acquisition Archives - Green Market Report

Debra BorchardtDebra BorchardtNovember 2, 2020
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4min870

Fire & Flower Holdings Corp. (TSX: FAF) (OTCQX: FFLWF) is buying Friendly Stranger Holdings Corp. in a deal valued at over $17 million. The deal is expected to close in the fourth quarter of 2020. An additional $4.6 million (approximately) will be set aside subject to authorizations for additional stores.

Friendly Stranger owns and operates 11 licensed cannabis retail stores across the province of Ontario with 4 additional cannabis stores in the pipeline to be licensed and operational by the end of the fourth quarter of 2020. The stores are called the “Friendly Stranger”, “Hotbox” and “Happy Dayz” and will continue to operate under those brand names.

“The acquisition of Friendly Stranger is transformative for Fire & Flower and is a product of our financially disciplined approach to aggregation in the sector. It will immediately put us in a leading position in the major Ontario market, and it allows us to increase the potential of the acquired stores using the proprietary capabilities of our Hifyre™ digital retail and analytics platform” shared Trevor Fencott, Chief Executive Officer of Fire & Flower. “The acquisition will bring some of Ontario’s longest established Cannabis brands into the Fire & Flower portfolio, transforming us into a multi-banner operator that appeals to a larger cross-section of cannabis customers. We are also excited to add Friendly Stranger’s demonstrated expertise in the high-margin accessories business to our team. We look forward to continuing to welcome Friendly Stranger customers into these stores and to our Spark Perks customer engagement program that already counts more than 150,000 members across the country.”

In September,  Fire & Flower delivered second-quarter revenue of $28.6 million including sales of $23.4 million in the retail channel, $4.3 million in the distribution channel, and sales of $0.9 million in the digital retail and analytics channel. At that time, the company said it was waiting for licensing at a number of locations in Ontario and intended to open these stores once final licensing was complete. During the onset of the COVID-19 public health crisis, Fire & Flower saw meaningful sales with basket sizes increasing as consumers purchased larger volumes of product. The company said it is now seeing consumer behavior return to normal seasonal levels and increased popularity in large format cannabis products, vapes, beverages, and edibles.

“Friendly Stranger is very pleased to be joining Fire & Flower, the leader in cannabis retail across the country,” shared James Jesty, President of Friendly Stranger. Friendly Stranger will benefit from the best practices set by the market leader including their technology-enabled approach and the scale brought from their operations. Through multiple brands in the Ontario market, Fire & Flower will benefit from the ability to serve diverse customer segments in the growing cannabis market.”

 

 


Debra BorchardtDebra BorchardtNovember 2, 2020
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5min1990

GrowGeneration Corp. (NASDAQ: GRWG) continues to add to its stable of hydroponic stores with the latest acquisition being The GrowBiz. GrowGen did not disclose how much it paid for the chain, which is the country’s third-largest, but did note that it is expected to deliver $50 million in annual revenues. The deal is expected to close before fiscal year-end 2020.

The GrowBiz was founded in 2010 by Ross and Ryan Haley and has five stores across California and Oregon. It brings a team of experienced executives and more than 60 full and part-time employees. Prior to founding The GrowBiz, Ross Haley served as CEO of Hawthorne Gardening Company, a division of Scotts Miracle-Gro, and General Hydroponics, two recognized leaders in the hydroponics industry. Ross Haley will become a senior strategic advisor to the Company.

“We are excited to add The GrowBiz to our portfolio before year-end, with its impressive leadership and commercial teams,” said Darren Lampert, GrowGen’s CEO. “We look forward to building on their combined experience and expanding our commercial footprint. The GrowBiz acquisition represents our continued investment in purchasing the ‘best of breed’ hydroponic operations in the U.S. and strengthening our management team with seasoned veterans from our industry.”

The acquisition will bring the total number of GrowGen hydroponic garden centers in California to ten and Oregon to two. The new GrowGen locations include RocklinCotatiSanta Cruz and San Luis Obispo, California, and Portland, Oregon.

