Pauric Duffy (“PD”) and Peter Comerford (“PC”) announce today that certain Series 1 voting convertible redeemable preferred shares (the “Preferred Shares”) in the capital of The Flowr Corporation (“Flowr” or the “Issuer”) (TSXV:FLWR) will be converted into Common Shares (as defined below) on February 20, 2020. PD and PC previously acquired, through DFT Trading Limited (“Pauric Holdco”) and Pleiades Trading Ltd. (“Peter Holdco”), respectively, indirect ownership of an aggregate of 32,632,545 Preferred Shares (the “Consideration Shares”) as partial consideration for the sale of their respective interests in Holigen Holdings Limited (“Holigen”). The sale of Holigen to Flowr (the “Acquisition”) was completed pursuant to a share purchase agreement dated June 24, 2019, as amended, between Flowr (as purchaser), Pauric Holdco and Peter Holdco (together, the “Vendors”) (as vendors), and Pleiades Holdings Ltd. (“Peter Topco”), DFT Holdings Limited (“Pauric Topco”), PC and PD (as guarantors) (the “SPA”). In connection with the SPA, the Vendors entered into a share conversion agreement with Flowr (the “Conversion Agreement”) that sets out the process for, and conditions to, conversion of the Consideration Shares into common shares of the Issuer (“Common Shares”). This press release is being issued pursuant to Canadian early warning requirements.
Pursuant to the terms of the Conversion Agreement, on February 20, 2020, 40% of the Consideration Shares (the “Converted Shares”) will convert to Common Shares (the “Conversion”).
The Converted Shares, being 13,053,018 Preferred Shares, immediately prior to the Conversion, represent approximately 50% of the issued and outstanding Preferred Shares on a non-diluted basis.
Together, immediately following the Conversion, PD and PC (including, for certainty their joint actors) will beneficially own, and have control and direction over 13,053,019 Preferred Shares, representing all of the issued and outstanding Preferred Shares.
No consideration will be paid or received in connection with the Conversion.
The conversion of the Converted Shares will be for investment purposes. The Preferred Shares are subject to the terms of escrow agreements dated as of the date of closing of the Acquisition, in each case, among the applicable Vendor, Flowr and The Laurel Hill Advisory Group Company, as escrow agent, (the “Escrow Agreements”). In addition, in connection with the closing of the Acquisition, each Vendor has entered into a lock-up agreement with Flowr (collectively, the “Vendor Lock-Up Agreements”), the Vendors have entered into the Conversion Agreement and PD has entered into a governance agreement with Pauric Holdco and Flowr (the “Governance Agreement”). Subject to the terms of the SPA, the Escrow Agreements, the Vendor Lock-Up Agreements, the Conversion Agreement and the Governance Agreement, PD, PC and their respective joint actors may, from time to time and at any time, acquire, as applicable, additional Preferred Shares and/or Common Shares and/or other equity, debt or other securities or instruments of Flowr in the open market or otherwise, as applicable, and reserve the right to dispose of any or all of the Preferred Shares and/or Common Shares in the open market or otherwise at any time and from time to time, and to engage in similar transactions with respect to the Preferred Shares and/or Common Shares, the whole depending on market conditions, the business and prospects of Flowr and other relevant factors, including compliance with applicable securities laws and the terms of the relevant agreements described herein.
Pursuant to the SPA, Flowr appointed PD to the Flowr Board following the closing of the Acquisition.
Board Observer Right
Until the earlier of (i) the first business day on which PD beneficially owns Preferred Shares and Common Shares (the “Shares”) representing less than 10% of the then issued and outstanding Common Shares on a partially diluted basis, and (ii) the first business day on which PD ceases to be a director of Flowr, PD has the right to appoint one non-voting observer to attend and observe meetings of the Flowr Board, subject to such observer first providing Flowr a confidentiality agreement in form and content satisfactory to Flowr, acting reasonably.
