MYM Nutraceuticals Inc. (OTCMKTS: MYMMF) can now complete its arrangements with IM Cannabis Corp. The Supreme Court of British Columbia has approved the acquisition of all of the issued and outstanding common shares of MYM by IMC through its wholly-owned subsidiary Trichome Financial Corp. Accordingly, the Consideration is to have 0.022 of an IMC common share for each MYM Share held as formerly announced in April 2021 and following an MYM Shareholders meeting held on July 5, 2021. Accordingly, MYM Shareholders will receive the Consideration in exchange for each MYM Share held on fulfilling all the conditions. On the other hand, there will be a delisting of the MYM Shares from the Canadian Securities Exchange.
MYM cultivates, processes, and distributes premium cannabis through its two wholly-owned subsidiaries, SublimeCulture Inc. and Highland Grow Inc. On the other hand, IMC, headquartered in Israel with set-ups in Canada and Germany, operates within the medical and adult-use recreational cannabis sector. The company is well known for maintaining quality and consistency in the Israeli medical cannabis market over the past decade.
The closure of the acquisition of MYM is one of the many strategic alliances IMC is using to augment its European presence. It is also working closely with EU GMP-certified medical cannabis processors and distributors and Adjupharm GmbH (“Adjupharm”), a German-based subsidiary. The two play a significant role in capitalizing on the increasing demand for medical cannabis products in Europe.
Visionaries Who Strive To Expand the Knowledge in Any Way, At Any Given Moment
Since its inauguration in 2008, IMC has been built a legacy of nurturing strains for a fundamental cause. To date, the company has developed a wide range of quality strains, which enable every patient to find the perfect match for their medical condition. Innovation, meticulous manufacturing procedures, use of active ingredients concentration levels, and standard plants are some of the core values IMC applies in their efforts to provide a better quality of life.
Cartel Blue, Inc. (OTCMKTS: CRTL) and Cartel, Inc. Sets Footprint in Mexico Following the Anticipated Legalization of Cannabis and Hemp Crops
Cartel Blue, Inc. (OTCMKTS: CRTL) and Cartel, Inc. have reportedly merged to form Cartel International, Inc. This is one of the many strategies hundreds of corporations have continued to implement as they seek to tap into the available and expanding cannabis market. Cartel, Inc. offers pure hemp hydroponics currently available in the USA and Mexico. Meanwhile, Cartel Blue, Inc. is one of the go-to stock indexes for marijuana and hemp sector investors.
The collaboration has opened business doors for Cartel Inc. in Mexico. The company quickly dived into ruling by the Supreme Court of Mexico, decriminalizing and legalized recreational Cannabis and Hemp on June 30, 2021. This follows the previous approval of Trade Marks and will only accelerate Cartel Inc.’s expansion strategy. Some of the company’s products and processes include hemp-hip-hop clothing sold under the brand “Cartel Blue” hemp cultivation and Cartel Accessories.
Making a Change, which Aligns with Global Branding Strategy for Cannabis Products
As the Merger and Acquisition of Cartel, Inc. and Cartel, Inc. enter the completion stage, Cartel Blue, Inc. will continue to work with several other designers. This is in preparation to unveil in their summer hemp clothing 2021 collection. Manufacturing of the hemp clothing line is currently underway in Denver, Colorado. Still, it is not long before the company can move manufacturing and distribution to Mexico, according to Philip More, CEO of Cartel Blue, Inc.
Meanwhile, the merger will make Cartel Blue, Inc. the leader of Hemp Cigars. The good news is that the company’s global branding strategy for cannabis products aligns with the validation of the growing demand for premium hemp cigars. In addition, the company’s President Phillip Larocca and More claim that the products are tested.
The two executives have decades of experience in growing young companies. Hence they will be very instrumental in working with ell-known entities, including Marriott Hotels, Wynn Hotels, and UPS Corporate.
And in other news, Cartel International, Inc. has executed purchase agreements and contracts to obtain high-quality “Hina” grown superior Hemp. This will be from The Maui Third Wave, Inc. of Kihei, Maui, Hawaii.
