Aurora Cannabis Announces $200 Million Debt Facility With BMO. Aurora Cannabis Inc. (TSX: ACB) announced that it has agreed to a new $200 million debt facility, with a potential upsize to $250 million, with the Bank of Montreal. The facility will consist of a $150 million term loan and a $50 million revolving credit facility, both of which will mature in 2021. A short period after the implementation of Bill C-45 in October 2018, the company may request an increase of up to a further $45 million to the term loan subject to agreement by BMO and satisfaction of certain legal and business conditions. BMO will also be providing up to $5 million in other credit instruments. Closing of the debt facility is subject to completion of final due diligence, negotiation of definitive documentation, and satisfaction of conditions precedent customary to a financing of this nature. Prevalentventures.com
Molson wants in on the pot frenzy – only one stock fits the bill.
On Friday, Bloomberg reported that Molson Coors, the second largest brewer in North America, has been interested in buying into the recreational marijuana market for months. Molson is rumored to be in talks with up least four different legal producers: Aphria, Aurora Cannabis and two other unnamed companies. Molson is likely to buy a minority equity stake in Aphria for the following reasons:
- Aphria has the size to supply Molson’s giant user base
- Aphria is building a sophisticated processing facility that can provide the cannabis oils needed for infused beverages.
- Aphria chose not to dilute shareholders to the same extent as competitor Aurora Cannabis and peers, providing Molson with a cheaper and more efficient way to gain exposure to the marijuana industry. grizzle.com
GW Pharma wins U.S. approval for marijuana-derived epilepsy drug. On Monday, an epilepsy treatment from GW Pharmaceuticals Plc secured an approval from the U.S. Food and Drug Administration, becoming the first cannabis-based drug to be approved in the country. The drug’s approval permits its use in patients aged two years and older with Dravet Syndrome (DS) and Lennox-Gastaut Syndrome (LGS), rare childhood-onset forms of epilepsy that are among the most resistant to treatment. news.trust.org
LGC Capital and Partners Launch Craft Beers and Adult Drinks Range. LGC Capital Ltd. (TSXV: LG) announced that CLV Frontier Brands Pty Ltd (CLV), a Joint Venture between LGC, Creso Pharma and UK based Baltic Beer Company Ltd is progressing well, with a number of products ready for commercial launch:
- Estonian brewing facility is complete and currently finalizing the development of a range of CLV beers and adult soft drinks.
- Bottling of the first two beers is expected by mid-July 2018.
- Adult soft drinks are now in the final stage of development.
- Brand websites preparing to go live with social media campaigns ready for launch in the coming weeks.
- UK portfolio launch is set for September 2018. www.newswire.ca
WeedMD Commences Cannabis Cultivation at its Newly-Licensed Large-Scale Modern Greenhouse. WeedMD Inc. (TSX-V:WMD) announced that the first batch of cannabis plants have been transplanted to its modern greenhouse located in Strathroy, Ontario and are scheduled for harvest by September 2018, and provides the following update:
- Secured Health Canada cultivation licence for the first four grow rooms on June 11, 2018
- Initial harvest expected by September 2018
- Phase I, 220,000 sq. ft. retrofit is scheduled for completion this fall, with plans to progressively bring a total of 20 grow rooms online expanding annual production to more than 21,000 kg
- Phase II fully-funded expansion is underway with an incremental 175,000 sq. ft. conversion representing additional potential annual yield of more than 12,000 kg, bringing the total to more than 33,000 kg by this year-end
- Phase III involves retrofitting the remaining 215,000 sq. ft., bringing total square footage to 610,000 sq. ft, and total annual production capacity to more than 50,000 kg
“Our initial crop of plants successfully entered our recently-licensed Strathroy greenhouse last week and our first 10,000 sq. ft. grow room is now fully operational,” said Keith Merker, Chief Financial Officer of WeedMD. “This facility will be the prominent source of supply for our medical cannabis patients and for future adult-use consumers across Canada and emerging international markets.” globenewswire.com
Cronos Group Inc. Announces Exclusive Distribution Agreement with Delfarma in Poland. Cronos Group Inc. (CRON) announced that it has entered into a strategic distribution partnership with Delfarma Sp. Zo.o. Under the initial five-year exclusive distribution agreement, Cronos Group’s global subsidiaries will supply Peace Naturals branded cannabis products to Delfarma for distribution within Poland. The partnership provides Cronos with unrivaled access to the Poland market by leveraging Delfarma’s extensive distribution network. The parties are simultaneously working to obtain the necessary regulatory approvals within Poland for the full line of medical cannabis products with the aim to offer patients in Poland a variety of premium treatment options. Finance.yahoo.com
Liberty Health Sciences Earns GMP Certification for Greenhouse and Production Facilities. Liberty Health Sciences Inc. (CSE: LHS) announced it has received Good Manufacturing Practice (GMP) approval from SAI Global for the company’s greenhouse and production facilities in Alachua County, Florida. The GMP certificate was earned in advance of Liberty’s July 5th deadline for its processing facilities, confirming the site’s compliance with FDA’s food safety and packaging GMPs. “In anticipation of expected state approval of edibles, we have built an all-encompassing food safety plan which goes above and beyond regulatory requirements,” said Director of Compliance and Regulatory, Jessica Engle. www.newswire.ca
Canopy Growth Corporation Announces Exercise and Closing of Over-Allotment Option. Canopy Growth Corporation (TSX: WEED) announced today the issuance of C$100 million aggregate principal amount of its 4.25% convertible senior notes due 2023 pursuant to the exercise in full of the over-allotment option granted to the initial purchasers in connection with the previously announced offering of C$500 million aggregate principal amount of its 4.25% convertible senior notes due 2023, which closed on June 20, 2018. The company intends to use the net proceeds from the sale of the Initial Notes and the Over-Allotment Notes for supporting expansion initiatives and general corporate purposes, including working capital requirements. www.newswire.ca
The Green Organic Dutchman Announces Additional 40,000 kg of Production Dedicated to Beverage and Edible Product Manufacturing. The Green Organic Dutchman Holdings Ltd. (TSX:TGOD) announced that it has decided to add a 287,245 sq ft. purpose-built facility on its Valleyfield property capable of producing 40,000 kgs of premium organic cannabis. This facility will be dedicated to TGOD’s Beverage Division and increases the company’s fully-funded capacity to 170,000 kgs. This includes a state-of-the-art manufacturing campus designed to conduct strain-specific studies, develop organic IP, and create consumable optimized CBD / THC strains. Due to operating efficiencies within the 72.4 acre Valleyfield property, permits and cultivation licenses granted, the company anticipates a significantly reduced construction timeline and budget. Globenewswire.com
MedMen’s Planned New Store Location in Las Vegas Approved by Clark County (NV) Board. MedMen Enterprises Inc. (CSE: MMEN) announced that the location for a new MedMen store in Las Vegas has received land-use and zoning approval by the Clark County Board of County Commissioners. The store is expected to be located at 4503 Paradise Road, Las Vegas, NV 89169, near major casinos such as the Hard Rock Hotel, the Thomas and Mack Center and Las Vegas International Airport. investors.medmen.com
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