True Leaf Archives - Green Market Report

StaffStaffNovember 25, 2019
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7min1800

It’s time for your Daily Hit of cannabis financial news for November 25, 2019.

On The Site

Organigram

Organigram Holdings Inc. (OGI) (OGI) reported that its gross revenue grew to $19.2 million for the fourth quarter ending August 31, 2019, versus $3.1 million for the fourth quarter in 2018. The net loss for the 2019 fourth quarter was $22 million versus last year’s net income of $18 million for the same time period. The larger loss was due to “non-cash fair value changes to biological assets and inventories.”

For the full year, Organigram delivered net revenue of $80.4 million, which grew 547% over 2018’s $12.4 million. The net loss for 2019 was $9.5 million versus 2018’s net income of $22.1 million.

Four Biggest Fibs

The Facilities Are Fully Funded

On Oct. 9, 2019, The Green Organic Dutchman (OTC: TGOD) said in a press release that it was updating the market on credit financing. In the statement, it noted that “The Company may revise the construction schedule for its Ancaster and Valleyfield projects if it is unable to obtain sufficient financing on reasonable terms, within the required timeframe. There can be no assurance that this review will result in the completion of any financing transaction.” Basically, TGOD said it needed money to finish the projects as planned.

Business on a Budget

Guest Post by Joseph Collins, Content Director at The Amsterdam

Ever since states began to legalize medical and recreational marijuana, the cannabis business is booming. Eleven states and the District of Columbia have passed laws making recreational marijuana use legal. Another 22 states have laws legalizing medical marijuana. The Farm Bill of 2018 legalized hemp for industrial purposes, including the production of CBD oil.

It is not too late to get in on the profits by starting your own cannabis business. If you’re thinking that too much startup capital is needed, then take a look at these cannabis entrepreneurs.

In Other News

MJardin

MJardin Group, Inc. (CSE: MJAR) (OTCQX: MJARF), a leader in premium cannabis production, today announced its financial and operating results for the three and nine-month periods ending September 30, 2019. Revenue of $7.6 million, includes $0.8M contribution from Cheyenne since acquisition date; Generated positive Adjusted EBITDA of $0.5 million; Sequential revenue growth from AMI facility of 47% compared to the prior quarter.

”The third quarter results reflect another period of building out size and scale across our operational platform, which as expected comes with challenges in any business, however we continue to successfully tackle these issues as we execute against our strategic plans which are centred around growth and profitability in 2020,” commented Pat Witcher, CEO of MJardin. “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.”

GrowGeneration

GrowGeneration Corp. (NASDAQ: GRWG), the largest chain of specialty retail hydroponic and organic garden centers, with currently 25 locations, is pleased to announce that its common shares have been approved for listing on the Nasdaq Capital Market. GrowGeneration Corp. common shares will begin trading on NASDAQ on December 2, 2019 under the trading ticker symbol “GRWG.”

“This up-listing to NASDAQ is a major corporate milestone and reflects the financial performance of our Company. As the premier hydroponic supplier in the country, we continue to focus on expanding the number of garden centers, increasing our commercial portfolio of customers, focusing on the cutting-edge products, while expanding revenue and EBITDA. We believe our NASDAQ listing will increase long-term shareholder value by improving awareness, liquidity, and appeal to institutional investors” said Darren Lampert, CEO of GrowGeneration Corp.

True Leaf

True Leaf Cannabis Inc.  (CSE: MJ) (OTCQX: TRLFF) (FSE: TLA) has secured licenses from Health Canada to cultivate, process and sell cannabis for medical purposes pursuant to the Cannabis Act for its 18,000 square foot True Leaf Campus facility in Lumby, British Columbia.

The license allows True Leaf to begin cultivating, processing and selling medical cannabis from its facility immediately and to produce alternative cannabis products such as edibles, topicals, and capsules. True Leaf Campus sits on a 40-acre site of industrial zoned land wholly owned by True Leaf.

“Today marks an important milestone for True Leaf as becoming a licensed producer helps support the continued development of our therapeutic pet care products,” said Darcy Bomford, Founder and Chief Executive Officer of True Leaf. “Our facility is now licensed and meets EU GMP and HACCP standards. This is required for the ‘Cannabis 2.0’ market in Canada and also opens the door to export cannabis to the booming European market.”


