Featured Stocks

Tingo Inc. (OTCQB: IWBB)

Tingo Inc. (OTCQB: IWBB) is a digital service agri-fintech technology company focused on foundation-level agriculture and related financial services in Africa. The company aims to be Africa’s leading agri-fintech player, transforming rural farming communities to connect through its proprietary platform to meet their complete needs – from inputs and agronomy to off take and marketplace – and deliver sustainable income in an impactful way. The company’s vision is to build complete digitally inclusive ecosystems that promote financial inclusion and deliver disruptive micro-finance solutions, empower societies, produce social upliftment in rural communities and open international opportunities.

Tingo believes that a truly connected world will help contribute to a better global society. The company’s core focus areas are telecoms, financial services/fintech and agritech. Tingo’s goal is to provide a best-in-class customer experience, support the domestic economies of its host countries and support technological and financial inclusion to end the poverty premium. Through this, Tingo hopes to deliver attractive returns to shareholders while investing in the long-term future of the company and its subsidiaries.

Global climate change is challenging sustainable production and food security. Tingo’s strategy and market execution provide an opportunity for Africa to be a core focal point to solve a number of key areas of concern, including food security, gender equality, financial inclusion and poverty alleviation, to name a few. Disruption of micro finance through the use of DeFi-based stable coins and smart contracts will give agri-communities access to capital markets-driven digital finance solutions that make them more competitive and sustainable economically, striking a good balance of returns between digital asset providers and Tingo as the service partner. This innovation will deliver significant access to much needed finance at ‘Grassroot’ levels, delivering tangible social upliftment and GDP growth in the African markets served by Tingo.

Tingo Mobile, with more than nine million subscribers, is Nigeria’s leading technology and device-as-a-service platform aimed at accelerating digital commerce, especially in the country’s agritech and fintech verticals. The company helps farmers acquire mobile phones through a unique leasing plan, connecting them to mobile and data networks through its own virtual mobile network. Tingo also connects farmers to markets, services and resources via Nwassa, its digital agritech marketplace platform that commenced operations in 2020. The company has also launched a beta version of TingoPay – a B2B and B2C fintech app aimed at providing financial services to users inside and outside of the agriculture value chain. Among the services offered are mobile wallets, payment processing and access to specialist lenders, insurers and pension products.

Tingo will soon announce its innovative blockchain-based solution for use of digital stable coins to empower frictionless trade across borders in Africa. The company’s market-proven model in Nigeria is its core foundation, enabling Tingo to deliver the same service model across Africa to become the continent’s leading agri-fintech business powered through smartphone technology.

The African Continental Free Trade (ACFT) plan will be a key framework to prepare the company to be the leading intra-Africa trading hub for trade flows across Africa in the medium term, when it is likely the agreement will be executed into tangible activity. Tingo is well positioned to easily transform the goals of the ACFT into reality when finally implemented by the African Union and the various African countries that have not signed up.

Tingo posted total revenue of $594 million in 2020, with $212 million EBITDA. As of December 31, 2020, Tingo has 9,344,000 subscribers. The company is confident that these figures will grow through its expansion across Africa and natural progression of business in Nigeria.

Businesses

Tingo has four core businesses:

  • Mobile Phone Leasing – Tingo has distributed almost 30 million mobile handsets since 2014 and will continue to replace the devices of its installed customer base every three years. Tingo Mobile provides the latest mobile phone handsets at an affordable price point and allows customers to spread payments over 36 months.
  • Mobile Voice and Data Service – Through a mobile virtual network, Tingo provides its customers with voice and data services, allowing customers to communicate effectively, both inside and outside the agricultural ecosystem.
  • Nwassa Marketplace Platform – Nwassa is Tingo’s proprietary agritech platform which provides Africa’s farmers with access to global markets to secure more competitive pricing for their crops. The platform processes 500,000 daily transactions with a value of over $8 million. A select group of trusted partners can assist smallholder farmers and agricultural cooperatives with packaging, warehousing, and dry and wet cargo logistics, as well as up-to-date information from the global agricultural sector. Tingo provides its customers with digital wallet services, which enable them to send and receive domestic payments, monitor cash flow in real time and securely hold money. The company also provides access to other services, such as utility bill payment, virtual airtime top-up, insurance services and alternative lending solutions.
  • TingoPay – Since the launch of the Nwassa platform, Tingo has been a dominant player in the B2B fintech vertical. After many successful months of operating Nwassa, Tingo entered the fintech B2C vertical to extend its B2B offering to a broader market beyond agriculture.

TingoPay is still in its beta phase and will launch in 2021 with a comprehensive marketing campaign. TingoPay offers the following services:

  • Tingo Wallet top-up
  • Peer to Peer payments, inclusive of merchant payments at the stores
  • Utility payments – airtime, broadband, cable, electricity, water, hotel, flights etc.
  • Pension payments
  • QR code payment services

Market Opportunity

Africa is the second-largest continent by population. It is also the youngest by far, with a median age of 18 for its 1.3 billion people. Tingo believes the building blocks for growth in Africa’s agriculture industry are in place and that the company is well positioned to participate in the upside. Sub-Saharan Africa’s population is growing at a rate of 2.7 percent per year. At the current growth rate, the continent’s population will double by 2050. Africa’s youthfulness represents a significant opportunity for material growth in demand for agricultural commodities. This younger generation is also being born into a digital world and is comfortable using technology.

Africa’s governments are improving business conditions for entrepreneurs and small businesses. Sub-Saharan Africa’s World Bank Doing Business rank has improved from 45 in 2004 to 65 in 2020. Tingo believes this trend will continue and encourage establishment of more new ventures across all economic sectors, including agriculture.

Africa attracted $407 billion of Foreign Direct Investments (“FDI”) between 2014 and 2018. Investments are increasingly focused on services and industrial sectors. Only 20 percent of investments are in extractive industries – a clear reversal from 2008, when 55 percent of FDI was aimed at resource extraction. Tingo believes FDI into Africa will help resolve significant infrastructure constraints and create value for agribusiness.

Management Team

Dozy Mmobuosi is the CEO of Tingo. He cofounded Tingo Mobile PLC (Nigeria) in 2001 and led the design and launch of Nigeria’s first SMS banking solution, which is still in use in the country today. He also headed a team of more than 120 Chinese and Nigerian engineers in the construction of two mobile phone assembly plants in Nigeria, which have produced and distributed 20 million phones across the country. He has led Tingo’s growth to more than $600 million in revenue annually. He holds a Ph.D. in Rural Advancement from UPM Malaysia.

Dakshesh Patel is the CFO of Tingo. He was formerly CFO of NatWest’s Global Debt and Investment Banking division. He has served as a Director at Gerken Capital Associates, a San Francisco-based alternative asset fund manager. He also led the restructure of Lloyds Banking Group (last financial crisis); managed integration of two leading shipping groups’ global treasury function to create world-leading shipping group Maersk Shipping; built three fintech companies; and exited one to Worldpay. Mr. Patel has strong banking experience, with a focus on Africa. He is a chartered accountant.

Chris Cleverly is president of Tingo. He has served as CEO of the Made in Africa Foundation, and as CEO of blockchain payments gateway startup Kamari. He has been a board member of several companies, both public and private, in the UK, India, China and Africa. He has advised multiple UK companies on their entrance into African markets, and regularly advises the UK Government on development issues and African governments on investment issues.

Clarence Simms is the Chief Technology Officer at Tingo. He has 25 years of IT and IT management experience. He has worked in IT Shared Services Technical Operations and IT Program Management for Huawei Technologies and MTN. As an entrepreneur, he created Africaprepay.com, a service that allows African Diaspora travelers to send airtime, pay bills, send mobile money and transfer money to a bank account from anyplace in the world.

Rory Bowen is the Chief of Staff at Tingo. Mr. Bowen started his career in traditional capital and derivatives markets working for Moneycorp and Tradition UK in European and emerging markets across FX, interest rate derivative and government bond markets. He has also spent time with one of Europe’s fastest growing fintech’s banking circles. Before joining Tingo, he was Chief of Staff at FinTech Alliance, an organization established in partnership with the UK Government Department for International Trade to foster innovation, growth and foreign direct investment (FDI) in the financial services sector and facilitate greater public/private cooperation.

Investment Considerations
  • Investor appetite in Africa continues to be robust, attracting $407 billion of Foreign Direct Investments (FDI) between 2014 and 2018.
  • Agriculture makes up 23 percent of sub-Saharan Africa’s GDP and 60 percent of employment.
  • Tingo directly benefits the African economy by helping farmers gain better prices for their crops.
  • The company enables more efficient markets via greater distribution of agricultural products.
  • Tingo directly provides an access point to technology for tens of millions of Africans.
  • The company is expanding into fintech banking services for the mass market, providing access to financial services through Tingo Pay, its proprietary mobile wallet application.


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Save Foods Inc. (NASDAQ: SVFD)

Save Foods Inc. (NASDAQ: SVFD) is an agri-food tech company focused on developing and selling eco-friendly products specifically designed to ensure food safety and extend the shelf life of fresh fruits and vegetables. The company is focused on addressing two of the most significant challenges faced by the industry: (1) food waste and loss, and (2) food safety.

Fungi like mold and yeast, as well as foodborne pathogens, are typically responsible for fresh produce spoilage and foodborne illness. Save Foods’ integrated solutions improve safety, freshness and quality every step of the way, from field to fork. The company’s natural products control human and plant pathogens, allowing growers, packers and food retailers to reduce waste and boost revenues. More food ends up on consumers’ plates, and less ends up in landfills.

Save Foods’ products use all-natural ingredients to protect fresh produce from microbial spoilage and pathogens with zero toxicity. The company’s treatments leave no harmful residues on produce or in the environment and maintain product freshness over time. Fresh produce treated with Save Foods’ products can already be found in supermarket chains across the U.S. Those chains have reported that the company’s products are reducing fruit spoilage by 50% on average at the retail level. With no need for additional steps in the treatment process nor special equipment, Save Foods’ products are easy to implement and come in versatile applications suitable for the different stakeholders along the food supply chain.

Initial applications for the company’s offerings include post-harvest treatments in fruit and vegetable packing houses that process citrus, avocados, pears, bell peppers and mangos. By controlling and preventing pathogen contamination and significantly reducing the use of chemicals and their residues, Save Foods’ products not only prolong shelf life; they also ensure safe, natural and healthy food. Save Foods has the first green products that could realistically replace the different chemicals used today in food treatment while controlling waste and food safety.

Products & Technology

  • SavePROTECT or PeroStar, a processing aid added to fruit and vegetable wash water and used in post-harvest treatment;
  • SF3HS and SF3H, post-harvest treartment solutions to control both plant and foodborne pathogens;
  • SpuDefender, for controlling post-harvest potato sprouts; and
  • FreshPROTECT, for controlling spoilage microorganisms on post-harvest citrus.

Save Foods’ products are based on a proprietary blend of food acids which have a synergistic effect when combined with certain types of sanitizers and fungicides at low concentrations in a non-organic setting. The combination eliminates fungicide residues or reduces them to levels below the established Maximum Residue Levels (MRLs). The company’s fruit and vegetable wash is odorless and does not irritate human eyes, skin or airways. Save Foods’ blend does not leave any residues of toxicological concern on the treated surface of produce, and all its ingredients are classified by the U.S. Food and Drug Administration (FDA) as Generally Recognized As Safe (GRAS).  There are 7 patent families related to Save Foods’ technology.

Applications

The company’s products have been commercially validated on citrus, mangos, avocados, pears, bell peppers, microgreens and various fresh cut vegetables. Save Foods is in the validation process for bananas, apples, figs, berries, lettuce, papayas and more. The company is also validating the efficacy of its products for pre-harvest treatment, starting with citrus trees.

Market Outlook

The world population is expected to grow to almost 10 billion by 2050, boosting current agricultural demand by some 50%. Providing healthy and safe food for the world’s population is one of the biggest challenges of the 21st century.

Globally, around 664 million tons of fresh fruits and vegetables are lost every year from field to fork, wasted by spoilage, and almost one in 10 people globally falls ill every year from eating contaminated food, with an estimated resulting cost around $90 billion.

Disposing of all that wasted food requires additional expense and harms the environment with resulting greenhouse gas emissions. The post-harvest food treatment market was valued at $1.5 billion in 2019 and is expected to grow to $2.3 billion by 2026, achieving a CAGR of 6.5%.

Management Team

David Palach is CEO of Save Foods. He spent over a decade with Intel Israel, where his last position was Manager of Business Development for Israel and Europe. Prior to that, he served as a controller of two of Intel’s largest factories in Israel, where he supervised a budget of over $1 billion. He also served as the CEO of B-Pure Corporation Ltd., a management and maintenance company involved in protecting and improving the environment. During his tenure, he helped turn around several struggling subsidiaries and made them profitable.

Vered Raz Avayo is the company’s CFO. Before joining SaveFoods in 2018, she spent more than 10 years as CFO at LGC, the Leviev Group of Companies. She has operated her own financial and business consultancy and has served as a director for a number of public companies in Israel.

Dan Sztybel is CEO of SaveFoods Ltd., the Israeli subsidiary of Save Foods Inc. He previously led the Life Sciences Advisory at EY Israel and early on recognized the potential of Israel as a center of innovation in the digital health space. He has been an adviser on digital health strategy to large pharmaceutical companies and is a cofounder of MyndYou, a digital health start-up focusing on cognitive impairment. He is also a co-founder of the DigitalHealth.il conference, the largest digital health conference in Israel.

Dr. Neta Matis is Vice President of R&D at Save Foods Ltd the Israeli subsidiary of Save Foods Inc . She holds a Ph.D. in organic chemistry and an MBA from Tel Aviv University. Prior to joining Save Foods in 2019, she held multiple research chemist and product development roles at Verdia Inc. and its parent company, Helsinki-based Stora Enso Oyj.

Nimrod Ben Yehuda is the founder and CTO of Save Foods Ltd. He was previously the CEO/CTO of Swissteril Water Purifications Ltd. He has also been CEO at Nir Ecology Ltd., and was Joint-CEO at NitroJet Ltd.

Dr. Art Dawson is the U.S. Business Manager for SaveFoods Inc. He has been president of The Dawson Company, which focuses on creating sales opportunities for new agricultural technologies, previously Dr. Dawson held senior industry positions like General Manager Worldwide of the Decco , the Post Harvest Division for Elf Atochem. He holds a Ph.D. in Plant Physiology from UC Riverside and is licensed in California as an agricultural Pest Control Advisor.

Investment Considerations

  • The agricultural produce treatment space has been active in recent years, attracting more than $26 billion in new investment in 2020.
  • In May 2021, Save Foods Inc. closed on a $12 million public offering and uplisted its shares to the Nasdaq.
  • The company has seen rapid movement from successful pilots with packing houses and food retailers.
  • Save Foods Inc. products present prospective competitors multiple barriers to entry, including a short time to market, zero toxic residues and addressing both spoilage and food safety.
  • The company has an exclusive agreement with PlanetAgro for distribution of Save Foods’ products in Mexico.

Additional Resources


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SRAX Inc. (NASDAQ: SRAX)

SRAX Inc. (NASDAQ: SRAX) is a digital marketing and consumer data management technology company. SRAX’s technology unlocks data to reveal brands’ core consumers and their characteristics across marketing channels.

Through its BIGtoken platform, SRAX has developed a consumer-managed data marketplace where people can own and earn from their data, thereby providing 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.

SRAX Verticals

  • SRAX Core: SRAX Core is a custom digital media management platform that enables brands and agencies to surpass the challenges of omnichannel marketing campaigns. It offers one comprehensive dashboard to manage digital media campaigns, inventory and reporting.
  • SRAX Social: SRAX Social is a free social media management tool that makes it easy for brands, agencies and individuals to grow their digital presence. It offers free and unlimited users, Facebook auto boosting, and a custom analytics dashboard. Its managed services team can also build and execute marketing plans for your unique specific needs.
  • SRAX IR: SRAX IR unlocks stock buyers’ behaviors and trends for issuers of publicly traded companies. The platform provides insights on shareholders and market makers, investor relations management, shareholder outreach tools and data-driven marketing.
  • SRAX Auto: SRAX Auto unlocks auto intenders’ data to create measurable connected experiences on the road to purchase. It offers proprietary auto intender profiles, multi touchpoint communication and custom location-based ads.
  • SRAX Shopper: SRAX Shopper delivers a cross channel, premium digital experience at scale to high value shopper audiences. It offers proprietary shopper profiles, cost per click pricing, and custom text and add to cart ad units.
  • SRAX Lux: Launched in June 2019, the SRAX Lux platform targets and reaches luxury consumers at luxury retail stores, high-end art, music, film, fashion and sports events, across all consumer devices.

BIGtoken

BIGtoken, available for download on the App Store and Google Play, revolutionizes data collection. BIGtoken is a platform that creates a secure and transparent environment for consumers to own and earn from their data. To date, there are 15.9 million BIGtoken registered users worldwide.

The optimization and monetization of data is a multibillion-dollar business. Worldwide spending on big data and business analytics solutions reached $166 billion in 2018 and is projected to surge to $260 billion by 2022. BIGtoken’s consumer vision is committed to delivering choice, transparency and compensation to the individual.

Through BIGtoken, consumers earn rewards when they opt into sharing their data and when that data is purchased. Consumers decide what data is shared, who can buy it and how it’s used, and advertisers reach real, responsive audiences. The benefit of this is two-fold: consumers know how their data is used and advertisers gain verified consumer data for targeting.

Users of the BIGtoken app can officially be paid in cash or gift cards in exchange for giving brands access to their anonymized data, answering questions, checking into locations, recruiting new members, and more. Users can deposit their earnings directly into PayPal accounts or be paid through gift cards from favorite retailers such as Walmart.

SRAX has also partnered with several high-profile, nonprofit associations to provide BIGtoken users the ability to donate their earnings. Partnerships include the American Heart Association, dedicated to fighting heart disease and stroke; HealthCorps, which helps high school students make better choices about health and physical fitness; and the ALS Association, which recently launched its Challenge Me campaign.

International Expansion

BIGtoken is formally launching into several international markets and partnering to foster local support. SRAX recently signed a joint venture with the Yash Birla Group to launch BIGtoken in India. Based in Mumbai, the Yash Birla Group, one of India’s largest conglomerates, has diversified interests in consumer and industrial products.

