Connect with us

BUSINESS

Nutritional High International Inc. (OTCMKTS:SPLIF) Gives An Update On Operations And Funding Of Palo Verde

Published

on

Nutritional High International Inc. (OTCMKTS:SPLIF) has provided an update about Palo Verde’s operations and funding which is the licensed occupier at the West Pueblo, CO campus.

Palo Verde received Retail MIPs license renewal

Last year Palo Verde was in the process of getting a renewal of its manufacturer license for retail marijuana products and it received it in October by settling with Colorado’s Revenue Department the Marijuana Enforcement Division. As part of the retail manufacturer’s licence renewal, Palo Verde was expected to find another financing option for its promissory notes that it entered with the company.

Palo Verde obtained financing of around $250,000 from a a new lender that is unrelated to Palo Verde and the company and has already submitted the necessary requirements for MED approval. In compliance with MED requirements and in line with the loan the company has since assigned its previous Palo Verde note to the new lender. All previous agreements between wholly owned subsidiaries of the company and the tenant will still remain in effect.

The agreements include the lease agreement that requires Palo Verde to lease the Pueblo Facility and the packaging distribution agreement which requires Nutrition High to supply Palo Verde with FLI-branded packaging.

New PV Loan will not affect business arrangements

The New PV Loan will not affect the basis of working of the company with Palo Verde in any material way but it nonetheless offers certainty in terms of business arrangement relative to the regulatory framework of the MED. Palo Verde and the company expects to get access to more funding from the net proceeds of the new loan and capability of expanding the licensed premises at Pueblo campus.

Nutritional High CEO Adam Szweras stated that the company was delighted with the progress that Palo Verde has made in expanding its footprint in Colorado. He added that the company’s strategic relationship allows it to increase its visibility of the FLI brand.

Currently, Palo Verde produces edibles and concentrates using proprietary oil processing technique that utilizes VTA scale machinery and short-path distillation.

Continue Reading
Advertisement

BUSINESS

Sugarmade Inc. (OTCMKTS:SGMD) Announce Acquisition Of Budcars Cannabis Delivery Service And Expansion Plans

Published

on

Sugarmade Inc. (OTCMKTS:SGMD) has announced statements from its CEO Jimmy Chan regarding its growth strategy in the California marijuana market. This comes days after the company announced the closing of a deal for the acquisition of Budcars Cannabis Delivery Service.

Sugarmade to capitalize on growing cannabis market in California

The CEO indicated that the California cannabis marketplace is rapidly changing with new investments and opening of more opportunities as public acceptance increase. Chan added that the cannabis sector has moved past the initial growth stage following the intensification of the crackdown on the illegal operators. There is significant promise in various sectors whose prospects have looked bleak in recent months. It is these areas that Sugarmade is targeting its investment activities.

Chan confirmed that the company sees massive prospects in the delivery services, manufacturing through co-branding as well as careful genetic cultivation. Sugarmade’s growth strategy focuses on being selective as well as targeting the best opportunities in the cannabis industry going to 2020.

The company recently announced an agreement to acquire a stake in Indigo Dye Group Corp-owned Budcars Cannabis Delivery Service. Sugarmade plans to acquire a 40% stake in Budcars for around $700,00 with an option to acquire another 30% interest. This will give the company a controlling interest in the Sacramento based company.

Sugarmade’s expansion plans

With the acquisition, the company plans to expand the delivery of Budcars beyond the Sacramento metropolitan area. They will achieve this through direct expansion as well as a strategic acquisition. Equally, the company plans to acquire and invest in ownership interest in other delivery services in Northern and Southern California. According to the company’s estimates, the regions have potential revenue of between $15 million and $20 million per year.

Similarly, Sugarmade has indicated that it has identified various cultivation operations they can invest in, and it is in talks with some operators over the same. At the same time, the company has begun working with tech innovators on various cannabis products, especially those with lesser-known cannabinoids. Sugarmade will introduce innovations into the market later this year.

