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MedMen Enterprises (OTCMKTS:MMNFF) CEO Adam Bierman Step Down And Relinquishes Super Voting Shares

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MedMen Enterprises (OTCMKTS:MMNFF) has announced that its co-founders and CEO Adam Bierman will be leaving his position as CEO of the company effective February 1, 2020. Bierman will have to continue serving on the MedMen board of directors, including those to be elected to the board in the upcoming shareholder meeting.

MedMen looking for a new CEO

Already the company’s Board of Directors has initiated the process of establishing a committee of directors that will look into identifying and hiring his replacement. The committee will consider both internal and external candidates and could also retain a national search firm to help in its efforts. Meanwhile, the Board of Directors has appointed Chief Technology Officer and Chief Operating Officer Ryan Lissack as the interim CEO.

Bierman indicated that he believes the company is better positioned to prosper, and it is time for a different leadership to leverage the opportunity they have created. He further indicated that he will continue working with others to make the world healthier and safer through access to legal cannabis.

Bierman to surrender his Super Voting Shares

In addition to stepping down, Bierman had also agreed to relinquish all his Class A super-voting shares to the company. This follows the decision of Co-founder Andrew Modlin, who in December last year granted a proxy over his Super Voting Shares to MedMen Executive Chairman Ben Rose until December this year. Modlin has equally agreed to relinquish his Super Voting Shares to the company once the proxy granted to Rose expires. Therefore, following the surrender of all the Super Voting Shares by the end of this year, the company will have the Class B subordinate voting shares.

Mr. Rose indicated that the board supports the decision of Bierman to resign as CEO to give a chance for someone new to lead the company. Equally, the move of then co-founders to surrender their voting rights is a welcome move as it will give all shareholders a stronger voice. He added that this development will give Bierman a chance to contribute to the future of the company.

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Radient Technologies Inc (OTCMKTS: RDDTF) Announces First Delivery of Tunaaaaroom Xtracts (TRX) Products to BC and Alberta

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Radient Technologies Inc. (OTCMKTS: RDDTF) has announced that it has accomplished its first delivery of Tunaaaaroom Xtracts (“TRX”) products to British Columbia and the Yukon. TRX products are now traded through provincially licensed stores in a total of 5 provinces, including the Northwest Territories, Saskatchewan, and Alberta. 

The company receives follow-up order from British Columbia

Consequent to its first shipment of TRX products to British Columbia, Radient has obtained a follow-up order for the same product to be dispatched to stores in BC.

On December 8, 2020, Radient announced it had endorsed an authorizing contract with Tunaaaaroom to produce and dispense a wide variety of amazing cannabis excerpts targeting cannabis customers to be sold across Canada under the Tunaaaaroon Xtracts make.

Due to the fruitful sales performance of TRX products, Radient and Tunaaaaroom will be introducing a new line of SKUs counting; live resin vape carts, caviar, THC diamonds, and several other products projected to come to market this summer.

Apprise on Growth of Atomic Eh Brand

Radient is satisfied to announce that its certifying partner brand, Atomic Eh, has now been efficaciously onboarded into Saskatchewan, Alberta, BC, and New Brunswick regional suppliers. The company anticipates shipping its first products for the Atomic Eh brand in late summer. It is functioning with Atomic Eh to get products onboarded in every province in Canada by the end of July.

On May 3, 2021, Radient signed a complete licensing Covenant with Atomic Eh to launch its first cannabis brand pursuing under-served native communities. Radient is working exclusively with Atomic Eh to roll out cannabis 2.0 products using Radient’s delivery channels. According to the Covenant, Radient will produce between 25,000 – 50,000 units of product per month, vented under the Atomic Eh brand, providing Radient with added product contributions on retail shelf space.

Radient CEO Harry Kuara commented, “We are very satisfied that Radient’s Tunaaaaroom branded products are now obtainable in more Canadian provinces, growing our footprint and client touch points. Additionally, the positive sales performance of our TRX products in BC and Saskatchewan specifies that our high-quality products attract cannabis customers. Our collaborations with Tunaaaaroom and Atomic Eh permit us to produce income while increasing our brand profile with the launch of added SKUs in the approaching months.”

[optin-monster-shortcode id="lt2ftjs5qhrst1pzmmap"] *Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.
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Lifeloc Technologies Inc (OTCMKTS: LCTC) Declares A Quarterly Net Income Of $1.810 Million

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Lifeloc Technologies Inc (OTCMKTS: LCTC) has declared a quarterly net revenue of $1.810 million in the first quarter that ended on March 31, 2021.

