Staff, Author at Green Market Report - Page 20 of 142

StaffJune 21, 2021


The Valens Company Inc. (TSX: VLNS) (OTCQX: VLNCF) has closed its previously announced acquisition of  Green Roads and its manufacturing subsidiary. The value of the deal totaled $40 million, plus up to an additional $20 million in contingent consideration, which will be paid when the company hits certain EBITDA milestones. If all the milestones are met in 2022, the transaction represents approximately 4.5x fiscal 2022 EBITDA.

Based in South Florida, Green Roads is the largest privately-owned CBD company in the United States, with a focus on quality from its pharmacist-founded background.  Green Roads says it boasts a leading market share and brand platform in the US CBD industry, with an extensive distribution network consisting of over 7,000 retail stores and a robust e-commerce and marketing platform with over 30,000 five-star reviews across all its product lines. Green Roads is currently one of a small number of US CBD companies that produce their products in their own cGMP facilities, a testament to their dedication to integrity and excellence.

Valens said that over the next year it expects to invest approximately $10 million into the Green Roads business to capitalize on the anticipated growth of the US CBD market, projected to reach roughly $15.9 billion by 2026. The investment in Green Roads is expected to contribute to the further development of its highly successful e-commerce platform, support the expansion of its retail distribution network in the US, and increase the brand’s sales and marketing resources to drive market leadership in the health and wellness vertical.

“With the closing of this Acquisition, Valens now has a significant presence in the largest cannabinoid market in the world, representing a monumental step in our international expansion strategy and furthering our vision of becoming a global manufacturer of cannabis consumer packaged goods,” said Tyler Robson, Chief Executive Officer, Co-Founder and Chair of The Valens Company. “We expect to realize strong synergies and to aggressively pursue various strategic opportunities that are now available to our combined business through this transaction, including expanding the distribution of our ever-growing product offerings overseas and further disrupting the North American market with innovative cannabis products. The combination of Valens and Green Roads makes for an unbeatable team, diversified distribution network, and unparalleled product development and manufacturing platform, which we expect will provide us the footprint to become one of the biggest players in the global cannabis health and wellness market. Stay tuned for updates on anticipated synergies as we move forward as a stronger, combined company.”

The company’s strategy for buying Green Roads included a direct entry into the US market with a company that had an established manufacturing and distribution platform with a global reach, highly experienced leadership team with a strong knowledge of the US consumer landscape, and a proven track record in cannabis consumer packaged goods manufacturing. It will also strengthen its position in the Canadian market with an expanded offering through the introduction of various CBD products from Green Roads. Valens expects to launch Green Roads products in the Canadian market in the second half of fiscal 2021. Beyond Canada and the U.S., Valens is currently engaged in late-stage discussions regarding various international distribution opportunities in Latin AmericaAsia-Pacific, and Europe.

Dale Baker, President & Chief Operating Officer of Green Roads, said, “The combination of Green Roads and Valens creates a truly global company with a clear leadership position both within the US CBD market and Canada’s domestic cannabis market. With this larger platform, we look forward to launching Green Roads products in Canada in the second half of 2021 and leveraging our own manufacturing facilities to export CBD products internationally. Valens and Greens Roads have a shared ethos of keeping our customers at the heart of our strategic decision-making and offer complementary products that foster brand loyalty and drive high margins. With our enhanced platform, we look forward to accelerating our global expansion plans and bringing our growing portfolio of products to an even broader customer base.”

StaffJune 18, 2021


Editors Note: This is a guest post.

Do you know the difference between Dab Rig and Dab Pen? Let us start with what they are and what they are used for. By the way, a dab is a slang name for a wax puff using either a Dab Rig or Pen.

Dab Rings and Dab Pens are used for vaporizing wax concentrates to bring about an effect of high to the user. In essence, wax is this marijuana product that is quickly coming up especially among the youth. Since wax looks and feels like any of the hundreds of brands of lip balm brands, it is easily carried in lip balm containers

Although a product of marijuana, wax is much more concentrated; so much so that a puff of wax gives a kick or high equivalent to smoking like twenty joints of marijuana! Imagine that.

