MjLink Cannabis Business News and Press
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.
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.
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.
A glance at some of the day's highlights from the Proactive Investors US and Canada newswires
Pressure BioSciences Inc () announced Thursday that its pending merger partner Cannaworx Inc will launch a patented proprietary hemp immune booster supplement by mid-July. Once it hits the market, the company believes this product could be one of very few over-the-counter, FDA-registered hemp supplements products — if not the only one — that can claim to be an immune booster. The product, enhanced with hemp seed oil, increases the number of helper T cells in the body, which boosts immune response by enabling macrophage cells to kill and consume bacteria, viruses and other invaders.
Endeavour Mining Corporation () (OTCQX:EDVMF) reported Thursday that its shareholders have voted “overwhelmingly” in favour of its acquisition of SEMAFO Inc (), announced in March. The C$1 billion deal brings together six mines with strong cash flow into one portfolio, the opportunity to optimize assets, and a growth pipeline to create a leading West Africa-based gold producer generating over 1 million ounces a year. Over 99.9% of Endeavour’s shareholders, or 91.9 million votes, are in favour of the merger, the firm said in a statement. Both of the company’s boards have unanimously approved the transaction.
Exactus Inc () has announced a hemp buyback program to help support farmers who buy seeds from the company and struggle during planting season due to the coronavirus (COVID-19) pandemic. The company said it will purchase back hemp biomass that meets its processing specifications at fair market value from farmers who buy Exactus’ feminized CBD seeds. The group added that it will match every dollar farmers spend on seeds for those who opt into the program. “We understand that farmers have been greatly impacted by COVID-19 and we want to provide an opportunity for them to find relief from any financial hardship they may have occurred during this time,” Exactus President Derek Du Chesne said in a statement.
() has announced the debut of its Rapid Application Programming Interface for Devices (RAPID) mobile solution, which is designed to provide small and midsize businesses (SMBs) with access to the group's Multiscreen-as-a-Service (MaaS) platform. RAPID offers SMBs a pre-integrated software layer on mobile to access many of the features of the company’s broader MaaS platform. With RAPID, businesses can deploy native mobile application portfolios on Apple iOS and Google Android operating systems in just a few weeks, the company said. "A lot of small and midsize businesses in the United States are struggling right now as (coronavirus) COVID-19 forces them to not only reduce their workforces, but also rethink how they engage customers and achieve digital transformation during a pandemic," Phuware's chief technology officer, Luan Dang said in a statement.
A glance at some of the day's highlights from the Proactive Investors US and Canada newswires
() () said that its portfolio asset company Cocoon Technology LLC is helping shape contactless commerce during the coronavirus pandemic via its self-service CocoonPod, which gives customers the option to make payments directly through the kiosk, or a mobile device. “As dispensaries begin the initial phases of reopening, they are required to follow guidelines protecting the health and safety of both employees and customers. CocoonPod mitigates these safety concerns while reducing resource requirements,” the company said in a statement on Thursday. Specifically, the CocoonPod self-service kiosk is equipped with mobile applications, platform agnostic integrations into business management systems and payment providers. The consumer-facing units can function as stand-alone kiosks or multi-unit pods.
Mawson Resources Ltd () (OTCMKTS:MWSNF) has unveiled another round of high-grade drill assays for its giant Rajapalot gold project in Finland and told investors that it is on track to deliver an updated resources estimate at the beginning of the third quarter of this year. The results come from five additional holes at the Palokas prospect, which were sunk during the recent 14.1 kilometre (km) winter program, and include the deepest intersection so far at Palokas, namely, from a hole 449.7 metres (m) deep. That hole hit 4.9 metres at a grade of 18 grams per ton (g/t) gold, 1,236 parts per million (ppm) cobalt, 18.8 g/t gold equivalent (AuEq) from 449.7 metres, which included 2 metres at an impressive 31.2 g/t gold from 452.6m.
