Delta 9 Archives - Green Market Report

William SumnerApril 23, 2019
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5min10810

It’s time for your Daily Hit of cannabis financial news for April 23, 2019.

On The Site

Harvest Health & Recreation

Harvest Health & Recreation, Inc. (CSE: HARV) (OTCQX: HRVSF) reported the company’s fourth quarter and fiscal year 2018 financial results. For the quarter HHR delivered total revenue of $16.9 million, an increase of 135% versus last year’s $7.2 million in the same time period. This was a sequential increase of 52%.

Cannabis Rock Star Lineup For The Green Market Summit In Chicago

As the U.S. market continues to develop, the  Green Market Report invites you to discuss the advanced economic state of cannabis at the Green Market Summit in Chicago, Illinois on May 7, 2019. This special one-day symposium will discuss the continued development of the U.S. cannabis market, as well as the effect that the 2018 Farm Bill’s passage has had on the industry.

Mattio Communications

One of the fastest growing cannabis-focused public relations firm MATTIO Communications announced that it received a seed round of funding. The investors for the company included Phyto Partners, venture capital titan Alan Patricof, founder of Greycroft, and Green Seed Fund.

In Other News

IONIC Brands

IONIC Brands Corp., formerly known Zara Resources Inc. (CSE: IONC; FRA: 1B3), announced that has acquired Zoots Premium Cannabis Infused Edibles for $855,000 and an issuance of 10.7 million common shares of the company. Additionally, ICONIC will issue 5.35 million common share purchase warrants to the shareholders of Zoots, with an exercise price of C$1.33 per share, exercisable over three years.

DELTA 9

DELTA 9 CANNABIS INC. (TSXV: NINE) (OTCQX: VRNDF) today released its year-end financial results for ending December 31, 2018. Revenue for the company rose by 702% from $944,114 in the previous year to $7.2 million. Gross profits were $5.74 million, up from $442,681 in the previous year. The company reported a net income loss of $8.61 million. For the fourth quarter, revenue was $5.27 million and a gross profit of $3.34 million. Quarterly losses were $2.17 million.

MedMen Enterprises

MedMen Enterprises Inc. (CSE:MMEN) (OTCQX:MMNFF)  announced that it has entered into a definitive agreement for the previously announced $250 million secured convertible credit facility with Gotham Green Partners. MedMen received the first tranche of $20 million. The company said it will use the proceeds to consolidate its supply chain, invest in technology and digital infrastructure, accelerate expansion through acquisitions and investments in core markets, integrate acquired assets, and operationalize existing retail licenses.


StaffJanuary 28, 2019
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6min11680

It’s time for your Daily Hit of cannabis financial news for January 28, 2019.

On The Site

SLANG Worldwide

Slang will be going public this week on Tuesday on the Canadian Securities Exchange in an IPO with an implied market value of $541 million using the ticker SLNG. The company was previously known as Fire Cannabis Inc. Slang is a combination of National Concession Group, better known as Organa Brandsand Firefly vape pens. Organa is based in Denver, CO and is best known for its product called O.penVAPE. In addition to the O.penVAPE line, Organa makes the Magic Buzz cannabis beverages, District Edible gummies and a line of dab products called Bakked.

The real key to the company though is Organa Labs, the part of the company that houses its custom extraction process. The company earns royalty payments through its ability to turn other company’s cannabis products into premium vape pens.

Organigram

Organigram Holdings Inc. (OTCQX: OGRMF) reported its first fiscal 2019 quarter results with net sales for the three months ending November 30, 2018, of $12.4 million, up 419% from $2.4 million in Q1’2018.  Sales rose 287% sequentially as the impact of legal adult use sales in Canada continues to be felt on the income statement. Net income for the quarter was $29.5 million, or $0.195 per share on a diluted basis versus a net loss of $(1.2) million, or $(0.012) per share in Q1’2018. It was also a big jump sequentially from the fourth quarter net income of $18.0 million, or $0.152 per share on a diluted basis.

