Water Ways Closes Qualifying Transaction With Irri-Al-Tal And Completes Capital Raises Totalling Over $3.1M
Water Ways Technologies Inc. (formerly Sagittarius Capital Corporation) (NEX Board: SCX.H) (“Water Ways” or the “Company”), is pleased to announce further to its press releases dated December 31, 2018, August 27, 2018 and June 27, 2018, that it has closed its previously announced Qualifying Transaction (“QT”) with Irri-Al-Tal Ltd. (“IAT”) a company incorporated under the laws of Israel. In addition, aggregate gross proceeds totalling $3,109,570 was raised in connection with the QT, of which $2,818,125 was raised via public offering (“Offering”) of units (“Units”) of Water Ways and $291,445 by way of a private placement (“Concurrent Private Placement”) of units of IAT (“IAT Units”).
Ohad Haber, President, CEO and Director of Water Ways commented: “We are very pleased to announce the completion of the financing and securities exchange with Sagittarius and look forward entering this new chapter of our company. As a global leader in providing innovative irrigation equipment and irrigation turnkey solutions, this financing positions us to pursue opportunities in new markets and new product and service verticals. We also expect that becoming a public company will provide us with additional credibility on the global stage in order to attract additional financing to aggressively accelerate our sales. We thank everyone who made this milestone possible and look forward to demonstrating the full potential of Israeli innovation in the irrigation sector”.
Adam Szweras, Director and Corporate Secretary of Water Ways, and Chairman of the Company’s financial advisor FMI Capital Advisory Inc., added: “Our firm has worked with Water Ways for over a year now and we are excited about the growth prospects in its traditional markets and with legal cannabis and hemp cultivators. We look forward to continue working with management in this new phase of the Company’s existence to seize the opportunity for continued rapid growth”.
The QT provided for the acquisition of all of the outstanding equity interests of IAT by Water Ways in a transaction in which the shareholders of IAT received common shares of Water Ways (the “Common Shares”) and, in case of outstanding convertible securities of IAT, convertible securities of Water Ways. Shareholders of IAT were issued an aggregate of 75,338,152 Common Shares (the “Consideration Shares”) based on the deemed value ascribed to IAT as negotiated between Water Ways and IAT of approximately CAD $18.8 million, at a deemed issue price of CAD$0.25, resulting in 2 Consideration Shares for each one IAT share held. As a result of the QT, Water Ways became the sole beneficial owner of all of the outstanding securities of IAT. Water Ways is the parent company of IAT which will continue its business.
Prior to the QT, Water Ways was a Capital Pool Company (as defined under the policies of the TSX Venture Exchange (the “Exchange”)) and had not commenced commercial operations and had no assets other than cash. The QT constituted Water Ways’ “Qualifying Transaction”, as such term is defined in Policy 2.4 of the Exchange. In connection with the QT the Company’s name was changed from Sagittarius Capital Corporation to Water Ways Technologies Inc. and its shares were consolidated on the basis of one post-consolidation share for every 1.4964285 pre-consolidation shares.
Final acceptance of the QT will occur upon the issuance of a Final Exchange Bulletin by the Exchange. Upon issuance of the Final Exchange Bulletin, Water Ways will cease to be a Capital Pool Company and will recommence trading on the Exchange as a Tier 1 issuer. Subject to this final acceptance, trading in the common shares of Water Ways is expected to begin on the Exchange under the symbol “WWT” shortly. A further press release will be issued when the date trading is anticipated to commence is known.
Public Offering and Concurrent Private Placement
In connection with the QT, Water Ways completed an Offering of 11,272,500 Units for gross proceeds of $2,818,125. Each Unit is comprised of one Common Share and one-half of one common share purchase warrant (each whole warrant, a “Warrant”) of Water Ways at a price of $0.40 per Unit, for a total issuance of 11,272,500 Common Shares and 5,636,250 Warrants. Each Warrant is exercisable into one Common Share (a “Warrant Share”) at $0.40 per Warrant Share until March 6, 2021. If the closing price of the Common Shares on the Exchange is equal to or greater than $0.75 for any 20 consecutive trading days, the Company may, upon providing written notice to the holders of the Warrants, accelerate the expiry date of the Warrants to the date that is 30 days following the date of such written notice.
The Offering was conducted by Leede Jones Gable Inc. (“Leede”) as lead agent and sole bookrunner. As consideration for acting as agent for the Offering, Leede received: (i) a cash commission of $225,450; (ii) a corporate finance fee of $40,000; and (iii) 901,800 non-transferable broker warrants (each, a “Broker Warrant”). Each Broker Warrant entitles the holder to one Common Share at a price of $0.50 until March 6, 2021.
Immediately prior to the closing of the QT, IAT completed a non-brokered Concurrent Private Placement of IAT Units raising gross proceeds of $291,445.38. Each IAT Unit was issued at a price of $0.50 and was comprised of one ordinary share in the capital of IAT and one-half of one ordinary share purchase warrant. Each whole warrant entitled the holder thereof to acquire one ordinary share at a price of $0.80 per share until March 5, 2021. The securities issued in connection with this private placement were converted into Common Shares and warrants of Water Ways, respectively, in connection with the QT with such conversion being completed on the same two to one exchange ratio referenced above.
As a result of the QT and the Offering, Water Ways has 89,410,652 Common Shares issued and outstanding, with 84.3% held by former IAT shareholders (of which 1.3% of the total is attributed to the participants of the Concurrent Private Placement), 3.1% held by shareholders of Water Ways who were shareholders prior to the QT and 12.6% held by purchasers of the Units. In addition there are 11,219,141 common share purchase warrants issued and outstanding, of which 5,636,250 are Warrants held by the participants in Offering, and 5,582,891 are the warrants held by former IAT warrant holders. In addition, there are 1,701,800 broker warrants outstanding, of which 901,800 represents the Broker Warrants and the balance represents the consideration compensation options issued in connection with IAT’s previous financings.