Debra BorchardtDebra BorchardtJuly 30, 2019
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4min4500

Pet hemp brand True Leaf Brands Inc.  (CSE: MJ) (OTCQX: TRLFF) (FSE: TLA) announced its financial results for the fiscal year ending March 31, 2019, including revenues of $2.3 million all reported in Canadian dollars. This was a 65% increase over the previous fiscal year and a 54% increase of fourth-quarter sales year over year, from $386,733 to $595,261.

Revenue growth was driven primarily by the increasing number of top retailers selling True Leaf Pet products, which are now in more than 3,500 stores across North America and Europe, including at Pet Supplies Plus, Pets Corner (U.K.), Das Futterhaus (Germany), and PetSmart (Canada) locations. The company’s European operations contributed $412,551 of the total revenue for this annual period, a 148% increase compared to $166,320 the prior year.

The loss for the year was $5.5 million versus last year’s loss of $3.9 million. This was a loss of six cents per share both basic and diluted. Total operating expenditures were $6.8 million compared to $4.8 million the prior fiscal year. Operating expenditures consist primarily of selling and marketing, administrative and office, research and development, and share-based compensation. The increase was driven by higher selling and marketing, and office and administration expenses, offset by lower share-based compensation.

“We continued to report record sales growth in fiscal 2019, with revenues increasing by 65% to C$2.3 million as demand for natural, plant-based pet care products continues to drive our growth,” said Darcy Bomford, Founder and Chief Executive Officer of True Leaf. “During the year, we also took important steps to build long-term and sustainable value in True Leaf. This included expanding our retail distribution footprint to over 3,500 stores worldwide. In conjunction with this, we strengthened our liquidity position through a successful financing and warrant exercise.”

During the year the company closed a convertible security funding agreement for gross proceeds of $4.5 million with The Lind Partners, a New York-based institutional fund manager. In May 2019, True Leaf received nearly $1 million (CAD) in proceeds through a successful warrant exercise.

Post Fiscal Year End

The company listed the following activities that occurred after the company closed its fiscal year-end books:

  • Former Mars Petcare executive Kevin Cole joined True Leaf as President of True Leaf Pet. Darcy Bomford will continue as a director and Chief Executive Officer of True Leaf Brands Inc.
  • True Leaf signed its first cannabidiol (CBD) supply agreement with Kentucky-based Atalo Holdings, Inc. for the supply of farm-fresh CBD oil to support the Company’s debut line of CBD products for pets, to be unveiled this August at SuperZoo 2019.
  • In June 2019, True Leaf further expanded its European distribution through agreements with OSCAR Pet Foods in the U.K. and with Pocurull in Spain and Portugal.
  • The company announced a corporate name change to True Leaf Brands Inc.
  • True Leaf signed a non-binding Memorandum of Understanding with international pet care distributor Eagle Vet, launching True Leaf’s expansion into the Asian market.
  • Former Petco executive Allen Fujimoto joined True Leaf as Senior Vice-President, Operations.
  • True Leaf signed a supply and purchase agreement with top online cannabis marketplace Namaste Technologies to expand its direct-to-consumer distribution network.

 

 

 


Debra BorchardtDebra BorchardtMay 24, 2019
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3min5780

SLANG

SLANG Worldwide Inc. (CSE:SLNG) elected to exercise its right under the warrant indenture governing the common share purchase warrants of the company issued on July 23, 2018, to accelerate the expiry date of the Warrants. Slang may accelerate the expiry date of the Warrants if, at any time prior to July 21, 2020, the closing trading price of the common shares of the company on the Canadian Securities Exchange exceeds $1.75 for a period of at least 20 consecutive trading days. As of the close of markets on May 23, 2019, the closing trading price of the Common Shares on the CSE exceeded $1.75 per Common Share for more than 20 consecutive trading days.

As of May 23, 2019, a total of 9,101,927 of the 13,436,005 originally issued Warrants had yet to be exercised. Each Warrant is exercisable to acquire one Common Share at an exercise price of $1.15. Consequently, if all Warrants are exercised, proceeds to the Company will total $10,467,216.05.

