Staff, Author at Green Market Report - Page 22 of 91

StaffStaffMay 11, 2020
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6min5860

It’s time for your Daily Hit of cannabis financial news for May 11, 2020.

On The Site

GW Pharmaceuticals plc (Nasdaq: GWPH) delivered total revenue of $120.6 million for the first quarter ending March 31, 2020, versus last year’s $39.2 million for the same time period. The net loss for the quarter was $8 million versus last year’s net loss of $50.1 million for the same time period.

“In the first quarter of 2020, we have seen continued strength of the Epidiolex brand in both the U.S. and Europe and remain confident about prospects for growth in the remainder of the year. Having been granted priority review by the FDA for our proposed label expansion to include TSC, our US commercial team is actively preparing for the launch of this indication in August,” stated Justin Gover, GW’s CEO. “In this current environment caused by COVID-19, we have been able to support the epilepsy community remotely and maintain production of Epidiolex, while taking necessary steps to maintain the wellbeing of our employees.”

Tilray

Tilray, Inc.  (Nasdaq: TLRY) delivered it financial results for the first quarter ending March 31, 2020, as revenue increased 126.2% to $52.1 million. The revenue beat analyst estimates by $2.45 million. The losses of $1.73 per share missed  estimates by $1.21

The company said that the growth was driven by cannabis sales, which experienced meaningful increases across all channels with the exception of bulk, and the inclusion of the Manitoba Harvest acquisition for a full quarter in 2020 compared to a partial quarter in the prior year.

Still, the net loss was a staggering $184.1 million, versus last year’s net loss of $29.4 million. While it looked bad, Tilray pointed out that it wasn’t as bad as the fourth quarter’s net loss of $219.1 million, or $2.14 per share, in the fourth quarter of 2019 was largely due to improvements in gross margin in the first quarter of 2020 and the significant impairments recorded in the fourth quarter of 2019.

Zynerba

Zynerba Pharmaceuticals, Inc. (ZYNE) reported its earnings for the first quarter ending March 31, 2020, with no revenue and a net loss of $12.3 million and a net loss per share of $(0.53). Despite COVID-19 disruptions, the company said that it expects timelines for delivery of top-line results from all of its ongoing trials will not be impacted.

“The past few months have been historic due to the outbreak of COVID-19, and we applaud everyone on the front line of this global pandemic, including healthcare workers, first responders, humanitarians, and our industry colleagues who are dedicated to the rapid development of treatments and vaccines,” said Armando Anido, Chairman and Chief Executive Officer of Zynerba. “In response to the pandemic, Zynerba implemented important initiatives that we believe protect the safety of patients, clinical investigators and their staff, and our Zynerba employees and should allow us to conclude all three of our ongoing clinical trials and report top-line results within our stated timelines.”

In Other News

Aleafia

Aleafia Health Inc. (TSX: ALEF, OTC: ALEAF)   entered into an agreement with Eight Capital as lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters to which the Underwriters have agreed to purchase 20,000,000 units of the Company on a “bought deal” basis pursuant to a short form prospectus offering, subject to all required regulatory approvals, at a price per Unit of $0.65 for gross proceeds of $13,000,000.

Schwazze

Schwazze, formerly operating as Medicine Man Technologies Inc. (OTCQX: SHWZ) today provided a company update and announced financial results for its first quarter ended March 31, 2020. Revenues were $3,203,134 during the three months ended March 31, 2020, representing an increase of 59.9% as compared to $2,003,476 during the three months ended March 31, 2019. Product sales and consulting and licensing fees increased 63.8% and 46.8%, respectively. The increase in product sales can largely be attributed to consumer stockpiling due to the COVID-19 pandemic.

Net loss was $1,379,310 for the three months ended March 31, 2020, or a loss of approximately $0.03 per share on a basic weighted average, as compared to net loss of $2,911,818, or a loss of approximately $0.10 per share on a basic weighted average, for the three months ended March 31, 2019.

Aurora Cannabis

Aurora Cannabis Inc. stock carried out a reverse stock split on Monday after shares plunged so much that the New York Stock Exchange threatened to drop the stock from its listings. Aurora said that it would grant shareholders one share for every 12 currently outstanding, reducing the number of shares from more than 1.3 billion to roughly 110 million, but also issue even more stock, diluting shares more than 30%, according to an analyst estimate.


