The Daily Hit is your rundown of the business stories for the cannabis industry on February 16, 2022.
On The Site
Despite numerous other cannabis companies managing to complete their bookkeeping during the pandemic, Icanic Brands (OTC: ICNAF) is now blaming Covid as the reason its financial filings are late. The delay has resulted in a cease trade order by the British Columbia Securities Commission under National Policy 11-207. The financials are related to the fiscal year ending in July 2021 and the quarter ending in October 2021. Icanic has already received one extension from the BC Securities Commission that ended on February 11, 2022. Read more here.
Israeli-based cannabis producer InterCure Ltd. (NASDAQ: INCR) also known as Canndoc is buying medical cannabis company Cann Pharmaceutical Ltd. also known as Better in a deal valued at $35 million. It is expected to close at the beginning of the third quarter of 2022. InterCure is Israel’s largest licensed cannabis producer and one of the first to offer Good Manufacturing Practices (GMP) certified and pharmaceutical-grade medical cannabis products. InterCure leverages its market-leading distribution network, international partnerships, and a high-margin vertically integrated “seed-to-sale” model to lead the fastest growing cannabis global market outside of North America. Read more here.
Field Trip Health Ltd. (NASDAQ: FTRP) reported its third fiscal quarter 2022 results for the three months ending December 31, 2021 and gave a business update. Field Trip reported that it had earned patient services revenues of $1,360,811, an increase of 50% over the prior quarter and 330% year over year. The company also noted that it had approximately $74.5 million in unrestricted cash and cash equivalents and short-term investments at the end of 2021. The company also delivered a net loss for the third fiscal quarter of $14 million, which the company attributed to total operating costs of $15 million of which $2 million was related to non-cash share-based compensation and $1 million was related to non-cash depreciation and amortization and a foreign exchange loss $479,255. Read more here.
In Other News
Decibel Cannabis Company Inc. (OTCQB: DBCCF) posted an update on its recent Canadian recreational market share.
Market Share in Decibel’s Major Markets
- Record 4.3% recreational market share in January over 4.2% in December 2021
National Market Share
- Decibel’s market share has grown from 3.4% to 3.6% over the same period
Ontario Market Share
- Decibel’s market share has grown from 3.1% to 3.2% over the same period
Read more here.
Cansativa Group announced that it has closed a $15M Series B investment. The funding round was led by Casa Verde with participation by Argonautic Ventures and Munich-based family office Alluti. This represents Casa Verde’s largest investment in Germany and in Europe to date. Given its exclusive relationship with German regulator, the Federal Institute for Drugs and Medical Devices (BfArM), Cansativa is the only company permitted to distribute domestically-grown medical cannabis. Read more here.