First Quarter Financial Highpoints

Lifeloc has posted a quarterly net income of $1.810 million, occasioning in quarterly net revenue of $403 thousand, or $0.16 per diluted share. These outcomes compare to net revenue of $2.018 million and a quarterly net loss of $165,000, or $0.07 per diluted share in the first quarter of 2020. 

Income for the quarter weakened 10% against the first quarter last year, chiefly from the effect of the COVID-19 global epidemic and the government-controlled closures.

As previously stated in 2020, Lifeloc accepted a $465,000 SBA assured loan through the Paycheck Protection Program (P.P.P.). These advances could excuse these advances if the proceeds were spent in accord with the package rules. Lifeloc fulfilled the requirements of this program and applied for forgiveness in 2020. The company received approval from S.B.A. in early 2021, with the financial benefit of the forgiveness realized in the first quarter of 2021. The P.P.P. package was quite fruitful in alleviating the adverse consequence of the significant demand suppression on cash flow from the epidemic.

LX9 and LT7 devices drive penetration

 Our new platform, LX9, and LT7 expedients were presented late in 2019. Despite current complicated market settings, the traits of the new L-series products have driven penetration by meeting hitherto unaddressable market wants, such as broader temperature arrays and fast customization that integrates local dialects.

“In January 2021 our L-series devices were certified to S.A.I.’s (Standards Australia International) most recent AS 3547:2019 standards for Breath Alcohol Detectors. This attainment solidifies our capability to deliver progressive breath alcohol detectors to a vigorous market and delivers a product certification that is highly held in the Pacific Rim,” said Mark Lary, Director of Regulatory Affairs.

Mark Lary continued, “We continue to capitalize in the noteworthy growth opportunities of liquor monitoring and drug uncovering. The watching opportunity will be addressed mainly through the redesigned RealTime Alcohol Detection and Reporting (R.A.D.A.R.) device.”

[optin-monster-shortcode id="lt2ftjs5qhrst1pzmmap"] *Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.
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Marijuana Company Of America Inc (OTCMKTS: MCOA) Reports a spectacular 223% increase in current assets

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Marijuana Company Of America Inc (OTCMKTS: MCOA) has reported a spectacular 223% increase in gross assets in the quarter ended March 31, 2021.

Highpoints from the Quarter Concluded March 31, 2021

  • Existing assets swelled to $1,738,978 as of March 31, 2021, compared to $537,593 on December 31, 2020, signifying a spectacular 223% growth in only three months.
  • Cash at the end of the first quarter of 2021 was $639,983 compared to $55,251 at the finish of December 31, 2020, providing the company with more reserves for purchases and processes.
  • Full relocation to e-commerce auctions platform began in Q1
  • Rebranding of hempSMART™ CBD Produces to Encourage Mental and Bodily Wellness
  • Titled Board Member Marco Guerrero as Executive Vice president of the company’s hempSMART™ Brazil and hempSMART™ Uruguay divisions.
  • Signed Tactical Collaboration Contract with Eco Innovation Group Inc. (OTCMKTS: ECOX)
  • Released hempSMART Powder Mix Drink, a powdered premium CBD drink

MCOA’sMCOA’s Chief Executive Officer, Jesus Quintero, said, “We are delighted with all the exertions and accomplishments we achieved during the first quarter. It was a busy quarter as we began our global sales efforts, rebranded our hempSMART products, and for the first time commenced our e-commerce platform.” He added,” “We are perched for growth and have the needed capital to organize to acquire key purchase targets. Our total assets nearly doubled in the last three months since year-end, notwithstanding the challenges of functioning during the epidemic. We anticipate sales to surge during the rest of 2021 as our new e-commerce sales platform and rebranding originates from being accepted.”

The company reports a net operating loss of $782,917 for the current quarter

The company produced incomes of $34,930 and $81,819 for the three months ended March 31, 2021, and 2020, correspondingly. For the three months concluded March 31, 2021, and 2020, MCOA also conveyed net operating losses of $782,917 compared to $392,157, correspondingly. This surge in the loss was due mainly to a considerable change in the estimation of offshoots.

The marginal increase in losses quarter over quarter was primarily attributed to the restructuring of MCOA’s sales team and migration to new e-commerce platform, compliance with regulatory requirements for rebranding of products, and significant infrastructure development of MCOA’s website.

[optin-monster-shortcode id="lt2ftjs5qhrst1pzmmap"] *Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.
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