StaffStaffMay 11, 2020
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3min5840

GW Pharmaceuticals plc (Nasdaq: GWPH) delivered total revenue of $120.6 million for the first quarter ending March 31, 2020, versus last year’s $39.2 million for the same time period. The net loss for the quarter was $8 million versus last year’s net loss of $50.1 million for the same time period.

“In the first quarter of 2020, we have seen continued strength of the Epidiolex brand in both the U.S. and Europe and remain confident about prospects for growth in the remainder of the year. Having been granted priority review by the FDA for our proposed label expansion to include TSC, our US commercial team is actively preparing for the launch of this indication in August,” stated Justin Gover, GW’s CEO. “In this current environment caused by COVID-19, we have been able to support the epilepsy community remotely and maintain production of Epidiolex, while taking necessary steps to maintain the wellbeing of our employees.”

Looking Ahead

GW Pharma said that the start of new clinical programs would be delayed until the second half of 2020 due to current COVID restrictions. Still, the company outlined the following items in the pipeline:

  • Nabiximols (Sativex outside of the US)
    • Multiple Sclerosis spasticity
      • US pivotal clinical program expected to commence in H2 2020 to augment existing data package
      • 3 positive Phase 3 trials completed in Europe
    • Spinal cord injury spasticity – clinical program expected to commence in H2 2020
    • PTSD – clinical program expected to commence in H2 2020
  • Schizophrenia (GWP42003)
    • Phase 2b trial expected to commence H2 2020
  • CBDV in autism
    • 30-patient open label study in autism
    • Investigator-led 100 patient placebo-controlled trial in autism
    • Open label study in Rett syndrome and seizures
  • Neonatal Hypoxic-Ischemic Encephalopathy (NHIE) intravenous CBD program commenced
    • Phase 1b safety study in patients continues to recruit due to emergency care environment
    • Orphan Drug and Fast Track Designations granted from FDA and EMA

StaffStaffMay 11, 2020
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4min5690

Tilray, Inc.  (Nasdaq: TLRY) delivered it financial results for the first quarter ending March 31, 2020, as revenue increased 126.2% to $52.1 million. The revenue beat analyst estimates by $2.45 million. The losses of $1.73 per share missed  estimates by $1.21

The company said that the growth was driven by cannabis sales, which experienced meaningful increases across all channels with the exception of bulk, and the inclusion of the Manitoba Harvest acquisition for a full quarter in 2020 compared to a partial quarter in the prior year.

Still, the net loss was a staggering $184.1 million, versus last year’s net loss of $29.4 million. While it looked bad, Tilray pointed out that it wasn’t as bad as the fourth quarter’s net loss of $219.1 million, or $2.14 per share, in the fourth quarter of 2019 was largely due to improvements in gross margin in the first quarter of 2020 and the significant impairments recorded in the fourth quarter of 2019.

The company also noted that the net loss was primarily due to the change in the fair value of the warrant liability of $72.0 million related to its registered offering of common stock and warrants, impairment of assets of $29.8 million. In addition to that, the company also blamed the weakening of the Canadian dollar resulting in a foreign currency translation loss of $28.1 million, increased operating expenses related to growth initiatives in the company’s cannabis sector, and severance costs of $1.9 million related to headcount reductions.

“We are pleased to report strong sequential quarterly revenue growth across each of our core business segments for the first quarter of 2020,” says Brendan Kennedy, Tilray’s Chief Executive Officer. “We remain focused on executing on our long-term growth opportunities and our goal of generating positive Adjusted EBITDA by the end of the fourth quarter. As evidenced by our International Medical sales in the quarter, we expect this segment to demonstrate continued growth and positively impact margins. During and since the first quarter, we took significant steps to drive efficiencies across our business, enabling us to realize annualized cost savings of approximately $40 million compared to fourth quarter 2019 run rates. While the positive impact of these actions are not fully reflected in this quarter’s results, they will become more clearly evident over the course of this year.”

