Folium Archives - Green Market Report

Kaitlin DomangueFebruary 19, 2020
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It’s time for your Daily Hit of cannabis financial news for February 19th, 2020. 

On the Site

Cannabis Sustainability: Minimize Wastewater

Drought and water shortages are an expensive reality in some of the best cannabis-growing regions. As a result, water conservation practices help reduce water waste and overall operations costs, particularly for commercial grows.

Use Cannabis? Spotlight on Driving Unimpaired

The article went in-depth on what those who are pulled over with medical cannabis in Florida should do. Drivers must be able to produce a valid medical cannabis card. In other words, don’t leave your card at home. Drivers should also not drive with hemp/CBD without a certificate of analysis in the vehicle as well.

Zenabis to Produce Sparkling Beverages

Zenabis Global Inc. (TSX: ZENA)  announced details of its cannabis derivative product strategy and execution, including entering into an agreement with a Canadian beverage manufacturer to produce a range of cannabis-infused beverages.

The initial launch of cannabis-infused sparkling water beverages under the HYTN brand is listed with all Zenabis’ Provincial counterparties, with strong indicative demand. The first shipment of the initial four flavors of the cannabis-infused sparkling water beverages expected in Q2 2020.

Australis Kills Folium Deal

Australis Capital Inc. (CSE: AUSA) (OTC: AUSAF) terminated a proposed merger with Folium Equity Holding LLC and Folium Merger Sub, LLC.

Australis had sent warning signs that the company may not move forward with the deal in corporate meeting notes that surfaced on Google. In those notes, Dowty said, “It was concerning with the multiple lawsuits and all of the stuff on social media. After due diligence and getting to know the team at folium, we felt comfortable you know, with where they are going.”

Move Over Impossible Burger, The CBD Burger Is Next On The Menu

Even though the FDA has expressed its displeasure at adding CBD to food, that hasn’t stopped hamburger chains from tossing in some cannabidiol to enhance their burgers.

Carl’s Jr. became the first fast-food chain to sell a CBD burger for one day at one of its franchises in Denver, Colorado. That has sparked Colorado-based Illegal Burger to offer what it calls its biggest differentiator, “its exclusive line of CBD products.”

In Other News

TILT Holdings Revamps C-Suite

TILT Holdings has appointed interim CEO Mark Scatterday as the permanent CEO of the company. Tim Condor has been appointed as Chief Operating Officer, adding the title of President, effective immediately.

Tilray Stocks at a Low

Tilray (TLRY) has been one of the worst-performing stocks in the cannabis market in the last year. After their IPO price rising to $300 from $17, their luck ran dry and shares recently hit a low around $15. Estimates from analysts predict Tilray’s stock to fall.


Debra BorchardtFebruary 19, 2020
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Australis Capital Inc. (CSE: AUSA) (OTC: AUSAF) terminated a proposed merger with Folium Equity Holding LLC and Folium Merger Sub, LLC. At the time Folium would become a wholly-owned subsidiary of AUSA, and AUSA would be rebranded as and carry on the business of Folium. AUSA said that recently discovered new relevant information with regard to Folium caused the company to back out of the deal.

“AUSA continues to lean heavily on corporate governance and our vision to navigate through an incredibly unpredictable market over the past 12 months,” states Scott Dowty, CEO of AUSA. “With over $38.2 million in cash,  liquid assets, and other assets that can easily be converted into cash within a short amount of time and $5.2 million annual burn excluding charges from capital projects and one-time occurrence, AUSA has a very strong financial position. With 18 months of operating experience behind us, we are excited about the future and eager to execute on our strategy starting with our corporate update on February 26, 2020.”

A trading halt on AUSA stock was issued in accordance with the policies of the Canadian Stock Exchange at the time of the announcement of the proposed merger agreement. As the transaction will not proceed, trading is expected to resume on the CSE and OTC shortly.

Warning Signs

Australis had sent warning signs that the company may not move forward with the deal in corporate meeting notes that surfaced on Google. In those notes, Dowty said, “It was concerning with the multiple lawsuits and all of the stuff on social media. After due diligence and getting to know the team at folium, we felt comfortable you know, with where they are going.”

However, Dowty then said, “When we did the merger agreement, we now had the chance to do our audits and get into the details of the company. First chance to do corporate governance, make sure due diligence is right, etc. That’s where we are now. The last 2 months since the halt we have been able to get into the company, see real data (data people are telling us or giving us) and that’s where we are now with Folium. I can’t say much on this subject but there will be a corporate update on FEB 26th . We like CBD; however, the industry has changed, we have much more data now because we’ve been inside and there’s a corporate update on FEB 26th. Can’t tell you more than that, other than we have much more data, because we’ve been inside, the halt and because of that data there will be a corporate update.”

 


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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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