The GrowBiz’s CEO Ross Haley said, “Hydroponics have been a staple in cannabis cultivation and as states across the country continue to legalize, hydroponics stores are an incredible resource for consumers to learn about different cultivation methods. I’ve seen first-hand over the years how our stores have helped people diversify their gardens, so they are able to cultivate and produce cannabis – it’s empowering.  GrowGeneration’s continued expansion is a testament that the stigma of cannabis prohibition is diminishing, and cannabis is indeed a legitimate business. I look forward to moving to an advisory position with GrowGeneration as I continue to build out Lbs. Distribution – a licensed cannabis distribution company in California .”

This deal comes just a few weeks after the company announced it was getting into the Arizona market with the acquisition of Hydroponics DepotPhoenix’s largest indoor and outdoor garden center. The company also did not disclose how much was paid for the company and whether the deal was stock or cash or a combination. “We’re excited to add Hydroponics Depot to our growing portfolio, with year-to-date sales in excess of $5 million and year-over-year growth at 50 percent,” said Tony Sullivan, GrowGen’s COO. “Importantly, it represents our 11th state and our first retail operation in Arizona, a key market in GrowGen’s growth plan. We see tremendous potential from both a medical and recreational standpoint.”

GrowGen currently has 31 stores, which include 5 locations in Colorado, 6 locations in California, 2 locations in Nevada, 1 location in Arizona, 1 location in Washington, 6 locations in Michigan, 1 location in Rhode Island, 4 locations in Oklahoma, 1 location in Oregon, 3 locations in Maine and 1 location in Florida.


Debra BorchardtDebra BorchardtSeptember 24, 2020
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4min3480

Halo Labs Inc.(OTCQX: AGEEF) is acquiring 1265292 B.C. Ltd., otherwise known as Cannafeels, in exchange for common shares of Halo. The deal is valued at $6.5 million and is expected to close on or about October 15. Cannafeels is a software company developing an online application to provide consumers with relevant, web-sourced, and curated information about cannabis strains. The App is currently being developed for both the North American recreational market, as well as the UK and select EU medical cannabis markets.

Halo said it plans to use the App to feature content that can support patients and consumers as they research cannabis strains on their computers, tablets, and smartphones. Through the App, patients and consumers will be able to access this strain-related content before, during or after visits to clinics and dispensaries, helping them understand how different strains address a range of health issues, as well as the beneficial psychological and bodily effects that recreational users may seek.

Andreas Met, Halo’s Co-Founder and COO said, “Halo looks forward to supplying select European cannabis markets, beginning in Malta and the UK. With our Bophelo operation in Lesotho, we expect to meet the demand from those patients looking to obtain medicine on the private market, and those waiting to receive it from the National Health Service in the UK. Educating patients through Cannafeels, we can supplement the knowledge of medical specialists, demystifying the plant.”

The company said it expects that the completed App versions for the UK and select EU medical markets will include specific strain recommendations for different ailments, such as chronic pain, nausea, anxiety/depression, sleeplessness, or other medical conditions, and information about product preparations, such as plant materials, oils, tinctures, edibles, and capsules, as well as suggested dosing.

Halo intends to include a Cannafeels customized QR code on all of its products, that consumers and patients can scan by the second quarter of 2021. The Cannafeels QR code will direct them to the App, where they may find more relevant information about the product. The App is expected to become a source of competitive advantage from an informational standpoint, solidifying consumer loyalty to Halo brands, and increasing sell-through.

Cannafeels and Halo both anticipate that the App will be used more for flower, pre-rolls and cannabis-derived concentrates, that are strain-specific and require more consumer and patient information than is commonly available. Halo will acquire all the equipment Cannafeels has procured and customized. This equipment cost Cannafeels approximately $1 million and will be deployed by Halo in Oregon and California.

Cannafeels Founder and CEO, Andy Chus said, “We invested in this state-of-the-art, capacity-building machinery because we anticipated that as consumers and patients adopted the App, they would purchase more flower and pre-rolls—particularly strains recommended by the App. The machinery will help Halo meet this new demand for its wide range of flower-based products—including those that will be featured on the App, such as the flower currently being harvested in Oregon, under license from OG DNA Genetics and zSkittlez.”


Debra BorchardtDebra BorchardtSeptember 9, 2020
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4min16170

Columbia Care Inc.  (OTCQX: CCHWF) has signed an agreement to buy California-based Project Cannabis for approximately $57 million in Columbia Care stock and approximately $12 million in cash from the proceeds of a concurrent sale of Project Cannabis’ real estate assets. The deal is expected to close in the fourth quarter of 2020.