Consent Right
Until the earlier of the first business day on which (i) PD beneficially owns Shares representing less than 13% of the then issued and outstanding Common Shares on a partially diluted basis, and (ii) the conversion or redemption of all of the Preferred Shares held by PD and his affiliates, the completion of a Consent Transaction (as defined herein) by Flowr will require the prior written consent of PD (not to be unreasonably withheld). This consent right, however, will not restrict the board of directors of Flowr (the “Flowr Board”) from exercising its fiduciary duties to the Issuer. “Consent Transaction” means either (A) a merger, amalgamation, arrangement, reorganization, or other business combination or similar transaction involving Flowr and/or any of its subsidiaries in which (i) the consent or approval of the Flowr Board and the holders of Common Shares is required to complete the transaction, (ii) less than 10% of the total consideration payable pursuant to the transaction is cash consideration, and (iii) the holders of Common Shares on a partially diluted basis immediately before the completion of the transaction would hold less than 50% of the common shares or other equity securities of Flowr’s successor or of the continuing or surviving entity immediately following the completion of such transaction, assuming the conversion of all of the Preferred Shares and Class A preferred shares of The Flowr Canada Holdings ULC immediately prior to the completion of the transaction; or (B) (i) a share sale transaction that would result in a direct or indirect change of control of RPK Biopharma, Unipessoal Lda. (“RPK”) or TCann Pty Ltd. (“TCann”); or (ii) the sale of all or substantially all of the assets of RPK or TCann (in the case of (i) and (ii), to a person that is not an affiliate of Flowr, but for avoidance of doubt does not include an internal reorganization the result of which would have Flowr continue to have ultimate control of such entities).
Standstill
Until the first business day on which PD and his affiliates collectively beneficially own Shares (including other equity rights convertible into shares or equity interests of Flowr) representing less than 5% of the then issued and outstanding Common Shares (on a partially diluted basis), PD and his affiliates will not, directly or indirectly, without the prior written consent or waiver by Flowr: (i) acquire, or agree to acquire, or make any proposal to acquire, directly or indirectly, by means of purchase, merger, consolidation, take-over bid, exchange offer, tender offer, business combination, arrangement, amalgamation or in any other manner, whether in one transaction or a series of transactions, any securities or assets of Flowr or any of its subsidiaries, other than conversion of Preferred Shares into Common Shares through the process set out in the Conversion Agreement; or (ii) undertake certain additional actions that may affect control of or which are hostile to Flowr (including, among others as set out in the Governance Agreement, initiating any shareholder proposals or soliciting proxies, commencing any take-over bid or similar transaction; acting alone or in concert with others to control Flowr or any of its subsidiaries, assisting with the foregoing or announcing any intention with respect to the foregoing).
Voting
Subject to compliance with applicable laws, in the event that the holders of Preferred Shares are entitled to vote as a separate class on a shareholder proposal, PD has agreed to vote any Preferred Shares (and use commercially reasonable efforts to cause all of the Preferred Shares owned or beneficially owned by PD or any of his affiliates or over which PD or any of his affiliates has voting control or the power to direct voting control), to be voted in accordance with a recommendation of the Flowr Board.
Flowr’s head office is located at 60 Adelaide Street East, Suite 1000, Toronto, Ontario, M5C 3E4. A copy of the early warning reports with respect to the foregoing will appear on Flowr’s profile on the System for Electronic Document Analysis and Retrieval at www.sedar.com. A copy of the early warning report with respect to PD may be obtained by contacting PD at +351 219 259 507. A copy of the early warning report with respect to PC may be obtained by contacting PC at +351 219 259 507.