The partnership will bring BIGtoken’s platform to India, which has a digital population of 627 million. The India digital advertising market is $3.6 billion and is set to grow at a compound annual growth rate of 32%, making it one of the largest growing digital ad markets in the world.

SRAX Mexico is led by Moe Avitia, who has more than 18 years of experience in business development and building high-tech teams. SRAX Mexico includes a team of 90 employees, including 70 engineers.

BIGtoken Europe is currently evaluating data centers in individual countries for privacy laws.

Leadership

Christopher Miglino is CEO and founder of SRAX. He has spent the past 20 years working in the digital advertising space and has successfully launched and sold two internet companies. Both of these companies were sold to publicly traded companies on the NASDAQ. He has a detailed understanding of how technology interacts with brands.

Kristoffer Nelson is COO of SRAX and a founding member of BIGtoken. With over 15 years of technology and creative business experience, Nelson has been a guest speaker for Loyola Marymount University among other academic institutions, the National Association of Broadcasters, the IAB and numerous other professional and media organizations.

Investment Considerations

  • Increased number of registered BIGtoken users to 15.9 million in six months
  • Invited to be a board member on the Interactive Advertising Bureau (IAB) Data Policy Board
  • Deloitte Tech Fast 500 Winner
  • Member of the Russell Microcap® Index
  • Sold healthcare vertical, SRAX MD, for a $43.5 million consideration, retaining 31% ownership in new SRAX MD entity; 2017 revenue was $8 million out of $26 million
  • SRAX revenue potential for BIGtoken projected at $400 million by January 2022
  • Worldwide spending on big data and business analytics solutions reached $166 billion in 2018 and is projected to surge to $260 billion by 2022
  • Financial highlights for Q2 2019 include an increase in total gross margin to 55% in the second quarter, compared to 42% in Q1 2019; vertical revenue increased 132% in Q1 2019 in year-over-year growth
  • Raised $1 million at $5 per share in a private placement to support the launch of BIGtoken across Asia
  • Raised $7.8 million: $6.7 million from a registered direct offering and $1.1 million from warrant conversion
  • Raised $5.5 million from a registered direct offering, subsequent to quarter end


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Red White & Bloom Brands Inc. (CSE: RWB) (OTCQX: RWBYF)

Red White & Bloom Brands Inc. (CSE: RWB) (OTCQX: RWBYF) is a torchbearer blazing a new frontier in American cannabis by adhering to the highest ethical, manufacturing, educational, branding and employment standards available in the industry.

Red White & Bloom is a super state operator, leveraging a sizable footprint to dominate the areas in which it operates. CEO Brad Rogers and other management members have seen the struggles of multi-state operators who have spread themselves too thin, which is why Red White & Bloom is intent on dominating each state it enters before expanding further.

Although targeting individual states in the United States, the company is headquartered in Toronto, Canada. Red White & Bloom was established after privately held MichiCann Medical Inc. merged with publicly traded Tidal Royalty in 2019.

Brands

Red White & Bloom has entered strategic brand acquisitions and partnerships aimed at helping the company expand its presence and position as one of the largest players in the United States cannabis market. Red White & Bloom is always diligently searching for brands to acquire that will provide additional value to the company and expand its national footprint.

The company’s current brand portfolio includes:

  • Platinum Premium Cannabis Products (PV): Platinum uses innovative thinking, honesty and responsibility to remain at the forefront of the cannabis industry. PV holds itself and its partners to the highest standards, providing clean and safe CBD and THC products. In the company’s press release dated January 13, 2021, it reported system-wide sales of Platinum-branded products exceeding $2.8 million for the first week of January alone.
  • High Times®: In June 2020, the company acquired the licensing rights and branding of High Times dispensaries and High Times cannabis-based CBD and THC products in Michigan, Illinois and Florida. The company also acquired branding of High Times hemp derived CBD products nationally in the United States carrying the Culture® brand.
  • Mid-American Growers: Mid-American began as a family operation in 1971 in Granville, Illinois. The original 8-acre greenhouse has expanded to a 3.6-million-square-foot, state-of-the-art technology and science facility under glass. Mid-American’s product offerings include its CBD Icy Relief Salve, CBD Icy Relief Roll-on and CBD Gummies.

Retail Focus

Red White & Bloom is working to establish a significant retail presence across multiple jurisdictions. In Michigan, the company is invested in and has the rights to acquire (subject to regulatory approvals) a licensed operator that controls the assets of 18 dispensary locations throughout the state. Red White & Bloom is also pursuing opportunities in Florida aimed at making its proposed retail footprint compelling and attractive to the majority of cannabis consumers within each state.

Cultivation

Red White & Bloom is focused on standardization and quality, with everything guided by a relentless commitment to the highest standards. The company acquired a 3.6-million-square-foot standardized facility dedicated to helping it achieve premium value for the products it intends to cultivate.

As it continues to expand, the company remains committed to the practices that have guided its success in the past, including:

  • A top-down approach to cultivation developed under the guidance of PhDs with expertise in growing principles, SOPs and, most importantly, the science behind it all.
  • Commitment to exceeding the requirement of the states in which it operates. The company cut its teeth under the world’s first national cannabis purity regime – a regime that most new markets use as a benchmark – so quality is in its DNA.
  • Science-driven production methods supported by automated, perpetual, standardized operations that enable craft cannabis-like quality at an industrial scale.

Footprint

Assuming completion of the currently proposed investments and acquisitions, Red White & Bloom will be among the cannabis market’s largest companies, joining the ranks of a select few multi-state operators dominating the industry. Red White & Bloom currently has assets (closed and in closing stages) in Michigan, Illinois, Florida, California, Oklahoma and Massachusetts.

The company’s strategic acquisition and super state operator model, combined with its commitment to top-quality product and service, position it to become a leading player in the North American cannabis market.

When evaluated beside competitors in the cannabis space, Red White & Bloom boasts an extremely attractive valuation. While large cap cannabis firms serving North American markets averaged enterprise-value-to-EBITDA multiples of 14.9x as of December 2020, Red White & Bloom’s enterprise multiple was just 3.4x, as noted in the company’s latest investor deck.

In 2020, the cannabis market worldwide was valued at $24.6 billion. This amount is expected to expand at a CAGR of 14.3% from 2021 to 2028, resulting in a market size of $84 billion in 2028 (https://nnw.fm/f09ZL). Of the 2020 valuation, the largest revenue share (91.1%) was attributed to North American consumers (https://nnw.fm/vObW6).

Management Team

Brad Rogers is the CEO and Executive Chair of Red White & Bloom. He is a visionary for the future of cannabis and CBD products in the United States market, with a proven track record of building successful and profitable businesses in the rapidly expanding and new economic sector. Mr. Rogers was a part of the team that built one of the first commercially scaled production facilities in the world for medicinal cannabis. He also served as President for one of the leading licensed producers in Canada. Both of his ventures were successful, with a combined market cap of $2 billion.

Michael Marchese is the company’s Co-Founder and Marketing Advisor. He has played a crucial role in its development and organization, overseeing capital raises, acquisition strategy and brand identity. Mr. Marchese has a strong reputation and presence in the cannabis industry. He also co-founded and directed the branding of Aleafia Health Inc., which he continues to counsel. Through his branded company, Marchese Design, he has served as a highly trusted counselor to top-level execs, including C-Suite level employees, offering insights into the process of creating, building and maintaining brand identities.

Theo van der Linde is the CFO and Director of Red White & Bloom. He is a Chartered Accountant with 20 years of experience in finance, administration and public accounting. The experience he has acquired spans multiple industries, including mining, oil & gas, financial services, retail and manufacturing. For the last nine years, he has primarily focused his career on the mining industry, working with junior exploration and producing mining companies at various stages of growth in several jurisdictions. Mr. van der Linde is also the current President of Executive Management Solutions Ltd.

Investment Considerations

  • Red White & Bloom considers itself a super state operator (not a multi-state operator), as it goes in with a sizable footprint and dominates the areas in which it operates before expanding.
  • The company currently operates, has cannabis assets in, or is in the process of closing cannabis assets in Michigan, Illinois, Florida, California, Oklahoma and Massachusetts.
  • Red White & Bloom is always looking to acquire new brands that will help to expand its brand awareness and advance its mission.
  • The company has established a major presence in Michigan through its investee, which has a total of 18 dispensaries and three cultivation operations.
  • Red White & Bloom intends to finish 2021 with 50+ locations across the country.
  • The company’s brand portfolio includes Platinum Vape, Platinum Wellness, High Times and Mid-American.
  • The global cannabis market was valued at $24.6 billion in 2020, with 91.1% of this revenue attributed to North America; the market is expected to reach $84 billion by 2028.

Additional Resources


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Pressure BioSciences Inc. (PBIO)

Pressure BioSciences, Inc. (NASDAQ: PBIO) develops, markets and sells proprietary laboratory instrumentation and associated consumables to the life sciences sample preparation market. Sample preparation refers to the wide range of activities that precede most forms of scientific analysis. It is often complex and time-consuming, yet a critical part of scientific research. The market for sample preparation products is currently estimated at $6 billion worldwide.

The Company’s product line can be used to exquisitely control the sample preparation process. It is based on a patented, enabling technology platform called pressure cycling technology (“PCT”). PCT uses alternating cycles of hydrostatic pressure between ambient (14.5 psi) and ultra-high levels (up to 100,000 psi) to safely and reproducibly control critical biological processes, such as the lysis (breakage) of cells, the digestion of proteins, and the inactivation of pathogens.

Pressure BioSciences’ product line is led by its newly released, next-generation Barocycler 2320EXTREME instrument. Named a finalist in the prestigious 2017 R&D Awards (also known as the “Oscars of Innovation”), the Barocycler 2320EXT is already being touted by some key opinion leaders as an essential element of the $1.8 billion U.S. “Cancer Moonshot” program. For example, Professor Phil Robinson, Co-head of the cancer research center of the Children’s Medical Research Institute (Sydney, Australia), said in a recent interview: “We are collecting the whole proteome on 70,000 tumor samples from all classes where complete clinical outcome is known. Due to its unique capabilities, the Barocycler 2320EXT has become a critical part of our program. It is the primary enabler of the high-throughput component of the project. Without this step, our project simply could not be done. In fact, the Barocycler 2320EXT works so well we have just purchased two more.”

Momentum is building when it comes to the potential for using the Company’s unique PCT technology platform. Leading scientists are intrigued by Pressure BioSciences’ approach, which among other attributes, revolutionizes the process of rupturing cells (lysis) for further study, yielding superior biomolecules for investigation. The Company’s technology transcends current methods of breaking open cells, which use chemicals, blades, metal beads, or other damaging and altering methods that can ultimately adversely affect the result for researchers. Pressure BioSciences’ PCT technology utilizes customized, controlled hydrostatic (water) pressure to rupture cells in a chamber, enabling exquisitely customized levels of pressure to optimally break open different types of cells at prescribed pressure levels—something never before accomplished in a commercial setting. Using this pioneering method, the result is a truer, more legitimate sample, which boosts the efficacy of research and the quality of results. The potential impact of this technology on scientific advancement is enormous, enabling research scientists to begin their studies with biological samples of unprecedented integrity, with the potential to improve research outcomes at the earliest, most critical step. PCT can additionally inactivate pathogens (e.g., viruses, bacteria) using hydrostatic pressure, making the samples safer to study—another innovation with astronomical potential for application in a variety of markets.

The Company’s high-pressure instruments for research purposes are marketed throughout the United States, Europe, China and Japan. To date, Pressure BioSciences has installed nearly 300 PCT Systems in over 165 leading academic, government, biotech and pharma laboratories around the world. Its primary applications are in biomarker discovery, forensics, agriculture and pathology. Over 100 scientific papers have been published on the advantages of the PCT platform, which is also being used in the specialized fields of drug discovery and design, bio-therapeutics characterization, soil and plant biology, vaccine development and histology.

Impressive as their biotech business is, there is more to the PBI story. Pressure BioSciences recently received two patents in China for its novel Ultra Shear Technology (UST), a process that has potential in a wide range of industrial applications, including extending the shelf life of some food products and making two insoluble liquids (like oil in water) soluble. Patents have also been filed in many other countries worldwide. UST is a novel technique based on the use of intense shear forces generated from ultra-high-pressure valve discharge.

This important technology has the potential to play a significant role in a number of commercially important areas through its ability to create high-quality, stable nanoemulsions. Scientific studies indicate that improved absorption, higher bioavailability, greater stability, lower surfactant levels and other advantages can be achieved with nanoemulsions – all hugely important factors in the fields of nutraceuticals, cosmetics, pharmaceuticals, and in various medical products. There is an enormous opportunity in the cannabis market, since the technology can potentially reduce oil droplets containing cannabidiol (CBD) to nanoparticles, after which they can be safely suspended in a stable water solution—something many companies have endeavored to achieve without success. Researchers looking for a way to increase the bioavailability of cannabinoids in the body will find this technology a game changer.

The Company’s UST technology also has possibilities in the production of clean label foods, which are currently processed using several innovative methods, including high-pressure treatments (such as Starbucks’ Evolution line of juices). In 2015, the worldwide market for high-pressure processed (HPP) food was estimated at U.S. $10 billion. UST uses ultra-high pressures and certain valves to generate intense shear forces under controlled temperature conditions to produce nanoemulsions, and which also significantly reduces food-borne pathogens. Pressure BioSciences’ initial focus with this technology will be to evaluate UST for the production of high-quality dairy products and beverages.

Investment Considerations

  • Poised to disrupt sciences sample preparation market estimated at $6 billion
  • Nearly 300 patented enabling technology platform products installed at more than 150 sites worldwide
  • Two patents awarded in China for Ultra Shear Technology used in wide range of industrial applications, including “clean foods.”
  • Finalist in prestigious 2017 R&D 100 Awards recognizing top revolutionary technologies.
  • Technology being used as part of the U.S. “Cancer Moonshot” initiative.


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PlantX Life Inc. (CSE: VEGA) (Frankfurt: WNT1) (OTCQB: PLTXF)

PlantX Life Inc. (CSE: VEGA) (Frankfurt: WNT1) (OTCQB: PLTXF) aims to redefine the plant-based community through e-commerce, with a core objective of becoming the most trusted and convenient destination for people living plant-based lives. PlantX is a multifaceted marketplace providing consumers all things plant-based ranging from an efficient e-commerce experience, connecting consumers with interactive PlantX brick-and-mortar stores, and a PlantX home delivery system for products, meals, recipes and more.

PlantX is a high-growth technology company focusing on consumer-packaged goods (“CPG”) for the plant-based opportunity. The PlantX platform aims to serve as the digital face of this community with its one-stop-shop for everything plant-based, including:

  • An easy-to-use e-commerce shopping experience featuring the following:
    • Plant-based grocery items (from all your pantry needs to vitamins, cosmetics and even pet food)
    • Meal delivery with recipes created by well-known plant-based chefs throughout the world
    • Plant shop – delivering a wide variety of affordable indoor houseplants to homes across Canada and the U.S.
    • Easy to follow plant-based recipes every week
    • Partnerships with restaurants, nutritionists, chefs and brands
    • A community of like-minded individuals
  • State-of-the-art flagship PlantX locations

Since first launching in February 2020, PlantX Life has offered various services available through its comprehensive platform. This online marketplace features over 10,000 items across diverse product categories such as pantry items, beverages, personal care, pet food and indoor plants. In addition, PlantX has collaborated with renowned chefs and nutritionists to create 20 unique and pre-made meals delivered to the comfort of your own home.

Headquartered in Vancouver, Canada, PlantX’s mission is to spearhead the plant-based movement, celebrate and promote health and wellbeing, raise plant-based awareness in a hyper-palatable world, connect with global consumers and forge a welcoming plant-based community.

The company currently reports 4 million stock options and 24 million warrants outstanding, with a total of 88,832,159 shares issued and outstanding and a total market cap of $89.9 million on January 18, 2021. PlantX has continued to catalyze its capital markets dynamics by applying to list its common shares on the Nasdaq Capital Market (“NASDAQ”). The company’s common shares are eligible for electronic clearing and settlement through The Depository Trust Company (“DTC”) in the United States.

Market Outlook

With its comprehensive e-commerce platform, PlantX is strongly positioned for a prominent role in the fast-growing plant-based food market, e-commerce and the online food delivery sectors. The global plant-based food market is expected to reach $74.2 billion by 2027, expanding at a CAGR of 11.9% . Similarly, the online food delivery market has steadily grown, especially during the current pandemic. This trend seems here to stay. In the United States alone, the sector is expected to report $28.5 billion by 2024, with companies such as UberEats experiencing 152% increases in food deliveries in the summer of 2020.

Complementary to these trends, and as a result of the COVID-19 pandemic, online sales and digitization have also both grown exponentially in 2020. Grocery shopping has seen a remarkable transition to e-commerce, withonline grocery sales growing by 53% in 2020. Amid the pandemic-imposed physical interactions and related consumer behavior change, large retailers have been compelled to meet this surge in e-commerce demand. For example, Whole Foods Markets has increased its online sales capacity by over 60% in 2020. The global meal kit delivery system is also becoming increasingly popular and is expected to achieve a market value of $19.92 billion by 2027, expanding at a CAGR of 12.8%.

PlantX aims to capitalize on this anticipated exponential market growth of the plant-based, e-commerce and home-delivery industries.

Digital Platform for the Plant-Based Community

The digital interface provided by PlantX spans a health and wellness initiative that offers thousands of plant-based products, meal delivery, indoor plants, recipes and a community space for those who are like-minded about plant-based products and healthy lifestyles. PlantX has been compared to Amazon, except with a focused tailored selection of plant-based offerings.

PlantX provides everything a consumer needs for plant-based living at the click of a button. With PlantX, customers can:

  • Shop
  • Find recipes
  • Read blogs
  • Join a community forum
  • Listen to podcasts
  • View cosmetics
  • Research vitamins
  • Purchase plant-based pet foods
  • Read corporate updates
  • Subscribe to an insightful newsletter

The company’s website was designed with a user-friendly interface that allows customers to visit the site and easily find what they need. Forums for communicating with a plant-based community make it easier to swap recipes or locate the best restaurants serving vegan and vegetarian-friendly cuisine.

