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Green Growth Brands Inc. (OTCMKTS:GGBXF) And Its Wholly-Owned Subsidiaries Apply For Insolvency Protection Under CCAA

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Green Growth Brands Inc. (OTCMKTS:GGBXF) has announced that it has and some of its indirect and direct wholly-owned subsidiaries applied for insolvency protection as per the Companies’ Creditors Arrangement Act (CCAA). Equally, the company has obtained an initial order from the Superior Court of Ontario, offering the Applicant protections as per the CCAA.

Court offer CCAA protection for 10 days

The court offered CCAA protection to the company and its subsidiaries for an initial period of 10 days that are subject to extension as the court might deem it appropriate. Ernst & Young Inc. has agreed to act as the Applicants’ court-selected monitor. When the company is under CCAA protection, neither the creditors nor others will implement any rights regarding the Applicants.

Previously, it was disclosed that the company’s operations were to go on subject to its ability to raise enough financing, start profitable operations, and manage to pay its liabilities from operations. The move to file for CCAA protection comes as a result of the severe liquidity issues that the company is facing in terms of maturing debt and material matured. The liquidity challenges of Green Growth Brand were deepened by the negative effect of the coronavirus pandemic.

COVID-19 pandemic affects the operation of the company

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The pandemic also resulted in restricting operations at the company’s Las Vegas the Source outlets following the order of Governor Steven Sisolak for limiting dispensary operations in Nevada. Considering all available options, the company’s Board saw it ideal to seek insolvency protection in the interests of its shareholders.

One of the company’s current secured lenders, All Js Greenspace LLC, will fund the company’s CCAA proceedings via a debtor-in-possession credit facility. The initial amount of the facility will be $1 million, and the lender will make another $6.2 million available for lending as per the DIP agreement.

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Generex Biotechnology Corporation (OTCMKTS:GNBT) Launches A Vaccine Development Effort to Address the Newly Identified Swine Influenza Virus

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For the last couple of months, the world has experienced panic and disarray from the outbreak and the rapid spread of coronavirus. However, it is now emerging that there could be an impending threat of a newly identified virus. According to Generex Biotechnology Corporation (OTCMKTS:GNBT), the virus, which killed almost 500,000 people globally in 2009, is similar to swine flu, though with a few changes.

Of particular concern is that the virus is carried by pigs and could become a viral pandemic if not closely monitored. Its high levels of antibodies to the G4 EA H1 influenza virus is a clear indicator that it can infect humans.

The Launch Of Vaccine Development Efforts To Address The Pandemic Threat

According to Prof Kin-Chow Chang, the new virus may not be an immediate problem. However, it should not be ignored because flu viruses are constantly changing. Speaking to BBC Chang noted, “Right now we are distracted with coronavirus and rightly so. But we must not lose sight of potentially dangerous new viruses.”

Meanwhile, NuGenerex Immuno-Oncology is putting together efforts to develop a vaccine, which could help mitigate the spread of the virus. The company’s CEO Joseph Moscato says that through its Ii-Key immune activation technology, they have what it takes to create targeted and highly specific vaccines.

Ii-Key peptide vaccines have previously demonstrated quick and effective responses to viral and cancer antigens without signs of cytokine storm effects in the two trials conducted to date. Thus, it is a perfect fit for inclusion in a pandemic preparedness portfolio. Besides, NGIO has the infrastructure and extensive experience responsiveness to pandemic threats.

We Need To Be Vigilant Even During the COVID-19 Pandemic

COVID-19 pandemic seems to have taken away all the attention to any other health matters. This is according to the World Health Organization, which emphasizes the need for vigilance. Farmed animals, which sometimes act as a source of the pandemic virus, are in constant contact with humans. On the other hand, new pathogens are emerging every day.

WHO further outlines that flu could occur anytime, and as a result, there is frequent review of information on both new and old viruses. The review happens during the influenza vaccine composition meetings held twice a year.

