, announced Thursday that it had expanded its services, by adding 16 casinos in British Columbia and Alberta to its platform.
This is on top of its 12 Gateway Casinos & Entertainment (GCEL) locations already supported by Passport in the state of Ontario.
"We’re excited to expand our long-term relationship with GCEL across three Canadian Provinces," said Kurt Sullivan, the president of Passport.
READ: Australis Capital to acquire casino payment platform Passport Technology, leveraging fintech assets globally
"Passport has accelerated growth in 2020 and based on executed long term agreements in Canada, UK, and Europe, we expect to achieve US$12M in revenue in 2021 with $4 million in operating income, understanding COVID-19 does represent some uncertainty to the global casino industry," he added.
For its fiscal third quarter ended April 30, 2020, the company clocked up revenue of C$2.6 million
1933 Industries Inc () () CFO Stephen Radusch said that the cannabis company had implemented “prudent financial measures” during the group's fiscal third quarter to deal with the realities of the coronavirus (COVID-19) pandemic and position the company for growth.
In a statement accompanying the latest numbers, Radusch said: "During this challenging period, our main priority has been to implement prudent financial measures that will enable us to weather the uncertain climate brought on by the temporary closure of retail locations where our products are sold.”
He added: “We have reduced expenses and we are carefully managing our cash position, while maintaining operations amidst the pandemic. Going forward, we will continue to focus on cost controls and additional reductions as we improve efficiencies. We have continued to push the cultivation facility to full capacity, while building inventory for our AMA branded extraction products.”
READ: 1933 Industries debuts hemp version of its Canna Hemp product line
The deal should allow Australis to become EBITDA positive in 2021, according to the company
() () CEO Cleve Tzung said the firm was “pleased” with the response it is receiving from shareholders after announcing a transformative deal to acquire Passport Technology Inc.
The acquisition “enhances the company's ability to drive growing and sustainable value creation for all shareholders," Tzung told shareholders in a statement Monday.
"We're pleased with the early, overwhelmingly supportive inbound comments we have received from shareholders since we announced the Passport acquisition and look forward to its successful completion."
READ: Australis Capital to acquire casino payment platform Passport Technology, leveraging fintech assets globally
Passport partners with casino operators to increase gaming revenue by delivering funds to the casino floor through cash and cashless payment portals. The technology is in 72 physical casinos with 124 unattended kiosks throughout five countries.
AgraFlora said Binbrook Farm was expected to yield around 50,000 kilograms of high CBD hemp in fall 2020
AgraFlora Organics International Inc () () told investors on Friday that it had struck a cultivation partnership with MicroC45 Inc for growing hemp in Ontario, Canada.
The deal is between subsidiary Sustainable Growth Strategic Capital Corp (SGSC) and MicroC45 Inc and SGSC has already successfully planted 50 acres of high-quality hemp at a farm in Binbrook, it revealed in a statement.
READ: AgraFlora Organics International expects PSC joint venture to begin sales this year
AgraFlora said Binbrook Farm was expected to yield around 50,000 kilograms of high CBD hemp in fall 2020.
"Cultivation at Binbrook represents another milestone for this core-asset strategy,” said Brandon Boddy, AgraFlora's executive chairman and CEO.
The company announced a series of moves related to the acquisition, including a new financing, management reshuffle and name change
() () is boosting its fintech assets with the addition of a new, revenue-generating gaming platform with an international footprint.
In a statement Thursday, the company announced a series of moves related to the acquisition, including a new financing, management reshuffle and name change.
The Las Vegas-based company is acquiring Passport Technology Inc, which partners with casino operators to increase gaming revenue by delivering funds to the casino floor through cash and cashless payment portals. Passport is in 72 physical casinos with 124 unattended kiosks throughout five countries.
READ: Australis Capital says Cocoon Technology helps dispensaries to reopen with the launch of contactless, self-service kiosks
Passport will complement Australis’ existing fintech assets – Cocoon Technology and Paytron – to leverage purpose-built technology for highly regulated industries with a growing need for unattended kiosk solutions with a global market expected to surpass $46 billion by 2026, according to Australis. As a Platform-as-a-Service (PaaS) technology, both Passport and Cocoon reside in the cloud and are easily duplicated to new jurisdictions and markets.