PlantX Flagship Locations – British Columbia (Canada), San Diego (California), & the State of Israel

PlantX will link the e-commerce platform to flagship brick-and-mortar stores for a highly sensory customer experience. This is anticipated to drive corporate growth and global brand recognition.

These PlantX branded flagship locations will first launch in:

Customer engagement, education and creating a global plant-based community will be furthered through this initiative.

PlantX Restaurant Partnerships

With consumers becoming better informed and more health and environmentally conscious, a growing number of restaurants will start catering to the needs of customers who are vegan, vegetarian, have food-allergies (or specialized diets), or simply want to eat healthier.

PlantX proactively aims to support this change and help restaurants meet the needs of the plant-based community. Restaurants that want to increase revenue, drive traffic and make an impact can therefore partner with PlantX to better serve their customers by expanding and refining their menus.

Future Goals for PlantX Life

Having successfully completed all of the milestones that PlantX had set-out to achieve in the second half of 2020, PlantX strives to continue scaling through organic growth, strategic partnerships and accretive M&A opportunities. The upcoming plans from PlantX includes a global expansion strategy for distribution in North America, Europe and Israel.

Verticals launched in 2020 include:

  • New meals and programs by renowned chefs
  • Flagship PlantX locations
  • PlantX branded goods
  • United States meal delivery and LIV
  • Online peer-to-peer fitness

Management Team

Sean Dollinger, the Founder of PlantX Life Inc., has had a very active professional career that started when he was only 17. While still in college, he started a delivery service that soon became one of Canada’s largest delivery firms (before companies like Postmates and Uber Eats ever existed). In 2014, Mr. Dollinger founded Namaste Technologies, the largest international e-commerce distributor of vaporizers and accessories. He brought Namaste public and turned it into a $1.2 billion business in two years. After finding a plant-based diet himself, and seeing the massive benefits that it provided for him, he decided he wanted to find a way to give back to the community and focus on something he loves. PlantX Life was born from this desire and became his passion project. He truly walks the talk.

Julia Frank is the CEO of PlantX Life. She has an MBA in digital entrepreneurship, and, in her past roles, she set up renowned strategies for large corporations like BMW and Daimler in Germany. Beyond her professional business prowess, Ms. Frank finds tremendous joy in preparing delicious and nutritious plant-based meals and is the face of the company. She practices a healthy and active lifestyle that includes experiencing as many cultures as possible to add more knowledge of the industry at large. This globally inclusive perspective gives her the unique advantage of being able to see plant-based living from all angles.

Lorne Rapkin, CPA, CA, LPA, is the President and CFO of PlantX Life and is also a partner at Rapkin Wein LLP. He has experience with clients in almost every industry, including finance, professional services, real estate, automotive, media and manufacturing. Mr. Rapkin works very closely with investment and public firms, seeking to comply with IFRS accounting standards. His roles often require him to work with management on go-public transactions, acquisitions and mergers. His keen attention to detail is an asset to any client he works with, and PlantX is no exception.

Alex Hoffman is the company’s CMO and has spent the last 10 years in the creative field cultivating her passion for design and appreciation for beauty. This is apparent in all of the creative decisions and outcomes seen at PlantX. Her role within the company is to oversee all of the brand marketing activities, establish and execute key processes for rapid growth, and work closely with management to refine the brand’s message for key segments and emerging opportunities. She has a sharp vision for exactly what’s needed to convey the company’s core messages and principles to both the public and investors, and she is a visionary with respect to creative marketing ideas and concepts.

Investment Considerations

  • First-Mover Advantage: PlantX maintains a first-mover advantage as the first (known) public company fully focused on the plant-based e-commerce space.
  • Strong Execution: PlantX has strong business fundamentals. The company is well-capitalized with cash on the balance sheet, no debt, low CapEx requirements and diverse revenue streams.
  • Discounted to Peers: For the month of December 2020, PlantX achieved a gross revenue of $1,029,883. PlantX is strongly positioned against public plant-based peers, who are trading at much higher revenue multiples.
  • High-Growth Sectors: PlantX’s operates in three high-growth industries – the plant-based, e-commerce/technology and consumer-packaged goods sectors. PlantX plans to fill the void in the marketplace by bridging the gap between these investment opportunities.
  • Organic Growth & Strategic M&A: The company plans to grow organically through new partnerships, global brick-and-mortar locations and additional product verticals, as well as through a pipeline of accretive M&A opportunities.
  • Global Positioning: The move for PlantX is global, and the intent to list on Nasdaq evidences PlantX’s commitment to investor accessibility and corporate growth.


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Nemaura Medical Inc. (NASDAQ: NMRD)

Nemaura Medical Inc. (NASDAQ: NMRD) is a medical technology company developing affordable diagnostic and digital tools for chronic disease management. Its flagship product, sugarBEAT®, is a wearable, non-invasive and flexible Continuous Glucose Monitor (CGM) designed to help people with diabetes and prediabetes manage their glucose levels. Insulin users can adjunctively use sugarBEAT when calibrated with a finger-stick glucose reading.

sugarBEAT consists of a daily disposable adhesive skin patch connected to a rechargeable transmitter with a smartphone app displaying glucose readings at five-minute intervals for periods of up to 24 hours. One of the great advantages of the product, apart from the fact that users no longer need to draw blood samples or prick their fingers, is that a person can wear the CGM patch on whatever day they choose. Existing CGM devices must be implanted under the skin. Wearable disposability is a unique feature of sugarBEAT and a world first, opening up vast potential for changing the way people manage their chronic disease conditions. sugarBEAT received CE mark clearance in May 2019, allowing it to be marketed and sold within the European Union as a Class 2b Medical Device. The company submitted a premarket approval (PMA) application to the U.S. Food and Drug Administration in 2020 which is currently under review.

Founded in 2011, Nemaura set out to develop a single platform technology to measure blood markers at the surface of the skin. Since then, the company has evolved with the creation of wearable technologies and digital health care solutions that encourage and empower people to take charge of their own health and well-being. Nemaura’s skin surface blood monitoring technology has allowed the company to create additional products, which are in the pipeline, such as Lactate Monitoring.

Technologies

Digital Solutions for Weight Loss and Potential Reversal of Type 2 Diabetes

This is a digital program that comes with more than a decade of clinical evidence demonstrating excellent efficacy. The company has combined this with its glucose-monitoring platform to bring a product to market to help people with diabetes manage their condition and potentially reverse Type 2 diabetes.

Glucose Monitoring Solutions for Diabetes Prevention and Reversal

Over 420 million people worldwide are living with diabetes, and prediabetes cases total almost three times that number. Undoubtedly, diabetes is an urgent global health crisis. Combining clinical research with patient-friendly technology, Nemaura’s sugarBEAT product delivers a non-invasive, affordable and flexible method of blood glucose tracking for improved diabetes management.

Continuous Lactate Monitoring for Athletic Performance (Non-Medical)

Lactic acid is a key performance indicator for the body and a guide to how well muscles react to long term exertion and recovery. Well-trained athletes and those who regularly engage in sports are very efficient at faster lactate ‘recycling’ for extra energy (ATP). Nemaura expects to launch its lactate sensor to the sports and personal training market in 2022.

Continuous Lactate Monitoring in Disease State (Medical)

An increase in blood lactate levels is also a marker of critical disease states. Recent publications have indicated the presence of elevated lactate levels in patients with COVID-19 infection. Nemaura has developed a lactate sensor that is being integrated into the company’s platform, which will be submitted for regulatory clearance upon completion of requisite clinical studies.

Continuous Temperature Monitoring for Viral Infection Detection and Disease Progression

A person’s body temperature says a lot about their health. Several diseases, including COVID-19, are characterized by an increase in body temperature, so temperature monitoring is a vital tool in the detection, diagnosis and prevention of the spread of disease. Nemaura is expecting to submit this adaptation of the device for regulatory clearance in 2022.

Market Opportunity

Obesity and diabetes are two of the major drivers of the current chronic disease epidemic. According to the International Diabetes Federation, there are more than 463 million people living with diabetes worldwide. In the U.S., about 28,000 people are diagnosed with diabetes every week, and more than 34 million suffer from diabetes. Another 88 million Americans have prediabetes. Other industrialized countries show similar numbers based on their populations. In the U.K., 4.8 million people have diabetes, with another diagnosed every two minutes. In Germany, 9.5 million have diabetes, with almost half estimated to be undiagnosed and so at greater risk.

On average, employers and insurers spend more than $9,000 annually on health care for an employee with diabetes, compared to $1,600 annually for a healthy employee. In the U.S. alone, more than $760 billion was spent on diabetes-related health care expenditures during 2019. Nemaura is positioned at the intersection of the global Type 2 diabetes market that is expected to reach nearly $59 billion by 2025, the $50-plus billion prediabetic market, and the wearable health-tech sector for weight loss and wellness applications forecast to hit $60 billion by 2023.

Management Team

Dr. Faz Chowdhury has been CEO and chairman of the board of Nemaura Medical since 2013. He has more than 20 years of experience in the pharmaceutical and medical devices industry, taking products from concept to commercial launch. He is sole inventor on more than 100 granted and pending patents and has authored textbook chapters on nano-biosciences for Wiley and Elsevier. He holds a master’s degree in microsystems and nanotechnology from Cranfield University, and a doctorate from the University of Oxford in nano-medicine and drug delivery.

Justin Mclarney is CFO at Nemaura. He most recently was the Senior Director, International Finance at Lands’ End Inc. He also worked for Office Depot as Senior Director of Finance for the largest business unit within the European group. Prior to that, he spent more than 10 years in practice, the majority of which was with Ernst & Young LLP.

Dr. Fred Schaebsdau is Vice President of Strategy & Strategic Alliances at Nemaura. He has more than 15 years of executive experience in the CGM, blood glucose monitoring and insulin delivery industries, including time with Abbott Diabetes Care, as General Manager of Dexcom Germany and at Roche Diabetes Care, where he was Senior Vice-President, Head of Global Strategy and Business Development. The firm he founded is the exclusive distributor in Europe, the Middle East and Africa of UniStrip®, the world’s first generic blood glucose test strip. He is licensed to practice medicine in the U.S. and Germany.

David Scott is Director of Commercial Development and Licensing at Nemaura. He is a trained chemist with over 35 years of experience in the pharmaceutical industry, including deal brokering, marketing, strategic planning, finance, business development and acquisitions. He has also provided licensing training for a number of multinational pharma companies and training organizations and is the author of best-selling report Scrip’s Practical Guide to Pharmaceutical Licensing.

Investment Considerations

  • Nemaura’s flagship product, sugarBEAT®, is a wearable, non-invasive and flexible Continuous Glucose Monitor (CGM) designed for people with diabetes and prediabetes.
  • sugarBEAT received CE mark clearance in May 2019, allowing it to be marketed and sold within the European Union, and Nemaura has submitted a premarket approval application to the U.S. FDA.
  • Nemaura continues to build a world-class management team.
  • Nemaura plans to launch a direct to consumer metabolic health program in 2021, using its glucose monitoring platform at the core of the program.
  • Nemaura has several patents (both filed and pending) and substantial trade secrets covering its technology platform.
  • The company has orders in the U.K. for 200,000 sugarBEAT sensors and a further 2 million projected over the next two years for the U.K. alone.
  • The company is positioned at the intersection of the global Type 2 diabetes market that is expected to reach nearly $59 billion by 2025, the $50-plus billion prediabetic market, and the wearable health-tech sector for weight loss and wellness applications forecast to hit $60 billion by 2023.


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Mullen Automotive Inc. (NASDAQ: MULN)

Mullen Automotive Inc. (NASDAQ: MULN) is a Southern California-based automotive company that owns and partners with several synergistic businesses working toward the unified goal of creating clean and scalable energy solutions. Mullen has evolved over the past decade in sync with consumers and technology trends. Today, the company is working diligently to provide exciting EV options built entirely in the United States and made to fit perfectly into the American consumer’s life. Mullen strives to make EVs more accessible than ever by building an end-to-end ecosystem that takes care of all aspects of EV ownership.

Commencement of Trading on Nasdaq

On November 5, 2021, Mullen announced its commencement of trading on the Nasdaq Capital Market.

“Today is a monumental day for Mullen Automotive. I am especially proud of our team, investors and all who have believed in Mullen and taken us to this point as a publicly traded company on the Nasdaq Capital Market,” David Michery, CEO and Chairman of Mullen Automotive, stated in the news release. “Trading on Nasdaq now opens us up to new investors, both institutional and retail shareholders, and broadens our awareness and company profile, while increasing awareness of Mullen and our technology platform and opening new opportunities in EV and beyond. The road ahead has never been brighter for Mullen, and I am proud to lead us into the future.”

The milestone came in the wake of the company’s stock-for-stock merger with Net Element Inc.

The Mullen FIVE

The Mullen FIVE EV Crossover, debuting at the Los Angeles International Auto Show (LAIAS) on November 17, 2021, embodies Mullen’s Southern California roots with an inspired design focused on two complementary Golden State themes – California landscape and California urban.

The FIVE is built on an EV Crossover skateboard platform that offers multiple powertrain configurations and trim levels in a svelte design that is Strikingly Different™and exciting to experience in person. Capable of 0-60 in 3.2 seconds with a max speed of 155 mph, the FIVE comes with an estimated range of 325 miles.

Prior to the start of LAIAS, the Mullen FIVE was selected as a finalist by the LA Auto Show for Top EV SUV in the Zero Emission Vehicle Awards (ZEVAs) “People’s Choice” Awards.

LAIAS provides Mullen an opportunity to display multiple variants of the FIVE model while also showcasing its powertrain, battery and charging technology. Additionally, the FIVE will be on display at the Consumer Electronics Show (CES) in Las Vegas in January 2022. The company intends to bring the FIVE to market in 2024, and reservations are currently open here.

Mullen’s development portfolio also includes EV Fleet Vans, which it intends to bring to market in Q2 2022, and the pure electric, high-performance Sports Car, the DragonFLY.

Expansion of Manufacturing Capacity

On November 2, 2021, Mullen announced plans to expand its facility in Robinsonville, Mississippi.

Mullen’s Advanced Manufacturing and Engineering Facility (AMEC) currently occupies 124,000 square feet of manufacturing space. The total available land on the property is over 100 acres, and Mullen is moving ahead with plans to build out another 1.2 million square feet of manufacturing space to support class 1 and class 2 EV cargo vans and the Mullen FIVE EV Crossover.

On the expanded site, Mullen plans to build a body shop, a fully automated paint shop and a general assembly shop.

EV Market Outlook

The global EV market was reported to consist of 3,269,671 units in 2019, a figure that is expected to grow at a CAGR of 21.1% through 2030 to a total of 26,951,318 units worldwide. This market’s monetary value was estimated at $162.34 billion in 2019 and is expected to grow at a CAGR of 22.6%, resulting in an approximate value of $802.81 billion by 2027. The primary driver for this exponential growth is a worldwide increase in vehicle emissions regulations.

Management Team

Mullen is led by an executive team with extensive EV, OEM and, high-growth startup experience. David Michery is the CEO and Founder of Mullen and has been leading the company and its divisions since inception in 2014. With over 25 years of executive management, marketing, distressed assets, and business restructuring experience, Mr. Michery brings a wealth of relevant knowledge and expertise to the Mullen brand. He has notably created 12 trademarks so far to develop the company brand and vision.

Mr. Michery is working toward a sustainable future accessible to all by creating a suite of clean-energy electric vehicles at varied price points. With entirely U.S.-based manufacturing and operations, he is also determined to have Mullen Technologies play a role in shaping a self-sustaining local economy by creating more jobs in America.

Mr. Michery manages risks and company expectations as a pathway to success and has personally overseen several businesses that totaled over $1 billion in transactions. His key strength is the ability to be fiscally responsible and lead teams to complete projects on time and within budget. As a seasoned professional in this space, Mr. Michery has demonstrated skill in building businesses from the ground up and into successful entities that subsequently sold for hundreds of millions of dollars.

Investment Considerations

  • Mullen Automotive is working diligently to provide exciting EV options built entirely in the United States and made to fit perfectly into the American consumer’s life.
  • The company commenced trading on the Nasdaq Capital Market on November 5, 2021, following a stock-for-stock merger with Net Element Inc.
  • The Mullen FIVE EV Crossover, debuting at the Los Angeles International Auto Show (LAIAS) on November 17, 2021, is currently open for reservations.
  • The global EV market is forecast to grow at a CAGR of 22.6% through 2027.
  • Mullen is led by CEO and Founder David Michery, a seasoned executive with more than 25 years of management, marketing, distressed assets, and business restructuring experience.


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Lexaria Bioscience Corp. (NASDAQ: LEXX)

Lexaria Bioscience Corp. (NASDAQ: LEXX) is a global innovator in drug delivery platforms. The company’s patented technology, DehydraTECH™, improves the way active pharmaceutical ingredients (APIs) enter the bloodstream by promoting healthier oral ingestion methods and increasing the effectiveness of fat-soluble active molecules.  DehydraTECH promotes fast-acting, less expensive and more effective oral drug delivery and has been thoroughly evaluated through in vivo, in vitro and human clinical testing.

DehydraTECH is covered by 19 issued and more than 50 pending patents in over 40 countries around the world. Lexaria’s first patent was issued by the U.S. Patent and Trademark Office in October 2016 (US 9,474,725 B1), providing 20 years of patent protection expiring June 2034. Multiple patents have been awarded since then and are expected in the future.

Lexaria has a collaborative research agreement with the National Research Council (NRC), the Canadian government’s premier research and technology organization. The company has filed for patent protection for specific delivery of nicotine, vitamins, NSAIDs, testosterone, estrogen, cannabinoids, terpenes, PDE5 inhibitors (with brand names like Viagra), tobacco and more.

Lexaria began developing DehydraTECH in 2014 and has since continued to strengthen and broaden the technology. The company has no plans to create or sell Lexaria-branded products containing controlled substances. Instead, Lexaria licenses its technology to other companies around the world to offer consumers the best possible performance across an array of ingestible product formats.

The company’s technology is best thought of as an additional layer that providers of consumer supplements, prescription and non-prescription drugs, nicotine and CBD products can utilize to improve the effectiveness of their own existing or planned new offerings. Lexaria has licensed DehydraTECH to multiple companies, including a world-leading tobacco producer for the research and development of smokeless, oral-based nicotine products, and for use in industries that produce cannabinoid beverages, edibles and oral products.