Pauric Duffy
Lara Buildings,
Level 1 Guzeppi
Calleja Street
Iklin IKL 1264
Malta
Peter Comerford
Lara Buildings,
Level 1 Guzeppi
Calleja Street
Iklin IKL 1264
Malta
Forward-Looking Information and Statements
This press release includes forward-looking information within the meaning of Canadian securities laws regarding Flowr and its business, which may include, but are not limited to: statements with respect to the release date of Flowr’s financial results, Flowr’s investment in research and development along with its sense of craftsmanship and a spirit of innovation enabling it to provide premium-quality cannabis that appeals to the adult-use recreational market and address specific patient needs in the medicinal market and other factors. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “is expected”, “expects”, “scheduled”, “intends”, “contemplates”, “anticipates”, “believes”, “proposes” or variations (including negative and grammatical variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Such statements are based on the current expectations of Flowr’s management and are based on assumptions and subject to risks and uncertainties. Although Flowr’s management believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this press release may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting Flowr, including risks associated with a delay in releasing Flowr’s financial statements (which could result in a violation of applicable laws), Flowr not being able to sustain its competitive advantage in cultivation and being unable to remain at the forefront of industry innovation, whether as a result of failed construction of the facilities or otherwise, Flowr not being able to meet demand or fulfill purchase orders, which could materially impact revenues and its relationships with purchasers, Flowr requiring additional financing from time to time in order to continue its operations and such financing may not be available when needed or on terms and conditions acceptable to the Company, new laws or regulations adversely affecting the Company’s business and results of operations, results of operation activities and development of projects, project cost overruns or unanticipated costs and expenses, the inability of Flowr’s products to be high quality, the inability of Flowr’s products to appeal to the adult-use recreational market and address specific patient needs in the medicinal market, the inability of Flowr to produce and distribute premium, high quality products, the inability to supply products or any delay in such supply, Flowr’s securities, the inability to generate cash flows, revenues and/or stable margins, the inability to grow organically, risks associated with the geographic markets in which Flowr operates and/or distributes its products, risks associated with fluctuations in exchange rates (including, without limitation, fluctuations in currencies), risks associated with the use of Flowr’s products to treat certain conditions, the cannabis industry and the regulation thereof, the failure to comply with applicable laws, risks relating to partnership arrangements, possible failure to realize the anticipated benefits of partnership arrangements, product launches (including, without limitation, unsuccessful product launches), the inability to launch products, the failure to obtain regulatory approvals, economic factors, market conditions, risks associated with the acquisition and/or launch of products, the equity and debt markets generally, risks associated with growth and competition (including, without limitation, with respect to Flowr’s products), general economic and stock market conditions, risks and uncertainties detailed from time to time in Flowr’s filings with the Canadian Securities Administrators and many other factors beyond the control of Flowr. Although Flowr has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking information can be guaranteed. Except as required by applicable securities laws, forward-looking information speaks only as of the date on which it is made and Flowr undertakes no obligation to publicly update or revise any forward-looking information, 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 press release.
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Click here to read the previous cannabis update.
During the first few months of investment time in 2021, cannabis faced some volatility alongside optimism about federal changes in the most important market for the drug.
The cannabis business found its stride during Q1 thanks to policy change signals and consolidation.
To find out more, the Investing News Network (INN) asked experts about progress in the market during the first major period of the new year, and which developments investors should watch out for.
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Cannabis market update: New York and US potential boost operations
New York state’s legalization of recreational cannabis was a huge Q1 announcement that added pressure to the federal government when it comes to cannabis policy, said George Mancheril, co-founder and CEO of Bespoke Financial, a debt financing business with a particular focus on servicing cannabis businesses.
“It’s going to add to the chorus of voices in the federal scene to basically move sooner rather than later,” he explained to INN.
Following the US election in 2020, the momentum for cannabis businesses went on the upswing, as did company valuations, with the idea of expansion at the heart of it all, according to Mancheril.
Before starting Bespoke Financial, Mancheril learned from traditional investment banks, where he worked on lending, fixed income and debt markets with Goldman Sachs (NYSE:GS) and Guggenheim Partners.
Nawan Butt, portfolio manager with Purpose Investments, agrees with Mancheril. The financial expert told INN the ongoing legalization process seen in the US market is leading to expansion.
“It’s becoming more of a national move, then small pockets of proliferation. That’s very exciting about cannabis right now,” said Butt, who co-manages the Purpose Marijuana Opportunities Fund (NEO:MJJ).
This proliferation effect is causing a change in valuations and enthusiasm for US-based operations. Mancheril told INN that by the end of Q1, multi-state operators (MSOs) had raised approximately US$3.3 billion.
The cannabis lender said he sees the industry as having grown from the woes of 2019; it is now seeing a return to form by way of the excitement for an ongoing opening process in the US.
The expert explained that there is likely to be a windfall of capital in the wake of major federal changes for cannabis policy, although the timeline for these changes is becoming increasingly hard to predict.
Leading up to that capital influx, Mancheril said he wants to see operators really drill down on the value of desired assets and whether they make sense.
