MjLink Cannabis Business News and Press
The development phase of the R&D trials is complete and the company has created efficient processes for desired formulations and products (gummies) as it prepares to go commercial
AgraFlora Organics International Inc () (FRA:PU31) (OTCPINK:AGFAF) said Wednesday it expects to enter the Canadian edibles market in the first quarter of 2021.
In a statement, the company said it has completed the first phase of research and development trials at its Health Canada-licensed, 51,000 square-foot, fully automated edibles manufacturing facility in Winnipeg, Manitoba.
Prior to receiving a standard processing license from Health Canada, the company had commenced cultivating long-term production relationships through R&D trials utilizing the company’s Health Canada R&D license.
READ: AgraFlora Organics receives cannabis edibles processing licence for its Winnipeg manufacturing facility
And now that the development phase of the R&D trials is now complete and the company has created efficient processes for desired formulations and products, AgraFlora said it is nearly prepared to enter the edibles market soon.
A glance at some of the day's highlights from the Proactive Investors US and Canada newswires
PyroGenesis Canada Inc () (OTCQB:NYRNF) CEO Peter Pascali will present at the SNN Network Canada virtual event on Thursday January 7 at 10:30am ET. To access the live presentation, viewers may visit https://www.webcaster4.com/Webcast/Page/2059/39297. Investors may also book one on one meetings with Pascali by registering at https://canada.snn.network/signup.
has published a two-part management series on (NASDAQ: BLNK), which focuses on the company’s key drivers, milestones, obstacles and opportunities, and industry megatrends featuring Blink’s CEO Michael Farkas. Water Tower Research’s management series covers key catalysts and milestones that investors should monitor, including network expansion opportunities through joint ventures (JVs) and long-term partnership agreements, additional charger deployments with Envoy Technologies, and additional geographic expansion.
() (OTCQB:VLMGF) announced Wednesday it has entered into an exploration earn-in agreement with a wholly owned subsidiary of Centerra Gold Inc (). Centerra is a Canadian-based gold mining company focused on operating, developing, exploring and acquiring gold properties in North America, Asia and other markets worldwide and is one of the largest Western-based gold producers in Central Asia. Viscount said the agreement covers the company's Cherry Creek property located in White Pine County, Nevada. Initially, Viscount will be the project manager. The Cherry Creek project is located in northeastern Nevada some 50 miles north of Ely, consisting of 320 unpatented and patented claims covering more than 2,658 hectares. The property contains more than 20 past-producing mines where high-grade gold and silver production came from up to the 1920s.
True Leaf Brands Inc () (OTCPINK:TRLFD) (FRA:TLA) is proposing a non-brokered private placement offering to raise gross proceeds of not less than C$150,000 up to C$1 million. Under the terms, the company will offer for sale a minimum of 416,667 common shares up to a maximum of 2,777,778 common shares at C$0.36 per share. The offering may close in one or more tranches on or before January 31. The company anticipates utilizing the net proceeds of the placement for working capital and general corporate purposes.
A glance at some of the day's highlights from the Proactive Investors US and Canada newswires
Wellness Inc (), a leading US health and wellness CBD company, announced that it has completed its initial public offering (IPO) to raise US$17 million and has started trading on the big board in Toronto. The company rounded out its US$17 million IPO by offering 7 million shares at a price of US$1.00 per share to raise gross proceeds of US$7 million and 10,000,000 units at the offering price per unit for gross proceeds of US$10 million. “The additional US$17 million in capital adds to our healthy treasury, providing us with a solid foundation to build from and execute on our strategic plans for 2021 and beyond," HempFusion Wellness co-founder and CEO Dr Jason Mitchell said in a statement.
() announced Wednesday that it has secured base-load orders for the production of raw materials servicing the infrastructure marketplace at its Perry County Resources (PCR) mining complex. The Fishers, Indiana-based company has previously announced that its contractor has commenced production at the restructured PCR complex under its streamlined, low-cost operating model. American Resources said the secured commitments and contracts are for product that will be delivered to one of the largest steel companies in the world, as well as specialty alloy metal producers and industrial companies domestically and abroad.
