James E. Wagner Cultivation Corporation (“JWC” or the “Company”) (TSXV:JWCA) announced today the achievements, financial and operational results for the three and nine months ended June 30, 2018. The Company’s wholly owned subsidiary is a licensed producer of cannabis under the Access to Cannabis for Medical Purposes Regulations (the “ACMPR”). The Company is pleased to report that its interim financial statements and management’s discussion and analysis for the three and nine months ended June 30, 2018 are available on SEDAR at www.sedar.com. All amounts expressed are in Canadian dollar unless otherwise noted.

Third Quarter Ended June 30, 2018 Highlights:


  • Completed a qualifying transaction on June 7, 2018 (the “Transaction”) under the policies of the TSX Venture Exchange (the “TSXV”), and began trading under the ticker JWCA on June 11, 2018;
  • Completed an $18 million brokered private placement financing conducted by a syndicate of agents co-led by Haywood Securities Inc. and Eight Capital and including AltaCorp Capital Inc., INFOR Financial Inc., Beacon Securities Limited and Mackie Research Capital Corporation;
  • Entered in to an agreement with MediPharm Labs Inc. to create a cannabis oils program;
  • Continued to build out its 345,000 square foot second facility to support the Company’s growth strategy and prepare for the implementation of Canada’s recreational market; and
  • Made its first sales under the ACMPR, after acquiring a sales license amendment at the end of the second quarter.

Selected Summary of Quarterly Results:

June 30, 2018 ($) September 30, 2017 ($) % change
Cash and cash equivalents 18,049,416 6,858,659 163 %
Agricultural produce and biological assets 2,003,320 249,843 702 %
Other working capital 794,834 278,276 186 %
Non-current assets 3,465,498 928,872 273 %
Long-term debt 718,404 31,073 2,212 %
Shareholder’s equity 21,484,567 5,792,106 271 %
Q3 2018 ($) Q3 2017 ($) % change Q3 2018 YTD ($) Q3 2017 YTD ($) % change
Revenues 34,373 776 4,330 % 60,960 889 6,757 %
Operating expenses 4,161,245 561,648 637 % 7,441,251 908,709 719 %
Other items 521,166 684,574
Net and comprehensive loss 4,648,038 560,872 729 % 8,064,865 907,820 788 %
Net and comprehensive loss per share (basic and diluted) 0.06 & 0.05 0.01 491% & 401% 0.12 & 0.12 0.02 498% & 413%

For the three and nine months ended June 30, 2018, the Company’s net and comprehensive loss was $4,648,038 and $8,064,865, respectively.

The Company experienced higher than usual expense during the three months ended June 30, 2018 (“Q3”), as it completed the Transaction. Listing expense was $1,795,724. Other significant charges during the quarter were for professional fees, $596,186, as legal and accounting fees increased to support the Transaction and activity supporting the Transaction. The Company also incurred a fair value charge related to contingent shares issued on June 1. That charge was $462,657. Year to date professional fees were $1,475,231 and the fair value charge for contingent shares was $1,482,337.

The Company ended Q3 with just over 138kg of dried cannabis in its storage area. Sales to patients began during Q3, and the Company is focused on building out its patient roster during Q4, and is working with several clinics locally, to that end.

The Company is also looking to leverage its relationship with Canopy Growth Corporation, and has begun shipping product for inclusion on their Craft Grow store shelves. Once the shipments have been cleared, patients should see them available sometime in September 2018.

The Company has also begun shipping product to MediPharm Labs Inc. as part of its agreement with MediPharm to support its cannabis oil program.

The Company is currently operating out of a 15,000 square foot facility in Kitchener, Ontario. Construction is underway at a second, 355,000 square foot facility also in Kitchener. This facility is expected to have its first set of grow rooms and all support areas, ready to begin production in Q1 of fiscal 2019. Once the first set of grow rooms is operational, the Company will be bringing additional rooms on line every six to eight weeks, and expects to increase total capacity by nearly 600% by the third quarter of fiscal 2019.