Israel

Where Israeli firms once bought farms abroad to serve other markets, frustrated by a domestic ban on exports from Israel itself, this is now all set to change. The Middle East state is set to pass a law allowing exports of medicinal cannabis, the Finance Ministry said last week, as the county ramps up its attempt to woo more investment and bolster state coffers. The bill passed its third reading in the Israel parliament in December and is now waiting for the cabinet and Prime Minister Benjamin Netanyahu to sign it into law. The legislation allows the export of medicinal marijuana cannabis to countries that permit its use after receiving licenses from the health regulator.

In Other News

Driven Deliveries, Inc., (DRVD), previously, Results Based Outsourcing Inc. (RBOS)  announced that FINRA  has completed its review of the company’s ticker symbol change and established that the company will now trade on the OTC under the new stock ticker symbol “DRVD.” Additionally, the common stock has been assigned a new CUSIP number of 26209D105, in connection with their previously announced name change.

Delta 9 Cannabis Inc. (TSXV: NINE)  has entered into a definitive agreement to sell its 50% interest in the Delta West extraction facility to Westleaf Inc. (TSX-V: WL). Westleaf has agreed to issue an aggregate of 5,600,000 common shares in the capital of Westleaf in consideration for the acquisition of Delta 9’s 50% interest in the project. Closing of the transaction is expected to occur on or about January 31, 2019.

Innovative Properties Inc. d/b/a Nabis Holdings (CSE: NAB) (OTC: INNPF) has entered into a binding letter of intent to invest in a 70% interest of Hivemind Refinery, an established wellness product line of CBD-based wellness products in the United States. The investment into HIVEMIND expands Nabis’ investment portfolio to CBD edibles, water, drops, lotions, and other CBD wellness products across the spectrum and will fall under the Company’s lifestyle brand.

Village Farms International, Inc.  (TSX:VFF) (OTCQX: VFFIF)  announced that its 50%-owned joint venture for large-scale, low-cost, high-quality cannabis production, Pure Sunfarms, received from Health Canada the sixth amendment to the cultivation license for its 1.1 million square foot greenhouse in Delta, BC (the Delta 3 facility). This amendment permits Pure Sunfarms to expand its cannabis production area by approximately 138,000 square feet to a total of approximately 825,000 square feet.  With this amendment, the entirety of the first three quadrants of the 1.1 million square foot Pure Sunfarms facility is now licensed for cultivation. The newly licensed area is expected to be fully planted and in production this week.

 


William SumnerOctober 25, 2018
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3min15460

It has been a little more than a week since recreational cannabis sales were launched in Canada, and already the policy has become a big hit. Millions of dollars in cannabis sales have already been recorded, and in the province of British Columbia alone there have been more than 21,000 transactions. Although some cannabis companies, like MedMen, have posted large revenues with considerable expenses to counter its gains, other cannabis companies have enjoyed much rosier financial outcomes; such as Delta 9 Cannabis Inc. (NINE), THC BioMed Intl Ltd.  (THC), and Organigram Holdings Inc.  (OGI).

Delta 9 Cannabis Inc.

Earlier this week, Delta 9 announced that within the first seven days of legalization, its Delta 9 Cannabis Store subsidiary logged roughly 9,600 transactions; generating CAD$736,124 in revenue. The majority of its revenue came from the sales of dried cannabis and to a lesser extent the sale of ancillary products and accessories. Although online sales were restricted to 10% of its initial in-store inventory, the company received a total of 1,583 online orders, of which 622 were same-day deliveries. The first day of legal recreational cannabis sales blew away all of our expectations,” said Delta 9 CEO John Arbuthnot in a statement. “We launched online sales of cannabis just after the stroke of midnight on October 17… By 4 a.m., we had sold out all the product set aside for online sales…”

THC BioMed Intl Ltd.

Although THC BioMed did not post its sales figures for the last week, the company did announce that it has sent its third shipment to the British Columbia Liquor Distribution Branch and that all of its strains and pre-rolls have already sold-out.

