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.
Zoned Properties Inc (OTCMKTS:ZDPY) Reports $1.22 Million Revenues In 2020
Zoned Properties Inc (OTCMKTS:ZDPY) posted revenues of $1.22 million in 2020. The company’s operating expenses declined marginally to $1.18 million in 2020. Its cash balance improved to $699,000 at the end of the year.
The company reported revenues of $309,000 in Q4 2020. Its operating expenses dropped marginally in the quarter to $268,000.
Zoned Properties expects to receive $8 million by leveraging its property portfolio in Arizona. The company will use these proceeds for expanding infrastructure.
Zoned Properties is expanding its projects in Chino Valley, Arizona, with an investment of $8 million as of today. It expects to be functional in Q2 2021 and generate significant revenues.
Invests $100,000 in The Open Dør
Zoned properties a sum of $100,000 in Open Dør, the national cannabis franchise retailer. The company added $200,000 in this franchise towards the end of 2020. It will get a certain percentage of franchise fee as well as renewal fee for these investments. The company may convert this fee into a stake of 33% in Open Dør.
CEO of Zoned Properties, Bryan McLaren, said it plays an important role in positioning the company as a leading player in developing real estate. It mainly focuses on the regulated cannabis industry.
The company chose a value-driven approach to benefit from the regulated landscape. Bryan further said its growth strategy positions Zoned Properties to take advantage of investment opportunities.
Bryan has the vision to offer sustainability and real estate services to the regulated cannabis industry. As a sustainability consultant, Bryan engaged in operational implementation and strategic development of Higher Educational customers in his previous stints.
Healthier Choices to offer rights to investors
Healthier Choices Management Corp (OTCMKTS:HCMC) applies with the SEC (Securities and Exchange Commission) to offer rights to investors. CEO of Healthier Choices, Jeffrey Holman, thanked investors for their valued support so far besides its employees for working relentlessly even during the pandemic.
Healthier Choices will not pursue a reverse stock split at the moment. The company needs additional funding to support growth and protect its IP.
It will generate funds through rights issues mainly to its valued investors. Under the rights offering, the shareholders can acquire common stock at a discounted price.
Canntab Therapeutics Limited (OTCMKTS:CTABF) Receives Exports License From Health Canada And Auxly Cannabis. (OTCMKTS:CBWTF) Gets Uplifted To TSX
Canntab Therapeutics Limited (OTCMKTS:CTABF) has announced that it has received an Export License from Health Canada.
Canntab receives order from Cann Global
According to the company’s announcement of March 9, 2021, it will now fulfill a purchase order from Cann Global limited. Cann Global’s initial purchase order of $406,200 includes 6 SKUs that comprise 25mg THC, 5mg THC, and 2.5mg THC. It also includes combined caplets with 12.5mg VBD/2.5mg THC and 25mg CBD/5mg THC. The ordered products will be distributed across Australia to medical distributors such as pharmacies, hospitals, and doctors.
Canntab CEO Larry Latowsky said that they are delighted to receive the export license from Health Canada, which will enable the company to meet orders from its Australian partners immediately. He said that this is the first export order for the company, and they expect many more such orders from other international partners besides Canntab. Similarly, the order allows the company to participate in a medical cannabis study. Already the company has engaged Cann Global to commence necessary preparations and preparations to carry clinical blood tests to measure the efficacy of Cannatab’s immediate and future products expected to conclude in the company’s Q3.
Auxly shares uplifted from TSXV to TSX
Auxly Cannabis Group Inc. (OTCMKTS:CBWTF) has announced that the Toronto Stock Exchange has given it conditional approval to graduate to GTSX from the TSX Venture Exchange. Hugo Laves, the company’s CEO, said that the conditional approval to graduate to TSX is a massive milestone. He said that after the successful launch of Cannabis 2.0 in 2020 and Auxly’s strategic expansion to Cannabis 1.0 this year, they are optimistic that the upgrade is a logical step in Auxly’s corporate growth. Hugo said that the uplisting of the company’s profile in the investment community enables Auxly to continue building shareholder value.
However, the approval is subject to Auxly meeting certain customary and standard conditions needed by the TSX. Auxly plans to meet the requirements immediately and will issue a statement once the trading date is confirmed.
Vireo Health International Inc. (OTCMKTS:VREOF) Completes Expansion Of New Mexico Cultivation Facility
Vireo Health International Inc. (OTCMKTS:VREOF) has announced the completion of the planned expansion of its New Mexico cultivation and processing facility. The company also announced the recent completion of two retail dispensaries Las Cruces and Albuquerque, which are ready to launch pending regulatory approval. After the approval of the dispensaries, the company will now have four operating dispensaries in New Mexico.
Vireo expanding in New Mexico with two more dispensaries
The company’s affiliate, Red Barn Growers, completed a new cultivation facility in Gallup, New Mexico. The site includes six polycarbonate hoop houses for cultivation year-round and an extra 12,600 sq. ft. cultivation space. Already construction has been finalized, and planting will commence immediately the New Mexico Department of Health approves. The additional facilities will support the growing demand the company is witnessing in the Gallup and Santa Fe dispensaries.
Vireo Health CEO Kyle Kingsley said that the company’s strategic investment in retail and cultivation operations in New Mexico will create more opportunities to boost market profitability that is riding on favorable regulatory changes tailwinds. He said that the expansion projects will create new jobs in the company’s operating communities and meet growing cannabis products demand in New Mexico following the adult-use legislation passage.
Vireo enters Mutual Release with ex-executive chairman Bruce Linton
The company recently announced the signing of a mutual release with Bruce Linton, a renowned cannabinoid business and policy authority, and its ex-executive chairman, regarding outstanding matters between them. Linton joined the company in November 2019, and on June 8, 2020, the company moved to terminate his employment as executive chairman on a without-cause-basis. Linton had received warrants to acquire 15 million shares of the company and 10 million Warrants at an exercise price of $1.02 per share in connection to the employment agreement.
According to the Mutual Release, the company has issued around 8 million shares to Linton, with 7.11 million shares issued pursuant to the exercise of First Tranche Warrants and the 0.889 million shares issued under private placement exemption.