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Filing reflects Company's belief that Verano's defense against claims of unlawful conduct is without merit –
– Legal filing represents a documentary record and corresponding damages analysis –
Melodiol Global Health Limited (ASX:ME1, FRA:1X8) (‘Melodiol’ or ‘the Company’), is delighted to announce a non-binding Letter of Intent (LOI) with the US-based entity, Panacea Life Sciences Holdings, Inc. (‘Panacea’) (OTCQB: PLSH). The LOI pertains to the divestment of two of Melodiol's prominent business units, Sierra Sage Herbs, LLC ("SSH") and Halucenex Life Sciences Inc. ("Halucenex"), for an up-front aggregate consideration of approximately U$5m in cash and scrip. The LOI also includes an additional US$15m in earn-out clauses, which if met, will provide additional value to Melodiol.
Highlights:
- Melodiol secures a non-binding LOI with Panacea Life Sciences Holdings, Inc. (‘Panacea’) (OTCQB: PLSH), a US company specialising in manufacturing, R&D, and distribution of high-quality, GMP-certified health & wellness products, for the sale of Sierra Sages Herbs, LLC (‘SSH’) and Halucenex Life Sciences Inc. (“Halucenex”) for an initial approximate US$5m in cash and scrip
- LOI includes additional earn-out components valued at up to US$15m, which will allow Melodiol to further increase its shareholding in Panacea should conditions be met following SSH’s potential revenue growth
- Panacea's recent operational progress includes acquisitions of eight retail locations offering VAPE and CBD products in Tampa, Florida, generating US$2.9m of annual revenues for the fiscal year ended 31 Dec 2022, and a research collaboration with Colorado State University’s Cannabinoid Research Centre (CRC)
- Panacea, through its diverse trademark portfolio (PANA Health, PANA Beauty, PANA Sport, PANA Pet, & PANA Life), operates across the entire cannabinoid value chain and achieved significant customer growth during Q1 CY2023
- Panacea is headquartered in Golden, Colorado where it operates a sophisticated 51,000 square foot, cGMP-certified facility
- Melodiol's divestment of SSH and Halucenex allows for concentration on group profitability, via the substantial growth at Health House International and Mernova Medicinal Inc., with the purchase price including US$2m in cash and the balance in Panacea common stock, promising further upside potential
- Post-transaction, Melodiol will be the largest shareholder in Panacea, enabling a strategic expansion into the US market. This aligns with the Company’s long stated objective to increase exposure to US capital markets
- Panacea's expertise will aid in the growth of SSH and Halucenex, significantly reducing Melodiol’s cash burn, and allowing ME1 to focus on accelerating the group’s near term profitability
- Transaction enables Panacea, a complementary US specialist business, to collaborate with SSH and Halucenex, driving growth and pursue cash flow positivity for SSH via potential synergies. Additionally, if completed, it would secure continued funding for Halucenex's progression into successful Phase II and forthcoming Phase III trials. This strategic move would also significantly decrease Melodiol's cash burn
- Consideration of A$30m highlights management’s view of Melodiol’s operating subsidiary value – further value accretive transactions for shareholders are also being explored
Panacea Life Sciences Holdings (https://panacealife.com/), is an OTCQB-listed holding company specialising in the development, manufacturing, research, and distribution of GMP-certified health & wellness and pet care products, chiefly those originating from hemp and CBD.
Panacea’s Extensive Product Suite
Its subsidiary, Panacea Life Sciences, Inc., driven by strong female leadership, prides itself on the research, production, and distribution of the highest-quality nutraceutical, cannabinoid, mushroom, kratom, and other natural, plant-based products. Panacea operates from a sophisticated 51,000 square foot, cGMP- certified facility in Golden, Colorado, ensuring unparalleled quality standards.
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This article includes content from Melodial Global Health, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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Melodiol Global Health
Overview
The global regulatory climate around cannabis use is evolving and has resulted in a huge investment opportunity for investors seeking to capitalize on this emerging market. A significant player in the global cannabis market, Melodiol Global Health’s (ASX:ME1, FRA:1X8) value proposition is founded on its strategic operations in both Canada and Australia.
