Cura Archives - Green Market Report

William SumnerMay 1, 2019
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It’s time for your Daily Hit of cannabis financial news for May 1, 2019.

On The Site

Curaleaf

Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) is going to acquire Cura Partners, Inc. the owners of the Oregon-based Select brand, in an all-stock deal valued at C$1.27 billion or $948.8 million. The company said that the acquisition includes Select’s manufacturing, processing, distribution, marketing, and retailing operations and all adult-use cannabis products marketed under the Select brand name, including all intellectual property. The deal is expected to close in 2019.

Emerald Health

Emerald Health Therapeutics, Inc.  (TSXV: EMH) (OTCQX: EMHTF) delivered fourth quarter and 2018 results along with an update of its first-quarter sales. The revenue in the fourth quarter was $1.1 million versus last year’s $279 thousand for the same time period. The net loss in the fourth quarter was $13.9 million, higher than the third quarter’s losses of $6.4 million.

WeedMD

The licensed cannabis producer and distributor WeedMD Inc. (TSX-V: WMD) (OTCQX: WDDMF) announced its financial results for the fiscal year ending on December 31, 2018. WeedMD’s revenue for the full year grew from $1.4 million to $8.2 million, representing an increase of 456%. The company’s net and comprehensive loss declined dramatically, falling from $8.8 million to just $895,128.

In Other News

Golden Leaf

Golden Leaf Holdings Ltd. (CSE: GLH) (OTCQB: GLDFF) has reported its financial results for the 2018 fiscal year. Full-year revenue was $16.5 million, up 43% from $11.5 million in 2017. Gross profit declined slightly from 15% of total revenue ($1.7 million) to 13.3% of revenue ($2.2 million). The company’s comprehensive loss declined significantly, falling from $55.9 million in 2017 to $4.4 million, and its net loss was $4.6 million.  “Looking forward, we remain focused on growing revenue by expanding our retail footprint, product array and cultivation presence throughout the U.S. and Canada. At the same time, we are committed to growing responsibly while improving our margin growth and EBITDA. Towards that end, we have taken several measures this year to increase efficiencies throughout our organization to lower costs, increase cash flow and improve our overall financial performance,” said Golden Leaf CEO William Kulczycki.

Dixie Brands

Today, Dixie Brands Inc. (CSE: DIXI.U) (OTC: DXBRF) (Frankfurt: 0QV) announced their financial results for the fiscal year ending on December 31, 2018. Revenue for the year was $5.7 million, up 73% from $3.3 million in the previous year. Fourth quarter revenue was $1.5 million. The gross profit margin was 52% ($3.01 million), up from 47% ($1.5 million) in 2017. Net losses rose significantly, climbing from $4.3 million in the previous year to $21.23 million. Company management attributes the steep climb to “significant increase in operating and other expenses,” such as its reverse takeover of Academy Explorations Limited and public listing activities.  “The financing and public listing we completed in the final weeks of 2018 set the stage for a breakout year in 2019,” said Chuck Smith, President and CEO, Dixie Brands. “Dixie accomplished a lot as a private company, building up an industry-leading portfolio of more than 100 commercialized products.  We are very excited by our opportunities to invest our capital into strengthening our distribution network and market presence to accelerate our growth.”

Weekend Unlimited

Weekend Unlimited Inc. (CSE: POT) (FSE: 0OS1) (OTCQB: WKULF) today announced the appointment of Chris Backus as Interim President and CEO, effective immediately. Backus was appointed to the company’s Board in March of this year and previously served as a former Senior Officer and Manager with the Royal Canadian Mounted Police (RCMP). Backus will focus on the launch of the company’s wknd! brand product line, generating revenues with CHAMP and Verve beverages in the USA, and the ramp-up of the Northern Lights Organics hemp farm in Canada. “’I am energized to accept this leadership role with Weekend Unlimited. Working with the Board and the team, my focus is entirely toward harnessing the Company’s assets to deliver results for shareholders,”’ said. Backus. “This means an immediate mandate to execute on ready-to-go initiatives that will drive revenues while building strong consumer awareness of the Company’s brands. Simultaneously, we will responsibly advance our initiatives supporting growth in the longer term.”


Anne-Marie FischerNovember 28, 2018
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Staying true to their goals to be part of a history-making company that believes in a world that celebrates diversity of thought, race, gender and background, Portland’s Cura Cannabis Solutions announced the hiring of two female executives to lead their global expansion.

To make this global expansion possible, Amy McClintick moves from Chief Operating Officer to Chief Expansion Officer, while Jenny Diggles joins the Cura team as Vice President of International Expansion.

Cura, the maker of the Select brand of cannabis oils, names itself as one of the largest cannabis companies in the world.

Now with a team of 505 employees after a recent hiring spree focusing on senior and mid-level professionals, Cura has been recognized as the fastest-growing cannabis company in Portland’s history by Portland Business Journal. This year, Cura was voted one of the top 100 companies to work for in Oregon by Oregon Business Magazine.

McClintick has been with Cura since its inception, beginning in sales and operations and growing within the company to occupy the role of Chief Operating Officer and now taking on this new role that will bring the Select brands to the globe. She brings in-depth knowledge of the cannabis industry, operations, compliance and regulation with a proven ability to fast-track the company into new markets to her new position.

“The role of Chief Expansion Officer allows me to apply my experience and expertise to take Cura to the next level,” McClintic said in a company press release. The goal for her leadership is to create a focused and powerful team of sales superstars achieving history-breaking numbers for the cannabis industry.

Diggles joins the Cura team with experience in business development, fundraising, investments, and marketing in the cannabis and technology industries. With her most recent role as President of Global Expansion at MacArthur Capital LLC, she has been at the forefront of Oregon’s cannabis movement since its inception.

“I’ve always been a person who jumps at the opportunity to build something great, and this role will allow me to do just that, in an industry I care deeply about,” said Diggles in a company press release, “I look forward to bringing the Cura’s ‘Everything is Possible’ values with us around the world.”

MJBizDaily released a report on women and minorities in the cannabis industry in 2015; at the time, women held 36% of leadership positions within the industry. The same report was updated in 2017, showing this number had fallen to 27%. McClintick and Diggles’ roles will be an example to the cannabis industry for tipping the scales to include more women in executive, global-reaching roles.

“The growth of Cura would not be possible without the work of an incredible team that we’ve carefully selected,” said President and Chief Executive Officer Cameron Forni in a press release issued prior to the recruitment of new executive positions. “One of the most exciting elements of Cura is that we continue to hire the most incredible people. It is those incredible people from diverse backgrounds, genders, and ethnicities that are helping the Select brand establish itself as an integral part of the future of cannabis.”

Private Placement

Cura  also announced that it has completed a private placement funding round of approximately $75 million.
Cura’s President and Chief Executive Officer Cameron Forni said, “Since our founding in 2015, Cura Partners has now attracted more than $125 million in private capital and we are on pace to generate sales in excess of $120 million in 2018. This latest capital raise included investments from leading cannabis industry institutional investors in North America, Europe, Asia, Australia and the United Kingdom, reflecting increasing global interest in the cannabis industry and, more specifically, in our unique strategy and growth opportunities. We plan to invest the proceeds in product development, brand marketing, leadership talent and operational infrastructure to drive demand and fulfillment capabilities in the increasing number of legal U.S. and International markets.”

 


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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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