Inc () announced Wednesday that it is about to make history. Based on its preliminary internal financial reporting for the fourth quarter of 2020, the Utah-based company said its unaudited quarterly revenue is anticipated to be the highest in its history and to surpass analyst estimates ranging from $24 million to $25.98 million. Co-Diagnostics said revenue for its 4Q, which ended December 31, is expected to exceed the highest estimate and to show 20%-25% growth over 3Q 2020 revenue of $21.82 million.
() provided its outlook for 2021, in which the company is aiming to commercialize its fully-compostable, plant-based capsules for use in Keurig Brewing Systems in the first half of the year. NEXE also said it is targeting the launch of its coffee capsules for use in Nespresso "original line" brewing systems by the second half of 2021.
A glance at some of the day's highlights from the Proactive Investors US and Canada newswires
. () () unveiled significant expansion moves after the market close on Tuesday, announcing plans to acquire both Green Therapeutics LLC and 2750176 Ontario Inc., known as ALPS, and getting a new CEO in the process. Green Therapeutics is an award-winning, Nevada-based cannabis company with a strong brand portfolio of high-end dried flower and designer/luxury derivative products; ALPS is a global leader in facility design, construction management and (post) commissioning services to the horticultural sector. Terry Booth, currently a principal of ALPS, will become CEO of Australis at closing, taking over from Dr Duke Fu, who has been serving as Interim CEO since November 17, 2020.
(NYSEAMERICAN:AIM) (FRA:HXB2) has announced Wednesday that the active AMP-511 Expanded Access Program (EAP) has dosed its first coronavirus (COVID-19) “Long Hauler” patient with the drug Ampligen (rintatolimod). The company said the initial dosing marks a significant milestone in its efforts to develop an effective therapeutic for people suffering from post-COVID-19 infection chronic fatigue-like symptoms. Additional patients are in the process of being enrolled.
() (OTCPINK:MWSNF) (FRA:MXR) has reported more encouraging drill results from its Sunday Creek project in Victoria, Australia, which show the potential for a widespread, gold-rich system. The latest assays come from two holes at the property, which lies in the famous Victorian Goldfields of Australia, and where ten holes have now been completed for 1,504 metres (m). Drilling will continue at the property from early this month.
African Gold Group Inc () (OTCMKTS:AGGFF) (FRA:3A61) told investors it was on track to release an updated mineral resource for its flagship Kobada gold project in Mali early this year as the company released another round of positive drill assays and said it had extended drilling. So far, the company has sunk 6,258 metres of combined diamond drilling and reverse circulation drilling, with results continuing to show deeper than anticipated extensions of the orebody as well as additional mineralized zones outside the known ore zones.
Green Therapeutics is an award-winning, Nevada-based cannabis company with a strong brand portfolio of high-end dried flower and designer/luxury derivative products; ALPS is a global leader in facility design, construction management and (post) commissioning services to the horticultural sector
. () () (FRA:AC4) unveiled significant expansion moves after the market close on Tuesday, announcing plans to acquire both Green Therapeutics LLC and 2750176 Ontario Inc., known as ALPS, and getting a new CEO in the process.
The company said it has entered into a non-binding term sheet dated January 4, 2020, with Green Therapeutics (GT) and the holders of the issued and outstanding membership interests of GT, setting forth the terms of a proposed transaction pursuant to which Australis will purchase 100% of the issued and outstanding membership interests in GT.
Australis will pay to the holders of the GT, membership interests between C$9.5 million and C$10 million for 100% of the outstanding GT membership interests.
READ: Australis taps cannabis finance veteran Jon Paul to CFO role, offers corporate update amid leadership transition
Prior to completing the acquisition, the group added, the parties have agreed to settle a previously announced legal dispute regarding the original May 2019 transaction, when Australis had acquired certain non-operational GT assets.
