Here is today’s Daily Hit of cannabis news for April 24, 2018:
On The Site:
OrganiGram Holdings Inc.
Ontario-based medical marijuana company OrganiGram Holdings Inc. (OGRMF) reported second-quarter results with record gross sales of C$3.2 million, a 123% increase over the same time period in 2017. The company also delivered net income in the second quarter of C$1.0 million over last year’s loss of C$5.7 million. The company also turned a corner on the earnings per share with the second-quarter delivery of diluted C$0.008 over last year’s loss per share of C$0.059.
Golden Leaf Holdings
Golden Leaf Holdings (GLH) announced that is has signed a letter of intent (LOI) to acquire a cannabis dispensary in northern California. Included in this transaction are all of the dispensary’s assets; such as licenses and permits for cannabis cultivation, production, manufacturing, distribution, and retail. Under the agreement, Golden Leaf will pay $1.25 USD million upfront in cash, an additional $500,000 in stock, and earn-out payments of up to $8 million based on future revenue thresholds. This transaction will mark Golden Leaf’s first entry into the U.S. market.
Cannabis Strategic Ventures, Inc.
Also announcing a major acquisition today is Cannabis Strategic Ventures, Inc., which just completed the definitive agreement to acquire Worldwide Staffing Group, Inc. The company will acquire 100% of Worldwide’s issued and authorized shares and begin recognizing Worldwide’s revenue, which reached $1.5 million in 2017, upon the closing of the transaction.
In Other News
Cleartronic, Inc., (CLRI) announced today its subsidiary VoiceInterop, Inc. have signed a “Definitive Agreement” for the acquisition of the assets and intellectual property of CanniPlus Global, Inc., a Florida based medical CBD company. According to the company statement, the closing of the Asset Purchase Agreement is conditioned on VoiceInterop’s business being spun-off from Cleartronic in the second or third quarter of fiscal 2018. VoiceInterop will file a Form S-1 registration statement with the SEC to register the shares being distributed to Cleartronic shareholders and the shares being issued to the shareholders of Canopus Global, Inc. VoiceInterop also intends to register its common stock under the Exchange Act.
Cannabis customer-loyalty and communications solutions company for dispensaries and Cannabis Retailers. Springbig announced today a new partnership with Cova a leader in Cannabis technology software. springbig, which uses SMS, loyalty marketing, and other tools to encourage repeat business for cannabis retailers, will integrate its technology with Cova’s point-of-sale (POS) and compliance platform to allow retailers that use Cova to easily implement customer loyalty and retention programs.
With this integration, springbig’s incentive tools will be immediately available to additional hundreds of Cannabis retailers in North America and signals springbig’s global expansion into Canada, with Cova’s impressive Canadian footprint.
Denver-based marketing firm Cannabrand announced a merger with Voyage Business Resources. After working together for over a year, they have created joint ventures to establish themselves as a full-service cannabis marketing, business consulting, and brokerage firm. Cannabrand now provides its clients with end-to-end business consulting and brokerage services.
“When I launched the company in 2013, I recognized the need for a more sophisticated approach to cannabis marketing and branding,” says Cannabrand Founder and CEO Olivia Mannix. “Over the past 5 years, we have been part of creating some of the most well recognized and respected brands in the US, Canada, and overseas. Now, we have identified a new need in the Cannabis industry — for the addition of Consulting, Real Estate, and brokerage services.”
Jay Spencer, a Partner at Cannabrand, confirms, “There is a growing interest in cannabis investment opportunities, but among banks and investors there is still a lot of hesitancy to do business. At Cannabrand, we serve legitimate companies to overcome common operations and marketing challenges, to make them efficient, profitable, and stand out in the marketplace for the best chances of success. With our background in Real Estate and Brokerage we are excited to buy and sell cannabis businesses for our partners.” Spencer is licensed broker and a US Army Veteran.