Corporation () (FSE:IP4) revealed Thursday that its wholly-owned subsidiary, InnoCan Pharma Ltd (Innocan Israel) has filed an international patent application for a novel cannabis-based skin treatment for psoriasis, a disorder where skin cells build up and form dry patches. The patent application stakes out a claim for a topical pharmaceutical composition to treat the symptoms of itching and inflammation commonly associated with psoriasis. "The global psoriasis drugs market is forecast to reach $39 billion by 2027,” according to a report by market intelligence and strategic consulting firm Reports and Data.
() (OTCMKTS:XXMMF) has said fieldwork will kick off at the permitted Providence property in the Greenwood mining camp in British Columbia (BC) in June. The crews and equipment needed for exploration drilling and trenching have been mobilized, Ximen said in a statement on Thursday. Ximen said the work includes the implementation of protocols and measures to prevent and control the risk of transmission of coronavirus (COVID-19).
The group's CocoonPod kiosks are very relevant in the current pandemic world as they eliminate person-to-person contact at the point-of-sale
() () said that its portfolio asset company Cocoon Technology LLC is helping shape contactless commerce during the coronavirus pandemic via its self-service CocoonPod, which gives customers the option to make payments directly through the kiosk, or a mobile device.
Companies are shifting to contactless payments as governments and consumers try to minimize the interactions between people to combat the spread of the virus.
“As dispensaries begin the initial phases of reopening, they are required to follow guidelines protecting the health and safety of both employees and customers. CocoonPod mitigates these safety concerns while reducing resource requirements,” the company said in a statement on Thursday.
Body and Mind operates a cannabis production operation in Nevada, as well as dispensaries
(CSE AUSA) (OTCPINK AUSAF) announced Wednesday that it has now sold down its holding in by a total of around 5.9 million shares.
Australis, which was spun out from cannabis behemoth Aurora Cannabis Inc (TSE:ACB) (NYSE:ACB) in September 2018 as its US investment vehicle, was an early investor in Body and Mind which operates a cannabis production operation in Nevada, as well as dispensaries, and its products include dried flower, edibles, topicals, extracts as well as GPEN Gio cartridges.
READ: Australis Capital acquires payment provider Paytron in US$120K stock deal
On December 24, 2019, Australis disposed of 5.0 million Body and Mind shares following a vendor agreement between Australis and RAPIDCASH ATM Ltd. The company said the share deal formed part of the consideration payable for the purchase of self-service kiosks for the global cannabis dispensary market from RAPIDCASH.
Body and Mind operates a cannabis production operation in Nevada, as well as dispensaries
(CSE AUSA) (OTCPINK AUSAF) announced Wednesday that it has now sold down its holding in by a total of around 5.9mln shares.
Australis, which was spun out from cannabis behemoth Aurora Cannabis Inc (TSE:ACB) (NYSE:ACB) in September 2018 as its US investment vehicle, was an early investor in Body and Mind which operates a cannabis production operation in Nevada, as well as dispensaries, and its products include dried flower, edibles, topicals, extracts as well as GPEN Gio cartridges.
READ: Australis Capital acquires payment provider Paytron in US$120K stock deal
On December 24, 2019, Australis disposed of 5.0 million Body and Mind shares following a vendor agreement between Australis and RAPIDCASH ATM Ltd. The company said the share deal formed part of the consideration payable for the purchase of self-service kiosks for the global cannabis dispensary market from RAPIDCASH.
(CSE AUSA) (OTCPINK AUSAF) has completed the US$120,000 all-stock acquisition of Paytron LLC, a privately-held omnichannel payment services company.
In a statement, Australis said it plans to integrate Paytron with another company in its portfolio, Cocoon Technology LLC, which manufactures consumer-facing kiosks as stand-alone units or multi-unit pods for consumers and a mobile application and tablet for employees of cannabis retail locations.
