Debra Borchardt
Here are your cannabis briefs for April 4, 2018:
On The Site –
MassRoots
The cannabis technology company, MassRoots (MSRT), today reaffirmed its commitment to being compliant with California state law by announcing that it would only list state-licensed cannabis dispensaries on its platform. Over the next few weeks, the company intends to launch an updated version of its business portal and dispensary finder. In order to become listed on MassRoots, cannabis dispensaries will have to pay the company a minimum of $199 a month.
CannaRoyalty Corp.
CannaRoyalty Corp. (CNNRF) reported that its revenue for 2017 rose to C$3 million, but could only be compared to nine months of revenue for 2016 which was C$642,277. The same went for the company’s net losses, which were C$9 million versus a loss of C$10.3 million for nine months ending December 2016. The net loss per share was trimmed to C$0.22 for the 12 months ending in 2017 versus C$0.41 for the nine months of 2016.
Organa Brands
The incredibly successful private cannabis oil company Organa Brands was co-founded by Ralph Morgan, who has decided to leave and focus on his new wellness venture. Morgan, not only helped start Organa Brands, but he also founded Organa Labs, the longest licensed cannabis extraction facility in the U.S.
In Other News….
Cannabis Wheaton Income Corp.
Cannabis Wheaton Income Corp. (CBWTF) announced that it entered into a definitive acquisition agreement to acquire licensed dealer Dosecann Inc. in an all-stock deal that is expected to close on or about April 30. Dosecann is a late-stage “Licensed Dealer” applicant pursuant to the Narcotic Control Regulations with a purpose-built 42,000 square foot facility located in Prince Edward Island. According to the company statement, Cannabis Wheaton will acquire all of the outstanding securities of Dosecann by way of a “three-cornered amalgamation.” Cannabis Wheaton will pay the holders of the Dosecann Securities an aggregate of up to $38,000,000, payable in common shares of Cannabis Wheaton subject to the satisfaction of certain post-closing time and performance-based milestones.
GrowGeneration Corp.
Specialty retail hydroponic and organic gardening store GrowGeneration Corp. (GRWG), announced that it has entered into an exclusive product development, research, and distribution agreement to exclusively sell a complete line of specialty products and powder fertilizers that enhance plant health and yields. Alliance, The Roots of Success led by Dr. Jorge Vivanco, has developed a line of specialty products that include soil microbials and high-quality powder-based fertilizers. GrowGen will begin to sell the Alliance Biologics to all Hydroponic stores throughout the US and Canada starting in Q2 2018.
CV Sciences, Inc.
CV Sciences, Inc. (CVSI) said that it has paid the April 2018 installment obligation under its March 1, 2017 Convertible Promissory Note in cash, thus avoiding the lender’s conversion of this amount under the terms of the Note. The company issued the Note on March 1, 2017 in the original principal amount of $770,000, which provided the CV Sciences the right to satisfy installment obligations in cash or by conversion of the installment amount into shares of our Common Stock at a price determined upon the trading price of our stock during the period immediately prior to conversion. On April 2, 2018, CV Sciences made payment to the holder of the Note equal to $100,000 and the lender accepted this payment.
Aurora Cannabis Inc.
Aurora Cannabis Inc. (ACBFF) and CanniMed Therapeutics announced that CanniMed has entered into a Letter of Intent to become a preferred supplier of medical cannabis to Pharmasave. A member governed cooperative of more than 650 independently owned community pharmacies across the country, Pharmasave is one of Canada’s leading independent community pharmacies.
Tilray, Inc.
Tilray, Inc. announced the creation of wholly-owned subsidiary High Park Company to produce and distribute a broad-based portfolio of cannabis brands and products. As a part of this announcement, it also shared that it is making an investment of up to $10 million in a new facility located in London, Ontario to process and distribute finished cannabis products for the adult-use market in Canada. These brands include: Marley Natural, Irisa, a women’s wellness brand, Dutchy, for the more frequent consumer. Grail, a luxury brand. Headlight, for the experienced consumer. Goodship, makers of damn fine edibles. Wallops, creators of high-intensity chews and confections.