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“What I’d hope is that we continue to see bullish sentiment, but with some measure of responsibility, and let’s not just get over ahead of ourselves,” Mancheril told INN. “The idea is let’s minimize the volatility and continue growing responsibly.”
As far as struggles go, Butt explained that the cannabis industry has cemented itself as a growth-type sector, and as such there are macro environment pressures affecting the way these assets operate.
“We’ve seen this preference for cash flows at growth in the current or in the near future, rather than in the far future, and that’s what we’re seeing as far as valuations go in the broad market,” Butt said.
Cannabis market update: Volatility continues to rule as industry foundations build
Despite the industry’s current potential and the growing pains it has gone through as a whole in both the US and Canada, volatility remains a key factor in the cannabis investment scene.
Butt explained that the current shareholder base, which is dominated by hedge funds and retail investors, still lacks enough institutional support to avoid the day-to-day volatility cannabis has come to be known for.
These two investor groups, Butt said, can be easily spooked and excited by the news of the day when it comes to their investments.
“A lot of these institutions’ strategies are not about short-term profits, but they’re about long-term sustainability of the businesses themselves,” Butt said.
“That’s why you see a lot of volatility in the space, and that’s essentially what we’ve seen over the past, I’d say, three to two months as well,” he added.
That means investors shouldn’t expect an end to volatility anytime soon.
“It’s not about whether we continue to expect volatility, because we do,” Butt said. “We really think that the volatility will be taken out when the shareholder base becomes more institutional, but it’s really about understanding why there is volatility in the first place.”
Cannabis market update: Canadians talk up US business potential, but questions remain
A surge of mergers and acquisitions has taken over the Canadian cannabis sector recently as more producers see potential in America.
One of the biggest announcements in this regard came when Organigram Holdings (NASDAQ:OGI,TSX:OGI) secured a C$221 million investment deal from British American Tobacco (NYSE:BTI,LSE:BATS).
Using the funds, the two will work in tandem to develop new branded products designed to work on the international stage, including in the US. Organigram CEO Greg Engel previously told INN that the US represents a critical opportunity for Canadian companies, but the entry point isn’t as clean as it could be at the moment.
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While the long-term potential may be exciting for investors, Butt told INN he’s still unsure how the approach will work for Canadian companies.
The Purpose Investments expert said there will be plenty of space for the biggest Canadian names to pursue US market entries, beyond the initial hemp-derived CBD moves some operators have mde, since the US represents the biggest market in the world.
“But there’s just way too many unknowns right now to say exactly what that participation is going to look like, or when that participation will happen,” he said.
“What we do know is that currently the US MSOs are in a wonderful sort of position to expand on their market leadership that they have. And it will be tough for Canadians to come in and compete with them,” Butt said.
Canadian players still retain the upper hand at times in terms of valuation, which is confusing for both Butt and Dan Ahrens, chief operating officer and portfolio manager at AdvisorShares.
“The performance in quarterly earnings of US companies has been rather spectacular. They’ve knocked it out of the park in most instances,” Ahrens told INN.
Butt praised the recent performance reports from MSOs across the board, pointing to year-over-year growth lines and projections for continued positive performance.
In his view, share prices still don’t reflect company value. “Those are really being discounted at this point,” Butt told INN.
“We’ve seen the Canadian licensed producers be really hot stock performance-wise, outpacing the US (MSOs), and I’ll say it’s rather nonsensical to me,” said Ahrens, who oversees the AdvisorShares Pure Cannabis ETF (ARCA:YOLO) and the recently launched AdvisorShares Pure US Cannabis ETF (ARCA:MSOS).
Cannabis market update: Investor takeaway
The cannabis investment proposition finds itself at an interesting moment in time, as the entire sector eagerly awaits confirmation in the US at the federal level.
While for the Canadians waiting on the sidelines, this development may feel like a major necessity to address current financial struggles, for US-based operators, the heat around the corner could represent an increase to their already thriving operations.
Trulieve Cannabis Corp. (“Trulieve” or the “Company”) (CSE: TRUL) (OTC: TCNNF), a leading and top-performing cannabis company in the United States will release its first quarter 2021 financial results on Thursday, May 13, 2021 before markets open. Following the earnings release, management will host a conference call at 8:30 AM Eastern Time to review the financial results.
