Investor Ideas Potcasts #556, Cannabis News and Stocks on the Move; (CSE: XTRX), (CSE: MEDI), (CSE: IKNK.U) (TSXV: HITI) (OTCQB: HITIF)
Delta, Kelowna, BC - April 23, 2021 (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 #556, Cannabis News and Stocks on the Move; (CSE: XTRX), (CSE: MEDI), (CSE: IKNK.U) (TSXV: HITI) (OTCQB: HITIF)
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.
Today's podcast is sponsored by Phyto Extractions Inc. (CSE:XTRX), an agricultural-scale cannabis extraction, distillation and product manufacturer located in Langley, BC at its co-located Health Canada Licensed Standard Processing (extraction, no cultivation), Sales (extracts, topicals, and edibles) through Adastra Labs Inc. and Analytical Testing Laboratory through Chemia Analytics Inc. Adastra Labs also has a pending Health Canada R&D license amendment.
In today's podcast we look at a few private and public company announcements.
Myconic Capital Corp. (formerly, Auralite Investments Inc.) (CSE: MEDI) announced that it has entered into a letter of intent to acquire 100% of all issued and outstanding shares of Integrated Rehab and Performance Ltd. ("IRP"). Based in Victoria, BC, IRP operates Canada's first and only multidisciplinary physical therapy clinic exclusively for patients who are past or present personnel of the Canadian Armed Forces or Royal Canadian Mounted Police, and first responders (e.g., firefighters, law enforcement officers, paramedics, EMTs, etc.).
Under the arrangement contemplated in the LOI, IRP's practice would expand with the addition of new clinics in British Columbia, as well as the introduction of ketamine treatments to IRP's offerings to its patients. IRP's principal facility is located near the Westshore Town Centre in Victoria, BC, with service offerings including: physiatry; occupational therapy; physiotherapy; kinesiology; massage therapy; and nutrition. The clinic's approach is to establish a 12-week improvement plan for each of its patients by holistically assessing existing and potential areas of concern and formulating a goal-oriented strategy . IRP is an approved healthcare service provider of Veterans Affairs Canada (VAC) through its claims administrator Medavie Blue Cross.
More information about IRP can be found on its website: https://veteranrehabandperform.com/
MEDI intends to assist IRP with the potential addition of psychedelic-assisted treatments, including ketamine assisted psychotherapy to its range of therapies, subject to required compassionate and Health Canada exemptions. Several clinics in the United States, some of which are also pending acquisition by MEDI as announced in recent press releases, have begun offering ketamine infusions to treat conditions such as depression and post-traumatic stress disorder (PTSD). In a 2019 CBC Radio segment, the potential use of ketamine to restore synaptic connections in the brain eroded by stress was explored by medical experts, along with similar benefits which could be had through the administration of other psychedelics (e.g., LSD, psilocybin).
"There is considerable use-case of psychedelic-assisted treatments in the Canadian healthcare ecosystem. IRP has done a great job in providing specialized wellness services for veteran and first responder patients in British Columbia. We look forward to partnering with IRP to introduce innovative treatment offerings and expand its network as they continue to improve quality of life for patients who make invaluable contributions to Canadian society." Robert Meister, CEO, commented, "As Canada continues to be a leader in alternative-medicines and treatments, our goal is to aggressively pursue Section 56 exemptions for veteran patients of IRP, in order to be able to offer access to psychedelic assisted therapy as an addition to their current treatment plans. IRP patients should have every right to access leading medicines that are proving to be transformational and therapeutic by nature."
Pursuant to the LOI, MEDI would acquire 100% of IRP's issued and outstanding shares in exchange for $1,000,000, payable in common shares in the capital of the Company (the "Consideration Shares"). The Consideration Shares shall be issued on the date that the transaction closes (the "Closing Date") and shall be subject to a voluntary lockup for a period of 18 months, released to the Vendor as follows:
- five (5%) percent will be freely tradable on the Closing Date; and
- fifteen and eighty-three hundredths (15.83%) percent released quarterly over six quarters from the Closing Date.
Furthermore, the LOI provides for a series of bonuses payable in common shares of MEDI (the "Milestone Shares") upon IRP successfully reaching certain milestones, as outlined below.
The Consideration Shares and Milestone Shares shall be issued based on the volume weighted average trading price (VWAP) of the Company's common shares for the 10 days preceding the Closing Date or the date on which the shares are earned, as the case may be. All Milestone Shares will be subject to a mandated trading restriction period of four months and one day following issuance of such shares.