Organigram Holdings Inc.

Also enjoying early success in Canada’s new adult-use cannabis market is Organigram. Providing cannabis to a number of Canadian provinces, the company has reported more interest than initially expected. In the province of Ontario, for example, the Ontario Cannabis Store’s website has received more than 1.3 million unique visits and approximately 100,000 online orders within the first 24 hours of retail sales. “The launch of the Canadian adult recreational cannabis market has already exceeded our expectations in many ways,” commented Organigram CEO Greg Engel. “Consumers have immediately shown tremendous support for this new marketplace and incredible interest in our own portfolio of recreational brands, driving a phenomenal volume of early sales.”


StaffMarch 21, 2018
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2min11900

Here are the news briefs for March 21, 2018:

Delta 9 Cannabis Inc.

Delta 9 Cannabis  (TSXV: NINE)  signed a binding letter of intent and a lease agreement with 6599362 Canada Ltd.  for the land and building containing the company’s current cannabis production facility or “Building E”. The new lease also contains an option for Delta 9 to purchase Building E for a price of $6.25 million at any time during the term of the new lease. The company anticipates executing this option to purchase Building E within the next few days.

WeedMD Inc.

WeedMD (WDDMF)  announced that it made a strategic investment in Snipp Interactive Inc. (SPN.V), a global loyalty and promotions company focused on disruptive engagement platforms for consumers. The companies have also entered into an agreement whereby WeedMD will appoint Snipp as its technology vendor of record to design and deploy custom marketing solutions for direct sales, retail sales, referral/sourcing programs, distributor programs and other programs.

Nemus Bioscience, Inc.

Cannabinoid biotech firm Nemus Bioscience (NMUS) named Professor David Schubert, Laboratory Head of the Salk Institute’s Cellular Neurobiology Laboratory to its Scientific Advisory Board.

Dr. Schubert is a two-time recipient of the Jacob Javits Award for outstanding contributions to neuroscience from the National Institute of Neurological Disorders and Stroke (NINDS), a section of the National Institutes of Health (NIH).


StaffDecember 7, 2017
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3min17850

 

DOJA Cannabis Company (CSE: DOJA) announced a C$15 million bought deal private placement of convertible debenture units with Canaccord Genuity as the lead underwriter on behalf of a syndicate of underwriters. The underwriters agreed to purchase 15,000 units of the company priced at $1,000 per unit and the deal is expected to close on or about December 28, 2017.

DOJA is a premium cannabis lifestyle brand that grows high-quality handcrafted flower. The company was founded by the team that started SAXX Underwear. Each convertible debenture will be convertible into common shares at C$1.24 per share for three years following the closing date. The stock was lately trading at C$1.25. The debentures bear an interest rate of 8% per year. The company intends to use the proceed for capital projects and general corporate purposes.

In October, DOJA said it was buying a 22,580 square foot building in Kelowna, British Columbia. The completion of the new facility called “Future Lab” will bring the company’s production capacity to 5,000 kg. per year. It is expected to be ready for its first cultivation prior to July 2018.

Canaccord Leads Deal For Delta 9

Delta 9 Cannabis Inc. (TSXV: NINE) announced that it was also doing a deal with led by Canaccord Genuity for C$20 million. 7,410,000 units at a price of C$2.70 will make up the bought deal with an option for an additional 1,111,500 units at a price of C$2.70. The stock was lately trading at C$2.73.  The proceeds will be used for expansion capital expenditures and general corporate purposes. It, too, is expected to close December 28, 2017.

Delta 9 Cannabis owns Delta 9 Bio-Tech, a licensed producer of medical marijuana in Canada and operates an 80,000 square foot facility in Winnipeg, Manitoba. The company is focused on small batch, hand trimmed medical cannabis. Just a few weeks ago, Canopy Growth announced that it entered into a distribution agreement with Delta to offer their products through the CraftGrow line via Tweed Main Street’s online store.


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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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