Nowadays, the Cannabis industry is expanding at an extremely fast rate. And as more states are creating laws that allow businesses to legally produce and sell cannabis products, just getting to apply for a cannabis license may get confusing. A cannabis license is a…
New York Cannabis legalization is getting closer, after lawmakers filed a bill that legalized the adult-use cannabis program in the Big Apple, business men and women can start getting ready for New York cannabis license applications.
Legalization in New York may not be yet official, but with Governor Cuomo’s endorsement of the bill presented, it is a closer reality for New Yorkers. Bill S854 was presented to the New York State Senate on January 6, 2021, setting regulations on the Adult Use Cultivator License, Adult use retail dispensary license and others. Here we explain everything there is to know so far about New York License Application Process.
New York Cannabis License Application
Any person can apply for a New York Cannabis license for a license to cultivate, process, distribute or dispense cannabis within this state for sale.
New York cannabis license application shall be in writing and verified and have to contain information as the Board requires. Applications have to be accompanied by a check or draft for the amount required for such license. If the board approves the application, it has to issue a license in such form as determined by its rules.
A separate license shall be required for each facility at which cultivation, processing, distribution or retail dispensing is conducted.
The board is authorized to adopt regulations, including by emergency rule, establishing information which must be included on an application for licensure.
Such information may include, but is not limited to:
- information about the applicant’s identity, including racial and ethnic diversity;
- ownership and investment information, including the corporate structure;
- evidence of good moral character,
- including the submission of fingerprints by the applicant to the division of criminal justice services; information about the premises to be licensed;
- financial statements; and any other information prescribed by regulation.
New York Cannabis License Fees.
The board has the authority to charge applicants for licensure a non-refundable application fee. Such fee may be based on the type of licensure sought, cultivation and/or production volume, or any other factors deemed reasonable and appropriate.
The board also has the authority to assess a registered organization with a one-time special licensing fee for a registered organization adult-use cultivator, processor, distributor, retail dispensary license.
The board has the authority to charge licensees a biennial license fee. Such fees will be based on the amount of cannabis to be cultivated, processed, distributed and/or dispensed by the licensee or the gross annual receipts of the licensee for the previous license period, and any other factors.
The board shall waive or reduce fees for social and economic equity applicants.
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Limited amount of New York Cannabis Licenses
The state cannabis advisory board has the authority to recommend to the board the number of licenses issued pursuant to ensure a competitive market where no licensee is dominant in the statewide marketplace or in any individual category of licensing, to
actively promote and potentially license social and economic equity applicants, and carry out the goals of this chapter.
Selection criteria for New York Cannabis License Application.
The board will develop regulations for determining whether or not an applicant should be granted the privilege of an initial adult-use cannabis license, based on, but not limited to, the following criteria:
- The applicant is a social and economic equity applicant;
- The applicant will be able to maintain effective control against the illegal diversion of cannabis;
- The applicant will be able to comply with all applicable state laws and regulations;
- The applicant and its officers are ready, willing, and able to properly carry on the activities for which a license is sought including with assistance from the social and economic equity and incubator program, if applicable;
- The applicant possesses or has the right to use sufficient land, buildings, and equipment to properly carry on the activity described in the application or has a plan to do so if qualifying as a social and economic equity applicant;
- The applicant qualifies as a social and economic equity applicant or sets out a plan for benefiting communities and people disproportionately impacted by enforcement of cannabis laws;
- it is in the public interest that such license be granted, taking into consideration, but not limited to, the following criteria:
- That it is a privilege, and not a right, to cultivate, process, distribute, and sell adult-use cannabis;
- The number, classes, and character of other licenses in proximity to the location and in the particular municipality or subdivision thereof;
- Evidence that all necessary licenses and permits have been or will be obtained from the state and all other relevant governing bodies;
- Effect of the grant of the license on pedestrian or vehicular traffic, and parking, in proximity to the location;
- The existing noise level at the location and any increase in noise level that would be generated by the proposed premises;