1933 Industries (CSE: TGIF- OTCQB: TGIFF) CEO Paul Rosen joined Steve Darling from Proactive with news the company has released their Q-1 financials which saw an increase in revenue of 12%.
Rosen also talked about the company’s margins which also saw a massive increase. Rosen also shared his thoughts on 2021 and how the recent U.S. election may have a big impact on the industry.
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Paul was previously CFO at PLUS Products, a CSE-listed hemp and cannabis edibles company with operations in California and Nevada
() (OTC:AUSAF) announced Wednesday that it has named cannabis and consumer goods veteran appointed Jon Paul its new CFO, effective January 1.
Paul was previously CFO at PLUS Products, a CSE-listed hemp and cannabis edibles company with operations in California and Nevada. He oversaw the company's IPO and was a key member of the team responsible for its 15-fold increase in revenue.
Over his more than 40-year career, Paul has held several senior financial roles at public and private companies in the cannabis, consumer goods, wireless telecom and generic pharmaceutical industries.
READ: Australis Capital says new board of directors is ready to get to work optimizing cannabis assets
"Jon comes to us with a stellar track record in driving business performance across various sectors, including the US cannabis industry," Jason Dyck, chairperson of AUSA's compensation and nominating committee, said in a statement. "With his broad experience across multiple financial disciplines, including financial reporting, M&A, capital markets, corporate financial efficiency and operations, he is the ideal candidate to take on this key role as AUSA executes on its aggressive growth strategy. I look forward to working closely with Jon as we take AUSA to the next level."
With the goal of enhancing the user-experience, the group said the new website features more intuitive navigation and improved education to assist consumers select wellness products that suit their individual lifestyles and needs
() (OTCQB:TGIFF), a vertically integrated cannabis consumer packaged goods company, has announced the launch of a new e-commerce website for its Canna Hemp brand of hemp and CBD wellness products.
With the goal of enhancing the user-experience, the group said the new website features more intuitive navigation and improved education to assist consumers select wellness products that suit their individual lifestyles and needs. Featuring a large selection of high-quality hemp and CBD products with specific outcomes and delivery formats, Canna Hemp aims to bring natural wellness to consumers across the United States.
READ: 1933 Industries sees 1Q 2021 revenue climb 13% quarter over quarter on strong Nevada consumer demand
"Our new website reflects an immersive approach to online shopping. We aim to deliver the power of CBD to our consumers via an elevated experience, educating our visitors about the benefits of terpenes and adding a number of new features aimed at making the overall experience more impactful and user-friendly," Eugene Ruiz, president of 1933 Industries said in a statement.
"With a fresh look and feel, the hemp and CBD one-stop-shop showcases all our Canna Hemp brands, including our Canna Hemp X actions sports line," he added. "Canna Hemp stands as a trusted brand for its unwavering commitment to using only quality organic botanical ingredients that are free of synthetic chemicals, preservatives and additives. Canna Hemp infuses its products with high-grade, 100% all-natural hemp-derived CBD sourced from regulated suppliers in the US. Many of our products are made with TerpFX, our proprietary blend of terpenes designed to bring maximum benefits to your wellness routine."
1933 Industries sees 1Q 2021 revenue climb 13% quarter over quarter on strong Nevada consumer demand
"Every decision and action that we have taken has moved us closer towards achieving our targeted goal of accelerating our path to profitability,” said company president Eugene Ruiz
1933 Industries Inc () () has reported that its 1Q 2021 revenue rose by 13% quarter over quarter to $2.7 million, which it attributed to strong consumer demand following the launch of cannabis flower and pre-rolls in Nevada.
The company also noted that its 1Q net loss from continuing operations improved by 61% from 4Q 2020 to $2.8 million and said it is moving closer to profitability, while its adjusted EBITDA loss for the period shrunk by 81% quarter over quarter to $1.4 million.
