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Delta, Kelowna, BC –October 16, 2019 (Investorideas.com Newswire) www.Investorideas.com, a global news source covering leading sectors including marijuana and hemp stocks and its potcast site, www.potcasts.ca release today’s edition of Investorideas.com potcastsCM - cannabis news and stocks to watch plus insight from thought leaders and experts.
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Good afternoon and welcome to another episode of Investorideas.com "Potcast" featuring cannabis news, stocks to watch as well as insights from thought leaders and experts
In today’s podcast we look at announcements from earlier this week.
But first, StrainprintR Technologies Ltd. announced that Health Canada has subscribed to use Strainprint Analytics to further research Canadians' use of cannabis in the post-legalization era.
Health Canada views the legalization and regulation of all cannabis through a lens of public safety and is regarded as one of the most respected regulatory bodies in the world. Raising awareness about the health effects of cannabis through research and public education is fundamental to Health Canada's mandate, which Strainprint's real-world observational data is uniquely positioned to support.
Health Canada now has access to over 1.4 million anonymized patient reported outcomes (70+ million data points on real-time patient use and strain efficacy) through Strainprint Analytics, the most sophisticated cannabis research platform available today. Strainprint Analytics is the self-serve web-companion to published reports (like the Canadian Medical Cannabis Experience: A 2019 Patient Retrospective) and custom research that Strainprint's research team conducts on its data for industry.
Various departments at Health Canada will use Strainprint Analytics to:
● Understand how optimal products and administration methods vary by gender and age across the country;
● See how products and producers rank against each other for consistency and efficacy;
● Get better and faster visibility into any adverse reactions; and
● Track how Candian patient use has changed pre and post legalization.
"Canada has developed the most sophisticated and compliant medical cannabis program in the world, which makes Health Canada, arguably, one of the most important data customers in the industry," said Strainprint CEO, Andrew Muroff. "We are incredibly proud that they have chosen to work with us as a trusted authority on patient data."
Khiron Life Sciences Corp. (TSXV: KHRN) (OTCQB: KHRNF) announced that it has completed the EU cosmetic regulatory process for seven Kuida products, and has received a "no objection" letter from TSXV with respect to distribution of these products in the UK.
Tejinder Virk, President, Khiron Europe, commented, "The fulfillment of EU cosmetic regulatory requirements allows the Company to bring our proven product line into the sophisticated and growing European skincare market, where we expect to rapidly build and grow Kuida's market share. We will initially focus on import and marketing in UK, with our first sales expected in Q1 2020, before expanding to Spain, Germany and the broader European market, subject to the specific requirements of individual member states and TSXV approval."
Kuida®, the first consumer brand of Khiron's wellness business unit, brings the benefits of cannabidiol (CBD) to a comprehensive portfolio of skin and body care products for women. Kuida was launched in Colombia in October 2018 through retail, wholesale and online channels and is now available nationwide and through e-commerce channels. As the Company expands Kuida® distribution in Europe, the brand will be a featured exhibitor at Cosmoprof Worldwide Bologna 2020, which attracted over 265,000 visitors in 2019 and is the largest such event to learn more about market leading products and to place orders.
"We are pleased to report a second consecutive quarter of profitable growth with strong contribution from our Canadian cannabis operations. Our success was also driven by our international business and the strength and growth of our brands, particularly Broken Coast, despite a small fire at our British Columbia facility at the end of the quarter. This solid start to the year keeps us on track to achieve our fiscal year 2020 financial outlook," stated Irwin D. Simon. "Going forward, we remain focused on our highest-return priorities both in Canada and internationally as our team furthers the development of our medical and adult-use cannabis brands to drive growth through innovation and return value to shareholders."
Some of the key operational highlights included a net revenue of $126.1 million in the first quarter, an increase of 849% from prior year quarter and a decrease of 2% from the prior quarter, with the revenue for adult-use cannabis of $20.0 million in the first quarter, an increase of 8% from the prior quarter. Net income of $16.4 million and adjusted EBITDA of $1.0 million in the first quarter and ended the quarter with a strong balance sheet and liquidity, including $464.3 million of cash, cash equivalents and liquid marketable securities, to fund planned Canadian and International growth.
Some of the key financial highlights of the third quarter included, a revenue increase to $16.5 million, an 87.1% increase over the second quarter and a 641.4% increase over the first quarter of 2019, a gross profit increase to $12.8 million, or 77.8% of revenue, for the third quarter of 2019 compared to $5.1 million or 57.9% of revenue in the second quarter and an adjusted EBITDA(1) of $9.8 million in the third quarter, or 59.4% of revenue compared to $2.0 million or 23.0% of revenue in the second quarter of 2019. The company had a strong balance sheet with $69.2 million in cash and cash equivalents and short-term investments and a net working capital position of $84.1 million as at August 31, 2019.
