It’s time for your Daily Hit of cannabis financial news for July 10, 2018.
On The Site
Happy 710 Day
Happy July 10. 710 is a thing for cannabis consumers. If you don’t know what that is, it’s okay. We’re here to help you learn. July 10 is or 710 is becoming a big sales promotion day and is growing in popularity. Cannabis consumers are always happy to find a new reason to celebrate and since 420 has been adopted by even non-cannabis consumers, 710 or Dab Day is the latest insider holiday.
If you turn the numbers upside down, it loosely resembles the word “OIL.” So, fans of cannabis oil as using that as an excuse to celebrate. Not convinced?
According to MJ Freeway, point-of-sale (POS) data from thousands of cannabis retailers across the U.S., Monday, July 10, 2017 sales were 15% higher than average Monday sales. The 15% increase can be wholly attributable to increased concentrate purchases. Concentrate category sales jumped 18% on July 10, 2017. In the last three years, year-over-year 710 holiday sales growth has averaged 19%.
In Other News
Sunniva Inc. (SNNVF) announced that it intends to spin out its Canadian assets into a separate Canadian entity and apply to list the shares on the Toronto Stock Exchange and the NASDAQ Stock Market in an effort to unlock the underlying value of the company’s assets on both sides of the border. The Company has retained Canaccord Genuity Corp. to act as a financial advisor in connection with the Spinout Transaction and other strategic initiatives.
The proposed spinout transaction of the Canadian assets would include Sunniva Medical Inc., which is building the Sunniva Canada Campus, 740,000 square feet of purpose-built current Good Manufacturing Practice designed greenhouse facilities in British Columbia. SMI has a take or pays supply agreement with Canopy Growth Corporation. Under the terms of the initial two-year agreement, which includes the distribution of Sunniva branded products, Canopy will purchase approximately 45% of Sunniva’s annual production capacity. The Canadian assets also include Natural Health Services Ltd. which owns and operates a network of 7 clinics in Canada specializing in medical cannabis under the Access to Cannabis for Medical Purposes Regulations.
It was a big day for personnel announcements.
Surna Inc. (SRNA) appointed Mark E. Smiens as the Company’s Chief Financial Officer and Treasurer. Mr. Smiens is a seasoned financial executive with over 25 years of experience in financial reporting, profit and loss responsibility, financial and operational strategy, and mergers and acquisitions in the manufacturing and distribution sectors. Since August 2017, Mr. Smiens was the Chief Financial Officer of US Fence Solutions, LLC, a private equity-backed residential fencing company. From April 2015 to August 2017, he was the Chief Financial Officer of private equity-owned Wildcat Minerals, LLC, an oilfield services company which was sold to a public company in 2017.
Green Thumb Industries Inc.
Green Thumb Industries Inc. (GTBIF), added decorated combat veteran, social entrepreneur and best-selling author Wes Moore to its board of directors. Moore is currently CEO of Robin Hood, New York City’s largest poverty-fighting organization.
“I’m thrilled to join GTI’s board and help empower its efforts to revitalize neighborhoods that have been disproportionately affected by the failed war on drugs,” says Moore. “As a veteran, I applaud GTI’s efforts to expand access to medical marijuana for those who have found relief from PTSD, chronic pain and other conditions via cannabis’ medicinal benefits. I’m also impressed with the company’s entrepreneurial success story and look forward to being a part of the team that leads the company’s strategic growth going forward.”
True Leaf Medicine International Ltd.
True Leaf Medicine International Ltd. (TRLFF) announced that Sylvain Toutant has been appointed to its Board of Directors as an independent member. Mr. Toutant most recently served as the Chief Executive Officer and President of DAVIDs TEA, Canada’s largest specialty tea boutique, where he was responsible for the company’s growth in Canada, the United States, and around the world. He also led the company’s successful IPO to NASDAQ.
NUGL Inc. (NUGL) hired Thomas Bouse, CPA, as the new Chief Financial Officer of NUGL Inc. Bouse will replace Brandon Vargas who has been acting interim CFO. NUGL’s appointment of a highly qualified CFO is strategically tied to the Company’s ongoing financial audit. “Tom has an extensive background with corporate taxes. He also understands how to manage a company’s tax flow in rapid growth modes,” said Brandon Vargas, CEO of NUGL.
Anuvia Plant Nutrients
As Anuvia Plant Nutrients readies for immediate expansion, the company announced today that Ed Zughaft has been appointed senior vice president Asset Acquisitions and Finance. Previously, he was senior vice president of Finance. In this new position reporting to the CEO and working with the CFO, Zughaft will lead Anuvia’s acquisition efforts as it seeks to expand operations with new plants and production facilities.
Bespoke Extracts, Inc.
Bespoke Extracts, Inc. (OTC Pink:BSPK),signed a non-exclusive distribution agreement with Seidman Food Brokerage (SFB), providing for SFB to market Bespoke’s proprietary CBD tinctures, lotions and salves to more than 1500 natural food stores located in Alabama, Florida, Georgia, North Carolina, South Carolina, Tennessee, The Bahamas and Puerto Rico.
Seidman Food Brokerage is a full-service grocery, specialty and natural food broker, representing manufacturers who sell their products to distributors, retailers, and wholesalers. Retail stores it serves include Ada’s Natural Market, Bravo, BI-LO, Chamberlains, Earth Origins, Hoover’s Market, New Leaf Market, Publix, Richard’s Foodporium, South Eastern Grocers, Sunseed Food Corp, Tunies, Whole Foods and Winn Dixie, among many others.