- The ability to mitigate adverse environmental impacts, including but not limited to water usage, energy usage and carbon emissions;
- The effect on the production and availability of cannabis and cannabis products; and
- Any other factors specified by law or regulation that are relevant to determine that granting a license would promote public convenience and advantage and the public interest of the community;
- The applicant and its managing officers are of good moral character and do not have an ownership or controlling interest in more licenses or permits than allowed by this chapter;
- The applicant has entered into a labor peace agreement with a bona-fide labor organization that is actively engaged in representing or attempting to represent the applicant’s employees, and the maintenance of such a labor peace agreement shall be an ongoing material condition of licensure. In evaluating applications from entities with twenty-five or more employees, the office shall give priority to applicants that are a party to a collective bargaining agreement with a bona-fide labor organization in New York or in another state, and uses union labor to construct its licensed facility;
- The applicant will contribute to communities and people disproportionately harmed by enforcement of cannabis laws and report these contributions to the board;
- If the application is for an adult-use cultivator or processor license, the environmental and energy impact of the facility to be licensed;
- The applicant satisfies any other conditions as determined by the board; and
- If the applicant is a registered organization, the organization’s maintenance of effort in manufacturing and/or dispensing and/or research of medical cannabis for certified patients and caregivers.
Limitations to New York Cannabis License
- No license of any kind may be issued to a person under the age of twenty-one years, nor shall any licensee employ anyone under the age of twenty-one years.
- No licensee can sell, deliver, or give away or cause or permit or procure to be sold, delivered or given away any cannabis or cannabis product to any person, actually or apparently, under the age of twenty- one years unless the person under twenty-one is also a certified patient and the licensee is appropriately licensed under article three of this chapter.
- The board, on the recommendation of the office shall have the authority to limit, by canopy, plant count, square footage or other means, the amount of cannabis allowed to be grown, processed, distributed or sold by a licensee.
- All licenses expire two years after the date of issue.
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New York Cannabis License Renewal
Each New York cannabis license, may be renewed upon application and payment of fee.
In the case of applications for renewals, the board may dispense with the requirements of such statements as it deems unnecessary in view of those contained in the application made for the original license, but in any event the submission of photographs of the licensed premises shall be dispensed with, provided the applicant for such renewal shall file a statement with the board to the effect that there has been no alteration of such premises since the original license was issued.
Each applicant must submit to the board documentation of the racial, ethnic, and gender diversity of the applicant’s employees and owners prior to a license being renewed.
The board has to provide an application for renewal of a license issued under this article not less than ninety days prior to the expiration of the current license.
The board may only issue a renewal license upon receipt of the prescribed renewal application and renewal fee from a licensee if, in addition to the criteria in this section, the licensee’s license is not under suspension and has not been revoked.
Each applicant must maintain a labor peace agreement with a bonafide labor organization that is actively engaged in representing or attempting to represent the applicant’s employees and the maintenance of such a labor peace agreement shall be an ongoing material condition of licensure.
New York Cannabis Social Equity Program
The board shall consult with the state cannabis advisory board and the chief equity officer to create a social responsibility framework agreement and make the adherence to such agreement a conditional requirement of license renewal. The board promotes applicants that foster racial, ethnic, and gender diversity in their workplace.
Each applicant must provide evidence of the execution of their plan for benefiting communities and people disproportionately impacted by cannabis law enforcement required for initial licensing pursuant to section sixty-four of this article.
In the case of changes in ownership and organizational structure.
- Licenses issued have to specify:
- The name and address of the licensee;
- The activities permitted by the license;
- The land, buildings and facilities that may be used for the licensed activities of the licensee;
- A unique license number issued by the board to the licensee; and
- Such other information as the board shall deem necessary to ensure compliance with this chapter.
Upon application of a licensee to the board, a license may be amended to allow the licensee to relocate within the state, to add or delete licensed activities or facilities, or to amend the ownership or organizational structure of the entity that is the licensee. The board will establish a fee for such amendments.