“Project Cannabis perfects our operating model in California, enables us to maintain supply chain continuity, optimize profitability and gives us the full suite of capabilities, products and brands needed to be a market leader in the state,” said Nicholas Vita, CEO of Columbia Care. “In addition to being immediately accretive to Columbia Care’s adjusted EBITDA and cash flow, Project Cannabis expands our portfolio of unique products, nationally recognized premium brands, wholesaling expertise, and adult-use knowhow, all of which are scalable into the rest of our US markets.”

Based, in Los Angeles, Project Cannabis owns the branded products Triple Seven and Classix. It operates a 32,000 ft cultivation facility, along with three adult-use retail dispensaries in prime locations in North Hollywood, Downtown Los Angeles, and Studio City. In San Francisco, it operates one adult-use retail dispensary in the Soma district, close to both professional baseball and basketball stadiums. This location also houses one of the only permitted consumption lounges in San Francisco.

The acquisition of Project Cannabis will enable Columbia Care to materially increase its scale throughout California and position its wholesale and manufacturing operations as one of the leading suppliers in the state. Going forward, Columbia Care’s new manufacturing facility in San Diego will manufacture and package all extracted products and concentrates for Project Cannabis. Leveraging its distribution network of more than 100 dispensaries throughout the state, Project Cannabis will continue to sell its entire brand portfolio while simultaneously cross-selling Columbia Care’s medically focused products, recently acquired products and brands from the TGS acquisition, and several new consumer-oriented product lines such as the Amber Live Resin portfolio, Columbia Care’s fastest-growing product in California.

Vita added, “The expected impact upon gross margins on targeted SKUs should be approximately +10% to 15%. At a price of approximately 1.3x current year revenue (excluding synergies), Project Cannabis is growing substantially faster than the overall market and materially adds to Columbia Care’s critical mass and scale in California, while immediately contributing to the state level and consolidated cash flow and Adj. EBITDA.”

“Although we have been approached by virtually every conceivable strategic partner, we believe our culture, focus on producing the highest-quality products through the most effective brand architectures and extensive distribution network aligns perfectly with Columbia Care’s vision to grow its footprint into the market leader in California,” said Project Cannabis EVP Cameron Wald. “Our team has done a tremendous job cultivating and building sought-after brands while making our Project Cannabis dispensaries trusted destinations for a consistently excellent retail experience. Together, we plan to immediately capitalize on synergies in our wholesale business and expand our product offerings by leveraging Columbia Care’s state of the art pharmaceutical-grade GMP manufacturing facility to accelerate our profitable growth.”


StaffStaffJuly 27, 2020
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3min5830

MYM Nutraceuticals Inc. (CSE: MYM) (OTC: MYMMF) is buying Biome Grow Inc. (CSE:BIO) (CNSX:BIO.CN) for roughly $12,898,727 (all figures in Canadian dollars). Biome is a Canadian-based company with national and international business interests in the cannabis industry. Its wholly-owned subsidiary Highland Grow Inc. is licensed to cultivate, process, and sell cannabis.

The transaction will include $1.5 million in cash and 42,813,985 common shares in the capital of MYM at a price per share of $0.065 and 132,551,040 newly-created non-voting Class A Special Shares of MYM. Biome will become the largest shareholder of MYM.

“We are extremely excited to welcome Highland Grow to the MYM family”, said Robin Linden, interim CEO of MYM Nutraceuticals. “The Highland Grow cultivation and distribution facility in Nova Scotia will expand MYM’s cannabis footprint, enabling us to immediately supply the Canadian market with premium craft cannabis, including product grown in our Quebec based facility.” Michael Wiener will resign as a director of Biome and will be appointed as Chief Executive Officer and a director of MYM. Robin Linden will resume his role as a director and Chief Marketing Officer of MYM. Robert Wolf will also be appointed a director of MYM.

Financial Maneuvers

In order to pay for the acquisition, MYM has entered into a loan facility with 1909203 Ontario Inc. to borrow $3 million for a term of 18 months with an option to extend for an additional 6 months. 1909203 Ontario Inc. is controlled by Michael Wiener and parties related to him. The Loan Facility shall bear interest at a face rate of 17.5% per annum.

