Cresco Labs Inc (OTCMKTS:CRLBF) is hiring 250 displaced workers for full-time for its Sunnyside dispensaries across Illinois to support the customers and patients with cannabis products. The company is recruiting restaurant and hospitality services industry employees who are impacted by the coronavirus. It will also provide support to the existing employees who on duty at distribution facilities, cultivation centers, and dispensaries. Cresco also included an essential pay program for its employees.
Chief Executive Officer and Co-founder of Cresco, Charlie Bachtell, said the spread of coronavirus has impacted the lives of individuals, groups and disrupted their livelihoods in the nation. The company acknowledged the need for cannabis products at this difficult juncture and continuing its operations to serve the communities with essential cannabis products. It is putting in extra efforts to help those who are affected by the COVID-19 pandemic.
Expands cultivation facility in Lincoln, IL
Cresco has completed the expansion of the cultivation facility in Lincoln, Illinois. It is the first phase of its expansion at the Kankakee facility. With these expansions, the company will add an additional greenhouse and indoor cultivation space of 180,000 Sq. Ft. Cresco’s combined cultivation space in three facilities in Illinois is 215,000 Sq. Ft.
Licensed to grow up to 630,000 Sq. Ft. flowering canopy
Cresco is the only operator in Illinois licensed to the flowering canopy on up to 630,000 Sq. Ft. area. It maintains a unique competitive advantage. The company is well-positioned to build on its established leading position in the market.
Charlie said Illinois offers significant opportunities in US cannabis. Cresco is poised to strengthen its market share in this flourishing cannabis market. The expanded cultivation footprint at Kankakee and Lincoln helps the company to bring in additional capacity quickly to satisfy the high demand and growing market. It also helps to support the wholesale network and state-wide dispensary and also cater to the recreational and medical consumers in the state.
The expansion of these facilities shows the strengths of its team and its capabilities to execute the plan. It has realized the first harvests because of the phased construction and improves supply to the international market by the end of May 2020.
Cresco will report the Q4 2019 results on April 27, 2020.
WeedMD Inc (OTCMKTS:WDDMF) Signs A Pact With Fire & Flower To Manufacture CBD Cannabis Products: Will Announce Q2 2020 Revenues On September 24, 2020
WeedMD Inc (OTCMKTS:WDDMF) will submit the financial statements for Q2 2020 on September 24, 2020, within the 45 days window offered by the regulator. The auditors of WeedMD requested additional time to prepare and submit the results because of the ongoing coronavirus pandemic.
Signs a commercial arrangement with Fire & Flower
WeedMD entered a commercial pact with Fire & Flower for the manufacture of CBD cannabis products. As per the terms of the pact, WeedMD will produce, package, and transport Revity CBD products of Fire & Flower to the Saskatchewan provinces. The new products will hit the shelves of the retailer on August 14, 2020.
WeedMD will produce Revity CBD products at its most sophisticated extraction center – CX Industries, using its biomass. CEO of WeedMD, Angelo Tsebelis, said the company is excited to bag the contract order from Fire & Flower to produce Revity CBD products. It is the first commercial arrangement in Canada, and the company looks forward to working on this prestigious contract with Fire & Flower in its endeavor to introduce new products and enter strategic markets.
Angelo said the company intends to maintain a healthy longterm relationship with Fire & Flower by producing high-quality products using trichome rich biomass at its CX extraction hub. CEO of Fire & Flower, Trevor Fencott, said the company is excited to introduce its wellness-focused products to the underserved CBD markets.
Angelo further said WeedMD has an excellent track record in the production of high-quality products and leading innovation. After the initial launch in Saskatchewan, the Revity brand will be expanded nationwide.
Exclusive license accord to manufacture wellness products
WeedMD inked an exclusive license accord to manufacture Mary’s Medicinals wellness products. Under the terms of the deal with MM Technology Holdings, LLC, which holds Mary’s Medicinals product line and Mary’s brand, WeedMD will work as an exclusive partner for the production of Mary’s Medicinals products using its biomass at CX extraction center.
WeedMD will engage in the sale and distribution of Mary’s Medicinals’ products in Canada for medical use and adult use. CEO of Mary’s Brands, Jacques Panis, said the company is excited to partner with WeedMD to expand its Medicinals brands into Canada.
WeedMD posted revenues of $12 million in Q1 2020. It is driven by customer acquisition initiatives, Color Cannabis Brand recognition, and significant sales of biomass cultivated outdoors.
