Debra Borchardt, Author at Green Market Report

Debra BorchardtDebra BorchardtNovember 15, 2018
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4min30

MJardin Group signed a letter of intent to acquire Toronto-based cannabis company GrowForce Holdings Inc. MJardin will own 100% of the outstanding shares of GrowForce in an all-stock deal valued at approximately C$275 million. In addition to that, MJardin began trading on the Canadian Securities Exchange using the symbol MJAR.

MJardin projects that it will bring in $162 million in revenue in 2019 according to an investor presentation. The 2020 estimates are for $325 million in revenue.

“With more than ten years of professional cannabis cultivation, processing, distribution and retail, MJardin is among the world’s most experienced cannabis companies, with a proven track record of operational excellence,” said Rishi Gautam, Chairman & Chief Executive Officer of MJardin. “Listing on the Canadian Securities Exchange is a significant milestone in our evolution and a testament to our team’s dedication and focus on building a preeminent global cannabis management platform.”

Grow Force Acquisition

Once the acquisition is completed, the new MJardin Group will have 49 facilities operating or under development across North America, cultivating approximately 87,000 kg of finished product per annum and managing 23 cultivation facilities, two outdoor grows, five extraction facilities and 19 retail dispensaries across four U.S. states and four Canadian provinces.

GrowForce shareholders will receive 0.375 MJardin common shares for each GrowForce common share held. Based on MJardin’s common share price of $12.00 per share pursuant to the Company’s October subscription receipt financing, the implied consideration to GrowForce shareholders is $4.50 per share. The combined company is anticipated to have a pro forma cash balance of approximately C$65M.

“The combination of MJardin and GrowForce provides the foundation to create a preeminent global cannabis management platform with what we believe is unparalleled experience in cannabis cultivation, processing, distribution, and retail,” said Gautam. “We are excited to bring both companies together under one comprehensive platform as we enter the public markets, further invest in our business and execute on our growth strategy.”

Looking Ahead

In the U.S., MJardin said it would continue expansion by entering key-markets via acquisitions and organic growth and increase its existing footprint by developing vertically integrated networks owning the “Seed to the Shelf.” The company plans on focusing on Florida, California, Massachusetts, New York, and Arizona. In the Canadian market, MJardin plans on taking over existing Canadian Licensed Producers and retail assets.

Internationally, MJardin will focus on Spain, Italy, Germany, and Switzerland. The company is currently, forging partnerships with local players as the regulatory framework requires a country-specific strategy and approach. The company also plans on establishing contacts with Universities and pharma players to develop R&D initiatives to address the nascent European medical market.

The company will look to Latin America and Africa as focus regions to build low-cost cultivation facilities. It is currently in talks for expansion initiatives in Colombia and Uganda.


Debra BorchardtDebra BorchardtNovember 15, 2018
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5min6730

New York-based cannabis company Acreage Holdings began trading on the Canadian Securities Exchange using the symbol ACRG and pricing the shares at C$25. The company has raised $314 million prior to going public and gained a great deal of attention after naming high profile politicians to the board of directors.

Prior to trading Acreage had a $2.5 billion valuation and it is expected to pop to $2.8 billion following the opening of trading. CEO Kevin Murphy will own 20% of the company, but he will retain 80% of the voting rights.

Acreage Holdings has one of the largest footprints of the quickly expanding universe of multi-state operators. It is in 17 states and most recently during the company’s road show picked up the approval for a license in Oklahoma.

Investors that want to buy shares in Acreage will mostly be making that decision with little information on hard numbers. By doing a reverse takeover of TK, Acreage wasn’t required to disclose financial information. President George Allen confirmed that the company would not be releasing projected revenue figures. “We didn’t want to put out 2020 numbers,” he said. “We want people to invest with us based on our footprint and not projected revenues.” He felt that some companies suggest they will make huge revenues and then in order to make those numbers go on an acquisition bender to try to keep investors happy.

Acreage isn’t buying other companies in order to make ambitious projected sales figures, said Allen. “We’ve always been acquisitive, so this isn’t new,” he said. By raising more capital, Allen said the company would accelerate its pace of acquisitions.

