The Daily Hit: April 3, 2019

It’s time for your Daily Hit of cannabis financial news for April 3, 2019.

On The Site

Aurora Cannabis

Aurora Cannabis Inc.  (TSX: ACB) (NYSE: ACB)  filed a preliminary short form base shelf prospectus $750 million during the 25 month period that the shelf prospectus is effective.

“Although we have no immediate intention of drawing capital against this Shelf Prospectus, we have introduced this option as a prudent and long-term strategic measure to provide us with flexibility in access to growth capital, if or when required, to continue executing on our global expansion and partnering strategy,” said Michael Singer, Executive Chairman. “With our recent listing on the NYSE, our successful financing in January 2019 led by U.S. institutional investors, and as we work with Nelson Peltz to explore potential partnership opportunities, this filing is a natural evolution for our company as we rapidly mature into a global and profitable organization.”

High Times

Hightimes Holding Corporation has hired Kraig Fox as President and Chief Executive Officer. Fox will oversee the company’s portfolio of global media, events and licensed properties. Adam Levin, who has served as High Time’s CEO since its acquisition by Hightimes Holding Corp in 2017, will now serve as the company’s Executive Chairman.

The announcement of Mr. Fox comes as High Times is raising capital through its Regulation A+ funding initiatives in cannabis history in preparation for the public listing of its shares, expected later in 2019.

In Other News

MediPharm Labs Corp.

MediPharm Labs Corp. (LABS.V) (MLCPF) (MLZ.F) reported fourth-quarter 2018 revenue of C$10.2 million, commencing November 12th after receipt of sales license from Health Canada. Gross profit of C$4.0 million, gross Margin 39% and adjusted EBITDA(1) of C$2.1 million, Adjusted EBITDA(1) margin of 21%. The net loss for the quarter was C$3.5 million. The revenue for the full-year 2018 was C$10.2 million, but the net loss for the full-year 2018 was C$8.5 million.

2019 Year-to-Date Highlights

  • Executed Private Label Sales Agreements in place valued in excess of $85 million over the 15-month period from December 2018
  • Executed large Private Label cannabis oil sale for $35 million with an additional $13.5 million purchase option over 13-month period
  • Signed a 3-year Tolling Agreement with TerrAscend Corp.

Vibe Bioscience Ltd.

Vibe Bioscience Ltd. Announced that its common shares began trading on the Canadian Securities Exchange under the symbol “VIBE” at market opening on April 3, 2019.

Vibe also executed a purchase agreement to acquire all of the membership interests in the outstanding securities of EVR Managers, LLC, which holds a license for an adult use cannabis retail operation located in Redding, California.

Vibe Highlights

  • Two cash flow positive adult-use dispensaries in Sacramento and Stockton, California with two additional dispensaries set to open in the second half of 2019;
  • A cultivation site in Sacramento and a distribution center under development in Sacramento with a distributor temporary license which provides authority to distribute cannabis products on a state-wide basis;
  • A purchase agreement to acquire all of the outstanding securities of NGEV Inc., which holds a cannabis cultivation and equipment facility in Crescent City, California that has historically produced cannabis flower, clones and seeds.

AgraFlora Organics International Inc.

AgraFlora Organics International Inc. (CSE: AGRA) (OTC: PUFXF), and Liberty Leaf Holdings Ltd. (CSE: LIB) (OTC: LIBFF) together have made significant advancement with respect to gaining entry into the medical cannabis market in the European Union and, as such, have formed a jointly owned Greek company, AgraLeaf SA, so as to formally capitalize on the opportunity. AgraFlora and Liberty Leaf will own an equal equity stake in AgraLeaf with specific details regarding the obligations of the Companies to be outlined in a shareholder’s agreement.  AgraLeaf has established a team in Greece consisting of personnel with expertise in commercial horticulture, government affairs, legal and finance.

iCan

iCAN: Israel-Cannabis has issued a secured convertible loan in the amount of CAD $4,000,000 to a group of investors led by Plaza Capital.

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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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