Naturally, some dabbers like Dab Pens while others prefer Dab Rigs. Each carries its weight and each has its lighter side, but experienced dabbers will prefer to own both.

A Dab Rig

Dab Rigs are very popular as this set-up of glass apparatus that dabbers use to sit around and smoke wax. It has several compartments; a mouthpiece, a small dish called a nail for putting the wax in and water carrying container. A Dab Rig is easily available from most smoke shops and especially


  • . A Dab Rig is loud, but most dabbers prefer it as its kick is like a thunderstorm. One puff from a rig simply takes the dabber by storm and sends them where they want to go.
  • . Dabbing Nails of Rigs are made of non-melt materials like titanium, ceramic, quartz, and even glass.
  • . They do not rely on electricity, so even during a power outage or a blackout, dabbers are still on top of their game.
  • . Dab rings have percolators with thick glass for a more advanced hit
  • . They have good grips which make their handling is more efficient.
  • . The container is re-usable without the prospect of needing service or replacement soon.


  • . Dab Rigs are bulkier and cumbersome if they have to be carried around.
  • . They are louder than the Dab Pen but much more fun for their users

The Dab Pen

Like the Rig, Dab Pens do the job of vaporizing the wax. They are mostly self-contained with all their features parked together. They are smaller in size than the Rig and are easily portable. They come in varying sizes, colors, and costs. They contain heating chambers with in-built coils that when heated, in turn, heat the wax and vaporize it for the dabber to puff.


  • . They are smaller than the Dab Rig in size and are easily portable
  • . For those who need discretion, they are better if they have to be carried around
  • . They don’t need a blow-torch or smoke to vaporize the wax.
  • . They are quieter and less loud than the Dab Rig
  • . The container is reusable for a long time without needing any extra service.


  • . Dab Pens use electricity. Sadly, for them, in case of a blackout, thunderstorm, hurricane, a hailstorm knocking down the power-line, or anything that interferes with electricity, Dab Pen users have to cut short their need for a high.
  • . The kick-in of a Dab Pen puff is not quite as powerful as that of a Dab Rig. It’s lower in power and seasoned dabbers prefer a Dab Rig puff to a Dub Pen one.
  • . Although easier to carry around, dabbers prefer a hit in a comfortable sitting position as opposed to moving around.


Both dabs are for use in vaporizing wax for a puff.

Both have a variety of features to provide for every taste.  They are also available at varied prices in varied locations and outlets. There are very affordable ones and very expensive ones, plus everything in-between.

Their heating areas have thick bottoms made from either ceramics, glass, aluminum, or quartz for a non-melt effect.

They both give a high quite unlike previous uses of marijuana.

The Verdict

People’s tastes vary, from those who want a portable dab to those who want something powerful. Some dabbers may prefer something beautiful and sleek while others go for invisible and discreet. Still, others want something loud and visible.

The bottom line is the reason for the dab equipment. If it is for a good, powerful hit-you-like-an-ox high, the Dab Rig wins this case hands down. Moreover, when it is for something all season, come rain shine or blackout, my money is still on the Dab Rig.

However, if you need something quiet, no smoke, and electrically charged, you could go for the Dab Pen. The ball is in your court.


StaffJune 17, 2021


Clever Leaves Holdings Inc. (NASDAQ: CLVR) said it has entered into an active pharmaceutical ingredient supply agreement with CBD Life Holding SAPI de CV, an emerging leader in the Mexican cannabis industry which offers a line of CBD Wellness and consumer products and medical cannabis products which are under development. The partnership is Clever Leaves’ first commercial agreement in the Mexican market, and it comes shortly after regulations were fully approved in the country, providing a strategic growth opportunity in one of the world’s largest pharmaceutical markets. Clever Leaves also said recently that it is set to join the Russell Microcap Index, effective at market open on June 28, 2021, upon the conclusion of the Russell indexes annual reconstitution.

According to a recent report from Prohibition Partners for Latin America and the Caribbean (2020), the medical cannabis market in Mexico could be worth $60 million by 2024. So, it isn’t a huge market by comparison to the U.S. or Canada but still holds many opportunities.

