Rising High: Tilray closes merger with Aphria, expects $81M of synergies » 11:3505/0605/06/21
ACB, CVSI, CTST, CGC, CRON, CANN, IGC, TCNNF, ZYNE, ALEAF, GTBIF, HITIF, INSHF, SNDL, APHA, TLRY
In this week's "Rising…
Quanta's Medolife implements proprietary electro solution, increase efficacy » 08:3205/0605/06/21
Medolife Rx, which is a…
Medolife Rx, which is a majority owned subsidiary of Quanta, announced that it has successfully implemented a new technology into its polarization methodology that further increases the effect of polarization, where it increases efficacy and potency of active pharmaceutical ingredients for use in pharmaceutical and nutraceutical products. Proprietary to the company, the original polarization technology was developed by Medolife CEO Dr. Arthur Mikaelian and increases the potency of single molecules and complex compounds. The polarization process leverages quantum biology with the goal of creating a resonating effect. "Medolife leverages this polarization technology in both its nutraceutical consumer wellness products as well as in its pharmaceutical drug candidates, where the company is conducting clinical trials in the areas of the SARS-CoV-2 virus and various forms of cancer," the company said. The company's lead product is Escozine, a proprietary formulation consisting of small molecule peptides derived from Rhopalurus princeps scorpions, is amplified by the company's polarization technology. The company has recently announced milestones in its pharmaceutical programs, culminated in its first major drug product registration in the Dominican Republic, allowing for sales of Escozine throughout Latin America.
Alliance Global Partners to hold a virtual conference » 09:1405/0405/04/21
CRLBF, JUSHF, VFF, HEXO, NEPT, GTBIF, CCHWF, KSHB
AGP Spring Consumer…
AGP Spring Consumer Cannabis Virtual Conference 2021 to be held on May 4.
|Over a week ago|
Aleafia Health secures Health Canada research license for trials » 07:3005/0305/03/21
Aleafia Health has…
Aleafia Health has secured a Health Canada Research Licence for its cannabis product manufacturing and innovation centre in Paris, Ont. The licence allows the Company to conduct human sensory analysis and palatability trials, evaluating the taste, touch, smell and sight of its growing portfolio of differentiated medical and consumer cannabis products. Aleafia Health is currently developing a number of new product formats and line extensions to complement its existing cannabis portfolio of dried flower, edibles, sublingual strips, soft gels, extracts, and vape cartridges. The Company intends to conduct sensory assessment studies consistently during product development, allowing human panels to evaluate objective product characteristics, and evaluate preference between comparable products.
High Tide to acquire 80% of FABCBD for $20.64M » 06:1305/0305/03/21
High Tide announced that…
High Tide announced that it is entering into a definitive agreement pursuant to which High Tide will acquire 80% of Fab Nutrition, operating as FABCBD for $20.64M and will have a three-year option to acquire the remaining 20% of FABCBD at any time. Founded in 2017 with its headquarters in Milwaukee, Wisconsin, FABCBD had over 1.3M online impressions and an average order value of $91.90 in 2020. FABCBD's founder and sole shareholder, Josh Delaney, will join the High Tide team, as general manager of FABCBD. FABCBD generated 2020 gross margins of 74% and EBITDA margins of 40%, both of which are accretive to High Tide's consolidated profile. The transaction, which is an arm's length transaction, is subject to, among other things, receipt of required TSX Venture Exchange approval, and other customary conditions of closing, is expected to close during the first half of May, implies an enterprise valuation of $25.8M, representing 6.0x 2020 EBITDA. The consideration for the 80% acquired will be comprised of $8.08M in common shares of High Tide on the basis of a deemed price per High Tide Share equal to the volume weighted average price per High Tide Share on the TSXV for the 10 consecutive trading days preceding closing of the transaction and $12.56M in cash. The cash portion of the transaction will be funded entirely with cash on hand. Upon closing, FABCBD will have approximately $500,000 of cash and non-cash working capital and inventory of approximately $550,000. In addition to the foregoing, FABCBD's founder has agreed to grant High Tide an option to acquire all the remaining shares in FABCBD not held by High Tide, and become the sole shareholder of FABCBD, at an enterprise value equal to the trailing twelve months of EBITDA multiplied by six. The call option will be exercisable at any time for a period of three years following the closing. In addition, High Tide has agreed to grant FABCBD's founder an option to put to High Tide, the remaining shares in FABCBD not held by High Tide at the same enterprise value of the call option. The put option will be exercisable by FABCBD's founder for a period of two years following the first anniversary of the closing. The consideration under the call option or the put option, if exercised, will be satisfied in High Tide Shares, on the basis of a deemed price per High Tide Share equal to the volume weighted average price per High Tide Share on the TSXV for the 10 consecutive trading days preceding closing of the call option or the put option, as the case may be. In connection with the transaction, the company has agreed to pay Bayline, an arm's length party, a finder's fee equal to 3% of the consideration, 50% in cash on closing, and 50% in High Tide Shares calculated on the same basis as the share consideration.