Allen said that the difference between Acreage and other multi-state operators is the scale of the operation. “It’s the team and the assets we have,” he said, “Execution will be the difference. Plus, investors like larger players.”

Acreage wouldn’t comment on a recent lawsuit in which it was named as a party. The lawsuit claimed that Acreage acquired a property and this particular investor (EPMMNY) wasn’t included in the sale. A review of the legal document shows that EPMMNY’s equity stake was never finalized and so it wasn’t included in the final application for New York Canna. Acreage ultimately ended up owning all of NY Canna, also known as Terradiol NY. The plaintiff is seeking no less than $100 million to compensate it for sustained damages as well as punitive damages of at least $300 million.

Considering that this license was awarded in May of 2017, but the party didn’t file a lawsuit until a week before Acreage looked to be going public makes it seem as if the plaintiff decided to wait until it looked like Acreage could have a deep pocket following its stock going public.

Future Markets

Allen believes there are several states that could be coming on strong. He thinks that Colorado could potentially change its laws to allow outside investors into the industry. This would unlock many companies that had been hoping to sell their operations.

He is also keenly interested in Michigan. The state recently legalized adult use cannabis. “States that began with a caregiver model that then add adult use, tend to be strong markets,” said Allen.

Acreage’s home state of New York has one of the most restrictive medical cannabis markets in the country. However, the midterm elections flipped the state to a democratic rule and there has been a lot of speculation that New York will legalize adult use. “We’ll watch the budget cycle in March and April and if the Governor is serious, we see that reflected in the budget.”

Allen actually thinks Connecticut will legalize adult use sooner. “The governor is open to cannabis and the state is having major financial difficulties,” he said. “They could use the extra revenue.”

 


Debra BorchardtDebra BorchardtNovember 14, 2018
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5min521

Canopy Growth (CGC) stock fell over 8%  to trade at roughly $35.25 in early trading after the Canadian cannabis company missed analysts estimates. Canopy Growth reported that its second-quarter fiscal 2019 revenues jumped 33% to C$23.3 million, but analysts had estimated the company should have had revenues of C$60 million. Sales and marketing expenses were $7.6 million or 43% of revenue.

The adjusted EBITDA for the quarter was a loss of C$57.7 million versus last year’s loss of $4.8 million for the same time period in 2018. The after-tax net loss in the quarter was a whopping C$330.6 million or C$1.52 per basic share compared to last year’s net loss of $1.6 million or $0.01 per basic and diluted share.

“With extensive investments over the past year, including most notably in the second quarter, in branding and retail development, our entrance into the retail cannabis market has been a success with our SKU assortment obtaining over 30% listings market share in multi-store physical retail store networks nationwide,” said Bruce Linton, Chairman & Co-CEO. “With substantial product inventories on hand, new product formats coming to market as planned, a captive sales force driving increased demand through physical retail stores and increasing internal and channel efficiencies, we believe based on market conditions today that we will attain significant and sustainable market share of the Canadian recreational market.”

While the losses were huge,  Canopy Growth still has cash and cash equivalents of $429.4 million, representing an increase of $106.8 million from March 31, 2018. The company attributed this to the issuance of $600 million in convertible notes in the first quarter, offset by investment in the expansion of production assets, strengthening corporate capabilities, brand-related campaigns and the establishment of physical retail stores in Newfoundland& Labrador, Manitoba, and Saskatchewan.

During the quarter, the reported fair value changes in biological assets and other inventory charges combined to an expense of $40.6 million and included adjustments to the value of inventory targeted to the recreational market, reflecting wholesale pricing. The company also experienced a net write-off of approximately $16 million related to plants culled in the quarter due to timing issues with respect to having the infrastructure being ready for licensing and receiving harvested plants.

What’s Selling?

Canopy reported that it cannabis oils, including the Softgel capsules, accounted for 34% and 18%, in the respective second quarters of fiscal 2019 of the product revenue. The company sold 2,197 kilograms and kilogram equivalents at an average sale price of $9.87, up from 2,020 kilograms and kilogram equivalents at an average price of $7.99 in the prior year period, representing an increase of 9% and 24% respectively. The higher average price were attributed to changes in the mix of product sold, principally a higher percentage of Softgel sales and sales to Germany.