“Our team has been steadfast in our commitment to transforming the company into a profitable enterprise. Every decision and action that we have taken has moved us closer towards achieving our targeted goal of accelerating our path to profitability,” said 1933 Industries president Eugene Ruiz in a statement.
READ: 1933 Industries reaches critical juncture with new products and management
He added: “During the first quarter 2021, tremendous progress was made. That progress has continued into the second quarter 2021, with our operating business units achieving profitability for the month of November 2020. We continue to believe we are on the path to achieving company-wide profitability by the end of the second quarter 2021. We remain vigilant and cognizant of the challenges posed by COVID-19 on tourism in our state, while remaining confident that the rebound of strong local cannabis sales experienced since the pandemic will provide for sustainable revenue growth.”
The merger will catapult BevCanna to become the only fully licensed, in-house, and white-label beverage manufacturing company that distributes both conventional and cannabis-based beverage and wellness products
It is evaluating a list of potential strategic partnerships and acquisition targets and could also expand through internal growth projects
The standard processing license from Health Canada is expected to allow the facility to produce more than 250,000 pieces of cannabis edibles per eight-hour shift when fully operational
AgraFlora Organics International Inc () (OTCPINK:AGFAF) (FRA:PU31) announced that on December 11, 2020, it received a newly-issued standard processing license from Health Canada for the company’s 51,000-square-foot, fully-automated cannabis edibles manufacturing facility in Winnipeg, Manitoba.
The facility is part of the Edibles and Infusions Corporation (EIC) joint venture formed between AgraFlora and one of North America’s leading confectionary manufacturing families.
“We are delighted to receive the Manufacturing License at our Edibles Facility within our outlined timeframe. Our strong evidence package submission is a testament to the hard-working team we have assembled. We are now able to commercialize our formulations and bring to market cannabis activated pectin and gelatin gummies, hard candy, and sugar-free variants,” EIC co-founder and operational manager James Fletcher said in a statement.
READ: AgraFlora Organics intends to be a top cannabis player in Canada and Europe
The Winnipeg manufacturing facility, when fully operational, expects to produce more than 250,000 pieces of precisely-dosed edibles per eight-hour shift.
The merger of the two Canadian beverage leaders in an all-stock deal will form a powerhouse in the plant-based mineral and cannabis beverage sectors
The company expects to cultivate 10,000 plants and aims to yield 50 grams per plant of saleable product in 2021
AgraFlora Organics International Inc () (OTCPINK:AGFAF) (FRA:PU31) reported that it expects to roll out the first cannabis sales in mid 2Q 2021 from cultivation operations at the Propagation Services Canada (PSC) facility in Delta, British Columbia.
The company said based on the data collected from its 4Q 2020 harvest, it expects to cultivate 10,000 plants and aims to yield 50 grams per plant of saleable product in 2021.
“Our data shows that timing is right in the market for our product. Currently >20% THC cannabis flower varieties rising in value and we aim to solidify good partners for our product and also take advantage of the robust spot market,” AgraFlora Board of Directors said in a statement.
READ: AgraFlora Organics intends to be a top cannabis player in Canada and Europe
AgraFlora added that the grow team at the Delta Facility believes that their multi-generational experience and favourable growing environment will boost PSC to become a leader in pricing low cost, high-THC cannabis.
Board members are also engaged in high level negotiations with other leading cannabis companies
() () said Monday its new board is ready to get to work on putting the cannabis company on a path to profitability.
The US-focused firm said the board is getting started on a number of strategy initiatives laid out by shareholders in its recent AGM, beginning with optimizing the value of its current asset portfolio that includes Cocoon, , Green Therapeutics LLC, Quality Green, Folium Biosciences, and land assets in Washington state.
Board members are also engaged in “high level” negotiations with other leading cannabis companies, the group said in a statement. The team added it believes that recent US federal and state developments will take the industry “to a new level” in the country.
