Few industries can claim to have experienced the same explosion of growth the hemp sector has enjoyed. Valued at $4.4 billion in 2018, the industry is expected to be worth a whopping $14.67 billion by 2026. While these figures paint an awesome picture, the hemp sector didn’t have the time to grow organically with comprehensive regulations already in place.
The USDA has had to play catch up, releasing its interim final rule on hemp a year after the 2018 Farm Bill legalized the cultivation of industrial hemp. While industry stakeholders are glad the industry now has structure, the restrictive nature of the proposed rules has been called into question.
According to two senators who’ve been key supporters of the budding hemp industry, the proposed federal plan to test for THC will damage the industry. The USDA hemp production rules, say, Senators Jeff Merkley and Ron Wyden, lay out testing requirements with “potentially harmful effects for the new hemp industry.”
Last week on Tuesday, the two Senators sent a letter to Agriculture Secretary Sonny Perdue requesting changes to the draft rules published last month. The letter stated that while the USDA’s proposed regulations were a necessary step to establish a domestic federal hemp production program, they wanted to highlight “several concerns about the unintended and potentially harmful effects this interim rule would have on hemp production in Oregon and across the country.”
According to the new draft rules, hemp has to be tested within 15 days before harvest. Farmers have argued that this is too little time, and the letter calls for the USDA to extend the testing period to 28 days. Farmers would also be required to test their crops in labs that have been registered with the Drug Enforcement Administration. The senators say this will result in bottlenecks and delays for hemp producers. They ask the USDA to allow farmers to use labs not registered with the DEA as long as those labs have been approved by the state.
The proposed rules also require the testing to be carried out after decarboxylation. The letter urges the USDA to allow THC testing to be done before decarboxylation and to limit the screening to just delta-9 THC instead of all THC compounds.
Another topic the letter addresses is allowable THC levels. The proposal sets the limit at 0.5%, but the senators hope the USDA will raise it to 1%. They also challenged the need to test samples from the top third of the plant, asking the USDA to limit the screening to the top 8 inches of the plant.
They add that the farmers in Oregon and across the country are on the precipice of an agricultural boom that “with the right regulatory framework, stands to boost rural economies in every corner of the country.”
HempWireNews (HWN) is a dedicated information provider focused on (1) aggregating hemp-related news, (2) issuing HempNewsBreaks designed to update investors on the latest developments in the hemp market, (3) enhancing corporate news releases, (4) providing full-service distribution and social media offerings to public and private client-partners and (5) designing and implementing all-inclusive corporate communication solutions. HNW is strategically positioned within the rapidly expanding hemp sector with a team of journalists working to help a growing roster of public and private companies reach a wide audience of investors, consumers and members of the media. We leverage a vast network of more than 5,000 key syndication outlets to deliver unparalleled visibility, recognition and content to the hemp industry. HempWireNews (HWN) is where HEMP news, content and information converge.
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Every month, many marijuana companies across the U.S. have to move physical cash from their premises in order to pay for utilities and other needed supplies and this is a common practice among marijuana businesses. Although marijuana is legal in most states in the U.S., banks that are federally insured have prohibited the opening of accounts for cannabis businesses. This is because they are afraid of being accused of criminal activity since federally, marijuana is a controlled substance under Schedule 1 of the Controlled Substances Act.
The refusal of banks to conduct business with weed businesses has left them with no alternative but to operate on a cash basis. For example, NUG is licensed to cultivate and manufacture marijuana products in its facilities in California, and since it cannot deposit the money in the banks, the only way to safeguard it is to keep it in locked vaults.
The founder and CEO of NUG, John Oram, said that the company headquarters is set up like a casino as it has vaults and electric notes counters. He also noted that a minimum of two employees must be present when a transaction is taking place. Oram further said that the company hired armed guards for cash deliveries from the dispensaries and the guards are also cautioned to switch up their routes to avoid predictability. NUG has 200 employees who are paid in cash. Taxes are also paid in cash.
Oram is hoping to start working with Pacific Banking Corporation to alleviate transacting on a cash basis. Some of the methods marijuana business could use to avoid operating on a cash-only basis include:
PayQwick
PayQwick was formed by two attorneys, and it functions like PayPal. Businesses and customers deposit money into a system that allows them to transact back and forth. It also permits money transfers to and from banks. Farmers can use the app to pay for seeds and soils, while customers can pay for products at the dispensary. The app allows the transfer of money across state lines and takes on the responsibility of federal compliance, such as due diligence and compilation of suspicious activity reports.
CanPay
CanPay is a mobile debit app that is widely used by marijuana retailers and businesses. Customers do not pay extra fees upon making a purchase, and customers can only transact at a maximum of $250 per day. Every time a purchase is made, the same amount is debited in your checking account. Currently, 400 medical and recreational marijuana businesses are transacting using the app.
Hypur
Hypur provides banking institutions with a legitimate way of transacting with highly regulated industries, such as the marijuana industry, through an electronic app. Hypur matches cannabis businesses with banks or credit unions since it has every detail about the financial institutions.
Dama Financial
Dama Financial has a network of all banks that are insured by the FDIC that are interested in transacting with marijuana businesses. The business looking to work with the bank must fill in an online application and agree to an on-site inspection. Once approved, Dama manages the company’s banking services, and this includes transportation of cash to the processing facility and receiving the deposits via ACH wire. The money is deposited in the company’s account the following day.
Local Banks and Credit Unions
Some small banks are open to conducting business with well-organized weed businesses, although many are still wary of marijuana businesses. You can therefore do your homework and find one of these small institutions that can accept your cannabis business as a client.
CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.
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TORONTO, Nov. 26, 2019 – The Green Organic Dutchman Holdings Ltd. (the “Company” or “TGOD”) (TSX:TGOD) (US:TGODF), a leading producer of premium certified organic cannabis, is pleased to announce that it has entered into an agreement with a syndicate of underwriters led by Canaccord Genuity Corp. (the “Underwriters”) pursuant to which the Underwriters have agreed to purchase, on a bought deal basis pursuant to the filing of a short form prospectus, an aggregate of 29,334,000 units (the “Units”) at a price of $0.75 per Unit (the “Offering Price”) for aggregate gross proceeds to the Company of approximately C$22.0 million (the “Offering”).
Each Unit shall consist of one common share (each a “Common Share”) and one-half of one common share purchase warrant of the Company (each whole such warrant, a “Warrant”). Each Warrant shall be exercisable to acquire one common share of the Company for a period of 36 months from closing of the transaction at an exercise price of C$1.00 per Warrant.
The Company has granted the Underwriter an option (the “Over-Allotment Option”) to purchase up to an additional 4,400,100 Units at a price of C$0.75 per Unit, exercisable at any time, for a period of 30 days after and including the Closing Date, which, if exercised, would result in additional proceeds of up to approximately $3.3 million. The Over-Allotment Option is exercisable to acquire Units, Common Shares and/or Warrants (or any combination thereof) at the discretion of the Underwriters.
The Units will be offered by way of a short form prospectus to be filed in all provinces of Canada except Quebec. The Offering is expected to close on December 17, 2019 and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and stock exchange approvals, including the approval of the TSX and the applicable securities regulatory authorities.
The Company will use best efforts to obtain the necessary approvals to list the Common Shares and the Common Shares issuable upon exercise of the Warrants on the Toronto Stock Exchange (“TSX”).
The Offering provides the Company with more capital advanced on closing and is less dilutive than the previously announced convertible note term sheet, which was structured with a series of conditional tranches and is no longer being pursued by the Company. The company continues towards finalizing the mortgage loan arrangement and the sale and leaseback of the energy centre at its Ancaster facility that were also previously announced.
TGOD intends to use the proceeds of the Offering to complete construction of its processing facility at Ancaster and for general corporate purposes.
About The Green Organic Dutchman Holdings Ltd. The Green Organic Dutchman Holdings Ltd. (TSX: TGOD) (US‐OTC: TGODF) is a premium certified organic cannabis company focused on the health and wellness market. Its certified‐organic cannabis is grown in living soil, as nature intended. The Company is committed to cultivating a better tomorrow by producing its products responsibly, with less waste and impact on the environment. Its two Canadian facilities are being built to LEED certification standards and its products are sold in recyclable packaging. In Canada, TGOD plans to expand its product portfolio by launching a series of next‐generation cannabis products such as organic teas, infusers and vapes. Through its European subsidiary, HemPoland, the Company also distributes premium hemp CBD oil in Europe. By leveraging science and technology, TGOD harnesses the power of nature from seed to sale.
TGOD’s Common Shares and warrants issued under the indenture dated November 1, 2017 trade on the TSX under the symbol “TGOD” and “TGOD.WT”, respectively. For more information on The Green Organic Dutchman Holdings Ltd., please visit www.tgod.ca.
Cautionary Statements
This news release includes statements containing certain “forward‐looking information” within the meaning of applicable securities law (“forward‐looking statements”). Forward looking statements in this release includes, but is not limited to, statements about timing or likelihood of closing of financings, statement about the availability of future financing tranches, statement about potential to receive regulatory approvals, statement about the offering of any particular products by the Company in any jurisdiction and statements regarding the future performance of the Company. Forward‐looking statements are frequently characterized by words such as “plan”, “continue”, “expect”, “project”, “intend”, “should”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward‐looking statements throughout this news release. Forward‐looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties (including market conditions) and other factors that could cause actual events or results to differ materially from those projected in the forward‐looking statements, including those risk factors described in the Company’s most recently filed Annual Information Form available on SEDAR. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
Neither the TSX nor the TSX’s Regulation Services Provider (as that term is defined in the policies of Toronto Stock Exchange) accept responsibility for the adequacy or accuracy of this release.
Tuesday, November 26th, 2019UncategorizedComments Off on $TGODF Announces $22.0 Million Bought Deal Public Offering Plus Over-Allotment Option
SRAX (NASDAQ: SRAX), a digital-marketing and consumer-data-management technology platform company, provides a secure and transparent environment for consumers to own, manage, and sell access to their digital identity and data through its proprietary BIGtoken platform. An article discussing the company reads, “Through BIGtoken, SRAX has created a symbiotic relationship between big brands desiring to know their consumers better and the consumers themselves who want to remain in control of their data at ever-increasing rates. In exchange for giving brands access to their data by answering surveys, checking into locations, referring friends and more, BIGtoken users are rewarded with points, which they can then redeem for cash and gift cards or make charitable donations. SRAX’s technology then unlocks data to reveal the core consumers of brands across marketing channels. As one of the first companies to offer consumers a significant piece of the data pie, SRAX is building the largest and most valuable opted-in data set in the world.”
SRAX (NASDAQ: SRAX) is a digital-marketing and consumer-data-management technology company. SRAX’s technology unlocks data to reveal brands’ core consumers and the characteristics of those consumers across marketing channels. Monetizing its data sets, SRAX is growing multiple, recurring revenue streams through its various platforms. Through its BIGtoken platform, SRAX has developed a consumer-managed data marketplace where people can own and earn from their data, thereby offering everyone in the internet ecosystem choice, transparency and compensation. SRAX’s tools deliver a digital competitive advantage for brands in the CPG, automotive, investor relations, luxury and lifestyle verticals by integrating all aspects of the advertising experience, including verified consumer participation, into one platform. For more information, visit the company’s website at www.SRAX.com.
NOTE TO INVESTORS: The latest news and updates relating to SRAX are available in the company’s newsroom at http://nnw.fm/SRAX
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Cannabidiol (CBD) has been having an amazing run over the past few years. For an ingredient that was almost unknown a decade ago, CBD has quickly captured the minds and hearts of people around the globe. Said to have potent medicinal properties, the cannabis extract is used to manage a variety of conditions ranging from anxiety and high blood pressure to chronic pain.
