Curaleaf Holdings Inc (OTCMKTS:CURLF) would be amending the terms of their prior deal with Cura Partners, Inc., the owners of the Select brand. Earlier this year, Curaleaf signed a definitive deal to buy Select’s cannabis business. The deal comprised Select’s manufacturing, distribution, processing, retailing, and marketing operations and all Select brand medical and adult-use cannabis products.
Following the changes in the market since the first merger deal was signed in May, Select and Curaleaf have mutually agreed to lower the base amount payable upon completion under the proposed deal. The changes reflect the current market scenario and closely supports the interests of all shareholders to the existing performance of Select’s operations.
Restated merger deal
Under the changed and restated merger deal, the number of “SVS” of Curaleaf payable at completion of the proposed deal has been lowered to 55 million SVS of Curaleaf from around 95.55 million originally. The remaining approximate 40.55 million SVS will be paid to Select’s equity holders depending upon Curaleaf completing certain 2020 revenue milestones based on Select proprietary retail extract sales starting from at least $130 million to a maximum of $250 million.
Joseph Lusardi, the CEO of Curalead, expressed that the amended deal that they have made with Select reflects their commitment to implementing a prudent investment plan that is in the interests of their shareholders. They are confident in the operations and strength of the Select operations and of the long-term scope of the cannabis industry as a whole.
They look forward to bringing their firms together to lead the cannabis market as it continues to mature and expand. The HSR waiting period has expired, and they collaborate with state regulators to get the required approvals with an intended completion date of January 1, 2020.
Curaleaf reported that the terms of the amended transaction had been unanimously accepted by independent special committees of the Boards at both firms. The company’s strategic expansion in 2018 has led it to become one of the leading cannabis companies in the U.S.
Axim Biotechnologies Inc (OTCMKTS:AXIM) Introduces A Rapid Diagnostic Test To Neutralize Antibodies To Prevent Coronavirus Infection In Human Body
Axim Biotechnologies Inc (OTCMKTS:AXIM), an investment company of Medical Marijuana Inc (OTCMKTS:MJNA), rolled out a rapid diagnostic test to measure the levels of neutralizing antibodies and save the humans from the threat of coronavirus.
Diagnostic to overcome coronavirus
CEO Dr. Stuart Titus, CEO of Medical Marijuana, said its investment company – Axim put in significant efforts in the past few months in developing a diagnostics test for neutralizing the effects of COVID-19. Innovative diagnostic expects to nullify the coronavirus impact on humans soon and position Axim at the forefront against competitors.
A rapid 10-minute test
The 10-minute rapid diagnostic developed by Axim is the first of its kind in the world. It measures a subpopulation of the antibodies that can block the virus from attacking a human body. Other diagnostics available in the market can only detect COVID-19, but Axim diagnostic has the power to neutralize the virus. Axim diagnostic is affordable and works faster in 10 minutes.
Following the diagnostic, vaccines can improve antibodies levels in the human body. The manufacturers can use Axim diagnostic to know the effectiveness of the vaccine in the recipient’s body.
John W. Huemoeller II, CEO of Axim, said the company achieved success in developing an economical, fast-acting, and accurate diagnostic that serves as an immunity passport for vaccines’ developers. It is highly useful for vaccine manufacturers because they begin Phase 1, 2, and 3 clinical trials on a large scale.
Applies for pre-emergency use
Axim applied for the approval of pre-emergency use of its diagnostic. The company is readying the data collected from various tests conducted recently for submission to the US FDA to get EUA.
Kannaway adds a brand ambassador
Kannaway, a subsidiary of Medical Marijuana, added Carolyn Dielmann Connolly to its brand ambassador’s team. Blake Schroeder, CEO of Kannaway, said Carolyn accomplished several milestones in her previous stints. He welcomed her to the fold of Kannaway to gain new customers.
In her networking career at several companies, Carolyn built a reputation in generating more money for the company. Carolyn is a national certified trainer and a board member in a travel committee.