In recent years, countries like Canada and Australia have established new regulations to legalize cannabis use, either for recreational or medical purposes – or both. Other countries and regions are not far behind in their cannabis regulation journey.
Melodiol oversees multiple global business units that provide everything from recreational and medical cannabis to hemp-based, athletic, beauty and personal care products. Through subsidiary Halucenex Life Sciences, the company has also dipped its toes into the medical psychedelics market.
Melodiol's two most significant subsidiaries, by far, are Mernova and Health House International. The former is a licensed Canadian producer of small-batch, high-quality craft cannabis with incredibly strong revenue growth. The former is a leading distributor of medical cannabis in Australia with additional non-cannabis operations in the United Kingdom.
The company aims to increase shareholder value and spur further growth in its subsidiaries through optimisation which will ultimately result in improved operating and financial performance. Group revenues for the first half of 2023 totalled AU$6.99 million, representing a 62-percent increase from the same period in 2022 at AU$4.32 million.
Accounting for the recent acquisition of Health House International, unaudited pro forma revenue increased to AU$8.26 million or AU$33 million on an annualised basis — a 280-percent increase from the company's 2022 revenue. Unaudited net sales for the combined Melodiol group in Q2 2023 totaled $4.74 million, a 105-percent gain on the previous quarter and a 202-percent increase on the previous corresponding period. The company has also demonstrated a strong growth trajectory into Q3 2023.
Company Highlights
- A significant player in the global cannabis market, Melodiol Global Health is well-positioned to capitalise on a global trend toward recreational and medical cannabis legalization.
- Melodiol has built a diverse portfolio of plant-based brands situated in multiple high-growth market segments and geographies:
- Mernova, a licensed producer of craft cannabis products in Canada sold under the Ritual brand banner.
- Health House International is a leading Australian distributor of medicinal cannabis.
- Sierra Sage Herbs is an American developer of plant-based first aid, beauty and personal care brands Green Goo, Southern Butter and Good Goo.
- Creso ImpACTIVE, which produces high quality hemp-derived CBD products for athletes.
- Halucenex, a clinical-stage psychedelics research and development operation.
- Creso Pharma Switzerland, which carries out CBD-related research, development and commercialization initiatives.
- Melodiol has displayed incredibly strong financial performance throughout 2023, with significant revenue growth and notable improvements in core business unit EBITDA margins.
- The company intends to continue on its current path of generating value for shareholders through strong operational and financial performance.
Key Business Units
Mernova
Mernova product suite
Based in Canada, Mernova is a 100-percent-owned subsidiary of Melodiol. As a fully licensed cannabis producer, Mernova produces high-quality craft cannabis intended primarily for recreational use. Its products are among the most concentrated in the Canadian market, with THC content typically 25 percent or higher.
Mernova’s cannabis products are currently available in Saskatchewan, Ontario, Nova Scotia, New Brunswick, Manitoba, Yukon and Newfoundland. Mernova is notable as the first of Melodiol's divisions to generate positive cash flow from operations, achieving significant revenue growth in the first half of 2023. The company currently aims to bring its Mernova products to other markets within Canada and has recently launched a medicinal cannabis division.
Highlights:
- Purpose-built Facility: Mernova's 24,000-square-foot production facility fully adheres to Health Canada's GPP standards and is scalable up to 200,000 square feet.
- Branded Cannabis: Mernova markets its products under the Ritual brand, comprising three distinct segments:
- Ritual Green: Dried flower products
- Ritual Sticks: Pre-rolled joints
- Ritual Gold: Handheld vaporizers
- Revenue Growth: Mernova's total unaudited Q2 FY2023 sales totalled AU$1.22 million. This follows the company’s reported revenue increase of 46 percent from Q4 2022 to Q1 2023, hitting a record high of AU$1.55 million. This growth has had a significant positive impact on Melodiol's overall profits for the year.
Health House International
A leading distributor of medical cannabis products to the Australian market, Health House International also operates a division in the United Kingdom which distributes medicines and medicinal supplies. The business unit is primed to capitalise on any changes which might occur in the European regulatory climate. Melodiol acquired Health House International in the first quarter of 2023, resulting in a material increase in group revenues.
