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Delta, Kelowna, BC –November 7, 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 a few early announcements.
But first, with 317 licenses issued by the Alberta Gaming and Liquor Commission (AGLC), the province now has 283 private cannabis stores open for business, accounting for 57% of the stores in Canada.
About half of all those stores, 52%, operate using Cova Software. The Vancouver-based Point-of-Sale (POS) company is the clear retail tech of choice in Alberta. Built specifically for cannabis retail compliance, the software is equally popular among independent stores and multi-location retailers, including Aylmer Nelson Cannabis, Spiritleaf, Fire & Flower, Choom, and Prairie Records.
"We spent a year looking at POS systems before we launched," said Darren Bondar, President & CEO of Inner Spirit Holdings (CSE: ISH), the company behind the Spiritleaf network of stores. "We needed a system that was reliable, fast and easy to use. We also needed a POS partner who could scale with us, keep up with regulations, and provide industry-leading analytics and service. At first it appeared like there were a lot of options, but as we dug deeper, Cova was the clear winner for Spiritleaf. We remain satisfied clients twelve months and 37 stores later."
Cova Software has been available to Canadian retailers since the beginning of legalization. Tailor made for the cannabis industry, the POS automates compliance with features like a built-in ID scanner and purchase limit alerts. These safeguards reduce human error, prevent sales to minors, and diversion of product to the black market. The system generates provincial reports required by agencies like the AGLC, saving retailers hours of compiling manual reports.
"We're really proud to be the POS-of-choice in the province," said Gary Cohen, CEO of Cova. "Alberta's charge into the recreational cannabis market has really inspired and challenged us to make a better and better product. We took a compliance-first approach and put a lot of effort into staying on top of evolving regulations and reporting, so retailers could focus on running their stores. It's great that Alberta cannabis retailers have been on that page too. We're very thankful that Alberta's leadership into recreational cannabis allowed so many of those retailers to make strides."
Alberta's private retail model and decision not to cap the number of retail licenses has led to the country's most developed cannabis market and created a lot of opportunity—and competition—for enterprise and independent retailers.
"As an independent operator in Canada's most competitive cannabis market, there is no space for a small business mindset," said Mack Andrews, Co-Owner of Aylmer Nelson Cannabis, one of the top independent stores in Calgary. "We needed a POS system that had enterprise-level functionality and allowed us to effectively manage our inventory, track key metrics, and streamline workflows. It did not take long to understand that working with Cova was the right answer, and they have acted more as a partner than simply just a vendor."
"Earning over 50% market share is a proud accomplishment for Cova," said Cohen. "With that comes a lot of experience and knowledge. We like to share the best practices we learn with new cannabis retailers, to help them avoid mistakes. When we set our customers up, we want to set them up for success."
IM Cannabis Corp., one of the world's pioneering medical cannabis companies with operations across Europe, announced that its common shares are set to commence trading today under the ticker "IMCC" on the Canadian Securities Exchange. IMC will become one of the first Israeli medical cannabis operator to list its shares in Canada. The listing follows the recent completion of its reverse takeover by Israeli-based IMC Holdings Ltd. that included a private placement offering of subscription receipts for gross proceeds of approximately CAD$20.4 million. The Company also reported progress in expanding its cultivation and distribution network across the fast-growing European Union.
"The team at IMC has done exceptionally well to position the Company as a market leader in the EU," said Oren Shuster, Chief Executive Officer. "Against a backdrop of challenging capital market conditions in the cannabis industry, investors have recognized the team's stellar operating history in the medical cannabis sector, recognized its potential and have bought into its European expansion strategy, which now includes operations in Germany, a supply agreement in Europe, and will soon include operations in Portugal and Greece as well."
In the first half of 2019, Focus Medical increased revenue to a record CAD$4.3 million, from CAD$2.4 million in the same period last year. The increase in revenue is attributable to an increase in medical patients served over the prior year, which has reached over 5,000 monthly patients. Under its exclusive commercial agreement with Focus Medical, the Company is entitled to a royalty of 25% of Focus Medical's revenue in addition to amounts for certain services billed at cost plus 25%.
Additionally, Focus Medical received an extension to its licenses from the Israeli Institute of Quality & Control to grow and propagate cannabis for medical use until October 2020. The license extension confirms that Focus Medical meets IMC-G.A.P. standards.
