Acquisition now Finalized
Hexo Corp (NYSEAMERICAN:HEXO) has announced that it has completed the acquisition of all of Newstrike Brands’ issued and outstanding securities totaling 558,971, 064 marking the finalization of the acquisition process. The company has also received regulatory approval from relevant authorities including the high court further stamping the deal.
Reportedly, Newstrike Brands’ board of directors voted enthusiastically in favor of the acquisition that saw each of Newstrike’s stock exchanged for 0.06332 of Hexo’s share. Following the completion of the acquisition process, is expected to be delisted from TSX exchange platform as it will now operate under its new owner- Hexo.
Increased Production Space and Capacity
Popular voices in the industry believe that the $263 million acquisition sets Hexo among the industry’s elite. Among the several befits Hexo stands to gain from the acquisition includes additional production space estimated at 470,000 sqft. This is a significant addition to the company’s existing 1.3 million sqft.
With additional growing space comes increased production capacity. It is estimated that Hexo’s annual production capacity will surge from the current 110,000 kilos annually to a whopping 150,000 kilos annually which obviously translates to revenue influx.
Hexo’s CEO, Sebastien St-Louis said that “The combination of these two talented teams, both pioneers in the cannabis industry, will accelerate Hexo’s vision of creating the best cannabis technology company.” He adds that the Hexo is now commencing journey on the next phase of its progress.
The acquisition enhances the company’s solid position in the Canadian cannabis space and opening it up to countless possibilities abroad. The company already announced plans to set up operation in Greece as it seeks to seize the upcoming European market. Plans are also underway to set up operations in South America, the U.S (which is expected to open up fully by 2020), and more other locations.
The company already adjusted its 2020 revenue outlook to an optimistic $400 million. This projection factors in the company’s now bigger size in terms of production capacity and market access considering Hexo now assumes Newstrike’s distribution agreements with strategic partners across 8 Canadian provinces.
Wanderport Corp. (OTCMKTS:WDRP) Targets The Skincare Market With Its CBD-based Hempova Skincare Products
Wanderport Corp. (OTCMKTS:WDRP) has announced the launch of its CBD-infused Hempova skincare facial serums through which it plans to tap into the skincare market.
This is an interesting step for the company considering that it previously dabbled mainly in the food and beverage industry with products infused with CBD derived from hemp. However, the company is now leveraging its manufacturing prowess and CBD knowledge to expand into the skincare market with the CBD-infused Hempova skincare line.
“Growth in the global skincare industry in general and in the anti-aging segment, in particular, has been staggering and we are excited to introduce our line of CBD serums,” stated Wanderport’s interim CEO, Liliana Vo.
The CEO also noted that her company also wants to introduce new products in the future as part of its campaign for people to adopt a healthy lifestyle. The company will announce the additional pipeline products in the future. For now, the launch of the Hempova skincare facial serums will allow the company to assess the market and see how things go.
The Hempova skincare product line consists of Collagen Cream, Eye Serum, and Anti-aging Face and Neck Cream for Men. All of the above products are developed using high-quality ingredients such as CBD, collagen and Hyaluronic Acid. These ingredients are supposed to help rehydrate the skin and at the same time helping the skin to appear youthful.
Wanderport cannot afford to ignore the lucrative skincare market
Wanderport has also entered the skincare market at an opportune time when the demand is shifting. Skincare products were in the past mostly purchased by older consumers but now there is a wave of younger consumers that are adopting the trend.
One particular segment of the skin care category that has seen significant growth in the anti-aging skin care segment. The segment was valued at $250 billion globally in 2016 and analysts estimate that it will be worth $331 billion by 2021.
Wanderport does not intent on being left behind by the anti-aging product wave. It has its Hempova anti-aging skincare product line that will allow it to secure a piece of the pie. The product line will target spas, wellness centers, and boutiques.