DehydraTECH is suitable for use with a wide range of product formats including pharmaceuticals, nutraceuticals, consumer packaged goods and over-the-counter capsules, pills, tablets and oral suspensions.

DehydraTECH Technology

Lexaria’s DehydraTECH is designed specifically for formulating and delivering lipophilic (fat-soluble) drugs and active ingredients. DehydraTECH increases their effectiveness and improves the way active pharmaceutical ingredients enter the bloodstream. The major benefits to a subject ingesting a DehydraTECH-enabled drug or consumer product can be summarized by the following:

  • Speeds up delivery – the effects of the product are felt by the subject in just minutes.
  • Increases bioavailability – the technology is much more effective at delivering a drug or product into the bloodstream.
  • Increases brain absorption – animal testing suggests significant improvement in the quantity of drug delivered across the blood-brain barrier.
  • Improves drug potency – more of the ingested product is made available to the body, so lower doses are required to achieve the desired effect.
  • Reduces drug administration cost – lower doses mean lower overall drug costs.
  • Masks unwanted taste – the technology eliminates or reduces the need for sweeteners.

Lexaria has demonstrated in animal studies a propensity for DehydraTECH technology to elevate the quantity of drug delivered across the blood-brain barrier by as much as 1,900 percent, initiating additional new patent applications and opening possibilities for improved drug delivery.

Since 2016, DehydraTECH has repeatedly demonstrated, with cannabinoids and nicotine, the ability to increase bio-absorption by up to five to 10 times, reduce time of onset from one to two hours to just minutes, and mask unwanted tastes. The technology is to be further evaluated for additional orally administered bioactive molecules, including antivirals, cannabinoids, vitamins, non-steroidal anti-inflammatory drugs (NSAIDs) and nicotine.

Market Outlook

Lexaria’s ongoing research and development efforts are mainly focused on development of product candidates across several key segments:

  • Oral Cannabinoids – a market estimated to be worth $18.4 billion in 2021 and expected to reach $46.2 billion by 2025.
  • Antivirals – an estimated $52.1 billion market in 2021 that’s expected to grow to $66.7 billion by 2025.
  • Oral Mucosal Nicotine – smokeless tobacco products, a $13.6 billion market in 2018, is forecast to grow at 7.2 percent annually through 2025.
  • Human Hormones – estrogen and testosterone replacement therapies represented a $21.9 billion market in 2019, with a forecast CAGR of 7.7 percent through 2027.
  • Ibuprofen and Naproxen – NSAID sales totaled $15.6 billion globally in 2019 and are projected to reach $24.4 billion by 2027.
  • Vitamin D3 – the global market size was $1.1 billion in 2021, growing at 7 percent per year and expected to reach $1.7 billion in 2026.

Management Team

Chris Bunka is Chairman and CEO of Lexaria Bioscience Corp. He is a serial entrepreneur who has been involved in several private and public companies since the late 1980s. He has extensive experience in the capital markets, corporate governance, mergers and acquisitions, as well as corporate finance. He is named as an inventor on multiple patent innovations.

John Docherty, M.Sc., is the President of Lexaria. He is a pharmacologist and toxicologist, and a specialist in the development of drug delivery technologies. He is the former president and COO of Helix BioPharma Corp. (TSX: HBP). He is named as an inventor on multiple issued and pending patents.

Greg Downey is Lexaria’s CFO. He has more than 35 years of diverse financial experience in the mining, oil and gas, manufacturing, and construction industries, and in the public sector. He served for eight years as CFO for several public companies and has provided business advisory and financial accounting services to many large organizations.

Gregg Smith is a strategic advisor to Lexaria. He is a founder and private investor with Evolution VC Partners. He is a member of the Sand Hill Angels and held previous investment banking roles with Cowen and Company and Bank of America Merrill Lynch.

Dr. Philip Ainslie serves as a scientific and medical advisor to Lexaria. He is co-director for the Centre for Heart, Lung and Vascular Health, Canada. He is also Research Chair in Cerebrovascular Physiology and Professor at the School of Health and Exercise Sciences, Faculty of Health and Social Development at the University of British Columbia.

Investment Considerations

  • Lexaria Bioscience Corp. has disruptive proprietary technology protected by a broad international patent portfolio.
  • The company has been issued 19 patents in the U.S., European Union and other countries, with more than 50 patents pending around the world.
  • Lexaria’s DehydraTECH technology has a vast worldwide, multi-billion-dollar total addressable market, including multiple rapid-growth segments like cannabinoid and noncombustible nicotine delivery.
  • The company has licensed its fat-soluble active molecule delivery technology to multiple established companies for use in their products.v
  • Lexaria completed an uplisting to Nasdaq Capital Markets and an $11 million financing in January 2021.


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Kaival Brands Innovations Group Inc. (NASDAQ: KAVL)

Kaival Brands Innovations Group Inc. (NASDAQ: KAVL) is a company focused on growing and incubating innovative and profitable products into mature and dominant brands in their respective markets. Its vision is to develop internally, acquire, own or exclusively distribute these innovative products and grow each into dominant market-share brands with superior quality and recognizable innovation. In line with this vision, Kaival Brands is the exclusive global distributor of all products manufactured by Bidi Vapor LLC, which are intended exclusively for adults 21 and over.

Kaival Brands is on a mission to set the highest standard and elevate the adult consumer experience for vaping. The company is headquartered in Grant, Florida.

Bidi® Stick

Bidi® Stick, Bidi Vapor LLC’s primary offering, is the fastest-growing closed system disposable electronic nicotine delivery system (ENDS) in the U.S.

Intended exclusively for adults 21 and over, the one-time use device is designed with premium features, including a high-quality battery, satisfying Class A nicotine offering consistently smooth throat hits and an aluminum body. Bidi Stick is ready to use straight from the package, providing a consistent and precise amount of nicotine with every draw.

Bidi Stick and all Bidi Vapor products are sold primarily through national convenience stores, as well as online exclusively through authorized direct retailers and GoPuff, the digital convenience store.

Bidi® Cares Initiative

The tamper-resistant Bidi Stick is the only ENDS on the market with an ecologically friendly, mass-recycling program. The Bidi® Cares initiative focuses on promoting sustainable practices to save the environment, one step at a time, through proper disposal of vapor products.

Through Bidi Cares, Kaival Brands and Bidi Vapor aim to promote and educate consumers on the dangers of improper waste disposal.

Bidi® Pouch

On January 26, 2021, Kaival Brands took a step toward building on the success of Bidi Vapor’s e-cigarette device when it announced the debut of the Bidi® Pouch. Officially launching in early February, the Bidi Pouch provides a tobacco-free nicotine formulation packed in an easy-to-go tin can, available in six flavors.

“We are excited that Bidi Vapor continues to develop and innovate new ways to bring the Bidi Vapor experience to adult consumers. Bidi Vapor’s new Bidi Pouch offering, which we will exclusively distribute, is just another example of our ability to meet the demands of the marketplace,” Niraj Patel, CEO of Kaival Brands, stated in the news release. “The pouch marketplace is yet another opportunity to demonstrate Bidi Vapor’s premium experience to adult users. We believe that Bidi Vapor’s share of the nicotine pouch market will rival Bidi Vapor’s market share achievement in vape. It represents a significant opportunity for us as the exclusive distributor of Bidi Vapor’s products in 2021 and beyond.”

Recent Corporate Developments

  • March 1, 2021: Kaival Brands announced its entry into two new distribution agreements boosting the company’s potential store count for Bidi Vapor products to over 54,000 – a 500% increase over 2020. Patel noted in the news release that this milestone, along with recent corporate developments, has the company “feeling extremely confident about [its] fiscal year 2021 revenue guidance range of $400m – $450 million.”
  • March 16, 2021: The company reported $37.4 million in revenue for the fiscal quarter ended January 31, 2021. This figure brought its cumulative revenues since commencing business operations in March 2020 to roughly $100 million, despite revenue slowdowns during the fourth quarter of 2020 as a result of packaging and labeling updates. Patel forecast an increase to revenues during Kaival Brands’ second fiscal quarter ending April 31, 2021. He also reaffirmed the company’s confidence in its fiscal 2021 revenue guidance.
  • March 18, 2021: Kaival Brands announced its appointment of three new directors to its board ahead of its proposed uplisting to the Nasdaq Capital Market. The appointments of Paul Reuter, Carolyn Hanigan and Roger Brooks as independent directors are intended to ensure the company complies with certain Nasdaq corporate governance rules.
  • March 31, 2021: The company announced that Bidi Vapor LLC has successfully completed the regulatory process to enter four new, significant markets – the U.K., Australia, New Zealand and Russia.

Market Outlook

The U.S. e-cigarette and vape market was valued at $6.09 billion in 2020, according to data from Grand View Research. The firm expects the industry to expand at a compound annual growth rate of 27.3% from 2021 to 2028, with growth factors including rising awareness of tobacco alternatives.

Management Team

Nirajkumar Patel is the CEO, CFO, President, Treasurer and Director of Kaival Brands and owner of Bidi Vapor LLC. In 2004, Patel received a Bachelor of Science in pharmaceutical sciences from AISSMS College of Pharmacy in Pune, India. He moved to the United States in 2005, and he continued his education at the Florida Institute of Technology, where he graduated in 2009 with a master’s degree in medicinal and pharmaceutical chemistry. He currently holds a Six Sigma Black Belt Certification.

Eric Mosser is the COO, Secretary and Director of Kaival Brands. Mosser attended Arizona State University, where he studied business management. In 2004, he graduated from Rio Salado College with an associate degree in applied science in computer technology.

Paul Reuter is a Director of Kaival Brands. He brings to the company nearly five decades of industry experience in small box retail as a journalist, editorial director, entrepreneur and speaker. Mr. Reuter has launched two successful businesses, including MidWest Retail Group LLC, which was the largest U.S. 7-Eleven franchise group, where he served as Chairman and founding partner from April 2013 through June 2019. He is also the founder of Kreative Collaborations LLC, an industry consultancy.

Carolyn Hanigan is a Director of Kaival Brands. She served as the President of Reynolds American Innovation Company, an operating company of Reynolds American Inc. (“RAI”), from January 2016 to June 2018. Ms. Hanigan also led the global vapor collaboration with British American Tobacco (“BAT”) up until RAI was acquired by BAT in 2017. She served as the architect of RAI’s U.S. reduced risk products strategic direction to further the vision of transforming tobacco, preparing the U.S. commercial execution and regulatory applications for a wide array of products, including the Glo tobacco heating products; the Velo nicotine pouches; and the Alto, Ciro, Vibe and Solo nicotine vaporizers. Ms. Hanigan holds a Bachelor’s degree in business from Boston College and a Master of Business Administration degree from St. Mary’s College.

Roger Brooks is a Director of Kaival Brands. Since 2005, he has served as the Chairman, Treasurer and Co-Founder of Abierto Networks. Prior to his roles with Abierto, Mr. Brooks was the lead independent director and a member of the compensation and audit committees for Moldflow Corporation, a Nasdaq-listed software firm that was sold to Autodesk Inc. in 2008. He holds a Bachelor of Arts degree from the University of Connecticut and a Master of Business Administration degree from New York University, Stern Graduate Business School. He is also a graduate of the Stanford University Executive Management Program.

Investment Considerations

  • Kaival Brands is the exclusive global distributor for Bidi Vapor LLC, including both Bidi® Stick and Bidi® Pouch.
  • Bidi Stick is the fastest-growing closed system disposable electronic nicotine delivery system in the U.S.
  • Kaival Brands debuted Bidi Pouch, a tobacco-free nicotine formulation packed in an easy-to-go tin can, in Q1 2021.
  • The company reported $37.4 million in revenue for the fiscal quarter ended January 31, 2021, bringing its cumulative total since commencing business operations in March 2020 to roughly $100 million.
  • Kaival Brands recently filed for uplisting to the Nasdaq Capital Market.
  • The U.S. e-cigarette and vape market is forecast to achieve a 27.3% CAGR from 2021 to 2028, reaching a valuation of $40.25 billion, according to Grand View Research.


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InMed Pharmaceuticals Inc. (NASDAQ: INM)

InMed Pharmaceuticals Inc. (NASDAQ: INM) is a global leader in the manufacturing and clinical development of rare cannabinoids. InMed is a clinical stage company developing cannabinoid-based pharmaceutical drug candidates, as well as manufacturing technologies for pharmaceutical-grade rare cannabinoids.

The company is dedicated to delivering new therapeutic alternatives to treat conditions with high unmet medical needs. The company is also developing a proprietary manufacturing technology to produce pharmaceutical-grade rare cannabinoids in the lab and has recently announced an LOI to acquire a leading rare cannabinoid manufacturer

Research and Technology

There are more than 100 rare cannabinoids found in only trace amounts in the cannabis plant, together making up less than 1% of the plant’s biomass. InMed is initially focused on the therapeutic benefits of cannabinol (CBN) in diseases with high unmet medical need. Preclinical studies of CBN demonstrated an excellent safety profile and showed CBN has potential for therapeutic benefit over other cannabinoids such as tetrahydrocannabinol (THC) and cannabidiol (CBD).

Evidence suggests there may be great therapeutic potential in rare cannabinoids. Each has a specific chemical structure, and different cannabinoids have been observed to have distinct physiological properties in humans, including therapeutic potential for specific diseases as well as unique safety profiles. CBN is the active pharmaceutical ingredient (API) in InMed’s two lead programs for dermatological and ocular diseases.

InMed’s most advanced compound, INM-755, is a CBN topical cream under clinical development for the treatment of epidermolysis bullosa, a severe genetic skin disorder. To date, INM-755 has been evaluated in two Phase 1 clinical trials in healthy volunteers. InMed has filed Clinical Trial Applications in several countries as part of a global Phase 2 clinical trial of INM-755 (cannabinol) cream in epidermolysis bullosa. Responses from the National Competent Authorities and Ethics Committees are expected throughout the summer of 2021.

InMed is also involved in developing INM-088, an ocular CBN formulation being researched for the treatment of glaucoma, the second leading cause of blindness in the developed world. InMed is currently evaluating several formulations to deliver CBN into the eye to address issues of dosing frequency, side effects and treatment penetration. INM-088 is being designed for topical delivery to the eye. This localized delivery results in very little drug being absorbed or migrating into the bloodstream, thus minimizing potential adverse side effects. INM-088 shows promise to reduce intraocular pressure and provide neuroprotection of the eye.

Manufacturing

The limited availability of rare cannabinoids like CBN makes them economically impractical to extract directly from the plant for pharmaceutical use. InMed is developing IntegraSyn, a cannabinoid synthesis manufacturing system to create rare cannabinoids in the lab that are bioidentical to the compounds derived from the cannabis plant. IntegraSyn uses multiple standard pharmaceutical processes and has achieved a cannabinoid yield of 5 grams per liter, surpassing commercial viability and significantly exceeding currently reported industry yields. InMed is now focusing on manufacturing scale-up to larger batch sizes while continuing process optimization, targeting increased cannabinoid yield and further reducing overall cost of goods.

BayMedica Inc. Acquisition

On June 29, 2021, InMed announced it had entered into a non-binding letter of intent to acquire BayMedica Inc., a private company based in Nevada and California that specializes in the manufacture and commercialization of rare cannabinoids.

As noted in the news release, BayMedica is a revenue-stage biotechnology company leveraging its significant expertise in synthetic biology and pharmaceutical chemistry to develop efficient, scalable and proprietary manufacturing approaches to produce high quality, regulatory-compliant rare cannabinoids for consumer applications. BayMedica is currently commercializing the rare cannabinoid CBC (cannabichromene) as a B2B supplier to distributors and manufacturers marketing products in the health and wellness sector. BayMedica is planning additional rare cannabinoid launches for the coming year.

Pursuant to the indicative terms of the LOI, InMed and BayMedica intend to negotiate and enter into a definitive agreement under which InMed would acquire 100% of BayMedica in exchange for 1.6 million InMed common shares to be issued to BayMedica’s equity and convertible debt holders, with any such issued InMed common shares being subject to a six-month contractual hold period.

Market Outlook

There is a rapidly growing demand for rare cannabinoids. However, their low natural concentration makes traditional harvesting of these compounds cost prohibitive. Biosynthesis allows production of rare cannabinoids in the lab that are bioidentical to compounds found in nature, with significantly higher yields which reduce costs. Biosynthesis can produce pharmaceutical-grade, bioidentical, THC-free compounds at a cost that’s 70 to 90 percent less than wholesale prices of naturally harvested rare cannabinoids.

Cannabinoid-based pharmaceuticals are expected to overtake the market as rare cannabinoids become less expensive and more available. According to Statista, the value of the consumer market for cannabinoid-based pharmaceuticals in the United States is forecast to grow to $25 billion by 2025 and to $50 billion by 2029, with cannabinoid-based pharmaceuticals used to treat health conditions including pain, respiratory conditions, autoimmune conditions and more.

Management Team

Eric A. Adams has been CEO and president of InMed since June 2016. He has more than 25 years of experience in establishing corporate entities, capital formation, global market development, mergers and acquisitions, licensing and corporate governance. He previously served as CEO at enGene Inc. Prior to enGene, he held senior positions in global market development with QLT Inc. (Vancouver), Advanced Tissue Sciences Inc. (La Jolla, CA), Abbott Laboratories (Chicago, IL) and Fresenius AG (Germany).

Bruce S. Colwill is InMed’s CFO. He has more than 25 years of financial leadership experience in public and private companies. Prior to InMed, he served as CFO of General Fusion Inc., a private clean energy company. He was also CFO at Entrée Resources Inc., a mineral exploration company, from 2011 to 2016. He has held CFO roles at Neuromed Pharmaceuticals Ltd., Response Biomedical Corp, Forbes Medi-Tech Inc. and Euronet Worldwide Inc.

Alexandra D.J. Mancini is Senior Vice President, Clinical and Regulatory Affairs at InMed. She has more than 30 years of global biopharmaceutical research and development experience. She has been an executive with numerous biotech companies, including senior vice president of Clinical and Regulatory Affairs at Sirius Genomics; senior vice president of Clinical and Regulatory Affairs at INEX Pharmaceuticals; and vice president of Regulatory Affairs at QLT Inc.