Adding Paytron to the mix expands Cocoon’s payment acceptance, allowing it to capture additional revenue, it added. The acquisition includes all active merchant accounts, access to Fiserv and TSYS processing platforms, Paytron’s existing processing partnership with Magnify Payments as well as its reseller partnerships.
READ: Australis Capital's Cocoon Technology nears launch of kiosks in one of Nevada's largest cannabis retailers
"Paytron will have an immediate impact to Cocoon's current feature set and additional verticals in the future while accelerating Paytron's baseline business concurrently," VP of Payments Marc Ruben said in the statement.
"This is a fantastic opportunity for significant growth as an independent Merchant Services Provider in North America especially given recent business interruptions and evolving technologies."
() (OTCMKTS:AUSAF) aims to build companies through early-stage, opportunistic, and diversified investments in the cannabis value chain in the US and abroad.
Australis was spun out from cannabis behemoth Aurora Cannabis Inc (TSE:ACB) (NYSE:ACB) in September 2018 as its US investment vehicle. Despite boasting a C$9.2 billion market cap, Aurora is not allowed to invest in US cannabis assets due to Toronto Stock Exchange and NYSE listing rules. Australis is therefore Aurora’s arm to establish a foothold in the US, before a potential US federal legalization shift.
Whereas Aurora is headquartered in Canada and has global assets, Australis’s US headquarters reflect its strategic focus on the burgeoning American marijuana industry.
The Nevada-headquartered firm has ten assets in the cannabis industry, four of which are wholly owned. This includes brands, such as Body & Mind, Mr Natural and Green Therapeutics. In addition to this, the company has invested in cannabis tracking and loyalty app developer rthm and in Wagner Dimas, which holds a number of patents for industrial-scaled pre-roll machines.
The current jewel in its portfolio is Cocoon Technology LLC, which manufactures consumer-facing kiosks as stand-alone units or multi-unit pods for consumers and a mobile application and tablet for employees of cannabis retail locations.
THRIVE Cannabis Marketplace, one of Nevada’s largest cannabis retailers, ordered 32 kiosks
Cannabis stocks stayed mostly flat on Wednesday as North American markets began to reverse a two-day plunge at the start of the week.
The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, lost 0.5% to 92.4 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF rose 0.6% to C$7.91, while the OTCQX Cannabis index slid 0.9% to 367.6 points.
Buds
() (OTCMKTS:AUSAF) shares climbed Wednesday after announcing that its subsidiary Cocoon Technology LLC is closing in on launching its proprietary kiosks with THRIVE Cannabis Marketplace, one of Nevada’s largest cannabis retailers.
THRIVE has ordered 32 CocoonPod kiosks for eight locations, starting with a pilot location in North Las Vegas.
It completed the final phase of development and testing ahead of the platform’s deployment at THRIVE Cannabis Marketplace
() (OTCMKTS:AUSAF) said Wednesday that its subsidiary Cocoon Technology LLC is closing in on launching its proprietary kiosks with one of Nevada’s largest cannabis retailers.
The Las Vegas-based company said that Cocoon had completed the final phase of development and testing ahead of the platform’s deployment at THRIVE Cannabis Marketplace, the state’s largest independent retailer.
Cocoon’s pods are expected to be ready in-store by April 2020.
READ: Australis Capital's Cocoon Technology partners with THRIVE Cannabis Marketplace to install kiosks across Nevada
In early December, Cocoon announced it had entered into an agreement with THRIVE Cannabis Marketplace to install its Platform-as-a-Service systems in the dispensary’s eight existing locations, with more to come over the deal’s four-year term.
Australis said it has decided not to go forward with its previously announced merger with cannabinoid producer and distributor
() (OTC:AUSAF) has opted not to go forward with its previously announced merger with cannabinoid producer and distributor Folium Equity Holding LLC.
The deal, announced on December 10, would have seen Folium become a wholly owned subsidiary.
Australis said in a statement Tuesday that it “discovered new relevant information with regard to Folium” and decided to reverse course.