“As a multinational cannabis operator with substantial operations in Latin America, it has always been one of our top goals to identify leaders in the region and build long-lasting commercial relationships,” said Kyle Detwiler, CEO of Clever Leaves. “CBD Life’s brand positioning and local exposure are attractive, but it’s their commitment to high-quality, pharmaceutical-grade medical cannabis products that makes this an ideal partnership.”

Under the agreement, Clever Leaves said it will act as the API supplier for the development and manufacture of CBD Life’s medical cannabis products. Beginning with CBD isolate, Clever Leaves aims to be the ongoing supplier of the required APIs for CBD Life’s product manufacturing purposes. CBD Life has significant distribution in Mexico, with its products available at more than 18,000 points of sale. The company has established itself as an early-mover when it comes to providing cannabis-based products to the Mexican market. It also has formed strategic alliances with some of Mexico’s largest media groups and is the first cannabis company to launch a nationwide advertising campaign for non-psychoactive cannabinoid-based consumer products.

“We feel very fortunate to have the opportunity to work with Clever Leaves on our mission to develop safe and accessible pharmaceutical-grade cannabis medications of the highest quality. Our partnership will further propel our domestic and international expansion efforts thanks to their unmatched expertise and certifications that meet the highest standards and regulatory compliance equivalencies in most countries,” said Janko Ruiz de Chavez, COO and co-founder of CBD Life.

CBD Life’s current product line is comprised of topicals (including the traditional Hispanic household brand “Mariguanol”), beverages, and food supplements infused with hemp-derived CBD.

StaffJune 16, 2021


It’s time for your Daily Hit of cannabis financial news for June 16, 2021.

On The Site

Creso Pharma

Cannabis company Creso Pharma Limited  (ASX: CPH)  (OTCQB: COPHF) is merging with psychedelic treatment company Red Light Holland Corp. (CSE: TRIP) (OTC Pink: TRUFF) to create The HighBrid Lab. The transaction is a reverse takeover of Red Light Holland by Creso Pharma giving Red Light shareholders a 29% premium for their shares. Creso shareholders will own 57% of the new company. The combined company will use the symbol TRIP. The new company is expected to have a cash balance of approximately C$45 million (A$48 million), providing considerable financial flexibility to progress its growth strategy.

Delta 8

If you feel like you’ve been catching a lot of Delta-8 THC content in the media lately, those aren’t just your social media apps hacking your brain. Hemp-derived Delta-8 THC is having a big moment in 2021 in terms of popularity and, most recently, in terms of concerns over legality, safety, and accuracy. This hot new cannabinoid has been branded as “legal marijuana” as the main intoxicating compound in cannabis but one most commonly derived from hemp for commercial use. Social listening data reveals that conversations around Delta-8 grew by a whopping 163% from December 2020 to April 2021, but all is not rosy for this latest trend in cannabis or for companies jumping into production to respond to the surging interest.

Arizona, Colorado, Delaware, and Montana are among the states that have explicitly banned sales of Delta-8 and at least four other states have already removed it from the shelves or otherwise restricted market access. The 2018 Farm Bill categorically removed hemp from the definition of marijuana and modified the definition of tetrahydrocannabinol to exclude tetrahydrocannabinol in hemp. The Drug Enforcement Agency’s interim rule turned that segment of the Farm Bill on its head, declaring derivatives of hemp containing delta-9 tetrahydrocannabinol in excess of .3% THC and all synthetic cannabinoids as controlled substances. 


The state of Connecticut keeps trying to pass the legalization of adult-use cannabis but seems to be thwarted each time. Marijuana Moment reported that in the state’s recent special session, the Senate approved a full legalization bill by a vote of 19-12. A week ago, during the state’s normal legislative calendar, lawmakers passed a similar bill, but Republicans pushed back. The session ended and the measure was moved to the special session. Although Republicans got the blame for the delay, several state Democrats have also expressed concerns. Governor Ned Lamont is mostly supportive of full legalization but has expressed problems with the social equity rules.

In Other News

PsyTech Inc., a leading source of education, clinical care and clinical tools for the fast-growing psychedelic medical sector closed a $3.81 million oversubscribed Series A funding round.  The round was led by Ambria Capital as well as investors in the psychedelics, banking, and medical practice sectors.

