Financialnewsmedia.com News Commentary
PALM BEACH, Florida, Dec. 3, 2019 /PRNewswire/ -- Over the next seven years, the global cannabis market is expected to hit $57 billion, says Adroit Market Research. And, according to BDS Analytics, as legalization spreads, the global market is expected to reach $40.6 billion by 2024. Better, the European market is on course to grow 400% over the next four years, according to the Brightfield Group. As the global community wakes up to the cannabis opportunity, it's opening a wide range of opportunity for cannabis companies that have already established launching cannabis products including The Yield Growth Corp. (CSE:BOSS)(OTCQB:BOSQF), Zenabis Global Inc. (OTCPK:ZBISF)(TSX:ZENA), Harborside Inc. (CSE:HBOR)(OTC:HSDEF), Aurora Cannabis Inc. (NYSE:ACB)(TSX:ACB), and Cronos Group Inc. (NASDAQ:CRON).
The Yield Growth Corp. (CSE:BOSS)(OTCQB:BOSQF) BREAKING NEWS: The Yield Growth Corp. just announced that on December 2, 2019 its subsidiary Yield Botanicals Inc. entered into a non-binding LOI to acquire Canniva Capital Inc., which is developing CBD assets in Europe. Yield Growth's wholly owned subsidiary Yield Botanicals has a planned business to create a hemp extraction facility in Oregon to produce CBD from organically grown hemp. The proposed terms of the acquisition are that Yield Botanicals will acquire all the outstanding and issued shares of Canniva by issuing one share and one warrant in Yield Botanicals to acquire each share of Canniva. The proposed acquisition is subject to Canniva raising $1,000,000 at $0.10 per share. Once the acquisition is complete, Yield Botanicals has an obligation to go public and obtain a stock exchange listing either by Initial Public Offering or by reverse merger with a listed company within 6 months. Upon listing Yield Growth is expected to own 50,000,000 shares and 70% of the listed entity. "This plan to acquire Canniva Capital and take the resulting issuer Canniva Botanicals public as a partially owned subsidiary is part of Yield Growth's intention to build long term value for our shareholders by building our subsidiaries, financing them and taking them public with independent management teams, says Yield Growth CEO Penny White. "Canniva Botanicals will provide a reliable source of high quality organically sourced CBD for our CBD products. "The acquisition of Canniva Botanicals secures for Yield Growth a source of CBD which it will infuse in its Ayurvedic inspired wellness products. Yield Growth recently signed an agreement for distribution of its line of Wright & Well CBD therapeutic products in Greece and Cyprus and plans to continue to grow its distribution network throughout Europe, which the company sees as an important emerging CBD market.
Other related cannabis industry developments include:
Zenabis Global Inc. (OTCPK:ZBISF)(TSX:ZENA) announced the appointment of Vincent Quan as the newest member of its Board of Directors, effective November 21, 2019. Mr. Quan currently serves as the Vice President of Finance for the Richberry Group of Companies, a national agribusiness enterprise with operations in British Columbia and Quebec, and Canada's largest grower-owner of Ocean Spray Cranberries. With over 17 years of experience providing effective financing structures with engaging mid market companies, he has extensive knowledge of the North American agriculture and greenhouse sectors. Working previously for Farm Credit Canada, Canada's largest agriculture lender, he oversaw a team of lending professionals across British Columbia managing a portfolio in excess of $1 billion. In conjunction with joining the Board of Directors of Zenabis, Mr. Quan has committed to exercise 258,000 rights under the current rights offering. "Zenabis is honoured to welcome Vincent as the newest member to our Board of Directors," said Andrew Grieve, Chief Executive Officer of Zenabis. "His previous experience in corporate finance will complement that of our existing board members. I am confident that he will add value in his new capacity as a member of our Board of Directors."
Harborside Inc. (CSE:HBOR)(OTC:HSDEF) announced that it has appointed Tom DiGiovanni as Chief Financial Officer. Keith Li will remain with the Company as the Vice President of Finance. Mr. DiGiovanni is expected to commence his role with the Company on December 9, 2019, subject to receipt of any necessary approvals of the Canadian Securities Exchange. "We are pleased to welcome Tom DiGiovanni to the Harborside team and believe his financial acumen and cannabis background will have an immediate impact on our continued growth, and more importantly in these tougher markets, our bottom line profitability," said Peter Bilodeau, Interim CEO. "Tom has a strong financial and operations background serving public companies and his most recent role as CFO at Canndescent provides a level of understanding of the risk management and financial hurdles any cannabis business faces. We look forward to applying Tom's core financial values, experience and discipline to our organization as we navigate the ever-changing cannabis industry. We believe it is important that our CFO be boots on the ground in the heart of our day-to-day operations working out of our corporate headquarters in Oakland. Further to that, I want to say that we look forward to continuing to work closely with Keith Li as he transitions to his new role as Vice President of Finance. Keith works out of Toronto. We thank Keith for his exemplary services as CFO and the extra efforts he put forward during his tenure."
Aurora Cannabis Inc. (NYSE:ACB)(TSX:ACB) announced that one of the Company's oil products has now been approved for use under Ireland's new Medical Cannabis Access Programme (MCAP). Aurora's High CBD Oil Drops received approval from the Irish authorities and have now been added to a regulatory schedule by the Irish Minister of Health enabling importation, prescribing and supply under the scheme and is to date, one of only two products to gain such authorization. Dr. Shane Morris, Chief Product Officer at Aurora said, "Aurora is pleased to be able to assist patients who are seeking treatment with high quality EU-GMP (good manufacturing practice) certified pharmaceutical-grade medical cannabis in Ireland. We are very proud to be one of the first approved suppliers of medical cannabis under the MCAP. We want to acknowledge the efforts made by many people, especially the patients and doctors who have campaigned for access to these medicines. We look forward to more of Aurora's high-quality medicines being approved, so that more patients can benefit from the MCAP in Ireland. We will continue to work closely with all parties and state agencies to facilitate further availability."
Cronos Group Inc. (NASDAQ:CRON) announced its financial results and business highlights for the three- and nine-months ending September 30, 2019. "As demonstrated by our progress in the third quarter, we are making great strides to advance the development and diversity of our portfolio and to expand our manufacturing capabilities," said Mike Gorenstein, CEO of Cronos Group. "We are confident that our platform strategy and focus on consumer driven innovation will continue to differentiate Cronos Group and drive growth and value creation over the long-term."
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