William Sumner
It’s time for your Daily Hit of cannabis financial news for April 29, 2019
On The Site
Aleafia Health
Aleafia Health Inc. (TSX: ALEF) (OTC: ALEAF) reported that its 2018 total revenue was $3.3 million versus zero in 2017. The pro-forma combined Aleafia Health and Emblem revenues in 2018 were $11.3 million an increase of 327% over a combined Aleafia Health and Emblem 2017 revenues of $2.7 million. Still, the company delivered a net loss from operations in 2018 of $9.7 million.
Canopy Growth
Canopy Growth Corporation (TSX: WEED) (NYSE: CGC) announced a key milestone in establishing its Hemp Industrial Park in the Southern Tier region of New York State. It has secured a 308,000 sq. ft. facility on a 48-acre property in Kirkwood, NY. The company said that design development would begin immediately with construction expected to start this summer.
Origin House
Canada-based Origin House (once known as CannaRoyalty Corp.) (CSE: OH) (OTCQX: ORHOF) reported its fourth quarter and year-end results ending in December 2018 in Canadian dollars. The fourth quarter saw revenues of $7.9 million an increase of 638% over last year’s $1.1 million for the same time period. The net loss for the quarter was $6.1 million.
In Other News
Charlotte’s Web Holdings
Charlotte’s Web Holdings Inc. (CSE: CWEB) (OTCQX: CWBHF) has a new CEO. The company announced today that Adrienne “Deanie” Elsner would sign on as its Chief Executive Officer effective May 15, 2019. Elsner previously served as President of Kellogg’s $3 billion Snack Business Unit. Before joining Kellogg, Elsner worked at the Kraft Foods Company and held various leadership positions, including Executive Vice President and Chief Marketing Officer. Elsner was also named by Forbes as one of the 50 Most Influential Global CMOs. “Deanie’s appointment is timely and aligns perfectly with our corporate evolution from the early stage organization we were just two years ago into a professionally managed public company with top-tier executive talent,” said Hess Moallem, current President and CEO of Charlotte’s Web. Moallem will stay on with the company in an advisory position.
New Leaf Data Services
New Leaf Data Services (NLDS), and the Cannabis Mercantile Exchange (Cannamerx) have signed a data-sharing agreement, upon which Cannamerx will provide NLDS with real-time data generated by its international cannabis and hemp trading platform. NLDS will incorporate the platform into its Cannabis Benchmarks® and Hemp Benchmarks® wholesale price assessments. NLDS will help Cannamerx market its international wholesale cannabis & hemp products auction platform, which includes informing its business partners and subscribers about the benefits of using Cannamerx platform. “We are pleased to have entered into this agreement with Cannamerx, which will expand and deepen the wholesale pricing data that is the foundation for our institutional grade Cannabis Benchmarks and Hemp Benchmarks,” commented NLDS CEO Jonathan Rubin.
Cannara Biotech
Cannara Biotech (CSE: LOVE) (FRA: 8CB) has announced its financial results for the three month and six-month periods ended February 28, 2019. Cannara ‘s revenue for the three-month period was $518,438 and for the six-month period was $1,036,881. The net loss for the three month period was $4,011,926 or $0.01 loss per share. The net loss for the six-month period was $6,317,152 or $0.01 loss per share. The company also raised $37,375,268 via private placement in exchange for 207,640,375 common shares. “Financially, Cannara is very solid, with all costs associated with Phase one construction fully funded and most stabilized operating costs offset by lease revenue,” said Lennie Ryer, CFO of Cannara. “Built for the long run, the next few quarters will be eventful as we complete construction and advance towards the goal of ongoing revenues from our state-of-the-art production and processing facility.