The company and its operating subsidiaries have delivered strong revenue and positive EBITDA margins throughout the first half of 2023. This trend is expected to continue for the remainder of the year.
Highlights:
- Recently Acquired: Melodiol's acquisition of Health House International closed in May 2023, cementing the company's leadership in the Australian cannabis market.
- Strong Growth Potential: The company generated AU$5.95 million in cash receipts in Q1 2023, a 10-percent increase on last quarter and a 36-percent increase over the previous corresponding period.
ImpACTIVE Limited
ImpACTIVE is a hemp-based athletics brand that provides CBD products to help athletes improve and redefine their recovery routines. In September 2023, the company secured a landmark sponsorship deal with Texas Christian University's highly reputed NCAA Division 1 sports program. The school's large athletics department boasts more than 200,000 social media followers alongside a large and loyal domestic fanbase.
Other ImpACTIVE brand ambassadors include Kevin Tansey, Mark Fraser, Matthew Barnaby, Nathaniel Behar, Colten Saucerman, Kelly Whaley, Will Wilcox and Troy Van Biezen.
Sierra Sage Herbs
Sierra Sage Herbs' primary offering is Green Goo, a branded line of plant-based first aid, beauty and personal care products. The company also maintains two other wholly owned brands, Southern Butter and Good Goo. In addition to a significant direct-to-consumer sales channel, Sierra Sage's distribution network includes key retail outlets across the United States, including Walmart, Walgreens, Target, Albertson and Whole Foods.
Halucenex Life Sciences
A clinical-stage psychedelic drug development company, Halucenex maintains a 6,000-square-foot Canadian medical facility with six treatment rooms and a secure laboratory dedicated to clinical research and psychedelics-assisted psychotherapy. The company has a Health Canada Controlled Drug and Substance Dealer's License for the possession, production, assembly, sale, provisioning, sending, transportation and delivery of multiple compounds including ketamine, psilocin, psilocybin and salvia divinorum.
Its phase 2 clinical trial test on the efficacy of psilocybin in the treatment of post-traumatic stress disorder (PTSD) has delivered promising results thus far, with the first 10 percent of trial patients experiencing total remission from both depression and PTSD symptoms after their first macro-dose.
Creso Pharma Switzerland
Creso Pharma Switzerland is a hemp-based food, feed supplements and topical products brand based in Europe. Backed by an experienced international team from the pharmaceutical industry, it serves the European Union, Switzerland, Eastern Europe, Latin America and Asia Pacific regions. The company's products are all Swiss-made, produced in GMP-certified facilities, as required, and made from EU-certified, GAP-compliant plants.
Management Team
William Lay — CEO and Managing Director
William Lay is a former investment banker who was involved in more than $5 billion worth of merger and acquisition deals in his role as an associate director at Canadian licenced producer Canopy Growth.
Boaz Wachtel — Chairman of the Board
A leading medical cannabis expert, Boaz Wachtel is co-founder and former MD of Phytotech Medical, Australia's first publicly-traded medicinal cannabis company.
Bruce Linton — Non-executive Director
Bruce Linton is the co-founder and former chairman of Canopy Growth, a world leader in cannabis and psychedelics.
Micheline MacKay — Executive Director
Micheline MacKay serves as managing director at Mernova, one of Melodiol's key business units. She has 22 years of experience in regulatory environments.
Ben Quirin — Non-executive Director
Based in Australia, Ben Quirin has over 20 years of experience in the global telecommunications, technology and pharmaceutical sectors. Prior to his role at Melodiol, Quirin served as regional managing director (APAC) for Canopy Growth.
Peter Hatfull — Non-executive Director
Peter Hatfull has over 40 years of experience in senior executive and board positions with various Australian and international companies.
Yuan (Tim) Tian — CFO
Tim Tian has more than 15 years of experience in financial controllership roles and has been Melodiol's financial controller over the last three years.
