Staff
It’s time for your Daily Hit of cannabis financial news for May 13, 2020.
On The Site
Aleafia
Aleafia Health Inc. (OTC: ALEAF) reported its financial results for the first quarter ending March 31, 2020, with revenue increasing 143% sequentially to $14.6 million. Aleafia said that it was due to an $8.9 million increase in cannabis net revenue which was 859% more than the 2019 first quarter.
The company also delivered a net loss of $6.2 million, which has been trimmed sequentially from a net loss of $9.8 million. The company attributed the net loss to non-cash items including changes in the fair value of inventory sold, expenses of $6.2 million, amortization and depreciation expenses of $2 million, and a deferred income tax expense of $1.7 million.
Covalent
Covalent Collective raised millions of dollars from cannabis investors and planned to buy a property called the Colorado 16 (CO16). Now the company is asking those investors for more money to fight a lawsuit over the acquisition and is accusing its former director Geoff Thompson of being a co-conspirator with the CO16 sellers. It also comes to light that there is now an FBI investigation.
Medical Marijuana
Ever since recreational cannabis has stolen the stage, people tend to forget that cannabis is one of the oldest and most trusted medicines on the planet.
The medicinal properties within the plant are responsible for managing the symptoms associated in patients suffering from Epilepsy, Autism, Crohn’s Disease, Cancer, PTSD, and Chronic Pain to name just a few.
These brands have developed some of the best practices and formulations in the industry to treat a myriad of ailments with patents pending across the globe.
Our team decided to break down a list of the most respected medical brands and products within the cannabis industry globally.
In Other News
Khiron
On May 6th, Khiron, the exclusive Latin American supplier to Project Twenty21, a leading UK study that aims to create the largest body of evidence in Europe for the effectiveness and tolerability of medical cannabis, announced that their first import of EU GMP medical cannabis products is complete. Khiron’s products are now available to participating UK doctors, with first prescriptions now received.
Other key takeaways from the press release include:
Khiron has secured a strategic partnership with an EU GMP fulfilment partner which can deliver patient prescriptions to their homes
UK medical cannabis clinics and doctors have received regulatory approval to conduct teleconsultations with patients, a new milestone in opening up patient access
By 2024, the UK medical cannabis market is predicted to be worth nearly £1bn, servicing nearly 340,000 active patients
Tetra Bio-Pharma
Tetra Bio-Pharma Inc. (OTCQB:TBPMF), a leader in cannabinoid-derived drug discovery and development, announces that its Board of Directors has accepted the resignation of Mr. Sylvain Chretien as President of the Company. In light of Mr. Chretien’s resignation, the Board has decided not to appoint another president at this time.
