Financialnewsmedia.com News Commentary
PALM BEACH, Florida, Oct. 29, 2019 /PRNewswire/ -- The long-term cannabis growth story is still intact. Canada legalized cannabis use in 2018, and just legalized derivatives as part of Cannabis 2.0. More U.S. states are approving it. Many more Americans are now in favor of legalization, too. A Gallup survey found that 66% of Americans are in favor of legalization – up from 60% in 2016. Even the global community is on board. Not only did Canada and Uruguay legalize cannabis use, Mexico is about to join them. In fact, the Mexican Senate introduced legislation that could legalize recreational cannabis in the country. Plus, as the 2020 race to the White House heats up, many presidential candidates are including cannabis legalization among their top platforms. That's opening a wide range of opportunity for companies including The Yield Growth Corp. (CSE: BOSS) (OTCQB: BOSQF), HEXO Corporation (NYSE: HEXO)(TSX:HEXO), CannTrust Holdings Inc. (NASDAQ: CTST), Zenabis Global Inc. (OTCPK: ZBISF)(TSX: ZENA) and MariMed Inc. (OTCQX:MRMD).
The Yield Growth Corp. (CSE: BOSS)(OTCQB: BOSQF) BREAKING NEWS: The Yield Growth Corp. just released financial and operational results for the third quarter ended August 31, 2019. According to the company, "We have achieved record quarterly revenue in the third quarter of 2019. Revenue increased by 61% to $1.9 million in Q3 2019 compared to $1.2 million in Q2 2019, and increased by 355% compared to $0.4 million in Q3 2018. Beginning in Q2 2018, we have achieved steady growth in revenues over the past 6 quarters to date. Net losses decreased by 55% to $1.9 million in Q3 2019 compared to $4.1 million in Q2 2019, and decreased by 50% compared to $3.7 million in Q3 2018. We also made significant progress in building up our assets and are well positioned for future growth. Total assets increased by 149% to $6.5 million from $2.6 million at 2018 year-end. Net assets increased by 250% to $4.7 million from $1.3 million at 2018 year-end. Working capital increased by 91% to $3.4 million from $1.8 million at 2018 year-end. We have no commercial debt, no short-term loans, no long-term loans and no convertible debentures."
Apart from record financial results, we also accomplished a few strategic milestones in business and operations. We attained Oregon Liquor Control Commission final approval for 9 Wright & Well products, allowing our products to be sold through cannabis retailers in Oregon of the United States; We obtained Compliance Certificates for registration in the European Union for various Urban Juve products, allowing our products to be sold and distributed in the European market, in addition to Canada and US; We expanded market reach by entering into multiple license and distribution agreements for our products to be distributed worldwide, including Canada, US, Greece, Cyprus, Brazil and Colombia; We enhanced our marketing strategy to boost brand awareness, including our products being featured on Leafly, one of the largest cannabis websites in the world, and in high-profile magazines, British Vogue, Vanity Fair UK, and Elle Canada; We increased our market presence by having products available for sale on Shopper, an exclusive ecommerce marketplace by IPSY, beauty box subscription giant; We progressed with the development of our product line expansion through the completion of stability and preservative challenge tests for 9 new hemp products; We expanded our product distribution network and expect to deliver next quarter approximately $150,000 of Urban Juve products to a US company and $100,000 of Urban Juve products for distribution in Greece; and We built up momentum in launching a few brands and commercializing our branded products.
Other cannabis-related developments from around the markets include:
HEXO Corporation (NYSE:HEXO)(TSX:HEXO) just announced it has received licenses from Health Canada for its cannabis Centre of Excellence in Belleville, Ontario, for research, and for the sale of cannabis topicals, extracts, edibles and beverages from its flagship Gatineau campus. "The research license will allow us to take our innovation work to the next level, with testing on derivative products, including taste testing. Consumers have high expectations for their packaged goods experiences, and cannabis will be no different," said Sebastien St-Louis, CEO and co-founder of HEXO Corp. "We are committed to not only ensuring a quality consistent experience but to also guaranteeing that experiences powered by HEXO meet these expectations." While a Processing License provides for testing on live plants, fresh and dried plant material, seeds, and oil, a Research and Development License significantly expands the scope of work that can be conducted on cannabis and its derivatives. The Company plans to conduct research and development at its Vaughan and Montreal Innovation, Development and Engineering hubs, as well as at its Centre of Excellence in Belleville and in other facilities.
CannTrust Holdings Inc. (NASDAQ: CTST) announced that it continues to make significant progress on its commitment to take any and all actions required to both bring the Company into full regulatory compliance and seek the full reinstatement of its licenses. On September 17, 2019, CannTrust announced that Health Canada had suspended the Company's licenses to produce cannabis and sell cannabis, without affecting the Company's ability to continue cultivating and harvesting cannabis. The Company will not challenge Health Canada's partial suspensions and remains focused on working collaboratively and transparently with the regulator to address the Company's non-compliance matters. In pursuit of this goal, the Company has provided Health Canada with an outline of its proposed remediation strategy. This strategy is aimed at implementing the measures identified by Health Canada as necessary to attempt to address the regulator's concerns, namely measures to ensure that cannabis will be produced and distributed only as authorized, including measures to control the movement of cannabis in and out of CannTrust's site; measures to recover cannabis that was not authorized by CannTrust's license; measures to improve key personnel's knowledge of, and compliance with the provisions of the Act and the Regulations that apply to CannTrust; and, measures for improving the manner in which records are kept, including a plan to improve the inventory tracking, and any interim measures to ensure that information provided to Health Canada can be reconciled.
Zenabis Global Inc. (OTCPK: ZBISF)(TSX: ZENA) announces that it will hold an investor conference call in listen-only mode on Tuesday October 29, 2019 at 1:30 p.m. (PDT) to discuss the recently announced offering of rights to holders of Zenabis common shares. During the call, Zenabis' Chief Executive Officer (Andrew Grieve), Chief Financial Officer (Mike Smyth), Chief Growing Officer (Leo Benne) and Chief Revenue Officer (David Lluncor) will discuss the recently announced offering of rights to holders of Zenabis common shares. The conference call will include a presentation that will be posted to the Zenabis website in advance of the event.
MariMed Inc. (OTCQX: MRMD) just announced it has signed a definitive agreement to license its market leading brands and products, Betty's Edibles, and Kalm Fusion,to Tropizen of Puerto Rico. Additionally, MariMed will become a licensee to manufacture and distribute Tropizen's unique tropical products, Pique hot sauce and Real Fruit Gummies in the six states that MariMed serves in the US. The companies are in final review of production requirements to set launch dates for each product by territory. Tropizen is a leading cultivator, manufacturer, distributor and retailer of cannabis products in Puerto Rico servicing nearly all of the island's 100 dispensaries with world-class flower, edibles, topicals and concentrate products. Puerto Rico's medical market is experiencing dynamic growth. The latest data from the territory's government show that the number of registered medical patients in July exceeded 92,000 or 3% of the island's population. According to MJBiz Daily, over 15,000 new patients registered between May and July of this year. "MariMed's Product Division intends to expand its distribution of its cannabis brands to all legal states." stated Bob Fireman, MariMed CEO. "This new territory expansion is the next step in executing our strategy to focus on branded products that deliver real benefits to patients and consumers combined with thoughtful ingredients and great flavors people can enjoy. We are very excited to deliver our leading brands to the patients in Puerto Rico and partner with such an excellent organization in Tropizen."
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