MjLink Cannabis Business News and Press
The Vancouver-based company will become the exclusive Canadian manufacturing and distribution partner for Marianna's new line of white-label CBD-based drinks
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 has been completed ahead of the anticipated launch of the company’s CBD beverage products in the EU
1933 Industries (CSE: TGIF-OTCQX: TGIFF) Interim CEO Paul Rosen joined Steve Darling from Proactive Vancouver to discuss him taking over the company.
Rosen told Proactive about his lengthy career in cannabis and where he wants to take the company moving forward. He also discussed the cannabis market and opportunities in the United States.
CSE:TGIF
Market: CSE
Market Cap: $28.55 m
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The suite of wellness products include creams, balms, tinctures, lotions, capsules and more
1933 Industries Inc (CSE:TGIF) (OTCQX:TGIFF) has announced the launch of a new hemp-specific line of Canna Hemp products made with organic hemp seed oil.
The suite of wellness products include creams, balms, tinctures, lotions, capsules and more, all formulated with its proprietary TerpFX blend of cannabis terpenes, which mimics the profile of cannabis strains without any of the “high” produced by THC.
"Many of our consumers want hemp-specific products and we have delivered a line that appeals to a wide audience,” 1933 Industries president Gene Ruiz said in a statement. “The Canna Hemp wellness line has grown since its inception in 2016 to become a brand that people can trust because of the effectiveness of each formulation, the safety and quality of our ingredients, and the care we put into developing each and every product."
READ: 1933 Industries names Paul Rosen as interim CEO and Eugene Ruiz as president
Select products from the Canna Hemp line are available online through Amazon, Walmart, eBay, Rakuten, and elsewhere.
The acquisition comes ahead of the anticipated launch of BevCanada's CBD beverage products in the European Union
The new executives will help guide the cannabis company’s strategic direction into a new phase of development
1933 Industries Inc (CSE:TGIF) (OTCQX:TGIFF) announced Monday the appointments of Paul Rosen as its interim CEO and Eugene Ruiz as its president to guide the vertically integrated cannabis consumer packaged goods company’s strategic direction into a new phase of development.
In a statement, the company noted that Rosen is a successful entrepreneur and a pioneer in the global cannabis industry, having founded, led and invested in multiple companies over the past decade.
Rosen co-founded PharmaCan Capital Corp (NASDAQ:CRON) (TSE:CRON) and served as its first president and CEO. He also has held board positions with a number of publicly traded cannabis companies and currently serves as the executive chairman of Global Go, a consultancy focused on the global regulated cannabis industry.
READ: 1933 Industries seeing progress on reducing production costs and improving margins as it posts 2Q numbers
He is also a significant shareholder in 1933 Industries, as a result of his private placement investment in the company in March 2019.
As a part of the equity financing, the Vancouver-based firm sold 88,235 shares at a price of $0.425 per share for gross proceeds of $37,500
The company has inked a definitive deal with cannabis operator Capna Intellectual, which will see BevCanna manufacture and sell Bloom branded products
BevCanna will provide the product, and Argentia will distribute it in Newfoundland, Prince Edward Island (PEI) and New Brunswick
A glance at some of the day's highlights from the Proactive Investors US and Canada newswires
The group has a 292-acre cultivation site in the Okanagan Valley, a spring water aquifer, and a 40,000-square-foot manufacturing facility
The group will leverage its extensive experience in launching beverages in the Canadian market to maintain compliance with Health Canada as well as national sales and distribution efforts
The firm owed Naturo Group Investments Inc for a strategic advance which was a debt of C$197,000
CFO John Campbell said the company was ‘very pleased’ with the confidence investors had shown in BevCanna, despite the ‘uncertain economic times’
The drink will be based on the popular Trace beverage, a non-CBD version, which is already approved by Health Canada
Jase will be available for sale in licensed dispensaries this year
Under the proposed agreement to form a joint venture, BevCanna will become the exclusive Canadian manufacturing partner for the newly launched Calexo line of beverages
The infused beverage expert is poised to commercialize operations and generate substantial revenue this year
It is gearing up to receive its standard processing license and kicking off full-scale commercialization this year