Eric C. Hsu is Senior Vice President, Pre-Clinical Research and Development at InMed. He joined InMed with more than 18 years of scientific leadership experience in the field of gene therapy. He has held various positions within enGene Inc., including vice president of Research and vice president of Scientific Affairs and Operations. He received his Doctorate from the Department of Medical Biophysics at the University of Toronto.

Michael Woudenberg is Vice President, Chemistry, Manufacturing and Controls at InMed. He has more than 20 years of successful drug development, process engineering, GMP manufacturing and leadership experience. He has held positions with 3M, Cardiome Pharma, Arbutus Biopharma and, most recently, was Managing Director of Phyton Biotech LLC.

Investment Considerations

  • InMed has a world class leadership team with a successful track record of drug development and commercialization.
  • The company recently announced closing of a $12 million private placement.
  • InMed has a solid and expanding intellectual property portfolio with multiple patents filed.
  • The company recently signed an LOI to acquire rare cannabinoids manufacturer BayMedica.
  • InMed retains all commercial rights to its IntegraSyn manufacturing system.
  • InMed has filed clinical trial applications in several countries as part of a Phase 2 clinical trial of INM-755 (cannabinol) cream in epidermolysis bullosa.
  • The consumer market for cannabinoid-based pharmaceuticals in the United States is forecast to grow to $25 billion by 2025 and to $50 billion by 2029.


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Growth Capital Acquisition Corp. (NASDAQ: GCAC)

Growth Capital Acquisition Corp. (NASDAQ: GCAC), a publicly traded special purpose acquisition company listed on February 2, 2021, with $172.5 million in Trust, and Cepton Technologies Inc., a Silicon Valley innovator and leader in high performance MMT® lidar solutions, on August 5, 2021, announced their entry into a definitive business combination agreement. Upon closing of the transaction, the combined company will be renamed ‘Cepton Inc.’ and is expected to be listed on the Nasdaq stock exchange under new ticker symbol ‘CPTN’.

The proposed business combination, which has been unanimously approved by the boards of directors of Cepton and Growth Capital, is expected to be completed early in the first quarter of 2022, subject to, among other things, approval by Growth Capital’s stockholders, satisfaction of the conditions stated in the definitive agreement and other customary closing conditions.

Cepton Technologies Inc. is a provider of state-of-the-art, intelligent, lidar-based solutions serving a range of markets, including automotive (ADAS/AV), smart cities, smart spaces and smart industrial applications.  General Motors (NYSE:GM) has granted a series production award for Cepton’s lidar, the biggest such award to date in the automotive space. Cepton’s is the lidar component of GM’s Ultra Cruise autonomous driving platform. By leveraging its patented Micro Motion Technology (MMT®) lidar platform, the company develops reliable, scalable and cost-effective solutions that deliver long-range, high-resolution 3D perception for smart applications.

Cepton was established in 2016 by co-founders Dr. Jun Pei and Dr. Mark McCord. The company is headquartered in San Jose, California, and serves a fast-growing customer base through an international presence spanning North America, Germany, Japan, India and China.

Micro Motion Technology (MMT®)

Cepton was built from the ground up to meet key lidar industry challenges for mass market adoption. This company’s portfolio of proprietary technology is uniquely aimed at facilitating this industry growth through a combination of performance, reliability, affordability and design integration.

Key among its innovations is MMT®, a mirrorless, frictionless, rotation-free 3D imaging platform designed specifically for lidars. Its benefits for OEMs and system integrators include:

  • Reliability – The durable design uses common, easily attainable materials.
  • Versatility – The platform is capable of achieving near- to ultra-long range with a wide field of view.
  • Efficiency – MMT® features a compact form factor, low power usage and inexpensive components.
  • Scalability – Its simple design means that scale-up to high manufacturing volumes is easily attainable.

Because of their compact form factor, Cepton lidars are embeddable and ideally suited for advanced driver-assistance system (ADAS) integration, whether behind windshield, in headlamp or in fascia.

Agreement with KOITO

KOITO Manufacturing Co. Ltd., the world’s premier Tier 1 auto lighting supplier, originally started an evaluation of Cepton’s MMT® based lidars in 2018. In 2020, KOITO made an investment in Cepton aimed at accelerating the company’s development and enabling KOITO’s industrialization of high-performance and high reliability lidar sensors for ADAS and autonomous vehicle (AV) applications.

Through this collaboration, Cepton was able to secure the largest ADAS lidar series production award[1] with General Motors as a sole source in the automotive space. The award covers GM vehicles for the initial period of 2023-2027.

On August 5, 2021, the two companies deepened their relationship when KOITO committed to invest a further $50 million in Cepton’s business through its participation in a Private Investment in Public Equity (PIPE) offering of shares of common stock of Growth Capital Acquisition Corp. in connection with Cepton’s proposed merger.

Collaboration with GM

On July 13, 2021, Cepton announced that it had secured an ADAS lidar series production award from a leading, Detroit-based global automotive OEM – the biggest lidar production award by any OEM to any lidar company. It was later clarified that the OEM was General Motors, and Cepton’s lidar is part of GM’s ADAS Ultra Cruise system.

GM is “expected to deploy Cepton lidars in its next generation of advanced driver assistance systems (ADAS) across multiple vehicle classes and models – not just luxury cars.” As such, the agreement marks the potential for “an industry-first, mass-market adoption of lidar technology for automotive ADAS, with an anticipated deployment in consumer vehicles starting in 2023.”

On July 28, 2021, Ford Motor Company (NYSE: F) distributed an article on Medium noting, “Ford has been engaged with Cepton almost since their inception in 2016, both for R&D collaboration and small-scale deployments. Cepton LiDAR are deployed in some of [Ford’s] smart city projects. Based on Ford’s guidance, Cepton delivered a custom version of their LiDAR to enable R&D on advanced ADAS features.”

Market Outlook

Driven by increasing development and adoption in automobile safety applications, environmental mapping and 3D-modeling, the global lidar market is forecast to experience considerable growth over the coming years. A research report published by MarketsAndMarkets suggests that the sector will grow to an estimated $3.4 billion by 2026, achieving a CAGR of 21.6% over the next five years.

The report further highlights increasing investments in lidar startups by automotive giants as a driver of growth opportunities in the sector, particularly in North America.

In 2020, ground-based lidar accounted for the lion’s share of the overall lidar market, and this trend is expected to continue as the automotive sector continues to rapidly advance adoption across the full spectrum of vehicle classes. One factor not to be underestimated is the high barrier of entry and the exceptionally long time required for automotive OEMs to vet and award a production win to a lidar company. It is a commonly held view that the over 50 lidar companies will inevitably coalesce into a handful serving all OEMs.

Cepton, having a head start through its established partnership with leading global OEM GM, is uniquely positioned to capitalize on this market growth in the years to come.

Management Team

Cepton’s founder-led team is made up of lidar industry pioneers with decades of collective experience across advanced lidar and imaging technologies.

Jun Pei, Ph.D., is the company’s CEO and Co-Founder. He is a technology specialist with a focus in optics and electronics. Prior to founding Cepton, Dr. Pei founded AEP Technology, a firm focused on developing advanced 3D optical instruments. He received his Ph.D. in electrical engineering from Stanford University.

Mark McCord, Ph.D., is Cepton’s CTO and Co-Founder. Prior to founding Cepton, he led advanced development at KLA-Tencor. Dr. McCord also formerly served as an associate professor at Stanford University, where he earned his Ph.D. in electrical engineering.

Winston Fu, Ph.D., is the company’s CFO. Dr. Fu is the founder of Silicon Valley venture capital firm LDV Partners. Prior to joining Cepton, he served as CFO and Chairman of Active-Semi before its acquisition. Dr. Fu has also helped to build many technology companies as an entrepreneur and/or board member. He received his Ph.D. in applied physics from Stanford University, as well as an MBA from the Kellogg School of Management at Northwestern University.

[1] Largest known ADAS lidar series production award based on number of vehicle models awarded

Investment Considerations

  • Cepton Technologies Inc. provides highly competitive price-for-performance lidar solutions based on its proprietary Micro Motion Technology (MMT®).
  • The company was awarded by General Motors the industry’s largest automotive OEM program, with an anticipated start of production set for 2023.
  • Cepton has partnered with KOITO, the world’s premier Tier 1 auto lighting supplier, to accelerate product development and enable economies of scale.
  • The company boasts a compelling financial profile supported by a capital efficient model leveraging Tier 1 and system integrator relationships, as well as contract manufacturing.
  • Cepton is founder-led and guided by management team with a proven track record in advanced lidar and imaging technology.


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GreenBox POS (NASDAQ: GBOX)

GreenBox POS (NASDAQ: GBOX) is an emerging financial technology company leveraging proprietary security and token technology to build customized payment solutions for business. The company’s mission is to build compliant, cutting-edge blockchain ledger tokenized solutions for the diverse, evolving and dynamic global market.

GreenBox applications enable an end-to-end suite of turnkey financial products which offer improved fraud detection and better handling efficiency of large-scale commercial payment processing volumes for its merchant clients globally. The company’s proprietary blockchain and smart contract token technologies create seamless payment processing using digital encryption keys.

GreenBox is a unified platform providing scalability for businesses to accept payments, transact, send, settle and convert in a single versatile ecosystem. GreenBox operates a private and proprietary blockchain-based payment platform that offers distinct advantages when compared to traditional payment technologies, including greater security and data privacy, as well as enhanced identity theft protection and quick settlement.

As the settlement engine for financial transactions, GreenBox’s blockchain technology is a distributed ledger that uses digitally encrypted keys to verify, secure and record details of each transaction conducted within GreenBox’s private ecosystem. The speed and security of the platform allows GreenBox to log immense volumes of immutable transactional records in real time for Tier-1 partners around the world.

In November 2021, GreenBox announced the closing of a previously announced $100 million convertible note financing. The company plans to use proceeds for acquisitions, a planned stablecoin spin-off, and additional working capital toward the company’s future growth. The initial conversion price equals a more than 80 percent premium to the market price of the company’s common stock on October 29, 2021, and values the enterprise at more than $700 million upon conversion.

Brands & Solutions

The company offers multiple solutions and brands under the GreenBox label. The other brands that are nested under the GreenBox POS label include coyni, ChargeSavvy, QuickCard, Transact Europe [didn’t yet close] and Northeast Merchant Systems. Each of these brands play a large role in allowing GreenBox to accel in customizing payment solutions across different verticals and industries.

Payment Solutions

The GreenBox platform offers blockchain secure, robust payment processing solutions for both individual consumers and businesses. The company combines the power and security of blockchain with bank-level tools necessary to both settle transactions and monitor cash flows. Customers can transfer cryptocurrencies like USDC, Ethereum or Bitcoin from external decentralized crypto wallets to their GreenBox wallets. They can also exchange those tokens from their GreenBox wallets to any supported coin. Customers can easily offload in USDC to a debit card or a multitude of gift cards.

White Label Solutions

The company’s white label platform allows it to partner with firms seeking blockchain-based tools to manage merchant relationships. White label partners can monitor cash flows, as well as run reports on merchant transactions, chargebacks, agent and affiliate commissions and more. Partners can access the platform through their partner portal to manage business relationships with full visibility. The platform’s cutting-edge technology saves partners time and simplifies their payment processing. It ensures compliance with automated Know Your Customer and Know Your Bank services and allows customers to set up automated payouts.

coyni Stablecoin

The company is planning soon to launch its own stablecoin, coyni (CYN). coyni is equivalent to the value of the U.S. dollar on a one-to-one ratio. Stablecoin allows for instantaneous transactions with blockchain security just like other cryptocurrency tokens, but without the price volatility of traditional cryptocurrencies. The CYN token is expected to make possible features like digital dollar accounts, cross border payments, international payment processing and other payment solutions. As a smart contract technology, coyni will offer instant settlement using the GreenBox blockchain ledger in any location and currency – crypto or fiat – all at lower fees and in a tokenized secure ecosystem.

Market Overview

A Mordor Intelligence report put the transaction value of the global digital payments market at $5.44 trillion in 2020 and projects the market to be worth $11.29 trillion by 2026. That represents a CAGR of 11.21 percent during the period of 2021-2026.

The report notes that the global COVID-19 pandemic and its impact on e-commerce is likely to encourage strengthened international cooperation and further development of policies for online purchasing and supply. The report states, “The pandemic has made it clear that e-commerce can be an important tool/solution, especially considering the fact that e-commerce sales can support small and medium businesses that form the backbone for certain economies. This is expected to substantially spur the growth of digital payment methods across various economies.”

According to Mordor, other drivers of the growth trend in digital payments include:

  • Greater convenience, favorable government policies and evolving consumer behavior worldwide
  • Rapid rise in smartphone penetration throughout emerging economies
  • Introduction of mobile wallets across the world
  • Widespread adoption of retail digital payment services across the vast population of China, serving as a kind of test case for other countries

Management Team

Ben Errez, Chairman of the Board of Directors

Ben Errez’s past positions have included positions at large companies like Microsoft and Intel. He has brought this expertise to lead GreenBox into the forefront of the blockchain-based financial software, services, and hardware market.

Mr. Errez was one of the early managers of Microsoft in 1991. From 1991 to 2004, he served as Software Development Lead for the Microsoft International Office Group. He led the International Microsoft Office Components team (Word, Excel, PowerPoint) in design, engineering, development, and successful deployment. He also served as Executive Representative of Microsoft Office and was a founding member of the Microsoft Trustworthy Computing Team both within the company and internationally. Mr. Errez co-authored the first Microsoft Trustworthy Computing Paper on Reliability. At Microsoft, he was responsible for the development of the first Microsoft software translation Software Development Kit (“SDK”) in Hebrew, Arabic, Thai, and Simplified Chinese, as well as the development of the first bidirectional extensions to Rich Text Format (“RTF”) file format and all bidirectional extensions in text converters for Microsoft Office. He also contributed to the development of the international extensions to the Unicode standard to include bidirectional requirements under the World Wide Web Consortium (“W3C”).

In 2004, Mr. Errez transitioned into the world of consulting, where he held the position of Principal Consultant from founding to the present date, through which he advises clients in the South Pacific region with market capitalizations ranging from $50 million to $150 million on commerce, security, reliability, and privacy.

In 2017, immediately before partnering with Fredi Nisan to launch GreenBox, Mr. Errez was asked to take over the Microsoft Alumni Network for the Southern California region as a regional director. Mr. Errez has been a principal of GreenBox since its inception in 2017.

Fredi Nisan, Chief Executive Officer

Fredi Nisan’s career in technology began during his years of service in the Israeli Defense Forces, where he served as IT Manager for all of Israel’s Northern Bases. After serving in the military, Mr. Nisan opened and operated a computer hardware store before becoming the Inventory Operations Manager for Zicon Israel in 2005, a hardware and software producer. At Zicon, he supervised inventory operations, worked on quality controls for motherboards and chips, and educated customers on software and hardware product functionality. Subsequently, Mr. Nisan moved to the United States, where he worked for One Coach in San Diego, California, as a business coach. One Coach specializes in customized growth solutions for small business owners, including the latest strategies for sales, internet marketing, branding, and ROI. Mr. Nisan was consistently ranked as the top salesperson for small business coaching while working with One Coach.

In 2010, Mr. Nisan launched Brava POS, where he served as President until 2015. Brava POS provided point of sale (“POS”) systems for specialty retail companies. Mr. Nisan developed software to provide clients with solutions for issues ranging from inventory management to payroll to processing high volume transactions in the form of a cloud-based POS system. This system had the capability to manage multiple stores with centralized inventory and process sales without an internet connection, and offered a secure login for each employee, as well as including advanced inventory management and reporting, plus powerful functionality for its end users.

In 2016, Mr. Nisan founded Firmness, LLC. Through Firmness, he created “QuickCitizen,” a software program that simplifies the onboarding process for new clients of law firms specializing in immigration issues. The QuickCitizen software significantly reduced law firms onboarding processing time from more than three hours to approximately 15 minutes. Mr. Nisan has been a principal of GreenBox since its August 2017 inception. In January 2018, Firmness sold QuickCitizen to GreenBox.

Jacquline B. Reynolds, Chief Marketing Officer

Jacqueline B. Reynolds is the company’s Chief Marketing Officer. She served most recently as vice president of marketing for Sprouts Farmers Market. She has built her reputation as a world-class global marketer, working with Coca-Cola, McDonald’s, Verizon, Walmart, L’Oréal, Xbox, 7-Eleven and many other Fortune 500 brands. She has managed award-winning marketing programs with partners such as the NFL, Super Bowl LIV, the Olympics, the FIFA World Cup, Sony Pictures, Universal Music and others.

Investment Considerations

  • InMed has a world class leadership team with a successful track record of drug development and commercialization.
  • The company recently announced closing of a $12 million private placement.
  • InMed has a solid and expanding intellectual property portfolio with multiple patents filed.
  • The company recently signed an LOI to acquire rare cannabinoids manufacturer BayMedica.
  • InMed retains all commercial rights to its IntegraSyn manufacturing system.
  • InMed has filed clinical trial applications in several countries as part of a Phase 2 clinical trial of INM-755 (cannabinol) cream in epidermolysis bullosa.
  • The consumer market for cannabinoid-based pharmaceuticals in the United States is forecast to grow to $25 billion by 2025 and to $50 billion by 2029.


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FingerMotion Inc. (OTCQX: FNGR)

FingerMotion Inc. (OTCQX: FNGR) is an evolving technological company with core competencies in mobile payment and recharge platform solutions in China. FingerMotion is in the process of developing additional value-added technologies to market to users.

Founded in 2016, FingerMotion’s goal is to serve over a billion users in the Chinese market and expand its model to other regional markets. The company has offices in Hong Kong, Shanghai and New York City.