Goodness Growth Holdings Announces Filing of Application for Summary Determination in Litigation with Verano
MINNEAPOLIS, May 02, 2024 (GLOBE NEWSWIRE) -- Goodness Growth Holdings, Inc. ("Goodness Growth" or the "Company") (CSE: GDNS; OTCQX: GDNSF), today announced that it has filed an application with the Supreme Court of British Columbia for summary determination in its ongoing litigation with Verano Holdings, Inc. ("Verano") related to Verano's wrongful termination of the share exchange agreement (the "Arrangement Agreement") between the parties pursuant to which Verano agreed to acquire all of the outstanding capital stock of Goodness Growth in a transaction announced on February 1, 2022. The application filing for summary determination is a public document available through the registry of the Supreme Court of British Columbia.
As previously disclosed, on October 14, 2022, Verano delivered a Notice of Termination of the Arrangement Agreement to Goodness Growth. Goodness Growth subsequently filed a notice of civil claim against Verano with the Supreme Court of British Columbia on October 21, 2022. Goodness Growth is seeking substantial damages, specifically US $860.9 million, as well as other costs and legal fees, based on Verano's breach of contract and of its duty of good faith and honest performance. While the Company's filing of its application for summary determination reflects its belief that Verano's defense against its claims of unlawful conduct is without merit, Goodness Growth can make no assurances regarding the expected timeframe to resolve this litigation, or its ability to recover damages from Verano.
Chief Executive Officer Josh Rosen commented, "I stepped into my role at a vulnerable time for Goodness Growth, in the aftermath of Verano's termination of our merger agreement. As I have said before, we view this litigation as a valuable asset of Goodness Growth. Our filing today reflects our ongoing commitment to protecting and realizing it. The transaction with Verano was anticipated to be transformative: it was going to provide Goodness Growth with a means of unlocking its potential, including in the key markets of New York and Minnesota. We are committed to pursuing Verano for what we believe was a calculated and wrongful termination that deprived Goodness Growth of both access to capital and operational improvements. Our filing today represents the careful culmination of months of work: to compile what we consider to be a clear documentary record of what occurred, and corresponding damages analysis. On the latter front, the math speaks for itself. We're hopeful for an early determination, and an outcome reflective of the record and the math."
About Vireo & Goodness Growth
Vireo (Goodness Growth) was founded as a pioneer in medical cannabis in 2014 and sustained with an entrepreneurial drive that fuels our ongoing commitment to serve and delight our key stakeholders, most notably our customers, our employees, our shareholders, our industry collaborators, and the communities in which we live and operate. We work every day to get better and our team prioritizes 1) empowering and supporting strong local market leaders and 2) strategic, prudent capital and human resource allocation. For more information, please visit www.vireohealth.com .
Contact Information
| Investor Inquiries: Sam Gibbons Managing Director sam.gibbons@alpha-ir.com (612) 314-8995 | Media Inquiries: Amanda Hutcheson Senior Manager, Communications amandahutcheson@goodnessgrowth.com (919) 815-1476 |
Forward-Looking Statement Disclosure
This press release contains "forward-looking information" within the meaning of applicable United States and Canadian securities legislation. To the extent any forward-looking information in this press release constitutes "financial outlooks" within the meaning of applicable United States or Canadian securities laws, this information is being provided as preliminary financial results; the reader is cautioned that this information may not be appropriate for any other purpose and the reader should not place undue reliance on such financial outlooks. Forward-looking information contained in this press release may be identified by the use of words such as "should," "believe," "estimate," "would," "looking forward," "may," "continue," "expect," "expected," "will," "likely," "subject to," "transformation," and "pending," variations of such words and phrases, or any statements or clauses containing verbs in any future tense. These statements should not be read as guarantees of future performance or results. Forward-looking information includes both known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company or its subsidiaries to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements or information contained in this press release. Financial outlooks, as with forward-looking information