A license will become void by a change in ownership, substantial corporate change or location without prior written approval of the board. The board may promulgate regulations allowing for certain types of changes in ownership without the need for prior written approval.
“substantial corporate change” mean:
- For a corporation, a change of eighty percent or more of the officers and/or directors, or a transfer of eighty percent or more of stock of such corporation, or an existing stockholder obtaining eighty percent or more of the stock of such corporation; or
- For a limited liability company, a change of eighty percent or more of the managing members of the company, or a transfer of eighty percent or more of ownership interest in said company, or an existing member obtaining a cumulative of eighty percent or more of the ownership interest in said company; or
Don’t miss out on our Marijuana Legalization Map where you can browse the current status of laws in every state in the United States and see all our posts on each of them.
Interested in coming on as a guest? Email our producer at firstname.lastname@example.org
Thomas Howard has been in business for years and can help yours navigate towards more profitable waters.
Arizona Marijuana Establishment License Arizona Marijuana Establishment License is the answer for those interested in starting a marijuana business in the state. Whether you want to open a dispensary in Arizona, or start a manufacturing or distributing business in the…
Getting prequalified for a Michigan marijuana license would be the first step to hop into the cannabis industry in Michigan. And with the medical and recreational marijuana industry growing as fast as it is, it may be worth your time hopping in. We already covered how…
New Jersey Cannabis Microbusiness License New Jersey cannabis microbusiness license is an intriguing possibility for small business entrepreneurs in the State. New jersey cannabis license regulations aim to benefit its residents with an exclusive opportunity to get…
How to get a dispensary license in New Jersey? That’s the question you should ask yourself if you’re thinking about opening a dispensary in New Jersey. In order to obtain a dispensary license, you’d need to comply with requirements established by the new law on the…
If you’re a Detroit Legacy – or a team looking for one – we can help. How to Open a Consumption Lounge in Detroit Marijuana consumption lounges are now legal in Detroit. The City just passed the Detroit Legacy Marijuana ordinance to legalize and regulate adult-use…
TEXAS MEDICAL CANNABIS UPDATE For all those waiting on Texas medical cannabis: Texas may be another state on the road to open their medical cannabis industry. We are discussing the new bills introduced on november 9th, 2020, and what they state on how to get a medical…
Cannabis Legalization in Ireland Cannabis legalization in Ireland is going through very challenging times. Politics around legalization are very different in Europe. While the USA has provisions that allow voters to directly change laws via initiatives, most…
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Cronos Group Receives Several Price Target Upgrades From Major Broker Dealers
Unlike Tilray Inc. (TLRY), which received multiple downgrades after reporting earnings, Cronos Group Inc. (CRON.TO) (CRON) has received several price targets hikes after published fourth quarter revenues that exceeded Wall Street’s expectations. The broker-dealers that raised price targets on Cronos are Cowen and Company, Stifel, Cormark Securities, and PI Financial. The banks raised price targets […]
The post Cronos Group Receives Several Price Target Upgrades From Major Broker Dealers appeared first on Technical420.
Unlike Tilray Inc. (TLRY), which received multiple downgrades after reporting earnings, Cronos Group Inc. (CRON.TO) (CRON) has received several price targets hikes after published fourth quarter revenues that exceeded Wall Street’s expectations.
The broker-dealers that raised price targets on Cronos are Cowen and Company, Stifel, Cormark Securities, and PI Financial. The banks raised price targets to $14 from $8 (CAD), to $12 from $8.25 (CAD), to $9 from $7.50 (USD), and to $10 from $7.50 (CAD) respectively. At current levels, Cronos is trading above Stifel’s price target and is barely trading above the price target that was issued by Canaccord.