However, despite the immense popularity cannabidiol has garnered, the industry is still heavily unregulated. Without a comprehensive regulatory structure, the market has been flooded with a plethora of sellers, each selling products promising untold medical benefits. Due to this, numerous institutions have shied away from using CBD, and the U.S. Air Force is the latest to register their disapproval for CBD products.
On Tuesday, the service issued a notice to its Airmen stating that products containing CBD oil are off-limits. Products with CBD oil will lead to positive results for Airmen undergoing urinalysis to detect marijuana. Article 112a of the Uniform Code of Military Justice prohibits service members from using marijuana, and those who do will be subject to punishment.
“It’s important for both uniformed and civilian Airmen to understand the risk these products pose to their careers,” says Major Jason Gammons, Air Force Office of the Judge Advocate General spokesman. “Products containing unregulated levels of THC can cause positive drug tests, resulting in the same disciplinary actions as if members had consumed marijuana.”
One issue that has plagued the CBD industry is quality control. According to the 2018 Farm Bill, for cannabis to be classified as legal industrial hemp, it has to have less than 0.3% THC (tetrahydrocannabinol). THC is the component responsible for the psychotropic high that cannabis is famous for. However, the industry is flooded with CBD products that have more than the legally mandated level of THC.
The Air Force cited a 2017 report by Marcel O. Bonn-Miller from the University of Pennsylvania, Perelman School of Medicine that examined 84 CBD products sold online. The report stated that less than a third of the products actually contained the required CBD levels while 21% of the products had more than the minimum 0.3% THC required by the Farm Bill.
“The important thing for Airmen to consider is the level of uncertainty for these products. We want to ensure we arm them with the facts so they can make informed decisions and not jeopardize their military careers.”
Airmen who test positive for marijuana during urinalysis typically receive a discharge and an Article 15 sanction, which is the highest form of military non-judicial punishment.
CBDWire (CBDW) is a specialized information provider focused on (1) reporting CBD-related news and updates, (2) releasing CBDNewsBreaks crafted to keep investors abreast of the latest and greatest in the CBD market, (3) refining and enhancing corporate press releases, (4) delivering end-to-end distribution and social media services to client-partners and (5) constructing effective corporate communication solutions based on the unique requirements of CBD companies. CBDW is exclusively positioned in the burgeoning CBD sector with a proven team of journalists and researchers working to deliver high quality content to an expansive target audience of investors, consumers and industry news outlets. Our dissemination network of over 5,000 downstream distribution points allows us to deliver unparalleled reach, visibility and recognition to companies operating in both cannabidiol and the wider cannabis space. CBDWire (CBDW) is where CBD news, content and information converge.
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Lexaria Bioscience (CSE: LXX) (OTCQX: LXRP), a global innovator with technology that has demonstrated its ability to enhance the oral delivery of nicotine, is positioned to benefit from the FDA’s recent announcement that it had authorized the marketing of eight smokeless tobacco products through the modified-risk, tobacco-product (“MRTP”) pathway (http://cnw.fm/PaC87). An article discussing the company reads, “The FDA approval of the ‘modified risk’ claims was made after reviewing scientific evidence submitted by the manufacturer of the products. The approvals, which are product specific and expire after five years, do not mean the products come with no health risks. Nicotine-based products are addictive and may, according to some studies, induce the onset of cardiovascular, respiratory and gastrointestinal disorders. . . . The patented DehydraTECH(TM) drug-delivery platform mitigates a serious limitation to nicotine ingestion. The human GI system struggles to process nicotine in the forms in which it is presently offered, one reason why there are currently no edible, nicotine, manufactured products available, although some natural foods — eggplant, green pepper, potato, tomato — do contain nicotine. However, DehydraTECH employs a delivery mechanism that improves the bioabsorption and bioavailability of many ingestible substances, as well as their taste and smell, by using lipophilic agents. Application of the technology extends beyond nicotine to nonpsychoactive cannabinoids, vitamins and nonsteroidal anti-inflammatory drugs (NSAIDs).”
Lexaria Bioscience Corp. is a global innovator in drug-delivery platforms. Its patented DehydraTECH drug-delivery technology changes the way active pharmaceutical ingredients enter the bloodstream, promoting healthier ingestion methods, lower overall dosing and higher effectiveness for lipophilic active molecules. DehydraTECH increases bioabsorption, reduces time of onset and masks unwanted tastes for orally administered bioactive molecules including cannabinoids, vitamins, nonsteroidal anti-inflammatory drugs (“NSAIDs”), nicotine and other molecules. Lexaria has licensed DehydraTECH to multiple companies in the cannabis industry for use in cannabinoid beverages, edibles and oral products, as well as to a world-leading tobacco producer for the development of smokeless, oral-based nicotine products. Lexaria operates a licensed, in-house research laboratory and holds a robust intellectual property portfolio with 16 patents granted and over 60 patents pending worldwide. For more information, visit the company’s website at www.LexariaBioscience.com.
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CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.
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Canopy Rivers (TSX: RIV) (OTC: CNPOF), a venture capital firm specializing in cannabis, today announced the expansion of its strategic advisory board to add Thirty Five Ventures, the business owned by NBA star Kevin Durant and sports business executive Rich Kleiman. According to the update, Thirty Five Ventures will collaborate with Canopy Rivers as it continues to pursue its global growth strategy and strengthen its global portfolio of leading cannabis companies. Canopy Rivers will also look to co-invest with Thirty Five Ventures on cannabis-related deals, leveraging the group’s expertise in brand development and marketing. “We’re thrilled to have Thirty Five Ventures join the Canopy Rivers team,” Narbé Alexandrian, president and CEO of Canopy Rivers, said in the news release. “Kevin Durant and Rich Kleiman have built an incredible brand worldwide, investing in and growing some of the cannabis and tech industry’s hottest companies. We’re excited to combine our venture capital knowledge and cannabis domain expertise, and we believe that this partnership will drive success for our portfolio as we continue to grow it in the years ahead.”
Canopy Rivers is a venture capital firm specializing in cannabis. Its unique investment and operating platform is structured to pursue investment opportunities in the emerging global cannabis sector. Canopy Rivers identifies strategic counterparties seeking financial and/or operating support. Canopy Rivers has developed an investment ecosystem of complementary cannabis operating companies that represent various segments of the value chain across the emerging cannabis sector. As the portfolio continues to develop, constituents will be provided with opportunities to work with Canopy Growth Corporation (TSX: WEED, NYSE: CGC) and collaborate among themselves, which Canopy Rivers believes will maximize value for its shareholders and foster an environment of innovation, synergy and value creation for the entire ecosystem. For more information, visit the company’s website at www.CanopyRivers.com.
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Sigma Labs (NASDAQ: SGLB), a leading developer of quality assurance software for the commercial 3D printing industry, today announced that it has been invited to present at the 12th Annual LD Micro Main Event. The event is slated to take place at the Luxe Sunset Boulevard Hotel in Los Angeles, California on December 10-12, 2019. According to the update, Sigma Labs CEO John Rice will host one-on-one meetings throughout the day and is scheduled to present at 3:20 p.m. Pacific Time on Tuesday, December 10, 2019.
Sigma Labs, Inc. (NASDAQ: SGLB) is a leading provider of quality assurance software to the commercial 3D printing industry under the PrintRite3D(R) brand. Founded in 2010, Sigma is a software company that specializes in the development and commercialization of real-time computer aided inspection (CAI) solutions known as PrintRite3D(R) for 3D advanced manufacturing technologies. Sigma Labs’ advanced computer-aided software product revolutionizes commercial additive manufacturing, enabling non-destructive quality assurance mid-production, uniquely allowing errors to be corrected in real-time. For more information, please visit www.SigmaLabsInc.com.
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NetworkNewsWire (NNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) NetworkNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. NNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
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Total first quarter fiscal 2020 revenues increased 77% quarter-over-quarter to $12.7 million
Well-positioned for upcoming holiday season with network of 193 CBD shops
COLUMBUS, OH, Nov. 25, 2019 – Green Growth Brands Inc. (GGB or the Company) (CSE: GGB) (OTCQB: GGBXF) today reported its results for the thirteen-week period ended September 28, 2019. Revenues for the period totaled $12.7M.
“As we approach the holiday shopping season, we are confident in our growth trajectory,” said Peter Horvath, CEO of Green Growth Brands. “We are proud of the topline growth we accomplished in Q1 and are extremely pleased with our current results, which are an indication of future growth. In fact, the four weeks of fiscal November, retail CBD sales were two-thirds of our total CBD sales reported in all of the thirteen weeks of first quarter fiscal 2020, which we are reporting today. This topline growth is reflective of our shift from investing in the foundation of our CBD business to focusing on its execution.
“In a very short-time we have grown a meaningful CBD footprint. We believe our products, network of shops, rapidly growing web business and wholesale relationships position us as a leader in the industry. In the coming quarters we look-forward to reporting similar trends and results for our MSO segment of the business. As we begin to reach scale our consumer and operations expertise will be clearly reflected, not only in the customer experiences we create and the loyalty we drive, but also in our financials as we work towards profitability.”
View Seventh Sense’s holiday campaign and holiday gifting assortment here.
GGB will host a conference call and audio webcast with Chief Executive Officer, Peter Horvath, Chief Operating Officer, Randy Whitaker, and Chief Financial Officer, Brian Logan, at 8:30 AM EST on Tuesday, November 26, 2019.
First Quarter Fiscal 2020 Highlights
Total revenue for the period was $12.7 million, a sequential increase of 77% over the prior quarter.
Pro forma revenues for the quarter were $15.3 million, reflecting a full quarter of revenue from The+Source Henderson, which was acquired on August 28, 2019.
MSO revenues for the quarter were $7.6M, a sequential increase of 38% over the prior quarter, primarily driven by the acquisition of The+Source Henderson.
The two Nevada-based The+Source dispensaries continue to generate annualized revenue of nearly $15,000 per selling square foot. A best-in-class figure in the cannabis industry and in retail overall.
CBD revenue for the quarter was $5.1 million, a sequential increase of 201% over the prior quarter. Growth was primarily driven by additional mall-based shop openings, growth in wholesale, and increased overall brand awareness. The Company expects to achieve over $10 million in CBD revenues in second quarter fiscal 2020.
The Company opened 81 mall-based CBD shops during the quarter, bringing the total number of shops open at quarter’s end to 139 in 34 states. The Company currently operates 193 shops.
The Company began filling American Eagle Outfitter’s white label order for ‘Mood’ during the quarter. Performance indications are strong, and the Company expects to continue partnering with American Eagle.
__________________________
1 eMarketer Retail, “Ecommerce trends and store sales for top retailers”
First Quarter Fiscal 2020 Financial Statements
The following tables contain financial information for the periods indicated. For full financial information, notes, and management commentary please refer to the MD&A and Financial Statements posted on Green Growth Brands’ Investor Relations site and SEDAR. All financial information is provided in United States dollars, unless otherwise indicated. “Adjusted EBITDA” is equal to net income (loss) before interest, taxes and depreciation and amortization, plus fair value adjustments on sale of inventory and on growth of biological assets, share-based compensation and payments, loss (gain) on equity investments, loss (gain) on foreign exchange, loss (gain) on short-term investments, transaction costs, listing fees and certain one-time non-operating expenses, as determined by management. Management believes this measure provides useful information as it is a commonly used measure in the capital markets and as it is a close proxy for repeatable cash generated by (used for) operations.