“With business opportunities expanding globally, we continue to make significant investments in building our international team and footprint including through multiple acquisitions in Latin America completed during the quarter. The completion of, to our knowledge, a world first Canadian export of a US federally legal DEA permitted product, and the announced acquisition of US federally legal hemp R&D specialists, ebbu, are critical stepping stones for our broader entrance into the US market when it is federally-permissible to do so,” concluded Linton.


Debra BorchardtDebra BorchardtNovember 13, 2018
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3min560

Tilray (TLRY) stock fell after the company reported third-quarter revenue of $10 million, an increase of 85% versus the same time period for last year. The company said that the average net selling price was $6.21 versus last year’s $7.53. The net loss for the quarter was $18.7 million or $0.20 per share compared to last year’s $1.8 million or C$0.02 per share.

Tilray has a $10 billion valuation and the company has limited the number of shares available to trade. This has caused the stock to experience volatile swings as demand outstripped availability.

“The cannabis industry remains very robust and we are pleased with our revenue momentum and strategic achievements in the third quarter,” said Brendan Kennedy, President and Chief Executive Officer of Tilray. “We are in the early stages of achieving our growth potential and our team continues to strategically execute on disciplined operational initiatives and investments to support Tilray’s long-term, sustainable growth as the pace of legalization continues to accelerate around the world. Going forward, the demand for our products is strong and we remain committed to expanding our leadership in the global medical and adult-use cannabis markets.”

Following the end of the quarter, Tilray priced $475 (C$610.6) million of Convertible Senior Notes due in 2023 in a private placement. The company said it intends to use the net proceeds for working capital, future acquisitions, and general corporate purposes, and to repay existing mortgage related to its facility in Nanaimo, British Columbia.

Not included in this quarter’s earnings are sales from the adult-use market which didn’t begin until October 17th. Tilray didn’t sign supply agreements with all of the provinces and the company gave no indications in its earnings release how these sales were going. Other companies have given some indication of sales, but Tilray did not.  This lack of an update could be a cause for concern.


Debra BorchardtDebra BorchardtNovember 13, 2018
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3min750

Cronos Group (CRON) reported a 186% increase in third quarter revenues to $3.8 million versus last years $1.3 million for the same time period. Gross profits were essentially flat with C$2.09 million for this past quarter versus C$2.0 million for the previous year.

The net loss increased to C$7.2 million for the quarter over last year’s net income of C$1.0 million. The net loss per diluted share was four cents versus last year’s net income per diluted share of one cent.

“We are encouraged with our third quarter results, which reflect the meaningful progress we are making on our strategic initiatives. In the quarter, we announced a number of landmark partnerships to expand our reach beyond the flower and beyond Canada and launched our second differentiated recreational cannabis brand,” said Mike Gorenstein, CEO of Cronos Group. “The recent legalization of cannabis sales for adult recreational use in Canada was a watershed moment for our industry and our Company.”

The company sold 514 kilograms of cannabis in the quarter, a 213% increase over last years 164 kilograms. The company said that the main drivers associated with the increase in revenues and the increase in kilograms sold were the increased production capacity and increased volumes sold through the domestic medical and international channels, as well as initial shipments into the domestic adult-use recreational market.

Cronos said it continues to see strong growth in cannabis oil sales, which represented 29% of total revenue in the third quarter of 2018.

Since The Quarter Ended

On October 17, legal adult use cannabis sales began in Canada. Cronos is currently selling dried cannabis, pre-rolls and cannabis oils to Ontario, British Columbia, Nova Scotia and Prince Edward Island, which collectively represent over 50% of the Canadian population.

Also in October, Cronos entered into a sponsored research agreement with the Technion Research and Development Foundation of the Technion – Israel Institute of Technology to explore the use of cannabinoids and their role in regulating skin health and skin disorders. The preclinical studies will be conducted by Technion over a three-year period and will focus on three skin conditions: acne, psoriasis and wound healing.

 


Debra BorchardtDebra BorchardtNovember 12, 2018
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5min640

It’s time for your Daily Hit of cannabis financial news for November 12, 2018.