Harvest Health & Recreation Inc (OTCMKTS:HRVSF) Stakeholders Give Go-ahead For Business Combination With Verano Holdings LLC
Harvest Health & Recreation Inc (OTCMKTS:HRVSF) announced a few days ago that its shareholders together with those of Verano Holdings LLC approved a business combination between the two firms.
The idea of a Business Combination Agreement between the two companies was introduced in April this year. Once the agreement is in motion, Verano and Harvest Health shareholders will get to own stake in the merger which will handle the business operations of both firms.
An overwhelming number of Harvest Health investors voted in favor of the merger and the same case for Verano investors who unanimously agreed that it was the best way forward. The voting took place during a special meeting that was held towards the end of June.
Harvest shareholders and Verano shareholders will exchange their ownership stake on a 1:1 basis as part of the agreement. This means that Verano shareholders will receive Harvest Health shares while Harvest shares will receive Verano shares.
Harvest Health buys out Leaf Life dispensary
More recently, Harvest Health announced that it acquired Leaf Life, the only medical cannabis dispensary that is licensed in Casa Grande, Arizona. The strategic acquisition adds to the company’s growing portfolio of acquisitions in Arizona. It previously acquired a company called Devine Hunter, Inc., and that gave it access to six licenses.
Harvest Health’s acquisition of Leaf Life means the company can now operate in about 18 facilities and dispensaries that are based in Arizona.
“Arizona is the third largest medicinal cannabis market in the United States, yet too many in our communities still do not have adequate access to dispensaries that offer the high-quality medicinal products,” stated Harvest Health’s Executive Chairman Jason Vedadi.
Harvest Health therefore targets Arizona as one of the underserved markets where it can potentially secure a strong footing. Ricky Hendrickson, the vice president of Leaf Life pointed out that his firm agreed to a buyout by Harvest because the company seems committed to achieving success in Arizona. He also revealed that the two businesses agreed to a 2-year stock option lockup. Leaf Life will now become part of Harvest Health following the transaction.
Crop Infrastructure Corp (OTCMKTS:CRXPF) Announces Definitive Agreement For World Farms Corp To Go Public
Crop Infrastructure Corp (OTCMKTS:CRXPF) announced towards the end of June that World Farms Corp, its investment holdings secured a definitive deal with Graphite Energy Corp to go public.
The deal will facilitate a reverse takeover and World Farms Corp will go public through the Canadian Securities Exchange. Crop Infrastructure currently owns a sizable stake in 10 World Farms Corp at 10 million shares. Crop divested its stake in Jamaican and Italian joint ventures in February so that it could purchase the 10 million World Farms Corp’s common shares at $0.20 per share.
“By divesting our Italian and Jamaican assets to World Farms, it has allowed CROP to focus and expand its operations in the USA, as well as gain a major investment,” stated Crop Investment Holding CEO Michael Yorke.
The CEO also noted that the reverse takeover will go on as planned and that it was pending regulatory greenlight by the CSE. Yorke also noted that World Farms already has 100,000 cannabis plants in cultivation, and it plans to grow an extra 500,000 plants in Croatia over the next few weeks.
Crop Infrastructure acquires license for its Emerald Heights brand in California
Crop Infrastructure also announced in June that its brand Emerald Heights was awarded a provisional license that will allow it to run retail operations, a smoking lounge and delivery services in Cathedral City. The company also hired a local real-estate broker to secure an ideal location for the company’s new location for Emerald Heights in California.
The company also revealed that it already paid a US$30,000 down payment on the new location in Cathedral City. The Emerald Heights brand will handle deliveries in key routes within Coachella Valley and the Bay Area. The brand is also looking for a partner that will assist with distribution in Southern California.
Crop Infrastructure also revealed that its extraction partner in California has already carried out the extraction process on the first harvest batch from 2018. The THC distillate oil extracted from the 2018 harvest will be incorporated into 30,000 vape cartridges. Some of the extract will also be used in pre-rolled joints and also to build up inventory.
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