The Company also recently announced that it has entered in to an offer to lease two retail properties for use as cannabis retail outlets, upon receipt of the necessary regulatory approvals. The Company is very excited to signal its desire to participate directly in the sale of legal cannabis products to Canadians.

About James E. Wagner Cultivation Corporation

JWC’s wholly-owned subsidiary is a licensed producer under ACMPR and JWC is a premium cannabis brand, focusing on producing clean, consistent cannabis. JWC uses an advanced and proprietary aeroponic platform named GrowthstormTM. JWC was founded as a family Corporation, based on family values. JWC began as a collective of patients and growers under the Marihuana Medical Access Regulations (the precursor to ACMPR). Since its inception, JWC has remained focused on providing the best possible patient experience. JWC’s operations are based in Kitchener, Ontario.

For additional information about JWC, please refer to JWC’s profile on SEDAR (www.sedar.com) or the Corporation’s website: https://www.jwcmed.com/home.html

Notice regarding forward-looking statements:

This press release contains statements including forward-looking information for purposes of applicable securities laws (“forward-looking statements”) about JWC and its business and operations which include, among other things, statements regarding JWC and any information with respect to the potential growth of the Company and increasing production capacity at its facilities and the proposed shipment of its products and the benefits of the arrangements entered into with customers and partners. The forward-looking information contained in this news release are based on JWC’s current internal expectations, estimates, projections, assumptions, and beliefs and views of future events which management believes to be reasonable in the circumstances, including expectations and assumptions regarding: general economic conditions, the expected timing and cost of expanding the Company’s production capacity, the internal opportunities, the development of new products and product formats, the Company’s ability to retain key personnel, the Company’s ability to continue investing in its infrastructure to support growth, the impact of competition, trends in the Canadian medical cannabis industry and changes in laws, rules, and events, performance or results, and will not necessarily be accurate indications as to whether, or the times at which, such events, performance or results will occur or be achieved. The forward-looking statements can be identified by the use of such words as “anticipated”, “will”, “expected”, “approximately”, “may”, “could”, “would” or similar words and phrases. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those implied in the forward-looking statements. For example, risks include risks regarding the cannabis industry, economic factors, the equity markets generally, funding and grant related risks and risks associated with growth and competition as well as the risks identified in the Company’s Filing Statement available under the Company’s profile at www.sedar.com. Although JWC has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release and are based on current assumptions which management believes to be reasonable. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For more information about this release, please contact:

Nathan Woodworth, the President and Chief Executive Officer
Email: nathan@jwcmed.com
Phone: (519) 594-0144 x421

George Aizpurua, Vice President of First Canadian Capital Corp.
Email: gaizpurua@firstcanadiancapital.com
Phone: (416) 742-5600

Click here to connect with James E. Wagner Cultivation Corporation (TSXV:JWCA) for an Investor Presentation

Source: globenewswire.ca

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Lobe Sciences Ltd. (CSE: LOBE) (OTC Pink: GTSIF) (“Lobe” or the “Company”) is pleased to announce that it has received and signed a non-binding letter of intent dated November 30, 2020 with IONIC Brands Corp. (“Ionic”) for the proposed sale to Ionic of certain assets held by Lobe related to Cowlitz County Cannabis Cultivation Inc. (“Cowlitz”) (the “Transaction”). Cowlitz is one of the top five licensed cannabis producersprocessors located in Washington State.

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The sale price for the Assets shall be a minimum of CAD$23 million, payable through the issuance of Ionic post-consolidation common shares (being approximately 49% of Ionic’s estimated $47 million capitalization post-restructuring (after giving effect to the Ionic Consolidation and Debt Conversion)), prior to giving effect to the Ionic Concurrent Financing. Following the closing of the Transaction, it is expected that the Lobe will own approximately 49% of Ionic’s common shares, on a post-consolidation and pre-Ionic Concurrent Financing basis. Ionic is expected to have a minimum total capitalization valuation of CAD$47 million, pre-Ionic Concurrent Financing.