While Cowen and Company, Stifel, Cormark Securities, and PI Financial raised their respective price targets on Cronos, CIBC lowered its price target to $11 from $12.50 (USD). Although the broker-dealer lowered its price target on the Canadian cannabis producer, it is the only updated price target to be trading below the current level and we find this to be worth noting.
Unlike Cronos, Tilray did not receive the same type of love from the broker-dealer community. Following a lackluster earnings report, Tilray was downgraded by two broker-dealers and we found this to be significant.
During the quarter, Tilray recorded a $3 million net loss on $56.6 million of revenue. For the entire year, the Canadian cannabis producer had a $10 million net loss on $210 million of revenue. While these numbers showed impressive growth, analysts are more interested in the closing of the Aphria (APHA.TO) (APHA) mega-merger and expect the completion of the deal to serve as a catalyst for growth.
After reporting fourth quarter and full year financial results, Tilray was downgraded by two broker-dealers, Piper Sandler and Benchmark. The downgrades followed a substantial move to the upside, and this is a trend that we will be following closely ahead of the closing of the Aphria merger,
Going forward, we believe there will be several winners to come out of the Canadian cannabis sector. If you are interested in learning about who we consider to be a leading Canadian Licensed Producer, please send an email to firstname.lastname@example.org with the subject “Leading Canadian Licensed Producers” to be added to our distribution list.
Australis Reports Q3 2021 Results
Australis Capital Inc. (CSE: AUSA) (OTC: AUSAF), today announced that the Company has filed its financials and management discussion and analysis for the third quarter of fiscal 2021, the period ending December 31, 2020. Condensed Interim Consolidated Statements of Financial Position (CNW Group/Australis Capital Inc.) Condensed Interim Consolidated Statements of Comprehensive Loss (CNW Group/Australis Capital […]
On November 17, 2020, an overwhelming majority of attending shareholders voted to support the new leadership team that was proposed by a group of concerned shareholders. Consequently, Dr. Duke Fu, Dr. Jason Dyck, Mr. Avi Geller, Mr. Hanoz Kapadia and Mr. John Esteireiro were elected as Directors of the Company. Dr. Duke Fu also was appointed as Interim CEO of the Company.
The period under review, Fiscal Q3 2021, relates to the period ended December 31, 2020. Results reported therefore relate predominantly to the legacy business and do not include any financials related to the proposed ALPS and Green Therapeutics LLC (“GT” or “Green Therapeutics”) acquisitions (see press releases dated January 5, 2021, February 9, 2021 and February 24, 2021).
Events subsequent to the quarter
The new leadership team immediately commenced executing on the strategy put forward by the concerned shareholder group. In short order, predominantly subsequent to quarter’s end, a number of important changes and major achievements were reported:
- The Company appointed Jon Paul as its new CFO. Mr. Paul brings with him considerable public company experience in the cannabis industry, as well as a strong track record in driving profitability in very fast paced, emerging, regulated consumer industries.
- In relation to the transaction whereby AUSA is proposing to acquire a majority interest in ALPS (see below), the Company announced that Mr. Terry Booth is to be appointed as CEO upon completion of the transaction. Mr. Booth is one of the visionaries and pioneers in the cannabis sector and has a strong track record in executing and driving shareholder value.
- Upon the appointment of Mr. Booth as CEO, Dr. Duke Fu, currently Interim CEO, will take on the position of COO, with a special focus on driving organic growth and innovation. Dr. Fu, former President at MedMen Enterprises (2014-2015), also acts as the CEO of Green Therapeutics, an award-winning MSO headquartered in Nevada and has extensive experience in technology-driven GMP level manufacturing and science-based medical innovation.
- The Company anticipates making further appointments to its leadership team as the Company progresses in its development.
- The Company announced it would be acquiring a 51% interest, with an option for the remaining 49%, in ALPS, the world’s premier cultivation facility design, construction management, and (post) commissioning and compliance service provider for the cannabis and horticultural industries (see January 5, 2021 press release).
- The Company and ALPS signed a definitive agreement (see February 24, 2021 press release) and expects to close the acquisition in early March.