Flowr

The Flowr Corporation (TSXV: FLWR) (OTC: FLWPF)  announced that the Nasdaq Stock Market has approved the Company’s application to have its common shares listed on the Nasdaq Capital Market. A trading date will be announced once the company’s Form 40-F registration statement becomes effective with the SEC. The common shares will be listed on the Nasdaq under the symbol “FLWR”. The Company’s common shares listed on the TSX Venture Exchange will continue to trade under the symbol FLWR.

Green Growth Brands

 Green Growth Brands, Inc. (CSE: GGB) (OTCQB: GGBXF) approved the grant of an aggregate of 595,000 restricted share units under the company’s equity incentive plan to certain of its employees. The RSUs will be granted to the RSU Recipients as compensation for their services to the company and as an incentive mechanism to foster the interest of such persons in the long-term success of the company.

True Leaf Brands

True Leaf Medicine International Ltd. (CSE: MJ) (OTCQX: TRLFF)  announced today that, effective immediately, the Company is officially changing its corporate name to True Leaf Brands Inc. 


William SumnerWilliam SumnerMay 2, 2019
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6min4210

It’s time for your Daily Hit of cannabis financial news for May 2, 2019.

On The Site

Canopy Growth

Canopy Growth Corporation (TSX: WEED) (NYSE: CGC) is acquiring the German-based, Bionorica SE-founded C3 Cannabinoid Compound Company in an all-cash deal valued at €225.9 million (CDN $342.9 million) or roughly $250 million. The move is intended to expand Canopy Growth’s reach in Europe.

Plus Products

Plus Products Inc. (CSE: PLUS) (OTCQB: PLPRF) reported its results for the fourth quarter and calendar year ending December 31, 2018. The quarter’s revenues were $3.3 million and the company delivered a net loss of $2.9 million. This was an increase in sales of 770% over 2017 for the same time period and a 31% sequential increase.

Executive Order Establishes Michigan Marijuana Regulatory Agency

Governor Whitmer’s executive order 2019-07 has established the Marijuana Regulatory Agency (MRA) within the Department of Licensing and Regulatory Affairs (LARA), combining previous authorities, functions, and duties into an agency which allows the state of Michigan to more efficiently regulate both medical and adult-use marijuana.

In Other News

Planet 13

Planet 13 Holdings Inc. (CSE: PLTH) (OTCMKTS: PLNHF) has announced their fourth quarter and full-year financial results for 2018. In the fourth quarter, revenues rose to $8.3 million. Adjusted EBITDA was a loss of $1.9 million, and the company had a net loss of $4 million. For the year, revenues were $21.2 million, adjusted EBITDA was a loss of about $0.5 million, and the company incurred a net loss of $10.7 million.

TILT

TILT Holdings Inc. (CSE: TILT) (OTCMKTS: SVVTF) has announced their year-end financial results for 2018. Revenue for the year was $5.7 million with an additional $98 million in pro forma revenue. The net loss was $552.1 million, but that included a $496.4 million one-time, non-cash goodwill impairment taken at the end of fiscal 2018 related to the company’s reverse takeover of Sante Veritas Holdings. Excluding the reverse takeover, the company’s net loss was $55.7 million.

True Leaf

The pet-focused hemp and cannabis wellness brand, True Leaf Medicine International Ltd. (CSE: MJ) (OTCQX: TRLFF) (FSE: TLA) announced today that they have received C$914,442.73 from the exercise of warrants before their expirations on April 21, 2019. In total, the company exercised 2,575,895 warrants at a price of C$0.355 per warrant. “True Leaf is proud to have strong support from our investor community as demonstrated by the successful warrant exercise,” said Darcy Bomford, Founder and CEO of True Leaf. “This additional capital will strengthen our balance sheet and allow us to continue to execute on our growth plans, including bringing a legally-compliant CBD product for pets to market and expanding our global distribution, including entering new markets in the Asia Pacific region and Australia.”

Alternate Health

Alternate Health Corp. (CSE: AHG) (OTCQB: AHGIF) is making a play for the CBD industry. Today the company announced that it will acquire Blaine Labs Inc., a manufacturer and distributor of FDA-approved and cGMP-certified dermatological products, for $20 million. Blaine Labs currently has over 50 SKUs currently available in major retailers, including Walmart, Amazon, CVS and Walgreens. Alternate Health hopes to use the company’s existing equipment and distribution network to launch a proprietary line of CBD-infused products.