As previously announced, Lobe has been pursuing strategic alternatives for Cowlitz, aimed at maximizing its value to the Company. Cowlitz reported over US$14.6 million in gross sales revenues for the nine month period ended September 30, 2020, according to data provided on reports to the Washington State Department of Revenues(1). Lobe generates revenues through licensing and leasing agreements in place with Cowlitz.

Ionic is listed on the Canadian Securities Exchange(2) (the “CSE“) (CSE: IONC) and is a growing US-based cannabis company that focuses on premium cannabis products with current operations in Washington and Oregon. Ionic has completed a number of strategic synergistic acquisitions since 2019 aimed at growing revenues as a multi-state operator, and increasing their overall product lines and intellectual property portfolio. Ionic’s strategy has been focused on building a regionalized multistate operation of cannabis brands in the Pacific Northwest markets with an eye to expansion into other recreational markets and aggressive national expansion.

John Gorst, CEO of Ionic said, “We are excited about this opportunity to expand our presence in Washington State. Cowlitz has tremendous brand presence and following in Washington State, which we feel is a natural fit, complementing our existing operations. The combination will make us one of the largest premier cannabis companies in the Pacific Northwest markets. The acquisition of the Cowlitz Assets will represent a complimentary synergistic acquisition that achieves our goal of operational expansion and growth of our product portfolio.”

“The proposed transaction with Ionic is accretive to both parties, successfully meets our M&A initiatives and keeps Lobe active in the cannabis and overall transformation psychedelic medicine space,” states Tom Baird, CEO of Lobe. “The Transaction provides Lobe with significant ownership and board presence in Ionic. With its already significant operations in Washington State and Oregon, we feel Ionic’s proposed product expansion initiatives together with the addition of the Cowlitz Assets can lead to aggressive growth.”

About Ionic Brands Corp.

Ionic is dedicated to building a regionally based multi-state consumer-focused cannabis concentrate brand portfolio with strong roots in the premium and luxury segments of vape concentrates and edibles. The cornerstone brand of the portfolio, IONIC, is the #3 vaporizer brand in Washington State and has aggressively expanded throughout the Pacific Northwest of the United States. The brand is currently operating in Washington and Oregon. Ionic’s strategy is to be the leader of the highest-value segments of the cannabis market.

About Lobe Sciences Ltd.

Lobe is a growth-oriented research, technology & services company that provides financial, management, IP and branding support to businesses. The Company operates a portfolio of companies focused on developing transformational medicines and applies refined strategies to help partner companies reach their full potential. Based in Vancouver, BC, Lobe Sciences creates value through acquisitions and development of assets, products and technologies by leveraging its scientific, engineering, branding and operational expertise supported by strong capital markets acumen.

For further information please contact:

Lobe Sciences Ltd.
Thomas Baird, CEO
info@lobesciences.com
Tel: (949) 505-5623

THE CSE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE.

Disclaimer for Forward Looking Statements

This news release contains forward-looking statements relating to the future operations of the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact included in this release, including statements regarding the future plans and objectives of the Company, the Company’s expectations surrounding its development of treatments and/or therapeutics for mTBI and PTSD, the proposed Transaction and terms with Ionic and estimated capitalization of Ionic and share value to Lobe, Ionic having its cease trader orders lifted and resumption for trading on the CSE, future sales and expected revenues of Cowlitz and enhancing its value to the Company, are forward looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations are risks detailed from time to time in the filings made by the Company with securities regulations. Readers are cautioned that assumptions used in the preparation of the forward-looking statements may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including changes to the regulatory environment; and that the current Board and management may not be able to attain the Company’s corporate goals and objectives. As a result, the Company cannot guarantee that any forward-looking statement will materialize and the reader is cautioned not to place undue reliance on any forward-looking information. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made only as of the date of this news release and the Company does not intend to update any of the included forward-looking statements except as expressly required by applicable Canadian securities laws.

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