- As a global innovation leader in the horticultural and cannabis sectors, ALPS has signed multiple facility and service contracts in the past 6 weeks for total revenues in excess of $5 million, with the majority of the work to be completed in fiscal 2022. With a rapidly expanding business pipeline, the Company anticipates continued growth over the coming months.
- With a number of existing customer relationships and significant contracts, ALPS brings significant revenues to the Company and is also anticipated to be immediately accretive to AUSA results following the closing of the acquisition.
- 64% of the acquisition price is tied to significant revenue and EBITDA targets, reflecting the confidence of the ALPS management to profitably expand the business. Revenue targets range from $26.1 to $46.6 million over three annual periods. Corresponding EBITDA targets are $11.7 to $21.0 million.
- ALPS is expected to enable the Company to fuel the scale-up of its brands across the U.S. and beyond without having to invest in CapEx heavy infrastructure, while retaining substantial margin. AUSA plans to leverage ALPS’s customer relationships, whereby customers, in return for ALPS developed IP, will grow AUSA’s portfolio of award-winning genetics, selling these back to AUSA at a reduced mark-up.
- On January 5, 2021, the Company announced it has entered into a term sheet regarding the acquisition of Green Therapeutics LLC.
- GT is an award-winning, Nevada-based cannabis company with a strong brand portfolio, comprised of GT Flowers, Tsunami and Provisions.
- Led by former MedMen President Dr. Duke Fu, GT has assembled a strong team of medical professionals and pharmaceutical manufacturing experts. Based on the team’s experience and science-based approach, GT has created a portfolio of high-end dried flower and designer/luxury derivative products that are in high demand. GT products are carried by 52% of Nevada dispensaries.
- With the proposed acquisition comes an 8,000 sqft cultivation and manufacturing facility, as well as Management and Brand Licensing Agreements with entities in Oklahoma and Missouri licensed for extraction and processing, and rights to acquire an interest in the Oklahoma entity and a 25% interest in the Missouri entity, both subject to regulatory approval.
- The Company intends to leverage its ALPS driven expansion model, described above, to scale up the GT brands, providing consumers throughout the U.S. and beyond with access to GT’s in demand products.
- The acquisition of GT is contingent on approval by the State of Nevada’s Cannabis Control Board and subsequent local approval by Clark County Department of Business License. The timing of Nevada Cannabis Compliance Board review and approval is beyond the control of the Company.
The Company anticipates closing the ALPS transaction in early March and the GT transaction by the end of March. With less than a full month of integration, it is anticipated that ALPS will still bring a significant boost to revenues in Q4, with the full impact materializing in Q1. As the Company will not own 100% of GT until such time as the transfer of licenses is completed. The Company will not be able to consolidate plant touching revenues and will only consolidate revenues from non-plant touching ancillary services resulting in receipt by AUSA of management fees, equipment leasing, and IP licensing fees. Of further note:
- The new leadership team has reduced personnel costs to conserve cash during Q4 as well as dramatically lowered legal and investor relation fees after the proxy fight.
- The sale of the North Las Vegas land is expected to bring $1.9 million cash for the Company’s share when the closing is completed (anticipated to occur by the end of March).
- The value of the Company’s investment in Body and Mind Inc. (“BAMM”) has increased by $5.5 million since year-end and is anticipated to make a positive contribution in Q4. Shares of BAMM as at March 1, 2021 closed at $0.79, as compared to $0.49 as at December 31, 2020.
- Quality Green Inc., an Ontario based private cannabis company in which the Company holds an investment, is in the middle of completing a private placement of securities. Based on the valuation expected by Quality Green’s top management, the value of the Company’s stake will increase by $1.5 million.