All interested parties can join the conference call by dialing 1-888-231-8191 or 1-647-427-7450, conference ID: 4880609. Please dial in 15 minutes prior to the call to secure a line. The conference call will be archived for replay until May 20, 2021 . To access the archived conference call, please dial 1-855-859-2056 and enter the encore code 4880609.
A live audio webcast of the conference call will be available at: https://produceredition.webcasts.com/starthere.jsp?ei=1456168&tp_key=12329b312c
Please connect at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be required to join the webcast. An archived replay of the webcast will be available for 90 days by clicking the link above.
About Trulieve
Trulieve is primarily a vertically integrated “seed-to-sale” company in the U.S. and is the first and largest fully licensed medical cannabis company in the State of Florida . Trulieve cultivates and produces all of its products in-house and distributes those products to Trulieve-branded dispensaries throughout the State of Florida , as well as directly to patients via home delivery. Trulieve is also a licensed operator in California , Massachusetts , Connecticut , Pennsylvania , and West Virginia . Trulieve is listed on the Canadian Securities Exchange under the symbol TRUL and trades on the OTCQX Best Market under the symbol TCNNF.
To learn more about Trulieve, visit www.Trulieve.com .
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.
View original content: http://www.prnewswire.com/news-releases/trulieve-cannabis-corp-announces-release-date-conference-call-and-webcast-for-the-first-quarter-of-2021-301273126.html
SOURCE Trulieve Cannabis Corp.
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- Expanding from the successful nation-wide launch in medical-only channels through Medical Cannabis by Shoppers Drug Mart™ the company set out to rapidly commercialize its RHO Phyto products through retail channels and has succeeded in doing so within a three-month period.
- In collaboration with Velvet’s sale infrastructure, the RHO Phyto products which include its advanced formulary of sublingual sprays, oil drops and topicals, are launching into retail sales channels valued at $2.6 billion in 20201 in Canada.
- The initial listings across four provinces and start of retail channel sales validate market demand for the growing segment in Avicanna’s advanced medical and wellness products within the retail channels.
Avicanna Inc. (“Avicanna” or the “Company) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) a biopharmaceutical company focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products is pleased to announce the listing of certain RHO Phyto products with the Ontario, Manitoba, Saskatchewan and New Brunswick provincial retailers (the “Initial Listing”).
Establishing a Leadership Position Within the Medical Community and Patients
Since its launch in Medical Cannabis by Shoppers Drug Mart™ in Q3 2020, the RHO Phyto product line has experienced incredible success with overwhelming positive support from the medical community including 500+ prescribers and 30 medical cannabis clinics. RHO Phyto sales have increased over 40% month over month in all product categories and have successfully segmented and targeted medical and wellness consumers. Nearly 90% of the consumers of the RHO Phyto oral products including sublingual sprays and oral drops are over the age of 31 and 52% are female.
Avicanna will remain exclusive to Medical Cannabis by Shoppers Drug Mart for medical-only channels and has increased its current commercial offering from 2 to 7 SKU’s in response to high demand from patients.
Successful Expansion into Retail Channels Provides a Low Barrier to Consumers Accessing the Industry’s Leading Formulary of Medical and Wellness Products.
It has become evident that many consumers who seek cannabis for medical and wellness purposes are not necessarily going through medical channels, with nearly 44% purchasing from adult use channels2. According to the 2020 Canadian Cannabis Survey, 76% of medical cannabis users do not have a medical document from a healthcare practitioner3. The systemic barriers to connecting with health care professionals, ease of access to storefronts and e-commerce channels, and expansion of the wellness category product offerings have all contributed to the increase in consumer demand for cannabinoid based medical and wellness products across adult use channels.
Within a short 3-month time frame, the Company has successfully established its production infrastructure, expanded the RHO Phyto product portfolio, and obtained the Initial Listings from four Canadian provinces. RHO Phyto products have already been delivered to the provincial retailers, including Ontario which represents the largest Canadian market opportunity.