As a condition of closing the acquisition, IRP's current Chief Executive Officer, Steven Inglefield, will remain in his current position on a two-year contract commencing on the Closing Date, with an option to extend at the Company's election. The executive contract shall additionally contain a standard non-compete clause, the grant of 200,000 stock options of MEDI, and a 10% cash bonus payable on annual net profit.
"We are thrilled to be collaborating with Myconic Capital, while providing innovative solutions to successfully improve the current care plans for military veterans, first responders and their families," Steven Inglefield, CEO, IRP stated. "This strategic partnership allows us to leverage the platform and serves as a catalyst for R&P's growth across Canada, as it enters into new markets and areas of treatment. As we continue to foster existing relationships with patient advocacy groups, we are confident our developments with treatment plans will allow for further options for those dealing with trauma and mental health challenges."
The completion of the acquisition is subject to terms and conditions which include but are not limited to the execution of a definitive agreement, completion of satisfactory due diligence, the delivery and satisfactory review of the financial statements of IRP, and the approval of the transaction by the boards of directors of each of MEDI and IRP.
Ikanik Farms, Inc. (CSE: IKNK.U) announced that its wholly owned, Colombian subsidiary Pideka SAS ("Pideka"), has completed the registration and commercialization process of six cannabis-based cosmetic products through the National Institute of Drug and Food Surveillance (INVIMA), the governing body in Colombia responsible new product registrations.
"We are excited to open the door to multiple countries concurrent with our product registrations and look forward to better serving the Latin American markets in the near future." said Brian Baca, CEO of Ikanik Farms.
The product suite is comprised of cosmetic products and offers skin care benefits, using the unique beneficial properties of cannabis derived oil. All products are designed with plant-derived oils and cultivated under strict quality and control standards, fortified with organic and natural ingredients to maximize the effect of the specific product and its purpose.
The products are medically authorized in three additional Latin American countries through the Colombian registration, opening the door for future product recognition and registration in the participating member countries of the Andean Pact, which includes Bolivia, Colombia, Ecuador and Peru. The Andean Pact accelerates the Company's ability to open multiple markets through a singular, unified registration.
"We are proud to have completed this major milestone and have positioned ourselves to be a leader and cornerstone of product quality within the global marketplace, with an initial emphasis in Latin America and Europe." said Borja Sanz de Madrid, President of Ikanik Farms International, Inc.
High Tide Inc. (TSXV: HITI) (OTCQB: HITIF), a retail-focused cannabis corporation enhanced by the manufacturing and distribution of consumption accessories, announced approximately (CAD) $775,000 in total retail gross revenues ("Total Sales") across all platforms on April 20, 2021 (4/20), representing an 80% increase from the previous Tuesday. The Company's Canadian bricks and mortar stores reported a 51% increase, while sales across its three e-commerce platforms, grasscity.com, smokecartel.com and cbdcity.com reported an increase of 201% percent over the previous Tuesday.
"We at High Tide have never forgotten our humble beginnings and the customers who have helped us grow from one small smoke shop into an international cannabis company operating 84 retail stores across Canada and two of the world's leading e-commerce platforms for consumption accessories," said Raj Grover, President and Chief Executive Officer. "Our commitment to cannabis culture and the cannabis community is deeply rooted in everything we do as a company. I'm thrilled to see that our loyal customers have once again delivered a record breaking 4/20 sales figure despite pandemic related restrictions in many jurisdictions," added Mr. Grover.
Phyto Extractions Inc. (formerly, Adastra Labs Holdings Ltd.) (CSE:XTRX) announced that it has received its R&D license addendum in Adastra Labs Inc. that will permit some limited human testing by licensed researchers administering or distributing cannabis to human research subjects using cannabis obtained from a holder of a license for processing in the final form of cannabis.
This R&D license addendum will permit the Company to conduct in-house human testing for taste of various cannabis products for assessment of taste, sights, smell, or touch of cannabis.
"We look forward to initiating human-studies and generating valuable consumer-based data to support our product development pipeline and continue delivering high-quality efficacious cannabis products to Canadians." Stated Dr. Kyle Boniface, PhD."
Once again, today's podcast is sponsored by Phyto Extractions Inc. (CSE:XTRX), an agricultural-scale cannabis extraction, distillation and product manufacturer located in Langley, BC at its co-located Health Canada Licensed Standard Processing (extraction, no cultivation), Sales (extracts, topicals, and edibles) through Adastra Labs Inc. and Analytical Testing Laboratory through Chemia Analytics Inc. Adastra Labs also has a pending Health Canada R&D license amendment.
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