MYM has also agreed to loan Biome an amount equal to $1 million for a term of 18 months with an option to extend for an additional 6 months at the sole discretion of Biome upon Biome paying an extension fee. The Biome Loan shall bear interest at a face rate of 17.5% per annum.

“This is a great opportunity that benefits all of our stakeholders,” said Khurram Malik, CEO of Biome Grow. “This transaction allows Biome to become the largest single shareholder in a much bigger operating platform than it could currently create on its own, an ability to address our significant liabilities stemming from our previously abandoned capital intensive strategy, and it gives Biome greater flexibility on how to evolve the business in this fast-changing industry.”


Debra BorchardtDebra BorchardtJuly 22, 2020
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3min5690

Red White & Bloom Brands Inc. (RWB) (OTC: RWBYF) is buying a group of California-based companies operating under the name Platinum Vape for approximately $35 million. This is the first acquisition by RWB since going public and also marks its entry into California.

The company is paying $7 million in cash at the closing, another $13 million in cash within 120 days of closing, and a $15 million convertible note, only convertible after 12 months, payable on the third anniversary of closing. In addition to that, the selling security holders of Platinum Vape will be entitled to receive up to another $25 million on the first anniversary of closing, contingent on Platinum Vape achieving certain financial milestones.

George and Cody Sadler, Founders of Platinum Vape, said, “We at Platinum Vape are excited to have done such an amazing deal to integrate PV into the RWB family.  Cody and I have been building the business for nine years so far and feel that RWB is the best place to continue not only the growth of PV for us but for our family as well. We couldn’t be happier with our decision.”

Platinum Vape

Platinum Vape has a full product line of premium cannabis products sold at over 700 retailers throughout Michigan, California, and Oklahoma boasting an 84% rating (4.2/5) on WeedMaps.com.

Platinum was started 9 years ago by father and son duo, George and Cody Sadler. Based on the principles of quality, hard work, and customer service, they grew the business with no outside investors into one of the most successful and storied brands in the space today.

Brad Rogers, Chairman & CEO of RWB, said: “George and Cody, the founders and operators of Platinum Vape, are visionaries in the cannabis market and have done an incredible job in building the pre-eminent vape company in the United States through commitment to quality, education, and the communities they serve. One of the things that struck me is the balance they have achieved in running a profitable successful business, which will add tremendously to RWB’s top and bottom lines, while maintaining their commitment to supporting social issues, both financially and through awareness with the REACT program, they established.”


Debra BorchardtDebra BorchardtMarch 27, 2020
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4min14300

One day after announcing it had terminated its deal to acquire Verano Holdings, Harvest Health & Recreation Inc. (CSE: HARV, OTCQX: HRVSF) has now said it is going to buy Franklin Labs, LLC, a subsidiary of CannaPharmacy, for approximately $25.5 million payable with $15.5 million in cash and a $10 million promissory note.

Harvest Health stock fell over 16% to 94 cents yesterday on the news that the deal with Verano had been terminated. This was despite the broader markets trading much higher as shareholders were clearly not happy about the ending of the deal. Eight Capital looks to have cut its target price on the stock from C$14 to C$3. The Canadian stock was lately trading at C$1.32.

The Franklin Labs acquisition includes a 46,800 sq. ft. cultivation and manufacturing/processing facility in Reading, Pennsylvania. Pending necessary approvals, Harvest said it expects to expand the existing cultivation operation this year and potentially complete further expansion in the future to support market growth. Manufacturing and processing operations are projected to commence this year during the second quarter. The Franklin Labs facility is the only cultivation facility owned by Harvest in Pennsylvania and is expected to supply significant product to retail dispensaries across the state.

“This accretive acquisition helps to alleviate supply constraints in a fast-growing market while contributing to improved financial performance,” said Harvest CEO Steve White. “This investment in Pennsylvania is an important milestone in our plan to expand operations in key states and return to profitability.”

Harvest affiliated entities own and operate five retail dispensaries in Pennsylvania: two in Reading, and one each in HarrisburgJohnstown, and Scranton. Harvest affiliated entities are permitted for up to 15 total retail locations across the state.

Have A Heart Layoffs

Apparently Harvest Health did not “have a heart” when it came to the employees of the Have A Heart dispensaries. The company recently announced that it would be getting these dispensaries as part of its acquisition of ICG.  At the time White said, “We are excited to welcome the Have a Heart dispensaries into the Harvest family.”