“The initial demand and provincial listings in such a saturated market is a fantastic validation of the differentiation and market acceptance of the RHO Phyto product line beyond the medical cannabis channels. The rapid execution by our team will allow us to capture market share in the evolving medical and wellness categories within the adult use channels and is expected to be a significant revenue driver for the company in 2021.” commented Aras Azadian, CEO of Avicanna.
The sales and distribution of RHO Phyto is completed in collaboration with Velvet Management Inc. which is a national sales and marketing agency with 100% focus on adult use cannabis. Velvet was created by the largest importer of alcohol in Canada, Groupe Dandurand, responsible for $1.2 billion in retail sales. Velvet Management Inc., with 40+ employees, has become one of largest sales and marketing agencies in Canada with offices in Montreal, Toronto, Calgary, and Vancouver.
RHO Phyto Product Attributes and Retail Sales Strategy
The advanced and standardized products are offered in various doses of CBD, THC and THC-Free formulations to provide consumers with a range of inhalation-free cannabinoid-based solutions. The advanced formulations are developed and optimized by Avicanna to provide enhanced absorption versus basic medium-chain triglyceride (MCT) oil formulations while providing a consistent experience with a pleasant taste and smell. The RHO Phyto products are delivered with accurate dosing which also allows for easy titration and dosing by consumers.
Avicanna’s RHO Phyto strategy to leverage retail sales channels is consistent with the Company’s vision to provide education and safe delivery of its products through evidence-based training and education to consumers, retailers and the medical community. Avicanna aims to establish RHO Phyto as a recommended brand within the cannabis industry and has initiated several pre-clinical and real-world evidence clinical trials on the products with leading Canadian medical institutions.
1 Statistics Canada. Table 20-10-0008-01 Retail trade sales by province and territory (x 1,000)
2 Health Canada. (2021). Canadian Cannabis Survey 2020 Survey.
3 Idem.
About Avicanna
Avicanna is a diversified and vertically integrated Canadian biopharmaceutical company focused on the research, development and commercialization of plant-derived cannabinoid-based products for the global consumer, medical, and pharmaceutical market segments.
Avicanna is an established leader in cannabinoid research and development, with its research conducted primarily at its R&D headquarters in the Johnson & Johnson Innovation Centre, JLABS @ Toronto, Canada and in collaboration with leading Canadian academic and medical institutions. In addition to its developing pharmaceutical pipeline, Avicanna’s team of experts have developed and commercialized several industry leading product lines, including:
- Pura H&W™: an advanced and clinically tested line of CBD consumer derma-cosmetic products; and,
- RHO Phyto™: an advanced line of medical cannabis products containing varying ratios of CBD and THC currently available nation-wide across Canada in partnership with Medical Cannabis by Shoppers™, a subsidiary of Shoppers Drug Mart. RHO Phyto is the first strictly medical formulary of advanced “Cannabis 2.0” products, containing oils, sprays, capsules, creams, and gels, all developed with scientific rigour, manufactured under GPP standards and supported by pre-clinical data.
With ongoing clinical trials on its derma-cosmetic (Pura H&W), medical cannabis (RHO Phyto) and a pipeline of pharmaceutical products, Avicanna’s dedication to researching the important role that cannabinoids play in an increasingly wider scope of products has been at the core of the Company’s vision since its inception. Furthermore, Avicanna’s commitment to education is demonstrated through its annual medical symposiums, the Avicanna Academy educational platform, and the My Cannabis Clinic patient program through its subsidiary company.
Avicanna manages its own supply chain including cultivation and extraction through its two majority-owned subsidiaries, Sativa Nativa S.A.S. and Santa Marta Golden Hemp S.A.S., both located in Santa Marta, Colombia. Through these sustainable, economical, and industrial scale subsidiaries, Avicanna cultivates, processes, and commercializes a range of cannabis and hemp cultivars dominant in CBD, CBG, THC, and other cannabinoids for use as active pharmaceutical ingredients. Avicanna’s Avesta Genetica program specializes in the development and optimization of rare cultivars for commercial production along with feminized seeds for global export. In June 2020, Avicanna made history with its shipment of hemp seeds to the United States of America by completing the first ever export of hemp seeds from Colombia.
