Grapefruit USA, Inc. Announces Year-Over-Year Revenue Growth
Manufacturer and distributor in California Grapefruit USA (OTCQB: GPFT) provided its unaudited preliminary results for the 2020 calendar year. The company’s total reported revenue of approximately $ 3,672,353 is an approximate increase of $ 3,221,156, or 714 percent, over 2019.
“Our impressive year-over-year sales growth of 714 percent during the worst global pandemic in modern history was particularly gratifying, demonstrating the deep strength and determination of our company’s team,” said the Chief Executive Officer of Grapefruit USA Bradley J. Yourist. “We have expanded our distribution of exotic indoor cannabis flowers to the entire California wholesale market.”
Artelo Biosciences will receive net proceeds of $ 3.0 million from the exercise of warrants
Biopharmaceutical company Artelo Biosciences (Nasdaq: ARTL) exercised a portion of the warrants from its financing in October 2020. Existing investors have agreed to exercise warrants for approximately $ 3 million net proceeds.
“The proceeds from the exercise of these warrants strengthen our balance sheet and based on our most recently reported financial results as of November 30, 2020, our pro forma cash balance is approximately $ 10.4 million,” said Artelo President and Chief Executive Officer Gregory Gorgas. “We intend to use this capital to achieve milestones that we believe have the potential to create significant value for our shareholders.”
Village Farms International is paying back promissory note and announcing additional investments
Canadian Cultivator Village Farms International (Nasdaq: VFF) (TSX: VFF) has repaid a $ 15.6 million promissory note originally issued to Emerald Health Therapeutics in November 2020 purchase of 36,958,500 common shares of Pure solar farms.
The company also made an additional stake in the cannabinoid platform for the Asia-Pacific market International highThis increases Village Farm’s stake in Altum from 6.6 percent to around 10 percent.
“The Altum team is making strong and steady strides in executing its business plan and we are pleased to be able to increase our stake in the company on terms similar to our original investment,” said Village Farms Chief Executive Officer Michael DeGiglio.
The Valens Company provides operational and corporate updates
The Valens Company (TSX: VLNS) (OTCQX: VLNCF) has begun shipping cannabis derivatives from its newly operated 42,000 square meter K2 facility. The first deliveries included a wide range of products such as sprinkles, beverages, THC drops, vapes and tinctures. Valens is also nearing completion of construction at its GTA facility, which will focus on manufacturing products using SōRSE by Valens technology.
“The K2 facility significantly strengthens our market position by giving us the operational footprint and expertise to fulfill Valens’ vision and make us the premier cannabis consumer product manufacturer in Canada and beyond” said the chief executive officer of Valens Company Tyler Robson. “We are in the process of ramping up our K2 facility to accommodate the growth we expect in our product volumes, launches, and provincial demand – especially as we begin to introduce product formats that are new to the Canadian market. “
Canadian Rockies Hemp Corporation completes equity and debt financing
Hemp processors Canadian Rockies Hemp Corporation completed an equity and debt financing of $ 18 million, managed by Merida Capital Holdings. CRHC will use the proceeds to build its Bruderheim biorefinery, the first of several planned across Western Canada.
“Our company is a culmination of 18 years of innovation, entrepreneurship and agriculture in Alberta that support our success in commodities processing that requires diversification beyond oil and gas,” said CRHC Chairman of the Board Aaron Barr. “With the help of Merida Capital Holdings, we were able to stress test our business model, proactively prevent risks and adapt to legal requirements in order to prepare for success by 2021.”
springbig acquires cannabis customer experience and loyalty platform
Marketing technology platform in a deal that increased its market share to more than 1,900 retail partners bouncy acquired BudTender, a Canadian customer experience platform. The acquisition gives retailers and brands access to customizable customer surveys, weekly reports, an AI-powered feedback platform, customer support and KPI tracking from BudTender through the intuitive dashboard.
“BudTender has been a dominant force in the Canadian canna tech space. The company’s vision and platform effortlessly complement springbig’s ongoing commitment to improving the retail and loyalty experience of cannabis, ”said springbig’s founder and chief executive officer Jeffrey Harris. “As the legal industry becomes more demanding, brands and retailers need to deploy broader customer loyalty and satisfaction solutions to stay competitive.”
