A Canadian cannabis company is celebrating a decision that will allow it to take full control of a third-party producer.

Also in the market this week, two companies confirmed their merger and told shareholders the details about the new resulting company.


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

US Election 2020 and Cannabis

 
Investing in cannabis? Read what experts have to say about cannabis and the US Election!
 

LP ownership showdown comes to an end

Village Farms International (NASDAQ:VFF,TSX:VFF) confirmed that Emerald Health Therapeutics (TSXV:EMH,OTCQX:EMHTF) shareholders have decided to allow Emerald to sell its stake in Pure Sunfarms, a licensed producer (LP) of cannabis.

On Thursday (October 29), both publicly traded companies announced the decision. Emerald CEO Riaz Bandali thanked investors for the decision as the company undergoes a rebalancing period. According to Emerald, a 98.65 percent majority of shareholders approved the transaction.

While the two companies originally joined forces to launch and oversee Pure Sunfarms, conflict ensued between Village Farms and Emerald as the two first disputed a wholesale agreement stipulation.

While the issue was later solved, contention over Emerald’s majority ownership stake in Pure Sunfarms remained in the spotlight.

In September, the two companies finally came together to settle the ownership dispute, and it was agreed Village Farms would acquire the 41.3 percent stake in Pure Sunfarms owned by Emerald.

Two US cannabis companies close merger plan

Also on Thursday, Dixie Brands (CSE:DIXI.U,OTCQX:DXBRF) told the market its planned reverse takeover deal with BR Brands will complete at the end of October. The new company will be called BellRock Brands and will trade under the ticker symbol “BRCK.”

“Under BellRock management, the platform is poised for exponential growth, through both M&A and organic R&D, and is purposely built to cater to all of the industry’s fastest growing segments,” Andrew Schweibold, chairman of BellRock, said in a statement.

In terms of management, Dixie CEO Chuck Smith will retain the top position. “Our mission is to build the first national cannabis house of brands,” he said.

Cannabis company news

  • IntelGenx (TSXV:IGX,OTCQB:IGXT) announced a planned supply agreement deal with Heritage Cannabis Holdings (CSE:CANN,OTCQX:HERTF) to provide filmstrip products with CBD, with distribution planned for the Canadian and Australian markets.
  • Curaleaf Holdings (CSE:CURA,OTCQX:CURLF) expanded the presence of its Select-branded stores to the Illinois state market. The company’s branded stores are now available in 15 states.
  • Inner Spirit Holdings (CSE:ISH) added six new stores in October to its portfolio across Canada. The new stores are located in Ontario, Alberta and Newfoundland and Labrador.
  • Liberty Health Sciences (CSE:LHS,OTCQX:LHSIF) reported its financial results for its second fiscal quarter of 2021. The company highlighted its 26 dispensaries in the Florida market and reported net sales of C$18 million for the period.

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.

Editorial Disclosure: Heritage Cannabis Holdings is a client of the Investing News Network. This article is not paid-for content.

  • 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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  • 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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  • 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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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 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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