Continue Reading

BUSINESS

Supreme Cannabis Company Inc (OTCMKTS:SPRWF) Reports Revenues Of $9.059 Million In Q2 2020

Published

on

Supreme Cannabis Company Inc (OTCMKTS:SPRWF) has reported revenues of $9.059 million in Q2 2020. It is an increase of 17% when compared to the same period last year. However, its revenues declined from $11.433 million in Q1 2020 because of its transition from a wholesale business to recreational sales. The recreational sales accounted for $5.7 million in Q2 2020.

Implements a new operating structure

Supreme Cannabis has put into operation a new structure that includes a reduction in staff to improve growth and efficiency, profits in the long term. It moves forward to become a premium cannabis CPG company and drives the growth in the near term with its high-quality products and brands in different price segments. The company’s innovative sales model supports the consumer facing-brand portfolio. It distributes products across Canada.

Chief Executive Officer, interim president, and Director of Supreme Cannabis, Colin Moore said the company realigns its structure as well as the expectations considering the current state of the industry. He strongly believes that Supreme Cannabis can drive growth in the near term, derive long term growth and improve profits using its high-quality products and brands in every price segment.

Proud of the progress

Colin is proud of the progress of its team and focuses on revenue drivers in the near term. Supreme Cannabis is well-positioned to expedite CPG focused transition with its proven high-value brands in the recreational market and in-house processing capabilities. It is a licensed producer with cultivation infrastructure.

Supreme Cannabis is successful in Q2 2020 on the backdrop of introducing pre-rolls under the Sugarleaf brand addressing the mid-tier price point. The company will introduce more products soon to provide accessible and convenient experience to the customers. It will enhance its brand portfolio in the remainder of the year to add more revenues and capture market share. Supreme Cannabis achieves revenue growth using its recreational brands. The products introduced under the Sugarleaf and premium 7Acres brands will improve the sales volume.

Expands distribution of 7ACRES Brand

In Q2 2020, Supreme Cannabis has expanded the 7ACRES brand distribution in all the provinces in Canada. It is leveraging the partnership with Humble & Fume Inc and retail sales strategy to address the national revenues.

Continue Reading

BUSINESS

Canopy Rivers, A Subsidiary Of Canopy Rivers Inc (OTCMKTS:CNPOF), Subscribes To 2.38 Million Units Of James E Wagner Cultivation Corp (OTCMKTS:JWCAF)

Published

on

Canopy Rivers Inc (OTCMKTS:CNPOF) has announced that Canopy Rivers Corporation (Canopy Rivers) subscribed to 2.38 million units of James E Wagner Cultivation Corp (OTCMKTS:JWCAF). The issue price for each unit is $0.21. Canopy Rivers invested $500,000 in James E Wagner through a private placement. Each unit comprises one-half of one Common Share purchase warrant and one common share in the capital of James E Wagner. Canopy Rivers can acquire one common share using the warrant at $0.275 per share on or before February 6, 2023.

Canopy Rivers holds 16.241 million shares and warrants

Canopy Rivers holds 16.241 million shares and warrants after the completion of the offering. Before this offering, the company held 13.86 million shares and warrants. The subscription is purely on investment basis. However, its decision may change at a later date.

Several developments at portfolio companies

The portfolio companies of Canopy Rivers have made several announcements recently. Chief Executive Officer and President of Canopy Rivers, Narbe Alexandrian, is appointed to the board of directors of National Cannabis Industry Association (NCA), the biggest cannabis trade organization in the US. He will hold the position of Director in NCA until 2022.

High Beauty Inc establishes presence in Canada

On January 30, 2020, High Beauty Inc has established its retail footprint in Canada. The company exhibited its skin care products to a group of influencers, professionals and the media in the beauty and fashion industries at Hudson’s Bay flagship store.

TerrAscend Corp’s two subsidiaries have received the nod for processing and cultivation of cannabis in the US. Also, TerrAscend NJ, LLC received a license in January 2020 from the Department of Health in NJ for the cultivation of cannabis. It is the second company in New Jersey to obtain cultivation permit. The company will extend medical marijuana in the state to meet the growing needs of the patients.

The Utah Department of Agriculture and Food has awarded Medical Cannabis Processor License to TerrAscend Utah, LLC on January 29, 2020. The company will inaugurate a processing facility in Utah.

Canopy Rivers has amended the terms of the $10 million loan to TerrAscend Canada Inc.

Continue Reading



Trending Stories