Marijuana Minute: Weekly News Recap - Wealthy Venture Capitalist

Marijuana Minute: Weekly News Recap

Aphria Secures $25 Million Loan from WFCU Credit Union

LEAMINGTON, ONJuly 31, 2018 /CNW/ – Aphria Inc. (“Aphria” or the “Company“) (TSX: APH) (OTCQB: APHQF) today announced that it is has secured $25 million in debt financing from WFCU Credit Union (“WFCU”). The five-year term loan bears interest at 4.68%, has a 15-year amortization and was entered into on July 27, 2018. This is the second round of debt-financing secured by the Company from WFCU, having previously secured a $25 million five-year loan on May 9, 2017.

“We are delighted to once again have the support of WFCU Credit Union as Aphria continues to execute on its long-term strategic plan,” said Vic Neufeld, Chief Executive Officer at Aphria. “Our diversified approach to innovation, strategic partnerships and global expansion are driving long-term shareholder value, and as our company and industry evolve we are always looking for opportunities to normalize our debt to equity structure.”

The term loan is secured by a first charge on the Company’s real estate holdings, and a first position on a general security agreement including cash, accounts receivable and inventory.

Full press release: https://bit.ly/2LQXzzK

 

ABcann to Acquire Leading B.C. Producer Canna Farms

  • 57,000 kilograms of funded annual domestic production capacity
  • $110 million in cash to fund the execution of an aggressive growth strategy
  • Five percent share of Canadian medical cannabis market

NAPANEE, Ontario and HOPE, British Columbia, July 30, 2018 (GLOBE NEWSWIRE) — ABcann Global Corporation (TSXV: ABCN) (OTCQB: ABCCF) (“ABcann” or the “Company”) is pleased to announce that it has entered into a definitive agreement to acquire 100% of the issued and outstanding share capital of Canna Farms Limited (“Canna Farms”), a premium cannabis company in British Columbia (the “Transaction”). Canna Farms was the first Licensed Producer in B.C. and has many years of craft cultivation experience and expertise, as well as a significant patient base and positive cash flow. A conference call to discuss the Transaction will take place on Tuesday July 31, 2018 at 9:00 a.m. ET (details below).

“This is a transformational acquisition, and key benefits include increased production capacity, an expanded product offering, operational efficiencies, and a more robust platform to accelerate our growth,” commented Barry Fishman, CEO of ABcann. “We will maximize operational and financial synergies, so that the combined company will be greater than the sum of its parts.”

Full press release: https://bit.ly/2AzSrvI

 

Newstrike Announces Closing of Transaction and Execution of Strategic Alliance Agreement With Inner Spirit Holdings

TORONTO, July 31, 2018 (GLOBE NEWSWIRE) — Newstrike Brands Ltd.(TSXV: HIP) (“Newstrike” or the “Company”) is pleased to announce that it has closed the transactions described in the investment agreement with Inner Spirit Holdings Ltd. (“Inner Spirit”) dated May 22, 2018 (the “Investment Agreement”), the signing of which was previously announced on May 23, 2018.

Pursuant to the Investment Agreement, both Newstrike and Inner Spirit have acquired equity interests in each other and have entered into a strategic alliance agreement for the retail distribution of UP Cannabis Inc. (“Up Cannabis”) products, subject to applicable law, and the creation and operation of Up Cannabis-branded customer lounges or “Experiential Hubs” in Spirit Leaf stores.

“The closing of this transaction signifies our commitment to the adult-use market, participating in the production, supply and retail of cannabis,” said CEO and Chairman of Newstrike and Up Cannabis, Jay Wilgar.  “We look forward to working with the Inner Spirit team to create quality customer experiences and supplying our product to retail in their stores across Canada.”

Newstrike and Inner Spirit will create and operate Up Cannabis Experiential Hubs within Spirit Leaf’s stores. The store-in-store experiences will complement the existing Spirit Leaf design elements and provide education about cannabis, showcase both companies’ love of music and their various community and charitable endeavours.

Full press release: https://bit.ly/2OzNNjU

 

MedMen Receives Approval in New York For Lotions and Topical Sprays

MedMen Enterprises Inc. (“MedMen” or the “Company”) (CSE: MMEN) (OTCQB: MMNFF) announced today the New York Department of Health has approved MedMen’s request to manufacture and sell cannabis-infused lotions and topical pain-alleviating sprays for qualified medical marijuana patients.

MedMen’s four stores in New York currently offer vaporizer pens, tinctures and gel caps in five different formulations. Earlier this year, the state also approved MedMen adding ground flower in the form of metered pods to its product selection.

MedMen is one of only 10 companies licensed to manufacture and sell medical marijuana in New York. In April, MedMen opened its flagship store on Fifth Avenue, only one of three licensed dispensaries in Manhattan.

