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Ayr Wellness Inc (OTCMKTS: AYRWF) Finalizing merger agreement with Blue Camo, LLC (Arizona)

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Ayr Wellness Inc (OTCMKTS:AYRWF) is in the final stages of acquiring 100% interest in Blue Camo, LLC. The deal comes after a previously signed Letter of Intent. Ayr Strategies is a specialist in medical cannabis with operations in several states across the US.

In an announcement late last year, Ayr laid out plans to acquire 100% interest in Blue Camo, LLC, which has its operations in Arizona. Ayr will also acquire all Blue Camo’s assets, including a cultivation facility under construction in Phoenix measuring 80,000 ft2, a 10,000 ft2 triple-stacked cultivation and processing facility in Chandler, and three Oasis-branded dispensaries in the greater Phoenix area.

In a statement, Ayr Strategies said Arizona has been on the list of attractive markets for cannabis for a long time, ranking third in the US in terms of patient penetration. The company noted that the medical cannabis market in Arizona is worth $1 billion. This figure is expected to go up following a decision by the Arizona Department of Public Health to approve the recreational use of cannabis.

The department has already approved around 90 locations, including three that Ayr Strategies are acquiring. The three Oasis-branded dispensaries have been approved for adult-use sales and started operations at the start of this year.

Under the agreement, Ayr Strategies will pay a down payment of $75.4 million, split between $9.5 million in cash and $37.4 million in stock. Ayr Strategies will also deposit 2 million shares in escrow to be released after attaining the new facility’s required production targets.

Ayr Strategies announces change of corporate name

Ayr Strategies Inc has changed its corporate name to Ayr Wellness Inc. The change took effect on February 12.

In a statement, Ayr Wellness Chairman and Chief Executive Officer Jonathan Sandelman said the change was motivated by the desire to better reflect the company’s mission of offering premium quality cannabis. Also, he said they are working at improving customer experience, and establishing the company as a voice of authority in the industry.

Sandelman also said Ayr Wellness will work towards enriching their customers’ lives. This, he said, will be achieved through the cultivation of high-quality plants and processing high-quality cannabis.

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KushCo Holdings Inc (OTCMKTS: KSHB) 3Q2021 Revenue Increases 27% YoY To $28.3 Million

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KushCo Holdings Inc (OTCMKTS: KSHB) recently announced financial results for 3Q2021 ended May 31, 2021. The company reported a 27% YoY increase in its net revenue to $28.3 million, attributed to its existing customer base of Multi-State Operator (MSO) and Licensed Producers (LP), and securing new MSO customers. In addition, KushCo recently opened a 130,000 sq ft West Coast warehouse in Moreno Valley, California, to reap about $1.3 million in annual cost savings, in line with its warehouse consolidation strategy. The company has also scheduled a special shareholder meeting in August 2021 to approve a transformative merger with Greenlane Holdings Inc (NASDAQ: GNLN), which will create the leading ancillary cannabis company. 

3Q2021 financial summary

KushCo reported $9.1 million in SG&A expenses, a decrease from $12.7 million reported for 3Q2020. The YoY decrease was attributed to reductions in consulting spend, headcount, bad debt expense, and stock compensation expenses, primarily due to the company’s 2020 implementation plan and the COVID-19 pandemic. KushCo reported a net loss of $8.0 million on a GAAP basis, a YoY decrease from $13.5 million in 3Q2020. Loss per share was $0.05 compared to $0.11 in the prior-year quarter. Higher revenue and cost reductions helped achieve adjusted EBITDA of ($1.1) million in 3Q2021 than ($2.7) million in 3Q2020. 

KushCo reported cash of $1.1 million as of May 31, 2021, compared to $35.0 million at the end of February 28, 2021. The QoQ decrease in the case was attributed to using a portion of its proceeds from the equity raise to pay off $17 million term debt and existing balance on the revolving line of credit. The company reported a total debt outstanding of approximately $0.7 million as of May 31, 2021.

Management commentary

Nick Kovacevich, Chairman, Co-founder, and Chief Executive of KushCo, mentioned that the 3Q2021 represented another significant period, with the 2nd consecutive quarter of YoY growth in revenue. The growth was driven by a 60% YoY increase in sales to the company’s top 25 customers. Alongside, the customers’ quality also continued to improve, putting KushCo in a solid position to capitalize on the next stage of growth. In addition, fiscal prudence in the company’s operations helped it report one of the lowest SG&A expenses in recent quarters.

