Australian Updates from Two Canadian Cannabis Companies

cannabis market report

On Tuesday (June 19) two Canadian cannabis companies gave their shareholders a progress update on their respective expansions for Australian ventures.

The Australian cannabis market has grown at a remarkable pace so far in 2018 with multiple Canadian companies announcing expansions into the jurisdiction.

This market is currently only legal for medical cannabis with the patient population estimated at over 30,000  according to research firm Deloitte in 2016.

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Cronos offers licensing update for Australian division

Cronos Group (NASDAQ:CRON,TSX:CRON) shared with its shareholders the Australian joint venture created earlier this year by the company, named Cronos Australia, obtained a manufacturing license from the Australian Office of Drug Control.

The license increased the offerings of Cronos Australia as the company can now legally manufacture cannabinoid-based products.

“This is a key step for expanding our research and product development while also allowing us to produce the full scope of cannabis products for the region,” Mike Gorenstein, CEO of Cronos Group said in a statement.

Rodney Cocks, CEO of the Australian division, said he sees the venture in a solid position to even expand its outreach and export cannabis product to New Zealand and the Southeast of Asia.

Cronos’ Canadian stock finished the day C$9.11 per share, a 2.13 percent increase from its previous close, while the company’s Nasdaq shares have risen 1.18 percent to reach a US$6.86 price per share.

On the analyst research aggregator site TipRanks, Cronos’ Canadian stock is currently split on opinions with one analyst, Matt Bottomley from Canaccord Genuity, recommending investors to sell, while Martin Landry’s latest report still has a “Buy” recommendation for investors.

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MedReleaf Reports Q4 and Fiscal 2018 Results

One of the largest Canadian licensed producers (LPs) issued on Tuesday (June 19) one of its last quarterly and fiscal reports as it prepares to complete an acquisition by another major LP. MedReleaf (TSX:LEAF) provided its investors with a detailed look at its fourth quarter and fiscal 2018 financial results. The company reported close to over C$12 million in sales of dried cannabis and extract products during its fourth quarter, a period which ended on March 31. During the entire fiscal 2018 period, MedReleaf reported C$43.6 million in sales, with extracts amounting to 18 percent of that result and bringing in C$8 million. Looking for Cannabis Stocks? Read our report to find market data, important news and stocks to watch! Give me my free report! The company indicated it estimates sales of extracts will continue to grow in the overall revenue thanks to the introduction of novel products such as … Continue reading

James E Wagner Cultivation Corporation on MidasLetter

James E. Wagner Cultivation (JWC) (TSXV:JWCA) recently got featured on MidasLetter. The company CEO Nathan Woodworth came on the show to discuss aeroponics. Aeroponics is a unique cultivation method applied by JWC. According to the article the company is able to achieve high yields and quality, without having to use pesticides. “Well we’re a technology company in addition to being a licensed producer of medicinal cannabis. The technology at its core focuses on a technique called aeroponics. Aeroponics is a type of advanced hydroponic cultivation. Rather than suspend the roots in a substrate like rock wool or peat moss or put them in water. We hang the roots in an enclosure in the air. We then mist that root mass with a proprietary nutrient solution. This helps maintain the optimize health of the plant.” – CEO Nathan Woodworth stated in the interview. Click here to read the full interview Click here … Continue reading

Segra Commences Partnership with Original Breeders League for Micropropagation of High CBD Hemp and Cannabis

Original Breeders League (“OBL”) has signed a letter of intent with Segra International Corp. (“Segra”) to explore a collaboration regarding plant micropropagation (also known as ‘tissue culture’). According to this letter of intent, OBL will negotiate a service contract with Segra for micropropagation services. Under the proposed service contract Segra would transition a set of existing cannabis cultivars from OBL’s proprietary genetic portfolio into tissue culture for genetic preservation and production via micropropagation. This portfolio includes valuable high CBD, full spectrum cultivars. Through select production partnerships in the industry, OBL aims to standardize the availability of high CBD, full spectrum products globally. OBL is currently partnered in various cannabis and industrial hemp projects for both breeding and cultivation throughout California and the world. “Original Breeders League is currently developing projects with a footprint that spans across six different countries. For the first time in history, with our partnership with Segra … Continue reading

Choom Adds New Locations to its Canadian Retail Store Network

Choom (CSE:CHOO; OTCQB:CHOOF) announced it secured new locations for its cannabis retail store network in Alberta and B.C. As quoted in the press release: Choom has secured the rights to an additional 7 retail locations in Alberta. Choom has 25 leases in highly strategic and secure locations in Alberta with 24 applications submitted. Choom has also secured 3 additional B.C. retail leases, combined with the existing 7, for a total of 10 retail opportunities in B.C. In all cases, the retail opportunities are subject to all necessary governmental and municipal approvals being granted. This number is expected to grow over the coming months as the Company is currently negotiating additional leases with the intention of submitting applications for retail licenses. The following link will bring you to our retail opportunity map: “This is a significant step towards establishing Choom’s strategy to be a leading private cannabis retailer in Canada,” states Choom’s President and CEO, Chris Bogart. “Market share and … Continue reading

