Investor Ideas Potcasts, Cannabis News and Stocks on the Move July 3rd (TSX: $WEED.TO) (NYSE: $CGC) (TSXV: $RIV.V) (TSX: $TRST.TO) (TSXV: $WL.V)
Also featured in today’s potcast - (TSXV: $HVT.V) (CSE: $HITI.C) (TSXV: $META.V) (TSXV: $FAF.V)
Delta, Kelowna, BC - July 3, 2019 (Investorideas.com Newswire) www.Investorideas.com, a global news source covering leading sectors including marijuana and hemp stocks and its potcast site, www.potcasts.ca release today's edition of Investorideas.com potcastsCM - cannabis news and stocks to watch plus insight from thought leaders and experts.
Listen to the podcast:
Investor Ideas Potcasts, $Cannabis News and Stocks on the Move July 3rd (TSX: $WEED.TO) (NYSE: $CGC) (TSXV: $RIV.V) (TSX: $TRST.TO) (TSXV: $WL.V)
Today's podcast overview/transcript:
Good afternoon and welcome to another episode of Investorideas.com "potcasts", looking at cannabis news, stocks to watch as well as insights from thought leaders and experts.
Today we are looking at a few early announcements.
Canopy Growth Corporation (TSX: WEED) (NYSE: CGC) and Bruce Linton announced that Bruce will step down as co-CEO and Canopy Board member. Mark Zekulin has agreed to become the sole CEO of the company and will work with the Board to begin a search to identify a new leader to guide the company in its next phase of growth, which will include both internal and external candidates. Rade Kovacevic, a long-serving member of the team currently leading all Canadian operations and recreational strategy will assume the role of President. These changes are effective immediately.
"Creating Canopy Growth began with an abandoned chocolate factory and a vision," said Linton. "The Board decided today, and I agreed, my turn is over. Mark has been my partner since this Company began and has played an integral role in Canopy's success. While change is never easy, I have full confidence in the team at Canopy - from Mark and Rade's leadership to the full suite of leadership - as we progress through this transition and into the future."
"We thank Bruce and Mark for establishing the foundation for a company that is very well-positioned to lead in the emerging global cannabis market," said Canopy Growth board director, David Klein. "We are also excited to embark upon our next phase of growth as global leader in the cannabis industry."
Canopy Growth has experienced rapid growth since being founded in 2013, establishing leading positions in Canada's medical and recreational cannabis markets and building an emerging presence in a number of additional markets around the world. The company recently received a $5 billion (CAD) investment from Constellation Brands, a leading beverage alcohol company, which provides a significant benefit as Canopy continues to establish a first-mover advantage in the quickly evolving global cannabis market.
"While Canopy will never be the same without Bruce, the team and I look forward to continuing to do what we have done for the past 6 years: investing in world class people, infrastructure and brands, and always seeking to lead through credibility and vision," said Zekulin. "I personally remain committed to a successful transition over the coming year as we begin a process to identify new leadership that will drive our collective vision forward. I know the company will continue to thrive as the Canopy story continues on for years to come."
The Board has also appointed John Bell as its Board Chair, to be reviewed at the Board's annual meeting in September when new board members are elected. Bell has served on the board as lead director for 5 years.
Further to Canopy Growth Corporation's press release today, Bruce Linton has also stepped down as Chairman and Director of Canopy Rivers Inc. (TSXV: RIV) (OTC: CNPOF), effective immediately. Canopy Rivers' board of directors and executive team would like to thank Mr. Linton for his contributions to the Company through the early development of the global cannabis sector.
"We are grateful for all of the contributions that Bruce made to both Canopy Rivers and to the cannabis industry as a whole," said Narbe Alexandrian, President and CEO of Canopy Rivers. "As we enter the next chapter of our Company's history, we are excited to continue working with Canopy Growth."