Stay Connected
For more information about Avicanna, visit www.avicanna.com, call 1-647-243-5283, or contact Setu Purohit, President by email at info@avicanna.com.
The company posts updates through videos from the official company YouTube channel https://www.youtube.com/channel/UC5yBclNIsNf7VrE34iwt8OA.
Cautionary Note Regarding Forward-Looking Information and Statements
This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this press release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions, and includes statements with respect to the incredible success of the RHO Phyto product line, sales of the RHO Phyto products increasing month over month in all product categories, the Company’s ability to successfully segment and target medical and wellness consumers, the high demand for the RHO Phyto products, the increase in consumer demand for cannabinoid based medical and wellness products across adult use channels, the Company’s ability to maintain positive support of the RHO Phyto products from the medical community including 500+ prescribers and 30 medical cannabis clinics, the Company’s ability to continue to deliver RHO Phyto products to provincial retailers, the differentiation and market acceptance of the RHO Phyto product line, the Company’s ability to capture market share in the evolving medical and wellness categories within the adult use channels, the likelihood that RHO Phyto will be a significant revenue driver for the company in 2021, the ability of the Company to establish RHO Phyto as a recommended brand within the cannabis industry. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment, and the availability of licenses, approvals and permits.
Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to current and future market conditions, including the market price of the common shares of the Company, and the risk factors set out in the Company’s annual information form dated April 15, 2020, and final short form prospectus dated November 27, 2020, filed with the Canadian securities regulators and available under the Company’s profile on SEDAR at www.sedar.com.
The statements in this press release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
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Appointment of Dr. Kelmendi, Assistant Professor of Psychiatry at Yale University and co-founder of the Yale Psychedelic Science Group, brings another experienced medical professional to Lobe’s advisory team.
Lobe Sciences Ltd. (CSE: LOBE) (OTC Pink: GTSIF) (“Lobe” or the “Company”) is pleased to announce the appointment of Benjamin Kelmendi, MD, Assistant Professor of Psychiatry at Yale University School of Medicine, to its Scientific Advisory Board.
Philip Young, CEO and Director of Lobe stated, “We are extremely pleased to welcome Ben to our Scientific Advisory Board. Dr. Kelmendi will add significant relevant experience to the team as we move through preclinical studies into human clinical trials. We look forward to working with Dr. Kelmendi and the team at the Yale Psychedelic Science Group.”
Dr. Kelmendi is a board-certified psychiatrist and is an Assistant Professor in the Department of Psychiatry at the Yale University School of Medicine and is also a co-founder of the Yale Psychedelic Science Group. His primary clinical expertise is in post-traumatic stress disorder (“PTSD“), depression, obsessive-compulsive disease (“OCD“). He leads a research program focused on the therapeutic potential of psychedelic medicines, across a range of psychiatric diagnosis. He is currently investigating the effects of psilocybin on the neurocircuitry implicated in the development, maintenance, and treatment of patients with OCD. He is also exploring the effects of MDMA on brain activation and neural network organization in PTSD to understand the relationship between MDMA-induced neural changes and the acute cognitive and behavioral effects of the drug.
Benjamin Kelmendi, MD stated, “The re-emergence of psychedelic medicine as a respected area of research has undergone a protean trajectory. In the most recent revival of investigations into potential therapeutic benefits of long-maligned psychedelic substances, we are now revisiting past work in this area completely differently with a heightened sense of scientific responsibility, knowledge, and technology. I am excited by the renewed interest in the potential of psychedelic substances, both as therapeutic agents and as tools to provide insight into the human brain and mind’s inner workings. I look forward to working with the Advisory Board and the Lobe team as we all work together to ethically develop psychedelic therapies for mental illness.”
About Lobe Sciences Ltd.
Lobe is a life sciences company focused on psychedelic medicines. The Company, through collaborations with industry leading partners, is engaged in drug research and development using psychedelic compounds and the development of innovative devices and delivery mechanisms to improve mental health and wellness.
For further information please contact:
Lobe Sciences Ltd.
