Cannabis News

Company reports record revenue of $178 million and expects to reach annualized revenue run-rate of more than $1 billion by the end of 2021

Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) (FSE: 6CQ) (" Cresco Labs " or the " Company "), a vertically integrated multistate operator and the number one U.S. wholesaler of branded cannabis products, today announced its financial results for the first quarter ended March 31, 2021. All financial information presented in this release is in U.S. GAAP and U.S. dollars, unless otherwise noted, and all comparisons to prior quarter and prior year are made on an as-converted basis under U.S. GAAP.

First Quarter 2021 Financial Highlights

  • Revenue of $178.4 million, an increase of 9.9% quarter-over-quarter and 168.8% year-over-year
  • Gross profit of $87.0 million, or 48.8% of revenue, an increase of 16.8% quarter-over-quarter and 268.9% year-over-year
  • Adjusted EBITDA 1 of $35.0 million, an increase of 16.5% quarter-over-quarter and 507.2% year-over-year
  • Record net wholesale revenue of $95.6 million, an increase of 5.7% quarter-over-quarter and 150.8% year-over-year
  • Record retail revenue of $82.8 million from 24 stores, an increase of 15.2% quarter-over-quarter and 193.2% year-over-year

Financial Outlook

The Company is providing the following guidance:

  • Annualized revenue run-rate of more than $1 billion by the end of 2021
  • Gross profit margins in excess of 50% in the remaining three quarters of 2021
  • Adjusted EBITDA 1 margin run-rate of at least 30% by the end of 2021

Management Commentary

"In Q1, we delivered sequential growth from existing assets, demonstrated our ability to reach and sustain #1 market share positions in two of this industry's top-five states, and we're gearing up to repeat that success in more markets this year. We're accelerating growth through a diverse set of initiatives including several organic expansions and M&A that will benefit the Company in subsequent quarters. In order to execute all of our pending growth initiatives, we invested in the operating platform to support the growth. We laid the groundwork in Q4 and Q1 and now our expertise with integrating new assets and producing operating leverage will kick in," said Charles Bachtell, Co-Founder and CEO of Cresco Labs. "We're also pleased to take this opportunity at the outset of the year to make the transition to U.S. GAAP, remove the break-out of certain one-time items, and provide investors with clarity on the transition. This represents another step to prepare Cresco Labs for the future opportunities that await in the U.S. capital markets. On a U.S. GAAP basis, we're pleased with the growth in Q1 and excited about the steps we've taken so far this year to put Cresco Labs on the path to accelerate revenue, profitability, and shareholder value in 2021 and beyond."

Balance Sheet and Liquidity

  • As of March 31, 2021, current assets were $381.7 million, including cash and cash equivalents of $255.5 million. The Company had working capital of $105.1 million and term loan debt, net of issuance costs, of $187.9 million.
  • Total shares outstanding on a fully converted basis were 399,018,710 as of March 31, 2021.

Capital Markets and M&A Activity

  • On January 14, 2021, the Company entered into a definitive agreement with Bluma Wellness Inc. (CSE: BWEL.U) (OTCQX: BMWLF), a vertically integrated operator in Florida. After quarter-end, on April 14, 2021, the Company closed the acquisition of Bluma Wellness Inc.
  • On January 14, 2021, the Company announced the commencement of a best efforts overnight marketed offering (the "Offering") of Subordinate Voting Shares of the Company. On January 15, 2021, the Company closed the Offering for total gross proceeds of approximately $125.0 million.
  • On February 16, 2021, the Company closed its acquisition of four Ohio dispensaries previously operated by Verdant Creations, LLC and its affiliates.
  • On March 18, 2021, the Company entered into a definitive agreement to acquire all of the issued and outstanding equity interests in Cultivate Licensing LLC and BL Real Estate LLC, a vertically integrated Massachusetts operator.

Conference Call and Webcast

The Company will host a conference call and webcast to discuss its financial results and provide investors with key business highlights on Thursday, May 27, 2021, at 8:30am Eastern Time (7:30am Central Time). The conference call may be accessed via webcast or by dialing 1-844-200-6205 (US Toll Free), 1-646-904-5544 (US Local), 44-208-0682-558 (Int'l) and providing access code 354282. Archived access to the webcast will be available for one year on the Cresco Labs' investor relations website.

