Investor Ideas #Potcasts, #Cannabis News and #Stocks on the Move; Episode 493 (TSXV: $KHRN.V) (NYSE: $ACB) (TSX: $ACB.TO) (TSX: $WEED.TO) (NYSE: $CGC) (TSX: $RIV.TO)
Delta, Kelowna, BC, November 9, 2020 (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 podcast edition of cannabis news and stocks to watch plus insight from thought leaders and experts.
Listen to the podcast:
https://www.investorideas.com/Audio/Podcasts/2020/110920-StocksToWatch.mp3
Read this in full at https://www.investorideas.com/news/2020/cannabis-potcasts/11091KHRN-ACB-WEED-CGC-RIV.asp
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Today’s podcast overview/transcript:
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 will be looking at a few public announcements.
Khiron Life Sciences Corp. (TSXV: KHRN) (OTCQB: KHRNF), a vertically integrated cannabis leader with core operations in Latin America and Europe, announced that it has entered into an agreement with Canaccord Genuity Corp., as lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters, to increase the size of its previously announced "bought deal" financing from $10,012,500 to $12,600,000. Pursuant to the amended terms, the Underwriters have agreed to purchase 28,000,000 units of the Company on a "bought deal" basis, pursuant to a short form prospectus at a price per Unit of $0.45 for gross proceeds of $12,600,000.
The Company has also granted the Underwriters an over-allotment option to purchase up to an additional 15% of the Units at the Issue Price at any time on or prior to the date that is 30 days following the closing of the Offering. If this option is exercised in full, the Company will receive an additional $1,890,000 in gross proceeds for total aggregate gross proceeds of $14,490,000.
Each Unit will be comprised of one common share in the capital of the Company, and one warrant. Each Warrant will entitle the holder thereof to purchase one Common Share at an exercise price of $0.75, for a period ending five years from the closing of the Offering.
The Company intends to use the net proceeds of the Offering to expand the Company's operating capacity and for working capital requirements and other general corporate purposes.
In connection with the Offering the Company has agreed to pay the Underwriters a cash commission equal to 6.0% of the gross proceeds raised from the Offering (including on any exercise of the Over-Allotment Option), and non-transferable compensation options equal to 6.0% of the Units sold under the Offering. Each compensation option will be exercisable at the Issue Price to acquire one Unit for a period of 24 months following the closing of the Offering.
The closing date of the Offering is scheduled to be on or about November 26, 2020 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange and the applicable securities regulatory authorities.
Aurora Cannabis Inc. (NYSE: ACB) (TSX: ACB), the Canadian company defining the future of cannabinoids worldwide, today announced its financial and operational results for the first quarter of fiscal 2021 ended September 30, 2020.
"We continue to take the necessary steps to execute our plan and transform our business to achieve sustainable profitability, and ultimately positive cash flow," stated Miguel Martin, Chief Executive Officer of Aurora Cannabis. "Our Q1 2021 results are transitional but do highlight successes across a number of diverse profit pools. We remain the leader by revenue in the high-margin Canadian medical market, our international medical business experienced more than 40% net revenue growth this quarter, and our CBD brand Reliva is #1 ranked by Nielsen in the U.S. CBD sector."
"While we are not satisfied with our past performance in the growing Canadian consumer business, we have a sense of urgency in the execution of our tactical plan to grow profitable market share. Our efforts are directed at delivering the highest quality products, refocusing on our leading premium and ultra-premium brands, better allocating our sales and marketing spend, and executing key account partnerships at both the province and retail levels."
"We have also taken action to improve our liquidity and strengthen our balance sheet. It was a responsible decision to raise capital using our ATM in today's environment and the cash is expected to ensure we have the runway needed to compete with our peers. Cannabis companies are being evaluated on both their business performance and liquidity and we wanted to ensure that we are addressing both. I remain confident in Aurora's prospects and it is my utmost priority to secure our winning future."
Canopy Growth Corporation (TSX: WEED) (NYSE: CGC) today announced its financial results for the second quarter fiscal 2021 ended September 30, 2020. All financial information in this press release is reported in millions of Canadian dollars, unless otherwise indicated.
"Our renewed strategy of winning consumer mindshare, along with increased agility and execution, has resulted in record net revenue for the second quarter and momentum across key areas of business," said David Klein, CEO. "Canopy Growth is positioned for continued growth as we establish a strong leadership position that is showcased through our vast portfolio of differentiated brands and products – including our industry leading cannabis-infused beverages."
"We saw another quarter of improvement in our operating expense ratio while our marketing and R&D investments are being re-directed to drive sales," added Mike Lee, CFO. "Importantly, our end-to-end review has identified cost savings opportunities in the range of $150-$200 million across cost of goods sold, general and administrative expenses, and inventory, and efforts are underway to quickly capture value. Leveraging ongoing improvements across our business, we are accelerating our path to profitability, notably in our largest market, Canada."
Canopy Rivers Inc. (TSX: RIV) (OTC:CNPOF) today released its unaudited condensed interim consolidated financial statements and management's discussion and analysis for the three and six months ended September 30, 2020.
"Our quarter was framed with a sharp focus on PharmHouse. We provided debtor-in-possession financing to enable PharmHouse to remain operational as it commenced its CCAA process and our team has been working towards securing the best possible outcome for our shareholders," said Narbe Alexandrian, President and CEO, Canopy Rivers. "While supporting PharmHouse has been our priority, we are confident we will put this challenging situation behind us and remain encouraged by the progress across our portfolio. This quarter, we participated in Headset's bridge round as it continues to bring its industry-leading analytical tools to new markets, High Beauty launched a new product line, and BioLumic's most recent cannabis field trials showed promising gains in dried flower mass and cannabinoid content."
"Most notably, the value of TerrAscend's common shares increased by 101% during the quarter, and the implied value of our investment in TerrAscend is now approximately $214 million," added Alexandrian. "After a U.S. election that potentially spells good outcomes for the cannabis sector, including the legalization of adult-use cannabis in New Jersey, we are pleased to have our U.S. exposure through our holdings of exchangeable shares in one of the nation's leading multistate operators. We believe that we will be well positioned to capitalize on opportunities in the U.S. once we are permitted to do so."
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