Unaudited Condensed Interim Consolidated Statements of Financial Position
As at September 28, 2019 and June 30, 2019
(Expressed in United States dollars)
September 28, 2019
June 30, 2019
Assets
Current Assets
Cash and cash equivalents
$
6,811,539
$
10,256,008
Receivables
2,240,238
580,529
Prepaid expenses
3,452,367
5,142,618
Inventories
11,282,915
10,244,804
Biological assets
1,321,379
1,352,097
Notes receivable
48,103
47,739
Other receivables
2,969,527
3,006,760
Deferred lease charges
–
727,518
28,126,068
31,358,073
Non-current assets
Deposits and other assets
604,414
2,880,186
Deferred lease charges
–
2,606,940
Notes receivable
166,724
17,999,224
Property and equipment, net
29,052,104
18,761,723
Right-of-use assets
69,114,716
–
Intangible assets
101,991,179
39,925,984
Goodwill
58,398,385
36,253,417
Total assets
$
287,453,590
$
149,785,547
Liabilities
Current Liabilities
Accounts payable and accrued liabilities
27,370,962
16,028,807
Taxes payable
514,535
282,593
Due to related parties
8,464,855
317,535
Notes payable
34,878,986
45,762,540
Lease liabilities
10,512,065
–
Embedded derivative liabilities
618,774
1,496,214
Convertible debentures
46,922,616
41,623,041
129,282,793
105,510,730
Non-current liabilities
Long term accrued liabilities
1,205,010
299,977
Lease liabilities
57,012,239
–
Embedded derivative liabilities
1,188,467
–
Convertible debentures
8,758,271
–
Deferred tax liability
6,985,048
1,437,324
75,149,035
1,737,301
Shareholders’ Equity
Share capital
182,371,023
119,881,374
Reserve for warrants
16,538,786
9,054,624
Reserve for share-based compensation
3,813,158
3,147,110
Accumulated deficit
(122,566,395)
(92,453,943)
Accumulated other comprehensive income
148,286
148,286
Total equity attributable to shareholders of Green Growth Brands Inc
80,304,858
39,777,451
Non-controlling interest
2,716,904
2,760,065
Total equity
83,021,762
42,537,516
Total liabilities and equity
$
287,453,590
$
149,785,547
Adjusted EBITDA
(Expressed in United States dollars)
September 28,
September 30,
2019
2018
Net loss after listing fees before income taxes
$ (29,886,676)
$ (2,846,537)
Fair value adjustment on sale of inventory
906,919
–
Fair value adjustment on biological assets
(507,284)
–
Stock based compensation
1,632,922
–
Depreciation and amortization
3,626,529
–
Pre-opening expenses
1,547,468
–
Non-operating expenses
6,264,165
156,102
Termination and severance
421,396
–
Writedown of developed technology
573,662
–
Other non-operating expenses
197,204
–
14,662,981
156,102
Adjusted EBITDA
$ (15,223,695)
$ (2,690,435)
Unaudited Condenseed Interim Consolidated Statements of Loss
For the 13 weeks ended September 28 2019 and for the three months ended September 30, 2018
(Expressed in United States dollars)
September 28,
2019
September 30,
2018
Sales
Revenue
$
12,701,958
$
–
Cost of goods sold
10,911,000
–
Gross profit before fair value adjustments
1,790,958
–
Fair value change in biological assets
included in inventory sold and other charges
906,919
–
Unrealized gain on changes in fair value of
biological assets
(507,284)
–
Gross profit
1,391,323
–
Operating Expenses
General and administrative
9,683,667
2,450,960
Sales and marketing
10,070,716
–
Share-based compensation
1,632,922
–
Depreciation and amortization
3,626,529
–
25,013,834
2,450,960
(23,622,511)
(2,450,960)
Other expenses (income)
Gain in fair value of derivative liabilities
(4,240,710)
–
Interest expense, net
3,761,477
217
Accretion on convertible debentures
1,409,583
–
Foreign exchange (gain) loss
(488,387)
155,885
Transaction costs
5,822,202
–
Net loss before listing fees and income taxes
(29,886,676)
(2,607,062)
Listing fees
–
239,475
Net loss after listing fees
(29,886,676)
(2,846,537)
Income taxes
356,609
–
Net loss after income taxes
$
(30,243,285)
$
(2,846,537)
Less:Non-controlling interest
43,161
–
Net Loss attributable to owners of the parent
$
(30,200,124)
$
(2,846,537)
Net loss per Common Share attributable to the parent
Basic and Diluted
$
(0.15)
$
(0.03)
Weighted average common shares
198,246,478
84,428,676
Unaudited Condensed Interim Consolidated Statement of Cashflow
For the 13 weeks ended September 28, 2019, and for the three months ended September 30, 2018
(Expressed in United States dollars)
September 28,
2019
September 30,
2018
Cashflow from Operating Activities
Net loss after income taxes for the period
$
(30,243,285)
$
(2,846,537)
Adjustments for:
Stock based compensation
1,632,922
–
Shares and warrants issued for services and fees
4,115,733
567,884
Depreciation and amortization
3,578,965
–
Writedown of developed software
409,022
–
Deferred tax expense
(225,333)
–
Accretion expense
1,409,583
–
Gain in fair value of embedded derivative liabilities
(4,240,710)
–
Net fair value adjustment on biological assets
399,635
–
Foreign exchange on translation
(488,387)
–
Changes in working capital balances
Receivables
(1,646,660)
–
Prepaid expenses
1,690,251
–
Other receivables
1,994,059
(185,874)
Inventories
(27,538)
–
Biological assets
(368,917)
–
Accounts payable and accrued liabilities
8,815,006
(787,634)
Taxes payable
231,942
–
(12,963,712)
(3,252,161)
Cashflow from Investing Activities
Purchase of property and equipment
(9,723,474)
–
Purchase of software
(723,738)
–
Acquisition of business and assets, net of cash acquired
(12,703,263)
–
Proceeds from sale of equity investment
11,792
–
Advances on acquisitions
–
(32,347,500)
(23,138,683)
(32,347,500)
Cashflow from Financing Activities
Cash received on warrants exercised
298,420
–
Proceeds from bought deal financing
36,513,665
–
Repayment of notes
(15,485,000)
–
Principal payments of lease liabilities
(1,589,689)
–
Proceeds from promissory notes
12,794,844
–
Proceeds from convertible debentures, net of issuance costs
–
66,061,829
32,532,240
66,061,829
Effect of exchange rates on cash
125,686
–
Increase in cash
(3,444,469)
30,462,168
Cash, beginning of period
10,256,008
4,688,311
Cash, end of period
$
6,811,539
$
35,150,479
Supplemental disclosure of cash flow information
Interest paid
445,232
–
Income taxes paid
350,000
–
Other non-cash investing and financing activities
Change in accrual for construction in progress
861,479
–
Acquisition of business for non-cash
47,107,913
–
Issuance of shares for underwriter fees on bought deal financing
2,080,494
–
Segmented statement of operations for the 14 weeks ended September 28, 2019 and three months ended September 30, 2018
(Expressed in United States dollars)
MSO
CBD
Head office
Allocations
Total
2019
2018
2019
2018
2019
2018
2019
2018
2019
2018
Sales
Revenue
$
7,555,102
$
–
$
5,146,856
$
–
$
–
$
–
$
–
$
–
$
12,701,958
$
–
Cost of goods sold
4,575,274
–
4,576,384
–
–
–
1,759,342
–
10,911,000
–
Gross profit before fair value adjustments
2,979,828
–
570,472
–
–
–
(1,759,342)
–
1,790,958
–
Fair value change in biological assets included in
inventory sold and other charges
906,919
–
–
–
–
–
–
–
906,919
–
Unrealized gain on changes in fair value of biological
assets
(507,284)
–
–
–
–
–
–
–
(507,284)
–
Gross profit
2,580,193
–
570,472
–
–
–
(1,759,342)
–
1,391,323
–
Operating Expenses
General and administration
–
–
–
–
11,433,502
2,450,960
(1,749,835)
–
9,683,667
2,450,960
Sales and marketing
1,710,707
–
8,360,009
–
–
–
–
–
10,070,716
–
Stock based compensation
–
–
–
–
1,632,922
–
–
–
1,632,922
–
Depreciation and amortization
142,564
–
2,865,550
–
627,922
–
(9,507)
–
3,626,529
–
1,853,271
–
11,225,559
–
13,694,346
2,450,960
(1,759,342)
–
25,013,834
2,450,960
726,922
–
(10,655,087)
–
(13,694,346)
(2,450,960)
–
–
(23,622,511)
(2,450,960)
Non-operating expenses
Gain in fair value of derivative liabilities
–
–
–
–
(4,240,710)
–
–
–
(4,240,710)
–
Interest expense, net
21,712
–
1,117,964
–
2,621,801
217
–
–
3,761,477
217
Accretion expense
–
–
–
–
1,409,583
–
–
–
1,409,583
–
Foreign exchange (gain) loss
–
–
–
–
(488,387)
155,885
–
–
(488,387)
155,885
Transaction costs
–
–
–
–
5,822,202
–
–
–
5,822,202
–
Net income (loss) before listing fees and income taxes
705,210
–
(11,773,051)
–
(18,818,835)
(2,607,062)
–
–
(29,886,676)
(2,607,062)
Listing fees
–
–
–
–
–
239,475
–
–
–
239,475
Net income (loss) after listing fees
705,210
–
(11,773,051)
–
(18,818,835)
(2,846,537)
–
–
(29,886,676)
(2,846,537)
Income taxes
356,609
–
–
–
–
–
–
–
356,609
–
Net income (loss) after income taxes
$
348,601
$
–
$
(11,773,051)
$
–
$
(18,818,835)
$
(2,846,537)
$
–
$
–
$
(30,243,285)
$
(2,846,537)
Net income (loss) and comprehensive loss attributable to:
Owners of the parent
391,762
–
(11,773,051)
–
(18,818,835)
(2,846,537)
–
–
(30,200,124)
(2,846,537)
Non-controlling interest
43,161
–
–
–
–
–
–
–
43,161
–
348,601
–
(11,773,051)
–
(18,818,835)
(2,846,537)
–
–
(30,243,285)
(2,846,537)
Supplemental segemented information
Assets
173,818,672
–
101,694,365
–
11,940,553
67,702,122
–
–
287,453,590
67,702,122
Liabilities
32,201,594
–
79,177,273
–
93,052,961
66,925,655
–
–
204,431,828
66,925,655
Conference Call Information:
Conference ID: 54236169
Local Toronto Dial-in Number: (+1) 416 764 8609
Local Vancouver Dial-in Number: (+1) 778 383 7417
North American Toll-Free Number: (+1) 888 390 0605
About Green Growth Brands Inc.
Green Growth Brands creates remarkable experiences in cannabis and CBD. Led by CEO Peter Horvath and a leadership team of consumer-focused retail experts, the company’s brands include CAMP, Seventh Sense Botanical Therapy, The+Source, Green Lily, and 8 Fold. The Company also has a licensing agreement with the Greg Norman™ Brand to develop a line of CBD-infused personal care products designed for active wellness. GGB is expanding its cannabis operations throughout the U.S., via dispensaries in Nevada, Massachusetts and Florida and the largest network of CBD shops in malls across the country and ShopSeventhSense.com. Learn more about the vision at GreenGrowthBrands.com.
Cautionary Statements:
Certain information in this news release constitutes forward-looking statements under applicable securities law. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “intend”, “forecast” and similar expressions. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and regulatory developments involving medical and recreational marijuana; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; the marijuana industry in the United States, income tax and regulatory matters; the ability of the Company to implement its business strategies; competition; currency and interest rate fluctuations and other risks, including those factors described under the heading “Risks Factors” in the Company’s Annual Information Form dated November 26, 2018 which is available on the Company’s issuer profile on SEDAR.
Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. The forward-looking statements contained in this release, including, but not limited to, the Company’s ability to execute on its growth strategy, the Company’s plan to open new dispensaries in the remainder of the calendar year, the Company’s vision to become a multi-state operator with retail stores exceeding certain financial thresholds is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
This announcement does not constitute an offer, invitation or recommendation to subscribe for or purchase any securities and neither this announcement nor anything contained in it shall form the basis of any contract or commitment. In particular, this announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States, or in any other jurisdiction in which such an offer would be illegal.