Pursuant to the terms of an escrow agreement among Water Ways, TSX Trust Company and certain escrowed security holders, an aggregate of 60,606,150 Common Shares, 145,872 warrants and 552,714 brokers options have been placed in escrow, which will be released in tranches over the next 18 months, with the first release upon issuance of the Exchange’s Final Exchange Bulletin pursuant to the Tier 1 issuer escrow requirements.
As a result of the closing of the QT, the directors and officers of Water Ways are now:
Ohad Haber – Director and CEO
Meira Zada – CFO
Ronnie Jaegermann – Director
Yehuda Doron – Director
James Lanthier – Director
Adam Szweras – Director and Corporate Secretary
Further details about the QT, the Offering and Water Ways are available in the final prospectus of Water Ways dated December 27, 2018 filed in respect of the QT which has been filed under Water Ways’ profile on SEDAR at www.sedar.com.
Fogler Rubinoff LLP acted as legal counsel to Water Ways, Gowling WLG (Canada) LLP and Adv. Yaniv Bresler (Israel) acted as legal counsel to IAT and Burnet, Duckworth & Palmer LLP acted as legal counsel for Leede.
Ohad Haber, an officer and director of Water Ways, held 28,500,000 IAT ordinary shares. Upon completion of the QT, Mr. Haber now beneficially owns and has control over 57,000,000 Common Shares representing approximately 63.7% of the issued and outstanding Common Shares.
Immediately before the QT, Mr. Haber held, directly or indirectly, beneficial ownership of, or the power to exercise control or direction over, no Common Shares. Immediately after the QT, Mr. Haber held, directly or indirectly, beneficial ownership of, or the power to exercise control or direction over, 57,000,000 Common Shares, representing 63.7% of all of the issued and outstanding common shares of Water Ways.
The Common Shares were acquired for investment purposes. Mr. Haber may increase or reduce his investments in Water Ways according to market conditions or other relevant factors.
The foregoing disclosure regarding Mr. Haber’s holdings is being disseminated pursuant to National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. A copy of the report to be filed with Canadian securities regulators in connection with the acquisition of these securities can be obtained under Water Ways’ profile on the SEDAR website (www.SEDAR.com) or by contacting the Mr. Haber c/o Meira Zada, firstname.lastname@example.org.
About Water Ways Technologies
Water Ways is the parent company of IAT which is an Israeli based agriculture technology company that specializes in providing water irrigation solutions to agricultural producers. IAT competes in the global irrigation water systems market with a focus on developing solutions with commercial applications in the micro and precision irrigation segments of the overall market. At present, IAT’s main revenue streams are derived from the following business units: (i) Projects Business Unit; and (ii) Component and Equipment Sales Unit. IAT was founded in 2003 by Mr. Ohad Haber with a view of capitalizing on the opportunities presented by micro and smart irrigation, while also making a positive mark on society by making these technologies more widely available, especially in developing markets such as Africa and Latin America. IAT’s past projects include vineyards, water reservoirs, fish farms, fresh produce cooling rooms and more, in over 15 countries.
Certain statements contained in this press release constitute “forward-looking information” as such term is defined in applicable Canadian securities legislation. The words “may”, “would”, “could”, “should”, “potential”, “will”, “seek”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions as they relate to Water Ways, including receipt of the Final Exchange Bulletin and the proposed listing date, are intended to identify forward-looking information. All statements other than statements of historical fact may be forward-looking information. Such statements reflect Water Ways’ current views and intentions with respect to future events, and current information available to Water Ways, and are subject to certain risks, uncertainties and assumptions. Material factors or assumptions were applied in providing forward-looking information, including: the Exchange is satisfied with the final listing materials submitted by Water Ways and issues its Final Exchange Bulletin and approves trading. Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking information to vary from those described herein should one or more of these risks or uncertainties materialize. Should any factor affect Water Ways in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, Water Ways does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release and Water Ways undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law. Water Ways’ results and forward-looking information and calculations may be affected by fluctuations in exchange rates. All figures are in Canadian dollars unless otherwise indicated.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Click here to read the previous cannabis market 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.
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 US 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, working in the 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 undergoing a return to form as excitement about the US opening up increases.
The expert explained that there is likely to be a windfall of capital in the wake of major federal changes in US 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.
“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 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 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, but questions remain
A surge of mergers and acquisitions has taken over the Canadian cannabis sector recently as more producers see potential in America.
Using the funds, the two will work in tandem to develop new branded products designed for 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.
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 Canadian companies 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 future positivity for already thriving operations.
Want more details? Check out these articles for more INNdepth coverage:
- Cannabis Investment: Canadian Cannabis Stocks
- Invest in Cannabis: TSX Cannabis Stocks
- Cannabis Companies: Stocks on the TSXV
- CSE Marijuana Stocks
Want an overview of investing in cannabis stocks? Check out Investing in the Cannabis Industry.
Trulieve Cannabis Corp. Announces Release Date, Conference Call and Webcast for the First Quarter of 2021
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.
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.
SOURCE Trulieve Cannabis Corp.
News Provided by PR Newswire via QuoteMedia
Avicanna Announces Initial Listings and Sales for Evidence-Based RHO Phyto Products in Canada’s Adult Use Channels Including Ontario, Manitoba, Saskatchewan, and New Brunswick
- 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.
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.
For more information about Avicanna, visit www.avicanna.com, call 1-647-243-5283, or contact Setu Purohit, President by email at email@example.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.
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:
THE CSE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE.
Disclaimer for Forward Looking Statements
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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.
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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