This is your Daily Hit of cannabis news for May 11, 2018:
On The Site
Terra Tech Corp.
The cannabis-focused agricultural company Terra Tech Corp. (TRTC) has announced its quarterly financial results for the period ending on March 31, 2018. Revenue for the quarter was $8.6 million, representing a 26% increase when compared to the period in the previous year. The company attributed its growth to the revenue generated from its cannabis dispensaries in California and Nevada, as well as a 40% increase in sales of produce and herbs nationwide through its Edible Garden brand. Compared to the same period last year, the company’s gross margin increased from 5.3% to 19.1%
InMed Pharmaceuticals (IN), a cannabinoid-based biopharmaceutical company, today reported its financial results for the company’s third quarter of the fiscal year 2018, which ended on March 31, 2018. Most recently InMed commenced trading on the Toronto Stock Exchange on March 26, 2018 as well as upgraded to OTCQX from the OTCQB® Venture Market on May 4, 2018. Additionally the company continued to work on the development of its drugs INM-750 for the treatment of epidermolysis bullosa (EB) and INM-085 for the treatment of glaucoma.
In Other News
The Green Organic Dutchman Holdings Ltd.
The Green Organic Dutchman Holdings Ltd. (TGOD) announced today that it would add Cam Battley to its Board of Directors. Battley comes from a background in the health sector as a management consultant. He currently serves as Chief Corporate Officer at Aurora Cannabis Inc. (ACB) and is responsible with establishing and maintaining relationships with stakeholders throughout the industry. “TGOD is very pleased with the addition of Cam to our Board, representing our strategic partner Aurora Cannabis. His extensive industry experience will be of great value to the Board as we continue executing on the Company’s strategic goals,” said TGOD CEO and Co-Chairman, Robert Anderson.
Liberty Health Sciences
Liberty Health Sciences (LHS) announced that it has signed an amended licensing agreement with Aphria Inc. to include Solei Sungrown Cannabis in the company’s cannabis brand portfolio. Under the agreement, Liberty Health will be able to produce and sell Solei branded cannabis in the state of Florida and Massachusetts, pending approval from both state’s cannabis regulatory bodies. “We are incredibly excited to introduce Solei to the U.S. and to make this brand available to our patients throughout Florida, and soon Massachusetts,” said George Scorsis, Director and CEO of Liberty. “Solei is the perfect complement to Liberty’s patient-centric approach to medical cannabis. Solei hopes to make medical cannabis understandable to all of our patients in need in an easy-to-understand format.”
Cannabis Wheaton Income Corp.
Cannabis Wheaton Income Corp. today announced the closing of its acquisition of its streaming partner Robinson’s Cannabis Inc. Formerly known as Cannahort Agriculture, Robinson’s is a late-stage licensed producer applicant under the ACMPR and is located in Kentville, Nova Scoia. Robinson’s is currently developing a 27,000 square foot cannabis cultivation facility. Under the agreement, Cannabis Wheaton has purchased all of the issued and outstanding shares of the company for a price of $14 million, making Robinson’s a wholly owned subsidiary. “I could not be happier to announce the closing of the Robinson’s acquisition. This transaction strengthens our commitment to Atlantic Canada and deepens the roots that we’re establishing there,” commented Cannabis Wheaton President and Director Hugo Alves. “Andrew and his team are exceptionally talented, passionate professionals who are committed to the craft of growing ultra-premium cannabis and we believe that his cannabis flower will be highly sought after among cannabis connoisseurs across the country.”