IONIC Brands Archives - Green Market Report

Debra BorchardtNovember 4, 2022
oldpal.jpg?fit=900%2C900&ssl=1

5min4470

YourWay Cannabis Brands Inc. (CSE: YOUR) (OTC: YOURF) provided an operational update, including initiatives being taken to address the management cease trade order and the delays in releasing the company’s audited annual financial statements for the year ended December 31, 2021.

“There has been significant change and evolution in our business over the past twelve months,” said YourWay Acting Chief Executive Officer, Jakob Ripshtein. “We have overhauled the organization from top to bottom, driven by a strategic corporate transformation and renewed corporate vision.” Ripshtein was named to the role in September.

Accounting Delays

YourWay said it was working with the auditors to finalize the 2021 Annual Financial Statements and that it expects to issue the report by the end of 2022. The company attributed some of the delay to a change in its auditors and changes in the company’s management personnel.

YourWay also stated that it was resolved to demand repayment of all amounts advanced, which total approximately $166,325 to Ionic Brands Corp. (OTC: IONKF) from a demand promissory note dated May 20, 2022. YourWay has provided notice to Ionic of its demand for repayment, but the funds have not yet been returned. YourWay acquired Ionic in April of this year in an all-stock transaction. The Ionic shares quit trading three months ago.

Arizona

Jacob Cohen resigned as Chief Executive Officer of YourWay in September to focus on his operational role as President of Arizona Operations. The company noted that the Arizona cannabis marketplace is in flux, and since recreational marijuana sales launched in 2022, the Arizona medicinal market has seen a downturn.

The company said in a statement, “This shift in the Arizona market has altered the focus of the company’s retail customers, and YourWay’s sales team is adapting to satisfy the shift from the medicinal market to the new demand for recreational cannabis products. The company is making an effort to balance out its portfolio by introducing several established brands to the Arizona marketplace. For example, Old Pal is a well-known and in-demand cannabis brand that has continued to be a strong performer since the Company began Arizona production and shipment in May of 2022. YourWay’s exclusive multi-year licensing agreement to manufacture, produce, promote, distribute, and sell certain Old Pal-branded cannabis products in Arizona, including whole flower, pre-ground flower, pre-rolls, and distillate cartridges in association with the Old Pal brand, has allowed YourWay to capitalize on the shift in demand in the Arizona market.”

YourWay also pointed out that throughout 2022 all wholesale product prices have decreased in the Arizona market. “The drop in the high-end market of the Arizona indoor flower price has dipped below those of California, with the breadth of quality and pricing adding to the complexity of retailing in the Arizona cannabis market. To combat this influx of competitors, the company’s growth strategy includes expanding the Venom Extracts brand, which has been part of the Arizona cannabis market since 2017 and as such, has developed significant brand awareness and loyalty amongst legacy cannabis users.”

The company was formerly known as Hollister Biosciences Inc. and changed its name to YourWay Cannabis Brands Inc. in December 2021. YourWay Cannabis Brands Inc. was incorporated in 2019 and is based in Phoenix, Arizona.

 


William SumnerJuly 23, 2019
daily_hit004.png?fit=1200%2C500&ssl=1

4min970

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

On the Site

Consumer Preference Is Shaping Cannabis Consumption

As the restrictions on cannabis start loosening, new consumer demands are shaping the industry. The following infographic is contributed content from Ionic Brands.

Executive Spotlight: Marion Mariathasan of Simplifya

If there is someone who exemplifies a smart investor in the cannabis industry, it’s Marion Mariathasan, currently the co-founder and CEO of Simplifya, the industry’s leading regulatory compliance tool for licensees and those who audit them. Green Market Report caught up with Mariathasan to hear about his path to where he is now in the cannabis space.

Amplify Investments

Amplify Investments is getting into the cannabis industry. Today, Amplify ETF’s announced the launch of Amplify Seymour Cannabis ETF (NYSE Arca: CNBS), an actively managed ETF covering the cannabis industry. Tim Seymour, CIO of Seymour Asset Management and CNBC Fast Money co-host, will act as the fund’s portfolio manager.

In Other News

Curaleaf

Today, Curaleaf Holdings (OTCMKTS: CURLF) received a warning letter from the United States Food and Drug Administration regarding what the agency says are unsubstantiated health claims on its products; including the company’s  CBD Lotion, Pain-Relief Patch, Tincture, Disposable Vape Pen, and its Bido CBD for Pets. “You should take prompt action to correct the violations cited…” reads the letter. “Failure to promptly correct these violations may result in legal action without further notice, including, without limitation, seizure and injunction.” Curaleaf has 15 days to respond to the FDA’s letter and take corrective actions.

Sundial Growers

Sundial Growers, an early-stage Canadian cannabis producer, announced today the terms of its initial public offering (IPO). Hoping to raise $130 million, the company is offering 10 million shares ranging in price between $12 and $14. Founded in 2006, the company recorded an annual revenue of $1 million. Sundial hopes to lists its shares on the NASDAQ market under the symbol SNDL.  Cowen, BMO Capital Markets, RBC Capital Markets, Barclays, and CIBC Capital Markets are leading the IPO as joint bookrunners.


William SumnerApril 23, 2019
daily_hit004.png?fit=1200%2C500&ssl=1

5min540

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.


Choose Your News

Subscribe to the Green Market Report newsletter that gives you original content delivered straight to your inbox.

 Subscribe

By continuing I agree to your Privacy Policy and consent to receive relevant newsletters and other email communications on events, editorial features, and special partner offers from Green Market Report. I can unsubscribe or change my email preferences at any time.


About Us

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


READ MORE



Recent Tweets

@GreenMarketRpt – 27 mins

Slang Losses Trend Down, Still Not Profitable

@GreenMarketRpt – 2 hours

Organigram Posts Record Revenues in Q4, Predicts More Growth in 2023

@GreenMarketRpt – 3 hours

RIV Capital Closing in on New York Acquisition, Loses $142 Million in Q2

Back to Top

Choose Your News

Subscribe to the Green Market Report newsletter that gives you original content delivered straight to your inbox.

 Subscribe

By continuing I agree to your Privacy Policy and consent to receive relevant newsletters and other email communications on events, editorial features, and special partner offers from Green Market Report. I can unsubscribe or change my email preferences at any time.