Marijuana Minute: Weekly News Recap

MariMed Acquires iRollie to Support MariMed Brands, Expand into Ancillary Cannabis Service Offerings

NEWTON, Mass., July 24, 2018 (GLOBE NEWSWIRE) — MariMed Inc., (OTCQB:MRMD) today announced it has acquired iRollie LLC, including its intellectual property (IP), clients, and its host of products and services. MariMed hired iRollie’s cofounders Luke Shepter and Joe Khoury to expand the iRollie business as well as to bring their expertise and services in house to support MariMed brands and clients. MariMed acquired iRollie and its executives in exchange for $600,000 in MariMed stock.

The acquisition enables MariMed to round out its ownership portfolio with an ancillary business capable of servicing all existing brands and drive new business, partnerships, and revenue. The MariMed team and iRollie co-founders will be available for interviews at the CannaCon Boston Conference, July 27-28 at MariMed Booth #128, Hynes Convention Ctr.

“MariMed identified a number of synergies between our two companies that we felt best to bring in-house to strengthen internal capabilities. We continue to set new standards in the industry with innovative all-natural cannabis products requiring premium branding, packaging, and marketing as well as strategic sourcing,” stated Tim Shaw, MariMed COO. “iRollie enables an in-house ability to develop, improve and effectively market new and existing brands, as well as add a fast-growing revenue stream of proprietary product offerings to MariMed’s financials.”

Full press release: https://bit.ly/2NJunZ0

 

Aurora Cannabis Approved for Republic of Malta’s First Cannabis Cultivation Facility

EDMONTONJuly 24, 2018 /CNW/ – Aurora Cannabis Inc. (“Aurora” or the “Company”) (TSX: ACB) (OTCQB: ACBFF) (Frankfurt: 21P; WKN: A1C4WM) today announced that the Company has received a Letter of Intent from Malta Enterprise, approving its application for the establishment of a seed-to-pharma cannabis operation subject to certain conditions. The project includes the construction of a hybrid cultivation, manufacturing, and distribution facility, with operations to be carried out by a new subsidiary, Aurora Malta, to be formed with Aurora’s local Maltese partner Cherubino Ltd. (“Cherubino”), the largest pharmaceutical wholesaler in the country with an operating history of over 100 years.

Highlights

  • This is the first cultivation LOI issued by the Maltese authorities to date
  • Aurora will be the majority shareholder in the new venture
  • True seed-to-pharma operation, including the processing of cannabis into oils and other derivative products
  • Aurora will be allocated land for the development of the facility by Malta Industrial Parks Ltd.
  • The facility will be designed by Aurora Larssen Projects Ltd. (“ALPS”), and built using additional local expertise
  • Both cultivation and processing operations to be completed to EU GMP standards
  • Aurora, through Pedanios, has worked closely with its local partner Cherubino Ltd. to develop a concept for the cultivation of medicinal cannabis that fulfills all necessary requirements in accordance with the Maltese “Production of Cannabis for Medicinal and Research Purpose Act, 2018”
  • Final size and design of the facility will be announced shortly
  • In addition to serving the domestic Maltese market, Malta is strategically located to serve export markets throughout Europe

“Aurora already was the first company to export medical cannabis to both Italy and Malta, and now are the first to receive approval for the production, processing, and distribution of cannabis in the country,” said Neil Belot, Chief Global Business Development Officer. “Having an EU GMP compliant facility in Malta will position us well to serve multiple international markets, including Southern Europe and beyond. We are delighted top have Cherubinoas our local partner, whose professionalism, reputation and standing in Malta were instrumental in establishing a local presence. We look forward to creating a thriving Maltese business, generating significant employment opportunities, and serving medical patients with high-quality cannabis products.”

Full press release: https://bit.ly/2JRBw6R

 

MedReleaf acquires MED Colombia 

MARKHAM, ONJuly 24, 2018 /CNW/ – MedReleaf Corp. (TSX:LEAF) (“MedReleaf” or the “Company”) today announced that it has acquired MED Colombia SAS (“MED Colombia”), a company with licences in Colombia to cultivate cannabis and produce cannabis oil extracts, along with a library of cannabis genetics, for a total consideration of €2.75 million in cash. This acquisition provides MedReleaf with the ability to produce low-cost, high-quality raw materials to serve its global supply chain as well as the domestic Colombian medical cannabis market.

“As the legalization of medical cannabis continues to expand, we must ensure that our ability to cultivate cost effectively extends beyond Canada to supply our global operations,” said Neil Closner, CEO of MedReleaf. “Colombia has one of the best climates in the world for cannabis cultivation and excellent regulation to protect the rights of growers and operators. With the acquisition of MED Colombia we continue to execute on our international strategy and will be well positioned to scale our global production as our business continues to grow.”

As one of the world’s leading agricultural production regions, Colombia legalized medical cannabis in 2015 and is poised to become one of the largest exporters of medical cannabis in the world. MED Colombia received its government licence in 2017 for the cultivation of THC cannabis and its derivatives. MedReleaf has a team operating in Colombia since 2017 and this acquisition accelerates the Company’s plans to establish a licensed cultivation and extraction facility.