The company said that it has not experienced any adverse material effects from COVID-19. It has implemented work from home strategies where it could and instituted social distancing and additional safety protocols.

Flower King

Tilray reported that its total cannabis kilogram equivalents sold increased by 92.4% to 5,794 kilograms from 3,012 kilograms in the first quarter of 2019. This growth resulted from increases in adult-use cannabis flower sales and the launch of Cannabis 2.0 products. The average cannabis net selling price per gram decreased to $5.28 (C$7.16) compared to $5.60 (C$7.54) in the first quarter of 2019. The decrease was due to a shift in product and channel mix. The average net selling price excluding excise duties for adult-use was $3.49 (C$4.73) per gram for the first quarter of 2020.

 


StaffStaffMay 10, 2020

2min6160
The House of Saka had planned for a large luxury brunch in Wine Country (Napa) originally for Mother’s Day but obviously had to cancel. Since the company still wanted to host a tribute of some sort to mothers, especially since that is the largest target demographic for its brand, Saka teamed up with Slay Agency out of San Francisco to create something special that it could share with moms throughout the country tomorrow.
During COVID-19, Moms (and Dads) are being asked to take care of their families on a whole new level and under a tremendous amount of stress… cooking, cleaning, managing mental breakdowns from the confusion from the times, as well as being full-time teachers.
About a month ago House of Saka got on the phone and social media to place out the call that it was seeking mothers who would be ok discussing their experiences parenting during quarantine for a special video the company released for Mother’s Day.
These are the many inspirational stories.

StaffStaffMay 8, 2020
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6min6490

Today Athletes For CARE (A4C) announced a partnership with LeagueSide to launch #SaveYouthSports, a funding initiative for youth sports.

Due to the financial impact of COVID-19 on families and organizations, youth sports programs across the country are suffering. More than half of youth sports programs are at risk of permanent shut-down leaving more than 20 million children without access.

In order to save youth sports, Athletes for CARE and LeagueSide are embarking on a fundraising campaign to help raise much needed funds to preserve youth sports organizations throughout North America. 

“As an organization of more than 200 professional athletes whose athletic careers started in youth sports, we understand the importance of these programs. Children who participate in sports learn significant life skills, make friends, stay active, and for some, athletic programs provide a safe haven from abuse or neglect at home,” said Anna Valent, Executive Director of Athletes for CARE.

“Canceled leagues and tournaments result in lost revenue for organizers (predominately non-profits).” said Evan Brandoff, Co-Founder and CEO of LeagueSide. “Families are asking for refunds and youth sports organizations’ bank accounts are running dry, this compounds the problem of non-participation among children from low income families who are already 400% more likely to quit a sport due to costs,” He added. 

Athletes for CARE Ambassadors are proud to be rallying together to support this immediate need, and #SaveYouthSports. Each and every athlete has been impacted by youth sports which has served as the foundation for their professional careers. 

“Losing youth sports is devastating due to so many kids missing out on building critical life-long skills such as discipline and teamwork as well as how to win and lose in life with grace. Great leaders I meet in all walks of life share how sports has given them the ability to fail and lose but still rise up for victory!,” said NFL Hall of Famer and “NFL 100” Member, Ronnie Lott.

“Youth sports changed my life. It taught me self-confidence, self-efficiency and independence. I played adaptive sports in an able-bodied world, and the impact of my relationships to my teammates was inclusive and helped me become who I am today,” said Kaitlyn Verfuerth, Team USA Paralympian 2004, 2008 and 2016 Wheelchair Tennis.

“As a kid I was bullied on a daily basis due to a bad skin disease. Playing youth sports helped me redirect the anger I had for the bullies, and channel that anger towards track & field and Martial arts.” Said Bas Rutten, Former MMA, Kickboxer and Wrestler. “Youth sports taught me to listen to instructions, discipline, interacting with other kids, improved my cognitive skills, more importantly, it gave me a purpose and later in life a profession. I was a super hyper kid, what they now call ADD, so playing youth sports helped not only me, but also my family and everybody around me from going nuts.” Rutten added. 