New York continues to expand its medical marijuana program. Recently, State Health Commissioner Howard Zucker filed emergency regulations allowing cannabis as a substitute for opioids, making medical marijuana legally accessible to patients currently using prescription opioids to treat severe pain.

MedMen operates a cultivation and manufacturing facility in Utica, New York and four dispensaries statewide. The company operates licensed facilities in California and Nevada, and recently signed a definitive agreement to acquire the assets of Florida-based Treadwell Nursery, including rights to open 25 stores in that state.

Full press release: https://bit.ly/2vlsOJ2

 

Isodiol International Inc. Reports Fiscal Year 2018 Audited Financial Results

VANCOUVER, British Columbia, July 30, 2018 (GLOBE NEWSWIRE) — Isodiol International Inc. (CSE: ISOL) (OTC: ISOLD) (FSE: LB6A.F) (the “Company” or “Isodiol”), a global CBD innovator specializing in hemp-based health and wellness products, the development of pharmaceutical CBD delivery methods, and the manufacturing of pure, natural CBD as an Active Pharmaceutical Ingredient (API) for use in Finished Pharmaceutical Products (FPPs), reports audited revenues for the Fiscal Year Ended March 31, 2018 of $19,137,266 compared to Fiscal Year Ended March 31, 2017 audited revenues of $355,959; a year-over-year increase of 5276%.

“Although the Company experienced tremendous growth for its Fiscal Year 2018, we strongly believe that CBD is still in its infancy stage, and we are just beginning to understand its benefits for the human body,” said CEO of Isodiol, Marcos Agramont.  “Isodiol has made significant strategic acquisitions over the last 12 months that are just now beginning to bear fruit, and the Company is well positioned as a global leader in the manufacturing, distribution, and full commercialization of hemp-derived CBD products.”

Isodiol believes it has a strong balance sheet with $24,069,692 in cash and acquisition deposits, which are intended to facilitate continued growth throughout Fiscal Year 2019.  With positive changes in regulation that have affected the legality of hemp and CBD around the globe, the Company is expanding its worldwide sales force with the intention of capitalizing on the untapped market for API sales and Finished Pharmaceutical Products.

Full press release: https://bit.ly/2Oz2rIb

 

Scythian Biosciences to Acquire Company with Exclusive Medical Cannabis License in Florida

TORONTO, July 30, 2018 (GLOBE NEWSWIRE) — Scythian Biosciences Corp. (to be renamed Sol Global Investments Corp.) (the “Company” or “Scythian”) (TSXV: SCYB) (Frankfurt:9SB) (OTCQB: SCCYF) today announced it has signed an arm’s length letter of intent effective July 26, 2018 to acquire CannCure Investments Inc. (“CannCure”). CannCure is an Ontario corporation in the process of acquiring an interest in a complementary Florida-based, multi-specialty primary care/ health and wellness medical organization (“Healthcare Organization”) and 3 Boys Farms, LLC. (“3 Boys Farms”), an established Florida agricultural company with innovative, state-of-the-art facilities and a license to operate as a Medical Marijuana Treatment Center in Florida under Florida Statutes 381.986.  The closing of the Company’s acquisition of CannCure (the “Acquisition”) will be subject to the receipt of all required governmental approvals, including any approvals mandated by the Florida Department of Health and/or the Office of Medical Marijuana Use and the completion of CannCure’s acquisitions of the Healthcare Organization and 3 Boys Farms. Closing of the Acquisition is expected to occur on or about October 15, 2018.

3 Boys Farms is a Florida limited liability company incorporated in May 1981. With authorization to cultivate, process and dispense medical cannabis in accordance with Florida law, 3 Boys Farms’ operation consists of 40,000 square feet of fully-operational greenhouses located on an eight-acre parcel of land. The existing facilities include a two-acre odor mitigation space that is run 100% with harvested rainwater, solar pumps and repurposed high-volume chilled air from the cultivation greenhouses – a true zero-carbon-footprint. 3 Boys Farms innovations, including alternative energy use, greenhouse cooling designs and rainwater harvesting, were recognized and honoured by the Governor’s Environmental Leadership Award.

3 Boys Farms has a strong leadership team in place to complement Scythian’s U.S. operations team. The 3 Boys Farms’ team is anchored by founder Robert Tornello, a renowned U.S.D.A-certified organic fruit and vegetable grower who is also well-established in the medical cannabis marketplace; Chief Scientific Officer Dr. Greg Gerdeman, PhD, who is an expert in cannabinoid research and a frequent keynote speaker at conferences on the subject of medical cannabis; and Medical Director Dr. Juan Sanchez-Ramos, MD, PHD, a  nationally-recognized neurologist and professor at the University of South Florida, among others.

Full press release: https://bit.ly/2LGk0IO

 

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