Investor Ideas Potcasts, Cannabis News and Stocks on the Move; Episode 387 (CSE: PLTH) (OTCQX: PLNHF) (TSX: VFF) (NASDAQ: VFF) (CSE: IMCC)
Delta, Kelowna, BC - March 23, 2020 (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 podcast edition of 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; Episode 387 (CSE: PLTH) (OTCQX: PLNHF) (TSX: VFF) (NASDAQ: VFF) (CSE: IMCC)
Today's podcast overview/transcript:
Good afternoon and welcome to another episode of Investorideas.com "Potcast" featuring cannabis news, stocks to watch as well as insights from thought leaders and experts.
In today’s podcast we look at a few company announcements.
But first, in recent news, The Alberta Cannabis Council (ACC), a not-for-profit industry trade group serving the province’s cannabis industry stakeholders, shared a letter with the Canadian government calling for it to grant the same access to economic relief programs to the country’s cannabis industry.
The letter was signed by 74 industry members and calls for the “equal and fair access to significant support for all cannabis companies working to keep employees employed, including access to wage subsidies as announced on March 18, 2020 by the Prime Minister and Finance Minister.”
Additionally, the letter asks that federal agencies offer “equal and fair access to funding through federal agencies, EDC [Export Development Canada] or BDC [Business Development Bank of Canada] as other industries have for credit instruments. Presently, for example, BDC has indicated that the regulated cannabis sector can not access the $10B in stimulus funding, part of which is available through that crown corporation.”
John Carle, the executive director for the ACC, along with the letter’s signatories, writes “We are not asking for special treatment, but rather equitable treatment.”
The letter also highlights the recent, non-COVID-19 related challenges the industry has faced in recent months, including difficult access to investor capital and the loss of more than 2,000 jobs across the industry.
“We are asking that this industry, which has added a cumulative total of $8B to the Canadian GDP over the course of the last year, specifically and explicitly be included in all economic stimulus measures and provided the support that is being offered to every other Canadian business at this time,” the letter reads.
Planet 13 Holdings Inc. (CSE: PLTH) (OTCQX: PLNHF) announced last Friday, March 20, 2020, that Nevada Gov. Steve Sisolak issued a declaration ordering all recreational and medical marijuana dispensaries to close their storefronts. Legal cannabis statewide will be available by delivery only. In response to overwhelming customer demand, Planet 13 has significantly expanded its delivery capabilities, moving from five to eight delivery vehicles, all of which are now running twenty-four hours a day, seven days a week. The Company expects to add an additional seven vehicles to its delivery fleet over the next several days. Planet 13 offers delivery to Las Vegas and all other municipalities in the greater Las Vegas Valley.
"We have one of the largest delivery platforms in Nevada and will be expanding it to ensure continuity of service to the greater Las Vegas Valley residents. As one of the few companies with an existing delivery program, we have a responsibility to our community to pick up the slack as other dispensaries close," said Larry Scheffler and Bob Groesbeck, Co-CEOs and Co-Founders of Planet 13.
Village Farms International, Inc. (TSX: VFF) (NASDAQ: VFF) announced that its majority-owned joint venture for large-scale, low-cost, high-quality cannabis production, Pure Sunfarms, has received approval from Health Canada to operate the final components of its 65,000 square foot, state-of-the-art processing center located within the 1.1 million square foot Delta 3 greenhouse facility. The significantly expanded processing area will enable Pure Sunfarms to generate additional production cost efficiencies, further elevate the quality of its products, expand its product offerings and increase its processing throughput.
Health Canada's approval of the additional processing area permits Pure Sunfarms to begin operation of:
- 11 additional drying rooms utilizing advanced drying technology and processes to further enhance the quality of Pure Sunfarms product;
- 5 additional packaging rooms;
- 2 additional testing areas;
- 6 additional storage areas; and,
- 7 extraction rooms with equipment capable of processing 35,000 kilograms of biomass annually.
The expanded processing center has been designed to satisfy full European Union GMP compliance and certification requirements, which Pure Sunfarms is currently pursuing. The 65,000 square foot processing centre has capacity to serve both the Delta 3 and Delta 2 greenhouse facilities, with a combined production area of 2.2 million square feet, at full production.
"The approval of this additional processing space enables Pure Sunfarms to enhance our operations and quality processes to further support our commitment to providing our customers with high-quality products at a great price," said Mandesh Dosanjh, President and CEO, Pure Sunfarms. "Pure Sunfarms expects to begin to realize the benefits of this new space in the coming quarter, allowing us to build on our strong performance in the Canadian markets we serve."