“As an adolescent my vision for getting out of Louisiana was to utilize my athletic skills to create a platform which would grant me the opportunity to receive an education scholastically, so I worked my tail off in middle school and high school.” Said Leonard A Marshall Jr., Former NFL Defensive Lineman. “My youth sports experience on the football, baseball, and basketball fields allowed me to gain the discipline to play professionally and also develop the character of a competitor with many of my friends.” he added. 

Corporate sponsors and individuals who recognize the value of youth sports are encouraged to donate to #SaveYouthSports and participate in sharing the campaign. For more information on getting involved or contributing to #SaveYouthSports, visit www.saveyouthsports2020.com.

 


StaffStaffMay 8, 2020
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6min6590

Arena Pharmaceuticals

Arena Pharmaceuticals, Inc. (Nasdaq: ARNA) today provided a corporate update and reported financial results for the first quarter ended March 31, 2020. Revenues for the first quarter totaled $0.3 million compared to $801.1 million in the first quarter of 2019. This decrease was driven by the $800.0 million upfront payment from the United Therapeutics transaction in the first quarter of 2019.

Research and development (R&D) expenses for the first quarter totaled $78.5 million compared to $45.4 million in the same period in 2019. This increase was primarily driven by advancing clinical studies, including the etrasimod Phase 3 program, as well as an increase in personnel expenses as we staff to support our clinical programs. The R&D non-cash share-based compensation was $6.6 million in the first quarter as compared to $6.7 million in the same period 2019
General and administrative (G&A) expenses for the first quarter totaled $26.4 million, compared to $16.6 million in the first quarter of 2019. This increase is primarily attributed to personnel expenses including share-based compensation. The G&A non-cash share-based compensation was $8.6 million in the first quarter as compared to $6.3 million in the same period 2019

Net loss for the first quarter was $100.2 million compared to net income of $620.1 million for the same period in 2019. In connection with the United Therapeutics transaction, we incurred transaction fees of approximately $17.0 million, of which $14.6 million was incurred in the first quarter of 2019, and was presented as transaction costs in the condensed consolidated statement of operations

“We are pleased to announce that our ongoing clinical programs are currently on track and our liquidity position remains strong with approximately one billion dollars in cash and investments. While maintaining momentum has not been easy, and we – along with the rest of the industry – have experienced a slowing in clinical trial operations, including site activations, our teams have been actively monitoring our ongoing trials day-by-day to ensure patient safety, study momentum and conduct, and drug supply. Additionally, prior to the COVID-19 outbreak, our programs were well ahead of schedule, giving us an important buffer to weather the storm. Finally, given the broad clinical site base across our programs, we are also monitoring certain countries and regions as they begin to lift restrictions. We continue to evaluate the situation in real-time and we will provide further updates frequently as circumstances evolve,” said Amit D. Munshi, President, and CEO of Arena.

CV Sciences

CV Sciences, Inc. (CVSI) announced its financial results for the first quarter ending March 31, 2020, with sales falling to $8.3 million, a decrease of 45% from $14.9 million in the first quarter of 2019. First-quarter sales were impacted by increased market competition in the natural product category, the continued impact on retail customers as a result of the uncertain regulatory environment for CBD, and the impact from the current COVID-19 pandemic.

The Company recognized an operating loss of $5.3 million in the first quarter of 2020, compared to an operating loss of $9.4 million in the prior year. The Company had a negative adjusted EBITDA for the first quarter of 2020 of $3.9 million, compared to adjusted EBITDA of $1.7 million for the first quarter of 2019.

The company’s retail store count increased to 5,799 stores nationwide as of March 31, 2020, up from 3,308 stores as of March 31, 2019, but apparently this didn’t result in increased sales.

“Over the past months, we have taken quick action to right-size our operations for the near-term industry outlook and to adapt our operations for the ever-changing operating environment created by the current global health crisis. Our production and distribution facilities continue to operate without interruption and our entire team of dedicated employees has risen to the challenge to ensure that we continue to deliver the highest quality hemp-derived CBD products on the market,” stated Joseph Dowling, Chief Executive Officer of CV Sciences.

22nd Century

22nd Century Group, Inc. (NYSE American: XXII)  reported results for the first quarter ended March 31, 2020. Net sales revenue for the first quarter of 2020 was $7.1 million, an increase of $0.8 million, or 12.1%, over net sales revenue of $6.3 million during the first quarter of 2019. The increase was driven primarily by sales relating to contract manufactured cigarettes.