Current Offerings

FingerMotion is analyzing and transforming mobile data to improve the lifestyle of the public through technology and innovation. The company’s current offerings include:

  • Telecommunications Products and Services – FingerMotion’s proprietary universal exchange platform, ‘PigeonHole Integration System (PIS)’, offers seamless integration between telecom operators and online stores. The service platform’s offerings include top up and recharge, data plan, mobile phone, loyalty points redemption and subscription plans. The platform offers reliable and secure transactions, real-time reconciliation, simple integration for partners and efficient settlements.
  • SMS and MMS Services – The integrated platform is registered as FingerMotion’s IP in China and provides a robust back-end control panel for corporate partners to manage their own messaging settings. FingerMotion’s clients range from insurance to financial industries, ecommerce firms, airlines and more. The platform offers competitive pricing for partners and provides quick and efficient review to meet timely marketing initiatives.
  • Big Data Insights – FingerMotion brings Big Data-enabled insurance solutions through its Big Data Insights arm, Sapientus. The company’s strategic partnerships with the largest Chinese telecommunications giants allow access to uncover behavior insights through geolocation and mobile data usage. Its Big Data offerings include risk scoring, precise marketing, simplified underwriting and customized products.
  • Rich Communication Services (RCS) – FingerMotion’s RCS platform will be a proprietary business messaging solution that enables businesses and brands to communicate their services to customers via 5G infrastructure. The company expects its RCS platform to offer a better user experience, more efficiency and cost-effectiveness when compared to other solutions.

Telecommunications and Insurtech Markets

The global telecommunications market was valued at $1.74 trillion in 2019 and is expected to grow at a CAGR of 5% from 2020 to 2027. The steady increase is expected to be driven by the adoption of 5G and the increased popularity of Internet of Things (IoT) applications.

The Chinese telecom market was valued at $254.1 billion in 2017 and is also constantly expanding. The current Chinese telecom market is dominated by three mobile operators – China Mobile, China Unicom and China Telecom, which together are responsible for around 1.6 billion active subscribers (https://ibn.fm/zfwy9).

In addition, the insurtech (insurance technology) market was valued at $2.72 billion globally in 2020 and is expected to grow at a CAGR of 48.8% from 2021 to 2028. The large increase is attributed to the rising use of technology solutions for everyday activities like acquiring insurance coverage (https://ibn.fm/TGo7D).

Through its proprietary platforms and technologies, FingerMotion is uniquely positioned to capitalize on the telecom and insurtech markets’ growth and opportunities.

Management Team

Martin J. Shen is the Chief Executive Officer of FingerMotion Inc. He has over 15 years of experience in senior management roles within entrepreneurial startups and large multinational corporations. He has acquired a wide range of corporate management, financial oversight and operation administration expertise through these roles. In his most recent role, he founded Imperial Distributors (formerly known as AP Martin Pharmaceutical Supplies Ltd.), establishing the company as the preferred choice for distributional support to regional pharmacies throughout Western Canada. Before founding Imperial, Mr. Shen served as the Chief Operating Officer and Chief Financial Officer at Wales and Son Industrial (formerly Weir Minerals), a firm specializing in global delivery and support for mining slurry equipment. He began his career at PricewaterhouseCoopers in Vancouver, with work tours in the tax department in Singapore and the tax audit and advisory group in Hong Kong. Mr. Shen is a U.S. Certified Public Accountant and holds a Bachelor of Science from the University of British Columbia.

Lee Yew Hon is the company’s Chief Financial Officer. From 2006 until November 2020, he was the Chief Financial Officer of Cubinet Interactive Group of Companies, and he also took on the Chief Operating Officer role in 2011. During his tenure, he was instrumental in leading Cubinet and building teams across the Southeast Asia region, setting up financial processes within a short time. Mr. Lee spearheaded the growth of Cubinet to other regions, including Europe, the Middle East and Russia. He received his diploma from Tunku Abdul Rahman College in 1996. He is a Chartered Accountant, a member of the Malaysia Institute of Accountants (MIA) and an Associate Member of the Chartered Institute of Management Accountants, UK (ACMA).

Li Li is the Senior Vice President of FingerMotion. She recently served as Advisor to Shenzhen WuYiKa Technology Co. Ltd., a comprehensive service platform dedicated to online service distribution and payment. The company has become a fast and efficient provider of new media marketing solutions for the mobile internet. She has held high-level management positions with multiple industry names, including Hangzhou JiuYue Information Technology Co. Ltd. and Hangzhou LingXuan Information Technology. Ms. Li started her career in 2004, founding Shanghai ChuangYeZZ Network Technology Co. Ltd. and serving as its Vice President. With the close cooperation of local operators, the company launched SMS, MMS, WAP, mobile JAVA games, Hunan Satellite TV e-magazine and other wireless internet services to meet the rapid development of wireless internet and application requirements. She received her degree from Nanjing Academy of Engineering.

Investment Considerations

  • FingerMotion’s current offerings includes telecommunications products and services, SMS and MMS services, Big Data Insights (Sapientus) and a Rich Communication Services (RCS) platform.
  • The global telecom industry reached $1.74 trillion in 2019 and was forecast to grow at a CAGR of 5% from 2020 to 2027.
  • The insurtech market was valued at $2.72 billion for 2020 and is expected to grow at a CAGR of 48.8% during the forecast period from 2021 to 2028. FingerMotion’s proprietary platform, Sapientus, is poised to leverage demand for mobile insurance in the Chinese market.
  • The company’s Rich Communication Services platform will provide additional resources for businesses and brands in China looking to increase their communications networks and leverage 5G technology.
  • The company’s management team is made up of individuals who are highly experienced in finance and Big Data, including multiple entrepreneurs who have successfully founded their own companies.


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Flora Growth Corp. (NASDAQ: FLGC)

Flora Growth Corp. (NASDAQ: FLGC) is an internationally focused cannabis brand builder that leverages natural, cost-effective cultivation practices to supply cannabis derivatives to its diverse business divisions, including cosmetics, hemp textiles, and food and beverage. Flora Growth operates one of the largest outdoor cultivation facilities in the world with an aim of marketing a higher-quality premium product at below-market prices. By prioritizing natural ingredients and value-chain sustainability across its portfolio, the company creates premium products that help consumers restore and thrive.

Flora Growth completed the first traditional cannabis IPO on Nasdaq in May 2021. Although currently headquartered in Toronto, Ontario, with plans to relocate its head office to Miami, Florida, the company’s base of operations is in Colombia, where it has built an extensive distribution network that includes Colombia’s largest distributors.

Currently, Flora Growth is organically growing market share for its existing brand portfolio (pharmaceuticals, textiles, cosmetics, and food & beverage) while seeking revenue-generating acquisitions that offer an accretive distribution network to amplify revenue growth.

Existing Brand & Product Portfolio

Flora Growth’s portfolio spans a number of verticals – each with a thoughtful brand designed to resonate with its intended end consumer. In line with the company’s mission, each brand prioritizes natural ingredients and value-chain sustainability.

Flora Lab S.A.S

Flora Lab is the company’s GMP certified manufacturing and R&D center focused on producing pharmaceuticals, cosmetics, and nutraceuticals for domestic and international markets. Its offerings include product lines that are private label, white-label, and custom formulas.

Through Flora Lab, Flora Growth has relationships with 1,500+ distribution channels, manufactures 63+ OTC products registered with INVIMA (Colombia National Food and Drug Surveillance Institute), and holds multiple GMP certifications enabling international export in an effort to leverage Flora Lab’s capacity to produce a wide range of CBD-infused products.

Flora Beauty

Flora Beauty is the company’s CBD beauty and cosmetics division founded by fashion and beauty industry icon Paulina Vega. Its current offerings include two CBD skincare brands targeting the U.S. and Latin American markets – MIND NATURALS and AWE. These lines exemplify Flora Growth’s socially conscious approach to business. Currently, Flora Beauty products are offered globally through e-commerce, as well as through Falabella’s 111 retail locations across Latin America. The company is in negotiations with major department stores to launch the line in the U.S. and is also exploring opportunities in the U.K. and other European markets.

KASA Wholefoods

KASA Wholefoods is a Colombian manufacturer of food and beverages leveraging responsibly sourced exotic fruits from the Amazon. KASA has a $10 million+ distribution agreement with Tropi, Colombia’s largest food distributor, which has 130,000+ distribution points across the country.

Mambe, KASA’s leading brand, is already offered through over 980 distribution points across Colombia. Flora Growth expects this network to grow to over 1,200 distribution points in 2021, including one of Colombia’s largest coffee chains, Tostao Café & Pan.

Hemp Textiles & Co.

Through its Hemp Textiles division, Flora Growth intends to utilize its large land package and cultivation infrastructure to capture market share in the rapidly growing hemp industrials segment.

The company’s first brand through this division, Stardog Loungewear, offers a line of comfortable loungewear made from natural, organic materials. Stardog has been distributing globally through e-commerce and brick and mortar channels in Bogota since fall 2020, and the company intends to open U.S. brick and mortar locations in 2021.

Accretive M&A

Flora Growth is targeting transactions to complete the supply chain via key infrastructure to enhance its global distribution with the aim to compete on low-cost, high-quality inputs paired with premium brands that create business lines with robust margins.

To date, Flora has announced two major transactions.

Koch & Gsell (Acquisition)

  • Amplify CPG portfolio’s revenue growth through leading brand, Heimat, currently with TTM revenues of $7.6 million.
  • Leverage Koch &Gsell’s distribution network of 2,500+ stores to introduce Flora to the Swiss, European and Asian markets.
  • Bring patented hemp cigarette manufacturing technology into new markets utilizing Flora’s high-quality cannabis.

Hoshi International (Investment)

  • Equity Investment of €2 million into Hoshi to establish Flora as a preferred supplier to two EU processing facilities.
  • Opens gateway for Flora Growth’s cannabis through international distribution agreements in the EU and U.K.
  • Hoshi’s experienced team and increased access to the EU cannabis market to serve as a catalyst for revenue growth.

Cultivation

Key to Flora Growth’s expansion efforts is its cultivation strategy. The company’s Cosechemos farm, located in Bucaramanga, Colombia, is currently licensed to cultivate 247 acres of cannabis. Through three successful pilot crop plantings, the location has demonstrated a production cost of just $0.06/gram. For comparison, the average cost of North American cannabis (based on 2019 figures from Aphria, Tilray, Sundial, and Aurora) equates to roughly $1.89/gram.

Flora Growth is uniquely positioned to capitalize on Colombia’s favorable growing conditions, low-cost infrastructure, and affordable local workforce as it looks to ramp up its cultivation efforts moving forward.

Leadership Team

Bernard Wilson is the Chairman of Flora Growth. A senior financial professional, Dr. Wilson is the former Vice-Chairman of PricewaterhouseCoopers LLP and is the Chairman of the Founders Board of the Institute of Corporate Directors. He has also served as Chairman of the Canadian Chamber of Commerce; Chairman of the International Chamber of Commerce – Canada; and Member of the Canada/U.S. Trade Committee. Dr. Wilson draws on this experience to ensure Flora Growth adheres to effective corporate governance practices.

Luis Merchan is the company’s President and CEO. He is a proven executive with over a decade of experience in enterprise sales management, corporate strategy, merchandising and expense management, and customer experience. Mr. Merchan previously served as Macy’s Inc.’s Vice President of Workforce Strategy and Operations, where he managed the enterprise’s multi-billion-dollar P&L expense line for the entire 540 store portfolio. Throughout his tenure at Macy’s, he led various sales and marketing initiatives, including the B2B corporate sales team that was responsible for $160 million in annual revenue. Mr. Merchan obtained his Bachelor of Industrial Engineering from Pontifical Xaverian University in Bogota, Colombia, and his MBA from McNeese State University. He also holds a Graduate Certificate in Marketing Management from Harvard.

Juan Manuel Galan is a Strategic Advisor to the Flora Growth management team. Mr. Galan currently serves as a senior consultant to The World Bank. He is a politician and former senator of Colombia, serving three terms from 2006 to 2018 as a member of the Colombian Liberal Party. He is also a former professor at the University of Rosario and holds more than 20 years of journalistic, academic, governmental and parliamentary experience. During his time as a senator, Mr. Galan was a key leader, with 29 bills and 27 debates on political control, and 17 laws to his name. The most relevant of those laws was authoring the medical cannabis law that resulted in the legalization of medical cannabis in Colombia.

Stan Bharti is a Director of Flora Growth. Mr. Bharti currently serves as Executive Chairman of Forbes & Manhattan. He has more than 30 years of professional experience in business, finance, markets, operations and more, with a focus on the resource and technology sectors. To date, Mr. Bharti has amassed over $3 billion worth of investment capital for the companies with which he has worked and their shareholders. He is a Professional Mining Engineer and holds a master’s degree in engineering from Moscow, Russia, and University of London, England.

Javier Franco is the company’s VP of Agriculture. Mr. Franco is a master horticulturist with more than 25 years of experience in the design, implementation, and management of cultivation and propagation facilities of more than 30 species of cut flowers in Latin America. He completed his agricultural studies at Zamorano University in Honduras and later at an International Exchange Program at Ohio State University. Mr. Franco has directed technical, commercial, and research groups in the cut flower, fruit and vegetable markets in Latin America and has participated in the commercial development of new technologies applied in agribusiness. He has also led the agri-management of organic crops and certifications of Good Agricultural Practices.

Investment Considerations

  • Flora Growth is uniquely positioned to achieve revenue growth, with a balance sheet supported by two successful financings and the recent launch of multiple operating divisions.
  • The company boasts a robust M&A pipeline featuring strategic targets with near-term revenue growth opportunities and global distribution channels.
  • Flora Growth is led by an exceptional management team featuring cannabis, CPG, and capital markets experts who have raised more than $3 billion in combined public financings.
  • The company’s brand portfolio features 280+ products, 70+ medical and cosmetic licenses, and 2,500+ points of distribution across Latin America and the U.S.
  • Flora Growth has a healthy balance sheet with minimal debt; the company reported a cash balance of $25.3 million with long-term debt of just $0.7 million as of April 19, 2021.
  • The company’s all-natural, outdoor cultivation operations allow for production costs below $0.06 per gram – roughly 60% lower than its closest peer.


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Excellon Resources Inc. (NYSE American: EXN) (TSX: EXN) (FSE: E4X2)

Excellon Resources Inc. (TSX: EXN) (NYSE American: EXN) (FSE: E4X2) (“Excellon” or the “Company”) is a silver and base metals producer with precious metal exploration and development projects in Mexico, Idaho and Germany. Since being founded in 1987, the Company has been advancing a precious metals growth pipeline focused on creating wealth for its stakeholders by realizing strategic opportunities in the silver and gold markets.

Excellon is an active and influential member of the Mining Association of Canada (“MAC”). The Company implements a practical, best-in-class management system that addresses the safety, health, security, environmental and community aspects of its operations, per the UN Sustainable Development Goals. On each project, the Company incorporates MAC’s Towards Sustainable Mining Initiatives and other world-class best practices with the objective of constantly improving its safety systems, training and hazard recognition.

Precious Metals Growth Pipeline

The Company is advancing a precious metals growth pipeline that includes: Platosa, Mexico’s highest-grade silver mine since production commenced in 2005; Kilgore, a high-quality gold development project in Idaho with strong economics and significant growth and discovery potential; and an option on Silver City, a high-grade epithermal silver district in Saxony, Germany, with 750 years of mining history and no modern exploration.

Maintaining and developing this pipeline presents the Company with enhanced opportunities in the expanding precious metals market, which was valued at $193.3 billion worldwide in 2020 (https://nnw.fm/6nv5f). This market is expected to increase at a compound annual growth rate (“CAGR”) of 9% from 2020 to 2027, resulting in an estimated $362.1 billion market size in 2027 (https://nnw.fm/6nv5f). Global market demand was calculated at 22,581.8 tons in 2020 and is expected to grow to 36,501.1 tons in 2027, achieving a CAGR of 3.5% (https://nnw.fm/6nv5f).

Excellon reported strong results in terms of both production and average pricing at the end of Q4 2020, including:

  • Silver – 355,581 oz – $24.46
  • Lead – 2,223,465 lbs. – $0.87
  • Zinc – 2,452,728 lbs. – $1.21

Compared to Q4 2019, Excellon’s silver production increased by 37%, lead increased by 32% and zinc increased by 19% in Q4 2020 (https://nnw.fm/4C0P7).

Platosa Mine – Silver, Lead, Zinc – Production, Development & Exploration

The Platosa Mine is located 5 km north of Bermejillo, Durango, Mexico, on a 14,000-hectare property. The mine commenced production in 2005 as an underground operation and is 100% owned and operated by Excellon. The Company is mining massive sulfide ores rich in silver, lead and zinc from a series flat-lying massive sulfide bodies (mantos) in a carbonate replacement deposit system. Historically, the mining method was a modified room and pillar method, which transitioned to cut-and-fill in recent years and overhand-cut-and-bench in 2020. The ore produced from the mine is transported 200 km south for processing at the Company’s 100% owned Miguel Auza mill.

Kilgore Project – Gold – Exploration & Resource Growth

The Kilgore Project is located in Clark County, situated in eastern Idaho in the United States. The project area is 100% owned and operated by Excellon. While still in the exploration and development phase, the primary target on the 13,627-acre site is an epithermal gold system. The property itself has historical mining that dates back to the 1930s, with modern mineral exploration beginning in the 1980s. The Kilgore Project displays characteristics similar to Kinross Gold’s Round Mountain Mine, which has produced more than 15 million ounces of gold since operations began in 1977.

Evolución Project – Mineral Processing, Resource Growth & Exploration

The Evolución Project is located in Miguel Auza, Zacatecas, Mexico, and hosts a large gold, silver, lead and zinc epithermal within a 45,000-hectare property that is 100% owned by Excellon. The site includes a processing facility with a mill and flotation circuit which processes ore from Excellon’s Platosa mine. The facility has a capacity of 800 tons per day, with a 650 ton-per-day ball mill in operation and a second 150 ton-per-day ball mill on standby. Excellon is looking at opportunities for toll milling, expansion and economic study of the mineral resource and grassroots exploration. Importantly, the project covers an unexplored 35-kilometer strike of the Fresnillo silver trend, the richest silver belt in the world.

Silver City Project – Exploration

Excellon holds an option to acquire the 16,400-hectare Silver City Project in Saxony, Germany. Initial drilling results in 2020 confirmed the presence of a high-grade, district-scale epithermal silver system over more than 12 kilometers of strike. The Company is now focused on defining wider zones of mineralization (https://nnw.fm/jMah9). Silver City was mined from the 11th to late-19th century, until Germany moved off the silver standard in 1873. The deposits in the area were exceptionally high grade, with historical records indicating grades well in excess of 1,000 g/t silver.

