It’s time for your Daily Hit of cannabis financial news for July 15, 2020.
On the Site
Cannabis technology company POSaBIT Systems Corporation (CSE: PBIT) reported rising revenue for the first quarter of 2020 and said it expects to meet its prior forecast for revenue of $8 million for the year of 2020. Total revenue for the quarter ending March was $972,000, up 5% compared with $897,000 in the first quarter of 2019.
The net loss for POSaBIT was $792,743, which was slightly higher than last year’s net loss of approximately $774,000 for the same time period. The gross profit was $70,833 an increase of 192% compared with a gross profit of $36,797 in the first quarter of 2019. The company engages in blockchain-enabled payment processing and point-of-sale systems for cash-only businesses.
In Other News
ManifestSeven, California’s first integrated omnichannel platform for legal cannabis, today announced that it has received conditional approval for the listing of its common shares on the Canadian Securities Exchange. Subject to satisfying customary listing obligations, the Company’s common shares will commence trading on the CSE under the ticker symbol “MSVN”
“The CSE is proud to welcome ManifestSeven to our publicly-listed, cannabis sector peer group on the Exchange for Entrepreneurs,” said James Black, The CSE’s Vice President of Listings Development. We are looking forward to collaborating with the company as it deploys its unique supply chain management solutions across the cannabis industry – a foundational segment of the Canadian Securities Exchange.”
CURE Pharmaceutical (OTC: CURR), an innovative drug delivery and development company, today announced that its 25mg cannabidiol (CBD) oral thin film (OTF) showed improved bioavailability of cannabidiol in healthy subjects, compared with 25mg soft gels. Specifically, a pharmacokinetic (PK) study in 14 healthy adults showed a significantly higher serum concentration (Cmax) and significantly faster absorption (Tmax) from CURE’s CBD OTF dose form than from a commercially available CBD soft gel. The study also suggests that the CUREform™ delivery platform, which entails solubilization and encapsulation of the molecule, might deliver better results than solubilization alone, as used in the soft gel product, and may play a synergistic or additive role in bioavailability.
Being Hemp, the makers of THC-free CBD products formulated doctors to specifically address women’s unique health, wellness and beauty needs, today launched a line of products designed to deliver pure, powerful results for female consumers – an anti-aging skin care system, five condition-specific tinctures, and the first-ever apple cider vinegar gummies featuring high-absorption Nano CBD.
All Being Hemp’s products are hemp-derived with higher CBD levels per serving and incorporate patented Nano technology to increase bioavailability, meaning that more CBD is delivered to the needs of the consumer faster and with longer-lasting impact. The Nano CBD feature, combined with key vitamins, minerals, essential fatty acids and time-tested organic botanicals, dramatically increase the products’ ability to deliver natural, targeted and effective results for women.