Canadian Listed Cannabis Stock News Highlights: (TSX: $ACB. TO) (TSX: $CMED.TO) (TSX: $LEAF.TO) (TSXV: $SCYB.V)
September 21, 2017 (Investorideas.com Newswire) Investorideas.com, a global news source and investor resource covering cannabis stocks releases recent news highlights from some of the top Canadian listed cannabis companies.
Aurora Cannabis Inc. (TSX: ACB) (OTCQX: ACBFF) (Frankfurt: 21P; WKN: A1C4WM) recently announced that it has received all the required permits to ship dried cannabis flower from Canada to Germany, enabling the Company to begin supplying the German medical cannabis market through its wholly-owned subsidiary Pedanios GmbH ("Pedanios").
Aurora is now in receipt of a Health Canada issued Export Permit, as well as provisional import status from the German Bundesopiumstelle (Federal Narcotics Bureau), to import medical cannabis products into Germany. On September 18, 2017, the Company shipped 50 kg of dried cannabis from its facility in Mountain View County, Alberta, to Berlin-based Pedanios, Germany's leading medical cannabis distributor. Import permits for additional product have been secured, and ongoing, regular shipments are scheduled.
Upon delivery to Pedanios, the product will be distributed to a network of more than 1,500 pharmacies across Germany, a country of more than 82 million people. Germany currently represents the largest single federally-legal medical cannabis market in the world, and is experiencing a significant shortage of supply. Through Pedanios, Aurora plans to become a top producer and supplier of medical cannabis products in Germany, as well as other European Union (EU) markets.
CanniMed Therapeutics Inc. (TSX: CMED) released its financial results for the three and nine months ended July 31, 2017 on September 11th.
Sales of $4.8 million in the quarter were 80 per cent higher than in the comparable period of the prior year and were 29 per cent higher than the second quarter of 2017. Year-to-date sales of $11.9 million were 79 per cent higher than the first nine months of the prior year and have surpassed full year fiscal 2016 sales.
Concentrated cannabis oils sales revenues were approximately 57 per cent of total revenues for the current quarter.
Higher sales revenues were driven by rising demand, as dried equivalent medical cannabis sales in the third quarter increased 82 per cent from the comparable period in 2016 to 463 kg, at an average selling price of $9.89 per gram equivalent (sales of 1,177 kg at an average selling price of $9.68 per gram equivalent were 79 per cent higher than in the first nine months of 2016 and 24 per cent higher than full year 2016).
Adjusted EBITDA from continuing operations was $(0.3) million for the quarter ($(0.1) million for the year to date).
Net loss of $1.4 million for the quarter ($6.5 million net loss for the first nine months of the year included a $2.3 million loss on derivative instruments, relating primarily to conversion rights on debentures that were either exercised or expired during the first quarter).
Commenced design of a large-scale cannabinoid oils processing facility to increase current oils capacity. Civil works commenced in September 2017.
Completed installation of capsule manufacturing equipment with design capacity of up to 11,000 capsules per hour, and, after the third quarter, initiated the Health Canada approval process.
Continued negotiations with several Canadian pharmacy chains, building on the previously announced letter of intent with PharmaChoice, to collaborate on pharmacist education and the distribution, sale and marketing of the Company's medical cannabis products.
Completed the first shipments of commercial cannabis oil to enter Australia and the Cayman Islands. Continued negotiations for export arrangements with parties in Europe, Africa and Australia.
With current and planned capital expenditures, the Company is targeting production expansion which is estimated to reach 17,000 to 21,000 kg within the next 24 months.
Pursuing accretive transactions including recreational opportunities in accordance with applicable laws and regulations.
MedReleaf Corp. (TSX: LEAF) , Canada's first and only ISO 9001 and ICH-GMP certified cannabis producer, announced this week that it has been added to the North American Marijuana Index (the "Index") as part of its quarterly rebalancing, and by extension, included in the Horizon Medical Marijuana Life Sciences ETF (TSX: HMMJ) ("HMMJ").