 “We are grateful to our new and existing investors who have shown material support for our mission to accelerate the mainstreaming of effective psychedelic-assisted therapies,” said Hayim Raclaw, Chief Executive Officer for PsyTech Inc. “Closing this round enables us to empower healthcare providers with professional-grade software tools, and deliver integrative care to patients. We have a complementary focus on educating the public on the efficacy of psychedelic-assisted therapies and combat the retrograde stigma surrounding their use in healthcare.”

Mydecine Innovations Group (NEO: MYCO) (OTC: MYCOF) announced the launch of its in-silico drug discovery program in conjunction with researchers at the University of Alberta. Led by top computer-aided drug development expert, Dr. Khaled Barakat, the program is focused on developing artificial intelligence/machine learning (AI/ML) supported drug screenings, including both the ability to build drugs from the receptor up and assess drugs around the receptors of Mydecine’s choosing. With its broader R&D capacity in drug development up and running, the in-silico program will enable the Company to more rapidly screen hundreds of thousands of new molecules without the need to produce them, allowing Mydecine to focus on the strongest potential therapeutics for its chemical and natural development programs. Mydecine will also be able to more efficiently screen its proprietary library of novel compounds designed by Chief Science Officer Rob Roscow and Advisory Board member, Dr. Denton Hoyer.

StaffJune 16, 2021


Editors Note: This is a guest post.

Canada consists of many great things making it one of the world’s greatest countries where many would love to live. With the recent legalization of recreational marijuana, that list only got longer.

Weed delivery in Vancouver makes our lives a bit simple, and we just love the idea of getting our stash to our doorstep without the hassle of going out to shop searching.

Smoking weed became even more interesting, and many love the option of ordering some of the best-quality marijuana and other THC products such as edibles, oils, tinctures, vapes, and concentrates. 

The future generations will never know the struggle we had to go through every time we wanted to get our stash from a local dealer and risk legal consequences.

Now you might ask, what makes these delivery services in Vancouver so attractive?

Here are a few things making a big difference nowadays.

One-day deliveries

One of the top talking points nowadays is same-day weed deliveries that changed the way we order weed from dispensaries forever. People adore the option of getting their weed on the same day they’ve ordered it, and all dispensaries will likely look for a way to add this option to their business.

When considering the location where you live, some weed dispensaries in Vancouver can deliver your order in only a few hours, which was unimaginable in the past.

Have you ever thought that this day would come? Is this something we had all dreamed of back in the days?

One-day deliveries changed the way we get our weed, and hardly anything can happen to make us go back to the old ways when going out to a local dealer or store was the only way to get weed.

We got spoiled with online shopping services such as Amazon that offer fast deliveries to their premium users. Having the same option for weed only made online shopping even better.

Some suggest that going out to a local weed shop is out of the question, as postal services can do the hard part of going through high traffic instead of you.

A variety of products

Online weed shops in Vancouver offer many great THC products you can order through their mailing services.

Besides having the highest-quality marijuana strains in their offer, online shops will also sell everything weed-related. 

One of the most popular THC products nowadays are edibles, which made us go back to our childhood by resembling gummy bears. These edibles have a high concentration of THC and became favorites to all those trying to avoid smoking at any cost.

Enjoying marijuana without smoking is also possible by consuming products like concentrates or even vape juices. Having different options when ordering online popularized weed shops and made everyone happy to have services that will deliver some of the best weed in record time.

For those not into THC at all, these shops also offer many different CBD products they can use to improve their health if they are struggling with some issues like insomnia, lack of appetite, or even anxiety.

These products don’t have any THC, and everyone can use them regardless of their age.

The competition

One of the main reasons you have so many great options when buying weed online is the competition between the shops. Every shop nowadays has to have the best products to stand a chance in such a competition.

That’s all good news for us, as we can all get the best products available in only a few hours. Most shops look for a way to satisfy their customers, which is why we have same-day deliveries today.

The best from the best try to create new strains of weed and offer them to their customers that love different aromas or tastes. These shops are our heroes, and we love their dedication to create something we will all benefit from when buying their products.

As weed is now legal in Canada, we see a steady incline of new online shops that will create even stronger competition, and who knows, maybe some new and exciting products.

