Canadian and U.S. Cannabis Operations Quickly Expanding Into World Markets
PALM BEACH, Florida, Feb. 20, 2019 /PRNewswire/ -- Canadian cannabis companies are ramping up their operations and are also looking to take their expertise to nations around the world.
PALM BEACH, Florida, Feb. 20, 2019 /PRNewswire/ -- Canadian cannabis companies are ramping up their operations and are also looking to take their expertise to nations around the world. A recent article in an industry publication, Cannabis Business Times, published a list of what to do and not do while expanding to other countries. The article stated: "Cannabis's future is clearly global. It seems every few months a different country proposes new regulations to allow medical or recreational use in some form. Investors and operators with successful businesses in the U.S. and Canada are understandably interested in continuing this activity abroad, and many are aggressively investigating and pursuing those opportunities, moving into an international market is not always seamless. Cultural, environmental and governmental challenges may outweigh the benefits of expanding internationally. Active companies in the cannabis industry includes: Weekend Unlimited Inc. (CSE: POT) (OTC: WKULF), Aphria Inc. (NYSE: APHA) (TSX: APHA), Auxly Cannabis Group Inc. (TSX-V: XLY) (OTC: CBWTF), The Supreme Cannabis Company, Inc. (TSX-V: FIRE) (OTC: SPRWF), MedMen Enterprises Inc. (CSE: MMEN.) (OTC: MMNFF).
Weekend Unlimited Inc. (CSE: POT) (OTCQB: WKULF) (FSE: 0OS1) BREAKING NEWS: Weekend Unlimited having announced the signing of a definitive agreement on 13 February 2019 to acquire R&D Pharma's Jamaican interests, has completed the arms-length acquisition of R&D Pharma.
"We are thrilled to join the tremendous team at Weekend Unlimited under Paul Chu's leadership. With our Tier-3 cultivators license, our active focus is on medical tourism in Jamaica, having designed and constructed the first of our 'Ganja Café's' within a short tour bus ride from the cruise ship terminals in Ocho Rios," said Richard Bailey, President of R&D Pharma.
"We just completed a harvest last week on our 98-acre property to stock the Ganja Café for first tourism visits beginning on May 15th. The Ganja Café will be stocked with branded Jamaican strains, extracts, and infused products that will serve as a precursor to our future wholesale distribution in Jamaica and internationally," added Mr. Bailey
Weekend issued 80 million shares at a deemed price of $0.25 as well as making available 25 million warrants to the shareholders of R & D Pharma. Each warrant entitles the holder to acquire an additional share for $0.35 for a period of 2 years. Approximately 49 million shares are subject to a voluntary escrow agreement that sees 20% released at closing and the balance in 6 equal instalments over 3 years. Read this full announcement and more news for Weekend Unlimited at: https://www.financialnewsmedia.com/news-pot/
Additional cannabis industry related developments from around the markets:
Aphria Inc. (NYSE: APHA) (TSX: APHA) On February 19 the company announced that independent members of its Board of Directors consisting of Shlomo Bibas , John Herhalt , Tom Looney and Irwin Simon , unanimously approved the early termination and liquidation of a promissory note, option and other agreements (the "Early Termination and Liquidation") related to the Company's previously announced divestment of all interests in Liberty Health Sciences, Inc. ("Liberty").
As detailed on September 6, 2018 , the Company entered into a share purchase agreement with a group of buyers, wherein it completed the sale of the shares making up 100% of its outstanding interest in Liberty, in exchange for a five-year promissory note due September 6, 2023 , bearing interest at 12% per annum and in the amount of $59,097,986 . Aphria retained an irrevocable option to repurchase its shares in Liberty from the buyers for a period of up to five years, subject to the satisfaction of certain conditions.
Auxly Cannabis Group Inc. (TSX-V: XLY.V) (OTCQX: CBWTF) recently announced the appointments of Brian Schmitt as Chief Financial Officer, Jason Sonshine as Vice President, Strategy, and Carla Nawrocki as Vice President, Investor Relations of the Company.
Chuck Rifici noted "We are delighted that Brian, Jason and Carla have joined the Auxly family and look forward to their insight and contributions as we continue to execute on our strategic plan. We are very pleased with the strength of the management team that we've assembled here at Auxly."
The Supreme Cannabis Company, Inc. (TSX-V: FIRE.V) (OTCQX: SPRWF) last week announced the release of its financial and operating results for the three and six months ended December 31, 2018. "We're pleased with our second quarter results, which show meaningful revenue growth quarter-over-quarter and continues to reflect our strong operational execution," said Navdeep Dhaliwal, CEO of Supreme Cannabis. "Since Supreme received its license over two years ago, we have been one of the fastest scaling Licensed Producer's in Canada, demonstrated by one of the strongest first years of revenue in the sector."
"During the second quarter we made our first shipments of 7ACRES-branded product to adult-use markets in six provinces. The consumer feedback has been overwhelmingly positive. Cannabis enthusiasts are vocal about their passion for high-quality cannabis. We believe 7ACRES has quickly established itself as Canada's only premier cannabis producer at scale. With construction on the flowering room at 7ACRES scheduled to be completed by the end of March, we're looking forward to increasing our production capacity to help meet consumer demand and drive further revenue growth throughout the year. This quarter validated many aspects of our consumer driven market thesis and demonstrates the strength of our intellectual property around scaled cultivation."
MedMen Enterprises Inc. (CSE: MMEN.CN) (OTCQX: MMNFF) recently announced that it has closed its previously announced acquisition (the "Acquisition") of Kannaboost Technology Inc. and CSI Solutions LLC, collectively referred to as "Level Up," two vertically-integrated operations in Arizona. The acquisition includes retail locations in Scottsdale and Tempe, as well as 25,000 square feet of cultivation and production capacity in Tempe and Phoenix. The acquisition also includes a 40 percent stake in top-selling brand K.I.N.D. Concentrates, which is currently distributed in over 90 percent of the dispensaries in Arizona. The Company paid a combination of cash and stock valued at an aggregate of $33.5 million.
With the closing of the Acquisition and following the completion of the pending acquisition of PharmaCann, LLC, MedMen will be licensed for three medical-use cannabis dispensaries in Arizona. The flagship Level Up location in Scottsdale is one of the highest-grossing dispensaries in the state.
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