Debra Borchardt
It’s time for your Daily Hit of cannabis financial news for April 6, 2018:
On The Site:
The OTC Markets Group, which is home to most cannabis stocks, is taking the lead on identifying stock promotions for its investors. Stock promotion isn’t illegal. What is illegal is not being transparent about it. In its latest action, the OTC has set up a “Promotion flag” to warn market participants that the trading could be under suspicion. “For market forces to work, it’s got to be about providing more information so investors can make the right decisions,” said Cromwell Coulson Chief Executive Officer of the OTC Markets Group. “The companies have a responsibility to immediately address information regarding trading rumors. We’ve removed issuers because they weren’t truthful about sponsoring promotions.”
Cannabis blockchain is coming to the Empire State. On April 6, 2018, Alternate Health (AHG), a software solutions provider specializing in the medical cannabis industry, announced that it is expanding its StatePass medical cannabis Electronic Medical Records (EMR) blockchain system into New York and that physician onboarding and initial service testing has already begun.
In Other News:
Cronos Group Inc. (CRON) announced that it closed its previously announced bought deal public offering. A total of 10,420,000 common shares of Cronos Group were sold at a price of $9.60 per share for aggregate gross proceeds of approximately $100.0 million.
Delivra Corp. (TSXV: DVA) completed a non-brokered private placement through the issuance of 3,561,423 units of the company for gross proceeds of $1,246,498.20. Delivra Corp. is a specialty biotechnology company has developed a proprietary transdermal delivery system platform that can shuttle pharmaceutical and natural molecules through the skin, in a targeted manner.
Isodiol International Inc. (ISOLF) announced that it signed a Letter of Intent with Agrima Botanicals Corp, a Canadian Licensed Producer, to import 99.5%+ pure, bioactive pharma-grade cannabidiol isolate into Canada from Isodiol’s GMP-certified production facility in the United Kingdom. Agrima intends to import up to 5,000 g of CBD isolate per month for the purposes of R&D, product formulation and production of pharma-grade derivative products.
Namaste Technologies Inc. (NXTTF) announced March 2018 total unaudited net revenue was C$1,249,670, representing a 74% revenue when compared to March 2017. Namaste’s management team also reported that the company’s wholly-owned subsidiary, Namaste MD Inc. has acquired 535 new medical cannabis patients on the NamasteMD platform, representing a 142% month-over-month increase of patients.
Marapharm Ventures Inc. (MRPHF) said its dispensary in Desert Hot Springs, California continues to increase sales since its acquisition with weekly and monthly promotions. Furthermore, the implementation of a live inventory system has ensured accurate information is relayed in “real-time” to our existing patrons and the 3.5 million visitors to the popular Coachella Valley area.Two of our partner retailer promotions resulted in a 118% daily sales increase when compared to our daily average sales.