Healthy competition will always result in creating many new things we will all love. We can sit back, relax, and enjoy the ride these online shops will create for us. 

We can’t wait to see what the future holds for all of us loving marijuana and all of its products.


Weed delivery services help us save our precious time by excluding the necessity of going out to a local shop only to buy weed.

Everything we had to put any effort into in the past we can now do from the comfort of our homes, and there’s no reason to try to go back to old fashion ways.

Online shops are the future of weed shopping, especially with services such as same-day deliveries.


StaffJune 15, 2021


It’s time for your Daily Hit of cannabis financial news for June 15, 2021.

On the Site

Fire & Flower

Fire & Flower Holdings Corp. (OTCQX: FFLWF) announced its financial and operational results for the fiscal first quarter ending May 1, 2021 with revenue rising 90.7% to $44.1 million. However, Fire & Flower also delivered a net loss of $61.6 million versus last year’s $12.7 million for the same time period. The company blamed the net losses on a $54.1 million loss on the revaluation of derivative liabilities in the current quarter. The company said it was the fourth consecutive quarter of positive Adjusted EBITDA of $2.3 million as compared to an Adjusted EBITDA loss of $1.4 million for the first quarter of 2020. In addition, the company reported a gross profit percentage of 37.5% compared to 32.6% for the same period in 2020.


KushCo Holdings, Inc. (OTCQX: KSHB) reported preliminary and unaudited financial results for its fiscal third quarter ended May 31, 2021. KushCo said it expects its preliminary and unaudited fiscal third quarter 2021 revenue to be between approximately $27.5 million and $28.0 million, compared to approximately $22.3 million for its fiscal third-quarter 2020. This is a decline from the $32.9 million in revenue in the second quarterThe 21% to 26% expected increase in revenue is being driven primarily by an increase in sales to KushCo’s top 25 customers, which consist of leading multi-state operators (MSOs), licensed producers (LPs), and brands. Revenue from these top 25 customers is expected to increase 60%+ to at least $20.5 million in revenue in fiscal third-quarter 2021 from $12.7 million in the same year-ago period. KushCo said it expects to report its complete fiscal third-quarter 2021 financial results in early July 2021.

In Other News


Columbia Care (OTC: CCHWF) has entered into a definitive agreement to acquire Medicine Man Denver, a premier vertically integrated cannabis company, in a deal valued at $42M.The upfront consideration of $42M, comprises of $8.4M in cash and $33.6M in stock, representing a multiple of about 4.5x projected 2021 EBITDA.The transaction terms also include a potential additional milestone payment in 2022 if certain performance targets are met, Columbia Care said.The acquisition of Medicine Man further solidifies Columbia Care’s position as the most scaled retailer, cultivator, and manufacturer in Colorado, the company said.The deal will add one cultivation facility and four dispensaries, including one co-located adult-use and medical location and three adult-use facilities to Columbia Care’s national footprint.The transaction is expected to close in Q4 2021.

Charlotte’s Web

Charlotte’s Web (OTC: CWBHF) has appointed Wessel Booysen as Chief Financial Officer, to succeed CFO Russ Hammer, who will retire in August at his two-year anniversary with Charlotte’s Web.Mr. Hammer will assist Mr. Booysen in a planned two-month transition, serving as Senior Executive Advisor to the CFO during the transition period.Mr. Booysen is a top-tier executive with more than a decade of global executive leadership in finance, international expansion and strategic M&A at Molson Coors Beverage Company. Most recently served as Chief Executive Officer and Managing Director at Molson Coors Beverage in Melbourne, Australia.

Field Trip

Field Trip Health Ltd. (TSX: FTRP; FTRP.WT; OTCQX: FTRPF) announced that it has completed initial drug metabolism and pharmacokinetic (“DMPK”) studies for FT-104, its novel psychedelic compound in development. In-vitro preclinical studies confirmed that metabolism of FT-104 is rapid and complete in several animal species, converting FT-104 into the active form of the drug with relatively few metabolites, validating FT-104’s action as a prodrug for the underlying molecule (the “active”) from which FT-104 was derived. The active is a known psychedelic molecule which has yet to be disclosed.