On The Site

Aurora Cannabis (ACB) posted a 55% sequential gain in revenue for the fiscal first quarter of 2019 with $29.6 million over the fourth quarter’s $19.1 million. It was a 260% jump over the same time period for last year, which was $8.2 million. The quarter ended on September 30, so these numbers do not include sales from adult use cannabis that became legal on October 17.

However, the company did note for the first two weeks to October 31, 2018, it was ranking at the top or among top-selling products and brands in many of the provinces that it was committed to supplying.

Unfortunately, the Q1 2019 gross profit was $8.1 million, compared to a $20.6 million in Q4 2018. Aurora said that the change in gross profit during the period was partially attributable to higher sales of inventory and lower fair value gains on changes in biological assets. Having said that the first quarter net income jumped to $104.2 million versus last year’s $3.6 million in Q1 2018. The company attributed the increase to the unrealized non-cash gain on derivatives and marketable securities.

In Other News

Auxly Earnings

Auxly Cannabis Group Inc.  (OTCQX: CBWTF) reported its financial and operational results for the three and nine months ended September 30, 2018. The revenue for the quarter was $512,000 versus zero in the previous year for the same time period. The total loss was $28.3 million for the quarter. The company has  $236 million in cash and cash equivalents earmarked for funding Auxly’s streaming partners, wholly-owned subsidiaries, downstream distribution efforts and general and administration costs. The increase in the cash and working capital balances came from the company raising $215 million in debt and equity financings year to date in addition to raising $95,017,000 in warrant and broker warrant unit exercises.

MariMed

MariMed Inc. (OTCQB: MRMD) has invested $30 million into GenCanna Global Inc. and the companies have created a strategic partnership, including a long-term supply agreement. GenCanna will use the money to expand its production capacity, and extend its position in high-quality hemp CBD production, with fully legal sales throughout the U.S. and internationally. MariMed said it intends to create a product and branding business unit focused on the development and distribution of Hemp CBD-derived products.

“MariMed’s renowned product development expertise, combined with GenCanna’s leadership position in premium Hemp CBD, will enable us to expand the Hemp CBD product category by creating compelling new consumer brands, and by developing powerful distribution channels,” said Robert Fireman, President, and CEO of MariMed. Mr. Fireman continued, “GenCanna shares our values – including our ‘best practices values in producing premium-quality, consistent, and compliant Hemp CBD oils and extracts. We believe many of the nation’s leading retailers will soon provide Hemp CBD products to their customers, in response to popular demand.”


Debra BorchardtDebra BorchardtNovember 12, 2018
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6min1190

Aurora Cannabis (ACB) posted a 55% sequential gain in revenue for the fiscal first quarter of 2019 with $29.6 million over the fourth quarter’s $19.1 million. It was a 260% jump over the same time period for last year, which was $8.2 million. The quarter ended on September 30, so these numbers do not include sales from adult use cannabis that became legal on October 17.

However, the company did note for the first two weeks to October 31, 2018, it was ranking at the top or among top-selling products and brands in many of the provinces that it was committed to supplying.

Unfortunately, the Q1 2019 gross profit was $8.1 million, compared to a $20.6 million in Q4 2018. Aurora said that the change in gross profit during the period was partially attributable to higher sales of inventory and lower fair value gains on changes in biological assets. Having said that the first quarter net income jumped to $104.2 million versus last year’s $3.6 million in Q1 2018. The company attributed the increase to the unrealized non-cash gain on derivatives and marketable securities.

“The commencement of adult consumer use sales in Canada has been very successful for Aurora, with strong performance across all product categories and brands. Our initial roll-out success demonstrates how our high-quality Aurora Standard products and well-positioned brands have resonated strongly with the consumer market and our preparedness for the logistical challenges in effectively bringing our products to market,” said Terry Booth, CEO of Aurora. “Given the strong unmet consumer demand evident across Canada, we are confident that our rapidly increasing production capacity will result in continued acceleration of revenue growth.”

The company’s investment in The Green Organic Dutchman (TGODF) paid off handsomely.  The net cash and cash equivalents on hand increased to $147.8 million from $89.2 million at the end of Q4 2018. Working capital at the end of Q1 2019 was $548.4 million, as compared to $144.5 million at the end of Q4 2018.

