It’s time for your Daily Hit of cannabis financial news for March 6, 2019.
On The Site
Namaste Technologies Inc. (TSXV: N) (OTCMKTS: NXTTF) continues to see its troubles compounded following the recent scandal involving the company’s founder and former CEO Sean Dollinger. On Wednesday the company confirmed that its auditor PricewaterhouseCoopers, LLP resigned and will no longer be acting as the company’s auditor. Namaste said it was in advanced discussions with potential successor auditors, one of whom is in the final stages of its client acceptance process.
As a result of this situation, the company said it would probably be unable to file its financial statements that are due by March 31, 2019.
Namaste said it was reviewing all of its initiatives and as a result decided to let some of them go. These include the introduction of Namaste Café, a cook book and the H.E.A.L. product line in relation to its previously announced franchise distribution model.
Treehouse Global Ventures
Treehouse Global Ventures (TGV) is pleased to announce the addition of Maria Rodale to their Advisory Board. Maria is a writer, activist, and former Chairman and CEO of Rodale Inc., a global health and wellness lifestyle media company. She has won numerous awards including the United Nations Population Fund’s “Award for the Health and Dignity of Women.” TGV founders Lindy Snider, Gaynell Rogers, and Lori Ferrara -who were named “Women to Watch in 2019” by MJ Business Daily -are excited to add a long-standing leader and expert in wellness and organics to their team.
In Other News
22nd Century Group
22nd Century Group, Inc. (NYSE American: XXII), a plant biotechnology company that is focused on tobacco harm reduction, Very Low Nicotine Content tobacco, and hemp/cannabis research, announced net sales revenue for the year ended December 31, 2018 was the highest in the Company’s history at $26,426,000, an increase of $9,826,000, or 59.2%, over net sales revenue of $16,600,000 for the year ended December 31, 2017. The company experienced a net loss for the year ended December 31, 2018 of $7,967,000, or ($0.06) per share, as compare to a net loss of $13,029,000, or ($0.13) per share, for the year ended December 31, 2017, a decrease in the net loss of $5,062,000.
Tilray, Inc. (NASDAQ: TLRY) announced that its wholly-owned subsidiary Tilray Portugal Unipessoal Lda. has completed a successful harvest of medical cannabis at the Company’s European Union Campus in Portugal. Tilray’s EU Campus in Portugal is a multi-faceted production facility that includes indoor, outdoor and greenhouse cultivation sites, as well as research labs, processing, packaging and distribution sites for medical cannabis and cannabinoid-derived medical products.
Sipp Industries, Inc. (OTC: SIPC) announced its 4th distribution agreement for Major Hemp HIPA with Egizii Distributing Company, tapping into the popular central and southern Illinois craft beer market. Egizii is a distributor of alcoholic beverages based in the capital of Springfield, serving all markets south of the Chicago metropolitan area. Contained within this geographic region are a multitude of cities notable for their appreciation of craft beer, including Peoria, Bloomington, and Carbondale. Egizii’s distribution territory also comprises a large concentration of college towns replete with vast numbers of university students, a population with expansive social networks that is particularly inclined towards imbibing hemp-infused beer. The company has placed their initial order which is slated to arrive next week.
Visitors heading to Hawaiʻi may now participate in the islands’ world-class, medical cannabis program. The Hawai‘i State Department of Health has announced that Out-of-State medical cannabis patients may now apply online for a 329-V card. The new card provides visiting patients with legal access to Hawaiʻi’s medical cannabis dispensaries for up to 60 days. The Hawai’i Educational Association for Therapeutic Healthcare (HEALTH), the state’s trade association for licensed dispensaries, supported the announcement and has been working to prepare for the increase in demand for medical cannabis in Hawai‘i.
CB2 Insights (CSE:CBII) has commenced trading on the Canadian Securities Exchange (CSE) under the symbol “CBII”.