Oakley Project – Exploration

The Oakley Project, located in Oakley, Idaho, is an exploration project with land holdings of approximately 7,000 acres. The project hosts gold-silver, epithermal hot spring-type mineralization at two targets: Blue Hill Creek and Cold Creek, and detachment-related gold-silver mineralization at Matrix Creek. The Company has granted Centerra (U.S.) Inc. an option to earn in to a 70% interest by, among other things, spending up to US$7 million in exploration expenditures on the project prior to May 2026.

Management Team

Brendan Cahill is the President & Chief Executive Officer of Excellon Resources Inc. He was previously Vice President Corporate Development of Pelangio Exploration Inc., a junior gold exploration company active in Ghana, West Africa. Mr. Cahill is a board member of the Mining Association of Canada, Group Eleven Resources Ltd., and Kore Mining Inc. He holds a law degree from the University of Western Ontario and an undergraduate degree from the University of Toronto.

Alfred Colas is the Company’s Chief Financial Officer. Most recently, he held the title of CFO of Arch Corp., a Toronto-based private-equity investment firm. Mr. Colas has over 18 years of experience in the mining industry. He is a sitting board member for a housing corporation affiliated with the University of Toronto and is a Chartered Professional Accountant. Mr. Colas completed a Bachelor of Commerce at the University of Toronto.

Paul Keller is Excellon’s Chief Operating Officer. He has over 30 years of industry experience in mining and mine development operations. He previously served as the Senior VP of Major Projects and COO of Trevali Mining. He has experience in building mines from greenfield through permitting, design and operation. Mr. Keller holds a Bachelor of Engineering – Mining from Laurentian University.

Ben Pullinger is the Senior Vice President Geology & Corporate Development for Excellon. Ben brings over 15 years of experience in advancing projects from early stage exploration through to production. Most recently, he was Vice President Exploration at Roxgold Inc., where he made a significant contribution toward growing the 55 Zone at Yaramoko Project into a producing mine. Mr. Pullinger serves on the board of Orford Mining. He is a Professional Geologist (Ontario) and holds an Honors Degree in Geology from the University of Johannesburg.

Investment Considerations

  • Excellon’s portfolio currently includes active production at the Platosa Mine, with four additional assets in the development or exploration stages.
  • Excellon saw significant increases in production of lead, zinc and silver at the Platosa Mine from Q4 2019 to Q4 2020
  • The Company is advancing a precious metals growth pipeline that includes: Platosa, Mexico’s highest-grade silver mine since production commenced in 2005; Kilgore, a high-quality gold development project in Idaho with strong economics and significant growth and discovery potential; and an option on Silver City, a high-grade epithermal silver district in Saxony, Germany with 750 years of mining history and no modern exploration.
  • The Company implements a practical management system that addresses the safety, health, security, environmental and community aspects of mining, as per the UN Sustainable Development Goals.
  • Excellon employs a world-class leadership team with a proven track record of successfully managing and developing similar mineral projects across the globe.
  • The global market size for precious metals was valued at $193.3 billion in 2020 and is expected to grow to $362.1 billion by 2027 (https://nnw.fm/6nv5f).


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Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR)

Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR), based in Lakewood, Colorado, is the country’s largest producer of uranium and the leading conventional producer of vanadium, both designated by the U.S. government as critical minerals. Energy Fuels is also making progress entering the rare earth element production business.

As the leading U.S. diversified uranium miner, Energy Fuels’ uranium production portfolio stands apart in the world. Energy Fuels has more uranium production facilities, more production capacity, and more in-ground resources than any other company in the United States. In fact, the company’s assets have produced over one-third of all U.S. uranium over the past 15 years and is uniquely positioned to increase production to meet new demand.

Energy Fuels utilizes both conventional and in-situ recovery (“ISR”) technology to produce uranium from three strategic facilities:

  • White Mesa Mill in Utah (conventional) has a licensed capacity of over 8 million pounds of U3O8 per year. The highly strategic White Mesa Mill is the only conventional uranium mill in the country and is proximate to some of the largest and highest-grade uranium mines and projects in the U.S., including the Company’s Canyon mine, La Sal Complex, Henry Mountains Complex and Roca Honda Project. White Mesa Mill provides Energy Fuels with significant production scalability as uranium demand increases. The White Mesa Mill also has other diverse businesses, including vanadium, rare earth elements (REE’s), alternate feed materials recycling and land cleanup, all described below.
  • Nichols Ranch Plant (ISR) is located in the productive Powder River Basin district of Wyoming and has a total licensed capacity of 2 million pounds of U3O8 per year. Nichols Ranch has produced 1.2 million pounds of U3O8 since commissioning in 2014, and it has significant future expansion potential from 34 fully licensed wellfields containing significant in-ground uranium resources.
  • Alta Mesa Plant (ISR) is located on over 200,000 acres of private land in Texas. The fully licensed and constructed ISR project has a total operating capacity of 1.5 million pounds of uranium per year and produced nearly 5 million pounds of U3O8 between 2005 and 2013. This low-cost production facility is currently on standby, maintained in a state of readiness to respond to expected increases in demand.

In addition to being the largest uranium miner in the U.S., Energy Fuels’ overall portfolio also includes a pipeline of high-quality, large-scale exploration and development projects that are permitted or are in advanced stages of permitting, as well as an industry-leading U.S. NI 43-101 Mineral Resource portfolio.

FACTOID: Energy Fuels has led industry efforts over the past two-plus years to get the U.S. government to recognize the importance of domestically produced uranium, including the 2018 – 2019 Uranium Section 232, the ongoing Nuclear Fuel Working Group and the recently announced creation of the U.S. strategic uranium reserve. The U.S. is by far the largest consumer of uranium in the world, yet we import almost all of our requirements; Energy Fuels aims to change that.

Nuclear Market Potential

Multiple studies in top scientific journals have shown that nuclear power is cleanest and most economical way to produce reliable electricity as worldwide demand continues to soar. Nuclear power is presently the only available and affordable low-carbon power source that can meet both current and future baseload electricity demands while simultaneously reducing air pollution and mitigating climate change. U.S. nuclear power plants currently generate nearly 20% of the nation’s electricity overall and 55% of its carbon‐free electricity and even a modest increase in electricity demand would require significant new nuclear capacity by 2025. According to the World Nuclear Association (WNA), there are currently 441 operable reactors, with another 54 units under construction and 439 in various stages of planning; in addition, the WNA has identified a potentially massive supply/demand gap through 2040 of 1 billion pounds. These factors among others are expected to significantly drive increased demand for uranium.

Reasons Nuclear is Gaining Traction

  • Nuclear reactors emit no greenhouse gases during operation. Over their full lifetimes, they result in comparable emissions to renewable forms of energy such as wind and solar.
  • Unlike any other form of energy, the waste from nuclear energy is contained and managed securely. Used fuel is currently being safely stored for ultimate disposal or future reprocessing, and 96% of this waste can potentially be recycled.
  • Greater demand for clean electricity to power everything from homes to automobiles, reducing dependence on fossil fuels.

No. 1 U.S. Producer of Vanadium in 2019

Energy Fuels also produces vanadium as a byproduct of uranium production. Vanadium is designated a critical mineral, essential to the economic and national security of the United States. Energy Fuels was the largest producer of vanadium in the U.S. in 2019, and has significant high-grade, in-ground vanadium resources, as well as a separate high-purity vanadium production circuit at their White Mesa Mill, which is also the only conventional vanadium mill in the country. Crucial for use in the steel, aerospace, and chemical industries, vanadium plays a critical role in the production of high-strength and light-weight metallic alloys and demand is expected to increase across the globe.

Energy Fuels has several fully permitted and developed standby mines containing large quantities of high-grade vanadium, along with uranium, including:

  • La Sal Complex (Utah)
  • Whirlwind Mine (Colorado/Utah)
  • Rim Mine (Colorado)

Vanadium has also gained increased attention as a catalyst in next-generation high-capacity, “community-scale” batteries used for energy storage generated from renewable sources. Demand is only expected to grow as this market expands. With recent upgrades in its vanadium production operations, in 2019 Energy Fuels produced commercial levels of the highest purity (99.7%) vanadium in the mill’s history and can rapidly adjust production to meet volatile market conditions. Energy Fuels is one of the very few known avenues that provides investors access the vanadium market.

Rare Earth Element (REE) Production, Alternate Feed Material Recycling, and Land Cleanup

The White Mesa Mill also provides the company with diverse cashflow generating opportunities. Security of supply for Rare Earth Elements (REEs) supporting U.S. military and defense requirements is a major issue today. Energy Fuels has been approached by a number of entities, including the U.S. government, inquiring about the potential to process certain REEs at the mill. The White Mesa Mill is currently licensed to process certain REEs, including tantalum and niobium. And, early indications are that the mill can be utilized to produce several other REEs. The White Mesa Mill is also the only facility in North America licensed and capable of recycling alternate feed materials (AFMs). AFMs are essentially low-level waste materials that contain recoverable quantities of natural (or unenriched) uranium. The Company typically generates between $5 and $15 million per year from AFM recycling. Finally, Energy Fuels is seeking to become involved in the cleanup of legacy Cold War era uranium mines in the Four Corners region of the U.S., including on the Navajo Nation. The U.S. Environmental Protection Agency (EPA) has access to over $1.5 billion for the cleanup of just a fraction of the sites on the Navajo Nation. The White Mesa Mill is fully licensed to receive much of this material, we are one of the government’s lowest cost options, and we have the ability to recycle the material and produce usable uranium from it.

Management Team

Mark S. Chalmers, President and CEO
Mark S. Chalmers is the president and chief executive officer of Energy Fuels, a position he has held since Feb. 1, 2018, following his role as chief operating officer of Energy Fuels from July 1, 2016 – Jan. 31, 2018. From 2011 to 2015, Chalmers served as executive general manager of Production for Paladin Energy Ltd., a uranium producer with assets in Australia and Africa, including the Langer Heinrich and Kayelekera mines where, as head of operations, he oversaw sustained, significant increases in production while reducing operating costs. He also possesses extensive experience in in situ recovery (“ISR”) uranium production, including management of the Beverley Uranium Mine owned by General Atomics (Australia), and the Highland mine owned by Cameco Corporation (USA). Chalmers has also consulted to several of the largest players in the uranium supply sector, including BHP Billiton, Rio Tinto, and Marubeni, and until recently served as the chair of the Australian Uranium Council, a position he held for 10 years. Chalmers is a registered professional engineer and holds a Bachelor of Science in Mining Engineering from the University of Arizona.

W. Paul Goranson, COO
W. Paul Goranson is the chief operating officer for Energy Fuels. Goranson has 30 years of mining, processing and regulatory experience in the uranium extraction industry that includes both conventional and in-situ recovery (“ISR”) mining, and he is a registered professional engineer. Prior to the acquisition by Energy Fuels of Uranerz Energy Corporation, Goranson served as president, chief operating officer and director for Uranerz, where he was responsible for operations of the Nichols Ranch ISR Uranium Project. In addition to those duties, he also managed uranium marketing, regulatory and government affairs, exploration and land. Prior to joining Uranerz, Goranson served as president of Cameco Resources, where he led the operations at the Smith Ranch-Highland, Crow Butte and North Butte ISR uranium recovery facilities. Goranson also served as vice president of Mesteña Uranium LLC, and he has served in senior positions with Rio Algom Mining, (a subsidiary of BHP Billiton), and Uranium Resource Inc. Goranson has a Bachelor of Science in Natural Gas Engineering from Texas A&I University, and a Master of Science in Environmental Engineering from Texas A&M University-Kingsville.

David C. Frydenlund, CFO, General Counsel, Corporate Secretary
David C. Frydenlund is chief financial officer, general counsel, and corporate secretary of Energy Fuels. His responsibilities include oversight of all legal matters relating to the company’s activities. His expertise extends to NRC, EPA, state and federal regulatory and environmental laws and regulations. From 1997 to 2012, Frydenlund was vice president of regulatory affairs, general counsel and corporate secretary of Denison Mines Corp., and its predecessor International Uranium Corporation (“IUC”). He also served as a director of IUC from 1997 to 2006 and CFO of IUC from 2000 to 2005. From 1996 to 1997, Frydenlund was vice president of the Lundin Group of international public mining and oil and gas companies, and prior thereto was a partner with the Vancouver law firm of Ladner Downs (now Borden Ladner Gervais) where his practice focused on corporate, securities and international mining transactions law. Frydenlund holds a bachelor’s degree in business and economics from Simon Fraser University, a master’s degree in economics and finance from the University of Chicago and a law degree from the University of Toronto.

Curtis H. Moore, Vice President of Marketing and Corporate Development
Curtis H. Moore is the vice president of Marketing and Corporate Development for Energy Fuels. He oversees product marketing for Energy Fuels, and is closely involved in mergers & acquisitions, investor relations, public relations, and corporate legal. He has been with Energy Fuels for over 12 years, holding various roles of increasing responsibility. Prior to joining Energy Fuels, Moore worked in multi-family real estate development, government relations and public affairs, production homebuilding, and private law practice. Moore is a licensed attorney in the State of Colorado. He holds Juris Doctor and MBA degrees from the University of Colorado at Boulder, and a Bachelor of Arts dual degree in Economics-Government from Claremont McKenna College in Claremont, California.

Investment Considerations

  • Largest producer of uranium in the United States (2017-2019); assets accounted for over one-third of nation’s supply since 2006
  • Leading U.S. vanadium producer in 2019 with flexibility to respond to evolving markets
  • Diverse business opportunities, including alternate feed materials recycling, land cleanup and rare earths, which all have significant potential to drive significant cash flow
  • Positioned to benefit from Trump Administration’s pursuit of $1.5B over 10 years to purchase uranium from U.S. miners, along with other U.S. government support of domestic production
  • Strong cash, working capital and inventory positions
  • Proven track-record of sustained U.S. market leadership

Additional Resources

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Cybin Inc. (NYSE American: CYBN) (NEO: CYBN)

Cybin Inc. (NYSE American: CYBN) (NEO: CYBN) is focused on progressing psychedelic therapeutics by utilizing proprietary drug discovery platforms, innovative drug delivery systems, novel formulation approaches and treatment regimens for psychiatric disorders.

The company is on a mission to revolutionize mental health care.

Key Facts

  • Led by CEO Doug Drysdale
    • 30 years of experience in the health care sector
    • Chaired the board of directors of a NASDAQ-listed company and, as a CEO for the past 13 years, has built and turned-around four pharmaceutical companies
    • Completed 15 corporate acquisitions across three continents and has raised $4 billion of both public and private capital
    • Former Head of M&A at Actavis Group (Actavis was sold to Watson Pharmaceuticals in 2012 for €4.25 billion)
  • Experienced scientific team
    • The only scientific team in the industry that has successfully developed a commercial psychedelic drug
    • Facilitated billions in pharmaceutical sales
    • Successfully helped develop widely used drugs such as: Allegra, Sabril, Anzemet & Vaniqa
    • 300 combined peer reviewed publications by scientific leadership include work in addiction and psychedelics
    • Team collectively involved in 37 exits across the biotech sector and various other verticals
    • Overseen 60+ IND programs with FDA
    • Team pedigree: Merck, Elan, GSK, Sanofi, Eli Lilly and UCB

Product Offering and Pipeline

Cybin has four drug development programs CYB001, CYB003, CYB004 & CYB005.

  • Cybin is using psilocybin as the basis for its first new anti‐depressant pharmaceutical drug.
  • Cybin is also focused on other novel psychedelic compounds, such as DMT, MDMA and other analogues, that will have improved pharmacokinetic profiles while retaining the efficacy of the original molecules.
  • The company is building a portfolio of proprietary deuterated molecules, which are more stable, improved and expected to result in more scalable treatments, as compared to peers.
  • To date, Cybin has facilitated 20 pre-clinical studies on a portion of its molecules within its discovery pipeline. These studies have been conducted through in vitro and in vivo, with many promising results allowing for full IND-enabling studies on certain molecules.
  • Cybin’s Phase II trials on CYB001 will assess the drug’s effectiveness as a treatment for Major Depressive Disorder, as well as helping to determine the proper dosage.
  • Cybin has developed a pipeline of nearly 50 different psychedelic molecules (i.e., DMT, psilocybin) and is currently engaged in pre‐clinical research to understand which are best suited for further development.

Cybin currently holds 10 provisional patents. The company’s IP portfolio, technology rights and provisional patents include:

  1. A provisional patent application filed for an oral film delivery mechanism
  2. A provisional patent application filed for nebulization technology
  3. Multiple patent applications filed for deuterated psychedelic molecules and analogs
  4. A discovery pipeline of tryptamines and phenylethylamines alongside certain metabolites
  5. A patent application filed for platforms that are expected to create supportive treatment regimens

Cybin X Kernel

On January 11, 2021, Cybin announced its entry into an agreement with neurotech pioneer HI LLC (dba Kernel) to leverage its innovative Kernel Flow technology for Cybin’s upcoming sponsored clinical work.

Kernel Flow is a full-head coverage, time-domain functional near-infrared spectroscopy system designed to detect hemodynamic changes in the brain. The platform pulses light through the skull and into the bloodstream in order to measure how much oxygen the blood is carrying at any given time. Kernel Flow is expected to facilitate further and more detailed research into psychedelic therapeutic offerings for those suffering from mental health disorders.

“Access to Kernel’s innovative Flow technology adds another exciting dimension to the investigative work that Cybin is doing to develop breakthrough treatments for mental health disorders such as depression and addiction,” Cybin CEO Doug Drysdale stated in a news release. “Currently, clinical investigators rely on limited subjective information from patients. The ability to collect quantitative data from our sponsored drug development programs is potentially game-changing in terms of our ability to measure where psychedelics work in the brain in real time, and how we ultimately design our future therapeutics.”

Market Outlook for Psychedelic Therapies

Cybin’s rich IP portfolio could help position the company in a prominent role in the expanding U.S. psychedelic therapies market.

Over 700 million people globally are affected with some sort of mental illness, addiction or eating disorder, according to the World Health Organization, leading to a sizable treatment market.

  • The global treatment market for mental disorders is estimated at $2.5 trillion, including $800 billion in direct economic costs, according to the National Centre for Biotechnology Information.
  • In the U.S., the direct and indirect economic costs of mental disorders are estimated at $467 billion by the National Institute of Mental Health.
  • In Canada, the direct and indirect costs associated with treating mental disorders total C$51 billion, according to the Centre for Addiction and Mental Illness.
  • The U.S. psychedelic drugs market was valued at $2.1 billion in 2019 and is expected to reach nearly $6.9 billion by 2027, accelerating at a CAGR of 16.3 percent, per Data Bridge Market Research.