The securities referred to herein have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or under the securities laws of any state or other jurisdiction of the United States and may not be offered or sold, directly or indirectly, within the United States, unless the securities have been registered under the Securities Act or an exemption from the registration requirements of the Securities Act is available.
Monday, November 25th, 2019UncategorizedComments Off on $GGBXF Significant Revenue Growth Driven by CBD Retail Expansion
TGOD’s ability to secure significant capital reflects its establishment in industry and strong governance foundation
The financing plan involved several components, including a sale-leaseback of Ancaster Energy Centre, a $40 million construction mortgage loan with an investment fund, and a $30 million convertible note.
Company plans for utilization of capital include completing construction of its various facilities and achieving national product distribution
The Green Organic Dutchman Holdings Ltd. (TSX: TGOD) (OTCQX: TGODF), a leading producer of premium certified organic cannabis, recently signed agreements for increased funding amounting to up to $103 million. The company’s ability to secure capital at a time when cannabis companies are weathering the winds of a somewhat tempestuous market indicates investors’ faith in TGOD’s sound business practices, significant assets, and strong governance policies. TGOD is uniquely positioned in the industry as one of the only certified-organic cannabis companies, which when coupled with its recent funding acquisition shows its potential for strong growth in the cannabis sector.
The company’s diverse financing package consists of three pieces (http://cnw.fm/I0vz5), which include “a definitive agreement for a sale-leaseback of the Ancaster Energy Centre, a construction mortgage loan term sheet, and a convertible equity note term sheet.” The agreement for the Ancaster Energy Centre is non-dilutive, denotes proceeds of $23 million, and carries a 10-year term, after which TGOD is able to repurchase the center for $1.
A term sheet with an investment fund for a $40 million construction mortgage loan has also been signed, secured on the facilities at Ancaster and Valleyfield. With this term, $15 million will be payable on closing, with an additional $25 million advance available to TGOD once certain operational milestones are achieved later in 2020. The last segment of its financing involves TGOD’s entrance into a term sheet with an investment fund for a $30 million note with a 5% coupon, which is convertible into common shares of TGOD. These terms indicate that TGOD would receive $10 million upon closing with $20 million immediately placed into escrow to be released as the note is converted into common shares. Closing of the two non-binding term sheets is subject to various conditions, including entering into legally binding documentation, satisfactory due diligence and the receipt of required regulatory approvals. The company expects to close these transactions by the end of Q4, 2019, but there can be no assurance that the transactions close on that time frame or at all.
“Our ability to raise capital, despite recent headwinds affecting the entire sector, is a clear show of confidence from our financial partners,” TGOD CEO Brian Athaide stated in a news release. “It is reflective of the value of our significant assets, the trust investors are putting into TGOD’s strong corporate governance, transparency and accountability, and the opportunity for the company’s unique positioning to quickly capture and grow the organic segment.”
The Green Organic Dutchman, one of the few certified-organic licensed producers in Canada, has garnered industry attention because of its ability to cultivate premium product at competitive costs, due in large part to its industry partnerships, passion for product excellence, and sound governance principles. The company has accrued a significant following among cannabis enthusiasts and was recently described as one of the best licensed Canadian cannabis producers (http://cnw.fm/w7vSJ).
TGOD intends to use its increased capital from the financings to continue executing its plan for “rapid yet disciplined expansion,” focusing concretely on near-term profitability. In this vein, raised capital will be used to accomplish the following:
Complete construction of the processing facility at Ancaster
Complete construction of six zones in the Valleyfield hybrid greenhouse and enclose the balance of the facility with the ability to quickly expand production as the market develops.
Provide adequate cash for working capital needs to bridge until the company anticipates generating positive operational cash flow
Achieve national distribution of TGOD products in early 2020
The company continues to work toward its mission of nurturing a community focused on a sustainable way of life. With significant funding to power its multifaceted growth strategy, TGOD is well-positioned for continued success in the organic-cannabis sector.
For more information, visit the company’s website at www.TGOD.ca
NOTE TO INVESTORS: The latest news and updates relating to TGODF are available in the company’s newsroom at http://cnw.fm/TGODF
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CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.
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Company continues to make platforms more accessible internationally
SRAX added partners, including nonprofit associations that give BIGtoken users opportunity to donate earnings to worthy causes
SRAX Inc. (NASDAQ: SRAX) is a digital marketing and data management technology company. Through SRAX’s BIGtoken platform, consumers have the opportunity to both own and monetize their data.
On September 30, 2019, SRAX reported significant Q3 results. On the financial side, the company saw a vertical sales increase of 17% along with a net income of $1.4 million (http://nnw.fm/An1zq). These gains arose out of a critical quarter for the company that included multiple milestones, including a full integration for international users and the first steps in the process of offering BIGtoken in multiple languages.
Christopher Miglino spoke about the traction that the company’s platforms are gaining, noting that “sales from existing platforms grew 11% and 17%, for Q3 2019 compared to Q2 2019 and Q3 2018, respectively, and are already benefiting from advances in BIGtoken.”
Currently a significant backlash is taking place over the privacy of data between consumers and big social media platforms such as Facebook, Twitter, Snapchat and LinkedIn. SRAX is helping consumers take control over their personal data; its BIGtoken website notes that “as a consumer, you are a commodity that generated billions in revenue last year — and none of it went to you” (http://nnw.fm/RQSp0).
Consumers can use the BIGtoken app to see how much they have earned from marketers. In addition, using the app, consumers have several opportunities to make money from data that is already being taken for free from social media platforms. For instance, BIGtoken platform users can earn points through surveys and location check-ins as well as earn rewards through purchases. Consumers can redeem their points for cash or gift cards, but the app also provides other choices. SRAX has partnered with a number of nonprofits, including the American Heart Association and HealthCorps, to give BIGtoken users the option to donate their earnings to worthy causes.
The BIGtoken app continues to grow in popularity as the company enhances its features. Currently more than 16 million SRAX users exist worldwide, and this number continues to grow. The company recently formed strategic partnerships in India and the Philippines to help increase the number of users.
Based in Los Angeles, SRAX is a digital marketing and data management technology company focused on building the largest and most valuable opted-in data set in the world. SRAX’s technology unlocks data to reveal brands’ core consumers and their characteristics across marketing channels. SRAX delivers a competitive advantage for brands in the CPG, automotive, investor relations, luxury and lifestyle verticals.
For more information, visit the company’s website at www.SRAX.com
NOTE TO INVESTORS: The latest news and updates relating to SRAX are available in the company’s newsroom at http://nnw.fm/SRAX
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NetworkNewsWire (NNW) is a financial news and content distribution company that provides (1) access to a network of wire services via NetworkWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to nearly 2 million followers, (5) a full array of corporate communications solutions, and (6) a total news coverage solution with NNW Prime. As a multifaceted organization with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
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Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI), the parent company of Organigram Inc., a leading licensed producer of cannabis, today announced its results for the fourth quarter and fiscal year ended August 31, 2019 (“Q4” or “Q4 2019”). Among the highlights, Organigram reported a 547% growth in 2019 net revenue to $80.4 million from $12.4 million in 2018, and a 575% increase in 2019 gross margin, before fair value changes to biological assets and inventory, to $37.9 million or 47% of net revenue from $5.6 million or 45% of net revenue in 2018. “Our 2019 results reflected a successful year for Organigram. Not only did we report strong top-line growth and establish an enviable national market share position in Canada, we generated positive adjusted EBITDA – one of the key measures we use to evaluate our performance,” Organigram Chief Executive Officer Greg Engel said in the news release. “In 2019, we increased staffing and capacity to meet forecasted demand and maintain inventory in the market. Industry structural issues have challenged supply and demand dynamics in the short-term but we believe the growth opportunity in the Canadian cannabis market remains intact.”
Organigram Holdings Inc. is a NASDAQ Global Select Market and a Toronto Stock Exchange (“TSX”) listed company whose wholly owned subsidiary, Organigram Inc., is a licensed producer of cannabis and cannabis-derived products in Canada. Organigram is focused on producing high-quality, indoor-grown cannabis for patients and adult recreational consumers in Canada, as well as developing international business partnerships to extend the company’s global footprint. Organigram has also developed a portfolio of adult use recreational cannabis brands including The Edison Cannabis Company, Ankr Organics and Trailblazer. Organigram’s primary facility is located in Moncton, New Brunswick and the company is regulated by Health Canada under the Cannabis Act (Canada) and the Cannabis Regulations (Canada). For more information, visit the company’s website at www.Organigram.ca.
NOTE TO INVESTORS: The latest news and updates relating to OGI are available in the company’s newsroom at http://cnw.fm/OGRMF
About CannabisNewsWire
CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.
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MINNEAPOLIS, Nov. 25, 2019 — Predictive Oncology Inc. (NASDAQ: POAI) (“Predictive Oncology” or “the Company”), focused on applying artificial intelligence (“AI”) to personalized medicine and drug discovery, today announced that based on a notification letter (the “Notification Letter on Compliance”) recently received from the Listing Qualifications Department of the Nasdaq Stock Market Inc. (the “Nasdaq”), the Company has regained compliance with the minimum bid price requirement set forth in Rule 5550(a)(2) of the Nasdaq Listing Rules (the “Minimum Bid Price Requirement”).
On November 16, 2018, the Company received a notification letter from the Nasdaq (the “Notification Letter on Deficiency”) indicating that the closing bid price per share had been below $1.00 for a period of 30 Consecutive business days and that the Company did not meet the Minimum Price Bid Requirement. According to the Notification Letter on Deficiency, if at any time during the Compliance Period, the closing bid price for the Company is at least $1.00 for a minimum of 10 consecutive business days, Nasdaq will provide the Company a written confirmation of compliance and the matter will be closed.
According to the Notification Letter on Compliance, the staff of Nasdaq has determined that for the 10 consecutive business days, beginning from October 29, 2019 to November 11, 2019, the closing bid price Of the Company’s common stock has been at $1.00 per share or greater, and the Company has regained compliance with the Minimum Bid Price Requirement, and the matter is now closed.
About Predictive Oncology Inc.
Predictive Oncology (Nasdaq: POAI) operates through five segments (Domestic, International, Clinical, CRO and DCHIP), which contain four subsidiaries; Helomics, TumorGenesis, Skyline Medical and Skyline Europe. Helomics applies artificial intelligence to its rich data gathered from patient tumors to both personalize cancer therapies for patients and drive the development of new targeted therapies in collaborations with pharmaceutical companies. Helomics’ CLIA-certified lab provides clinical testing that assists oncologists in individualizing patient treatment decisions, by providing an evidence-based roadmap for therapy. In addition to its proprietary precision oncology platform, Helomics offers boutique CRO services that leverage its TruTumor™, patient-derived tumor models coupled to a wide range of multi-omics assays (genomics, proteomics and biochemical), and an AI-powered proprietary bioinformatics platform (D- CHIP) to provide a tailored solution to its clients’ specific needs. Predictive Oncology’s TumorGenesis subsidiary is developing a new rapid approach to growing tumors in the laboratory, which essentially “fools” cancer cells into thinking they are still growing inside a patient. Its proprietary Oncology Discovery Technology Platform kits will assist researchers and clinicians to identify which cancer cells bind to specific biomarkers. Once the biomarkers are identified they can be used in TumorGenesis’ Oncology Capture Technology Platforms which isolate and help categorize an individual patient’s heterogeneous tumor samples to enable the development of patient specific treatment options. Helomics and TumorGenesis are focused on ovarian cancer. Predictive Oncology’s Skyline Medical division markets its patented and FDA cleared STREAMWAY System, which automates the collection, measurement and disposal of waste fluid, including blood, irrigation fluid and others, within a medical facility, through both domestic and international divisions. The company has achieved sales in five of the seven continents through both direct sales and distributor partners. For more information, please visit www.predictive-oncology.com.