Dr. Duke Fu, Interim CEO, commented, “We are delivering on the promises made to our shareholders when the new leadership team took over. We are executing at a very high pace, with two proposed acquisitions announced and moving towards completion, a completely new leadership team installed, ALPS firing on all cylinders with over $5 million in contracts signed in the past six weeks, and the team is progressing on further potential partnerships, transactions and strategic revenue enhancing initiatives. Consequently, we are exceptionally well positioned to leverage our assets and execute on our unique expansion strategy to transform AUSA into a meaningful, national MSO.”
Jon Paul, CFO, added, “The Company’s third quarter results were impacted by a number of non-cash impairment charges against legacy assets and operations, as well as one off charges related to the recent proxy battle and the resulting reorganization of the Company’s board and management. Without these extraordinary expenses, net loss would have been limited to $2.3 million. The cash burn from operations during the quarter of $2.7 million was consistent with the first half of fiscal 2021. As we wrap up the restructuring of the legacy operations, we have a cleaner slate for focusing on the ALPS, GT and other potential acquisitions and partnerships as we scale our business.”
Mr. Paul added, “Going forward into fiscal Q4, we anticipate a number of material events to boost our results. We expect to close on the ALPS transaction in early March, which is anticipated to bring a significant boost to revenues, even with less than one month left in the quarter. The full revenue impact from ALPS will be felt the following quarter, Q1 of fiscal 2022. Our investments in BAMM and Quality Green, as of today, are up by approximately $7.0 million. The sale of land held in North Las Vegas is expected to bring approximately $1.9 million cash when the land sale closes at the end of March.”
Q3 2021 Overview
The financial results for Q3 2021 concern the period ended December 31, 2020. These results therefore reflect the legacy business only, with minimal technology and consulting revenue, and do not properly reflect the operations of the Company going forward.
The results for the period under review were impacted by a number of one-off, mostly non-cash extraordinary items. A net loss of $19.4 million was recorded, versus $5.8 million for the prior year’s comparable quarter. The increased loss was due predominantly to extraordinary items, which totaled $17.6 million. Adjusted for these items, the Company would have recorded a $1.8 million operating loss, a $4.0 million improvement over the prior year’s quarter.
The list below provides an overview of the aforementioned extraordinary items:
1. The Company, has decided to record a number of non-cash impairments of intangibles related to the legacy business the new leadership team inherited upon taking charge at AUSA:
- $5.3 million impairment of the Passport license.
- $2.4 million impairments of the Rthm goodwill and software.
2. Other non-cash adjustments recorded
- $2.3 million in reductions in the carrying value of land held for sale in Washington state and North Las Vegas.
- $1.2 million in reductions in the value of marketable securities in Folium Equity Holding, LLC and BAMM (the latter driven by a change in accounting method away from an investment valuation)
- $3.4 million in costs related to the proxy battle and board/management changes, consisting primarily of additional legal fees and investor relations costs and to a lesser extent, estimated net costs of settling compensation and equity matters with the prior board and management.
- $3.0 million in a settlement and restructuring provision to address legal, restructuring, and other settlement obligations and costs which arose from events during the quarter, in particular, costs incurred with the GT legal settlement and revised term sheet.
Q3 Financial overview
1. Revenues and Gross Margins
- Revenues were minimal at $90K, consisting of consulting fees from BAMM and technology revenue from Cocoon. Gross margins were negative $(166K) due to the costs of supporting the Company’s Cocoon line in its early stages.
2. Operating Expenses
- Operating expenses came in at $4.9 million, as compared to $3.2 million for the same period in the prior year but included $3.4 million in one-time costs mentioned above related to the proxy battle. Otherwise, costs would have been under half of the costs in Q3 FY 2020.
3. Loss from Operations
- A $5.1 million operational loss was recorded, an increase of $2.0 million, driven primarily by one-off costs related to the aforementioned restructuring and proxy activities. Adjusted for these extraordinary costs, the net quarterly loss would have been $1.7 million, an improvement over the prior quarter by $0.8 million.