Management Team

Doug Drysdale is the Chief Executive Officer of Cybin Inc. He is an experienced corporate director and CEO, having chaired the board of directors of a Nasdaq-listed company and led turnarounds at three pharmaceutical companies as CEO. With over 30 years of experience in the health care sector, Mr. Drysdale has formed cohesive management teams, recruited board members, completed 15 acquisitions across three continents and raised $4 billion in private and public capital. He holds a bachelor’s degree in microbial and molecular biology from the University of East Anglia in the United Kingdom and was recognized as the ‘Entrepreneur of the Year’ by Ernst and Young in 2012.

Eric So is Co-Founder, Executive Chairman and President of Cybin. He is the Co-Founder and current Managing Director of Trinity Venture Partners Inc., a boutique merchant bank. He is a veteran founder, investor, operator and advisor to disruptive companies. He began his career practicing in the areas of corporate commercial securities, finance and mergers & acquisitions at a leading international legal firm. Mr. So has a Bachelor of Science with a major in anatomy and cell biology and a minor in psychology from McGill University. He has a Bachelor of Laws from the University of Windsor.

John Kanakis is Cybin’s Co-Founder and SVP of Business Development. He is also the Co-Founder and Managing Director of Trinity Venture Partners Inc. He is the Co-Founder of several start-up companies across various sectors. Mr. Kanakis has raised over $100 million for the start-ups of which he has been a part and brings over 10 years of experience in medical device manufacturing and regulatory frameworks to Cybin.

Paul Glavine is the Co-Founder and Chief Operating Officer of Cybin. He is also the Co-Founder of Global Canna Brands, which was granted the first-ever tier 3 cultivation license in Jamaica. His first cannabis start-up, Truverra, was sold to The Supreme Cannabis Company (TSX: FIRE). He has advised on M&A and other financial transactions totaling over $50 million. He is a serial entrepreneur and investor with vast experience in the biotech and cannabis industries.

Alex Nivorozhkin, Ph.D., is Cybin’s Chief Scientific Officer. He is a lead NCE inventor of multiple successfully partnered drug discovery and development programs and a technology developer of proprietary formulations for CNS drugs. Dr. Nivorozhkin is a seasoned medicinal chemist, drug delivery expert and founder of multiple biotech companies.

Michael Palfreyman, Ph.D., is the company’s Chief R&D Officer. He brings three decades of preclinical/clinical development experience to the Cybin team, including time with Scriptgen, EnVivo Pharma, Sanofi, GSK, Amorsa Therapeutics and others. Dr. Palfreyman has successfully led multiple IND filings and clinical programs, and he boasts a significant portfolio of CNS therapeutics patents and commercial products.

Brett Greene is Cybin’s Chief Innovation Officer. He served as a research administrator for the Center for Drug Discovery (one of the top cannabinoid and serotonin research centers in the world) for over a decade. Greene is a recognized leader in the field of psychedelics and has co-managed more than $80 million in federal funding for cannabinoid and serotonin research. A co-founder of Psymposia, Greene also co-managed the NIDA-sponsored Chemistry & Pharmacology of Drug Abuse (CPDA) conference for five years.

Alex Belser is the company’s Chief Clinical Advisor. Mr. Belser is a licensed psychologist, clinical supervisor and psychedelic researcher at Yale. He has been active in the psychedelic research community for 20 years and has conducted clinical research with psilocybin and MDMA for a variety of indications. Mr. Belser’s research has been featured in The New York Times, The Atlantic, The New Yorker, The Guardian and VICE, as well as in Michael Pollan’s book, How to Change Your Mind.

Eric Hoskins is Cybin’s Governance Committee Chair. He served as Ontario health minister from 2014 to 2018, maintaining responsibility for one of the largest health care systems in North America. Mr. Hoskins is a former elected Member of Ontario Provincial Parliament with cabinet positions in health, economic development and trade, children and youth services, and immigration. He brings to the Cybin team more than 30 years of experience in public policy, complex diplomacy, international affairs, health care, media and economic development at the intersection of business, politics and complex social and political circumstances. Hoskins is a proven negotiator and navigator at the highest levels of government and bureaucracy.

Investment Considerations

  • Cybin Inc. currently has four molecules/technologies in its clinical pipeline in various stages of development with a robust discovery pipeline.
  • The company’s management team is comprised of leaders with experience in various aspects of the pharmaceutical and innovative therapeutics market.
  • Recent studies have shown promising effects in the use of psilocybin, DMT and LSD therapies for psychiatric disorders in patients.
  • The company holds eight provisional patents for various delivery mechanisms and related technologies.
  • Cybin’s therapeutic advances are catering to a global market of over 700 million people affected by mental illness.
  • The U.S. psychedelic therapies market is expected to expand significantly, reaching $6.9 billion by 2027, as the prevalence of depression and mental disorders continues to increase.
  • Cybin has raised nearly $C90 million to date.


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CNS Pharmaceuticals Inc. (NASDAQ: CNSP)

CNS Pharmaceuticals Inc. (NASDAQ:CNSP) is a clinical stage biotechnology company specializing in the development of novel treatments for primary and metastatic cancers of the brain and central nervous system.

The company was founded in 2017 and is headquartered in Houston, Texas.

Organ Targeted Therapeutics

The company’s lead drug candidate, Berubicin, is proposed for the treatment of glioblastoma multiforme (“GBM”), an aggressive and incurable form of brain cancer. Berubicin also has potential to treat other central nervous system malignancies. Based on limited clinical data, Berubicin appears to be the first anthracycline to cross the blood brain barrier in the adult brain, and it was the subject of a successful Phase 1 study which found the MDT and produced efficacy data as well.

CNS holds a worldwide exclusive license to the Berubicin chemical compound. The company has acquired all requisite data and know-how from Reata Pharmaceuticals Inc. related to a completed Phase I clinical trial of Berubicin in malignant brain tumors. In this trial, 44% of patients experienced a statistically significant improvement in clinical benefit. In 2017, CNS entered into a collaboration and asset purchase agreement with Reata.

CNS intends to explore the potential of Berubicin to treat other diseases, including pancreatic and ovarian cancers and lymphoma. The company is also examining plans to develop combination therapies that include Berubicin.

CNS estimates that more than $25 million in private capital and grants were invested in Berubicin prior to the company’s $9.8 million IPO in November 2019.

CNS intends to submit an IND for Berubicin during the fourth quarter of 2020 and expects to commence a Phase II clinical trial of Berubicin for the treatment of GBM in the U.S. in Q1 2021. A sub-licensee partner was awarded a $6 million EU/Polish National Center for Research and Development grant to undertake a Phase II trial of Berubicin in adults and a first-ever Phase I trial in pediatric GBM patients in Poland in 2021.

The company’s second drug candidate, WP1244, is a novel DNA binding agent licensed from the MD Anderson Cancer Center. In preclinical studies, WP1244 proved to be 500-times more potent than the chemotherapeutic agent, daunorubicin, in inhibiting tumor cell proliferation. The company has entered into a sponsored research agreement with the MD Anderson Cancer Center to further the development of WP1244.

CNS Pharmaceuticals recently engaged U.S.-based Pharmaceutics International Inc. and Italian BSP Pharmaceuticals SpA for the production of the Berubicin drug product. The company has implemented a dual-track manufacturing strategy to mitigate COVID-19-related risks, diversify its supply chain and provide for localized availability of Berubicin. CNS has already completed synthesis of Berubicin’s active pharmaceutical ingredient (API) and has shipped the API to both manufacturers in order to prepare an injectable form of Berubicin for clinical use.

Global Brain Tumor Therapeutics Market

The high recurrence rate of malignant brain tumors is due to reappearance of focal masses, indicating that a sub-population of tumor cells in these cancers may be insensitive to current therapies and may be responsible for reinitiating tumor growth. This necessitates the development of newer drugs in the market that demonstrate greater efficacy in treating such aggressive cancers.

A global increase in neurological disorders has placed increased attention on cancers of the brain over the past decade. Neurological disorders are becoming one of the most prevalent types of disorders, due to longer life expectancy, greater exposure to infection and an increasingly sedentary lifestyle. Because few treatments for primary and metastatic cancers of the brain exist, costs are high and have acted as a restraint for the brain tumor therapeutics market.

Despite progress in surgery, radiotherapy and chemotherapeutic strategies, effective treatments for brain cancer are limited by a lack of specific therapies for the brain and the difficulty in transporting therapeutic compounds across the blood brain barrier. Therefore, there is a significant need for novel and effective therapeutic drugs and strategies that prolong survival and improve quality of life for brain tumor patients.

Several companies are making significant investments into R&D, which is expected to bring more treatment options to the market in the near future. Industry reports consistently project continued growth in the market.

One report estimates that the global brain tumor therapeutics market will reach a valuation of $2.74 billion in 2023, with the market expected to register a CAGR of 11% during the forecast period from 2018 to 2023. Another report projects that the global brain tumor therapeutics market will reach $3.4 billion by 2025, up from $2.25 billion in 2019 (http://nnw.fm/eDUjp).

Management Team

John M. Climaco is the CEO of CNS Pharmaceuticals. For 15 years, Climaco has served in leadership roles for a variety of health care companies. Recently, Climaco served as the Executive Vice President of Perma-Fix Medical S.A, where he managed the development of a novel method to produce Technitium-99. Climaco also served as President and CEO of Axial Biotech Inc., a DNA diagnostics company. In the process of taking Axial from inception to product development to commercialization, Climaco forged strategic partnerships with Medtronic, Johnson & Johnson and Smith & Nephew.

Christopher Downs, CPA, is the company’s Chief Financial Officer. Downs previously served as Interim Chief Financial Officer and Executive Vice President of InfuSystem Holdings Inc. (NYSE: INFU), a supplier of infusion services to oncologists in the United States. Downs holds a Bachelor of Science from the United States Military Academy at West Point, an MBA from Columbia Business School and a Master of Science in Accounting from the University of Houston-Clear Lake.

Dr. Donald Picker is the Chief Scientific Officer of CNS. Picker has over 35 years of drug development experience. Prior to joining CNS, Picker worked at Johnson Matthey, where he was responsible for the development of Carboplatin, one of the world’s leading cancer drugs, which was acquired by Bristol-Myers Squibb with annual sales of over $500 million. In addition, he oversaw the development of Satraplatin and Picoplatin, third-generation platinum drugs currently in late-stage clinical development.

Sandra L. Silberman, M.D., Ph.D., is the Chief Medical Officer of CNS Pharmaceuticals. Silberman is a hematologist/oncologist who earned her B.A., Sc.M. and Ph.D. from the Johns Hopkins University School of Arts and Sciences, School of Public Health and School of Medicine, respectively, and her M.D. from Cornell University Medical College. She then completed both a clinical fellowship in hematology/oncology and a research fellowship in tumor immunology at the Brigham & Women’s Hospital and the Dana Farber Cancer Institute in Boston, Massachusetts. Silberman has played key roles in the development of many drugs, including Gleevec(TM), for which she led the global clinical development at Novartis. Silberman advanced several original, proprietary compounds into Phases I through III during her work with leading biopharmaceutical companies, including Bristol-Myers Squibb, AstraZeneca, Imclone and Roche.

Investment Considerations

  • CNS Pharmaceuticals’ lead drug candidate, Berubicin, is proposed for the treatment of glioblastoma multiforme (GBM), an aggressive and currently incurable form of brain cancer.
  • In a Phase I clinical trial of Berubicin in malignant brain tumors, 44% of patients experienced a statistically significant improvement in clinical benefit.
  • In preclinical studies, the company’s second drug candidate, a novel DNA binding agent, was 500-times more potent than the chemotherapeutic agent, daunorubicin, in inhibiting tumor cell proliferation.
  • A global increase in neurological disorders has placed increased attention on cancers of the brain over the past decade.
  • Industry reports estimate that the global brain tumor therapeutics market will reach $2.74 billion in 2023 and $3.4 billion by 2025, up from $2.25 billion in 2019.


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AnPac Bio-Medical Science Co. Ltd. (NASDAQ: ANPC)

AnPac Bio-Medical Science Co. Ltd. (NASDAQ: ANPC) is a biotechnology company focused on early cancer screening and detection. The company develops, distributes and deploys accessible early disease detection devices with an aim of changing the way people approach cancer screening. AnPac Bio-Medical is a highly innovative company and an early thought leader and developer of multi-cancer screening technology, which is gaining significant acceptance.

AnPac Bio-Medical has clinical laboratories in the United States and China, with 142 issued patents as of March 31, 2021. Its corporate headquarters is located in Shanghai, China, while its U.S. headquarters is situated in Philadelphia, Pennsylvania. The company operates two certified clinical laboratories in China and one CLIA registered clinical laboratory in the United States.

Cancer Differentiation Analysis (CDA)

Cancer Differentiation Analysis (CDA) is AnPac Bio-Medical’s approach to detecting cancer and pre-cancerous diseases. CDA uses the natural biophysical properties of blood and cellular proteins to discover cancerous environments before the tumors even form.

Most liquid-based cancer screening and detection technologies focus on biochemical signals, like conventional biomarkers and genomic signals, such as ct-DNAs and CTCs (circulating tumor cells in the blood). These typically only determine whether or not cancer has occurred at a fixed point in time.

CDA technology combines an assessment of existing biomarkers with the biophysical properties and cellular proteins that signal the lead-up to serious health conditions and cancer. It is also used to pinpoint where cancer is most likely located and predict where the risk is highest in the future – all through a standard blood test, at a competitive price point.

AnPac Bio-Medical’s CDA is powered by a database of over 200,000 samples and cases and serves as a new way to approach disease and cancer screening. The device uses an integrated system of sensors to detect several biophysical signals at the cellular, protein and molecular levels. CDA leverages a proprietary algorithm to synthesize the data, effectively generating a personalized risk assessment for evaluated patients.

Through CDA technology, AnPac Bio-Medical aims to address a number of goals, including:

  • Innovate – AnPac Bio-Medical is an innovator in the cancer screening industry, with CDA research ongoing since 2008, and commercial operations beginning in 2015. AnPac considers itself a thought leader in developing multi-cancer screening.
  • Detect – AnPac Bio-Medical detects early signals of threatening cancer and its location within the body.
  • Identify – CDA identifies the risks of up to 26 different types of cancers with high sensitivity and specificity rates.
  • Provide – The company’s platform provides multi-level, multi-parameter analysis using proprietary diagnostic algorithms, which results in accurate and easy-to-understand results.
  • Proven – A fully operational analysis of over 200,000 test samples has been run to date. CDA technology has been shown to identify pre- and early-stage cancers in patients previously diagnosed as “cancer-free” through traditional methods.
  • Biophysical Properties – CDA analyzes biophysical properties in human blood and the correlation between biophysical properties and cancer occurrence.

Market Outlook

AnPac Bio-Medical is exploring detection of other types of cancers leveraging its innovative CDA technology and multi-cancer screening and detection tests, which could open significant opportunities on the global cancer diagnostics market.

According to a report by Grand View Research, the cancer diagnostics market is expected to reach $249.6 billion worldwide by 2026 (https://nnw.fm/L7css). The market is expected to grow at a CAGR of 7% during the forecast period.

Management Team

Dr. Chris Yu is the Co-Founder and Chief Executive Officer of AnPac Bio-Medical. He has enjoyed a successful career as an innovator in life sciences, technology and engineering. Dr. Yu has worked for three U.S. Fortune 500 companies and is the first/principal inventor of over 300 patent applications spanning semiconductors, materials and life science. He has a proven history of developing cutting-edge products with long-term profit and sustainability. Dr. Yu was born to a medical doctor’s family and went to medical school.  He later switched his major to physics and received his bachelor’s and master’s degrees in physics from the University of Missouri-Kansas City Campus and a doctoral degree in physics from Pennsylvania State University. Both of his dissertations addressed innovative detection techniques.

Dr. Herbert Yu is the Co-Founder and Chief Medical Officer of AnPac Bio-Medical. He is a renowned expert in molecular epidemiology, with training in medicine and chemical biochemistry. Dr. Yu has a 20-year career in leading-edge cancer research, including breakthrough work in areas of carcinogenic factors. He is a professor and research director at the University of Hawaii and an adjunct professor at Yale University. He received his bachelor’s degree in medicine from Shanghai First Medical College. Dr. Yu also received a science degree in epidemiology and a Ph.D. in clinical biochemistry from the University of Toronto.

Jingiu (Edward) Tang is the company’s Chief Financial Officer. He previously served as a global internal auditor at Natuzzi S.p.A. Mr. Tang also worked at Beijing Dongshen CPA and Shanghai De’an CPA, providing external audits, finance and tax advisory services across different industries and sectors. He is a Certified Public Accountant in Australia. Mr. Tang received his bachelor’s degree in accounting from Charles Sturt University in Australia, his MBA from Charles Sturt University, and his bachelor’s degree in law from Southwest University of Science and Technology in China.

Weidong Dai is the company’s China General Manager. He previously served as a general partner at Stirrfir Investment Management Co. Mr. Dai has also served as the chairman of RTS Management (Shanghai) Co., and as managing director of Hong Kong Pro-Health Technology Co. and Shanghai Pro-Health Medical Devices Co. He has published a number of medical research papers and research articles in professional journals. Mr. Dai was awarded the Hong Kong Industrial Award for a medical device that he led in research and development. He earned his bachelor’s degree in medicine from Anhui Medical University, a master’s degree in medicine from the Sun Yat-San University of Medicine, and an Advanced Certificate of the EMBA CEO Program from Fudan University, School of Economics.

Investment Considerations

  • AnPac Bio-Medical Science Co. Ltd. is a biotechnology company focused on early cancer screening and detection.
  • The company aims to develop, distribute and deploy its Cancer Differentiation Analysis (CDA) technology to change the way people approach cancer screening.
  • CDA is powered by a database of over 200,000 samples and cases, providing a new way to approach disease and cancer screening.
  • The company’s management team comprises professionals in both the United States and China who are knowledgeable and well educated in cancer screening and detection.
  • The global cancer diagnostics market is expected to reach $249.6 billion by 2026.


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