StaffJune 15, 2021


Rob Tankson is a serial entrepreneur, angel investor, and co-founder and COO of PrestoDoctor. With his leadership and vision, PrestoDoctor was acquired by Cannabis Sativa Inc. (OTCQB: CBDS) in August 2017 at a $11m valuation. Rob currently serves on the board of Cannabis Sativa.

 Prior to co-founding PrestoDoctor in 2015, Rob worked in the finance and tech industries, including at Google, ClearSlide, and Pacific Wealth Group. While at Google, he managed expense planning, reporting, and analysis for emerging products. After Google, Rob worked on Wall Street as an equity research analyst where he developed a unique forward-looking database to quickly identify changes in industry trends, successfully outperforming the S&P 500 annually. Rob received his BA in Psychology from the University of San Francisco. 


Full birth name: Robert Nehemiah Tankson, III


Title: Co-Founder and COO


Company: PrestoDoctor


Years at current company: 6


Education profile: I received my BA in Psychology from the University of San Francisco.


Most successful professional accomplishment before cannabis:

 During my time on Wall Street as an equity research analyst, I developed a unique forward-looking database to quickly identify changes in industry trends, successfully outperforming the S&P 500 annually. Earlier in my career, I drove $3.4M+ in new revenue and opportunities for the tech company, ClearSlide. When I was at Google, I increased Chromebook revenue and built tech company partnerships across five key U.S. markets.

Company Mission:

 PrestoDoctor’s mission is to provide cannabis access and education while upholding our high standards in customer service, performance, and professionalism. We are industry pioneers, thought leaders, and continually strive to become the most respected cannabis telemedicine brand in the United States, and eventually globally.

Company’s most successful achievement:

 We’ve reached more than 200,000 patients across eight states and overcome the industry’s inability to leverage traditional advertising and marketing practices. Since we launched, we’ve pursued partnerships, rolled out an affiliate program, and launched virtual clinics to offer services at events nationwide. We were able to accelerate our expansion by securing partial acquisition by Cannabis Sativa, Inc. to generate funding. 

 We are part of a powerful movement. People have been fighting for medical cannabis for decades.  Until cannabis is federally legal, we will do our part and provide access to as many people as we can and we are committed to helping the healthcare communities to really see cannabis as medicine, change federal law, and get cannabis covered by insurance. 

 Has the company raised any capital (yes or no):

if so, how much?:

 Yes, we sold 51% of the company in 2017 in an 8-figure deal to publicly traded Cannabis Sativa, Inc. Before that, the company was self-funded/bootstrapped.

Any plans on raising capital in the future?

 Yes, we are exploring capital raise to further expand our reach in the US cannabis market and eventually globally. We are also exploring other industries in which our telemedicine platform could be utilized. 

 Most important company 5-year goal:

 To complete our U.S. expansion, have a presence in other global markets, and be the most trusted brand in medical cannabis. From the start, our mission has been to provide easier access to medical cannabis utilizing our telemedicine platform. We have a proven concept with nearly 20,000 5-star patient reviews and are excited to accelerate and further scale operations. 



StaffJune 15, 2021


Fire & Flower Holdings Corp. (OTCQX: FFLWF) announced its financial and operational results for the fiscal first quarter ending May 1, 2021 with revenue rising 90.7% to $44.1 million. However, Fire & Flower also delivered a net loss of $61.6 million versus last year’s $12.7 million for the same time period. The company blamed the net losses on a $54.1 million loss on the revaluation of derivative liabilities in the current quarter. 

“We started 2021 off strong by delivering our fourth consecutive quarter of positive Adjusted EBITDA while posting record quarterly revenues,” said Trevor Fencott, Chief Executive Officer of Fire & Flower. “Despite the challenges produced by the COVID-19 pandemic, our retail business continued to drive strong sales growth as we expanded our retail footprint by bringing Fire & Flower to British Columbia, opening two new stores in Vancouver, and bringing our total store count to 83 licensed cannabis stores. Our wholesale division continued to grow in Saskatchewan as more retailers look to our Open Fields Distribution business to supply their inventory. And last, driving our leadership position in Canada, and now emerging in the U.S., is the ongoing success of our proprietary Hifyre business, as it becomes increasingly recognized as one of the industry’s most advanced digital retail and data analytics platforms.”