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FSD Pharma Inc. (NASDAQ:HUGE) Says Results from Phase 1 Study of Ultramicronized PEA Are Favorable

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The world is into panic and disarray due to the COVID-19 crisis, which has claimed both lives and livelihoods. Every economy, including the most powerful, is desperate for a quick turn-around of things. The desperation triggered FSD Pharma Inc. (NASDAQ:HUGE) to join hundreds of pharmaceutical companies focused on developing a possible coronavirus treatment.

The company has completed a Phase 1 study for FSD201and has reported favorable topline results. The study carried out at the Alfred Hospital enrolled 48 healthy adult men and women. Single doses ranging from 600 mg to 2400 mg tablets were administered two times daily in an ascending form and multiple ascending doses ranging from 600 mg to 1200 mg in the form of tablets.

The Topline Results Are a Ground-Breaking Milestone for the Company

The phase 1 results from the ultramicronized palmitoylethanolamide (PEA) study demonstrated that it was safe and tolerable. Even though there were self-limiting side effects, which may not have directly linked to the drug of study, the results did not outline any serious adverse events because no subjects withdrew, and all eligible subjects completed all doses.

“We are delighted to be reporting favorable topline findings … I congratulate our pharmaceutical team, led by Dr. Edward Brennan. This study has also successfully validated the considerable scientific literature published over the years in Europe…,’’ Executive Co-Chairman & CEO, Raza Bokhari, clarified.

FSD Pharma is also making an effort to help address the opioid crisis

The biotech’s focus is to develop a forceful pipeline of FDA-approved synthetic compounds over time, which will meet both long-term and short-term needs of the human body. The compounds should treat diseases of the central nervous system, GI tract, autoimmune disorders of the skin, and the musculoskeletal system.

Meanwhile, through its wholly-owned subsidiary, FV Pharma, a licensed producer of cannabis, FSD Pharma is making every effort to address the opioid crisis. Having been authorized under Canada’s Cannabis Act and Regulations, the company says the development of opioid-sparing prescription drugs is underway. It is currently operating a 25,000 square feet facility in Cobourg, Ontario, where it cultivates cannabis.

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Village Farms International Inc. (NASDAQ:VFF) Expands Its Footprint to Saskatchewan through A Joint Venture with Its Majority-Owned Subsidiary, Pure Sunfarms

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Canadians can now buy branded dried flower and other cannabis products from Saskatchewan. This is after Village Farms International Inc. (NASDAQ:VFF) obtained an approval to ship recreational cannabis to private retailers in the province. Through a joint venture with its majority-owned subsidiary, Pure Sunfarms, it continues to pursue a successful business trend.

Village Farms is one of the vertically integrated greenhouse growers in North America. For more than 30years, the company has been serving its national grocers in the US and Canada with premium-quality produce.

Saskatchewan Has a Strong Network of Retailers

This is according to the President and CEO of Pure Sunfarms Mandesh Dosanjh. The province will be the fourth to have Pure Sunfarms weed and a key market after British Columbia, Ontario, and Alberta. Statistics indicate that Saskatchewan is home to 44 licensed retailers who contribute 6% of cannabis sales in Canada.

“Expansion into additional provinces is one of several growth drivers for Pure Sunfarms this year as it continues to capitalize on its leading brand performance since entering the retail branded market last September.” CEO Michael DeGiglio of Village Farms emphasized this citing their commitment to introduce new cannabis products. In the coming months, the company will have additional launches, and in summer, it will launch its first bottled oil and Cannabis 2.0 products.

Pure Sunfarms Expands Its Credit Facility with Bank of Montreal and Farm Credit Canada

Success does not come overnight. Sacrifices have to be made. Pure Sunfarms has had to apply for credit facilities to enable it to build on its success. It is the leading Canadian Cannabis Producer and Brand because it went the extra mile. The company’s current credit facility stands at $59 million, and according to DeGiglio, they have had financial flexibility, which has strengthened the operations.

Meanwhile, the Cannabis producer occupies two Delta British Columbia facilities, which take up 2.2 million square feet of the cultivation space. Christened as Delta 1 and Delta 2, the former is the third greenhouse wholly owned by Village Farms. Nonetheless, Pure Sunfarms has been given till Sept. 28, 2021, to decide whether or not it wants to own it and perhaps convert it into a third cannabis greenhouse.

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