Delta, Kelowna, BC – June 30, 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 #581, Cannabis News and Stocks on the Move: (CSE: TRUL) (TSXV: KHRN) (NASDAQ: HITI) (NASDAQ: TLRY) (TSX: VLNS)
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.
Khiron Life Sciences Corp. (TSXV: KHRN) (OTCQX: KHRNF), a vertically integrated medical cannabis leader with core operations in Latin America and Europe, announced regulatory and supply chain advances that accelerate Khiron’s entry into the Mexican market by several months. Leveraging the Company’s designation in Colombia as a National Strategic Project, Khiron Colombia SAS has received authorization to include Mexico as a destination country within its international export quota, with over 700 kg of high-THC extract now available for export to Mexico. In addition, the Company has finalized agreements for the manufacture of finished medical cannabis products in Mexico.
“Our goal is to improve the lives of 1 million patients by 2024, and Mexico remains a very important part of that plan. Thanks to our status as a National Strategic Project, Mexico is now a destination country within our international THC quota, which is expected to accelerate first sales by several months. In addition, we have secured a world class partner that will not only manufacture finished products on our behalf, but also assist with the import and export process. As we continue to advance our proven Zerenia(TM) clinic strategy in Mexico, we look forward to delivering our first products to patients in the coming months,” comments Alvaro Torres, CEO and Director.
Mexico represents a significant market for the Company, as a top 15 global economy with a population of nearly 130 million. To date, close to 550 LatAm physicians have obtained their diploma accrediting completion of Khiron’s medical education program, in partnership with Tecnologico de Monterrey, the leading university in Mexico.
High Tide Inc. (NASDAQ: HITI) (TSXV: HITI), a retail-focused cannabis corporation enhanced by the manufacturing and distribution of consumption accessories, filed its financial results for the second fiscal quarter of 2021 ending April 30, 2021, the highlights of which are included in this news release. The full set of Condensed Interim Consolidated Financial Statements and Management’s Discussion and Analysis can be viewed by visiting High Tide’s website at www.hightideinc.com, its profile page on SEDAR at www.sedar.com.
Second Quarter 2021 – Financial Highlights:
- Revenue increased by 99% to $40.9 million in the three months ended April 30, 2021, compared to $20.6 million in the same quarter last year. The second quarter of 2021 financial results incorporate the acquisition of META Growth Corp. on November 18, 2020, and Smoke Cartel, Inc. on March 24, 2021.
- Gross profit increased by 93% to $15.0 million in the three months ended April 30, 2021, compared to $7.8 million in the same quarter last year.
- Gross profit margin in the three months ended April 30, 2021, was 37% compared to 38% in the same quarter last year.
- Adjusted EBITDA(1) for the three months ended April 30, 2021, was $4.7 million compared to $1.8 million for same quarter last year.
- Geographically in the three months ended April 30, 2021, $35.0 million of revenue was earned in Canada, $5.7 million in the United States and $0.2 million internationally.
- Segment-wise in the three months ended April 30, 2021, $38.4 million of revenue was generated by Retail, $2.5 million by Wholesale, and an immaterial amount by Corporate.
- Cash on hand as at April 30, 2021, totaled $29.4 million compared to $7.5 million as at October 31, 2020.
“I am extremely proud of our results this quarter, especially given the macro backdrop we faced. In Ontario, the largest cannabis market in Canada, due to pandemic related restrictions, our stores were closed for in-person shopping throughout most of the second quarter with only click-and-collect and delivery permitted by regulations,” said Raj Grover, President and Chief Executive Officer. “Even during this difficult market environment, we continued to advance our bricks and mortar and online business. Despite the challenges and our continued rapid growth, we were able to increase not only our revenue, but also our Adjusted EBITDA sequentially to a new record of $4.7 million. This is a clear testament to the strength of our operations and our management team’s ability to outperform in tougher markets. It also highlights the robustness of our unique and diversified ecosystem which includes omni-channel retail of cannabis, consumption accessories and hemp derived CBD products as well as manufacturing and distribution of licensed and proprietary consumption accessories. Ontario has now moved to allow in-store shopping with capacity limits which should bolster sales, coupled with our recent acquisitions of FABCBD and Daily High Club, we expect to deliver continued revenue and EBITDA growth in the third quarter,” added Mr. Grover.
This was followed by the company announcing the launch of two new Canna Cabana stores located at 949 Fort William Rd. in Thunder Bay, Ontario, and 1328 Mayor Magrath Dr. S in Lethbridge, Alberta. The new stores bring High Tide’s total branded retail locations selling recreational cannabis products and consumption accessories across Canada to 89. In line with the Company’s strategy of driving organic growth in profitable neighbourhoods, the new stores are located off high traffic arterial roadways and are near several popular restaurant chains and big box stores. The new Thunder Bay store is also High Tide’s first location in northwestern Ontario’s largest city with a population of over 110,000.
Tilray, Inc. (NASDAQ: TLRY) (TSX: TLRY), a leading global cannabis-lifestyle and consumer packaged goods company, announced that its SweetWater Brewing Company has launched a new product collaboration with Canada’s leading craft cannabis brand Broken Coast Cannabis Ltd., a brand under the Tilray portfolio based in British Columbia and geared toward the premium cannabis market. “Broken Coast BC Lager” is the first cross-brand product developed in partnership with leading craft brands, SweetWater and Broken Coast, and Tilray’s first Canadian cannabis brand introduction into the U.S. This new coastal lager is specially brewed to give a nod to one of the most beautiful coastlines in the world. Flowing in taprooms and available to purchase and pair with your favorite outdoor adventure, the base lager is refreshing with added twists of key lime and orange.
