It’s time for your Daily Hit of cannabis financial news for March 26, 2019.
On The Site
The Canadian-based cannabis company reported net revenues of $5.6 million in the fourth quarter of 2018 versus $1.6 million for the fourth quarter of 2017, representing an increase of $4.0 million, or 248%. The increase in revenue was driven by shipments to the Canadian adult-use market and growth in cannabis oil revenue. The company did not report its net profit or loss for the quarter.
The UK’s first specialist medicinal cannabis center opened earlier this month, charging £200 ($264) per appointment, and between £600 ($792) and £700 ($925) per month for treatment.
Patients at The Beeches, in Greater Manchester, will only be given medicinal marijuana on a case-by-case basis if staff are happy that they have exhausted all other possibilities with over the counter medicine.
A key international vote on cannabis rescheduling may not be held until March 2020, as governments continue to push for more time to decide on downgrading marijuana to a less harmful category.
The United Nations Commission on Narcotic Drugs (CND) has been due to rule on recommendations by the World Health Organization (WHO) that cannabis be removed from the Schedule IV of the 1961 Single Convention on Narcotics Drugs.
Such a move would free cannabis from international treaty restrictions and kickstart a global boom, leaving nations free to pursue research without fear of sanction.
In Other News
Plus Products Inc. (CSE: PLUS) (OTCQB: PLPRF) provides its unaudited revenue estimate for the fiscal period ended December 31, 2018, of US$8.4 million. This unaudited revenue represents substantial growth of 684% when compared to fiscal 2017 revenues of US$1.1 million.
Revenue estimates for the fourth quarter of 2018 were $3.4 million, representing an approximately 32% anticipated increase above the third quarter of 2018 and 776% above the fourth quarter of 2017. The revenue growth was driven by sales of Plus Products’ concentrated brand portfolio of four full-time SKUs and one rotating seasonal.
The Company’s unaudited cash balance climbed to $22.9 million at the end of 2018, up from $0.3 million at the end of 2017 and $11.1 million as of September 30, 2018, prior to the initial public offering in October.
Cannara Biotech Inc.
Cannara Biotech Inc. (CSE: LOVE) (FRA: 8CB), an emerging vertically integrated cannabis company focused on cultivation and cannabis-infused products, today announced its subsidiary Global shopCBD.com Inc. has closed private rounds of financing for aggregate proceeds of $8,865,849.15. Cannara remains the majority shareholder of the U.S. based online e-commerce platform with an approximately 61% ownership position.
Halo Labs Inc. (OTC: AGEEF) announced it has secured eligibility by The Depository Trust Company (DTC) for its shares on the OTC.
SOL Global Investments Corp. (CSE: SOL) (OTCQB: SOLCF)has acquired 3,396,049 common shares of Jones Soda in the open market. SOL Global’s total investment represents approximately 8.19% of the total issued and outstanding common shares of Jones Soda which, based on publicly available information, makes it the company’s largest stockholder. SOL Global has filed a Schedule 13D with the United States Securities and Exchange Commission describing its investment in Jones Soda.
GB Sciences, Inc. (OTCQB: GBLX) announced that The LSU Agricultural Center (AgCenter) received confirmation from the Louisiana Department of Agriculture and Forestry (LDAF) that GB Sciences Louisiana is deemed suitable for full-scale operations.