generally, are, without limitation, based on the assumptions and subject to various risks as set out herein and in our Annual Report on Form 10-K filed with the Securities Exchange Commission. Our actual financial position and results of operations may differ materially from management's current expectations and, as a result, our revenue, EBITDA, and cash on hand may differ materially from the values provided in this press release. Forward-looking information is based upon a number of estimates and assumptions of management, believed but not certain to be reasonable, 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, the reader should not place undue reliance 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: risks related to the timing and content of adult-use legislation in markets where the Company currently operates; current and future market conditions, including the market price of the subordinate voting shares of the Company; risks related to epidemics and pandemics; federal, state, local, and foreign government laws, rules, and regulations, including federal and state laws and regulations in the United States relating to cannabis operations in the United States and any changes to such laws or regulations; operational, regulatory and other risks; execution of business strategy; management of growth; difficulties inherent in forecasting future events; conflicts of interest; risks inherent in an agricultural business; risks inherent in a manufacturing business; liquidity and the ability of the Company to raise additional financing to continue as a going concern; the Company's ability to meet the demand for flower in Minnesota; risk of failure in the lawsuit with Verano and the cost of that litigation; our ability to dispose of our assets held for sale at an acceptable price or at all; and risk factors set out in the Company's Form 10-K for the year ended December 31, 2023, which will be available later today on EDGAR with the U.S. Securities and Exchange Commission and 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. Except as required by law, we undertake no obligation to update any forward-looking statements or forward-looking information to reflect events or circumstances after the date of such statements.
News Provided by GlobeNewswire via QuoteMedia
Goodness Growth Provides CREAM & Fire Updates
Josh Rosen to shed Interim title and become Chief Executive Officer; Company provides other key personnel updates –
– Company receives a short-term extension of the maturity date on its credit facility –
– Company plans corporate name change to Vireo –
MINNEAPOLIS, May 01, 2024 (GLOBE NEWSWIRE) -- Goodness Growth Holdings, Inc. ("Goodness Growth" or the "Company") (CSE: GDNS; OTCQX: GDNSF), today announced several leadership and corporate updates related to the day-to-day management of its business. Josh Rosen, who has served as Interim CEO since February of 2023, has been appointed as Chief Executive Officer, effective immediately. The Company also provided several other updates, including additional key personnel hires, an update regarding an extension of its credit agreement, and a planned corporate name change to Vireo over the coming months.
Executive Chairman Dr. Kyle Kingsley commented, "Josh Rosen's leadership over the course of the past 14 months has been instrumental in securing a path forward for our Company as a standalone enterprise. We have been immensely impressed with Josh's stewardship of the organization through the exceptionally challenging circumstances that were created by Verano's wrongful termination of our merger agreement. During his tenure as Interim CEO, he has significantly improved our fundamental operating and financial performance, and has represented the Company admirably in his interactions with both internal and external stakeholders. On behalf of our entire Board of Directors and executive management team, I am pleased that we have reached an agreement with Josh to drop the Interim from his title and be our Chief Executive Officer."
Chief Executive Officer Josh Rosen said, "Our team has overcome many challenges together since I stepped into the Interim CEO role. I'm excited for the future of Vireo, and after being asked by the Board to extend my time leading the Company, I realized that I'm committed to this team and being a part of Vireo's evolution. We still have a lot of work to do to achieve our objectives and I am proud to serve in my role, which for now, also includes as Interim CFO. We envision a future with many attractive avenues for growth and excellence within the cannabis industry, but that must begin and end with our focus on delivering quality product, service and value to our customers. Today's other key personnel updates reflect this commitment to developing and augmenting our team, and we look forward to demonstrating continued improvements."
