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Marijuana Minute: Weekly News Recap
Canopy Growth Corporation Announces Offering of C$400.0 Million of Convertible Senior Notes Due 2023. Canopy Growth Corporation (TSX: WEED) (NYSE: CGC) announced today that it proposes to offer C$400.0 million aggregate principal amount of convertible senior notes due 2023. Canopy Growth also intends to grant to the initial purchasers of the notes an option to purchase up to an additional C$60.0 million aggregate principal amount of notes. The notes will be general unsecured, senior obligations of Canopy Growth and interest will be payable semi-annually. The notes will mature on July 15, 2023, unless earlier converted, redeemed or repurchased in accordance with their terms prior to such date. Prior to January 15, 2023, the notes will be convertible at the option of holders only upon satisfaction of certain conditions and during certain periods, and thereafter, at any time until the close of business on the business day immediately preceding the maturity date. Upon conversion, the notes may be settled in cash, common shares of Canopy Growth or a combination of cash and common shares of Canopy Growth, at the election of Canopy Growth. Canopy Growth may not redeem the notes prior to July 20, 2021, except in the event of certain changes in Canadian tax law. www.newswire.ca
Hydropothecary receives its first phase of licensing for 250,000 sq. ft. greenhouse expansion. The Hydropothecary Corporation (TSXV: THCX) announced that the first two zones of its 250,000 sq. ft. greenhouse expansion is now licensed by Health Canada, under the ACMPR which allows the company to transfer plants in immediately. This, along with the 1 million sq. ft. expansion set to be complete by year end, will bring total production capacity up to 1.3 million sq. ft. and will allow Hydropothecary to produce 108,000 kgs of dried cannabis annually. globenewswire.com
The Green Organic Dutchman Adds Additional 14,000 kg by Entering Jamaica Through Strategic Partnership With Epican Medicinals Ltd. The Green Organic Dutchman Holdings Ltd. (TSX: TGOD) (OTCQX: TGODF) announced it has entered into a strategic partnership with Epican Medicinals Ltd. This partnership will add an additional 14,000 kgs, taking TGOD's total organic funded capacity to 130,000 kgs. The companies have partnered to construct a second 125,000 sq. ft. GMP compliant facility. Upon receiving the second site license, both facilities will cultivate high premium organic strains for the Jamaican and international markets. The Company will be working with Eco-Cert to achieve organic certification in Jamaica. Globenewswire.com
Tetra Bio-Pharma Takes on Fentanyl in Head to Head Trial for the Treatment of Breakthrough Pain. Tetra Bio-Pharma Inc. (TSXV: TBP) (OTCQB: TBPMF), announced that Santé Cannabis has finalized the clinical study protocol evaluation of PPP001, which will be the first time that cannabis is being compared to fentanyl in a clinical trial. The study protocol has received approval from the Independent Ethics Board (IRB Services) and was recently submitted for review to Health Canada. PPP001 will investigate cannabis as an alternative to fentanyl in the management of breakthrough pain. As a prescription drug, PPP001 will be eligible for insurance coverage. Tetrabiopharma.com
Namaste closes acquisition of 10% share equity of Israeli-based cannabis producer Cannbit Ltd. Namaste Technologies Inc. (TSXV: N) (OTCQB: NXTTF) announced that the company has signed a subscription agreement to acquire 10% of the issued share capital of Israeli licensed producer of medical cannabis, Cannbit Ltd for NIS 2,500,000 or approximately CAD $908,000, which includes a combination of both cash and shares. Subsequently, Cannbit has also signed a binding agreement to complete a merger with a company listed on the Tel Aviv stock exchange, whereby Cannbit will retain 85% ownership of the combined public entity. The Company believes that its investment will be immediately accretive in nature based on the valuation metrics of the transaction which consequently valued Cannbit significantly higher than what Namaste acquired its 10% equity stake for. www.newswire.ca
United Greeneries receives Dealer's License to allow for imports and exports of cannabis products and establishing of product development platform: Harvest One Cannabis Inc. (TSXV: HVT) announced, United Greeneries has received a Dealer's License pursuant to the Controlled Drugs and Substances Act under Health Canada. The license now allows UG to import narcotics into Canada. The Dealer's License further allows the company to export its medical cannabis products to other markets with favourable medical marijuana regulations, including Germany. The company will also further engage in research and development of cannabis infused products and is preparing a state-of-the art product development centre at its Duncan facility in British Columbia. www.newswire.ca
Invictus Signs LOI For Cannabis Sales into Germany: Invictus (TSXV: GENE) (OTCPK: IVITF) announced it has signed a non-binding LOI, executed on June 13, 2018, to sell dried cannabis to a German importer and distributor of medical cannabis. The company will initially commit to selling 1,000 kgs of dried cannabis flower per annum at a price of $6.50 per gram. The volumes and respective prices of dried cannabis flower for the second and consecutive years will be defined in a Definitive Offtake Agreement. The Importer, whose name will remain undisclosed until execution of the Offtake Agreement, combines a highly competitive business model with a vast distribution network of 20,000 pharmacies and a clear focus on product marketing and professional education. A EU-GMP certification is a requirement to distribute medical cannabis to Germany and across the European Union. www.newswire.ca
FSD Pharma Inc. Announces a Partnership Agreement with Cannara Biotech Inc. to Allow for Indoor Grow Space to Increase to a Combined 1,245,000 Square Feet: FSD Pharma Inc. (CSE: HUGE) (OTCPK: FSDDF), announced a partnership agreement between FV Pharma Inc. and Cannara Biotech Inc. effective May 31, 2018. The agreement creates the ability for the Company to become the largest indoor medical cannabis growing operation in North America. The new premises will be used for the operation of licensed cannabis cultivation and/or the sale of products namely, dried cannabis, fresh cannabis, cannabis oil, saleable cannabis and other cannabis-derived products for medical purposes and, when formally legalized, for recreational purposes. Cannara's 625,000 square foot modern and secure property is expected to be one of the largest indoor medical cannabis production facilities in Quebec. FSD Pharma currently owns 25% of Cannara. www.newswire.ca
MedReleaf Reports Fourth Quarter and Year End Fiscal 2018 Results: MedReleaf Corp. (TSX: LEAF) (OTCPK: MEDFF) announced financial and operating results for the fourth quarter and year end fiscal 2018 ending March 31, 2018.
Fourth Quarter Fiscal 2018 Highlights:
Sales of $12.0 million, an increase of 16% from the prior year period, and a 6% increase from the third quarter of fiscal 2018.
Adjusted EBITDA loss of $4.7 million, a decrease of $6.3 million from the prior year period due to increased overhead costs and investments in recreational brands, international business initiatives, and increased research and development efforts.
At the end of March 31, 2018, the Company had cash and cash equivalents of $215.9 million and working capital of $255.7 million. www.newswire.ca
Sandoz Canada Becomes the First Canadian Pharmaceutical Company to Enter the Medical Cannabis Field: Sandoz Canada announced that it has finalized its collaboration agreement with Tilray allowing Sandoz Canada to become the first Canadian pharmaceutical company to enter the medical cannabis field. The alliance will support the rising interest in medical cannabis by providing patients with medical treatment options of stringent manufacturing standards that are adapted to their medical conditions. globenewswire.com
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