Consolidated Financial Statements

The financial information reported in this press release is based on unaudited management prepared financial statements for the three months ended March 31, 2021. These financial statements have been prepared using accounting principles generally accepted in the United States ("U.S. GAAP"). The Company expects to file its unaudited interim condensed consolidated financial statements on SEDAR on May 28, 2021. Accordingly, such financial information may be subject to change. All financial information contained in this press release is qualified in its entirety with reference to such financial statements. While the Company does not expect there to be any material changes between the information contained in this press release and the consolidated financial statements it files on SEDAR, to the extent that the financial information contained in this press release is inconsistent with the information contained in the Company's financial statements, the financial information contained in this press release shall be deemed to be modified or superseded by the Company's filed financial statements. The making of a modifying or superseding statement shall not be deemed an admission for any purposes that the modified or superseded statement, when made, constituted a misrepresentation for purposes of applicable securities laws. Further, the reader should refer to the additional disclosures in the Company's audited financial statements for the year ended December 31, 2020, prepared under International Financial Reporting Standards ("IFRS") and previously filed on SEDAR.

Cresco Labs references certain non-GAAP financial measures throughout this press release, which may not be comparable to similar measures presented by other issuers. Please see the "Non-GAAP Financial Measures" section of this press release for more detailed information.

U.S. GAAP Financial Reporting

Beginning with the quarter ended March 31, 2021, the Company has prepared its financial statements, including all comparative figures, in compliance with U.S. GAAP instead of IFRS. Changes to comparative figures for prior periods reflect their presentation in accordance with U.S. GAAP and is not a change in the Company's underlying performance as previously reported under IFRS.

Non-GAAP Financial Measures

EBITDA and Adjusted EBITDA are non-GAAP measures and do not have standardized definitions under U.S. GAAP. The Company has provided these non-GAAP financial measures, which are not calculated or presented in accordance with U.S. GAAP, as supplemental information and in addition to the financial measures that are calculated and presented in accordance with U.S. GAAP and may not be comparable to similar measures presented by other issuers. These supplemental non-GAAP financial measures are presented because management has evaluated the financial results both including and excluding the adjusted items and believes that the supplemental non-GAAP financial measures presented provide additional perspective and insights when analyzing the core operating performance of the business. These supplemental non-GAAP financial measures should not be considered superior to, as a substitute for or as an alternative to, and should only be considered in conjunction with, the U.S. GAAP financial measures presented herein. Accordingly, the Company has included below reconciliations of the supplemental non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP. The Company has not quantitatively reconciled its guidance for forward-looking non-GAAP metrics to their most comparable U.S. GAAP measures because the Company does not provide specific guidance for the various reconciling items as certain items that impact these measures have not occurred, are out of the Company's control, or cannot be reasonably predicted. Accordingly, a reconciliation to the most comparable U.S. GAAP financial metric is not available without unreasonable effort. Please note that the unavailable reconciling items could significantly impact the Company's results.

About Cresco Labs Inc.

Cresco Labs is one of the largest vertically integrated, multistate cannabis operators in the United States, with a mission to normalize and professionalize the cannabis industry. Employing a consumer-packaged goods ("CPG") approach, Cresco Labs is the largest wholesaler of branded cannabis products in the U.S. Its brands are designed to meet the needs of all consumer segments and comprised of some of the most recognized and trusted national brands including Cresco™, High Supply™, Mindy's Edibles™, Good News, Remedi, Wonder Wellness Co.™ and FloraCal Farms®. Sunnyside*, Cresco Labs' national dispensary brand, is a wellness-focused retailer created to build trust, education and convenience for both existing and new cannabis consumers. Recognizing that the cannabis industry is poised to become one of the leading job creators in the country, Cresco Labs operates the industry's largest Social Equity and Educational Development initiative, SEED, which was established to ensure that all members of society have the skills, knowledge and opportunity to work and own businesses in the cannabis industry. Learn more about Cresco Labs at www.crescolabs.com .

Forward Looking Statements

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as, ‘may,' ‘will,' ‘should,' ‘could,' ‘would,' ‘expects,' ‘plans,' ‘anticipates,' ‘believes,' ‘estimates,' ‘projects,' ‘predicts,' ‘potential' or ‘continue' or the negative of those forms or other comparable terms. The Company's forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including but not limited to those risks discussed under "Risk Factors" in the Company's Annual Information Form for the year ended December 31, 2020 filed on March 26, 2021, and other documents filed by the Company with Canadian securities regulatory authorities; and other factors, many of which are beyond the control of the Company. Readers are cautioned that the foregoing list of factors is not exhaustive. Because of these uncertainties, you should not place undue reliance on the Company's forward-looking statements. No assurances are given as to the future trading price or trading volumes of Cresco Labs' shares, nor as to the Company's financial performance in future financial periods. The Company does not intend to update any of these factors or to publicly announce the result of any revisions to any of the Company's forward-looking statements contained herein, whether as a result of new information, any future event or otherwise. Except as otherwise indicated, this press release speaks as of the date hereof. The distribution of this press release does not imply that there has been no change in the affairs of the Company after the date hereof or create any duty or commitment to update or supplement any information provided in this press release or otherwise.

