This is your Daily Hit of cannabis news for May 1, 2018:
On The Site
Canadian-based cannabis company Sunniva Inc. (SNNVF), released its financial results for the fourth quarter and the year ending December 31, 2017. For fiscal 2017, the company delivered $16.1 million in revenue mostly generated from its two acquisitions during the period, Natural Health Services (NHS) and Full Scale Distributors (FSD), which contributed C$11.3 million and C$4.8 million in revenue, respectively. Still, Sunniva reported a net loss for the year of C$18.5 million as compared to C$6.9 million for 2016.The losses stemmed from C$14.3 million in selling, general and administrative expenses and then the company also incurred costs of goods sold of C$9.4 million due to the contract physician compensation in NHS and product manufacturing costs in FSD.
In Other News
Cannabis Science Inc.
Cannabis Science Inc. (CBIS), a company based in the United States that specializes in the development of cannabinoid-based medicines, announced the second peer-reviewed publication of its research related to the treatment of cancer using cannabinoids. Dubbed “Enhancing the Therapeutic Efficacy of Cancer Treatment with Cannabinoids” the peer-reviewed article was published in the most recent edition of Frontiers in Oncology. This topic of the article concerns the using cannabinoids in conjunction with traditional radiotherapy and smart biomaterials to improve outcomes in the treatment of lung and pancreatic cancer. “This work will form part of our applications to the U.S. Food and Drug Administration (FDA). As we continue this work we will expand our pharmaceutical development program from farm to bedside,” said Cannabis Science Chief Medical Officer, Dr. Allen A. Herman.
Hiku Brands Company Ltd.
Hiku Brands Company Ltd. (HIKU), a vertically integrated company focused on high-end cannabis brands, announced the filing of its 2017 financial results. Hiku Brands is the creation of a merger between the two companies DOJA and TS Brandco Holdings Ltd. (Tokyo Smoke), which occurred in January 2018. Additionally, the company also announced today that is has entered into a definitive agreement to acquire 100% of the issued and outstanding shares of Maïtri Group Inc. (Maïtri), a Quebec-based cannabis accessory and design brand. Under the agreement, Maïtri shareholders will receive a combined total of an aggregate of $550,000 in a combination of $50,000 cash and 318,471 Hiku shares; along with the potential of an additional 764,329 Hiku shares in earn out and contingent payments if certain performance milestones are met.
Isodiol International Inc.
Isodiol International Inc. (ISOL) today announced the completion of the merger acquisition of 100% of KURE Corp., a vaporizer retailer based in Charlotte, North Carolina that specializes in e-cigarettes, e-juices, and related accessories. KURE has multiple retail locations throughout the United States, with approximately 200,000 customer transactions per year. “KURE adds a vertical dimension to our business plan that no other CBD company can claim. We now take CBD from the plant and deliver it to the end customer through our own retail platform,” commented Isodiol CEO, Marcos Agramont. Under the agreement, KURE shareholders will receive 23,809,523 Isodiol shares in exchange for their shares in KURE. As part of the agreement, Isodiol has agreed to fund the development of KURE’s retail network.