4. Net Loss
- A $19.4 million net loss was recorded vs. a loss of $5.8 million in Q3 of the prior year. Without $17.6 million in one-off costs and impairments, the loss would have been $1.8 million.
Working Capital & Liquidity
As at December 31, 2021, the Company held $7.6 million in cash, as well as $9.9 million in marketable securities. Working capital stood at $7.0 million, a decrease by $12.8 million over the prior year, due primarily to a decrease in cash of $8.7 million, with no cash raised during the first nine months of FY 2021, along with $1.2 million spent on construction in progress on the North Las Vegas land, which has now been reclassified for sale and $3.0 million in accrued provision liabilities for reorganization costs mentioned above.
Cash flow during the quarter was comprised of the following:
- Cash used in Operations during Q3 2021 was $2.7 million, in line with the prior quarter.
- Cash used for investments during the quarter was $0.4 million in construction in progress on the land held for sale, which the company anticipates closing in Q4.
- Financing costs of $0.2 million were recorded, related to leases and share-based compensation.
- A Foreign Exchange gain of $0.5 million was recorded.
The Company’s financial statements and management discussion & analysis were filed on SEDAR and can be found on www.sedar.com.
Conference call details
Management will host a conference call discussing the results and the go forward business on March 2, 2021 at10AM EST. The call can be accessed via telephone or via webcast per the details provided below.
North American Toll Free:
A replay of the call will be available until March 9, 2021. The replay can be accessed as follows:
Encore Replay Canada:
Encore Replay North American Toll Free:
Encore Replay Entry Code:
AUSA is implementing a growth strategy towards establishing a highly competitive and profitable MSO in the U.S. and global cannabis markets. AUSA is in the process of closing a transaction to acquire 51% ownership of ALPS, the world’s premier design, construction management, commissioning and post commissioning consultancy for horticultural crops, such as cannabis, fruits, vegetables, mushrooms and algae. The Company will also hold an option for the acquisition of the remaining 49% of ALPS. AUSA is currently working towards the closing of a transaction whereby it will acquire 100% of the membership interest in Green Therapeutics LLC, an award-winning MSO with operations in Nevada, Missouri and Oklahoma. Through GT and ALPS, the Company believes it will be able to secure low-cost access to cannabis biomass to fuel the scale up of its award-winning brands across the U.S. and global cannabis markets. AUSA’s other business and assets include investments in Cocoon, Body and Mind Inc., Quality Green, Folium Biosciences, and land assets in Washington and Michigan.
The Company’s common shares trade on the CSE under the symbol “AUSA” and on the OTCQB under the symbol “AUSAF”.
This press release contains “forward-looking information” within the meaning of applicable securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budgets”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. In particular, this press release contains forward-looking information in relation to: the timing and ability to close the proposed transactions with GT and ALPS; the anticipated development of the GT and ALPS businesses and their impact on the Company; the ability of the Company to execute on its strategy to establish a low capex model MSO; the proposed management changes; the outlook for the fourth quarter; the impact of the changes to U.S. federal and state developments with respect to the cannabis industry and the opportunities this may present for the Company. This forward-looking information reflects the Company’s current beliefs and is based on information currently available to the Company and on assumptions the Company believes are reasonable. These assumptions include, but are not limited to: the ability of the Company to successfully satisfy the conditions to closing the ALPS and GT transactions; the ability of management of ALPS, GT and the Company to successfully execute on their respective business plans; legal changes relating to the cannabis industry proceeding as anticipated; and the Company’s continued response and ability to navigate the COVID-19 pandemic being consistent with, or better than, its ability and response to date.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions and market prices for securities; the actual results of the Company’s future operations; competition; changes in legislation affecting the Company; the timing and availability of external financing on acceptable terms; lack of qualified, skilled labour or loss of key individuals; risks related to the COVID-19 pandemic.