"We are extremely pleased with the roll-out of our business plan and the continued scale up in the Company's extraction operations which have allowed us to continue our aggressive quarter over quarter growth in volumes, revenue, adjusted EBITDA and net income." said Tyler Robson, CEO of Valens. "The Company's performance in the third quarter clearly demonstrates our industry leading technical capabilities, the quality of our products and the earnings power of our platform. While we anticipate that our margins in future quarters will continue a strong upward trend from the levels seen in previous quarters, especially as our volumes continue to ramp and efficiencies are realized, margins in the third quarter were aided, in part, by a one-time contract opportunity which we do not anticipate recurring in future quarters. Finally, our net income in the quarter has made us the most profitable public company in the Canadian cannabis sector with the highest net income margin (excluding biological asset fair value adjustments)."
National Access Cannabis Corp. (TSXV: META) provided investors with a corporate and retail sales update. The Company is successfully executing on its growth strategy and has achieved over $60 million in retail sales since legalization, with cumulative gross margin of 32%. The Company is targeting to have 40 operating stores by the end of calendar 2019.
"NAC is already one of the highest revenue generators in the Canadian cannabis space and by revenue, is the largest publicly traded recreational cannabis retailer in the country. In a highly regulated market like Canada, we view owning retail shelf space and the data gleaned from millions of customer interactions as a pipeline to accessing customers and developing long-term brands and loyalty," said Mark Goliger, CEO of NAC. "With one of the largest and most visible networks of retail storefronts across Canada and a proven track record of repeat customers, NAC is well-positioned to continue playing a pivotal role in the growing industry. I am proud of our team for bringing us to over $60 million since federal legalization and for generating positive and growing Adjusted EBITDA on a retail basis, all while significantly expanding our store network."
Mr. Goliger added, "As the cannabis industry continues to evolve, and the introduction of new products is on the horizon, NAC has a well-defined growth roadmap focused on building shareholder value. We are focused on building value for shareholders as our team continues to drive performance from existing stores, introduces enhanced store concepts and executes on a robust pipeline of new store locations. We believe that retail is the most strategic segment of the cannabis value chain, as it is the retailers who are able to interact directly with clients and influence their purchasing decisions, it is the retailers who have access to data associated with millions of customer transactions, and it is the retailers who make the decision as to what products to sell."
CannaRoyalty Corp. d/b/a Origin House (CSE: OH) (OTCQX: ORHOF) announced that the Company has achieved full integration with the California Cannabis Track-and-Trace system at each of its six licensed facilities in the state.
The CCTT system, developed by software vendor, Metrc, uses RFID-enabled tags to track cannabis products through every stage of the supply chain, from seed to retail sale. Once deployed statewide, the program will give both regulators and licensees greatly improved visibility into the movement of cannabis goods in California, while making it harder for black-market goods to reach consumers.
Since receiving its first provisional state license from the California Department of Food and Agriculture in March, 2019, Origin House has worked closely with Metrc and state regulators to implement CCTT at its cultivation, manufacturing, and distribution facilities. Deployment of the system at the 17,000-square- West Sacramento distribution hub, operated by Origin House's distribution arm, Continuum, marked the successful completion of these efforts.
"Our team has long supported CCTT-Metrc as a cornerstone of California's regulatory and consumer-protection strategies," said Lee Dorkin, Head of California Operations at Origin House. "We are proud to be among the first vertically-integrated operators to complete deployment of the system at such a large scale. Our success in doing so reaffirms Origin House's commitment to being an industry leader in compliance and product quality."
THC BioMed Intl Ltd. (CSE: THC) announced that Health Canada has amended its licence to enable THC BioMed to sell cannabis oil products.
"October 17th marks a significant turn for the cannabis industry as we welcome the introduction of edibles. THC BioMed is excited to participate in this momentous occasion with the granting of our oil licence," commented John Miller, CEO of THC BioMed, "We also will be filing an application to add the sale of extracts, topicals and edibles to our licence in the next few days."
"We are proud to introduce a brand-new product to the cannabis market, THC Kiss, a proprietary invention of THC BioMed. This is a unique product and it is not something that can be found on the existing gray or legal markets," said Mr. Miller.
THC Kiss, when approved, will be available through authorized provincial distributers and to THC BioMed's registered patients.
Namaste Technologies Inc. (TSXV: N) (OTC: NXTTF) announced that CannMart Inc., a wholly owned subsidiary of Namaste, has received approval from Health Canada for an amendment to its license allowing it to offer cannabis oil concentrates on its online marketplace, CannMart.com.
"The long-awaited Health Canada approval we just received, is pivotal as it allows us to participate in the cannabis oils market today, and sets the stage for our presence in the edibles, extracts and topicals markets, pending their legalization and regulation anticipated to occur this week," said Meni Morim, CEO of Namaste Technologies Inc. "The amended sales license opens the door to a wide range of new cannabis products and related revenue streams and fulfills a key strategy milestone."
The amendment to CannMart's cannabis sales license allows CannMart to offer cannabis oils to its registered medical patients immediately and positions CannMart to leverage Canada's "Cannabis 2.0" market opportunity when cannabis edibles, extracts, and topicals become legal for recreational use. In a recent report, the consulting firm Deloitte estimates that the Canadian market for edibles and alternative cannabis products to be worth up to C$2.7 billion annually.
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