After closing the purchase of its first 81 acres of land in British Columbia for outdoor cannabis cultivation, CannTrust immediately invested in fencing, security, irrigation and other land preparation activities and applied for Health Canada approval to plant and cultivate on the land. Based on its estimate of yields and projected date of permitting at the time, CannTrust estimated 75,000kg of cannabis could be produced from this property in 2019. As CannTrust has yet to receive its Health Canada permit at this stage of the growing season, it is now estimated that production from this operation could range from 0 to 15,000kg in 2019, subject to the timing and receipt of regulatory approvals. A crop of up to 15,000kg is expected if planting is completed in the first half of July 2019 and yields will diminish if a crop is planted in the second half of the month. If a crop is not planted by August 5, 2019, there will be no outdoor harvest in 2019.
CannTrust expects to reach a definitive agreement for a long-term lease for an additional 160 acres in the near term and that all properties, representing over 240 acres of land, will be prepared for planting at the beginning of the growing season in 2020. Between these two properties, CannTrust continues to expect that it can produce between 100,000kg to 200,000kg of cannabis in British Columbia in 2020, subject to regulatory approvals.
"We have access to premium land in a very rich agricultural region and we remain undeterred in our long-term strategy to develop innovative cannabis products at low cost," said Peter Aceto, Chief Executive Officer.
Last week, CannTrust completed its first shipment of CBD, THC and 1:1 CBD:THC vegan capsules and dry flower products to Australia. These products will be resold by its partner Cannatrek Ltd. to medical patients in Australia. These shipments are expected to continue until Cannatrek's operations achieve commercial production. CannTrust now has nine products available to medical patients in Australia.
"The first steps to build CannTrust's global footprint were established last year through partnerships in Europe and Australia.We continue to make excellent progress with our partners in these regions as they build their operations and through our regular shipments of our award-winning products to both Denmark and Australia. We will continue taking action to establish leading positions in medical cannabis markets around the world. CannTrust is in an excellent position to increase our international business as medical and recreational cannabis continue to gain acceptance worldwide," said Peter Aceto.
Westleaf Inc. (TSX-V:WL) (OTCQB:WSLFF) announced the completion of construction on its wholly owned cannabis extraction, processing and product formulation facility, The Plant by Westleaf Labs, which will have a throughput capacity of up to 65,000 kilograms per annum in Phase I. The facility is now entering the final stages of the Health Canada licensing process. The Company expects to receive a Standard Processing license for The Plant as early as Q3 2019 and anticipates that production at the facility would commence shortly thereafter. This marks a major operational milestone for Westleaf and, once licensed, will allow the Company to produce its own branded cannabis products, as well as provide contract manufacturing and white-label opportunities to other cannabis companies.
"This is a significant milestone for Westleaf, marking our transition from construction to operations and execution on our plan to build a brand focused vertically integrated cannabis company," said Scott Hurd, President and CEO. "Once licensed, this facility will produce the current suite of legal cannabis derivative products, and as we move towards additional cannabis product legalization in the fourth quarter, we will expand our product lines to include vapes, edibles and other derivative cannabis products."
As a result of Westleaf Inc.'s unique brand focused vertically-integrated business model, it is expected that The Plant will give the Company a competitive advantage in being adaptive to consumer needs and interests. "The Plant will also allow us to be flexible and responsive to consumer demand and underscores the value of the Westleaf business model," said Adam Coates, Chief Commercial Officer at Westleaf. "By owning the customer experience and feedback loop through our Prairie Records cannabis stores, we can alter production based on the trends of our customers."
Harvest One Cannabis Inc. (TSXV: HVT) (OTCQX: HRVOF) and Delivra Corp. (TSXV: DVA) announced today that they have completed the previously announced plan of arrangement under the provisions of the Business Corporations Act (Ontario), pursuant to which Harvest One acquired all of the issued and outstanding common shares of Delivra.
"We are delighted to close this transaction and welcome Delivra to the Harvest One team" said Grant Froese, Chief Executive Officer of Harvest One. "The addition of the LivRelief™ brand to our existing product portfolio emphasizes our goal of becoming a global leader in the health, wellness, and self-care sector. There are significant synergies between both organizations and we expect an expeditious integration. We will look to expand the development of Delivra's products globally with an expanded reach of the current formulation and new products, including cannabinoid infused products, when and where legal."
