Delta, Kelowna, BC - March 5, 2020 (Investorideas.com Newswire) www.Investorideas.com, a global news source covering leading sectors including marijuana and hemp stocks and its potcast site, www.potcasts.ca release today's podcast edition of cannabis news and stocks to watch plus insight from thought leaders and experts.
Listen to the podcast:Investor Ideas Potcasts, Cannabis News and Stocks on the Move; (TSX: WEED) (NYSE: CGC) (OTC: PHOT) (TSXV: VLNS) (TSXV: NRTH) (OTC: MJNE)
Today's podcast overview/transcript:
Good afternoon and welcome to another episode of Investorideas.com "Potcast" featuring cannabis news, stocks to watch as well as insights from thought leaders and experts.
In today's podcast we look at a few public announcements.
Canopy Growth Corporation (TSX: WEED) (NYSE: CGC) announced that the Company plans to close its facilities in Aldergrove and Delta, British Columbia, resulting in the elimination of approximately 500 positions. In addition, the Company no longer plans to bring a third greenhouse online in Niagara-on-the-Lake, Ontario. These actions are part of the Company's effort to align supply and demand while improving production efficiencies over time.
The greenhouses in B.C. account for approximately 3 million square feet of licensed production space and were put into commission, beginning in February 2018, after a period of phased retrofitting to help Canopy Growth scale up to supply the new Canadian adult-use market. Nearly 17 months after the creation of the legal adult-use market, the Canadian recreational market has developed slower than anticipated, creating working capital and profitability challenges across the industry. Additionally, federal regulations permitting outdoor cultivation were introduced after the Company made significant investments in greenhouse production. The Company now operates an outdoor production site to allow for more cost-effective cultivation, which will play an important role in meeting demand on certain products that rely on cannabis extracts. Following an organizational strategic review of production capacity and forecasted demand, the Company announced today that these facilities in Aldergrove and Delta, British Columbia are no longer essential to its cultivation footprint.
"When I joined Canopy Growth earlier this year, I committed to focusing the business and aligning its resources to meet the needs of our consumers," shared Canopy Growth CEO, David Klein. "Today's decision moves us in this direction, and although the decision to close these facilities was not taken lightly, we know this is a necessary step to ensure that we maintain our leadership position for the long-term. Along with the rest of the management team, I want to sincerely thank the members of the team affected by this decision for their work and commitment to building Canopy Growth."
Along with this announcement, the Company expects, based upon information currently available to management, to record estimated pre-tax charges of approximately $700-800MM in the quarter ending March 31, 2020 reflecting today's announcement as well as additional changes related to its organizational and strategic review.
GrowLife, Inc. (OTC: PHOT), one of the nation's most recognized indoor cultivation product and service providers, today announced that it released to the public, through open source, its design and operation instructions for its concept GrowLife Cube vertical cannabis grow room product.
The indoor cannabis growing facility leverages state-of-the-art technology and design to maximize the amount of plants that can be grown in a cubic space while utilizing technologies that decrease production costs and produce consistent results. The system was developed by a team of engineers alongside cannabis industry experts such as master growers and operators. It contains several patent-pending features allowing users to collect data and make real-time system corrections to optimize plant health.
The company completed a Proof-of-Concept (POC) study on the proprietary vertical grow room system and was designed to achieve the production cost of dry cannabis per gram of fifty-cents. The POC study provided many benefits including a reduction in energy costs and major increase of production capacity of a traditional square foot of production space.
"As industry leaders whose primary mission is to help our customers achieve the most efficient growing practices, we knew that the best path forward to help our customers who are struggling with keeping costs as low as possible would be to release the plans to build our proprietary grow systems and offer all of the parts to build it through our suite of services, versus building an inventory and distributing them ourselves," said GrowLife CEO Marco Hegyi. "We looked at various ways to bring this revolutionary system to market, such as through the use of licensees and distributors, or manufacturing and distributing it ourselves. Through our analysis, it became clear that the capital expenditure required to build out our own manufacturing and storage facilities would be too consuming for the current market conditions. Instead, we have brought this information to the public, allowing cultivators to investigate the details of the system, customize it as they see fit and look to GrowLife to provide the parts and expertise to build the systems. Ultimately we felt this was the best way to utilize and monetize the data we collected throughout our POC study and bring it to the market which could benefit greatly from it."