1 See "Non-GAAP Financial Measures" at the end of this press release for more information regarding the Company's use of non-GAAP financial measures.

Cresco Labs Inc.

Financial Information and Non-GAAP Reconciliations

(All amounts expressed in thousands of U.S. Dollars)

Unaudited Consolidated Statements of Operations

For the Three Months Ended March 31, 2021, December 31, 2020 and March 31, 2020

For the Three Months Ended

($ in thousands)

March 31, 2021

December 31, 2020

March 31, 2020

Revenue

$

178,437

$

162,317

$

66,380

Cost of goods sold

91,414

87,835

42,792

Gross profit

87,023

74,482

23,588

GP%

48.8

%

45.9

%

35.5

%

Operating expenses:

Selling, general and administrative

70,785

74,153

51,376

Total operating expenses

70,785

74,153

51,376

Income (loss) from operations

16,238

329

(27,788)

Other (expense) income:

Interest expense, net

(11,302)

(7,939)

(6,796)

Other (expense) income, net

(12,340)

(18,469)

10,455

Loss from equity method investments

(1,196)

(927)

(144)

Total other (expense) income, net

(24,838)

(27,335)

3,515

Loss before income taxes

(8,600)

(27,006)

(24,273)

Income tax expense

(15,524)

(14,181)

(11,188)

Net income (loss) 1

$

(24,124)

$

(41,187)

$

(35,461)

1 Net income (loss) includes amounts attributable to non-controlling interests.

Cresco Labs Inc.

Summarized Unaudited Consolidated Statements of Financial Position

As of March 31, 2021 and December 31, 2020

($ in thousands)

March 31,
2021

December 31,
2020

Cash and cash equivalents

$

255,503

$

136,339

Other current assets

126,189

113,127

Property and equipment, net

250,032

228,804

Intangible assets, net

215,249

195,541

Goodwill

459,701

450,569

Other non-current assets

100,458

108,215

Total assets

$

1,407,132

$

1,232,595

Total current liabilities

276,612

252,845

Total long-term liabilities

420,139

404,418

Total shareholders' equity

710,381

575,332

Total liabilities and shareholders' equity

$

1,407,132

$

1,232,595

Cresco Labs Inc.

Unaudited Reconciliation of Net Income to Adjusted EBITDA (Non-GAAP)

For the Three Months Ended March 31, 2021, December 31, 2020 and March 31, 2020

For the Three Months Ended

($ in thousands)

March 31,
2021

December 31,
2020

March 31,
2020

Net loss 1

$

(24,124)

$

(41,187)

$

(35,461)

Depreciation and amortization

10,151

8,616

6,121

Interest expense, net

11,302

7,939

6,796

Income tax expense

15,524

14,181

11,188

Earnings before interest, taxes, depreciation

and amortization (EBITDA) (Non-GAAP)

$

12,853

$

(10,451)

$

(11,356)

Other expense (income), net

12,340

18,469

(10,455)

Loss from equity method investments

1,196

927

144

Fair value markup for acquired inventory

585

1,575

Adjustments for acquisition and other non-core costs

1,738

15,540

9,369

Management incentive compensation (share-based)

6,280

5,545

2,129

Adjusted EBITDA (Non-GAAP)

$

34,992

$

30,030

$

(8,594)

1 Net loss includes amounts attributable to non-controlling interests.

Cresco Labs Inc.

Unaudited Summarized Consolidated Statements of Cash Flows

For the Three Months Ended March 31, 2021, December 31, 2020 and March 31, 2020

For the Three Months Ended

($ in thousands)

March 31,
2021

December 31,
2020

March 31,
2020

Net provided by (used in) operating activities

$

12,950

$

19,120

$

(38,159)

Net cash used in investing activities

(26,790)

(8,795)

(52,151)

Net cash provided by financing activities

132,206

71,021

107,456

Effect of foreign currency exchange rate changes on cash

(169)

(190)

(122)

Net increase in cash and cash equivalents

$

118,197

$

81,156

$

17,024

Cash and cash equivalents and restricted cash, beginning of period

140,774

59,618

53,009

Cash and cash equivalents and restricted cash, end of period

$

258,971

$

140,774

$

70,033

Cresco Labs Inc.