Dr. Joseph Gabriele, Director, Chief Executive Officer, and Chief Scientific Officer of Delivra, added, "Harvest One's health and wellness strategy coupled with their expanding distribution capabilities will ensure that our LivRelief™ product will reach more people in Canada and beyond. Delivra shareholders showed overwhelming support for this transaction and we look forward to the next stage of our development as part of the Harvest One team as we extend our reach, our offerings, and capitalize on markets where CBD infused products are legal."
Concurrent with the completion of the Arrangement, Dr. Joseph Gabriele, the current CEO of Delivra, joined the Board of Directors of Harvest One. With the exception of Dr. Joseph Gabriele, each of the directors of Delivra resigned from the Board of Directors of Delivra.
High Tide Inc. (CSE:HITI) (OTCQB:HITIF) today announced that the Canna Cabana retail store located at 10831 100 Street in Grande Prairie, Alberta received its first delivery of cannabis products from Alberta Gaming, Liquor and Cannabis and began selling recreational cannabis for adult use on June 29, 2019. The Grande Prairie Store had been selling smoking accessories since late January but was licensed by AGLC as High Tide's fifth retail cannabis store on June 3, 2019.
Barring any changes to the rate of licensing recently accelerated by AGLC, High Tide expects its next 10 Canna Cabana stores to begin retailing cannabis over the next 8 weeks. "With even faster licensing by AGLC, we are excited to continue our rapid growth to becoming Canada's leading cannabis retailer," said Raj Grover, President and Chief Executive Officer of High Tide. "Maximizing the Canna Cabana retail experience in Alberta as Canada's leading retail cannabis jurisdiction is a great opportunity for our customers, stakeholders and shareholders alike," added Mr. Grover. The Company expects these next ten Canna Cabana stores, including one franchise, to be licensed as retail cannabis stores throughout the summer, which will bring its total number of retail cannabis stores to 15 branded locations across Alberta.
The remaining 22 locations to reach the effective maximum of 37 retail cannabis stores in Alberta are currently under various stages of development and construction. Outside of Alberta, High Tide currently has a Canna Cabana retail cannabis store in Swift Current, Saskatchewan, along with three branded locations in Hamilton, Sudbury and Toronto, Ontario. High Tide is also progressing toward closing the previously announced acquisition of a second location in Saskatchewan, establishing a retail cannabis store in Niverville, Manitoba after winning the opportunity to do so by provincial draw in May and opening the maximum number of eight locations in British Columbia.
National Access Cannabis Corp. (TSXV: META), today announced it has received two additional licences from the Alberta Gaming, Liquor and Cannabis Commission to open cannabis retail stores in Alberta. The retail stores will be located in the cities of Calgary and Airdrie. The announcement comes following the previously released news that the AGLC has lifted the moratorium on new cannabis retail licences.
"We continue our rapid growth in Alberta," said Mark Goliger, CEO of NAC. "With two new licences quickly following the three new licences announced on June 18th, we continue to expand our private cannabis retailing footprint in Alberta and across Canada."
NAC currently operates in three provinces, has applied for licences in British Columbia and plans to make applications for licences in Ontario once licensing opens up to more private retailers. NAC's experienced team of retail industry professionals is focused on achieving its business plan of having 40 operating stores by the end of calendar 2019, and 110 operating stores by the end of calendar 2020.
Fire & Flower Holdings Corp. and its wholly-owned subsidiary Fire & Flower Inc. (TSXV: FAF), today announced that it has received an additional licence to operate a cannabis retail store in Lethbridge, Alberta from the Alberta Gaming, Liquor and Cannabis Comission.
Once opened, this store will be the 22nd Fire & Flower branded, licensed cannabis store and will be located at 2424 Fairways Plaza Road South in Lethbridge, Alberta. This announcement of an additional Alberta licensed cannabis store demonstrates Fire & Flower's commitment to its near-term rollout schedule. The Lethbridge location has been built out and is ready for opening once final inspections occur and cannabis products are received.
"The rapid rate at which the AGLC is issuing cannabis retail licenses demonstrates Alberta is open for business and this province is a leader in cannabis retail," shared Trevor Fencott, Fire & Flower's Chief Executive Officer. "Our recent bought deal private placement financing of $27,000,000 ensures Fire & Flower is well positioned to capitalize on the accelerated store licensing."
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