Sugarmade Inc. (OTCMKTS:SGMD) Report $1.01 million From BudCars Operation In July Quarter As It Focuses On Expansion
Sugarmade Inc. (OTCMKTS:SGMD) announced the publication of current information on Form 8K filed with US SEC showing details about its position in terms of investment in Indigo Dye Group Inc.
Sugarmade realizes $1.009 million from BudCars operation
Indigo conducts operations as a pot delivery service as “BudCars.” The latest 8K filing shows information regarding the “BudCars” performance, and the gross proceed received for the quarter ended June 30, 2020. Gross sales from the operation in the quarter were around $1.009 million, and the exceptional return is due to the implementation of the BudCars’ strategy of expanding operations and increasing its product lines.
The company indicated in the filing that gross margin from the business was around 50% of sales, but because of marketing and advertising expenses and increasing manpower, the operation is yet to realize a profit. Net sales for the quarter ended June 30, 2020, was around 0.953 million.
BudCars posts impressive sales in July
The BudCars Cannabis Delivery business continued to show exceptional performance in, and by mid-July, BudCars was in line with achieving the $650,000 sales target for the month. There were over 5,000 customer orders in the month, which indicated a sequential monthly growth of 30% in sales. According to the company’s management based on the performance of BudCars in the first two weeks of July, BudCars was on the track of attaining annualized sales of $11 million by the end of Q3 2020.
Sugarmade CEO Jimmy Chan stated that the BudCars Sacramento hub has continued to show significant growth, and the company is yet to ascertain the upside potential in the area. He added that they were delighted with the performance, considering BudCars has an exclusive approach in retail cannabis distribution.
Jimmy confirmed that the company focuses on regional expansion, supply chain verticalization, and organic growth to drive growth. He said that despite making progress, for now, the impact is negligible for what is possible for BudCars in the near-term, considering the growth registered so far has mainly due to organic execution.
Kaya Holdings Inc. (OTCMKTS:KAYS) Partners With Day Three Labs To Develop CBD Pet Products For European Market
Kaya Holdings Inc. (OTCMKTS:KAYS) announced a strategic partnership agreement with the Denver-based cannabis innovation lab, Day Three Labs, which has research operation In Ra’anana, Israel.
Kaya collaborating with DTL to develop pet products
The companies will concentrate on their first collaborative operation of sourcing and developing various CBD supplements for pets for distribution across Europe through Kaya’s Greece joint Venture, Kaya Kannabis. Also, the Day Three Labs principals Rafi Cohen and Joshua Rubin will be serving as advisory board members of Kaya Shalvah, which is Kaya Holding’s growing and processing project expected to be constructed in Isreal.
Craig Frank, the CEO of Kaya Holdings, stated that they were delighted to work with Day Three Labs on various projects of common interest. He added that the association of Kaya with DTL will bring exclusive product development and association in the cannabis scientific space in Israel and thus benefit their service and experience. Frank said that most importantly, the relationship shows the commitment regarding the Kaya Shalvah project and the ability to collaborate with partners in the cannabis sector.
DTL CEO, Joshua Rubin said that the partnership with Kaya solidifies their efforts of driving innovation across the global cannabis space. He added that they were delighted to cooperate on introducing unique and differentiated products to the cannabis market, beginning with CBD products. Rubin concluded that they look forward to offering their cannabis knowledge to the Kaya Shalvah Advisory Board to drive value.
Kaya introduces CBD pet products in Greece
Kaya Holding’s subsidiary Kaya Brands International in partnership with its joint venture partner Greekkannabis has rolled out CBD per products in Greece and neighboring countries in Europe under the Cannamo brand. With the help of DTL, Kaya Brands developed pet product to meet demand identified by Greekkannabis.
The three companies will play a vital role in marketing of the Cannamo brand for enhanced penetration. Kaya CEO stated that Cannamo brand was a result of collaborative efforts in establishing the company’s expansion globally.