CannTrust

CannTrust Holdings Inc. (TSX: TRST) (NYSE: CTST) has announced the pricing of its previously-announced underwritten public offering. The company is selling 30,909,091 common shares at a price of $5.50 per share for gross proceed of around $170 million, minus underwriting discounts and commissions and estimated offering expenses. Some shareholders are also selling 5,454,545 common shares in the offering. Additionally, the company has granted to the underwrites a 30-day option to purchase up to an additional 4,636,363 and 818,182 common shares, respectively, at the public offering price. The offering is expected to close on or around May 6, 2019.


StaffStaffApril 17, 2018
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4min7900

Here is your Daily Hit of cannabis financial news for April 17, 2018:

On The Site

MPX Bioceutical Corporation 

MPX Bioceutical Corporation  (MPXEF)  signed a letter of intent to acquire all the issued and outstanding shares of private company Canveda Inc., a Licensed Producer under Health Canada’s Access to Cannabis for Medical Purposes Regulations. The Ontario-based Canveda operates a fully built-out facility that is about to begin its first production run and is capable of producing approximately 1,000-1,200 kilograms of high-quality cannabis flower annually.

GW Pharmaceuticals Inc.

Shares of GW Pharmaceuticals (GWPH) jumped on positive news in a Food & Drug Administration (FDA) report issued on Tuesday. The stock jumped 11% to trade at $134.14. The FDA briefing document said that GW’s drugs had positive results in treating patients with the rare Lennox-Gastaut Syndrome (LGS) and Dravet Syndrome (DS).

In Other News

Livewell Foods Canada Inc.

Livewell Foods Canada announced that it entered into a C$10 million private placement deal. It was led by Canaccord Genuity Corp. and included Beacon Securities Ltd., Echelon Wealth Partners Inc. and GMP Securities L.P. The Company intends to use the net proceeds of the offering to complete the 108,000 sq. ft Phase 1 retrofit (of a total planned 540,000 sq. ft) of the Artiva Greenhouse Facility in Ottawa, advance construction of the initial 100,000 sqft (of a total planned 1,000,000 sq. ft) of the Pontiac Project in Quebec and for general working capital purposes.

VANC Pharmaceuticals Inc.

VANC Pharmaceuticals said that it has entered into a supply and distribution agreement with an affiliate of Emerald Health Therapeutics, Inc. (EMHTF) in which VANC was granted rights to sell and distribute certain proprietary endocannabinoid-supporting products in Canada to licensed pharmacies. In addition to that, VANC entered into an arrangement with a different affiliate of Emerald to work together to distribute medical cannabis to Canadian pharmacies if the pharmacies become authorized to do so by Health Canada.

True Leaf Medicine International Ltd.

Cannabis pet company True Leaf  (TRLFF) announced key leadership appointments. Don Chisholm has been appointed True Leaf’s Chief Marketing Officer. His creative agency, Dossier, has been named the company’s branding partner. Hill+Knowlton Strategies (Hill+Knowlton) will be True Leaf’s government relations advisors.

PRØHBTD

Cannabis media company PRØHBTD  said it is raising $5m in a Series A equity round at a valuation of $25m. The company is a media platform that focuses on the cannabis industry. It creates, builds and markets brands to global audiences and operates a creative studio and multi-platform video network.

 


StaffStaffMarch 19, 2018
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4min6860

Here are today’s cannabis briefs for March 19, 2018:

MedReleaf Corp.

MedReleaf (MEDFF) announced that it entered into an agreement to become the largest supplier of medical cannabis products to Cannamedical Pharma GMBH, a leading medical cannabis distributor to pharmacies in Germany. According to a company statement, MedReleaf will provide Cannamedical with monthly exports of five of its premium strain varieties significantly improving the predictability and security of drug delivery to the German market. Sales to Germany will commence promptly upon the expected receipt of MedReleaf’s European Medical Agency Good Manufacturing Practices certification and export permit from Health Canada in the coming weeks.

Kona Gold Solutions, Inc. 