Additional Key Personnel Updates
Today, the Company provided key personnel updates which relate to its ongoing CREAM & Fire operating strategy which was unveiled in early 2023. In addition to the appointment of Josh Rosen as Chief Executive Officer, the Company promoted Brendan Sweeny to Executive Vice President of Operations and realigned the finance team, nicknamed C3FO, with enhanced responsibilities for Aaron Garrido (VP - Chief of Staff), Brandon Van Asten (VP of Finance and Controller), and Joe Duxbury (VP of Finance and IR). The Company also announced recent hires or affiliations of the following key personnel supporting its operations across Maryland and Minnesota:
- Alex Breant, General Manager of Minnesota
- Gabriel Garcia, Minnesota Director of Cultivation
- Mark Doherty, Vice President of Facilities Management & Performance
- Tyler Alzamora, Director of Laboratory Operations
- Kyle Judson, Maryland Director of Cultivation
- Nicole Stanton, Outside General Counsel
Company President Amber Shimpa commented, "Since we began implementing our CREAM & Fire strategic initiatives last year, we have maintained a relentless focus on improving the quality and depth of our product offerings, as well as enhancing the value proposition of our products to customers and patients. The investment in our internal talent and these recent additions of important team members to our cultivation and operations teams reflect our continued commitment to our Scrappy Operators Creed and our efforts to infuse our organization with weed hustle and passion for fire product. We've also been very pleased to welcome industry veteran Nicole Stanton as Outside General Counsel supporting our legal and compliance operations, and look forward to her continued contributions as we continue executing our CREAM & Fire strategy."
Extension of Credit Agreement with Chicago Atlantic
The Company also announced today that it is in ongoing discussions with its senior secured lender, Chicago Atlantic Admin, LLC, an affiliate of Green Ivy Capital, to finalize a longer-term extension of its credit agreement. While this process remains ongoing, the parties have agreed to a short-term extension of the maturity date on their term loan until June 14, 2024, matching all other terms of the existing agreement.
Planned Corporate Name Change to Vireo
Today the Company also announced that it has planned a corporate name change to Vireo in the coming months. The Company expects to provide additional details regarding its name change and expected ticker symbols for its listed subordinate voting shares in the United States and Canada when close to being finalized.
Josh Rosen concluded, "Our name change to Vireo reflects a return to our roots and focus as a cannabis industry operator. We are proud of the Vireo brand name and its importance in our heritage, and believe Vireo appropriately reflects our corporate identity to all stakeholders."
About Vireo & Goodness Growth
Vireo (Goodness Growth) was founded as a pioneer in medical cannabis in 2014 and sustained with an entrepreneurial drive that fuels our ongoing commitment to serve and delight our key stakeholders, most notably our customers, our employees, our shareholders, our industry collaborators, and the communities in which we live and operate. We work every day to get better and our team prioritizes 1) empowering and supporting strong local market leaders and 2) strategic, prudent capital and human resource allocation. For more information, please visit www.vireohealth.com .
Contact Information
Investor Inquiries:
Sam Gibbons
Managing Director
sam.gibbons@alpha-ir.com
(612) 314-8995
Media Inquiries:
Amanda Hutcheson
Senior Manager, Communications
amandahutcheson@vireohealth.com
(919) 815-1476
Forward-Looking Statement Disclosure
This press release contains "forward-looking information" within the meaning of applicable United States and Canadian securities legislation. To the extent any forward-looking information in this press release constitutes "financial outlooks" within the meaning of applicable United States or Canadian securities laws, this information is being provided as preliminary financial results; the reader is cautioned that this information may not be appropriate for any other purpose and the reader should not place undue reliance on such financial outlooks. Forward-looking information contained in this press release may be identified by the use of words such as "should," "believe," "estimate," "would," "looking forward," "may," "continue," "expect," "expected," "will," "likely," "subject to," "transformation," and "pending," variations of such words and phrases, or any statements or clauses containing verbs in any future tense. These statements should not be read as guarantees of future performance or results. Forward-looking information includes both known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company or its subsidiaries to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements or information contained in this press release. Financial outlooks, as with forward-looking information generally, are, without limitation, based on the assumptions and subject to various risks as set out herein and in our Annual Report on Form 10-K filed with the Securities Exchange Commission. Our actual financial position and results of operations may differ materially from management's current expectations and, as a result, our revenue, EBITDA, and cash on hand may differ materially from the values provided in this press release. Forward-looking information is based upon a number of estimates and assumptions of management, believed but not certain to be reasonable, 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, the reader should not place undue reliance 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: risks related to the timing and content of adult-use legislation in markets where the Company currently operates; current and future market conditions, including the market price of the subordinate voting shares of the Company; risks related to epidemics and pandemics; federal, state, local, and foreign government laws, rules, and regulations, including federal and state laws and regulations in the United States relating to cannabis operations in the United States and any changes to such laws or regulations; operational, regulatory and other risks; execution of business strategy; management of growth; difficulties inherent in forecasting future events; conflicts of interest; risks inherent in an agricultural business; risks inherent in a manufacturing business; liquidity and the ability of the Company to raise additional financing to continue as a going concern; the Company's ability to meet the demand for flower in Minnesota; risk of failure in the lawsuit with Verano and the cost of that litigation; our ability to dispose of our assets held for sale at an acceptable price or at all; and risk factors set out in the Company's Form 10-K for the year ended December 31, 2023, which is available on EDGAR with the U.S. Securities and Exchange Commission and 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. Except as required by law, we undertake no obligation to update any forward-looking statements or forward-looking information to reflect events or circumstances after the date of such statements.
