VIVO Cannabis Archives - Green Market Report

StaffDecember 22, 2022


The Daily Hit is a recap of cannabis business news for Dec. 22, 2022.


Trulieve Settles Worker Death Investigation With OSHA

Florida-based Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) announced Thursday that it’s reached a deal with the federal government that will ramp up worker protections at its manufacturing facilities nationwide. The investigation stemmed from the death of Lorna McMurrey, a worker at a Trulieve facility in Massachusetts. Read more here.

D.C. Council Approves Massive Medical Marijuana Program Expansion

Councilors this week unanimously approved an enormous expansion of the medical marijuana program to ostensibly get quasi-legal “gifting” businesses into the licensed medical side of the trade. And it’s all a workaround to how Congress has prevented city leaders for the better part of a decade from standing up a fully recreational cannabis market. Read more here.

Detroit Awards 33 Marijuana Licenses After Yearslong Legal Battle

The city of Detroit on Thursday announced it had awarded marijuana licenses to 33 companies, capping a yearslong legal battle about who gets to sell recreational cannabis in the city. There were 90 applications for dispensaries, “micro facilities” that grow up to 100 plants, and consumption lounges in the first of three rounds of applications. Read more here.

MediPharm Labs, VIVO Cannabis to Merge

Canadian marijuana companies MediPharm (TSX: LABS) (OTCQX: MEDIF) (FSE: MLZ) and VIVO Cannabis Inc. (TSX: VIVO) (OTCQB: VVCIF) are on track to merge next year in an all-equity deal, as long as shareholders and regulators approve. The newly combined company is projected to bring in $36.5 million in revenue per year and become profitable by the second half of 2024. Read more here.


Trulieve Cannabis Corp.

Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) closed on a commercial loan secured by a cultivation and manufacturing facility located in West Virginia for aggregate gross proceeds of $18.9 million. Trulieve will pay interest at a fixed rate of 7.3% for the first five years of the 10-year loan. After five years, the rate resets at five-year Treasury plus 3.5% for the remainder of the loan. Read more here.

Deep Roots Harvest

Dispensary workers from Deep Roots Harvest in West Wendover, Nevada, voted this week to join United Food and Commercial Workers Local 711. The workers voted 14-to-8 in favor of the union. Deep Roots Harvest is the only dispensary in West Wendover. It sits on the border of Nevada and Utah, serving patients and customers from both states and visitors that pass through.

Debra BorchardtAugust 30, 2018


While the rest of the market seems to be quieting down ahead of the Labor Day weekend, several cannabis companies are wrapping up earnings season. Here’s a roundup of earnings from MPX Bioceuticals, Kalytera, and Vivo.

MPX Bioceuticals Corporation

MPX Bioceutical (MPXEF) reported its financial results for its fiscal first quarter 2019 ending June 30, 2018, with total revenues increasing 224% to C$14.5 million versus C$4.5 million for the same time period during last year. Sequentially revenue grew 81% over the fiscal fourth quarter revenue of C$8 million.

Gross profits for the quarter were C$3.1 million versus last year’s gross profit of C$1.8 million. Gross margins fell to 21.3% from last year’s 40.3%. The company said that the lower margins reflected the impact from the recent Arizona acquisition, which included a portion of sales through a co-packed arrangement.

Still, MPX delivered a net loss of C$11 million or C$0.03 per share for the quarter, a much higher loss than last year’s C42.3 million or C$0.01 per share. According to the company statement, the increase in the net comprehensive loss was primarily attributed to loss from operations of $5.1 million, interest and financing charges of $2.3 million relating to interest on the ZQ Promissory Note and Hi-Med facility and financing costs for the convertible loan allocated to the conversion options and changes in the fair value of derivative liability of $2.6, million primarily related to the Hi-Med Facility