Planet 13 Holdings Inc (OTCMKTS:PLNHF) Reports A Drop Of 34.9% In Q2 2020 Revenues
Planet 13 Holdings Inc (OTCMKTS:PLNHF) posted a decline of 34.9% YoY to $10.8 million in Q2 2020. It also reported a drop of 51.54% in gross profits to $4.7 million in Q2 2020. The company reduced the operational expenses by 18.5% to $5.8 million.
Preserves capital and adds new customers
Co-CEO of Planet 13, Larry Scheffler, said all the Nevada businesses faced challenges in Q2 2020. Despite the challenges, the Planet 13 put in significant efforts to preserve the capital and add new clients in Q2 2020. After the states are reopened, Planet 13 gained momentum and reported better sales in July and August 2020.
Brands sales at superstores
Co-CEO of Planet 13, Bob Groesbeck, said its brands are performing well and posted a 28.5% increase in sales at superstores in Q2 2020 compared to 14% in Q2 2019. The company expects to post higher sales of brands going forward because it has expanded the cultivation to supply its popular Medizin line.
Planet 13 is also enjoying success in the wholesale space after it commenced the supply in June 2020. The customers can buy its products across 33 Nevada based dispensaries. Its top-performing SKUs include concentrates, edibles, and beverages.
Begins upward journey
Planet 13 posted monthly revenues of $7 million in July and August 2020. The company will soon inaugurate Medizin dispensary and Santa Ana next year.
Planet 13 implemented operational enhancement in Las Vegas. It is helping the company for higher conversion of visitors into potential customers. The company also made improvements at the Superstore to attract residents in Las Vegas.
Planet 13 generated revenues of $1.7 million in July 2020 from curbside pickup and delivery. It represents 17% of the overall sales.
Planet 13 also strengthened its cash balance to $22.7 million. Its total assets also increased to $81.9 million. The company acquired Santa Ana on May 21, 2020. It also mobilized CAD 11.5 million through bought deal offering on July 13, 2020.
Planet 13 took over 45,000 Sq.Ft. indoor cultivation on July 17, 2020. It also received a dispensary license in Nevada on August 10, 2020.
The vertically integrated cannabis company based in Nevada – Planet 13 engages in manufacturing, cultivation, and dispensary operations, mainly in Las Vegas.
Medical Marijuana Inc (OTCMKTS:MJNA) Sells Over 1.6 Billion Hemp Derived Cannabidiol As Consumers Prefer CBD Oil
Medical Marijuana Inc (OTCMKTS:MJNA) achieved a significant milestone of selling over $1.6 billion mg of CBD. It is on the backdrop of an increased percentage of consumers preferring CBD oil during the ongoing coronavirus. Around 15% of consumers intend to use a higher dosage of cannabidiol.
Real Scientific Hemp Oil
Dr. Stuart Titus, CEO of Medical Marijuana, said the company supplied Real Scientific Hemp Oil, an oral version of high potency cannabidiol, for 10 years. According to the global media coverage, several customers across the world demonstrated positive experiences in using its products for almost 5 years.
Satisfies high consumer demand for CBD oil
Stuart further said several other products that are sold as hemp-based products do not contain cannabidiol. They are just a CBD isolate. Medical Marijuana is committed to delivering high-quality cannabidiol oil and satisfying consumer demand.
CBD products are popular among Americans. Around 33% of people in the US have used cannabidiol products at least once in their life. Blake Schroeder, COO of Medical Marijuana, said CBD derived products and cannabidiol products are now part of everyone’s life in the US to maintain wellness.
Stuart features in Reuters
Stuart featured in Reuters, a global financial news hub, on August 11, 2020, and discussed the present landscape of M&A (mergers and acquisitions) in the cannabis space.
An article in Reuters provided an insight into how the cannabis companies fare after the coronavirus, which boosted demand for cannabis. According to Stuart, the cannabis industries celebrate financial success at these difficult times. The same trend expects to continue for some more months before M&A takes place in the industry.
On the expectation of legalization of cannabis in the US after November 2020, the presidential election, the cannabis retailers are busy finalizing the deals. A cautious approach is expected in spending the funds in the aftermath.
Stuart further stated the company engages in developing sales strategies to maintain profitability and exploring new opportunities for enhancing its product line.
Promotions of top-level executives
Medical Marijuana promoted Todd Morrow as CFIO (Chief Financial and Information Officer). It also improved morale by promoting Michelle Sides, Esq. as CLO.