HempFusion announces US symbol
HempFusion Wellness (TSX: CBD.U) (OTC Pink: CBDHF) (FWB: 8OO) secured the OTC Markets symbol, “CBDHF,” which enabled a broader US investor audience to trade the company’s shares.
“As a US-based CBD company, this important move will enable a wider range of US investors to enter the company,” said HempFusion co-founder and chief executive officer Jason Mitchell. “In addition, we have applied for an OTCQX listing and DTC authorization, which we expect in the coming weeks, subject to approval by the OTCQX and certain listing requirements to be met.”
Tilray announces agreement with Grow Pharma to import and distribute medical cannabis products in the UK
Tilray Inc. (Nasdaq: TLRY) has reached an agreement with Growing pharmaceuticals Import and distribution of Tilray’s medicinal cannabis products to the United Kingdom (UK). The agreement enables Tilray to provide locally serviced medical cannabis solutions to authorized UK patients. Tilray expects a range of GMP certified products to be available in the UK by March 2021.
“This partnership with Grow Pharma provides patients in need with access to sustainable supplies of GMP-certified, high-quality medical cannabis and is an important step towards improving access in the UK,” said Tilray, Chief Executive Officer Brendan Kennedy. “Tilray will continue to advocate adequate patient access to medical cannabis in Europe and countries around the world.”
Cresco Labs signs exclusive distribution agreement with Emerald Family Farms
Cresco Labs (CSE: CL) (OTCQX: CRLBF) has entered into an exclusive distribution agreement with the Humboldt County-based farmers’ cooperative Emerald Family Farms (EFF). Under the agreement, EFF’s bluebells, pre-rolls, and concentrates will be added to Cresco’s Continuum California distribution platform.
“We have long admired and supported EFF’s focus on environmental stewardship and social responsibility,” said the regional president of Cresco Labs David Gacom. “Part of our success in expanding our distribution network in California has been our ability to offer artisanal flowers of the highest quality. This agreement continues to build on that strength and adding some of the best flowers in California to our list of Top Performing California Brands. EFF’s success story, which has brought together hundreds of the best farmers in the region under one banner, is proof that exceptional cannabis and uncompromising values can coexist. “
DNA Genetics Announces Strategic Alliance Agreement with GrowLAB
Cannabis brand AND DNA genetics Conclusion of a license agreement based in Colombia GrowLAB sas The agreement grants the DNA brand a GrowLAB license, access to its proprietary genetics library, and use of DNA’s 73,000-square-foot indoor cannabis growing and processing facility in Medellín, Colombia.
“We are excited to announce our partnership with GrowLAB and entry into Colombia,” said DNA President Rezwan Khan. “Through this partnership, we will be able to bring our unique strains to the world and take advantage of the optimal growing conditions and international export capabilities that make Colombia a key strategic pillar in the global cannabis market.”
Power REIT completes rights offering and raises $ 36.7 million
Power REIT (NYSE-AMEX: PW and PW.PRA) completed its previously announced rights offering, which expired on February 5, 2021. The company sold and issued a total of 1,383,394 common shares at a subscription price of $ 26.50 for total gross proceeds of $ 36,659,941.
“We are satisfied with the outcome of our rights offering,” said the Chief Executive Officer of Power REIT David Lesser. “The process showed a strong interest of shareholders and a strong participation in what we have structured as an investor-friendly form of capital raising, which was carried out very cheaply.”
Neptun acquires majority stake in Sprout Foods
Neptune wellness solutions (Nasdaq: NEPT) (TSX: NEPT) has acquired a controlling interest in Sprout Foods, a portfolio investment by Morgan Stanley Expansion Capital. As part of the transaction, mutual funds managed by MSEC will become a major shareholder in Neptune and will work with the company to add Sprout to Neptune’s branded consumer products portfolio.
“We are delighted to welcome Sprout to the Neptune Wellness family and to work with MSEC to continue the growth of Sprout,” said Neptune President and Chief Executive Officer Michael Cammarata. “We appreciate the team’s trust in Neptune and look forward to working together to expand Neptune’s CPG brand portfolio.”
Zenabis announces the establishment of an at-the-market share offering program
Zenabis Global (TSX: ZENA), a Canadian licensed grower of medicinal and recreational cannabis, has established a customary equity program that allows the company to publicly issue up to $ 15,000,000 of common stock at its sole discretion. The shares will be sold on the Toronto Stock Exchange at the market price prevailing at the time of sale.
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