SweetWater and Broken Coast brands share the same heady D.N.A. and reputation for small-batch, high-quality craft products and a love for the outdoors. Broken Coast BC Lager embraces SweetWater’s motto of Don’t Float the Mainstream! by breaking loose with one-of-a-kind lager: it’s not your average coastal beer, inspired by not your average coast. The premium craft coastal lager is brewed for those who want to adventure away from the mainstream and enjoy a one-of-a-kind beer.
“With a strong aligned passion and value system, working with Broken Coast on the inspiration for this special brew was an exciting process for our team,” said Brian Miesieski, Chief Marketing Officer at SweetWater. “British Columbia is known for its coastal shorelines, and with it being one of the most beautiful and adventurous places in North America, we wanted beer drinkers to feel as if they are transported there each time they sip on this new lager.”
SweetWater and Broken Coast spent over half a year developing the perfect lager to ensure that the product genuinely aligned with Broken Coast’s West Coast vibe and delivered a unique and tasty new brew that craft beer drinkers seek a refreshing and easy-drinking lager.
“Collaborating with the SweetWater team and creating a craft beer with the same precision and passion that I have for my craft-cannabis has been a dream come true,” said Kevin Anderson, Founder and Head Grower at Broken Coast. “I’m extremely proud of the Broken Coast BC Lager, and developing it with Brewmaster, Mark Medlin, has been an incredibly inspiring and a unique process. For both brands to come together to create a first of its kind partnership and for Broken Coast to break into the U.S. market is an exciting time for us.”
The Valens Company Inc. (TSX: VLNS) (OTCQX: VLNCF), a leading manufacturer of cannabis products, announced that it has entered a custom manufacturing agreement with Gallery Brands, a premier cannabis brand house with a carefully curated product portfolio with legacy roots. Under the agreement, The Valens Company will manufacture both beverages and edibles for two brands under the Gallery umbrella – Blessed and flir.
Founded by experienced and trusted legacy market leaders, Gallery Brands aims to provide superior quality, precisely dosed, and expertly curated cannabis products to the Canadian market through its portfolio of brands. Each brand under the Gallery umbrella has a uniquely defined vision inspired by its individual founder, offering a diversified portfolio geared toward a wide range of consumers. The Blessed brand, founded by Angelina Blessed and inspired by her career as a professional Muay Thai fighter, offers health and wellness focused cannabis products containing elements essential during intense athletic recovery. The flir brand, created by chocolatier and culinary enthusiast Riley Starr, celebrates exceptional ingredients alongside the experience of cannabis edibles, bringing epicurean cannabis-infused products to discerning food-forward consumers. In addition to Blessed and flir, Gallery also features the Little Farma and Calla brands.
The Valens Company will use its patented in-house emulsion technology SoRSE(TM) by Valens to manufacture both the beverage and edible offerings for Blessed and flir. SoRSE by Valens technology transforms cannabis oil into water-soluble forms to infuse foods, liquids, and topicals without the taste or smell of cannabis, resulting in some of the most innovative cannabis-infused products in the Canadian market today. Additionally, the Company’s enhanced edibles manufacturing platform will be used to formulate and produce premium confectionery products for the brand house. Gallery will distribute the Valens-manufactured products in Canada using its strong retail and distribution relationships.
Tyler Robson, Chief Executive Officer, Co-Founder and Chair of The Valens Company, said, “This partnership builds on our balanced portfolio of custom manufacturing agreements with brand houses looking to offer differentiated cannabis products to Canadian consumers across a range of categories. We are thrilled to partner with a company that recognizes and addresses unique customer preferences and is known in the industry for its innovative branding and strong retail and distribution network across the country.”
Robson adds, “Through this partnership, we are not only helping bring legacy brands to the regulated market in Canada but also meeting the ever-evolving needs of consumers looking for new health and wellness and culinary-inspired cannabis products in two fast-growing product categories in the market.”
Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF), a leading and top-performing cannabis company in the United States, today announced the completion of an asset purchase agreement whereby Trulieve acquired a licensed adult use dispensary location from Nature’s Remedy of Massachusetts, Inc. in Worcester, MA.
Total consideration for the transaction was $13.5 million, satisfied through the payment of $7,000,000 in cash and the issuance of 237,881 subordinate voting shares of the Company (the “Trulieve Shares”). Shares are based on a volume-weighted average price of Common Shares for each trading day during the ten (10) consecutive trading days immediately preceding the Agreement Date. The acquired location possesses a Final Adult Use Marijuana Retailer License from the Cannabis Control Commission, a Host Community Agreement from the City of Worcester, and other necessary government authorizations to operate as a marijuana dispensary at 142-148 Southbridge Street in Worcester, Massachusetts.
Kim Rivers, Trulieve CEO stated, “We are excited to open our second Massachusetts location in Worcester allowing us to broaden the Trulieve platform in the state. This location will allow us to continue rolling out our expanded portfolio of products in Massachusetts including our newly launched Sweet Talk edibles line and Muse premium vape and concentrates line while providing industry-leading customer service including our no-questions-asked exchange and return policy. As we approach our first harvest, we are excited to bring a fresh assortment of quality genetics to the market and look forward to also offering clones for sale in our locations in the very near future.”
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