This is your Daily Hit of cannabis news for April 16, 2018:
On The Site
Medicine Man Technologies
Medicine Man Technologies (MDCL) announced today the preliminary financial resultsfor the quarter ending on March 31, 2018, and provided an update to shareholders on recent client activity. The company reported approximately $1.2 million in revenue for the quarter, a 122% increase over the same quarter last year and representing the fifth consecutive quarter of revenue growth. Expecting to reach the profit/loss breakeven point this quarter, the company has repaid all of its outstanding debt.
Ontario-based Aphria Inc. (APHQF) reported that its revenues for the third quarter ending February 28 were C$10.2 million versus last year’ C$5.1 million for the same time period, an increase of 100%. Revenue increased 20% sequentially from C$8.5 million. Gross profits for the quarter were C$8.5 million over last year’s C$3.5 million. The net income for the quarter was C$12.9 million, a nice increase over last year’s C$4.9 million. The increase in net income relates to the strength of Aphria’s investment portfolio, including its realized gain on sale of its non-escrowed shares in Liberty Health Sciences, Ltd. in the quarter.
According to a March survey done by MedReps, 46% of pharmaceutical sales representatives reported that they expect medical marijuana legalization and stricter opioid laws to have a positive impact on their jobs.
In Other News
Veritas Pharma Inc.
Veritas Pharma Inc. (VRTHF) announced it entered into an agreement to acquire 50% of 3 Carbon Extractions Inc. The remaining 50% equity interest can be acquired by Veritas based upon a value to be decided by a qualified independent business valuator. The purchase price for which shall be paid in cash or in fully paid and non-assessable common shares of Veritas, or in a combination thereof, as may be determined by the Company in its discretion. The shareholders of 3 Carbon will receive aggregate consideration of $300,000 US and 1,500,000 common shares in the capital of the company.
Emblem Corp. (EMMBF) appointed Maria Guest as Chief Marketing Officer to its executive team. The company also named Kim Horrill as Vice President of Medical Marketing and Tim Andrews as Vice President, Creative Director. The foregoing appointments remain subject to the approval of the TSX Venture Exchange. Prior to joining Emblem, Maria Guest spent 20 years building brands and developing new products and innovations within the highly regulated and competitive alcohol industry. Ms. Guest most recently led marketing efforts behind iconic brands like Corona, Stella Artois, Bud Light, Michelob Ultra, and Alexander Keith’s.
Aurora Cannabis Inc.
Aurora Cannabis (ACBFF), CanniMed Therapeutics Inc. and CTT Pharmaceutical Holdings, Inc., announced that the three companies have entered into an agreement that provides Aurora, through its ownership of CanniMed, with joint exclusivity on the distribution in Canada of CTT’s novel, patented drug delivery technologies. This collaboration includes the licensing by CTT to CanniMed and Aurora of six patents related to cannabinoid delivery for pain management that will enable CanniMed and Aurora to exclusively develop and commercialize this unique, sub-lingual (beneath the tongue) wafer, drug delivery system in Canada.
Maricann Group Inc.
Maricann Group Inc. (MRRCF) announced that it received an export permit from Health Canada for a shipment of dried cannabis flower to Germany. This is the first export permit that Maricann has received.