Cannabis Weekly Round-Up: Canadian Sales Climb in August

Recreational cannabis sales in Canada are on the rise, according to new Statistics Canada figures.

Also this past trading week, a cannabis producer in Canada was forced to make various staff layoffs.

Keep reading to find out more cannabis highlights from the past five days.

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Adult cannabis sales yield C$255 million

New data from Statistics Canada indicates that the country’s recreational cannabis sales rose 5.2 percent in August compared to the previous month.

The Ontario market saw the biggest jump month-on-month, reporting a 10.9 percent sales spike from July to August. Alberta experienced only a small increase of 1.5 percent in sales despite having the most stores of any province in the country.

According to BNN Bloomberg, Stifel analyst Andrew Carter is penciling in the Canadian market for C$2.6 billion in sales throughout 2020.

Producer lets go of 18 percent of its workforce

VIVO Cannabis (TSX:VIVO,OTCQX:VVCIF) confirmed to the market that it has been forced to let go of approximately 45 staff members as part of a wide effort to reduce costs amid a turbulent year for operations in the Canadian cannabis market.

“These changes will allow VIVO to reduce costs by specializing resources and streamlining our organizational structure,” VIVO CEO Barry Fishman said in a statement.

The workforce cuts were done after an internal review of the company’s operations. The company decided to restructure the work being done at its Napanee operation in Ontario

The changes go all the way up to VIVO’s board of directors, as the company announced Dan Laflamme will step down as director at the company.

Cannabis company news

  • Planet 13 Holdings (CSE:PLTH,OTCQB:PLNHF) informed the market it is upping a new public offering to 5.8 million shares and targeting proceeds of C$25 million.
  • The Green Organic Dutchman Holdings (TSX:TGOD,OTCQX:TGODF) closed its most recent bought deal, which saw over 53 million shares of the company offered at a price of C$0.24. The deal brought the company gross proceeds of C$12.75 million.
  • AMP German Cannabis Group (CSE:XCX) announced it will start offering products from Australia-based producer Little Green Pharma (ASX:LGP) through its distribution business in the German medical cannabis market.
  • Jushi Holdings (CSE:JUSH,OTCQB:JUSHF) closed a special offering, netting the company C$40.8 million in gross proceeds. It plans to employ the money for acquisitions and general business uses.

Don’t forget to follow us @INN_Cannabis for real-time updates!

Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.

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Khiron Reports Third Quarter 2020 Financial Results

  • Company surpassed 5,600 patient prescriptions for its medical cannabis products in Colombia . Prescriptions filled increased over 450% in Q3 2020 over Q2 2020
  • Khiron declared a National Strategic Project by the Government of Colombia , simplifying and accelerating administration and processes for the Company in executing strategic projects in Colombia and for export
  • Subsequent to the quarter, the Company completed a bought deal financing on November 26, 2020 , selling 32,200,000 units at a price of $0.45 per unit for aggregate gross proceeds of $14,490,000 CAD
  • Khiron signed partnerships with 15 clinics and health centres in Colombia , extending education and sales reach further across the country
  • As a result of the Company’s Doctor Zerenia TM telehealth platform more than 25% of the Company’s medical cannabis prescriptions came from outside of Bogota , expanding geographic presence of its Colombian clinics
  • Company achieved first sales of High CBD medical cannabis through private pharmacies in Peru . Additional approval received from Peru’s drug regulatory authority for Company’s High THC cannabis, with first prescriptions anticipated in Q1 2021
  • Expanded medical cannabis E-Learning platform to UK market in partnership with Medical Cannabis Clinicians Society (“MCCS”)
  • Entered an exclusive partnership with Rappi SAS, Latin America’s largest home multi-vertical app platform to distribute the Company’s CPG product portfolio, introducing Kuida products to Rappi users across the LatAm region
  • Signed agreement to distribute the Company’s Kuida TM CBD skincare brand through pharmacy, beauty retail and online markets serving the Hong Kong territory, with first orders expected in Q4 2020
  • Prudent cash use of $5 million in Q3 2020, compared with $4 million in Q2 2020, $12 million in Q1 2020 and $10 million in Q4 2019

 Khiron Life Sciences Corp. (“Khiron” or the “Company”) (TSXV: KHRN ), (OTCQX: KHRNF), ( Frankfurt : A2JMZC), a vertically integrated cannabis leader with core operations in Latin America and Europe announced today its financial results for the quarter ended September 30, 2020 . These filings are available for review on the Company’s SEDAR profile at www.sedar.com All financial information in this press release is reported in Canadian dollars, unless otherwise indicated.