Kona Gold announced its wholly owned subsidiary, HighDrate, LLC, is entering the Chicago market with its new CBD Energy Waters.  The Company’s new distribution partner, 1 Oak Wholesale, based in Addison, IL, will distribute the Company’s HighDrate CBD Energy Waters in Chicago and surrounding areas.  “Our new HighDrate CBD Energy Waters has hit the market with a splash with overwhelmingly positive feedback from customers and quick re-orders from our retailers around the country,” stated Robert Clark, CEO of Kona Gold Solutions, Inc.  “I am very excited to announce our first distribution partner of our HighDrate CBD Energy Waters just three months after launch.”

True Leaf Medicine International Ltd.

True Leaf Medicine (TRLFF) has recruited two medicinal cannabis cultivation experts to lead the development of its medicinal cannabis products. Stephen Schroeder, Chief Cannabis Industry Advisor, and Christian Zofchak, Director of Horticulture Operations, have joined the True Leaf team, driven by a motivation to help patients, as well as their own family members, who find their pharmaceutical treatments ineffective or intolerable.

The cultivation team members are Canadian leaders in selective cannabis plant development. They will identify the best cannabis plant genetics worldwide, and, as part of True Leaf’s proprietary intellectual property, will develop unique strains capable of producing the active ingredients needed to develop a highly-effective medicinal product line to address neurological, musculoskeletal, gynaecological, and gastrointestinal conditions.

WeedMD Inc.

WeedMD  (WDDMF) announced that it has made a strategic investment in Scorpion Resources Inc., to be renamed Blockstrain Technology Corp. WeedMD will be amongst the first federally-licensed producers to initiate the integration of blockchain technology into its ecosystem. Blockstrain delivers a secure and immutable blockchain platform to establish global certainty for cannabis strains and their ownership.

Canopy Growth Corporation

Canopy Growth confirmed that it has successfully completed a transfer of 1,500 cannabis clones to its Madrid -based partner, Alcaliber SA, completing the first phase of a partnership entered into by both parties as announced on September 11, 2017.


William SumnerWilliam SumnerJanuary 24, 2018
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4min12310

True Leaf Medicine International Ltd. (TRLFF) announced today that the company has raised $10 million (CAD) through a Regulation A+ public equity offering, making it the first Canadian-listed cannabis company to successfully conduct a Regulation A+ offering. The announcement comes two months after the U.S. Securities and Exchange Commission (SEC) qualified its offering statement.

In the offering, True Leaf offered 14,285,715 common shares at a price of C$0.70 per share. The minimum subscription amount was 500 shares per investor, which amounts to C$350. All securities issued in accordance with the offering are subject to a hold period of four months and one day.

True Leaf also announced that it is in the process of closing of a non-brokered private placement. Valued at $4,051,654.60, the company sold 5,788,078 common shares at a price of C$0.70 per share. The shares were only sold to Canadian investors.

“We’ve always wanted to give the people who love our products, and share in our vision and values, the chance to own a piece of True Leaf,” said Darcy Bomford, Founder and Chief Executive Officer of True Leaf, in a statement. “Regulation A+ gave us this opportunity. We believe the proceeds from this offering should put us in an excellent position to execute our business plan and accelerate our growth.”

True Leaf Pet was established in 2015 to pioneer and market hemp-focused products for the pet industry. The company launched the True Hemp product line in Canada, the USA, and Europe; becoming the first hemp-based pet product line to be marketed worldwide. True Leaf Med launched in July 2013 to become a licensed producer of medicinal cannabis. It has received approval to build its facilities from the Government of Canada. The company’s goal is to provide federally-approved, safe and effective cannabis products that will be sold in Canada.

Working with its affiliate, FlashFunders, Boustead Securities is the lead underwriter and book runner for the offering. CrowdfundX has been chosen as the digital marketing agency of record.

The proceeds from the Regulation A+ offering will go towards the funding of phase one of True Leaf’s 40-acre cannabis production facility; which includes the construction of a 16,000 square foot hydroponic grow building and a 9,000 square foot building housing offices, extraction facility, laboratory and packaging areas.

The facility is set to be built in Lumby, British Columbia, through its wholly-owned subsidiary True Leaf Medicine Inc. Once the facility passes Health Canada’s inspection, and True Leaf becomes a licensed cannabis producer, the company expects to produce approximately 2,500 kilograms of dried cannabis annually.

Construction of the production facility is set to begin in the coming weeks and the company expects that the construction will be complete by the summer of 2018, which should coincide with the Government of Canada’s goal of legalizing recreational cannabis by July 2018.



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


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