It’s time for your Daily Hit of cannabis financial news for July 1, 2019.
On The Website
Cannabis consumers love a good holiday and July brings two in quick succession. First, of course, is the Fourth of July. Cannabis software company Akerna Corp. (NASDAQ: KERN) said that it expects Americans will spend more on cannabis this Fourth of July than chicken for their BBQs.
According to Akerna, Fourth of July-week (June 28 – July 4) cannabis sales are expected to increase by 80% compared with an average week, ringing in approximately $450 million in total sales nationally. If this keeps up, Akerna said that by 2020 Americans could end up spending more money on cannabis than they would spend on wine for the Fourth of July.
While sales are expected to begin on the weekend before the holiday, increased sales are expected to continue throughout the week. Since the Fourth falls on a Thursday this year, Wednesday’s sales are forecast to be the busiest of the year.
In Other News
Relevium Technologies Inc. (TSX.V: RLV)(OTCQB: RLLVF) announced that it has been made aware of and requested by the OTC Markets Group, Inc. to comment on recent promotional activity concerning its common shares traded on the OTCQB market.
On June 27th, 2019, the OTC Markets Group sent the company copies of three newsletters sent on June 25 and June 26, 2019 by SmallCapFirm, a third-party marketing and awareness firm utilized by StockWireNews, LLC, which in turn was utilized by one of the company’s marketing firms, Shore Thing Media, LLC. The company was not aware of the newsletters until the OTC Markets Group sent the copies on June 27th, 2019.
After inquiry of management, except with respect to the engagement of Shore Thing as further described below, none of the company’s officers were involved, directly or indirectly, with the creation or distribution of promotional materials nor were we asked to provide, nor did provide any editorial content.
GenTech Holdings, Inc. (OTCMKTS: GTEH) announced approaching core supplier deals and an expanded product offering as it prepares for a full launch of CBD product sales through both its e-commerce and CBD-infusion café models under the “Healthy Leaf” brand designation.
“With both CBD white label and infusion suppliers now in advanced negotiations, we are finalizing supportive product suppliers and we are happy to provide some details for shareholders,” commented GenTech CEO, David Lovatt. “Most importantly, the process has been highly successful in terms of our top priority at this stage: to gear our approach from the ground up to target the high-end CBD niche. That mission puts a premium on strong deals for truly best-of-breed accompanying products on our site and in our Healthy Leaf Cafés.”
Arte de Brasil has been selected as a key supplier already. They offer a range of super-premium coffee and tea blends, with an emphasis on a premium mild coffee variety. Management notes that the company will be bringing its coffee in bulk to its US-based CBD-infusion center for final quality testing to ensure a premium grade CBD-infused final product.