William Sumner
Here are the today’s cannabis news briefs for April 2, 2018:
Aurora Cannabis Inc.
Aurora Cannabis Inc. (ACB) and CanniMed Therapeutics Inc. ( CMED) today announced that Brent Zettl, the CEO of CanniMed, has resigned, effectively immediately. In his place, Andrċ Jérôme has been appointed at interim CEO. As Senior Vice President Business Integration at Aurora, Jérôme was responsible for the integration of acquisitions and the the identification of potential cooperation across existing subsidiaries and joint venture partners. Zettl will continue working with CanniMed and Aurora in an advisory capacity to assist during the transitional period. “”Andrċ is the right person to take on the role of Interim CEO at CanniMed. He is a consummate business professional and team leader with an excellent track record in accelerating growth. We are also very pleased that Brent has agreed to remain available to us as an advisor, which will provide additional support to ensure the transition proceeds smoothly,” said Aurora CEO, Terry Booth, in a statement.
Newstrike Resources Ltd.
Newstrike Resources Ltd. (HIP) announced that its wholly-owned subsidary, Up Cannabis Inc., has today received a cannabis cultivation license for its 160,000 square foot automated greenhouse site in the Niagara region for a term of three years. Cultivation is expected to being this month, with first harvest expected to occur in the third quarter of 2018. Once in full swing, the facility is expected to produce 12,500 kilograms of cannabis by the end of 2018. By the second half of 2018, the company is expected to begin construction on an expansion of the Niagara facility; which will increase the facilities cultivation space by an additional 160,000 square feet and increase its annual production capacity to 27,500 kilograms.
Solis Tek Inc.
Solis Tek Inc. (SLTK) today reported financial results for the year ended December 31, 2017. Revenue in 2017 increased by 5% to $8.98 million with a gross profit of $3.15 million. The net loss for the year was $14 million, compared to the previous years loss of $538,710. The loss increase was primarily driven by higher operating expenses as well as higher stock-based compensation expense, financing costs and changes in fair value of derivative liability. The company currently has $968,000 in cash-on-hand, which is higher than the previous year’s end total of $276,000. “Throughout 2017, we completed much of the foundation work to establish our nutrient vertical, including completing development of our Terpenez essential oil intensifier, which we expect will start generating increasing revenues in 2018. We are confident that we have the right management team in place to execute on our growth strategy and look forward to further expanding the breadth of our vertical markets across the global cannabis industry supply chain,” commented Solis Tek CEO, Alan Lien.