"Pure Sunfarms' success is directly attributable to the decades of large-scale growing and operational experience contributed by Village Farms, low-cost production, efficient capital investment, disciplined cost management and the installation of a smart, highly talented and experienced leadership team," said Michael DeGiglio, CEO, Village Farms. "It is a business model that positions Pure Sunfarms to continue to be a leader in the Canadian cannabis sector for years to come. The expansion of this processing area significantly strengthens Pure Sunfarms' capabilities to produce high-quality products, supports its ongoing pursuit of even greater production efficiencies and sets the stage for the introduction of new product formats to build on its leading sales performance in dried cannabis products."
IM Cannabis Corp. (CSE: IMCC), one of the world's pioneering medical cannabis companies with operations in Israel and across Europe, announced that Focus Medical Herbs Ltd., a licensed medical cannabis producer in Israel, has signed a 12-month definitive supply agreement with Intelicanna Ltd. (TASE:INTL) for a minimum of 500kg and up to 1,000kg of medical cannabis. Additional purchases may be made by Focus Medical under this agreement without a change to the contracted price paid to Intelicanna. The final products will be sold to pharmacies in Israel under the IMC brand.
Focus Medical is one of eight original licensed producers in Israel with over 10 years of experience growing high quality medical cannabis in the Israeli market. Focus Medical has an exclusive commercial agreement with IMC to distribute its production under the IMC brand. IMC's strategy in Israel is to pursue additional supply agreements of this nature in order to continue increasing market share of the IMC brand.
"The demand for medical cannabis in Israel is rising quickly and securing additional supply with a premium cultivator is an excellent long-term development for the IMC brand. This agreement also represents strong third-party validation of Focus Medical's intellectual property in plant genetics which are unique and favored by many Israeli consumers," says Oren Shuster, Chief Executive Officer of IMC. "IMC will continue to pursue similar arrangements with other medical cannabis suppliers as pharmacies in Israel demand more and more quality products for their patients over the long-term."
The Supply Agreement between Focus Medical and Intelicanna is for a term of 12 months from the date of the first planting in Intelicanna's facility. The Supply Agreement is contingent on Intelicanna receiving IMC-GAP approval by June 15, 2020.
Intelicanna will obtain access to Focus Medical's unique and proprietary genetics for the purpose of delivering product under the Supply Agreement but the genetics will remain the exclusive property of Focus Medical. Intelicanna may not sell, transfer or perform research with the genetics it accesses through this Supply Agreement without consent from Focus Medical. Under the Supply Agreement, Intelicanna is responsible for all production activities but Focus Medical will have access to Intelicanna's growing facility to monitor the entire growing process.
Focus Medical will make a deposit against future deliveries of 427,500 NIS (approximately CDN$170,000) within a month from the execution date of the Supply Agreement. The balance of payments for future deliveries will be made by Focus Medical within 30 days from delivery by Intelicanna.
Panaxia (TelAviv: PNAX), the largest manufacturer and distributor of pharmaceutical cannabis products in Israel, and its partner Ultra Health have announced the arrival in Israel of the first shipment of hemp extract, having been awarded a first-of-its-kind permit to export cannabis oil from the US to Israel.
This unique license was granted to the companies in light of their recent qualification to manufacture and distribute at their joint New Mexico (Bernalillo) facility, including hemp extracts of particularly low (<0.3%) THC concentrations. The companies have recently been licensed to manufacture products at the New Mexico facility and distribute them throughout the US. The facility was designed by Panaxia US and is operated by it while Ultra Health supplies raw materials and distributes the products. Manufacturing had begun this month, and the extracts delivered to Israel will be used in the manufacture of CBD-rich medicinal cannabis products under the premium brand of Axiban.
Panaxia aims to produce within a short period of time an inventory large enough to satisfy several months of demand of all Israeli patients requiring this care. The products are designated for the Israeli market only and may not be distributed outside of Israel. Panaxia's CBD-rich oil is targeted at specific group of patients that require a miniscule dose of THC (categories C20, C24) among whom is a large group of children suffering from epilepsy or autism spectrum disorder (ASD).
Dr. Dadi Segal, Panaxia CEO: "We are pleased to be able to extend care to our patients in Israeli who are in acute need of this kind of medicinal cannabis care. Panaxia's superb R&D capabilities combined with the added value of a high-quality strategic company such as Ultra Health prove themselves time and again, especially with regard to the high quality of the products and stringent regulatory compliance."
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