Newstrike Resources Closes C$51.75 Million Bought

Newstrike Resources (TSXV:HIP) announced the closing of a short form prospectus offering for a total of 69,000,000 company units sold at a C$0.75 for aggregate gross proceeds worth C$51.75 million. As quoted in the press release: Each Unit is comprised of one common share of the Company (a “Common Share”) and one-half of one common share purchase warrant (each whole common share purchase warrant, a “Warrant”). Each Warrant is exercisable to acquire one Common Share at an exercise price of $1.00 per share, subject to adjustment in certain events, until June 19, 2023. The Units were offered and sold by way of a short form prospectus filed in each of the provinces of Canada, excluding Québec, and offered and sold elsewhere outside of Canada on a private placement basis. The Company intends to use the net proceeds from the Offering for growth initiatives, working capital and general corporate purposes. The Offering … Continue reading

Neptune Enters Multi-Year Business Agreement with Canopy Growth

Neptune Technologies and Bioressources (NASDAQ:NEPT; TSX:NEPT) announced a multi-year extraction, refinement, and extract product formulation capacity agreement with Canopy Growth (NYSE:CGC; TSX:WEED). As quoted in the press release: “We are truly excited to partner with such a great company as Canopy Growth. This multi-year agreement, including minimum volume commitments, will be supported by Neptune’s decades of experience in extraction, purification and formulation of value added differentiated science-based products,” said Michel Timperio, President of Neptune’s Cannabis Business. “Extract products are key to the future of the global cannabis industry and we’re taking the right steps to significantly increasing our production capacity to capture this opportunity,” said Mark Zekulin, President, Canopy Growth. “We were the first to introduce extract based cannabis Softgels and this agreement supports our development of a wide range of extract products to meet the demand of these growing market segments as we prepare our operations for greater product diversification.” Click here … Continue reading

Invictus Signs LOI For Cannabis Sales into Germany

INVICTUS MD STRATEGIES CORP. (“Invictus” or the “Company”) (TSXV:GENE; OTC:IVITF; FRA:8IS1) is pleased to announce it has signed a non-binding Letter of Intent (“LOI”), executed on June 13, 2018, to sell dried cannabis to a German importer and distributor of medical cannabis (the “Importer”). The Company will initially commit to selling 1,000 kgs of dried cannabis flower per annum at a price of $6.50 per gram. The volumes and respective prices of dried cannabis flower for the second and consecutive years will be defined in a Definitive Offtake Agreement (the “Offtake Agreement”). The Importer, whose name will remain undisclosed until execution of the Offtake Agreement, combines a highly competitive business model with a vast distribution network of 20,000 pharmacies and a clear focus on product marketing and professional education. The Importer’s experienced management team previously led an international joint venture successfully to the final stage of the German tender for domestic cannabis production and … Continue reading

Veritas Inks Medical Cannabis Supply Agreement with Colombian Producer

Veritas Pharma (CSE:VRT) announced a new memorandum of understanding with Foliumed, a Colombian medical cannabis company. As quoted in the press release: Under the terms of the MOU, Veritas and Foliumed will jointly conduct scientific research, undertake product development activities, and commercialize select medical cannabis products with the help of Veritas’ research arm, Cannevert Therapeutics Ltd. (“CTL”). Foliumed will provide Veritas with pharma grade medical cannabis extracts derived from unique Colombian cannabis strains, manufactured in a GMP certified extraction facility. The focus of the collaboration will be aimed at advancing specific cannabis cultivars for specific disease and chronic conditions through joint Intellectual Property Development and commercialization of certain trademark medicinal products. Veritas Pharma and Foliumed Colombia aim to have products based upon Cannevert formulations produced and ready for commercial distribution in Latin America and Western Europe by Q1 2019. The product’s dosing and method of administration will be standardized to … Continue reading

Crop Receives Approval for Additional 20,000 Square Feet of Recreational Canopy at Humboldt California Campus

CROP Infrastructure Corp. (CSE:CROP) (OTCMKTS:CRXPF) (“CROP” or the “Company”) announces its tenant grower “HEMPIRE COMPANY LLC” has received final approval for an additional twenty thousand (20,000) square feet of recreationally licensed canopy space from CalCannabis Cultivation Licensing, a division of the California Department of Food and Agriculture (CDFA) for the Humboldt California Campus as announced on May 9th 2018. The Humboldt Campus consists of an operational 10,000 square foot medicinal cannabis greenhouse facility and has now obtained an additional 20,000 square feet of recreational licensed canopy. It is expected that the HEMPIRE COMPANY LLC will commence plant population in June/July 2018. CROP Infrastructure Director & CEO Michael Yorke states: “With the approval of this additional twenty thousand square feet, the Humboldt Campus will triple in size and tenant production capacity. CROP’s portfolio of cannabis infrastructure assets includes two Washington State facilities as well as the Humboldt campus in California, the largest cannabis market in the world. … Continue reading