Forward-looking Statements
Certain of the matters discussed in the press release contain forward-looking statements that involve material risks to and uncertainties in the Company’s business that may cause actual results to differ materially from those anticipated by the statements made herein. Such risks and uncertainties include (i) risks related to the recent merger with Helomics, including the fact that the combined company will not be able to continue operating without additional financing; possible failure to realize anticipated benefits of the merger; costs associated with the merger may be higher than expected; the merger may result in disruption of the Company’s and Helomics’ existing businesses, distraction of management and diversion of resources; and the market price of the Company’s common stock may decline as a result of the merger; (ii) risks related to our partnerships with other companies, including the need to negotiate the definitive agreements; possible failure to realize anticipated benefits of these partnerships; and costs of providing funding to our partner companies, which may never be repaid or provide anticipated returns; and (iii) other risks and uncertainties relating to the Company that include, among other things, current negative operating cash flows and a need for additional funding to finance our operating plan; the terms of any further financing, which may be highly dilutive and may include onerous terms; unexpected costs and operating deficits, and lower than expected sales and revenues; sales cycles that can be longer than expected, resulting in delays in projected sales or failure to make such sales; uncertain willingness and ability of customers to adopt new technologies and other factors that may affect further market acceptance, if our product is not accepted by our potential customers, it is unlikely that we will ever become profitable; adverse economic conditions; adverse results of any legal proceedings; the volatility of our operating results and financial condition; inability to attract or retain qualified senior management personnel, including sales and marketing personnel; our ability to establish and maintain the proprietary nature of our technology through the patent process, as well as our ability to possibly license from others patents and patent applications necessary to develop products; Predictive’s ability to implement its long range business plan for various applications of its technology; Predictive’s ability to enter into agreements with any necessary marketing and/or distribution partners and with any strategic or joint venture partners; the impact of competition, the obtaining and maintenance of any necessary regulatory clearances applicable to applications of Predictive’s technology; and management of growth and other risks and uncertainties that may be detailed from time to time in the Company’s reports filed with the SEC, which are available for review at www.sec.gov. This is not a solicitation to buy or sell securities and does not purport to be an analysis of Predictive’s financial position. See Predictive’s most recent Annual Report on Form 10-K, and subsequent reports and other filings at www.sec.gov.
Delta, Kelowna, BC – November 25, 2019 – 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 edition of Investorideas.com potcastsCM – cannabis news and stocks to watch plus insight from thought leaders and experts.
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 Investorideas interviews Narbe Alexandrian, President and CEO of Canopy Rivers Inc. (TSX:RIV) (OTC: CNPOF), where he discusses the company’s most recent news and financials as well as the industry as a whole.
When asked about what has been developing in the Canopy Rivers portfolio since our previous interview, Alexandrian went on to say, “there’s a lot that’s taken place for Canopy Rivers and our portfolio of companies over the last little while. We have a portfolio company in the data intelligence sector, Headset, which recently launched a data intelligence tool for retailers to understand what their sales metrics are as well as to compare metrics with the overall marketplace. Headset has also launched into Canada with Alberta being the first province. Our multi-state operator, TerrAscend Corporation, appointed Jason Ackerman to its board of Directors. Jason is a founder and former CEO of online grocer Fresh Direct and was also named executive chairman of the company and is going to be overseeing the day to day operations of the U.S. segment of TerrAscend. James E. Wagner Cultivation raised a sizeable loan from Trichome Financial Corporation, using it to expand its flagship facility in Kitchener, Ontario and continue with its cultivation. Subsequently, JWC announced two major announcements to position it as a leading producer and supplier of premium cannabis products. First it entered into a supply and manufacturing agreement with Cannacure Corporation, for the filling of vape cartridges for the Canadian market, as well as it entered into a brokerage agreement with Kindred. Kindred is something that Canopy Rivers has been working on for quite some time. Kindred is the cannabis distribution platform for Breakthrough Beverages, and for those who don’t know, Breakthrough Beverages is the top one or two largest liquor distributor in North America and they do work with Diageo or Gala Wines, and they;ve taken a step into the cannabis industry to use the power of distribution and understanding of regulated markets to create a distribution platform for Cannabis companies within the Canadian market. We’re really excited about our strategic partnership and about lending them into our portfolio of companies.”
Alexandrian continued to discuss how this partnership with Kindred would add value to the Canopy Rivers portfolio of companies, especially with regards to Cannabis 2.0, saying, “the problem we have within the Canadian industry, or just in general within the industry, is lack of distribution. You have a ton of demand in every single geography that’s looking to legalize and you have a number of producers as well but just the distribution points of retail just aren’t there. I like to use the anecdote of Coke and Pepsi who aren’t successful because they spend hundreds of millions of dollars on advertising; they’re successful because they have distribution. Any store, restaurant, quick service or fast food chain that you walk into, there’s typically a Coke and Pepsi machine there or some type of vending machine or fridge you can get product off of. That’s distribution 101. On the cannabis side, we’re just seeing distribution start to form, especially in Canada, but in some U.S. States as well that are starting to legalize, where currently its really hard to get product and your fighting with the illicit market, overtime distribution becomes more prominent. To get to multiple points you can develop everything in house or you can go out and find one of the distributors in the market. Our thesis at Canopy Rivers is that vertical integration doesn’t work. So in our perspective there’s going to be a leader that’s a pure play distribution platform, and we thought that the team and vision that Breakthrough Beverages had in creating Kindred were really top notch and that this was going to be a company that was going to usher in a new form of distribution within the Cannabis sector.”
Alexandrian went on to discuss the industry in general in both the U.S. and Canada as well as what investors can look forward to from Canopy Rivers.
To find out more information regarding Canopy Rivers visit their website here.
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Investorideas.com website and this podcast is not an endorsement to buy products or services or securities. Investors are reminded all investment involves risk and possible loss of investment
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Cannabidiol (CBD), the cannabis extract that has been referred to as a ‘miracle drug’ by some has been all the rage over the past few years. Said to be effective against a variety of medical conditions, the compound has been subject to great interest.
The 2018 Hemp Farming Act catalyzed the sector’s growth, allowing farmers to grow industrial hemp under state programs and inevitably, leading to an influx of suppliers, each looking to cash in on the insanely popular cash crop.
The industry’s growth has been so fast that it has outpaced regulators, leaving them scrambling to create some sort of order in a sector flooded with thousands of untested products. Results from a recent survey show that a large majority of CBD consumers wish the industry had a more comprehensive regulatory structure.
The poll by the advocacy group National Consumers League found out that 86% of Floridians think CBD products “should be safe, backed by proven science and work as advertised.”
Patricia Kelmar, with the National Consumers League, says that the poll is evidence that people are looking beyond conventional medicines, but more research has to be done first. “CBD has the potential to provide therapy and give us some relief, but we have to make sure that the science is behind it.”
In the wake of the 2018 Farm Bill, tons of firms joined the cannabidiol fray, each selling products promising untold medical benefits. This is despite warnings from the FDA that marketing and selling CBD products as dietary supplements is illegal. In the past weeks, the organization has issued further warnings to companies making unsubstantiated claims about the benefits of their products, including a Florida company.
The FDA and the Federal Trade Commission (FTC) sent Florida-based company Rooted Apothecary a warning letter for claiming that its CBD products could treat the symptoms of conditions such as ADHD, Parkinson’s disease, and autism among others on its website and social media accounts.
Ned Sharpless, Acting Commissioner of the FDA at the time, said that the organization is working to protect Americans from companies marketing products with unsubstantiated claims that they prevent, diagnose, treat or cure a number of diseases or conditions.
“We’ve sent numerous warning letters that focus on matters of significant public health concern to CBD companies, and these actions should send a message to the broader market about complying with FDA requirements. As we examine potential regulatory pathways for the lawful marketing of cannabis products, protecting and promoting public health-based decision making remains our top priority.”
Amy Abernethy, FDA Principal Deputy Commissioner, says that they recognize that there has been significant public interest in cannabis and cannabis-derived products. She adds that “we are committed to advancing our regulation of these products through an approach that, in line with our mission, prioritizes public health, fosters innovation and promotes consumer confidence.”
CBDWire (CBDW) is a specialized information provider focused on (1) reporting CBD-related news and updates, (2) releasing CBDNewsBreaks crafted to keep investors abreast of the latest and greatest in the CBD market, (3) refining and enhancing corporate press releases, (4) delivering end-to-end distribution and social media services to client-partners and (5) constructing effective corporate communication solutions based on the unique requirements of CBD companies. CBDW is exclusively positioned in the burgeoning CBD sector with a proven team of journalists and researchers working to deliver high quality content to an expansive target audience of investors, consumers and industry news outlets. Our dissemination network of over 5,000 downstream distribution points allows us to deliver unparalleled reach, visibility and recognition to companies operating in both cannabidiol and the wider cannabis space. CBDWire (CBDW) is where CBD news, content and information converge.
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The hemp industry, it seems, is on a wild roller coaster that won’t seem to stop. For starters, the crop has for decades had a taboo aspect to it because of its relation to the infamous marijuana. Still, it has numerous other non-intoxicating uses, and in 2018, Congress passed the Farm Bill, effectively legalizing the cultivation of industrial hemp. The sector quickly grew carried by demand for the increasingly popular hemp extract cannabidiol (CBD), and in just one short year, the industry was flooded with thousands of unregulated CBD products.
After continued calls for the United States Department of Agriculture (USDA) to provide a regulatory structure for the sector, the agency finally released its interim final rule on hemp. Under the new rule, any State or Indian Tribe that wishes to have a hemp program will have to submit a state plan to the USDA for evaluation. As states write up their hemp regulations, small hemp farmers in Ohio are feeling like they got the short end of the stick after learning about the new costs and planting requirements.
Under the Ohio Department of Agriculture’s proposed rules, hemp farmers in the state must use at least a quarter acre and grow at least 1000 plants. Application and license fees will total hundreds of dollars. David Miran, Executive Director of the department’s hemp program, says the rules were devised after a review of hemp programs in other states and assessing what worked and didn’t work for them.
However, small farmers interested in hemp fear the new stringent requirements might lock them out of a very lucrative cash crop. Andy Huop grows organic vegetables on two acres in Groveport, and he is always on the lookout for high value crops to grow on small plots. According to him, the acreage and planting requirements are a high barrier to entry. “We would love to get our foot in the door and start learning about how to produce the crop successfully,” he says.
Miran, on the other hand, says the state wants to only grow hemp for commercial purposes. “If too many people grow hemp on small patches in their backyards, police would have difficulty differentiating it from illegal marijuana as the plants look similar,” he says. “Restricting the crop to larger operations eases that burden.”
He says that the proposed rules provide wiggle room for farmers with slightly less than a quarter of an acre to grow hemp on, or those who plant slightly fewer than 1000 plants. “The variance is dictated by logic and reason,” he says. Farmers will have to pay a $500 dollar application fee, and those who want to grow hemp in more than one location will have to pay the fee for each site.
Jen Lunch, President of the Ohio Hemp Association, says that the new rules may be restrictive, but they won’t break the industry. “But overall,” she says, “the state wrote a solid set of rules.” The rules are expected to be finalized in January.
HempWireNews (HWN) is a dedicated information provider focused on (1) aggregating hemp-related news, (2) issuing HempNewsBreaks designed to update investors on the latest developments in the hemp market, (3) enhancing corporate news releases, (4) providing full-service distribution and social media offerings to public and private client-partners and (5) designing and implementing all-inclusive corporate communication solutions. HNW is strategically positioned within the rapidly expanding hemp sector with a team of journalists working to help a growing roster of public and private companies reach a wide audience of investors, consumers and members of the media. We leverage a vast network of more than 5,000 key syndication outlets to deliver unparalleled visibility, recognition and content to the hemp industry. HempWireNews (HWN) is where HEMP news, content and information converge.