Unaudited Consolidated Statements of Operations

For the Three Months Ended December 31, 2020, September 30, 2020, June 30, 2020, and March 31, 2020

For the Three Months Ended

($ in thousands)

December 31,
2020

September 30,
2020

June 30,
2020

March 31,
2020

Revenue

$

162,317

$

153,298

$

94,256

$

66,380

Cost of goods sold

87,835

76,454

62,469

42,792

Gross profit

74,482

76,844

31,787

23,588

GP%

45.9

%

50.1

%

33.7

%

35.5

%

Expenses:

Selling, general and administrative

74,153

51,909

52,725

51,376

Total expenses

74,153

51,909

52,725

51,376

Income (loss) from operations

329

24,935

(20,938)

(27,788)

Other (expense) income:

Interest expense, net

(7,939)

(8,762)

(7,732)

(6,796)

Other (expense) income, net

(18,469)

(354)

73

10,455

(Loss) gain from equity method investments

(927)

(134)

24

(144)

Total other (expense) income, net

(27,335)

(9,250)

(7,635)

3,515

Income (loss) before income taxes

(27,006)

15,685

(28,573)

(24,273)

Income tax expense

(14,181)

9,891

(13,126)

(11,188)

Net income (loss) 1

$

(41,187)

$

25,576

$

(41,699)

$

(35,461)

Depreciation and amortization

8,616

8,641

8,410

6,121

Interest expense, net

7,939

8,762

7,732

6,796

Income tax expense

14,181

(9,891)

13,126

11,188

Earnings before interest, taxes, depreciation

and amortization (EBITDA) (Non-GAAP)

$

(10,451)

$

33,088

$

(12,431)

$

(11,356)

Other expense (income), net

18,469

354

(73)

(10,455)

Loss (gain) from equity method investments

927

134

(24)

144

Fair Value markup for acquired inventory

1,843

331

1,575

Adjustments for acquisition and other non-core costs

15,540

1,413

3,526

9,369

Management incentive compensation (share-based)

5,545

3,335

7,831

2,129

Adjusted EBITDA (Non-GAAP)

$

30,030

$

40,166

$

(839)

$

(8,594)

1 Net income (loss) includes amounts attributable to non-controlling interests.

Media
Jason Erkes, Cresco Labs
Chief Communications Officer
press@crescolabs.com
312-953-2767

Investors
Jake Graves, Cresco Labs
Investor Relations
investors@crescolabs.com

For general Cresco Labs inquiries:
312-929-0993
info@crescolabs.com

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 Canopy Growth Corporation (" Canopy Growth " or the " Company ") (TSX: WEED) (NASDAQ: CGC) announced today that, further to its press release dated June 29, 2022 it has entered into an additional privately negotiated exchange agreement (the " Exchange Agreement ") with a holder (the " Noteholder ") of the Company's outstanding 4.25% unsecured senior notes due 2023 (the " Notes "), to acquire approximately C$7.25 million (approximately USD$5.6 million ) aggregate principal amount of the Notes from the Noteholders in exchange for common shares of the Company (the " Canopy Shares ") and approximately C$140,000 (approximately USD$110,000 ) in cash for accrued and unpaid interest (the " Cash Payment ").

Canopy Growth Announces Additional Exchanges with Holders of Notes (CNW Group/Canopy Growth Corporation)

Transaction Details

In accordance with the terms of the Exchange Agreement, Canopy Growth has agreed to acquire the Notes from the Noteholder for an aggregate purchase price (excluding accrued and unpaid interest which will be paid in cash as part of the Cash Payment) of C$7.17 million (approximately USD$5.5 million ) (the " Purchase Price "), which will be payable in such number of Canopy Shares (the " Share Consideration ") as is equal to the Purchase Price divided by the volume-weighted average trading price (the " VWAP ") of the Canopy Shares on the Nasdaq Global Select Market (the " Nasdaq ") for the 10 consecutive trading days beginning on, and including, June 30, 2022 (the " Averaging Price " and such period of time being the " Averaging Period "), subject to a floor price of US$2.50 (the "Floor Price") and a maximum price equal to US$3.50 , which is the closing price of the Canopy Shares on the Nasdaq on June 29, 2022 (the " Market Price ").

The Share Consideration will be satisfied by the issuance of Canopy Shares in up to two tranches as follows: (a) on the initial closing, 1,589,260 Canopy Shares (the " Initial Closing Shares ") will be issued to the Noteholder; and (b) in the event that the Averaging Price calculated over the Averaging Period is less than the Market Price, on or about July 18, 2022 (the " Final Closing "), up to such number of Canopy Shares as is equal to the excess of the Purchase Price divided by the Averaging Price over the Initial Closing Shares.