A key pillar of the Company's growth strategy is continued international expansion. IMC has made significant progress at increasing its cultivation and distribution operations in the EU. IMC views the market in Germany as particularly attractive given its size, regulatory structure and proximity to Israel. Accordingly, in March 2019, IMC purchased Adjupharm GmbH ("Adjupharm"), an EU-GMP manufacturer and distributor based in Germany. Adjupharm is fully licensed to import, export and distribute medical cannabis in Germany with a 13-year track record of distributing medical products to pharmacies.
Furthermore, the Company's cultivation partner in Europe has received its EU-GMP certification and has already planted the first cycle of production. First shipment of IMC-branded medical cannabis to Germany is expected in second quarter of 2020. Management continues to pursue other partnerships that will increase the distribution of IMC-branded products to pharmacies in Germany.
"We are making great strides expanding our operations in Europe. This is attributable to the unmatched experience and knowledge our team has accumulated over the past nine years in the medical cannabis sector in Israel," Mr. Shuster continued. "We expect that the demand for medical cannabis in the EU will continue to increase over the long-term. Accordingly, our business strategy focuses on leveraging the first mover advantage by operating the highest standard facilities, producing top quality pharma-grade cannabis and distributing IMC-branded products through established channels. At the same time, we will continue to leverage our presence in Israel to bolster IMC's research and development initiative and collaborate with world renowned scientists on cutting-edge technology to the benefit of patients around the world. We have been active in the research and development ecosystem for cannabis technologies in Israel and expect to make further announcements regarding these efforts in the near term."
Canopy Growth Corporation (TSX: WEED) (NYSE: CGC) and Aubrey Drake Graham ("Drake") announced that they have entered into agreements to launch the More Life Growth CompanyTM, a fully licensed producer of cannabis based in Drake's hometown of Toronto, Canada.
"When we first began talks with Drake we were extremely inspired by and aligned with his vision to bring best-in-class cannabis products to the world," said Mark Zekulin, CEO, Canopy Growth Corporation. "Drake's perspective as a culture leader and entrepreneur combined with Canopy Growth's breadth of cannabis knowledge will allow our new company to bring an unmatched cannabis experience to global markets."
Drake's eclectic career includes experience across a wide variety of industries including music, television, film, fashion, sports, brand development, content curation and social and digital media strategy. Having launched numerous successful brands over the past decade, he is uniquely positioned to bring his innovative eye to the recreational cannabis industry.
"The opportunity to partner with a world-class company like Canopy Growth on a global scale is really exciting," shared More Life Growth Company founder, Drake. "The idea of being able to build something special in an industry that is ever growing has been inspiring. More Life and More Blessing."
Proudly based in Drake's hometown of Toronto, More LifeTM is centred around wellness, discovery and overall personal growth with the hope of facilitating connections and shared experiences across the globe.
"All in all, we couldn't be more excited to partner with Drake to bring his vision for the More Life Growth Company to global cannabis markets," concluded Mr. Zekulin. "We anticipate a long, successful, and mutually beneficial working relationship."
The Company and Drake will share further details on the More LifeTM team and vision in the weeks to come.
MYM Nutraceuticals Inc. (CSE: MYM) (OTCBB: MYMMF) has signed a non-binding letter of intent with Crop Infrastructure Corp. to acquire all of the issued and outstanding shares in the capital of Crop, a company which owns cannabis and hemp assets in Washington, Nevada, California, and Oklahoma. MYM has the intention of developing and implementing an extensive restructuring plan for Crop.
MYM is the first and only Canadian company that offers integrated strategic, financial, management, operational and marketing services to cannabis entities that have valuable assets but require management support and capital to navigate today's challenging landscape. The acquisition of Crop is the first of what is expected to be a series of opportunistic acquisitions and/or investments.
"The capital markets in the cannabis industry have become complex and demanding," said Howard Steinberg, CEO of MYM. "We are looking to acquire companies with valuable core assets that are poised to benefit from the restructuring expertise our team can bring, in terms of both capital and management support. We look forward to working closely with the Crop team as we develop a financial and operational plan to enable its assets to flourish in the future."
Michael Ruscetta, CEO of Trichome Financial, commented "MYM's strategy aligns very well with the core capabilities of its management team as well as our view of current market dynamics and opportunities in the cannabis sector."
"We enthusiastically support the MYM transaction to acquire Crop," said Jesse Kaplan, Principal of Plaza Capital. "We have confidence in their deeply talented team and ability to restructure Crop's distressed assets to make them profitable. We look forward to working with them on this and potentially future restructuring projects."