News Provided by GlobeNewswire via QuoteMedia
Goodness Growth Holdings to Release First Quarter 2024 Results on May 7, 2024
Goodness Growth Holdings, Inc. ("Goodness Growth" or the "Company") (CSE: GDNS; OTCQX: GDNSF), a cannabis company committed to providing safe access, quality products and great value to its customers, today announced that it will release its financial results for its first quarter ended March 31, 2024 on Tuesday, May 7, 2024 after the market closes.
Goodness Growth management will host a conference call with the investment community that day, Tuesday, May 7, 2024 at 4:30 p.m. ET (3:30 p.m. CT) to discuss its results. Interested parties may attend the conference call by dialing 1-800-715-9871 (Toll-Free) (US and Canada) or 1-646-307-1963 (Toll) (International) and referencing conference ID number 3718174.
A live audio webcast of this event will also be available in the Events & Presentations section of the Company's Investor Relations website and via the following link:
https://events.q4inc.com/attendee/586704075 .
About Goodness Growth Holdings, Inc.
Goodness Growth Holdings, Inc. is a cannabis company whose mission is to provide safe access, quality products and value to its customers while supporting its local communities through active participation and restorative justice programs. The Company is evolving with the industry and is in the midst of a transformation to being significantly more customer-centric across its operations, which include cultivation, manufacturing, wholesale and retail business lines. Today, the Company is licensed to grow, process, and/or distribute cannabis in four markets and operates 14 dispensaries in three states. For more information about Goodness Growth Holdings, please visit www.goodnessgrowth.com .
Contact Information
| Investor Inquiries: | Media Inquiries: |
| Sam Gibbons | Amanda Hutcheson |
| Managing Director | Corporate Communications |
| sam.gibbons@alpha-ir.com | amandahutcheson@goodnessgrowth.com |
| (612) 314-8995 | (919) 815-1476 |
News Provided by GlobeNewswire via QuoteMedia
Cronos Group Inc. to Hold Virtual 2024 Annual Meeting of Shareholders
Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) ("Cronos" or the "Company") will hold its 2024 Annual Meeting of Shareholders on Thursday, June 20, 2024, at 11:00 a.m. ET.
Cronos will be conducting the meeting in a virtual-only format via live audio webcast. Registered shareholders and duly appointed proxyholders will have an equal opportunity to participate in the 2024 Annual Meeting online regardless of their geographic location, including a chance to ask questions and vote.
The Company's proxy statement describing the formal business to be conducted at the meeting and containing detailed instructions about how to participate in the meeting is available on the Investors section of the Company's website at https://ir.thecronosgroup.com/financial-information/annual-meeting .
Access Information
Date: Thursday, June 20, 2024
Time: 11:00 a.m. ET
Live Audio Webcast Online at: http://www.virtualshareholdermeeting.com/CRON2024
Replay
A replay of the Annual Meeting will be available in the investor relations section of the Company's website ( https://ir.thecronosgroup.com/events-presentations ) starting about 24 hours after the meeting is finished.