Not too excited it seems.  Employees said that within days, Harvest laid off 85% of the Have a Heart‘s corporate office in Seattle or roughly 20 people in total. Employees were said to have been given 2 week’s severance pay. The employees did not see the layoffs coming as it seems they were assured their jobs were safe following the acquisition.

 


Debra BorchardtDebra BorchardtFebruary 3, 2020
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4min14420

Golden Leaf Holdings Ltd. (CSE: GLH) (OTCQB: GLDFF) signed a definitive agreement to acquire Oregon-based Tozmoz, which is a wholly-owned subsidiary, TZ Acquisition, Inc. for roughly $2.8 million. Tozmoz is a cannabis extractor that was founded in 2015 as one of the first Oregon Liquor Control Commission licensed processors in the state.

“We have been working with Tozmoz for years now and this acquisition fits squarely into our product-focused business strategy,” said Jeff Yapp, Golden Leaf Holdings’ CEO. “The core of this business is about the highest quality products on the market, like our Elysium Fields line of live resin cartridges and tinctures and our recently launched Chalice Farms RXO lines. This acquisition will allow us to take what we’ve been doing well, and continue to build and further expand our diverse portfolio of products. In our ‘crawl, walk, run’ model of business development, we believe Tozmoz is at the “run” stage.”

Terms

Golden Leaf bought all of the assets of Tozmoz, including the facility located in Clackamas, which serves as the headquarters for approximately $2.8 million. The deal consisted of cash and advances totaling $675,000, an earnout of up to $400,000 and GLH stock (29,166,667 shares at US$.06 per share). GLH has previously made certain payments to Tozmoz so that only approximately $227,000 of cash will be due at closing. The earnout of $400,000 may be paid to Tozmoz quarterly beginning in July 2020, based upon 30% of up to $1.2 million of third-party revenue generated from the assets acquired by GLH.

Last Friday, the company announced that its President Stanley (“Stan”) Grissinger would become the Interim CFO while it ontinues its search for a permanent CFO. Grissinger replaces the prior Interim CFO, Kate Koustareva.

The Tozmoz Business

Tozmoz offers multiple extraction processes including CO2, hydrocarbon and ethanol, and both short path and wiped film distillation. Additionally, Tozmoz provides product manufacturing and formulation, as well as packaging services, providing clients OLCC-approved products ready for wholesale distribution and retail sales. Tozmoz has generated revenue by toll-processing for clients including GLH. The gross margins on the GLH business will now be earned by GLH. Tozmoz will continue to do third-party white-label processing.

“Golden Leaf Holdings and Chalice Farms have become part of the fabric of the Oregon cannabis market, and we are excited to continue to innovate with them and provide the market with amazing new products,” said Mr. Klobas.

Golden Leaf Sues BMF Washington

Last week Golden Leaf said it filed a lawsuit against BMF Washington LLC and Peter Saladino in Multnomah County (Oregon) Circuit Court, seeking to recover $‎6,916,580 in damages. Golden Leaf is claiming breach of contract, arising out of the parties’ equipment leasing and intellectual property licensing agreements and is seeking damages of $676,580 and $2,080,000, respectively. There is also a claim for unjust enrichment related to their improper use of the Plaintiffs’ equipment and intellectual property. Golden Leaf is also claiming that both Defendants misappropriated trade secrets under Oregon and Washington law and is seeking additional damages of $4,160,000.


Debra BorchardtDebra BorchardtJanuary 17, 2020
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5min18990

Cannabis marketing tech firm Fyllo has acquired cannabis regulatory tech firm CannaRegs for an undisclosed amount. CannaRegs distinguished itself for the company’s ability to drill down into local cannabis regulations, which can differ between the municipality, county and state levels of oversite.

As part of the acquisition, Amanda Ostrowitz, CannaRegs’ founder and CEO, will join Fyllo as its Chief Strategy Officer to develop a global strategy focused on supporting existing and new customer relationships. She will be reporting to CEO Chad Bronstein. Fyllo said it will augment CannaRegs’ user interface and integrate CannaRegs data into its platform to enhance its compliance solutions for brands and publishers.