READ: Australis Capital appoints cannabis industry veteran Sameer Kumar as independent director
Interim CEO Duke Fu thanked shareholders for their support throughout a turbulent few months for the company.
The company hopes to achieve cash flow break-even and profitability by the fiscal 2Q that ends January 30, 2021
1933 Industries Inc () () on Monday said it expects “substantial improvements” during fiscal 2021, with the goal of achieving cash-flow break-even and profitability by the second quarter that ends January 30, 2021.
The company made the forward-looking announcement after reporting fourth quarter and fiscal year 2020 results (both of which ended July 31) that underscored the effects of the COVID-19 pandemic on revenue and income.
For FY20, the company recorded C$12 million in revenue, compared to C$18 million in FY19. Net loss was C$22.2 million versus a loss of C$19.1 million a year before -- which includes a C$2.2 million impairment charge from discontinued operations in California.
READ: 1933 Industries signs agreement to gain 100% ownership of AMA Production
For the 4Q, revenue was C$2.4 million, compared to C$5.2 million in the previous year-ago quarter. Net loss was C$7.2 million versus a loss of C$5.7 million year-over-year. 1933 said the decrease in revenues stemmed from the continuing impact of COVID-19 restrictions in Nevada, the substantial loss of tourism due to the pandemic, and the retail limitations where the company's products are sold.
The resultant company will combine decades of consumer-packaged goods, capital markets, strategy and public company expertise
The addition of the analytical testing platform will allow the company to rapidly develop and launch new edibles products
AgraFlora Organics International Inc () (FRA:PU31) (OTCPINK:AGFAF) has acquired High Performance Liquid Chromatography (HPLC) equipment for its 51,000-square-foot, fully automated edibles manufacturing facility in Winnipeg, Manitoba.
The company said the addition of an Agilent HPLC driven analytical testing platform at the edibles facility will allow it to rapidly develop and launch new edibles products which have already been formulated.
"Implementing this suite of HPLC analytical equipment into our production strategy will reduce our 3rd party product testing costs, while improving product safety and quality by allowing us to continuously monitor edible production to ensure quality standards are being met,” said James Fletcher, co-founder and operational manager for Edibles and Infusions Corporation, a subsidiary that runs the plant, in a statement.
READ: Agraflora Organics responds to Health Canada's RMI regarding its standard processing license application for edibles facility
“This should also greatly improve our speed to market with unique SKU’s and allow us to offer some of the most price competitive products in the market,” Fletcher added.
The proposed combination will create a fully licensed white-label beverage manufacturing and distribution company with a global multichannel distribution network of traditional retail and cannabis sales
As part of the loan, the group's Delta Facility will receive $5,000,000 which will provide full funding to the licensed cultivation areas and will allow the team to bring their first crop of low cost, high potency cannabis to market
() (FRA:PU31) (OTCPINK:AGFAF) said that Propagation Services Canada Inc. (PSC), its flagship cultivation asset located in Delta, British Columbia has received an agriculture loan to bring its cannabis cultivation to market and continue Phase 1 of the company’s cultivation strategy.
As part of the loan, the group's Delta Facility will receive $5,000,000 which will provide full funding to the licensed cultivation areas and will allow the PSC team to bring their first crop of low cost, high potency cannabis to market, on a wholesale basis, in Q1 2021.
READ: Agraflora Organics responds to Health Canada's RMI regarding its standard processing license application for edibles facility in Winnipeg
The curated portfolio of elite genetics at the Delta facility has been tailored to work with PSC's Delta-based infrastructure and utilizing 422,828 square foot of cultivation space with state-of-the-art semi-pressurized, semi-open Venlo greenhouses.
In a statement, the AgraFlora board of directors commented: “Having a fully-funded Phase 1 cultivation strategy allows us to deliver high potency cannabis strains in 2021. As partners at PSC, we have full confidence in the Houwelings family's ability to achieve this strategy, given their long history of high-quality agricultural production in low-cost environments, as well as the healthy condition of our award-winning genetics.”