The company said it was the fourth consecutive quarter of positive Adjusted EBITDA of $2.3 million as compared to an Adjusted EBITDA loss of $1.4 million for the first quarter of 2020. In addition, the company reported a gross profit percentage of 37.5% compared to 32.6% for the same period in 2020.

Balance Sheet Improvements

Fire & Flower completed a $15 million at-the-market equity offering and strengthened its balance sheet with a $53 million debt-to-equity conversion helping to further reduce interest costs. A wholly-owned indirect subsidiary of Circle K owner, Alimentation Couche-Tard Inc. converted approximately $24 million principal amount of debentures, which increased their equity stake in the Company to 19.9%. Total debt was reduced from $37.5 million on January 30, 2021, to $7.2 million. The company has a cash balance of $32.7 million as compared to $30.6 million on January 30, 2021.

Fencott added, “We are strategically leveraging the significant growth opportunities that exist within each of our business segments and continue working towards listing our shares on the Nasdaq. We expect this upcoming listing will help generate additional exposure for our common stock in the U.S. while providing additional liquidity to our shareholders. As we head into the second half of the year with strong momentum from the reopening of provinces and consumers coming back into the stores, we are confident we are positioned to deliver sustainable growth throughout 2021 and beyond.”

Derivative Revaluation

The company said in its filing that on May 1, 2021, the derivative liabilities related to the Investor Debentures conversion option, Series B Warrants and Series C Warrants were
revalued using the Monte-Carlo and trinomial tree model simulation valuation technique and the following inputs and assumptions: stock price of $1.10; risk-free interest rate range of 0.33% – 0.24%; and expected volatility of 78%-83% based on historical trading data of the Company and its peers (January 30, 2021: $0.80 stock price, 0.14% – 0.16% risk-free interest rate range, and 80% – 82% expected volatility range).

Also noted in the filing that during the thirteen weeks ending May 1, 2021, the company’s 8% secured convertible debentures with $29,407 in principal amount outstanding (the “April 2020 Debentures”) were early converted and settled at the conversion price of $0.50. Coupon interest of $1,139 was also settled in common shares at the conversion price of $0.50. A total of 61,091,318 common shares were issued for the principal conversions and interest settlement. The common shares issued had a value upon conversion of $64,955, which was comprised of the carrying values, as at the date of conversion, of the debenture liability ($16,754) and the corresponding conversion option derivative liability ($48,201). The conversion option derivative liability was valued by taking the difference between the intrinsic value and the fair value of the debt portion. The intrinsic value and discounted cash flow approach utilized for the valuation of the debt portion had the following key inputs and assumptions: stock price of $1.36, and discount rate 26%-32%.

StaffJune 14, 2021


It’s time for your Daily Hit of cannabis financial news for June 14, 2021.

On The Site


Canadian-based Cronos Group Inc. (NASDAQ: CRON) stock was rising over 2% on news that the company was buying an option to acquire 10.5% of U.S.-based PharmaCann for $110.4 million. The company said that the option exercise will be based upon various factors, including the status of U.S. federal cannabis legalization, as well as regulatory approvals, including in the states where PharmaCann operates that may be required upon exercise.


HEXO Corp. (NYSE: HEXO)  reported its financial results for the third quarter fiscal 2021 ended April 30, 2021, with total revenue sliding by $10.2 million sequentially to $22.6 million. It was a 2% improvement over last year’s $22 million for the same time period. Hexo shares were sliding over 5% in early trading to lately sell at $6.24. On a positive note, total net losses were trimmed slightly from the previous quarter from $20.8 million to $20.7 million. However, the losses were slightly higher over the same time period in 2020. All amounts are in Canadian dollars.

Greenway IPO

Greenway Greenhouse Cannabis Corporation has filed a prospectus for a listing on the Canadian Securities Exchange. The company is majority-owned by Sunrite Greenhouses Ltd., an established cultivator of greenhouse-grown produce within the Del Fresco Group of companies. Greenway currently operates in a hybrid greenhouse, located in Leamington, Ontario, and in an indoor nursery, located in Kingsville, Ontario.