READ: Australis Capital signs Letter of Intent to acquire payments provider Paytron
"AUSA continues to lean heavily on corporate governance and our vision to navigate through an incredibly unpredictable market over the past 12 months," CEO Scott Dowty said in a statement. "With over $38.2 million in cash, liquid assets and other assets that can easily be converted into cash within a short amount of time and $5.2 million annual burn excluding charges from capital projects and one-time occurrence, AUSA has a very strong financial position.”
Paytron offers merchant services, including credit and debit card processing, secure gateway processing, point of sale hardware, card terminals and business loans
() (OTCMKTS:AUSAF), which operates and builds differentiated cannabis companies, has inked a non-binding letter of intent to acquire payment services provider Paytron LLC.
Paytron will continue to operate as an independent sales organization (ISO) while also becoming the payment branch for Cocoon Technology LLC, an Australis portfolio company that provides self-service technology to cannabis companies.
The firm offers merchant services, including credit and debit card processing, secure gateway processing, point of sale hardware, card terminals and business loans.
READ: Australis Capital names Alex Han as interim CFO after Carlotti's departure
As part of the acquisition, the company announced that Marc Ruben will join the AUSA team as vice president of payments.
Han will serve in the role until a permanent chief financial officer is named, the group said in a brief statement
() (OTCMKTS:AUSAF) said Alex Han had been appointed as interim chief financial officer, after Michael Carlotti's employment was terminated with effect from January 16.
Han will serve in the role until a permanent chief financial officer is named, the group said in a brief statement.
Australis identifies opportunities and invests in the cannabis industry, mainly in the United States.
READ: Australis Capital strengthens leadership team with Alex Han as chief accounting officer
Last week, it revealed that its brands Tsunami and GT Flowers had received accolades at the High Times Cannabis Cup Nevada 2019 - the premier competition in the US cannabis industry.
It revealed awards in 4 categories - first place for Best Indica Concentrates and pole position in Best Sativa Concentrates
() (OTCMKTS:AUSAF) revealed that its brands Tsunami and GT Flowers have received accolades at the High Times Cannabis Cup Nevada 2019 - the premier competition in the US cannabis industry.
The company revealed awards in four categories - first-place position for Best Indica Concentrates and also pole position in Best Sativa Concentrates.
READ: Australis Capital strengthens leadership team with Alex Han as chief accounting officer
It won second place in Best Hybrid Concentrates and third placing in the Vape Cartridges section.
"The great showing at the High Times Cup validates the hard work, creativity and care Green Therapeutics uses when approaching the cultivation and extraction processes," said Dr. Duke Fu, chief executive of Green Therapeutics.
Han will work with the C-suite on delivering sound accounting practices, growing the team and keeping the firm compliant with regulations
() (OTCMKTS:AUSAF) said Tuesday that it has strengthened the company’s leadership team by promoting Alex Han, who was vice president of accounting, to the role of chief accounting officer.
In a statement, Australis Capital CEO Scott Dowty said Han is an “exceptional executive” who has proven her unique skills during the past year and brought “tremendous value” to the company.
"As Australis Capital evolves, Alex will work closely with the C-suite and board of directors delivering on sound accounting practices, regulatory compliance, and strategic planning while expanding her highly skilled team," said Dowty.
READ: Australis Capital merging with Folium Biosciences to create vertically integrated producer of CBD
In 2018, Han joined Australis Capital with over 15 years of experience in public and corporate accounting, with expertise in financial accounting, international accounting, and internal controls. Han has held several finance and accounting management positions in multi-billion-dollar global companies.
() (OTCMKTS:AUSAF) CEO Scott Dowty caught up with Proactive's Andrew Scott while in London to discuss the news that they're to merge with Folium Biosciences.
Under the merger plan Folium will become a wholly owned subsidiary of Australis -- which will be rebranded as Folium Biosciences and will carry on the current business of Folium.
CSE:AUSA