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The 2018 Hemp Farming Act was a godsend for the hemp industry. The legislation classified cannabis with less than 0.3 percent THC as hemp and removed it from its list of controlled substances. Dubbed by some as a catalyst for explosive growth, the bill gave farmers in all 50 states leeway to grow the versatile cash crop under regulation.
Six months later in June 2019, the New York Assembly passed the state’s own Hemp Extract Bill. The bill would have allowed licensed retailers to add up to 20mg of CBD per twelve ounces beverage. However, several months later, the bill still languishes on Governor Andrew Cuomo’s desk, awaiting his approval.
As the New York hemp industry remains in a state of uncertainty, a group of industry insiders is looking to have the bill approved as soon as possible. Jonathan Miller, a lawyer for the U.S. Hemp Roundtable says Governor Cuomo is expected to issue a ‘friendly veto’ of the bill, which will allow it to be reintroduced during the budget process next year. “He likes the bill but is expected to veto it so we can improve it for the next session.”
However, without concrete regulations, the industry quickly filled up with sellers whose products promise untold benefits. A lot of the unregulated products contain different levels of cannabinoids promised on the labels and other contaminants. To ensure consumer safety, the New York State Department of Health and Agriculture stepped in, but in the process, sellers maintaining high product quality have also been affected.
At the moment, CBD can only be sold in the State as a dietary supplement. According to Joy Beckerman, President of the Hemp Industries Association, the organization would like to see three key issues addressed when the hemp bill is reintroduced. First, looser licensing requirements for manufacturers and sellers, capped fees for growers and producers, and lastly, to open up the New York hemp market to growers and processors from other states.
She says that what the organization desires is “better protection for small New York farms and businesses to be able to enter the hemp economy and take advantage of these new opportunities.” According to Karlan Castetter, a New York hemp producer and the CEO of Castetter Sustainability Group, developing a transparent and consistent supply chain and listing the region where the plants are grown is important. “We don’t want imported hemp that’s full of contaminants. All that it takes is a couple of bad products.”
Castetter says that although the June 2019 bill was a little restrictive, it was a step toward ensuring the New York hemp sector isn’t left behind by other states. “We don’t have three or four years. This market is moving very quickly, so we need to get ahead of that now.”
CBDWire (CBDW) is a specialized information provider focused on (1) reporting CBD-related news and updates, (2) releasing CBDNewsBreaks crafted to keep investors abreast of the latest and greatest in the CBD market, (3) refining and enhancing corporate press releases, (4) delivering end-to-end distribution and social media services to client-partners and (5) constructing effective corporate communication solutions based on the unique requirements of CBD companies. CBDW is exclusively positioned in the burgeoning CBD sector with a proven team of journalists and researchers working to deliver high quality content to an expansive target audience of investors, consumers and industry news outlets. Our dissemination network of over 5,000 downstream distribution points allows us to deliver unparalleled reach, visibility and recognition to companies operating in both cannabidiol and the wider cannabis space. CBDWire (CBDW) is where CBD news, content and information converge.
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Genprex (NASDAQ: GNPX), a clinical-stage gene therapy company, on Wednesday announced a registered direct offering of 3,167,986 shares of its common stock at a price of $0.40 each, for gross proceeds of about $1.26 million prior to deduction of commissions and offering expenses. In a concurrent private placement, Genprex agreed to issue unregistered warrants to purchase up to 3,167,986 shares to the investors in the registered direct offering. The warrants, which have an exercise price of $0.46 per share, will be exercisable six months from the issuance date and will expire after five years. The warrants will be exercisable for 100% of shares purchased by each investor in the registered direct offering. Additionally, Genprex agreed to decrease the exercise price of 2,283,740 warrants held by the purchasers in the registered direct offering to $0.46, which will be exercisable six months from the closing of the offering and the expiration date will be extended to January 27, 2024. Closing is anticipated to take place on or around November 25, 2019, subject to the completion of customary closing conditions. Genprex plans to use the net proceeds of the offering for working capital and general corporate purposes.
Genprex, Inc. is a clinical stage gene therapy company developing potentially life-changing technologies for cancer patients based upon a unique proprietary technology platform. Genprex’s platform technologies are designed to administer cancer-fighting genes by encapsulating them into nanoscale hollow spheres called nanovesicles, which are then administered intravenously and taken up by tumor cells where they express proteins that are missing or found in low quantities. The company’s lead product candidate, Oncoprex(TM) immunogene therapy for non-small cell lung cancer (“NSCLC”), has a multimodal mechanism of action whereby it interrupts cell signaling pathways that cause replication and proliferation of cancer cells, re-establishes pathways for apoptosis, or programmed cell death, in cancer cells, and modulates the immune response against cancer cells. Oncoprex has also been shown to block mechanisms that create drug resistance. For more information, visit the company’s website at www.Genprex.com.
NOTE TO INVESTORS: The latest news and updates relating to GNPX are available in the company’s newsroom at http://nnw.fm/GNPX
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Lexaria Bioscience (CSE: LXX) (OTCQX: LXRP), a global innovator in drug delivery platforms, today announced its development of additional enhancements for its industry-leading DehydraTECH(TM) platform that delivers THC onset of action in less than 10 minutes in human pilot testing. According to the update, volunteers in recent human subjective pilot tests reported onset in less than 10 minutes from edibles formulated with this latest DehydraTECH innovation. This enhanced version of the delivery platform shows onset that is roughly twice as fast as traditional DehydraTECH and four to six times faster than generic industry formulations.
Lexaria Bioscience Corp. is a global innovator in drug-delivery platforms. Its patented DehydraTECH drug-delivery technology changes the way active pharmaceutical ingredients enter the bloodstream, promoting healthier ingestion methods, lower overall dosing and higher effectiveness for lipophilic active molecules. DehydraTECH increases bioabsorption, reduces time of onset and masks unwanted tastes for orally administered bioactive molecules including cannabinoids, vitamins, non-steroidal anti-inflammatory drugs (“NSAIDs”), nicotine and other molecules. Lexaria has licensed DehydraTECH to multiple companies in the cannabis industry for use in cannabinoid beverages, edibles and oral products, as well as to a world-leading tobacco producer for the development of smokeless, oral-based nicotine products. Lexaria operates a licensed, in-house research laboratory and holds a robust intellectual property portfolio with 16 patents granted and over 60 patents pending worldwide. For more information, visit the company’s website at www.LexariaBioscience.com.
NOTE TO INVESTORS: The latest news and updates relating to LXRP are available in the company’s newsroom at http://cnw.fm/LXRP
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NEW YORK, Nov. 21, 2019 — via NetworkNewsAudio – Sigma Labs Inc. (NASDAQ: SGLB) announces the availability of a broadcast titled, “Profiting from the Fourth Industrial Revolution.”
Heralded as the fourth industrial revolution, 3D printing is about to transform the $12 trillion global manufacturing sector. Sigma Labs Inc. (NASDAQ: SGLB)is on the verge of unleashing the dynamic forces of additive metal manufacturing that have been restrained. Long heralded as the fourth industrial revolution, 3D metal printing and its full potential have been stalled due to the high cost and complexities of end-product inspection and quality control. Sigma Labs’ PrintRite3D(R) software represents a seismic shift in the quality-assurance process in the manufacture of 3D-printed metal components, and the entire sector is poised for extraordinary growth.
To move 3D metal printing into the mainstream, parts must be inspected and certified during the manufacturing process rather than after. Parts in the production process that are developing signs of quality-control problems must be identified in real-time. The anomaly, along with the solution, must then be communicated to the machine operator to immediately implement repairs. 3D printing will only truly surpass conventional manufacturing techniques when the additive manufacturing industry moves from post-process quality control to in-process quality assurance. Sigma Labs believes it has the solution.
About Sigma Labs
Sigma Labs Inc. (NASDAQ: SGLB) is an emerging provider of quality assurance software to the commercial 3D printing industry under the PrintRite3D® brand. Founded in 2010, Sigma is a software company that specializes in the development and commercialization of real-time computer aided inspection (“CAI”) solutions known as PrintRite3D for 3D advanced-manufacturing technologies. Sigma Labs’ advanced, computer-aided software product revolutionizes commercial additive manufacturing, enabling nondestructive quality assurance mid-production, uniquely allowing errors to be corrected in real time. For more information, please visit www.SigmaLabsInc.com.
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Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the company’s SEC filings. These risks and uncertainties could cause the company’s actual results to differ materially from those indicated in the forward-looking statements.
Central Indiana has launched its first hemp processing facility for converting hemp into a market-ready product. Last month, Third Wave Farms, a hemp company based in Kentucky, launched its first hemp dying and processing facility inside a 22,000 square-foot building in Kokomo. The building was previously occupied by a company that manufactures parts for the robotics market.
The Third Wave Farms’ facility is equipped with infrastructure that supports post-harvest activities such as drying and processing. The company can dry and process more than 75,000 pounds of hemp within a day. This turns the hemp into a stable product that can be stored and marketed when the demand is high. The stored product can be used to make CBD-based products such as CBD oil.
CBD oil can be extracted from either hemp or cannabis. It is the non-psychoactive cannabinoid that has a lot of healing potential and does not induce a high.
Third Wave Farms co-founder and director of agriculture, Mike Lewis, said that the facility would be able to process the first legal hemp crop in Indiana. Hemp had been banned for several decades because of its similarity to cannabis.
By law, the THC levels in hemp must be below 0.3%. Plants with more than the stipulated levels are deemed to be marijuana. And, following the state of Indiana hemp regulations, the crop must be confiscated and destroyed.
According to Lewis, the facility will only process 500 acres of hemp this year because the rules governing hemp are still rigorous, and the state of Indiana has only issued cultivation licenses to 140 growers. This amounts to about 5,300 acres of hemp across the state. However, he hopes that the facility will be in a position to dry and process close to 4,000 acres of hemp in the coming year.
Lewis further said that the people in Indiana are great farmers and are welcoming, which has made it easy for Third Wave Farms to kick-start their business. However, in the beginning, the company was investigated by the police after a tipster reported that they detected the smell of weed in the area. The issue was resolved, and the city has assisted in the opening and running of the facility, said Lewis.
According to Kokomo Tribune, people interested in touring the facility and taking a look at their operations should take advantage of the free tours offered by Third Wave Farms. The facility is located in Kokomo, about 40 miles north of Indianapolis.
Third Wave Farms was established in 2017. It was permitted to grow, dry, process and sell hemp and food crops. The company is currently cultivating hemp in nine states.
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Canopy Rivers (TSX: RIV) (OTC: CNPOF), a venture capital firm specializing in cannabis, today announced the broadening of operations of its portfolio companies as they position for success in the growing market. The update highlighted several enhancements and expansions, including one company’s launch of a data intelligence tool to assist retailers in tracking sales metrics and understanding their consumers. Another company intends to leverage Canopy Rivers’ strategic alliance with Kindred Partners Inc. to expand its distribution network. Included in the update is a summary of key developments for Headset, Inc., TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF), James E. Wagner Cultivation Corporation (TSX.V: JWC) and YSS Corp. (TSX.V: YSS).
Canopy Rivers is a venture capital firm specializing in cannabis. Its unique investment and operating platform is structured to pursue investment opportunities in the emerging global cannabis sector. Canopy Rivers identifies strategic counterparties seeking financial and/or operating support. Canopy Rivers has developed an investment ecosystem of complementary cannabis operating companies that represent various segments of the value chain across the emerging cannabis sector. As the portfolio continues to develop, constituents will be provided with opportunities to work with Canopy Growth Corporation (TSX: WEED, NYSE: CGC) and collaborate among themselves, which Canopy Rivers believes will maximize value for its shareholders and foster an environment of innovation, synergy and value creation for the entire ecosystem. For more information, visit the company’s website at www.CanopyRivers.com.