According to the filing, Greenhouse has no revenue to date but is licensed to grow and sell dried cannabis. The first crop was fully harvested in May 2021. It intends to sell the strains called Sun County Kush and Lemon Pound Cake. Greenway says it has over 200 strains within its genetic portfolio and plans to be a wholesaler. The company plans to complete five crop cycles per fiscal year. Greenway has $4.1 million in working capital according to the prospectus.

In Other News

Sanity Group

Berlin-based cannabis start-up Sanity Group has closed a $44.2M USD Series A financing round with new investment led by Swiss venture capital firm Redalpine along with US-based Navy Capital and SOJE Capital. GMPVC also participated in the round. This represents the largest round of cannabis funding in Europe to date and brings total investment in Sanity Group to $73M USD. Previous investors include HV Capital, TQ Ventures, Atlantic Food Labs, Cherry Ventures, Bitburger Ventures and SevenVentures. In addition, Sanity Group has attracted prominent celebrity angels including music producers, Scooter Braun and actress Alyssa Milano

 “The European cannabis market faces exciting developments in the coming months. Compared to the North American market, Europe is now where we were in the U.S. about four years ago. We want to bring our expertise and experience to the table. For our first investment in Europe, it was important for us to find a team that understands the market and has real industry experts in its ranks. The Sanity Group team particularly impressed us with their expertise and clear approach,” says Sean Stiefel, CEO at Navy Capital.

Cirona Labs

Cirona Labs, a premier innovator in cannabinoids and other functional botanical ingredient manufacturing, announced that it has closed an oversubscribed $1.5 million seed round led by LiDestri Food & Drink, BevSource, and Sweetener Supply. The funding will be used to further expand the company’s research and development, facilities, and team as well as support a general push to market and build stronger relationships with existing brands. “As a newly launched company we are proud to see early market traction and reach this milestone so quickly,” said Hunter Friedland, CEO of Cirona Labs. “It’s clear that the interest in creating products with cannabinoids and other plant medicine is continuing to increase and as a company focused on science and offering sustainable solutions to our customers, we are confident our high-quality products will speak for themselves in the industry.”

StaffJune 14, 2021


Greenway Greenhouse Cannabis Corporation has filed a prospectus for a listing on the Canadian Securities Exchange. The company is majority-owned by Sunrite Greenhouses Ltd., an established cultivator of greenhouse-grown produce within the Del Fresco Group of companies. Greenway currently operates in a hybrid greenhouse, located in Leamington, Ontario, and in an indoor nursery, located in Kingsville, Ontario.

According to the filing, Greenhouse has no revenue to date but is licensed to grow and sell dried cannabis. The first crop was fully harvested in May 2021. It intends to sell the strains called Sun County Kush and Lemon Pound Cake. Greenway says it has over 200 strains within its genetic portfolio and plans to be a wholesaler. The company plans to complete five crop cycles per fiscal year. Greenway has $4.1 million in working capital according to the prospectus.

“Greenway represents the next step in a lifetime of agricultural experience and innovation. The Del Fresco Group of companies have been bringing fresh produce to consumers across North America for years and we’re excited to leverage our greenhouse expertise with this legal crop of cannabis,” says Jamie D’Alimonte, CEO and Co-Chair of Greenway. “Combined with some of the most skilled cannabis specialists in the field, Greenway is prepared to bring quality greenhouse cannabis to the Canadian market.”

The company’s leadership is not diverse and is only white males. The gentlemen also hold the same positions in the produce company Del Fresco Group, which could create a conflict of interest according to the company filing.

The filing stated, “As of the fiscal year ended March 31, 2021, there is no revenue from dry bud cannabis or clones. The first batches of dry bud cannabis were approximately 50% through their production cycles at such time. In the past three fiscal years, the only source of revenue has been rental income from the Acquired Property, and reserves for potential additional production capacity. Rental income will be an insignificant source of revenue in the future. At present, the Corporation does not anticipate engaging in any business activities outside of Canada. The corporation uses approximately 4% of the Leamington facility for product development of new cannabis strains, retrieved from their significant seed bank. The footprint for product development varies by season and the judgment of Management. Research and development of new strains and growing practices is completed in-house drawing on the significant knowledge of the Corporation’s founders.”

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