The Company experienced a net loss for the first quarter of 2020 of $4.0 million, representing a net loss per share of ($0.03) as compared to a net loss of $2.1 million, or a net loss per share of ($0.02) for the first quarter of 2019. The increased net loss for the first quarter was due primarily to a change in the fair value of warrants held by the Company in Aurora Cannabis, Inc.

Adjusted EBITDA was negative $3.2 million, or ($0.02) per share, for the first quarter of 2020, as compared to a negative Adjusted EBITDA of $4.6 million, or ($0.04) per share, for the first quarter of 2019, a decrease in the negative Adjusted EBITDA of $1.4 million, or 30%.


StaffStaffMay 7, 2020
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4min13930

Executive Spotlight: Wendy Alison Berger

Title: Board Director / Member of the Board

Company: Green Thumb Industries OTC:GTBIF / CannaVu

Years at current company: 5 years / recent

Education profile:

Syracuse University: Bachelor of Science, Finance and Marketing, 1988

Northwestern University Kellogg School of Management; MBA, Finance and Real Estate, 1993

Most successful professional accomplishment before cannabis: Following my entrepreneurial dream and creating WBS Equities, LLC which specializes in ground-up construction, renovation, development, sale-leaseback transactions and acquisitions of food manufacturing and food distribution facilities.  I’m also incredibly proud of having co-founded Illinois Women in Cannabis in 2014 with GTI’s Senior Vice President of Government and Regulatory Affairs Dina Rollman. IWC connects, educates, mentors, and supports Illinois women of all ages and backgrounds in order to maximize their opportunities in the emerging Illinois cannabis industry.

Company Mission: GTI’s mission is to promote well-being through the power of cannabis. CannaVu’s is to provide advertisers the ability to purchase digital advertising while meeting and exceeding state and federal requirements.

Company’s most successful achievement:  It’s hard to choose one “most successful” achievement for Green Thumb but I think what stands out most is how we’ve created the right team to thrive in a highly dynamic and evolving industry, and our diligent approach to capital allocation. CannaVu is the best at what it does and I’m excited about the achievements we’ll make this year.

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

If so, how much?: GTI has raised $250 million in equity since 2018 and $105 million in debt.

Any plans on raising capital in the future? We like the position of our balance sheet. With our recent sale and leaseback transactions and the cash flow generated from our business operations, our growth plans are funded, and we are optimistic about our future. CannaVu may raise capital this year.

Most important company 5-year goal: GTI wants to continue to expand access to Green Thumb’s branded cannabis products such as Beboe, Dogwalkers, Dr. Solomon’s, Incredibles, Rythm, and The Feel Collection that help the well-being of so many people. CannaVu wants to remain the premier platform for canna-compliant digital advertising.


StaffStaffMay 5, 2020
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7min4610

It’s time for your Daily Hit of cannabis financial news for May 5, 2020.

On The Site

Halo Labs

Halo Labs Inc. (OTCQX: AGEEF) delivered an operational update in the context of the COVID-19 pandemic as the company continues to grow dispensary sales revenues. These are unaudited preliminary figures.

“We continue to see strong operational performance in Oregon, as reflected by our results. Additionally, the sales velocity of Halo’s branded products indicates that California may be poised to really take off in the coming months. We are preparing for this growth by re-opening Cathedral City operations, staffing up in Ukiah, and growing our California sales force,” comments Andreas Met, Chief Operating Officer and Director of Halo Labs.

MassRoots

While numerous small businesses across the country struggle during an unforeseen lockdown, MassRoots (OTC:MSRT) the poorly run cannabis tech company managed to snag $50,000 in the Payroll Protection Program. This despite one of the company’s main shareholders being sued for stock fraud by the SEC.

“I’m pleased to report MassRoots has raised significant capital to fund our operations and, later this month, launch our rewards program – MassRoots Rewards – aimed at driving cannabis demand from our community to client dispensaries,” stated Isaac Dietrich, MassRoots’ Chief Executive Officer. “We’ve slashed our monthly expenses to less than $75,000 per month, negotiated far better rates and terms with our vendors, and built a rewards model we believe can gain widespread adoption while generating positive cash-flows.”