Costs Drop As Prices Rise

The cash cost of the sales fell by 12% in the first quarter of 2019 versus the same time period for last year. The cash cost to produce a gram of dried cannabis fell by 22.5% and declined by 14.7% sequentially. This decrease was attributed to more efficient production processes following the acquisition of CanniMed.

The company statement said that the average net selling price of cannabis sold was $9.19 per gram in Q1 2019, consistent with Q4 2018, and a 12% increase compared to Q1 2018 as a result of an increase in cannabis extracts sold. Total product sold was 2,676 kilograms of dried cannabis and cannabis extracts in Q1 2019, an increase of 65% as compared to Q4 2018, and 201% compared to Q1 2018.

Gross margins increased 70% due to a higher average selling price per gram of dried cannabis, coupled with a higher proportion of cannabis oil sales in the company’s sales mix ratio. The company did note that margins took a slight hit sequentially as a result of more stringent packaging requirements.

Looking Ahead

Aurora said that it chose to constrain international sales in order to continue servicing the Canadian medical market while building inventory in preparation for the Canadian adult consumer-use market. Still, Aurora maintains its position in the international medical market has the most significant growth prospects and is expected to grow to 10 million kilograms per annum.

The company said that it has established a significant early mover advantage, has a presence on five continents, and is currently Europe’s largest distributor of medical cannabis. Aurora also currently owns two of the seven cannabis production facilities in the world that are EU GMP certified, and additionally owns one EU GMP certified distribution facility in Germany, ensuring continued access to restrictive markets.

The company anticipates reaching a production run rate of approximately 150,000 kg per annum early in calendar 2019, scaling up subsequently to over 500,000 kg per annum through further Aurora Sky facilities, Aurora Sun and Aurora Nordic. The statement said that the high degree of automation, and customized and fully controlled growing conditions at the Sky Class facilities are anticipated to result in production costs well below one dollar per gram.


Debra BorchardtDebra BorchardtNovember 8, 2018
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3min1840

Aphria Inc. (NYSE: APHA)  is acquiring German-based CC Pharma GmbH, a leading distributor of pharmaceutical products to more than 13,000 pharmacies in Germany. Aphria considers the country a key part of its international expansion.

According to the company statement, Aphria will pay €24.5 million in cash to CC Pharma at closing, with an earn-out multiple on future EBITDA of up to another €23.5 million following closing, if certain performance milestones are met. The acquisition is expected to close in January 2019.

Aphria International had previously signed a deal with CC Pharma to export roughly 1,200 kilograms of medical marijuana from Canada to Germany. CC Pharma was founded in 1991 and is a leading importer and distributor of EU-pharmaceuticals for the German market, with over €200 million in annual revenue.  A new division will be created in CC Pharma dedicated to medical cannabis.

“This acquisition strengthens our foothold in Germany, one of the most highly sought-after medical cannabis markets in the world,” said Vic Neufeld, CEO of Aphria. “CC Pharma is cash-flow positive and has significant experience with regulatory requirements and international logistics. It will be a strong addition to Aphria’s presence in Germany, providing deeper access to the important pharmacist channel and advancing our ambitious global growth strategy.”

This isn’t the first effort made by Aphria in Germany. Earlier this year, the company acquired a 25.1% interest in Berlin-based Schöneberg Hospital to support education about the benefits of medical cannabinoids. This was the first step in Aphria’s plans to build and operate pain treatment centers throughout Germany.

“We are focused on leading the way in the medical cannabis market in Germany,” said Hendrik Knopp, Managing Director of Aphria Germany. “By combining Aphria’s expertise with CC Pharma’s established local market presence, we are well positioned to continue on that journey.”

In order to maintain consistent medical marijuana deliveries, Aphria plans to build one of the biggest state-of-the-art GMP certified cannabis vaults in Bad Bramstedt, northern Germany, with a storage capacity of 5,000 kilograms. In addition to that, Aphria is planning on building a Research and Development indoor growing facility in Neumünster, Germany.