About Cronos
Cronos is an innovative global cannabinoid company committed to building disruptive intellectual property by advancing cannabis research, technology and product development. With a passion to responsibly elevate the consumer experience, Cronos is building an iconic brand portfolio. Cronos' diverse international brand portfolio includes Spinach ® , PEACE NATURALS ® and Lord Jones ® . For more information about Cronos and its brands, please visit: thecronosgroup.com .
Forward-looking Statements
This press release may contain information that may constitute "forward-looking information" or "forward-looking statements" within the meaning of applicable Canadian and U.S. securities laws and court decisions (collectively, "Forward-looking Statements"). All information contained herein that is not clearly historical in nature may constitute Forward-looking Statements. In some cases, Forward-looking Statements can be identified by the use of forward-looking terminology such as "may", "will", "expect", "plan", "anticipate", "intend", "potential", "estimate", "believe" or the negative of these terms, or other similar expressions intended to identify Forward-looking Statements. Some of the Forward-looking Statements contained in this press release include statements about Cronos' intention to build an international iconic brand portfolio and develop disruptive intellectual property. Forward-looking Statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive risks. Financial results, performance or achievements expressed or implied by those Forward-looking Statements and the Forward-looking Statements are not guarantees of future performance. A discussion of some of the material risks applicable to the Company can be found in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, which has been filed on SEDAR and EDGAR and can be accessed at www.sedar.com and www.sec.gov/edgar , respectively. Any Forward-looking Statement included in this press release is made as of the date of this press release and, except as required by law, Cronos disclaims any obligation to update or revise any Forward-looking Statement. Readers are cautioned not to put undue reliance on any Forward-looking Statement.
Cronos Group Contact
Shayne Laidlaw
Investor Relations
Tel: (416) 504-0004
investor.relations@thecronosgroup.com
News Provided by GlobeNewswire via QuoteMedia
Cronos Group Inc. to Hold 2024 First Quarter Earnings Conference Call on May 9, 2024
Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) ("Cronos" or the "Company") will hold its 2024 first quarter earnings conference call on Thursday, May 9, 2024 at 8:30 a.m. ET. Cronos' senior management team will discuss the Company's financial results and will be available for questions from the investment community after prepared remarks.
To attend the conference call or webcast, participants should register online at https://ir.thecronosgroup.com/events-presentations . To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time. The webcast of the call will be archived for replay on the Company's website.
About Cronos
Cronos is an innovative global cannabinoid company committed to building disruptive intellectual property by advancing cannabis research, technology and product development. With a passion to responsibly elevate the consumer experience, Cronos is building an iconic brand portfolio. Cronos' diverse international brand portfolio includes Spinach ® , PEACE NATURALS ® and Lord Jones ® . For more information about Cronos and its brands, please visit: thecronosgroup.com .
Forward-looking Statements
This press release may contain information that may constitute "forward-looking information" or "forward-looking statements" within the meaning of applicable Canadian and U.S. securities laws and court decisions (collectively, "Forward-looking Statements"). All information contained herein that is not clearly historical in nature may constitute Forward-looking Statements. In some cases, Forward-looking Statements can be identified by the use of forward-looking terminology such as "may", "will", "expect", "plan", "anticipate", "intend", "potential", "estimate", "believe" or the negative of these terms, or other similar expressions intended to identify Forward-looking Statements. Some of the Forward-looking Statements contained in this press release include statements about Cronos' intention to build an international iconic brand portfolio and develop disruptive intellectual property. Forward-looking Statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive risks, financial results, results, performance or achievements expressed or implied by those Forward-looking Statements and the Forward-looking Statements are not guarantees of future performance. A discussion of some of the material risks applicable to the Company can be found in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 which has been filed on SEDAR and EDGAR and can be accessed at www.sedar.com and www.sec.gov/edgar, respectively. Any Forward-looking Statement included in this press release is made as of the date of this press release and, except as required by law, Cronos disclaims any obligation to update or revise any Forward-looking Statement. Readers are cautioned not to put undue reliance on any Forward-looking Statement.
Cronos Contact
Shayne Laidlaw
Investor Relations
Tel: (416) 504-0004
investor.relations@thecronosgroup.com
News Provided by GlobeNewswire via QuoteMedia
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