The PPP loan matures in May 2022 and bears an interest rate of 1.0% per annum. Payments of principal and interest of any unforgiven balance commence in December 2020.

Mother’s Day

Gift-giving can be a stressful exercise, particularly when you want your gift to make a statement and even more so when that statement is along the lines of “Thank you for giving me life, keeping me alive, and making my life better.” It’s a tall order, but one that is possible to fill, especially if your search includes cannabis-related products.

Cannabis data intelligence company Headset rounded up some figures on buying behavior related to Mother’s Day, to the benefit CBD companies looking for a sales figure boost and shoppers eager to commemorate the mothers in their lives with the perfect gift. According to Headset data, there were noticeable spikes in specific categories, including topicals, tincture, and sublingual products. Sales in both the “Bath Salts, Soaks, and Scrubs” and “Transdermal Products” categories rose 32%, while lotions, creams, gels, oils, and lubes saw smaller but still significant increases.

In Other News

Ayr

Ayr Strategies Inc. (OTCQX: AYRSF) is providing an update on the evolving regulatory response to COVID-19. Unless otherwise noted, all results are presented in U.S. dollars.

“As the regulatory response to COVID-19 continues to evolve, we are pleased to have positive developments to share regarding our business in Nevada,” said Ayr CEO Jon Sandelman. “The introduction of curbside pick-up on May 1st has enabled daily revenue run rates that allow us to reach our pre-COVID adjusted EBITDA levels. This is a huge milestone, and adds to the already strong cash position on our balance sheet.

“In the first four days of curbside pick-up, our Nevada dispensaries fulfilled over 5,700 curbside orders. Since curbside commenced on Friday, May 1st, the pace of weekly revenue growth has increased to 45% from the 40% we experienced in April. Our flexible technology has allowed for seamless deployment, with average daily sales increasing to more than $200k with 2,000 daily transactions between delivery and pick-up.

Ethos

Ethos Cannabis, with operations and investment interests in Pennsylvania, Massachusetts, Florida, and Arizona, has, through certain affiliated companies, signed definitive agreements to acquire the rights to the Pennsylvania and Maryland medical cannabis dispensaries of 4Front Ventures Corp. (“4Front”); which are currently operated under the Mission brand. Ethos is focused on developing a leading cannabis company with a strong presence in the Mid-Atlantic, East Coast, and Midwest markets of the U.S. The acquisitions of 4Front’s dispensaries in Pennsylvania and Maryland accelerate this strategic plan for Ethos.

“The acquisitions of the Mission dispensaries in Pennsylvania and Maryland represents a highly strategic step forward in the growth of Ethos in both existing and new markets. Developing a mainstream oriented, vertically integrated platform with a core focus on retail and the expansion of the health and wellness market through relationships with academic medical institutions like Jefferson are at the core of our strategic objectives at Ethos. These acquisitions follow our pursuit of growth in key target markets for our company, including a vertically integrated application submitted in the Southern Region of New Jersey and submissions for dispensary and craft cultivations licenses in which Ethos has partnered closely with social equity applicants,” said Teddy Scott, Chief Executive Officer of Ethos and the founder and former Chief Executive Officer of PharmaCann.


StaffStaffMay 4, 2020
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3min4350

It’s time for your Daily Hit of cannabis financial news for May 4, 2020

May the Fourth be with you!

On The Site

Flower One

While other cannabis companies have complained of a tight capital environment, Nevada-based Flower One Holdings Inc.  OTC:FLOOF has successfully closed its previously announced non-brokered private placement. The company said it raised C$10.9 million or $7.8 million. This is higher than the previously planned offering of $7.5 million. Flower One said it plans to use the proceeds for general corporate and working capital purposes.

Flower One is the largest cannabis cultivator, producer, and full-service brand fulfillment partner in the state of Nevada. Flower One’s flagship 400,000 square-foot greenhouse and 55,000 square-foot production facility is used for large scale cannabis cultivation, processing, and manufacturing. Flower One also owns and operates a second production facility in Las Vegas, with 25,000 square feet of indoor cultivation and a commercial kitchen that will produce several of the nation’s top-performing edible brands.

