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PotNetwork Holdings Inc (OTCMKTS:POTN) Pursues Listing And Expansion With Sales Surpassing $10 Million

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PotNetwork Holdings Inc (OTCMKTS:POTN) announced on Friday, July 13 that it has applied for a Form 10 with the Securities and Exchange Commission for listing purposes.

The SEC filing is the company’s first step towards uplisting, allowing PotNetwork Holdings to report as an SEC firm. The marijuana firm is currently waiting to receive FINRA approval, after which it plans to change its name to BioTech Hemp, Inc. The move is also part of its strategic focus towards a broader positioning as a brand.

Once the application is approved, trading systems in the market will automatically make the necessary changes meaning no additional actions or certificates will be required. Shareholders will thus not be affected by the changes since it will only upgrade Pot Network’s name, symbol and reporting status.

The new changes are expected to help boost transparency, especially for investors while also providing PotNetwork with more visibility as well as credibility in the financial markets. The company boasts of impressive sales over $10 million courtesy of its subsidiary, Diamond CBD, Inc. The latter works on R&D hemp extracts which are then marketed in multiple countries. So far the company has a strong variety of CBD products that include edibles, tinctures, and vape liquids. PotNetwork has been strengthening its position in the market for CBD derived from hemp.

“Between recent quality product additions and our reach into other markets we have been able to achieve over $10 million in Diamond CBD product sales,” stated PotNetwork Holdings CEO, Richard Goulding.

PotNetwork’s growth has been surging steadily

Goulding also pointed out that the company managed to achieve the impressive sales within the first five months of this year. He also revealed that PotNetwork’s sales for the first half of 2018 were almost double what the company’s sales in the first half of the previous year.

According to Goulding, PotNetwork wants to tap into more opportunities and it currently has an aggressive growth plan especially for the remaining part of the year.  The firm believes that uplisting will play a critical role in its expansion plans as far as visibility is concerned. It also expects things to get more lucrative especially with the legal status of hemp and marijuana products in various regions.

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

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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.

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BUSINESS

Health Canada Grants A Cannabis Cultivation License To Sublime Culture Inc, A Subsidiary Of Mym Nutraceuticals Inc (OTCMKTS:MYMMF)

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Health Canada has granted a cannabis cultivation license to Sublime Culture Inc., a subsidiary of Mym Nutraceuticals Inc (OTCMKTS:MYMMF). Sublime will produce high-quality cannabis in small batches at its Laval, Quebec facility.

Highly optimized and sophisticated Laval facility

The Laval facility in Quebec boasts a highly optimized and sophisticated indoor facility to produce high-quality cannabis varieties. It has included a cloning and mothering area to support genetic development and archiving. Chief Executive Officer of MYM, Howard Steinberg, said the company is pleased to receive a cannabis cultivation license for its Laval, Quebec facility. The team at MYM is ready to begin the cultivation of super-premium cannabis on a small scale at its indoor facility.

Closes non-brokered private placement

MYM has closed the non-brokered second tranche private placement. The company has netted the proceeds of $221,005 by issuing 3,683,416 units. Each unit, which comprises one common share purchase warrant and one common share, is priced at $0.06. MYM needs to pay a finder’s fee of $2,664 for this tranche. The warrant holder is entitled to acquire one common share at $0.10 within three years from the date of issue.

The deal is subject to the final nod of the CSE. According to the security laws, MYM has put in a lock-in period of four months.  MYM will use the proceeds for working capital needs. The acceleration provision applies to the warrants. According to this provision, the company can set an expiry date if the average weighted share price is over or equal to $0.20 for the consecutive 10 trading days.

MYM repays the entire loan

MYM has repaid the entire Trichome loan. It maintains a positive cash balance and debt-free. MYM has no further obligations to Trichome Financials on account of this loan. Trichome will support MYM in all its future endeavors. MYM will continue to explore new opportunities and work with Trichome in the future.

Steinberg said the company is focused on opportunistic takeovers. It will remain debt-free and raises the capital for the right opportunities. He said the MYM team will help the companies in the increasingly complex cannabis space in restructuring the management. Chief Executive Officer of Trichome, Michael Ruscetta said the company is pleased that MYM has repaid the loan. He further said the company will support MYM for strategic acquisitions.

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Medipharm Labs Australia Pty Ltd, A Subsidiary Of Medipharm Labs Corp (OTCMKTS:MEDIF), Receives Import License

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Medipharm Labs Corp (OTCMKTS:MEDIF) has received a key import license to support the business in Australia by importing drugs. It helps the company to develop an international supply chain and create synergies between Australian and Canadian Operations.

Department of Health issues import license

The Department of Health in Australia has issued an import license to Medipharm Labs Australia Pty Ltd (Medipharm Australia) to import the drugs, which are listed under schedule 4 of the customs regulations 1956. Medipharm Australia can import cannabis resin, cannabinoids, and cannabis using this import license from Canada based Medipharm Labs and other international suppliers. It will use imported products in the manufacture of tinctures and other products in Australia.

CEO of Medipharm Labs, Pat McCutcheon, said import license is vital to support its GMP certified multi-jurisdictional pharmaceutical platform. The company will meet the needs of medical cannabis markets worldwide. It has already completed the construction of Australia facilities’ initial phase. The company is on track to establish the international cannabis supply chain with the help of its GMP certified facility in Canada and by accessing the traceable, high-quality cannabis biomass, which is converted to quality pharma concentrates in Canada. It will supply quality concentrates to Medipharm Australia, overseas markets and the markets in Canada.

Sells finished products and cannabis APIs

Medipharm Australia will cater to the needs of finished products and cannabis APIs in the nations such as Germany in Europe after receiving the GMP Certificate from TGA (The Therapeutics Goods Association). It is on the backdrop of a mutual recognition accord between the EU and Australia. The Australian Government branch – TGA is given the responsibility to regulate therapeutic goods that comprise medical devices, vaccines, and prescription medicines.

According to a communiqué from Medipharm Labs, the Canadian production plant has all the required facilities to get GMP certification. It has received a communication in this regard from the Australian TGA.

Medipharm Labs focuses on the manufacture of pharma-grade cannabis concentrates and oil in Canada. The company provides cannabis contract processing services to cannabis growers and producers. It also supplies cannabis oil under its brand to the companies for sale.

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