It’s time for your Daily Hit of cannabis financial news for November 13, 2018.
On the Site
Cronos Group (CRON) reported a 186% increase in third quarter revenues to $3.8 million versus last years $1.3 million for the same time period. Gross profits were essentially flat with C$2.09 million for this past quarter versus C$2.0 million for the previous year. The net loss increased to C$7.2 million for the quarter over last year’s net income of C$1.0 million. The net loss per diluted share was four cents versus last year’s net income per diluted share of one cent.
Cannabis Company President Applies Tech Boom Lessons to Cannabis Industry
Editors Note: This content was contributed by Strainprint Technologies. “It doesn’t matter if you’re selling pickaxes and dynamite to panhandlers during the gold rush or selling market research and patient engagement software during the green rush,” said David Berg, Chief Technology Officer of Strainprint. “The lessons are universal.” Berg finds that when it comes to business, everything that is old is new again.
In Other News
Valens GroWorks Corp.
Valens GroWorks Corp. (CSE: VGW), a vertically integrated provider of cannabis-related products and services, announced today that it has begun trading on the OTCQB market. The company will continue to trade on the Candian Securities Exchange under the symbol VGV. “We are excited to have finalized our new listing on the OTCQB® Marketplace. This new listing, combined with the current work underway to finalize the Company’s DTC eligibility, will increase Valens’ presence with United States investors, providing increased liquidity to the Company’s growing shareholder base,” commented Tyler Robson, Valens CEO.
Green Thumb Industries
Green Thumb Industries (CSE: GTII) announced that it has signed a definitive agreement to acquire Integral Associates. Included in the acquisition is the retail brand Essence, which operates in the Las Vegas Valley; Desert Grown Farms, a cannabis cultivation facility which is home to a genetic library of 100+ cannabis strains; and Cannabiotix NV, a cultivation facility that has won several High Times Cannabis Cups. “We are thrilled to expand GTI’s production, distribution and retail footprint in one of the most popular tourist destinations in the world,” said Ben Kovler, GTI Founder and CEO. “This acquisition is immediately accretive and an important milestone as we position GTI to scale in one of the only limited license adult use markets.”
MJardin Group today completed its reverse takeover (RTO) of Sumtra Diversified Inc. Sumtra has changed its name to MJardin Group, Inc. and has delisted its shares from the TSX Venture Exchange. The company has received preliminary approval to lists its shares on the Canadian Securities Exchange and will commence trading on November 15, 2018 under the symbol “MJAR.”
Sproutly Canada Inc.
Sproutly Canada Inc. (CSE: SPR) announced that it has entered into a letter of intent to form a joint venture with Global Canna Labs Limited. Global Canna Labs is the largest medical cannabis provider in the Caribbean. Under the agreement, the companies will develop, produce, distribute, and market cannabis infused beverages, edibles and topical products from Sproutly’s fully licensed, APP Technology. “Partnering with Global Canna Labs on this joint venture allows Sproutly to expand its business outside of Canada with a leading, low cost cannabis cultivator in Jamaica that has proven distribution across the Caribbean and expanding into the European Union,” said Keith Dolo, Sproutly President and CEO. “This partnership will enable Sproutly to diversify its product portfolio and accelerate its global distribution network from a low-cost regulated jurisdiction.”