Debra BorchardtDebra BorchardtNovember 8, 2018
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3min2462

Cannabis REIT Innovative Industrial Properties (NYSE: IIPR) reported that its revenue increased by 150% to $3.9 million for the third quarter ending September 2018 versus $1.6 million for the same time period last year. The company also delivered a net income of $1.5 million or $0.21 per diluted share. The adjusted funds from operations, a measure typical of REITs was $2.6 million or $0.38 per share.

According to the company statement, the increases were due to the company’s acquisition of new properties and the annual escalation of base rent for two of the leases. The statement said that “Base rent under the lease with the PharmaCann subsidiary for one of the Massachusetts properties is abated until November 30, 2018, and base rent under the lease with GPI at the Michigan property was deferred until November 2, 2018.”

IIPR is also one of the few cannabis companies that pay a dividend and this quarter was no different. It is paying out its sixth consecutive dividend of $0.35 per share. This is a 40% jump over the second quarter dividend.

After The Quarter

After the quarter ended,  the company acquired an approximately 58,000 square foot industrial property in Colorado for $11.25 million (excluding transaction costs) and entered into a long-term, triple-net lease with TGS for continued operation as a cannabis cultivation facility.

In addition to acquiring the Colorado property, IIPR completed an underwritten public offering of 2,990,000 shares of common stock, including the exercise in full of the underwriters’ option to purchase an additional 390,000 shares, resulting in net proceeds of approximately $113.9 million.

Portfolio Update

As of November 7, 2018, IIPR owned 10 properties located in Arizona, Colorado, Maryland, Massachusetts, Michigan, Minnesota, New York and Pennsylvania, totaling approximately 952,000 rentable square feet (including approximately 114,000 rentable square feet under development), which were 100% leased with a weighted-average remaining lease term of approximately 14.7 years.

IIPR has invested approximately $121.5 million and has committed an additional approximately $15.9 million to reimburse certain tenants and sellers for completion of construction and tenant improvements at the properties. The average current yield on invested capital is approximately 15.4% for these ten properties.


Debra BorchardtDebra BorchardtNovember 7, 2018
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4min2320

Attorney General Jeff Sessions resigned today at the request of President Donald Trump. “At your request, I am submitting my resignation,” wrote Sessions in an undated letter to the president sources told ABC News. Sessions chief of staff Matthew Whitaker has been named Acting Attorney General.

Cannabis stocks jumped on the news as Sessions has been a thorn in the side of the cannabis industry. He immediately rescinded the Cole Memorandum causing cannabis stocks to plunge. However, Sessions seemed to be more bark than bite and the Justice Department did little in the way of taking real action against the industry. The stocks have recovered throughout the year. His departure sent the North American Index higher by 15 points.

Now the guessing game will begin as to who will replace him. Names that are being bounced around include former New York City Mayor Rudy Giuliani, failed Kansas gubernatorial candidate Kris Kobach and others like Scott Walker. Giuliani had initially been expected to be the AG, but it was rumored that he wanted the Chief of Staff role instead, but then he didn’t receive that title and by then Sessions had taken over as AG.

Last week, former White House spokesman Anthony Scarramuci suggested that President Trump could legalize cannabis following the mid-term elections. This would presumably endear the cannabis industry to President Trump and gain his favor.

“This is the sign that the tide is turning on a federal level and that the holy grail of rescheduling is not far behind,” said Dennis O’Malley, the CEO of Caliva. “Once this happens the economy of cannabis will be part of the American economic fabric.  Banking will finally be available to cannabis businesses.  Research and medicine can become available to those who need it. ”

The move from Sessions also comes as various pieces of cannabis legislature in numerous states were passed during the midterm elections. Michigan became the tenth state to legalize adult use cannabis, while Utah and Missouri legalized medical cannabis.

“Sessions’ resignation builds momentum toward legalization after yesterday’s successes on the ballots,” said Ryan Smith  CEO of LeafLink. “We’re seeing the openness to cannabis that started on the west coast sweeping the country and being increasingly reflected by the people in office.”

“Cannabis legalization wins from yesterday’s election and Sessions’ resignation today are signals of opportunity for the industry,” said Kyle Sherman. CEO of Flowhub. “We could not be better positioned to pass the STATES Act into law during the next Congress.”

 

 

 

 

 



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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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