Philip J Young, 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, research and development using psychedelic compounds, the development of innovative devices and delivery mechanisms to improve mental health and wellness, moving through preclinical studies to human clinical trials, and working with the team at the Yale Psychedelic Science Group, 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. 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; that the Company’s drug research and development activities may be unsuccessful; that drugs and medical devices produced by, or on behalf of, the Company, may not work in the manner intended or at all, and may subject the Company to product liability or other liability claims; that the Company may not be able to attain the Company’s corporate goals and objectives; and other risk factors detailed in the Company’s continuous disclosure filings from time to time, as available under the Company’s profile at www.sedar.com. 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/80963
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Ayurcann Holdings Corp. ( CSE: AYUR ) (the “ Company ” or ” Ayurcann “), a Canadian extraction company specializing in the processing of cannabis and hemp for the production of oils and various derivative products, is pleased to unveil further details of its Phase 2 expansion plans.
Ayurcann has commenced trading on the Canadian Securities Exchange (” CSE “) on April 8, 2021 and subsequently announced a private placement of up to $500,000 (” Financing “), as per the Company’s press release dated April 12, 2021. The proceeds of the Financing are intended to be used to further pursue Phase 2 of the expansion of the production capacity of the Company’s Pickering facility.
Following the closing of the Financing, the Company expects to continue the Phase 2 expansion, which is intended to increase the extraction capacity of the facility by 50% from 200,000 kgs to 300,000 kgs of biomass on an annualized basis. Ayurcann has continued to consistently secure over 1,000 kgs of hemp biomass and 1,000 kgs of cannabis biomass on a bi-weekly basis through multiple suppliers at attractive prices, and the Company estimates the increased production and current inventory translates to potential revenue of approximately $1 million per month.
This supply schedule currently enables the Company to produce over 300 kgs of high-quality distillate on a monthly basis, which may be used for bulk wholesale sales, or to produce higher margin value-added cannabis 2.0 concentrate products such as vaporizing pens, topicals, and edibles for our B2B clients.
Igal Sudman, CEO of Ayurcann, commented, “We wish to thank our shareholders for their support as we’ve made our successful debut on the CSE. We believe this is an opportune time to showcase the progress that we’ve made over the last several years and to highlight the steps we’re taking to aggressively accelerate sales.” Mr. Sudman continued: “We believe that our current facility offers one of the larger extraction capacities among the Canadian LPs and completion of our Phase 2 expansion plans will allow us to service more customers, which, we believe, will help increase revenues.”
For further information, please contact:
Igal Sudman, Chairman and CEO
Ayurcann Holdings Corp.
Tel: 416-720-6264
Email: igal@xtrx.ca
Investor Relations:
Ryan Bilodeau
Tel: 416-910-1440
Email: ir@ayurcann.com
About Ayurcann Holdings Corp.:
Ayurcann is a leading post-harvest solution provider with a focus on providing and creating custom processes and pharma grade products for the adult use and medical cannabis industry in Canada. Ayurcann is striving to become a partner of choice for leading Canadian cannabis brands by providing best-in-class, proprietary services including ethanol extraction, formulation, product development and custom manufacturing.
Neither the Canadian Securities Exchange nor its Regulation Services Provider have reviewed or accept responsibility for the adequacy or accuracy of this release.
Certain statements included in this press release constitute forward-looking information or statements (collectively, “forward-looking statements”), including those identified by the expressions “anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend”, “may”, “should” and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events. This press release contains forward looking statements, including but not limited to statements relating to the Company’s expansion plans and future production capacity. These forward-looking statements are based on current expectations and various estimates, factors and assumptions and involve known and unknown risks, uncertainties and other factors.
Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Factors that could cause the actual results to differ materially from those in forward-looking statements include, but are not limited to, failure to obtain regulatory approval, ability to increase production at the Company’s facilities, the continued availability of capital and financing, and general economic, market or business conditions. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management’s reasonable assumptions, there can be no assurance that the statements will prove to be accurate or that management’s expectations or estimates of future developments, circumstances or results will materialize. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, Further, there may be others that cause results not to be as anticipated, estimated or intended and such changes could be material. Public health crises, including the ongoing novel coronavirus (COVID-19) pandemic, could have significant economic and geopolitical impacts that may adversely affect the Company’s business, financial condition and/or results of operations. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. Readers should not place undue reliance on the Company’s forward-looking statements.
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