“The cannabis space is exploding and expected to grow to more than $50 billion annually over the next five years. Digital advertising is the industry’s clear pathway to growth, and brands need to have confidence that their ad creatives are not only reaching the right audiences but also meeting state-by-state and market-by-market compliance requirements,” said Chad Bronstein, founder, and CEO of Fyllo. “CannaRegs has become the go-to-market leader for supplying the cannabis industry with reliable compliance data. Combined with our technology, we are able to provide actionable information at scale. This acquisition helps us gain a significant competitive advantage to grow Fyllo, and by joining forces with the most seasoned and knowledgeable cannabis compliance experts, it will help generate more revenue opportunities for our clients.”

While the value of the deal wasn’t disclosed, it comes on the heels of Fyllo raising $18 million to accelerate the company’s growth and expand access to advertising-compliant solutions for the cannabis industry. Fyllo recently named Clive Sirkin, the former chief growth officer of Kellogg and former CMO of Kimberly-Clark, and Katie Ford, head of global brands at Twitter, to its board.

Fyllo said it has developed a full suite of cannabis advertising solutions for brands and online publishers powered by CannaBrain, an AI engine that ingests and interrogates billions of data points, allowing brands to safely build and execute advertising campaigns while also enabling publishers to create and monetize compliant ad inventory.

“The complex nature of cannabis regulations can be challenging for brands looking to confidently enter the fast-moving space. To stay ahead of the curve, companies need to have the wherewithal to know how to operate within state and local regulatory structures,” said Amanda Ostrowitz, founder and CEO of CannaRegs. “In a short period of time, Fyllo has emerged as an essential platform for publishers and cannabis companies to build creative campaigns in a safe and compliant way. By teaming up with Fyllo, we have the chance to build a truly remarkable brand that can disrupt the entire industry.”

Ostrowitz has made a name for herself over the past five years as she has built a team that has accomplished something many were unable to do and that track the myriad of cannabis regulatory changes. Drilling down to some of the smallest towns and tracking local meetings. Her company’s data is used by law firms, real estate professionals and cannabis companies as they try to stay compliant in a constantly changing landscape.

Fyllo said it will onboard over 150 CannaRegs customers, which will get the same benefits of state and local legal understanding in near real-time, along with an enhanced CannaRegs user interface. CannaRegs’ 30 employees will continue to operate out of its Denver offices.


Debra BorchardtDebra BorchardtJanuary 2, 2020
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3min8880

Harvest Health & Recreation Inc. (CSE: HARV)(OTCQX: HRVSF) is buying MJardin’s (OTC: MJARF) 32,000 square foot cultivation facility in Cheyenne, Nevada in a transaction valued at $35 million. Harvest Health said it was being financed by an existing Harvest lender. The company said that $30 million was funded on December 31st with the remaining $5 million to be paid when the deal is closed.

“We expect this opportunistic acquisition to support our expanding retail asset base in Nevada and afford higher margins and profitability through vertical integration with some of our pending acquisitions in the state,” said Harvest CEO Steve White. Harvest sees the deal as a way to help it reach profitability quicker. For MJardin, it had just begun making revenue on its Cheyenne property, while Colorado continues to be its biggest source of revenue.

“We are pleased with the return on our investment at Cheyenne. The proceeds from the Transaction significantly reduce our debt while strengthening our financial position towards funding our working capital requirements in 2020,” said Pat Witcher, President, and CEO of MJardin. “We are starting the new year on a stronger footing with a clear view of accomplishing our profitability targets based on all of our key assets coming online.”

In November, the company reported revenue of $7.6 million and a net loss of $3.6 million in the second quarter. At the time Witcher said, “We further reduced SG&A and have decreased those costs by 45% compared to Q2 2019. This allows us to focus on and effectively allocate resources to developing our product lines within Health Canada’s upcoming regulations around extraction, edibles, and topicals. We continue to invest in these business lines on both sides of the border. Responsible deployment of capital to maximize shareholder value remains our top priority as we grow our operational footprint with accelerated revenue growth.”

MJardin took on corporate cost-cutting measures late in the first quarter of 2019 and the company said the resulting expected annual SG&A and payroll expense run rate was expected to be approximately $12.1 million. On May 29, 2019, MJardin said it amended the terms of its existing loan with the senior lender to remove the callable feature and convert it into a term loan, this enabled MJardin to simplify the Company’s capital structure and fully focus on executing the operational plan.

 



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