“We recorded another quarter of strong topline results, with revenue increasing $10 million year over year, to a record of $14.5 million, driven by the strong performance of our Arizona operations,” said W. Scott Boyes, Chairman, President, and CEO of MPX. “Our recent acquisitions within the State of Arizona, the expanded distribution capabilities for our MPX and Timeless wholesale brands, as well as the sales growth at our Health for Life retail dispensaries have significantly strengthened our results. We are thrilled with the continued success of our Arizona operations as we execute on our strategy to replicate this business model within our other markets, including Maryland, Massachusetts, Nevada, and Canada, as well as signing an extraction agreement that expands our distribution network throughout California. We are making solid progress pursuing state licenses, establishing strong management structures and growing the reputation of both our wholesale and retail brands. By expanding our footprint in multiple states, we are laying the foundation to achieve future revenue growth while driving value for shareholders.”

The company also highlighted that it had opened the third Health for Life dispensary in the Phoenix, Arizona metropolitan area and completed the relocation of its Mesa, Arizona processing and production facility to a new location in North Mesa, Arizona. MPX received final licensing approval from Maryland Medical Cannabis Commission to operate the first dispensary in Maryland under the Health for Life brand and approval for the opening of two additional dispensaries in Maryland was received subsequent to the quarter end. MPX also completed the acquisition of 8423695 Canada Inc., operating as Canveda, a licensed producer in Canada with an existing cultivation and production facility in Peterborough, Ontario.

VIVO Cannabis Inc.

VIVO Cannabis Inc. (VVCIF) announced the release of its Q2 2018 financial statements revenues of $1.1 million and a net loss of $0.8 million.  As at June 30, 2018, the Company had $130 million in cash, cash equivalents, and marketable securities, and 194.5 million common shares outstanding.

“Since our last business update following the release of our Q1 2018 financial statements, we have continued to enhance our leadership team, and announced the introduction of three new brands –  Beacon Medical, focused on helping patients easily navigate medical cannabis choices, Lumina, targeting the wellness market segment, and FIRESIDE, appealing to social recreational users, as well as the re-branding of the Company under the VIVO umbrella. We have also continued to improve operational efficiencies and have made meaningful production capacity advancements,” commented Barry Fishman, CEO of VIVO. “Most significantly, we announced the planned acquisition of Canna Farms, a successful BC based Licensed Producer with a long track record of sales growth and profitability. The acquisition is expected to close shortly, following which, utilizing the over $100 million in cash we will have following the closing, VIVO will be well-positioned to accelerate the growth of our business, in Canada and internationally.”

The Canna Farms acquisition will be immediately accretive. In the twelve months ending June 30, 2018, Canna Farms generated unaudited revenue of $9.4 million. For the fiscal year ending September 30, 2017, Canna Farms generated audited revenue of $5.8 million

Looking ahead, VIVO expects that its mid-2019 capacity will be 1,500 kilograms of indoor-grown premium bud and 14,000 kilograms of greenhouse-grown cannabis. The company’s Vanluven facility expansion is now complete.  Upon receiving Health Canada approval, VIVO will immediately begin cultivation in its expanded facility and will bring on-line its extraction, formulation and packaging capabilities. VIVO is expecting to receive GMP certification for the Vanluven facility in late Q4 2018 or early Q1 2019, facilitating the export of products to Germany and other international markets.

 Kalytera Therapeutics, Inc.

Kalytera Therapeutics, Inc. (KALTF)  reported financial results for the second quarter of 2018 with net income of approximately $5.9 million or $0.04 per share versus a net loss of approximately $1.9 million or $0.01 per share for the same time period during the last year.   The company’s jump in net income was attributed to an increase of approximately $8.9 million in financial income in connection with convertible equity and debt instruments previously issued to investors.

Kalytera said it funds it operating costs through a combination of cash and equity payments to its creditors. The company’s largest creditor during calendar 2018 and calendar 2019 will be the Salzman Group of Israel. The company statement said that under agreements with the Salzman Group, Kalytera may elect to pay amounts due to the Salzman Group in either cash or through the issuance of common shares. The company believes that it has sufficient cash to fund its cash operating costs beyond year-end 2018, including expenses for the clinical development of its lead product program, CBD in the prevention of GVHD.

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