Green Market Report Daily Hit: August 23 ,2018

It’s time for your Daily Hit of cannabis financial news for August 23, 2018.

On The Site

Canopy Growth Corporation

Canopy Growth Corporation (CGC) is spinning off its venture capital investment arm called Canopy Rivers Corporation. The company has set September 12, 2018, as the date for a shareholder meeting regarding the proposed combination of Canopy Rivers and AIM2 Ventures. It had been previously announced that Canopy Rivers had entered into an agreement with AIM2 resulting in a reverse take-over of AIM2 by Canopy Rivers. The transaction is expected to close during the week of September 17, 2018 subject to the approval by the TSX Venture Exchange. The new symbol will be RIV.

CannaRoyalty

Canadian-based CannaRoyalty (CNNRF) reported its second-quarter earnings for the period ending June 30, 2018, with revenues increasing 266% to C$3.5 million versus last year’s revenues of C$960,157. In addition to that, CannaRoyalty made huge strides by delivering net income of C$9.3 million for the quarter versus last year’s net loss of C$2 million. The net income per diluted share was $0.17 as compared to a net loss per diluted share of $0.05 for the same time period in 2017.

In Other News

Emblem Corp.

Emblem Corp. (EMC), announced that it had secured a working capital advance for Natura Naturals Holdings Inc. The advance will help support the completion of Phase 1 construction of a 662,000 licensed greenhouse operated by Natura that is undergoing phased conversion and retrofitting while both companies negotiate a definitive agreement for Emblem to acquire Natura. The advance is made up of a one-year convertible debenture for a sum total of of up to $2,000,000. The advance is convertible into Natura shares at $0.80 per share plus one full share purchase warrant exercisable at $1.05.

Khiron Life Sciences

Khiron Life Sciences (KHRN) announced that it has priced and sized its marketed offering of common shares at a price of $0.90 per share to raise a total of up to $11.25 million. The offering will be overseen by a syndicate of agents led by Canaccord Genuity Corp. and including GMP Securities L.P., Sprott Private Wealth LP, and Cormark Securities Inc. Additionally, the agents have been granted an over-allotment option by the company to offer and sell up to an additional 15% of the number of share sold in the offering. The company expects to file a final short form prospectus form, in respect to the offering, on or around September 6, 2018 and the offering is expected to close on or around September 13, 2018.

Emerald Health Therapeutics Inc.

Emerald Health Therapeutics (EMH) and Village Farms International Inc. (VFF) announced that their joint venture, Pure Sunfarms, has received from Health Canada its third amendment to its cultivation license for its Delta 3 greenhouse in Delta, BC. The amendment will allow Pure Sunfarms to expand its production capacity to approximately 420,000 square feet of the facility’s 1.1 million square feet. “We are thrilled with the rapid pace at which the Pure Sunfarms team continues to complete conversion of additional production area, as well as the rapid pace at which it has been able to secure amendments to its cultivation license to steadily expand production,” said Michael DeGiglio, CEO of Village Farms. “It’s a testament to the value of decades of large-scale operational experience combined with an unwavering approach to doing things the right way.”

Naturally Splendid

Naturally Splendid (NSPDF) reported second-quarter results for the period ending June 30, 2018, and recorded a net loss of $1,565,098 during the six months ended June 30, 2018, compared to a loss of $2,029,552 during the six months ended June 30, 2017.   The decrease in net loss was due to the sale of POS BPC Manufacturing Corp. which provided for a gain on sale of $1,535,096, offset by an increase in selling and distribution costs of $5,273 and Administrative expenses of $1,041,721 mainly due to the addition of the Prosnack business which were not included in the expenses in the comparative period, as the acquisition occurred on October 18, 2017.

Naturally Splendid recorded sales of $804,502 during the six months ended June 30, 2018, compared to $1,068,949 for the six months ended June 30, 2017.  This revenue decrease was mainly due to the collapse of sales of bulk hemp seed to South Korea where the Company had recorded $Nil bulk sales in the current quarter compared to $245,400 in the six months of 2017.

William Sumner

William Sumner

William Sumner is a freelance writer specializing in the legal cannabis industry. You can follow William on Twitter @W_Sumner or on Medium.


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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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