Aphria Inc. (TSX: APH) (OTCQB: APHQF) today announced that the Company received a license amendment from Health Canada that provides Aphria with additional production space of 200,000 square feet, as part of its Part III expansion at its facility in Leamington, Ontario. This will more than triple the Company’s production capacity of medical cannabis from 9,000 kg annually to 30,000 kg annually.
“This marks the completion of the third part of our four-part expansion plan and is another exciting milestone for Aphria,” said Vic Neufeld, Chief Executive Office of Aphria. “With more than three times the production capacity, we will continue to produce the highest-quality cannabis at one of the lowest costs in the industry. When completed early next year, our fully expanded facility will provide over 1,000,000 square feet of production space and, when combined with our strategic relationship with Double Diamond Farms and our recent acquisition of Broken Coast Cannabis, will bring our anticipated production capacity to 230,000 kg per year. This will enable Aphria to meet the expected demand from the Canadian market, while allowing a significant portion to be allocated to key established international markets.”
Shares of APH closed trading today at $14.25 per share, down 0.28% on volume of 3.7m. Since the late January pull back in the Marijuana sector APH has been consolidating nicely forming a strong base in the $13-$15 range.
Aurora Cannabis Inc. (TSX: ACB) (OTCQB: ACBFF) (FSE: 21P) and PreveCeutical Medical Inc. (CSE: PREV) (OTCQB: PRVCF) (FSE: 18H) today announced the grant of three permits by the Australian Government, Department of Health, for the importation of cannabis into Australia for research purposes. The Permits were granted to the Pharmacy Australia Centre of Excellence at the University of Queensland and allow PACE to import shipments of cannabis plant material for research purposes. Aurora, in turn, has received the required Canadian permits to export the cannabis to PACE.
“We see an important market for cannabis-based products that are more narrowly targeted at specific therapeutic areas but that are higher value add and being involved with initiatives such as PreveCeutical’s is part of our strategy to gain access to these types of products,” said Terry Booth, CEO of Aurora.
PreveCeutical’s CEO and Chairman, Mr. Stephen Van Deventer added, “We are extremely excited to receive the Permits, allowing us to further our Sol-gel research program with the high quality cannabis products provided by Aurora. The goal of the Program is to cultivate a range of therapies that will benefit people with ailments such as epilepsy, pain and inflammation, safely and economically.”
ACB saw its shares drop 2.15% in today’s trading session, closing the day at $11.40 per share with 7.13m shares changing hands. Similar to APH, ACB’s stock has been consolidating the past 1.5 months bouncing sharply off support at $10 twice.
The Hydropothecary Corporation (TSXV: THCX) is pleased to announce the addition of three new members to its management team. Roch Vaillancourt (General Counsel), Sonia Isabel (Vice-President of Sales), and Jocelyn Racine (Vice-President of Finance) bring decades of management, financial, business, and legal experience to Hydropothecary as the company strengthens its leadership in the lead-up to the legalization of adult-use recreational cannabis.
“As we prepare to supply 20,000kg of cannabis to the Société des alcools du Québec and to expand into Ontario and other strategic markets, Roch, Sonia, and Jocelyn will play important and timely roles in the execution of our business strategy,” said Sebastien St-Louis, Hydropothecary’s co-founder and CEO.
THCX closed trading today at $3.94 per share, up 1.29% with over 567k shares traded. After pulling back in late January THCX has twice found support in the low $3 range. The stock has since been consolidating in a tight range indicating a large move in either direction could happen soon.
Namaste Technologies Inc. (CSE: N) (OTCQB: NXTTF) is pleased to announce that it has signed a non-binding LOI with Inolife R&D Inc. (“Inolife”), whereby Namaste and Inolife will negotiate the terms of a definitive agreement (the “Agreement”) to initiate a research study to evaluate applications for Inolife’s proprietary needle-free injectors in the medical cannabis industry. Under the terms of the LOI and proposed Agreement, Namaste will hold exclusive rights to research and distribute Inolife’s needle-free injection technologies for applications in the cannabis industry. Namaste will also participate in Inolife’s anticipated private placement by acquiring up to 10% of the shares issued under the offering. Inolife will also provide Namaste with the right to acquire up to an additional 10% of the shares issued under the offering at the same price. Additionally, Namaste will purchase up to 10% of the shares issued in connection with Inolife’s go-public transaction for approximately $250,000. Namaste believes that Inolife’s needle-free technologies could revolutionize dosage and administration of cannabis for medical purposes.
Shares of N dropped 0.97% today, closing today’s session at $2.04 with 1.72m shares traded. N climbed back above the $2 mark for the first time since early February. After bouncing off the $1.50 area the stock has climbed over 30% in the past few weeks.
Scythian Biosciences Corp. (TSXV: SCYB) (OTCQB: SCCYF) announces that, further to its press release on March 9, 2018 whereby the Company announced shareholder approval of an up to eight for one (8-for-1) stock split of the Company’s issued and outstanding common shares (the “Stock Split”), the Company’s Board of Directors has determined that the Stock Split will be effected on a 4-for-1 basis, to ensure the Company continues to meet Nasdaq minimum pricing for its pending listing. Accordingly, each holder of common shares will receive 4 common shares in exchange for every common share currently held. The Stock Split will increase the number of issued and outstanding common shares of the Company from 7,083,397 to 28,333,588. The Stock Split is subject to regulatory approval from the TSX Venture Exchange and the Financial Industry Regulatory Authority (FINRA).
Mr. Neufeld has been a director of the Company since January 15, 2018. He brings over twenty years of management experience and expertise in the pharmaceutical industry. Mr. Neufeld previously served as the Chief Executive Officer of Jamieson Laboratories, Canada’s largest manufacturer and distributor of natural vitamins, herbs and botanical medicines. He is currently the Chief Executive Officer and Chair of the Board of Aphria Inc. (TSX: APH).
SCYB gained 3.36% today and closed trading at $24.60 per share with over 86k shares changing hands. SCYB has performed well in the month of March. After hitting a low of $18.45 the stock has run 37% while hitting a high of $25.39 today.
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