KushCo Holdings Inc (OTCMKTS: KSHB) 3Q2021 Revenue Increases 27% YoY To $28.3 Million
KushCo Holdings Inc (OTCMKTS: KSHB) recently announced financial results for 3Q2021 ended May 31, 2021. The company reported a 27% YoY increase in its net revenue to $28.3 million, attributed to its existing customer base of Multi-State Operator (MSO) and Licensed Producers (LP), and securing new MSO customers. In addition, KushCo recently opened a 130,000 sq ft West Coast warehouse in Moreno Valley, California, to reap about $1.3 million in annual cost savings, in line with its warehouse consolidation strategy. The company has also scheduled a special shareholder meeting in August 2021 to approve a transformative merger with Greenlane Holdings Inc (NASDAQ: GNLN), which will create the leading ancillary cannabis company.
3Q2021 financial summary
KushCo reported $9.1 million in SG&A expenses, a decrease from $12.7 million reported for 3Q2020. The YoY decrease was attributed to reductions in consulting spend, headcount, bad debt expense, and stock compensation expenses, primarily due to the company’s 2020 implementation plan and the COVID-19 pandemic. KushCo reported a net loss of $8.0 million on a GAAP basis, a YoY decrease from $13.5 million in 3Q2020. Loss per share was $0.05 compared to $0.11 in the prior-year quarter. Higher revenue and cost reductions helped achieve adjusted EBITDA of ($1.1) million in 3Q2021 than ($2.7) million in 3Q2020.
KushCo reported cash of $1.1 million as of May 31, 2021, compared to $35.0 million at the end of February 28, 2021. The QoQ decrease in the case was attributed to using a portion of its proceeds from the equity raise to pay off $17 million term debt and existing balance on the revolving line of credit. The company reported a total debt outstanding of approximately $0.7 million as of May 31, 2021.
Nick Kovacevich, Chairman, Co-founder, and Chief Executive of KushCo, mentioned that the 3Q2021 represented another significant period, with the 2nd consecutive quarter of YoY growth in revenue. The growth was driven by a 60% YoY increase in sales to the company’s top 25 customers. Alongside, the customers’ quality also continued to improve, putting KushCo in a solid position to capitalize on the next stage of growth. In addition, fiscal prudence in the company’s operations helped it report one of the lowest SG&A expenses in recent quarters.
GreenGro Technologies, Inc. Common Stock (OTCMKTS: GRNH) Launches New Hemp-Infused Product Line Under Greengro Brand
GreenGro Technologies, Inc. Common Stock (OTCMKTS: GRNH) recently announced the launch of its much-awaited product line of hemp-infused topicals, tinctures, oil, and capsules. The launch will focus on the product range that contains the main psychoactive component, tetrahydrocannabinol (THC), found in cannabis. The newly launched products under GreenGro Brand will be available online through its eCommerce platform and its distributor network. In addition, GreenGro also announced two new distribution agreements with a network of pharmacies, pain management clinics, and dispensaries for marketing and selling the new product line.
Operational focus and management comment
GreenGro is committed to creating shareholder value by maximizing profit by licensing its eco-friendly technological solutions for the hemp and cannabis industry. The company’s operating divisions GenoBreeding, Cannabis Ventures, and CBD Ventures, allows it to operate in the cultivation, extraction, production, and retail aspects of the market. In addition, GreenGro’s three business divisions allow an efficient, synergistic, and highly profitable business model by leveraging each other’s strengths.
Tom Schaefer, Chief Executive Officer of CBD Ventures, a wholly-owned subsidiary of GreenGro, expressed that the recent launch underlines the company’s commitment to continually offer new and innovative hemp-infused products with various delivery methods. Additionally, these products will be available through a network of independent retailers in Arizona and California and contribute to future revenue growth.
Operational update and expansion plans
GreenGro recently announced a strategic multi-year marketing and distribution agreement for Neurofarms’ latest products and formulations across national and international markets. Neurofarms is a San Diego-based developer and provider of top-grade medicinal cannabis products and cannabinoid medicines. GreenGro will resume the build-out of its cannabis dispensary located near Palm Springs in Riverside County, in Cathedral City, California. The announcement follows the recent approval of Conditional Use Permits for the manufacturing, distribution, and delivery licenses. The dispensary will be an integral part of the company’s regional expansion strategy in Southern California. GreenGro recently appointed Charles Garavitt as its Chief International Officer, responsible for overseeing a global market presence primarily through a franchise business model.