Greenlane, KushCo announce future leadership team for proposed combined company » 07:1104/3004/30/21
Greenlane Holdings (GNLN)…
Greenlane Holdings (GNLN) and KushCo Holdings (KSHB) announced the enterprise leadership team that will helm the proposed combined Greenlane and KushCo businesses following the consummation of the proposed merger. As previously announced, Nick Kovacevich will lead the combined company as CEO. Greenlane's Bill Mote will serve as CFO, with Greenlane Co-founder Aaron LoCascio serving as President and Greenlane Co-founder Adam Schoenfeld serving as Chief Strategy Officer. Additionally, the following executives will join the combined company's enterprise leadership team, reporting to Nick Kovacevich: William Bine, Chief Operating Officer; Rhiana Barr, Chief People Officer; Douglas Fischer, General Counsel; Richard Finlow, Managing Director, Europe; Michael Cellucci, President CPG Sales; and Andrew Goodman, SVP Packaging. The companies anticipate that the Transaction will close by late second quarter or early third quarter 2021, subject to the satisfaction or waiver of all closing conditions, including the receipt of all necessary regulatory and stockholder approvals.
Quanta's Medolife Rx breaks ground on lab facility in Dominican Republic » 08:2104/2904/29/21
Medolife Rx announced it…
Medolife Rx announced it has broken ground on its lab facility in the Dominican Republic as well as increased the quantity of scorpions on the reservation, in preparation for mass production of its pharmaceutical and nutraceutical product lines. The reservation is located in a remote area of the DR and is the ideal climate and terrain to support the healthy cultivation of various scorpions. Certain peptides found in scorpions are used in the formulation of many of the Company's pharmaceutical and nutraceutical products. The facility, which is currently under construction on the reservation, will be approximately 250 square meters and is expandable as needed in order to meet any increases in demand. It will serve as the Company's cGMP- and ISO-certified research lab where it will extract the peptides and conduct ongoing research and development on the clinical and wellness applications of Escozine and other formulations. Its addition will decrease the cost of venom production, enabling the Company to lower the final cost of its products, which will increase margins and the marketability of the products. This expansion will increase the reservation's capacity ten-fold and the Company's goal is to be able to produce one million doses of Escozine per month in the near term. As the Company furthers its clinical trials and nutraceutical sales of Escozine, it anticipates that demand will increase exponentially. As such, it has worked with the Ministry of Environment in the DR to secure the appropriate licensing and approvals for the expansion of the reservation and the building of the lab facility.
Acreage Holdings closes divestiture of Florida operations » 07:4604/2804/28/21
Acreage Holdings (ACRHF)…
Acreage Holdings (ACRHF) announced it has closed its previously disclosed agreement to divest 100% of its Acreage Florida, Inc. subsidiary to Red White and Bloom Brands (RWYBF). Closing significantly strengthens Acreage's balance sheet with the receipt of an aggregate $60 million in proceeds.
Red White & Bloom Brands closes acquisition of Florida operations » 07:4104/2804/28/21
Red White & Bloom…
Red White & Bloom Brands (RWBYF) is pleased to announce that, further to its press release of February 25, 2021, its new subsidiary, RWB Florida, has completed the acquisition of all of the issued and outstanding shares of Acreage Florida, from High Street Capital Partners, a subsidiary of Acreage Holdings Inc. (ACRHF). RWB also completed the acquisition of certain owned and leased real estate assets used in Acreage Florida's operations. RWB Florida is licensed to operate medical marijuana dispensaries, a processing facility, and a cultivation facility in the state of Florida. The deal also includes the sale of property in Sanderson, Florida that includes over 15 acres of land and approximately 11,000 SF facility for cultivation and a 4,000 SF freestanding administrative office building. In addition, RWB Florida has 8 leased stores in prime locations throughout the state. Jim Frasier, formerly of Acreage, has been appointed the position of Florida General Manager for Red White & Bloom. RWB, RWB Florida and Seller entered into a definitive Stock Purchase Agreement on February 21, 2021, as amended on April 27, 2021, to acquire Acreage Florida and the Florida Real Estate from Seller for an aggregate purchase price of $60,000,000 in cash, stock and other considerations
Rising High: An exclusive talk with retail-focused cannabis company High Tide » 12:2604/2204/22/21
HITIF, APHA, ACB, CVSI, CTST, CGC, CRON, CANN, IGC, TLRY, TCNNF, ZYNE
In this edition of…