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4Front Announces Third Quarter 2020 Results and Business Update

  • Q3 Systemwide Pro Forma Revenue increased 18% quarter-over-quarter to $22.3 million , 170% year-over-year – Company became cash flow positive from operations in August
  • Company sale leaseback transaction with Innovative Industrial Properties scheduled to close within two weeks. As a result of close, together with proceeds from the recently closed bought deal financing, the Company will have $16 million of cash and $43 million in long-term debt
  • Company is in the process of acquiring acreage to construct up to 210,000 square feet of flowering canopy and supporting manufacturing facility in Cook County, Illinois to exponentially increase capacity in state
  • Initial guidance for 2021 with Systemwide Pro Forma Revenue of $170 -180 million and Adjusted EBITDA of $40 -50 million
  • The Company’s existing projects at maturity represent a long-term revenue and EBITDA opportunity upwards of $650 million and $250 million

4Front Ventures Corp. (CSE: FFNT) (OTCQX: FFNTF) (” 4Front ” or the ” Company “) today announced its financial results for the third quarter of 2020. All financial information is presented in U.S. dollars unless otherwise indicated.

Third Quarter 2020 Financial Results Highlights

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4Front Announces Third Quarter 2020 Results and Business Update

  • Q3 Systemwide Pro Forma Revenue increased 18% quarter-over-quarter to $22.3 million , 170% year-over-year – Company became cash flow positive from operations in August
  • Company sale leaseback transaction with Innovative Industrial Properties scheduled to close within two weeks. As a result of close, together with proceeds from the recently closed bought deal financing, the Company will have $16 million of cash and $43 million in long-term debt
  • Company is in the process of acquiring acreage to construct up to 210,000 square feet of flowering canopy and supporting manufacturing facility in Cook County, Illinois to exponentially increase capacity in state
  • Initial guidance for 2021 with Systemwide Pro Forma Revenue of $170 -180 million and Adjusted EBITDA of $40 -50 million
  • The Company’s existing projects at maturity represent a long-term revenue and EBITDA opportunity upwards of $650 million and $250 million

4Front Ventures Corp. (CSE: FFNT) (OTCQX: FFNTF) (” 4Front ” or the ” Company “) today announced its financial results for the third quarter of 2020. All financial information is presented in U.S. dollars unless otherwise indicated.

Third Quarter 2020 Financial Results Highlights

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The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Aurora Cannabis, Inc.

Shareholders with losses exceeding $50,000 are encouraged to contact the firm

The Law Offices of Frank R. Cruz reminds investors of the upcoming December 1, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Aurora Cannabis, Inc. (“Aurora” or the “Company”) (NYSE: ACB ) securities between February 13, 2020 and September 4, 2020 , inclusive (the “Class Period”).

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Lobe Sciences Announces Launch of Preclinical Study in Collaboration with the University of Miami Miller School of Medicine

Lobe Sciences Ltd. (CSE: LOBE) (OTC Pink: GTSIF) (“Lobe” or the “Company”) is pleased to announce the launch of preclinical research studies using psilocybin and N-Acetylcysteine (“NAC”) for the treatment of mild traumatic brain injuryconcussion (“mTBI”) with post-traumatic stress disorder (“PTSD”). The study is in collaboration with a multidisciplinary team of scientists and physicians at the University of Miami Miller School of Medicine under the lead of Michael E. Hoffer, M.D., professor of otolaryngology and neurological surgery.

NAC has been shown to be safe and efficacious in a phase I human clinical study in treating military personnel who had suffered mTBI. The initial research focus is to demonstrate the safety and efficacy of the combination of psilocybin and NAC using broadly accepted rodent models. Final results are expected in 2021. Once this is established, more specific work can examine dose response, medicine uptake, and medicine levels. The research team at the Miller School of Medicine has conducted prior studies involving NAC with mTBI and has a license from the United States Drug Enforcement Administration to conduct research using Schedule I controlled substances, which includes psilocybin.

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