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It’s developing into a banner day for Canadian marijuana stocks. Shares of Aurora Cannabis (NYSE:ACB) were soaring 19.3% higher as of 12:10 p.m. on Thursday. Canopy Growth‘s (NYSE:CGC) shares were jumping 19.8% higher. Cronos Group (NASDAQ:CRON) stock was up 14.7%. HEXO (NYSE:HEXO) (TSX:HEXO) and OrganiGram Holdings (NASDAQ:OGI) were vaulting 33.7% and 20.7% higher, respectively.
What caused all the buzz? Perhaps the most important milestone toward the legalization of marijuana in the U.S. so far was reached yesterday. The U.S. House of Representatives Judiciary Committee voted 24-10 on Wednesday to remove marijuana from the Controlled Substances Act, which would make cannabis legal throughout the U.S.
Image source: Getty Images.
So what
Legalizing marijuana in the U.S. would open up the biggest cannabis market in the world to the top Canadian companies, which currently can’t maintain their listings on major U.S. stock exchanges if they sell cannabis in the U.S. All of the big Canadian players would scramble to enter the U.S. market if federal marijuana laws change.
Canopy Growth struck a deal earlier this year to acquire U.S. cannabis operator Acreage Holdings to be able to immediately jump into the U.S. market when federal laws prohibiting marijuana are revised. Canopy’s peers have also eyed how to expand into the U.S., with some focusing on the U.S. hemp market and Aurora spinning off an investment company to invest in U.S.-based cannabis businesses.
The vote by the House Judiciary Committee was just what investors needed to renew their enthusiasm in the cannabis industry. Most marijuana stocks have performed horribly so far this year in the wake of severe cannabis retail environment constraints in Canada that were negatively impacting sales growth.
However, it’s important that investors don’t get too excited about the milestone reached yesterday. There’s a long way to go before U.S. federal laws prohibiting marijuana could be revised. It’s still quite possible that the proposed bill that passed the House Judiciary Committee will stall along the way.
Now what
The next step for the proposed legislation aimed at legalizing marijuana in the U.S. is to go before the full House of Representatives for a vote. It’s expected that the bill will pass in the House. After that, it would go to the Senate, where there could be significant hurdles.
Senate Majority Leader Mitch McConnell (R.-Ky.) has been opposed to marijuana legalization in the past. If he decides that the Senate should’t vote on the House bill, he can prevent it from coming to the floor.
For now, investors would be wise to temper their enthusiasm about the prospects of the big Canadian cannabis producers entering the U.S. marijuana market in the near term. However, there are other reasons to be relatively optimistic about improving fortunes for these stocks, including the expansion of retail cannabis stores in Canada and the new cannabis derivative products market in the country.
Thursday, November 21st, 2019UncategorizedComments Off on $OGI Why Marijuana Stocks Are Crushing It Today
Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT), a producer, developer and operator of augmented reality (“AR”) interactive entertainment games and toys in China, today announced enthusiastic reception of its “AR Glow” product from international buyers at the 126th China Import and Export Fair recently held in Guangzhou. “‘AR Glow’ is a smart glowstick with additional AR effects,” Blue Hat Chief Executive Officer Xiaodong Chen said in the news release. “When viewed using the accompanying mobile app developed by Blue Hat, the unicorn character on the glowstick will come to life with enhanced AR animation. The product also features sound recognition technology which will lead to a variety of different AR-enabled responses from the character. Users are able to record videos of their interactions with AR Glow to be shared on social media platforms. The new product was wholly developed by Blue Hat and is sold under the brand name of one of the company’s business partners.”
Blue Hat Interactive Entertainment Technology is a producer, developer and operator of AR interactive entertainment games and toys in China, including interactive educational materials, mobile games, and toys with mobile game features. The company’s interactive entertainment platform creates unique user experiences by connecting physical items to mobile devices, which creates a rich visual and interactive environment for users through the integration of real objects and virtual scenery. Distinguished by its own proprietary technology, Blue Hat aims to create an engaging, interactive and immersive community for its users. For more information, visit the company’s website at www.BlueHatGroup.net.
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SAN DIEGO, Nov. 20, 2019 — Youngevity International, Inc. (NASDAQ: YGYI), a leading multi-channel lifestyle company, today announced the timing for the payment of its declared regular monthly dividend of $0.203125 per share of its 9.75% Series D Cumulative Redeemable Perpetual Preferred Stock (NASDAQ: YGYIP) for November 2019. The dividend will be payable on December 16, 2019 to holders of record as of November 30, 2019. The dividend will be paid in cash.
About Youngevity International, Inc.
Youngevity International, Inc. (NASDAQ: YGYI), is a multi-channel lifestyle company operating in 3 distinct business segments including a commercial coffee enterprise, a commercial hemp enterprise, and a multi-vertical omni direct selling enterprise. The Company features a multi country selling network and has assembled a virtual Main Street of products and services under one corporate entity, YGYI offers products from the six top selling retail categories: health/nutrition, home/family, food/beverage (including coffee), spa/beauty, apparel/jewelry, as well as innovative services. For investor information, please visit YGYI.com. Be sure to like us on Facebook and follow us on Twitter
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This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by terminology such as “may,” “should,” “potential,” “continue,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” and similar expressions. These forward-looking statements are based on management’s expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. The information in this release is provided only as of the date of this release, and we undertake no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.
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These Marijuana Penny Stocks Are Climbing After Latest Activity With MORE Act (HR 3884)
Penny stocks have often proven to be among the best investments for thousands of investors. It has led to the creation of enormous wealth. So, it isn’t a surprise that investors are always on the lookout for the next big thing.
With this in mind, the cannabis industry is fast emerging as one of the hottest sectors. Thanks to the downturn across the sector, many are now classified as penny stocks. Look at any marijuana stock ETF and it’s quite evident that cannabis hasn’t received a warm welcome. Some of the most well-known names have also followed suit.
But something happened this week that could pave the way for the industry’s next catalyst. Though cannabis is legal at the state level among certain US states, it isn’t legal federally. This has put a burden on certain investors who are restricted from buying US names simply because the drug isn’t federally legal. This also mean banking is a huge issue and has contributed to the heavy scrutiny.
MORE Progress For Marijuana Stocks
This isn’t just a play on words. Today the MORE Act took a big step forward. The House Judiciary Committee voted in favor of the Marijuana Opportunity Reinvestment and Expungement Act (MORE). The act looks to remove a federal ban on cannabis while also expunging past convictions.
Also known as HR 3884, the Committee passed it with a bipartisan vote of 24-10. This obvious favor echoed across the cannabis sector as investors turned attention back to this beleaguered sector.
“The passage of the MORE Act represents the first time that the Judiciary Committee has ever had a successful vote to end the cruel policy of marijuana criminalization.”
NORML Political Director Justin Strekal
The Act gives power to the states and allows them to decide legislative matters regarding legal cannabis. It also opens Small Business Administration funding for cannabis-related businesses and service providers who run reputable organizations. Additionally, it includes a clause that allows prior offenders to request the expungement of convictions related to cannabis infringements. It’s definitely going to be a developing story to follow.
Given the circumstances, pot stocks are in focus and based on the previous slide, conveniently enough there are several marijuana penny stocks turning heads right now.
Marijuana Penny Stocks To Watch #5 Organigram Holdings (OGI)
The first cannabis penny stock to watch is Organigram Holdings (OGI Stock Report). Like many other cannabis companies in the industry, OrganiGram had also suffered from a bit of a slump in recent weeks. On Tuesday, the stock jumped significantly. OGI stock soared by as much as 11.7% at one point and experts believe that is due to the recent industry events.
Trading volumes have climbed significantly over the last few weeks. Organigram previously dropped hard after negative analyst price target cuts were issued. However, sentiment has once again moved in favor of the pot stock. The company is a licensed producer in Canada and has developed a host of cannabis brands. These include Ankr Organics, Trailblazer, and The Edison Cannabis Company.
Marijuana Penny Stocks To Watch #4 HEXO (HEXO)
The other cannabis penny stock that went up this week was Canadian cannabis producer HEXO Corp (HEXO Stock Report). HEXO stock went up by 34% from its 52-week lows hit on Tuesday. Analysts believe that the rise is primarily because of a classic short squeeze.
It has been revealed that as many as 29.7 million shares of the company are currently engaged in short positions. Therefore, in order to cover some of the risks, short-sellers may have decided to buy some shares of HEXO stock back.
What is also interesting is what a recent corporate filing revealed to the public. In a 13G, we now see that ETF Managers Group raised its stake in Hexo. This was from 10.1 million shares to roughly 13.5 million shares. It also equates to a stake in the company of more than 5.2%.
Marijuana Penny Stocks To Watch #3 Canopy Rivers (RIV) (CNPOF)
Next, Canopy Rivers (RIV) (CNPOF Stock Report) is another cannabis penny stock that has managed to go on a steady rally recently. It was a forgettable time for the company’s investors last week as the stock plunged. It came after the company announced a net loss of CA$ $4.41 million in the second quarter. In the year-ago period, the company had generated income of CA$ 10.95 million.
Regardless of this fact, shares of Canopy Rivers have rebounded sharply from this week’s 52-week lows of $0.78. It has come back up by as much as 35% after hitting highs of $1.05 following the Committee’s decision. However, it will be interesting to see where Canopy Rivers finishes out the week. The stock retreated later in the afternoon on Wednesday to its opening price of $0.95.
Marijuana Penny Stocks To Watch #2 Aurora Cannabis (ACB)
If you read our original article on Top 10 Popular Penny Stocks On Robinhood For November, Aurora Cannabis (ACB Stock Report) took the top spot. Well, not only is that still the case but it is also the single-most popular stock on Robinhood too. According to metrics on the company’s website, over 554,000 users have ACB stock in their portfolios at the time of this article.
Similar to the above companies, Aurora also hit fresh 52-week lows this week but have since bounced back in light of these recent developments. Lows were at $2.14 and shares have recovered as much as 27% following highs of $2.73 on November 20.
Compounding on top of this was Aurora’s latest news of adding new members to its leadership team. The company added Shane Morris as Chief Product Officer and Andre Jerome as Chief Integration Officer.
“Aurora is committed to maintaining its global leadership position in the cannabis industry and we have built a strong team that will drive the future growth and strategic development of the business,” said Terry Booth, CEO of Aurora. Something to also note is that these two don’t come from outside the company and were internal promotions to these positions.
Marijuana Penny Stocks To Watch #1 Aphria (APHA)
Finally, shares of Aphria (APHA Stock Report) also surged on Wednesday on this latest industry jolt. The company itself has also added to its team. Late last week Aphria announced that it brought on Jodi Butts, Denise Faltischek and Bernie Yeung. There were also several promotions to the company’s executive team.
“We are excited to welcome Bernie and Denise to the Aphria team and very pleased to announce the well-deserved promotions of Tamara and Megan,” said Irwin D. Simon, Aphria’s Board Chair and Interim Chief Executive Officer.
Though APHA stock didn’t hit 52-week lows, it came close this week. From those levels to Wednesday’s high, shares jumped 24% within just a few days. The biggest question for this and others mentioned is: can the momentum continue? Furthermore, are the next steps for this MORE Act just as promising as today with regard to the passage?
Wednesday, November 20th, 2019UncategorizedComments Off on $OGI 5 Penny Stocks To Watch After Latest Marijuana Industry Move
NEW YORK, Nov. 20, 2019 — via NetworkWire — Sigma Labs Inc. (NASDAQ: SGLB) today announces its placement in an editorial published by NetworkNewsWire (“NNW”), a multifaceted financial news and publishing company for private and public entities.