"MYM's team has proven to be extremely knowledgeable and reliable in helping Crop realign our strategy," said Michael Yorke, CEO of Crop. "They are extremely talented and well capitalized. We believe that this transaction is in the best interest of our shareholders."
Under the terms of the proposed transaction, MYM would acquire all of the outstanding common shares of Crop on an exchange ratio of 10.5 Crop shares for 1 MYM common share. The transaction is conditional on, among other things, definitive documentation and court and Crop shareholder approval.
The Company announced the launching of its premium CBD product lines in the coming weeks. The launch includes the CBD cosmetics line and the CBD coffee line in pharmacies, convenience stores and hotels across South Africa. The products are branded under the trademarks: DrAnnaRx™ and Medspresso™ respectively.
Their Premium Pharmaceutical Grade CBD is supplied by Folium Bioscience using their patent-pending cannabinoid extraction technology that offers superior high bioavailability of Broad-Spectrum Phytocannabinoids. This results in a final product that is completely free of THC and ensures our customers receive the highest-quality CBD in the industry.
"Many CBD products introduced to the market are of unverified quality. It has been our mandate to only offer products using pharmaceutical-grade CBD and to deliver only the best for our customers," commented Jeff Robinson, CEO of Wuhan.
The company’s CBD creations are manufactured in South Africa by our subsidiary MJ Medtech. Biodelta Nutraceuticals is their distributor in South Africa and surrounding African countries.
Luka Marjanovic commented as Head of Product for the Company: "I’ve been visiting many of the stores that will be carrying our lines. The in-store specialists are very keen to get our product on the shelf. Customer inquiries about CBD based products in the stores are the talk of the town, without anyone to fill the demand gap - until now. Having boots on the ground and such close relationships with our points of sales are of great value and provide us with vital data. For the launch itself, we will conduct significant campaigning, visiting multiple pharmacies per day and conducting doctor training sessions with the personnel and Dr. Anna."
Wuhan will be applying to Health Canada for its Processing License under the Cannabis Act to allow the sale of cosmetics, topicals, and edibles for medical and legal adult consumer markets.
The Company plans to submit 5 SKUs to Health Canada and plans on submitting more in the coming months as it expands its product lines.
"We are working very hard to create significant value for our shareholders and are definitely going to take advantage of the recent Canadian regulations that went into effect October 17, 2019," commented Jeff Robinson, CEO of Wuhan.
Wuhan has been researching multiple medicinal mushroom types in order to formulate its upcoming range of cosmetics, coffee, and teas for commercialization in early Q1 of 2020 within its M2Bio division.
"We are very excited about the launch in South Africa. We will be selling our products to our first customers in the coming weeks. It’s a huge milestone for the company and its shareholders," said Jeff Robinson, CEO of Wuhan.
Since early September 2019, Emerald and STENOCARE have worked closely together to pre-qualify Emerald’s products and production methods. STENOCARE and Emerald will now commence the work with the Danish Medicines Agency (“DMA”) to have Emerald’s products ready and approved for the Danish Medical Cannabis Pilot Programme. The companies are aiming for product approval for CBD oil, THC oil and CBD+THC oil. The partnership is also intended to extend to STENOCARE’s Irish subsidiary and to additional markets which are being evaluated.
“STENOCARE has carefully evaluated potential new suppliers of medical cannabis in order to supply products suitable for Danish patients according to the strict requirements of the Danish Medicines Agency. We selected Emerald because of their strong capabilities across cultivation, processing, formulation and testing,” said Thomas Skovlund Schnegelsberg, CEO of STENOCARE. “We have previously been supplying medical cannabis to hospitals and pharmacies and have a ready customer base awaiting a new supply of products. We expect our partnership with Emerald to help us meet this demand and support STENOCARE’s vision of supplying medical cannabis that helps patients to achieve a better quality of life.”
“We respect STENOCARE’s professionalism and their accomplishment in establishing leading distribution channels for medical cannabis in Denmark. We also appreciate their trust in Emerald’s capability’s and standards as they transition to new preferred supplier relationships,” said Riaz Bandali, CEO of Emerald. “As Emerald ramps up production at its two recently fully-licensed production facilities, we look forward to fulfilling our commitment to STENOCARE and helping them to serve Danish patients.”
On January 1st, 2018, medical cannabis was legalized in Denmark under a four-year trial-programme, enabling all Danish physicians to prescribe cannabis for medical use. This programme also allows vendors that have been licensed by the Danish Medicines Agency (DMA) to cultivate, produce, import and distribute medical cannabis.
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