Investor Ideas Potcasts, Cannabis News and Stocks on the Move; Episode 445 (CSE: CURA) (TSXV: KHRN) (TSX: FAF) (TSX: LABS) (OTCQB: TECR)
Delta, Kelowna, BC - July 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 445 (CSE: CURA) (TSXV: KHRN) (TSX: FAF) (TSX: LABS) (OTCQB: TECR)
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 public and private company announcements.
Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF), the largest vertically integrated cannabis operator in the United States, today announced that it closed its milestone acquisition of GR Companies, Inc., the largest private vertically-integrated multi-state operator in the United States, on July 23, 2020.
With completion of the acquisition of Grassroots, Curaleaf is the world's largest cannabis company by revenue and the most diversified vertically integrated cannabis company in the United States, the world's largest cannabis market. The transaction expands Curaleaf's presence from 18 to 23 states, with the combined company having affiliated operations spanning over 135 dispensary licenses, 88 operational dispensary locations, over 30 processing facilities and 22 cultivation sites with 1.6 million square feet of current cultivation capacity. Curaleaf's expanded geographic dispensary presence now offers access to medical or adult use Cannabis to more than 192 million people, or roughly two-thirds of the United States population.
"The successful acquisition of Grassroots marks Curaleaf's expansion into new vertically integrated markets in the Midwest, firmly establishing our U.S. market leadership position. This highly complementary combination brings together two companies with a shared vision for enhancing patients' and customers' lives with high-quality cannabis wellness and lifestyle products. I'd like to welcome all our new Grassroots colleagues, patients and customers to the Curaleaf family as we pursue our mission of improving lives by providing clarity around cannabis and confidence around consumption," commented Joseph Lusardi, CEO of Curaleaf. "The integration of Grassroots is expected to be immediately accretive to our financial performance, with our unprecedented scale providing significant opportunities to leverage Curaleaf's powerful consumer brands as well as new form factor innovations across our expanded national presence."
Completion of the transaction strategically accelerates Curaleaf's expansion into Illinois and Pennsylvania, which are among the largest and fastest-growing cannabis markets in the United States. Upon close, Curaleaf will hold a leading licensed cannabis presence in state markets including Arizona, Connecticut, Florida, Illinois, Pennsylvania, Maryland, Massachusetts, Maine, Nevada, New Jersey, New York, North Dakota, and Vermont.
The cultivation and processing assets in Illinois have been transferred and the formal approval to transfer certain retail assets is expected imminently. Maryland operations previously affiliated with Grassroots may be transferred to Curaleaf after expiration of the statutory hold period, subject to regulatory approval and compliance with restrictions on ownership or control of multiple cultivation, processor and dispensary licenses in the State.
Khiron Life Sciences Corp. (TSXV: KHRN) (OTCQX: KHRNF), a vertically integrated cannabis leader with core operations in Latin America and Europe, announced today that it has received import licenses and all necessary authorizations from the Directorate General of Drug Supplies and Drugs (DIGEMID) for the import and commercialization of full spectrum, high-CBD medical cannabis products from Khiron Colombia into Peru.
"Successfully completing all licensing, import and distribution requirements allows us to bring our full spectrum, high CBD medical cannabis products into Peru. We have an experienced country management team in place in Lima and, together with our distribution partner Farmacia Universal, are now positioned to give patients in Peru greater access to medical cannabis therapies. Additionally, we anticipate fulfilling all necessary requirements to commercialize high-THC medical cannabis products in Peru during Q4 2020," comments Luis Marquez, Khiron Peru Country Manager.
In Peru, only registered pharmaceutical establishments that have received Good Storage Practices (GSP) certification are authorized to participate in the wholesale import and commercialization of cannabis products. Khiron Peru is a GSP certified, registered pharmaceutical establishment, and Farmacia Universal has all required permits, including Good Manufacturing Practices (GMP) certification, to distribute medical cannabis final products to patients through pharmacies under the previously announced agreement with Khiron.
With receipt of the final licenses and authorizations from DIGEMID, Khiron Peru is now fully authorized to import full spectrum, high-CBD medical cannabis from Khiron Colombia, which is now fully authorized by the Narcotics National Fund (NNF) in Colombia for the export to Peru. The Company anticipates prescriptions can be filled commencing in Q3 2020.
"Entry to the Peru medical cannabis market continues our relentless focus on meeting patient needs in Latin America and globally. We are currently the only company in Colombia that has dispensed medical cannabis to patients and have now surpassed our first 1,000 medical cannabis patient prescriptions milestone. This, despite a global pandemic that has slowed down many of the world's economies, represents a very important achievement for us," comments Alvaro Torres, Khiron CEO and director.