To view the full publication, titled “Profiting from the Fourth Industrial Revolution,” visit: http://nnw.fm/1WhBz
Now embraced by global industrial companies, 3D printing is about to disrupt the $12 trillion global manufacturing industry. Companies are clamoring for ways to create hypercritical components and prototypes, improve current products, reduce costs and increase speed to market. The global 3D-printing metal market, projected to exceed $3 billion by 2025 with a CAGR of 31.8%, may grow even faster if operational and production challenges are resolved.
With its PrintRite3D software, Sigma Labs Inc. (NASDAQ: SGLB) has established a new paradigm in the development and commercialization of real-time, computer-aided inspection solutions. Sigma Labs PrintRite3D product is designed to resolve the bottlenecks and costly quality-control challenges that impede the 3D manufacture of precision metal parts. The company’s breakthrough software could revolutionize commercial additive manufacturing by enabling nondestructive quality assurance during production and uniquely allowing errors to be corrected in real time.
About Sigma Labs
Sigma Labs Inc. (NASDAQ: SGLB) is an emerging provider of quality assurance software to the commercial 3D printing industry under the PrintRite3D® brand. Founded in 2010, Sigma is a software company that specializes in the development and commercialization of real-time computer aided inspection (“CAI”) solutions known as PrintRite3D for 3D advanced-manufacturing technologies. Sigma Labs’ advanced, computer-aided software product revolutionizes commercial additive manufacturing, enabling nondestructive quality assurance mid-production, uniquely allowing errors to be corrected in real time. For more information, please visit www.SigmaLabsInc.com.
About NetworkNewsWire
NetworkNewsWire (NNW) is a financial news and content distribution company that provides (1) access to a network of wire services via NetworkWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets, (3) enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to nearly 2 million followers, (5) a full array of corporate communications solutions, and (6) a total news coverage solution with NNW Prime. As a multifaceted organization with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge. For more information, please visit https://www.NetworkNewsWire.com.
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Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the company’s SEC filings. These risks and uncertainties could cause the company’s actual results to differ materially from those indicated in the forward-looking statements.
The booming marijuana sector and the ever-growing hemp-derived CBD industry has attracted the attention of celebrities and athletes who are signing up to pitch for either of the brands. On Thursday, the hip-hop artist Drake whose full name is Aubrey Drake Graham, entered into a partnership with Canopy Growth, a Canadian pot company, to launch his own cannabis company, More Life Growth in his hometown, Toronto.
Drake has joined the wave of celebrities who are partnering with cannabis companies either by selling products, being brand ambassadors, joining their Board of Directors, or in his case, partnering with Canopy Growth on a joint venture business.
Some of the other celebrities who are in cannabis business include Gweneth Paltrow, Jay-Z, Martha Stewart, Montel Williams, Snoop Dogg, Tony Hawk, Willie Nelson, and Whoopi Goldberg. And the question on everyone’s mind is if we have gotten to the peak of celebrity cannabis?
Kantar is a business insight and brand consulting firm whose senior Vice President, Ryan McConnell, said that celebrity involvement in the marijuana businesses is yet to be fully saturated.
Marijuana is an emerging industry that is still regarded as illegal by some, and through celebrity endorsement and collaboration, the sector is gaining credibility and trust among the citizens.
Diana Eberlein, who is an entertainment marketing specialist, said that celebrity involvement is not a guarantee for brand growth because people are attracted to real and authentic brands.
Eberlein, who is now the head of marketing at SoRSE, further said that a brand would lose its audience faster if it does not feel authentic. SoRSE is a marijuana company that produces water-soluble cannabis oil. Mad Tasty is a company that develops hemp sparkling water. Ryan Tedder, One Republic singer, founded Mad Tasty. Tedder’s company worked with SoRSE in the production of water-soluble marijuana oil.
Eberlein said that although Drake is very popular, he is not readily associated with marijuana. However, he has a huge following, and the More Life Growth Company’s success will depend on his and his team’s marketing efforts.
His agreement with Canopy Growth is not very different from those of other celebrities as it will involve endorsements, investments, and offering advice on some issues. Drake is the majority shareholder of More Life Growth, said Cassel’s, the law firm representing the Canadian company.
The agreement between Drake and the company shows that 60% of the shares of More Life Growth belongs to Drake, while Canopy Growth retains 40%. This gives the company the ability to utilize certain intellectual property rights in Canada and across the globe.
According to Andrew Carter, an analyst working with brokerage and investment banking Stifel, brand development in Canada is under strict restriction against using celebrity names; Carter believes that Canopy is yielding to financial gain since the company has been in an operational and financial bind.
CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.
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Genprex, Inc. (“Genprex” or the “Company”) (NASDAQ: GNPX), a clinical stage gene therapy company developing a new approach to treating cancer based upon a novel proprietary technology platform, announced today a registered direct offering of 3,167,986 shares of its common stock at a price to the public of $0.40 per share, for gross proceeds of approximately $1.26 million prior to deduction of commissions and offering expenses payable by Genprex. In a concurrent private placement, the Company agreed to issue to the investors in the registered direct offering unregistered warrants to purchase up to 3,167,986 shares of the Company’s common stock.
Joseph Gunnar & Co. is acting as the exclusive placement agent.
The warrants will be exercisable 6 months from the issuance date, have an exercise price of $0.46 per share, and will expire 5 years from such date. The warrants will be exercisable for 100% of shares of common stock purchased by each investor in the registered direct offering. In addition, the Company has agreed to reduce the exercise price of an aggregate of 2,283,740 warrants held by the purchasers in the registered direct offering to $0.46, which warrants will not be exercisable for six months from the closing of the registered directed offering and the expiration date of the warrants will be extended by six months to January 27, 2024.
The Company intends to use the net proceeds of the offering for working capital and general corporate purposes. The closing of the offering is expected to take place on or about November 25, 2019, subject to the satisfaction or waiver of customary closing conditions.
The shares of common stock described above (but not the warrants or the shares of common stock underlying the warrants) are being offered pursuant to a “shelf” registration statement on Form S-3 (File No. 333-233774) that was filed by the Company with the Securities and Exchange Commission (SEC) and was declared effective on October 28, 2019. The Company will file a prospectus supplement with the SEC relating to such shares of common stock. Copies of the prospectus supplement and the accompanying prospectus relating to and describing the terms of the offering may be obtained, when available, from Joseph Gunnar & Co., 30 Broad Street, 11th Floor, New York, NY 10004, or by email at investmentbanking@jgunnar.com. In connection with the private placement, the Company has agreed to a file a registration statement registering for resale the shares of common stock issuable upon exercise of the warrants issued in the private placement within 45 days of the closing of the private placement.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Genprex, Inc.
Genprex, Inc. is a clinical stage gene therapy company developing potentially life-changing technologies for cancer patients based upon a unique proprietary technology platform. Genprex’s platform technologies are designed to administer cancer-fighting genes by encapsulating them into nanoscale hollow spheres called nanovesicles, which are then administered intravenously and taken up by tumor cells where they express proteins that are missing or found in low quantities. The company’s lead product candidate, Oncoprex™ immunogene therapy for non-small cell lung cancer (NSCLC), has a multimodal mechanism of action whereby it interrupts cell signaling pathways that cause replication and proliferation of cancer cells, re-establishes pathways for apoptosis, or programmed cell death, in cancer cells, and modulates the immune response against cancer cells. Oncoprex has also been shown to block mechanisms that create drug resistance. For more information, please visit the company’s web site at www.genprex.com or follow Genprex on Twitter, Facebook and LinkedIn.
Forward-Looking Statements
Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of words such as “anticipate,” “believe,” “forecast,” “estimated” and “intend” or other similar terms or expressions that concern Genprex’s expectations, strategy, plans or intentions. These forward-looking statements are based on Genprex’s current expectations and actual results could differ materially. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, our need for additional financing; our ability to continue as a going concern; clinical trials involve a lengthy and expensive process with an uncertain outcome, and results of earlier studies and trials may not be predictive of future trial results; our clinical trials may be suspended or discontinued due to unexpected side effects or other safety risks that could preclude approval of our product candidates; uncertainties of government or third party payer reimbursement; competition; uncertainties of patent protection and litigation; dependence upon third parties; regulatory, financial and business risks related to our international expansion and risks related to failure to obtain FDA clearances or approvals and noncompliance with FDA regulations. There are no guarantees that any of our products will be utilized or prove to be commercially successful. Additionally, there are no guarantees that future clinical trials will be completed or successful or that any of our product candidates will receive regulatory approval for any indication or prove to be commercially successful. Investors should read the risk factors set forth in Genprex’s Form 10-K for the year ended December 31, 2018, and other periodic reports filed with the Securities and Exchange Commission. While the list of factors presented here is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Forward-looking statements included herein are made as of the date hereof, and Genprex disclaims any obligation to publicly update or release any revisions to these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release or to reflect the occurrence of unanticipated events, except as required by law.
One of the biggest challenges that hemp farmers have faced this season is the intensive labor demands of harvesting their crops. Industrial hemp has only been legalized recently, so the existing machinery is ill-suited to harvest these plants. However, a pair of farmers in Colorado appear to have developed a solution to this problem.
Mike Meyer, who is a hemp farmer and Toby McCracken’s partner, said that McCracken was touching a hemp stalk with his fingers when inspiration to develop a harvester hit his brain.
He devised a way to harvest hemp while holding the hemp stalk. He developed an attachment that is to be fitted at the rear of a power chassis, which is manufactured by Oxbo. McCracken’s creation ended up being a novel hemp harvester whose patent is still being processed.
McCracken and Meyer became partners in 2018. According to Meyer, the majority of hemp farmers harvest hemp manually, and he has hope that the invented hemp harvester will help in improving efficiency in the booming industry.
He further said that harvesting 6-acres of hemp would take a full day for 12 workers. Using his invention earlier this year, McCracken, together with one other worker, harvested 40 acres of hemp within a day.
Meyer said that the hemp harvester is revolutionary, considering the time taken to harvest 40 acres.
The Revolutionary Hemp Harvester can be hooked onto the rear of an Oxbo power chassis. The device is fitted with combs that yank the hemp flower from the stem, and the conveyor belts move the flowers into the truck. The hemp harvester reduces the time taken to dry the flower since most of the water is retained in the stem. It reduces the cost of labor and the need for hand buckling.
McCracken said it is impossible to get laborers in Colorado.
His family owns the KLT farms in Olathe, they partnered with Meyer and formed a limited liability corporation referred to as the Revolutionary Hemp Harvester Equipment.
The two went further and opened a hemp drying facility occupying a 34,000 square foot plot in Delta.
Meyer and McCracken said that hemp flowers harvested using the invented harvester are dried within 24 hours while it takes more than one week to dry hemp flower harvested by hand.
According to a Vote Hemp Survey, there has been an increase in the number of licensed hemp farms in the U.S. since 2018 when the Hemp Farming Act removed hemp containing less than 0.3% of THC from the Controlled Substances Act. The number has increased from 100,000 to 500,000 plus hemp farms.
Meyer and McCracken collaborated with Oxbo in building the prototype. Typically, Oxbo develops new products in a period of three years; however, it took them 40 days to find a method of hooking the equipment onto a chassis. The chassis is used for harvesting green beans and sweet corn.
At the beginning of September, the harvester prototype arrived in Colorado. Oxbo mechanical engineer, Tyler Tetzlaff, said that the harvester has potential and that the company is pursuing means through which they can better develop the device.
To test the device potential, McCracken used the harvester to harvest hundreds of acres in Delta and Olathe.
He further said that although he has kept his invention a secret, word has gotten around and people in the valley have enquired about it.
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