Cansortium Inc. (OTCMKTS: CNTMF) has announced its financial results for the quarter ending September 30, 2021, in which revenue was up 9% YoY. In addition, the company executed various initiatives during the quarter, including opening two dispensaries in Florida and one in Pennsylvania.
Cansortium reported revenue of $15.6 million in Q3 2021
The company reported revenue of $15.6 million relative to $14.3 million a year ago, with Florida revenue growing 4.3% YoY to 413.1 million. Cansortium reported an adjusted gross profit of $9.8 million or 62.7% of its revenue, with adjusted EBITDA increasing 34% to $4.9 million.
CEO Robert Beasley said, “During the quarter, there was a well-publicized merger between two MSOs in Florida that created a product liquidation event, which disrupted pricing in the market. We nevertheless stood our ground on pricing, which impacted sales but enabled us to hold margins relatively well and still increase adjusted EBTIDA by 34% to $4.9 million. Due to these lower sales, we are revising our 2021 revenue guidance to $63-$66 million, however we are holding our adjusted EBITDA guidance and expect to come in at the low end of our previously disclosed range of $18-$26 million.”
2021 revenue guidance
According to the company, revenue is expected to range between $63 and $66 million in 2021. In addition, the consortium expects adjusted EBITDA to be in the range of $18 million to $26 million, with the lower end of that range expected to be achieved. In 2020, the company reported revenue of $52 million and adjusted EBITDA of approximately $10 million.
“Pricing volatility in Florida has improved since the peak disruption in September, and as we enter the final month of the year, we continue to expect exiting 2021 at a strong run rate with full production from our increased capacity hitting shelves in February 2022. We have already seen increased yields due to environmental control enhancements across multiple facilities, and we are excited to dramatically improve our competitive positioning with greater inventory and a wider range of products to sell across our Florida retail footprint in 2022,” added Beasley.
Medipharm Labs Corp (OTCMKTS: MEDIF) Completes Payment Of Its 2020 Convertible Debt Of $41 Million
Medipharm Labs Corp (OTCMKTS: MEDIF) has announced that it has finalized all payments necessary under its 2020 unsecured convertible debt of $41 million.
Medipharm pays off the convertible debt in the path towards profitability
CEO MediPharm Labs Bryan Howcroft said, “MediPharm continues on its plan and path to profitability, and paying off our convertible debt in full is a major milestone on that path. Being essentially debt free with a strong cash position adds even more longevity to our business. As part of our growing nascent industry, this advantageous position differentiates us from some of our peers who may not have the runway to realize the industry’s full potential.”
The company executed a $37.8 million private placement with a US institutional investor on June 8, 2020, via the issuing of 2 senior unsecured convertible notes. The notes began to be amortized in October 2020, with bi-monthly installment payments due on the 1st and 10th business days of every month before the maturity period of June 8, 2023, in cash or shares.
The note holder had the alternative of converting accelerated installment amounts in part or in full at an installment price determined computed in line with the provisions of the notes during the time between payment dates. The total debt had already been serviced in full via cash payments and share excitations as of December 31, 2021. As a result, the debt is fully extinguished eighteen months ahead of the maturity date.
Medipharm doesn’t have any major debt, and its balance sheet is clean
MediPharm has no additional major debt and full control of its assets, which comprises two GMP facilities in Ontario, Canada, and another in the state of Victoria in Australia. Production infrastructure and machinery are also significant assets.
The company is currently debt arrangement-free and has a clean balance sheet with a solid cash position. This position, along with a thorough plan to minimize overhead, operational expenditures, and general and administrative expenses, allows MediPharm sustainability to deliver on its pipeline and sales contracts.
Digital Asset Monetary Network Inc. (OTCMKTS: DATI) Partners To Acquire Top-Level-Domain .hiphop
Digital Asset Monetary Network Inc. (OTCMKTS: DATI) has announced that in collaboration with experienced domain Name sector executive-entrepreneurs, it has bought Top-Level-Domain .hiphop rights via Dot HipHop LLC, whose collaboration is listed in DAMN’s third-quarter 2021 financial disclosures.
DAMN acquired .hiphop domain rights
Initially, the company had made the disclosure without revealing the name of the Top-Level-Domain as .hiphop. The move was to protect the Internet Corporation for Assignment of Names and Numbers (ICANN) integrity. Interestingly, just like in the case with most gTLD assignments, the .hiphop gTLD Registry Agreement will be subject to ICANN authorization that might not be withheld arbitrarily.
Dot HipHop acquired ICANN authorization to finalize the .hiphop TLD assignment from the former holder, and DAMN wanted to reveal the gTLD name after Hip Hop had been given approval. Although this is yet to happen, Domain Incite has identified and revealed the relationship between DAMN and .hiphop.
Ajene Watson, CEO of DigitalAMN, said, “We are truly excited about .hiphop for so many reasons. One being, that we get the opportunity to partner and work with several incredibly experienced, well known and highly respected figures in the domaining space. Another is… this is Hip Hop.”
Hip Hop culture brings awareness to inequalities and inequities
Watson continued, “As a culture, Hip Hop has helped to break down barriers, bring awareness to inequities and inequalities, and give both the undervalued and unvoiced platforms to stand, grow and flourish. And of course, this venture gives us the opportunity to work with ‘thought leaders’, artists, entertainers, designers, business leaders and the Icons of Hip Hop. The .hiphop gTLD fits our mission to help everyday people establish and grow transferable wealth, through financial literacy and access to economic opportunities. We believe that our PAI Ecosystem, coupled with the exciting prospects the company should see due to the Dot Hip Hop venture, will truly be effective in achieving this goal in 2022.”
Despite ICANN approval taking longer, the company is not concerned with the delay and is working with industry veterans to rectify the issue.
Icanic Brands Company Inc. (OTCMKTS: ICNAF) offers updates regarding the management cease trade order filed on November 30, 2021
Icanic Brands Company Inc. (OTCMKTS: ICNAF) has offered an update regarding the status of the management cease trade order issued by the British Columbia Securities Commission on November 30, 2021, as per National Policy 12-203 – Management Cease Trade Order.
Icanic Brands filed a Management Cease Trade Order.
On November 30, 2021, the company revealed that the submission of financial statements for the fiscal year ending July 31, 2021, and accompanying management discussions and analysis would be delayed past the prescribed periods as per the Canadian securities laws because of various reasons. The company was expected to finalize the financial statements and accompanying management discussions and analysis by November 29, 2021, which is the date it was supposed to file the filings as per relevant Canadian securities law requirements. Additionally, because of the delay in filing the yearly financial statements, the preliminary financial statement and associated management discussions and analysis for the quarter ending October 31, 2021, have been postponed beyond the required timeframe. The delay in filing of audited financial accounts was due to COVID-19 related delays in receiving information associated with subsidiaries the company obtained during that fiscal period.
Icanic expects to file annual financial statements by January 29, 2022
The company expects to file the Annual and Interim Filings for the fiscal year ending October 31, 2021, on or by January 29, 2022. Icanic Brands will give additional timetable updates as needed.
The general investing community will be allowed to trade in Iconic Brands’ listed common shares during the MCTO. Interestingly, the company’s chief finance officer and chief executive officer, on the other hand, will be unable to trade in the stock.
Most importantly, there are no major amendments to the facts provided in the Default Announcement other than those revealed in this press release. However, for as long as the company is in default of the Annual Filings stipulation, the company acknowledges that it intends to comply with the provisions of NP 12- 203 and will continue to produce bi-weekly default progress reports.