EBITDA is a Non-IFRS measure. Earnings before interest, taxes, depreciation and amortization (“EBITDA”) should not be construed as alternatives to net income/loss determined in accordance with IFRS. EBITDA does not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. The Company believes that EBITDA is a meaningful financial metric as it measures cash generated from operations, which the Company can use to fund working capital requirements and fund future growth initiatives.
A description of additional risk factors that may cause actual results to differ materially from forward-looking information can be found in the Company’s disclosure documents on the SEDAR website at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
Forward-looking information contained in this press release is expressly qualified by this cautionary statement. The forward-looking information contained in this press release represents the expectations of the Company as of the date of this press release and, accordingly, are subject to change after such date. However, the Company expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.
The CSE has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accept responsibility for the adequacy or accuracy of this release.
Notes to the financial statements can be found in the financial statements filed on SEDAR under the Company’s profile (www.sedar.com)
SOURCE Australis Capital Inc.
Aleafia Health Launches Cannabis Soft Chews by Bogart’s Kitchen
Aleafia Health Inc. (TSX: AH, OTC: ALEAF) is pleased to announce the launch of THC soft chews under its edibles brand Bogart’s Kitchen. They represent Aleafia Health’s premiere cannabis edible product and the first launch under the Bogart’s Kitchen banner. They have commenced shipping to the adult-use market and are available to patients of the […]
The post Aleafia Health Launches Cannabis Soft Chews by Bogart’s Kitchen appeared first on Technical420.
The soft chews are a key pillar in a much broader and ongoing product portfolio expansion, with recent launches including vape cartridges, sublingual strips, exclusive dried flower cultivars, and high-potency CBD oil.
“Bogart’s Kitchen is a highly differentiated brand tailored exclusively to edibles consumers, and its first product, soft chews, is the largest edibles category in Canada,” said Aleafia Health CEO Geoffrey Benic. “We look forward to additional product launches under the Bogart’s Kitchen banner, including some new innovative formats not yet available in the Canadian market.”
Conceived in the kitchens of Aleafia Health’s product innovation centre in Paris, Ont., the soft chews are the product of extensive R&D and culinary artistry. The initial launch features two SKUs, each with a unique flavour profile selected to satisfy Canadian consumers’ taste preferences, as well as complement each SKU’s terpene profiles. They feature all natural flavours and colouring, are pectin-based, and contain no gelatin.
- Strawberry Lemonade: Featuring limonene which is prevalent in both citrus fruits and commonly found in sativa strains, Strawberry Lemonade Soft Chews contain two discrete chews per package, each with five milligrams of THC.
- Peach Mango: Featuring myrcene which is prevalent in both mangoes and indica strains, Peach Mango Soft Chews contain two discrete units per package, each with five milligrams of THC.
For Investor & Media Relations:
Nicholas Bergamini, VP Investor Relations
LEARN MORE: www.AleafiaHealth.com
About Aleafia Health:
Aleafia Health is a vertically integrated and federally licensed Canadian cannabis company offering cannabis health and wellness services and products in Canada and in international markets. The Company operates medical clinics, education centres and production facilities for the production and sale of cannabis.
Aleafia Health owns four significant licensed cannabis production facilities, including the first large-scale, legal outdoor cultivation facility in Canadian history. The Company produces a diverse portfolio of commercially proven, high-margin derivative products including oils, capsules, edibles, sublingual strips, and vapes. Aleafia Health operates the largest national network of medical cannabis clinics and education centres staffed by MDs, nurse practitioners and educators and operates internationally in three continents.
Forward Looking Information
This news release contains forward-looking information within the meaning of applicable Canadian and United States securities laws. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “estimates”, “intends”, “anticipates”, or “believes” or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained in this news release. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information, including risks contained in the Company’s annual information form filed with Canadian securities regulators available on the Company’s SEDAR profile at www.sedar.com. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed time frames or at all. The forward-looking information included in this news release are made as of the date of this news release and the Company does not undertake any obligation to publicly update such forward-looking information to reflect new information, subsequent events or otherwise unless required by applicable securities legislation.
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