Full press release: https://bit.ly/2JNS6Vr

 

Kush Bottles Launches New Products and Becomes Premiere Distributor of LocTin™ 

GARDEN GROVE, Calif., July 24, 2018 (GLOBE NEWSWIRE) — Kush Bottles, Inc. (OTCQB:KSHB) (“Kush Bottles” or the “Company”), a leading provider of packaging, suppliesvaporizershydrocarbon gasessolventsaccessories and branding solutions for the regulated cannabis industry, today announced that it has launched three new child-resistant product lines, including three proprietary packaging lines, as the company continues to expand its product offering to include more variety and offer cannabis industry vendors more customizable, compliant packaging options.

As part of the new product line announcement, Kush Bottles is also now a premiere distributor of LocTin™ by Compliant Packaging.

These new proprietary packaging lines represent the first major products developed by the newly formed Koleto Packaging Solutions. Launched earlier this summer, Koleto Packaging Solutions is an FDA-compliant packaging solutions business unit focused on building proprietary intellectual property and designing unique products for both cannabis and non-cannabis industries.

“The launch of these new proprietary packaging solutions speaks directly to the dedication of our R&D staff to develop and provide our customers with the specialized packaging solutions that will help them differentiate themselves in the market,” said Nick Kovacevich, Kush Bottles’ Chief Executive Officer. “The ability to quickly develop and bring to market sleek new proprietary packaging options for our customers that are child-resistant, customizable and compliant with cannabis regulations is a true game changer for this marketplace. We look forward to continuing along the path of developing and bringing innovative cannabis packaging solutions to market in a time- and cost-efficient manner.”

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

 

Aphria Provides Update on Investments

LEAMINGTON, ONJuly 23, 2018 /CNW/ – Aphria Inc. (“Aphria” or the “Company”) (TSX: APH and OTCQB: APHQF) today provided an update related to its previously announced plan to divest of its equity investments in Liberty Health Sciences, Inc. (“Liberty“). Aphria is amending its put and call agreement, effective July 26, 2018, pertaining to its sale of shares in Liberty and intends to repurchase the shares, if and when, U.S. federal laws change, subject to certain conditions including the consent of the Toronto Stock Exchange.

“The U.S. cannabis industry continues to gain momentum at the state and federal level, and in public opinion, and we are pleased to retain the optionality to extend our strategic partnership with Liberty in a way that satisfies our obligations as a member of the Toronto Stock Exchange,” said Vic Neufeld, Chief Executive Office of Aphria. “We will continue to provide our shareholders with access to the most promising cannabis opportunities around the world, including where permitted in the U.S.”

Transaction Details

Aphria entered into a new agreement (the “New Agreement“) with the group of buyers (the “Group“) who previously entered into a purchase and sale agreement with Aphria (the “Original Agreement“) to acquire all of the Company’s shares in Liberty (the “Shares“). Under the New Agreement, Aphria will accept a 30-day promissory note from the Group to settle the next tranche of Liberty shares owned by Aphria that will be freely trading on July 26, 2018 and is scheduled to be purchased by the Group under the Original Agreement.  Aphria also agreed to pay the Group $480,000 in cash in exchange for a standstill agreement (the “Lock-Up“) whereby the Group will not sell the newly acquired Shares for 18 months from the date of purchase.  The Group further granted to Aphria an option to buy back the Shares at $1.00 a share, subject to certain downside risk protection which results in the Group sharing a portion of the difference between the share price on the day the option is exercised and the exercise price, provided the share price exceeds $1.25.

Aphria will be prohibited from exercising the option unless all of Liberty’s business operations in the United States are allowed under applicable federal and state laws and Aphria has received the consent of the Toronto Stock Exchange and any other stock exchange on which Aphria may be listed, as required.

Full press release: https://bit.ly/2NJf0Qd

 

CV Sciences, Inc. Files Application for Up-Listing to the NASDAQ Capital Market

LAS VEGAS, July 23, 2018 (GLOBE NEWSWIRE) — CV Sciences, Inc. (OTCQB:CVSI), preeminent supplier and manufacturer of hemp-derived phytocannabinoids including cannabidiol (CBD) oil and developer of specialty pharmaceutical therapeutics, announced that it has submitted its application to list the Company’s common stock in the U.S. on the Nasdaq Capital Market.

“We believe up-listing from the OTC Market to the Nasdaq Capital Market will increase corporate visibility, improve liquidity, and broaden awareness in the financial markets,” stated Joseph Dowling, Chief Executive Officer of CV Sciences. “An up-list will open the investment opportunity to a larger pool of investors and help create greater shareholder value. We have made significant progress in strengthening our financial performance and liquidity, positioning the Company for future growth and profitability. A listing on the Nasdaq Capital Market is a natural progression for the Company and our shareholders.”

Acceptance for listing the Company’s shares is subject to approval based on several factors including satisfaction of minimum listing requirements for the Nasdaq Capital Market.  The Company intends to satisfy all of the applicable listing requirements, however, there is no assurance that its application will be approved. During the Nasdaq review process, the Company’s common stock will continue to trade in the U.S. on the OTC under its current symbol, CVSI.

The Company’s Board of Directors has approved a reverse stock split of all outstanding shares of the Company’s common stock at a ratio of not less than 1-for-2 and not greater than 1-for-10 for the purpose of meeting the Nasdaq minimum bid price requirement, if needed.  If this measure is approved by our stockholders at the annual meeting, the Company will effectuate the reverse split with a ratio sufficient to ensure the Company meets the minimum bid price requirement.

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

 

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