[optin-monster-shortcode id="lt2ftjs5qhrst1pzmmap"] *Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.
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GreenGro Technologies, Inc. Common Stock (OTCMKTS: GRNH) Launches New Hemp-Infused Product Line Under Greengro Brand

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GreenGro Technologies, Inc. Common Stock (OTCMKTS: GRNH) recently announced the launch of its much-awaited product line of hemp-infused topicals, tinctures, oil, and capsules. The launch will focus on the product range that contains the main psychoactive component, tetrahydrocannabinol (THC), found in cannabis. The newly launched products under GreenGro Brand will be available online through its eCommerce platform and its distributor network. In addition, GreenGro also announced two new distribution agreements with a network of pharmacies, pain management clinics, and dispensaries for marketing and selling the new product line. 

Operational focus and management comment

GreenGro is committed to creating shareholder value by maximizing profit by licensing its eco-friendly technological solutions for the hemp and cannabis industry. The company’s operating divisions GenoBreeding, Cannabis Ventures, and CBD Ventures, allows it to operate in the cultivation, extraction, production, and retail aspects of the market. In addition, GreenGro’s three business divisions allow an efficient, synergistic, and highly profitable business model by leveraging each other’s strengths. 

Tom Schaefer, Chief Executive Officer of CBD Ventures, a wholly-owned subsidiary of GreenGro, expressed that the recent launch underlines the company’s commitment to continually offer new and innovative hemp-infused products with various delivery methods. Additionally, these products will be available through a network of independent retailers in Arizona and California and contribute to future revenue growth.

Operational update and expansion plans

GreenGro recently announced a strategic multi-year marketing and distribution agreement for Neurofarms’ latest products and formulations across national and international markets. Neurofarms is a San Diego-based developer and provider of top-grade medicinal cannabis products and cannabinoid medicines. GreenGro will resume the build-out of its cannabis dispensary located near Palm Springs in Riverside County, in Cathedral City, California. The announcement follows the recent approval of Conditional Use Permits for the manufacturing, distribution, and delivery licenses. The dispensary will be an integral part of the company’s regional expansion strategy in Southern California. GreenGro recently appointed Charles Garavitt as its Chief International Officer, responsible for overseeing a global market presence primarily through a franchise business model.

[optin-monster-shortcode id="lt2ftjs5qhrst1pzmmap"] *Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.
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Namaste Technologies Inc (OTCMKTS: NXTTF) Subsidiary Will Be The Exclusive Distributor For Rapid Dose Therapeutics’ Branded Cannabis Products Across Canada

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Namaste Technologies Inc’s (OTCMKTS: NXTTF) subsidiary CannMart Inc. entered a Master Distribution Agreement with Rapid Dose Therapeutics Corp. to distribute their innovative cannabis brands across Canada. The products include QuickStrip™ and QuickSips™, a 10 mg Tetrahydrocannabinol (THC) sublingual oral dissolving strip and 100% biodegradable THC-lined drinking straw. QuickStrip™ quickly delivers the primary psychoactive compound in cannabis into the bloodstream resulting in rapid onset of action bypassing first-pass metabolism. QuickSips™, made from sugarcane fibers, quickly dissolves in hot or cold beverages to deliver a precise dose in a few sips. 

CEO comments about the agreement

Meni Morim, Chief Executive Officer of Namaste Technologies, expressed excitement to sign the agreement with Rapid Dose Therapeutics to distribute their innovative cannabis product range. The QuickStrip™ and QuickSips™ present the addition of a new category of products in line with the company’s continuing focus to build a broad spectrum of cannabis products leveraging both conventional and newer delivery platforms. Additionally, CannMart receives many requests from vendors across North America to host their products on the CannMart.com marketplace platform. As a result, its SKU count now stands at approximately 700. The CEO expressed that the partnership with RDT will be successful and a contributor to the company’s growth objectives.

Operational focus and corporate update

Namaste Technologies serves Canadian medical customers with a diverse range of cannabis products from the licensed cultivators. The company also provides U.S. customers with access to CBD and smoking accessories. Its cutting-edge technology and continuous innovation address local needs with intelligent solutions in the rapidly growing cannabis industry. Its subsidiary CannMart recently received the first purchase orders from Manitoba and Saskatchewan for its recreational house brand ‘Roilty’ Concentrates. Roilty will be positioned as a premium, legacy-inspired brand with a product range consisting of distillate vapes, shatter, crumble, live resin, and wax in the coming quarters.

Rapid Dose Therapeutics is a life sciences company focused on innovative, proprietary drug delivery technologies to improve medicinal outcomes. Its primary work revolves around clinical research and product development across nutraceutical, pharmaceutical, and cannabis industries. RDT’s innovative healthcare solutions aim to improve the quality of life for humans, animals, and plants. 

[optin-monster-shortcode id="lt2ftjs5qhrst1pzmmap"] *Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.
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