Have A Good Trip

HAVE A GOOD TRIP: ADVENTURES IN PSYCHEDELICS is a documentary featuring comedic tripping stories from A-list actors, comedians, and musicians. Star-studded reenactments and trippy animations bring their surreal hallucinations to life. Mixing comedy with a thorough investigation of psychedelics. HAVE A GOOD TRIP explores the pros, cons, science, history, future, pop cultural impact, and cosmic possibilities of hallucinogens.

In Other News

Intec Pharma Ltd. (NASDAQ: NTEC) has entered into definitive agreements with several institutional and accredited investors for the purchase and sale of 16,291,952 of the Company’s ordinary shares, at a purchase price of $0.30690 per share, in a registered direct offering. Intec has also agreed to issue to the investors unregistered warrants to purchase up to an aggregate of 8,145,976 ordinary shares. The offering is expected to close on or about May 6, 2020, subject to satisfaction of customary closing conditions.H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.

The warrants will have a term of five and one-half years, be exercisable immediately and have an exercise price of $0.245 per ordinary share. The gross proceeds to Intec from this offering are expected to be approximately $5.0 million, before deducting the placement agent’s fees and other offering expenses. The Company intends to use the net proceeds from the offering to fund its research and development activities and for working capital and general corporate purposes.


StaffStaffMay 1, 2020
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4min6910

Prohibition Partners LIVE, in partnership with digital investment firm MAZAKALI, has launched ProCapital, an exclusive investment-focused two-day interactive forum showcasing investment opportunities across the international plant-based medicines (PBM) space that includes cannabis and psychedelics.

On June 22-23, investors, operators, and entrepreneurs will gather together on one digital platform to connect with innovative businesses operating in these rapidly developing markets. ProCapital offers operators the opportunity to attract capital and investors the ability to make real-time investments and obtain guidance from those at the cutting edge of the cannabis and psychedelics industries.

“It is a turbulent time for the industry. Severe limitations are being placed on travel, mobility, and the natural operations of the cannabis supply chain. However, we continue to learn, educate, and innovate in a bid to deliver real value to delegates from every corner of the globe. With uncertainty brewing across the market, we are bringing together the global industry to help provide clarity,“ explained Stephen Murphy, Group Managing Director of Prohibition Partners after announcing the partnership.

The live event will be powered by MAZAKALI’s Digital Capital Investment Platform, ProCapital will offer curated opportunities and broker/dealer supported investment flow within the plant-based medicine (PBM) space. Licensed Investment Advisors will provide investors with the education and tools needed to build and implement optimal investment portfolios across cannabis and psychedelics.

“Against a backdrop of industry consolidation, physical distancing has also promoted exploratory travel across vast, virtual bridges of cooperation. ProCapital is born of the idea that synergistic partnerships accelerate efficiency gains, and that quality global education, networking, and investment will fuel this classic emerging market through its next growth stage. Sustainable value based on core fundamentals has replaced temporary euphoria-driven pricing, a return of rationale welcome to investors exploring what might prove to be the best performing asset class in the decade ahead,” said Sumit Mehta, Founder, and CEO of MAZAKALI.

While there has been a lot of talk about tight capital, many companies have managed to raise money. Investors are still committed to the industry, but only for the most deserving of companies.

Apply to pitch at the summer’s most influential global cannabis and psychedelics event:

  • CLICK: Set up an “Issuer Account” on the MAZAKALI Digital Capital Portal
  • SELECT: Pitch @ Prohibition Partners LIVE application
  • BEGIN: Submit an application online by May 15th deadline
  • RECEIVE: Your MAZAKALI Investment Committee decision within 5 business days

Attendees can expect to hear perspectives from leading investors, politicians, and cultural leaders. Delegates will have the opportunity to ask questions, schedule meetings, and make direct investments into curated and broker/dealer approved private companies through the MAZAKALI Digital Capital Portal.

Super early-bird tickets for Prohibition Partners LIVE are on sale now. To view the full agenda for ProCapital, as well as the other Prohibition Partners LIVE event streams, click here.



About Us

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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