In the event that the daily VWAP of the Canopy Shares on the Nasdaq during the Averaging Period (a) exceeds the Market Price, then the daily VWAP for such trading day will instead be deemed to be the Market Price; or (b) is less than the Floor Price, then the daily VWAP for such trading day will instead be deemed to be the Floor Price, such that in no circumstances will more than 2,224,965 Canopy Shares be issuable pursuant to the Noteholder.

Together with the exchange agreements (the " Other Exchange Agreements ") entered into prior to the announcement on June 29, 2022 (collectively, the " Transaction "), a minimum of 35,662,420 Canopy Shares have been or will be issued. Pursuant to the terms of the Exchange Agreement and the Other Exchange Agreements, in no circumstances will more than 80,629,270 Canopy Shares be issuable pursuant to the Transaction.

The Transactions are being conducted as private placements, and any Canopy Shares to be issued in the Transaction will be issued pursuant to the exemption from the registration requirements of the Securities Act of 1933, as amended (the " Securities Act "), afforded by Section 4(a)(2) of the Securities Act in transactions not involving any public offering. This press release is neither an offer to sell nor a solicitation of an offer to buy any securities described above, nor will there be any offer, solicitation or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Canopy Growth

Canopy Growth (TSX:WEED, NASDAQ:CGC) is a world-leading diversified cannabis and cannabinoid-based consumer product company, driven by a passion to improve lives, end prohibition, and strengthen communities by unleashing the full potential of cannabis. Leveraging consumer insights and innovation, Canopy Growth offers product varieties in high-quality dried flower, oil, softgel capsule, infused beverage, edible, and topical formats, as well as vaporizer devices by Canopy Growth and industry-leader Storz & Bickel. Canopy Growth's global medical brand, Spectrum Therapeutics, sells a range of full-spectrum products using its colour-coded classification system and is a market leader in both Canada and Germany . Through Canopy Growth's award-winning Tweed and Tokyo Smoke banners, Canopy Growth reaches its adult-use consumers and has built a loyal following by focusing on top quality products and meaningful customer relationships. Canopy Growth has entered into the health and wellness consumer space in key markets including Canada , the United States , and Europe through BioSteel sports nutrition, and This Works skin and sleep solutions; and has introduced additional hemp derived CBD products to the United States through its First & Free and Martha Stewart CBD brands. Canopy Growth has an established partnership with Fortune 500 alcohol leader Constellation Brands.

Notice Regarding Forward-Looking Information

This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. Often, but not always, forward-looking statements and information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or 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. Forward-looking statements or information involve 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 news release. Examples of such statements and uncertainties include statements with respect to the benefits of the debt repurchase, the anticipated date of issuance of the Initial Closing Shares, the anticipated date of the issuance of any additional Canopy Shares following the Averaging Period and expectations for other economic, business, and/or competitive factors .

Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information, including inherent uncertainty associated with projections; the diversion of management time on Transaction-related issues; expectations regarding future investment, growth and expansion of operations; regulatory and licensing risks; changes in general economic, business and political conditions, including changes in the financial and stock markets and the impacts of increased rates of inflation; legal and regulatory risks inherent in the cannabis industry, including the global regulatory landscape and enforcement related to cannabis, political risks and risks relating to regulatory change; risks relating to anti-money laundering laws; compliance with extensive government regulation and the interpretation of various laws regulations and policies; public opinion and perception of the cannabis industry; and such other risks contained in the public filings of the Company filed with Canadian securities regulators and available under the Company's profile on SEDAR at www.sedar.com and with the United States Securities and Exchange Commission through EDGAR at www.sec.gov/edgar , including the Company's annual report on Form 10-K for the year ended March 31, 2022 .

In respect of the forward-looking statements and information, the Company has provided such statements and information in reliance on certain assumptions that they believe are reasonable at this time. Although the Company believes that the assumptions and factors used in preparing the forward-looking information or forward-looking statements in this news release are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed time frames or at all. Should one or more of the foregoing risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The forward-looking information and forward-looking statements included in this news release are made as of the date of this news release and the Company does not undertake any obligation to publicly update such forward-looking information or forward-looking information to reflect new information, subsequent events or otherwise unless required by applicable securities laws.

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/canopy-growth-announces-additional-exchanges-with-holders-of-notes-301579205.html

SOURCE Canopy Growth Corporation

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/June2022/30/c3730.html

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