Fire & Flower Holdings Corp. and its wholly-owned subsidiary Fire & Flower Inc. (TSX: FAF) (OTCQX: FFLWF), today announced that it has received the Approval in Principle from the Liquor and Cannabis Regulation Branch of the province of British Columbia for two cannabis retail stores located in Vancouver, British Columbia.
Receiving the AIP is one of the final steps required for licensing cannabis retail stores in the province of British Columbia, and the receipt of the AIPs presents a clearer path for the Company's entry into this new market.
The AIPs come upon the LCRB completing its eligibility and suitability assessment of Fire & Flower and the Company was found to be "fit and proper" for the purposes of receiving final licenses upon satisfactory inspection of the finished stores in accordance with the AIPs.
"Fire & Flower is very pleased to be entering the province of British Columbia in the key urban market of Vancouver. We have been poised to launch stores in the province for some time as part of our national growth strategy," shared Trevor Fencott, Chief Executive Officer of Fire & Flower. "It is encouraging to see the province of British Columbia move forward with additional cannabis retail licenses. The issuance of additional licenses is a key step in the eradication of the illicit cannabis market and licensing in the province is an important step in the growth of the legal cannabis industry."
Once opened, the Vancouver Fire & Flower stores will be located at:
- 2231 Granville Street, Vancouver, British Columbia, and
- 2570 Granville Street, Vancouver, British Columbia.
Opening dates and times of the Vancouver Fire & Flower stores will be announced on the Company's website at www.fireandflower.com/locations/ and through social media at the earliest opportunity.
MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) today announced its Australian operation – MediPharm Labs Australia Pty. Ltd. – has reached its first month operational milestone, with approximately $500,000 AUD, of formulated products delivered to customers in Australia, on its way to developing a strong commercial presence in international markets.
"MediPharm Labs Australia was conceived as a part of our strategy to develop a multi-jurisdictional, GMP-certified production capability for worldwide medicinal, wellness and adult-use markets and since opening at the end of 2019, it has signed a number of significant domestic and international customer supply agreements," said Pat McCutcheon, Chief Executive Officer, MediPharm Labs. "To reach this revenue milestone this quickly – in fact just two months after receiving Australian GMP certification – is positive proof of the demand for our capabilities and formulations and that our international team is beginning to hit its stride. I congratulate my colleagues in Australia for what will be the first of many milestone accomplishments."
The Company's Australian facility was certified by the Therapeutic Goods Administration as meeting the GMP standard and secured a Licence to Manufacture Therapeutic Goods in May 2020. As the Company's Canadian facility was TGA GMP certified in late 2019, MediPharm Labs has created a global pharmaceutical-quality supply chain that is qualified to serve new emerging medical markets internationally.
"Speaking on behalf of our local team, we couldn't be more excited by this development and the long-term potential we have to lead our markets," said Warren Everitt, CEO, Asia Pacific, MediPharm Labs. "Our first month of operations included shipments of approximately $500,000 AUD comprising formulated CBD and THC oils that our customers can trust for quality and reliability. These shipments are the product of synergies between our Canadian and Australian facilities as they were made possible by a large shipment of finished products and bulk oil from our sister GMP-certified facility in Barrie, Ontario. We intend to continue taking advantage of our internal supply pipeline on a strategic basis as we expand our international market share."
On July 21, 2020, the board of directors of Citrine Global Corp. (OTCQB: TECR) approved for its wholly-owned Israeli subsidiary CTGL - Citrine Global Israel Ltd. to take part in a joint venture for the establishment of a "Cannovation Center" - Cannabis Innovation Center - in Israel to address the needs of the emerging cannabis, CBD and hemp industry. CTGL - Citrine Global Israel Ltd will hold around 60% of the Cannovation Center.
The Cannovation Center is a unique, all-in-one platform with factories for producing cannabis, hemp and CBD products, laboratories and a logistics and distribution center, for supporting the cannabis eco-system, including cannabis growers, cannabis product developers, researchers and businesses, that operate in a field that requires interdisciplinary professional expertise and compliance with a wide set of regulatory demands, including IMC-GMP production standards, 24/7 surveillance and security, special recycling procedures, and more.
The Cannovation Center in Israel will provide solutions for companies in Israel and worldwide, leveraging Israel's leadership in cannabis innovation and promoting the production and distribution of cannabis, hemp and CBD products for local and global markets.
The Cannovation Center is in the process of obtaining a government grant. The Israeli Government provides grants and subsidies specific to the cannabis industry as part of its strategy for boosting the economy through technological innovation.
Ora Meir Soffer, Citrine Global's Chairperson and CEO, stated: "Israel is a leading source of technological innovation, including in the cannabis industry. Our Cannovation Center venture is a result of years of involvement in the cannabis industry, and we are confident that the Cannovation Center will provide a solution for the needs of the cannabis industry. We are happy that CTGL - Citrine Global Israel Ltd will be a part of this. We hope this will be the first center, to be joined by additional centers around the world".
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