This is your Daily Hit of cannabis news for April 30, 2018:
On The Site
Cronos Group Inc.
Cronos Group Inc. (CRON) announced financial results for the fourth quarter and fiscal year ended December 31, 2017, with fourth-quarter sales of $1.6 million, an increase of 274%. Annual sales for fiscal 2017 were $4.1 million, a 636% increase over 2016’s $554,000. The company also recorded a gross profit for 2017 of $7.2 million versus 2016’s gross profit of $1.9 million. The net income for 2017 was $2.4 million, which was a nice improvement over 2016’s net loss of $1.1 million.
Namaste Technologies Inc. (NXTTF) announced its unaudited quarterly financial statements for the second quarter of fiscal 2018. Sales for the quarter were $5.6M, a 195% increase quarter-over-quarter. Gross profits were $1.9M, a 150% increase over the same time period for last year. Namaste said that the gross profit increase related primarily to the growth in revenue outside the United States. Namaste stock jumped over 4% on the earnings news to lately trade at $1.25, down from its 52-week high of $3.47, but above the year’s low of 13 cents.
In Other News
Maricann Group Inc.
Maricann Group Inc. (MARI) announced that it has become the sixth Canadian Licensed Producer to earn the Good Manufacturing Practice (GMP) certification, in accordance with the European Medicines Agency’s GMP standards. With an incredibly rigorous approval process, GMP certification is considered to be one of the highest certifications a pharmaceutical manufacturer can receive. The certification will allow the company to export dried cannabis flower to medical cannabis markets in the European Union. “EMA-GMP certification of our cultivation facility in Canada demonstrates further progress at Maricann. External validation of our operations provides comfort to our patients and consumers that we exceed industry standards. Our commitment to total quality, from origination to finished product is now certified,” commented Maricann Group CEO, Ben Ward.
mCig Inc. (MCIG) announced that is has been granted approval from the municipal government of California City, California for the cultivation, distribution, and manufacturing of recreational cannabis. Beating out 300 other applicants, mCig was awarded three out of the 16 available licenses. With licenses in hand, the company will develop a 30,000 square foot “Smart Greenhouse” cultivation facility, which will be built by the company’s subsidiary, Grow Contractors, Inc. With an additional 2,000 square foot extract manufacturing and distribution facility, the company expects the property to generate $20 million in revenue annually. “This property will be a one-stop-shop for all things cannabis in California City. We are going to create a lean manufacturing facility which will be a flagship for vertically integrated cannabis operations,” said Grow Contractors CEO, Robert Kressa.
Emerald Health Therapeutics Inc.
Emerald Health Therapeutics Inc. (EMH) announced that it has entered into a supply agreement with Pure Sunfarms, the company’s joint venture with Village Farms International Inc (VFF). Under the agreement, Emerald Health will purchased up to 40% of Pure Sunfarms’ production in 2018 and 2019; which is estimated to be between 21,000 to 24,000 kilograms of cannabis. “As a co-owner of Pure Sunfarms, we are pleased to see the maturing of Pure Sunfarms’ business plan and the rapid conversion of its impressive production facility. We look forward to the significant sales we expect Pure Sunfarms to generate and supporting Pure Sunfarms in the distribution of its production,” said Avtar Dhillon, Executive Chairman of Emerald Health. Pure Sunfarms’ end goal is to be a vertically integrated cannabis supplier and is currently in the process of converting a 1.1 million square foot greenhouse for cannabis production, which is expected to be complete by the end of the year.