The HMMJ is the world's first exchange-traded fund to offer direct exposure to the performance of a basket of North American publicly listed companies with significant business activities in the cannabis industry. The HMMJ seeks to replicate, to the extent possible, the performance of the Index, net of expenses. It is important to note that that HMMJ may not hold all of the constituent names in the Index. Constituents of the Index are listed on North America's public equity markets with business activities that include biopharmaceuticals, medical manufacturing, distribution, bioproducts and other ancillary businesses to the cannabis industry. To be eligible for inclusion a stock must meet minimum asset and liquidity thresholds, and no single stock may exceed 10% of the weight of the Index when rebalanced.
Scythian Biosciences Corp. (TSXV: SCYB) Appoints Former VP of (CELG) as Chief Scientific Officer
Former Vice President of the chiral pharmaceutical business unit at Celgene Corporation (NASDAQ: CELG) Joins Scythian Biosciences
Scythian Biosciences Corp. (TSXV: SCYB) reported September 13th that Maghsoud Dariani has become the Chief Scientific Officer of the Company. Mr. Dariani was previously on the Company's advisory board and has over 35 years of experience in the development and commercialization of products in the pharmaceutical industry. Mr. Dariani's experience includes, among other things, management positions at Semorex, Focus Pharmaceuticals, Celgene and Chiral Pharmaceuticals.
About Mr. Dariani
Mr. Dariani has over 35 years of diverse and progressive management experience in the development and commercialization of products in the pharmaceutical industry. Mr. Dariani has a successful record of business management, strategic planning, acquisition and divestiture, project management, production management, R&D management, economic evaluations, competitor analyses, and development and administration of multi-million dollar budgets. Mr. Dariani is an entrepreneurial business leader with a sound grasp of successful business strategies, an excellent foundation in science and engineering, and a strong background in product development and commercialization. He is currently the CEO of Semorex Inc. – a privately held company focused on the discovery and development of novel therapeutics for cancer. Mr. Dariani also leads Myos Rens' science and technology efforts and has overall responsibilities for manufacturing, basic science, pre-clinical and clinical studies. Prior to joining Semorex Inc., Mr. Dariani was President of Focus Pharmaceuticals, Inc ("Focus") where he managed the development and approval of drug products, achieving one FDA approval and bringing another to the clinical evaluation stage. Prior to joining Focus, Mr. Dariani was Vice President of the chiral pharmaceutical business unit at Celgene Corporation ("Celgene"). During his twelve years at Celgene, Mr. Dariani developed and implemented Celgene's manufacturing strategy, managed and successfully sold Celgene's chiral intermediates business unit, and formulated a strategic plan for leveraging Celgene's expertise in chiral technologies towards the development of chirally pure drug products. Mr. Dariani was responsible for the successful development and FDA approval of the chirally pure versions of Ritalin, which are currently marketed by Novartis under the Focalin and Focalin XR trade names. Prior to Celgene, Mr. Dariani held progressively more responsible engineering and development positions at Celanese Corporation. Mr. Dariani holds a Bachelor of Science from The City College of New York and a Master of Science from University of Massachusetts in Chemical Engineering. Mr. Dariani is a member of Board of Directors at Semorex Inc. and Mesa Therapeutics.
Scythian is a research and development company committed to finding a solution for the prevention and treatment of concussions and traumatic brain injury with its proprietary Cannabinoid combination.
Scythian's mission is to be the first accepted drug regimen for concussive treatment. Scythian has recently formed a collaboration with the University of Miami and its world renowned neuroscientific team to conduct pre-clinical and clinical trials of its drug regimen. The University of Miami believes that Scythian's scientific approach shows significant promise and differs from previous approaches to treat this growing problem. The collaboration with the University of Miami allows access to their extensive knowledge base in the fields of traumatic brain injury and concussions and allows for Scythian's clinical studies to be undertaken at their world-class facilities
Gillian A. Hotz, PhD, is leading Scythian's program at the University of Miami. Dr. Hotz is a nationally recognized behavioral neuroscientist and expert in neurotrauma, concussion management, and neurorehabilitation. She has extensive experience in neurocognitive testing. Dr. Hotz has been the co-director of University of Miami Miller School of Medicine's Concussion Program since 1995.
Scythian is also endorsed by Pro Football Legends and the World Boxing Association on its mission.
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