SOL Global Investments Corp (OTCMKTS: SOLCF) has announced that it will continue buying shares under the normal course issuer bid (NCIB) previously announced in March 31, 2021.
So far the company has purchased around 1.539 million common shares during the current purchase cycle as per the NCIB at a [rice of $4.3831 per share. As per the NCIB, the company may purchase a maximum of 2.738 million common shares that represent around 5% of SOL Global Investments’ outstanding and issued common shares as of the announcement time of the NCIB. The NCIB will terminate in March 31 next year or ealyr at the discretion of the company.
SOL Global makes board appointments
The company also announced the addition of Kevin Taylor and Alex Spiro to its Board of Directors. Following their appointment Taylor will be the chairperson of the Compensation Committee while Spiro will be the Chairman of the Compliance Committee.
CEO Andy DeFrancesco said, “Thanks to our turbocharged success we have put ourselves in a position to bulk up, and that starts up top at the board level. It’s incredible for us to have Alex and Kevin joining our board. They both have outstanding track records and are leaders in their respective positions. Their experience will augment the team and I in our push for performance and top tier stockholder growth.”
SOL Global settles suit connected to debenture
Recently the company announced the settlement of a litigation in connection to senior, secured non-convertible debenture offered and issued to 1235 Fund LP in amount of CA$50 million and carrying an interest of 6% per year. The company had previously disclosed that it had commenced legal proceedings against 1235 in New York concern the Debenture interpretation and associated arrangement and rights under the agreements.
According to the agreement, SOL Global’s subsidiary will acquire all 1235 rights under the debenture for CA$120 million which will be paid in September 7, 2021.
Radient Technologies Inc. (OTCMKTS: RDDTF) Offers Updates Regarding Its Management Trade Cease Order and Potential Acquisition
Radient Technologies Inc. (OTCMKTS: RDDTF) has offered a status update regarding annual financial statement and also offered a corporate update.
Radient Technologies delayed reporting annual results
On July 29, 2021 the company issued a press release regarding delayed filling of its annual financial statement for the year ended March 31, 2021. As a result the company applied for a Management Cease Trade Order (MCTO) with Alberta Securities Commisioon and other regulators as an option to the general cease trade order related to the lated filings, The Alberat Securities Commission granted the MCTO on July 30, 2021 and will be effective until then company files the Required Filings.
As a result the MCTO prohibits trading of Radient Technologies’ securities either indirectly or directly by the company’s CFO and CEO. However, the MCTO issuance doesn’t affect individuals who have not been insiders, officers, or directors of the company from trading the securities.
The company is making all efforts to make the necessary filings and it confirms thate there is no change of information in the Default Announcement that can be material to investors and the company has not filed to fulfil its stated intentions to meet the provision so of alternative information guidelines as pee NP 12-203.
Radient evaluating possible acquisitions
Radient delayed announcing the result based in the fact that there were two pending acquisitions, with PBR Labs and TunaaaaRoom that it needed to close and a review of its internal business. As part of its strategic review the company is evaluating M&A prospects that will complement previously announced acquisitions.
The company announced the submission to two sales licenses applications to Health Canada. One of the submission of for the amendment of its current sales license to include ecommercer medical sales authorization and the other is for additional sales license to permit Radient to sell dried cannabis flower.
Curaleaf Holdings Inc (OTCMKTS: CURLF) Announces Revenue of $312 Million in Second Quarter of 2021
Curaleaf Holdings Inc (OTCMKTS: CURLF) is a top global cannabis-based consumer products corporation that recently announced a $312 million revenue in Q2 F21. The company provided all this information in U.S dollars.
Total revenue recorded in Q2 F21 was $312 million, representing a year-over-year increase of 166%, compared to the $117 million reported in the same quarter of the previous fiscal year. When they excluded international business operations, total revenue came to $307 million. In the second quarter of this fiscal year, the company opened a total of five new cannabis and CBD-based dispensaries. This included a second New Jersey location, one in Illinois, two in Pennsylvania, and an adult-use retail store in Maine (the first of its kind), which pushed the company’s total to 107 dispensaries by the end of the quarter.
The retail revenue recorded by the company was $222 million, which represented a 235% year-over-year growth and 18.4% sequential growth. Robust growth in the company’s retail business operations was mainly driven by the increase in repeat clients/customers and new customer acquisition. Retail revenue made up for 71% of the company’s total revenue.
Wholesale revenue came to $89 million, which was 29% of all its revenue. Strong wholesale operation growth was driven primarily by the boost in sales productivity and new accounts additions. Gross profit recorded in this quarter was $155 million, which was a lot more than the $43 million they recorded in the same quarter of the previous fiscal year.
CurAleaf’s Executive Chairman, Boris Jordan, said that July is when the United States introduced the most comprehensive cannabis-related reform that the Federal government has ever proposed. Combined with the significant investments the company is making in distribution, cultivation, and production and United States state-level liberation, the CEO said that they’re developing a robust foundation for future growth. He claimed that this includes expanding their Connecticut, New Jersey, and New York markets in the short-term.
Canopy Growth Corp (NASDAQ: CGC) Records Revenue Growth of 23% in Q1 F22
Canopy Growth Corporation (NASDAQ: CGC) is a global, diversified CBD-based and cannabis consumer product corporation that focuses on strengthening communities, ending prohibition, and improving lives by showing the true power of cannabis recently reported revenue growth of 23% in Q1 F22.
Canopy’s Chief Executive Officer, David Klein, said that with a robust foundation and right strategy in place, they’re confident in their ability to achieve long-term success as the company’s brands and products show how appealing they are to the consumers in their core markets. He continued to say that while they’re encouraged by the United States’ regulatory advancements, the company isn’t waiting and will continue to scale the business efforts on Canadian and U.S. soil with a new, innovative, and exciting product pipeline set for the fiscal quarters ahead.
The CEO said that the company continues to boost operational efficiencies and cost savings across the board and are quite on track to hit their target range of $150 to $200 million in the next fiscal year. He confirmed that they’re looking forward to scaling their new and improved operating model as they push their profitability goals forward.
Recorded a $136 million net revenue in Q1 F22, a 23% increase from what they reported in the same quarter of the previous fiscal year. This is was largely due to the significant double-digit growth the company experienced across cannabis products in Canada and other CBD-related consumer products. The cannabis net revenue came to about $93 million in this quarter being highlighted, which represented a 17% increase from the same quarter of the previous fiscal year.
There was a decline of 17% in total operating expenses in Q2 F22. Year-over-year reductions in R&D (research and development) and G&A (general and administrative) are one of the things that helped drive the decline of total operating expenses in this quarter. The company also reported $390 million in net earnings in Q2 F22 and $64 million Adjusted EBITDA in the same quarter.