Information on operating the system as well as contact information for GrowLife consultations can be found on the company's website at https://growlifeinc.com/cube/.
Valens GroWorks Corp. (TSXV: VLNS) (OTCQX: VLNCF) today announced the launch of a line of cannabis-infused beverages, produced under a white label agreement with A1 Cannabis Company (a subsidiary of Iconic Brewing). The launch demonstrates Valens' leadership and excellence in the development and manufacturing of Cannabis 2.0 products, as the Company continues to successfully commercialize cannabis-infused beverages within the Canadian market.
The new line of beverages includes BASECAMP, a CBD-forward iced tea, and SUMMIT, a THC-forward citrus water. BASECAMP will be available at select retailers throughout Ontario in the coming days, with additional markets expected to follow. SUMMIT is expected to be available at select stores in the coming weeks.
SUMMIT and BASECAMP were developed using the SōRSE by Valens emulsion technology which transforms cannabis oil into water-soluble forms for use in beverages, edibles, topicals and other consumer products while eliminating cannabis taste, colour or smell. The technology provides a number of advantages including faster observed onset times compared to other infused beverages and edibles; a significant reduction of offset time; an ability to use lower doses of cannabinoids due to enhanced bioavailability; and increased consistency and stability with the potential to achieve more than one-year shelf life.
"Our agreement with A1 demonstrates the strategic value of partnering with leading companies that share our vision and reinforces our commitment to launching the Cannabis 2.0 products that consumers are looking for," said Tyler Robson, CEO of Valens. "This is the next step in the execution of our strategy to introduce innovative, high-quality products that deliver safe and customized user experiences."
Under the terms of the white label agreement between Valens and A1 Cannabis Company, a minimum of 2.5 million cannabis-infused beverages will be produced over five years, with the opportunity to expand on the partnership with new product offerings in the near future.
48North Cannabis Corp. (TSXV:NRTH) announced that it has shipped its first order of its topical brand Apothecanna to the Ontario Cannabis Store for retail sale. As a result, Apothecanna will be the first legal topical brand available to Ontario consumers.
Apothecanna, an established U.S. cannabis brand focused on organic topical formulations, made without the use of artificial ingredients, fillers, parabens, or GMO ingredients, has been a leading topicals brand in the United States since its founding in 2009. Apothecanna has developed a suite of next-generation health and wellness cannabis products including, but not limited to: pain relief creams, a skincare line, intamcy oil, and other therapeutic cannabis-based topicals.
To start, 48North will be launching Apothecanna's Extra Strength cream. The product's quick absorbing formula works fast to combat sore and overworked areas. Harnessing the power of 48North outdoor grown cannabis, this non-psychoactive formula uses both THC and CBD blended with high-quality healing natural ingredients arnica, peppermint and juniper for targeted relief.
Successfully launching the first legal cannabis topical brand in Ontario is illustrative of 48North's renewed commitment to improving operations, investing in product design, and supporting high-quality, conscious experiences for Canadian consumers.
"Since the beginning 48North has been committed to selling next-generation cannabis products to Canadian consumers. In response, the company has built landmark partnerships with companies like Apothecanna and Avitas to bring some of the highest-quality products to consumers. In being first to market in this product class, 48North has the opportunity to build brand awareness and loyalty with existing and potential consumers. I am very excited to share this product with Ontarians, I know they are going to love it," said Kirsten Gauthier, CMO of 48North.
MJ Holdings, Inc. (OTC: MJNE), a leader in the Nevada cannabis market, recently completed the test marketing of our industry leading LV Slugger 2 gram pre-rolled "joint".
The company sold almost 10,000 LV Sluggers to major dispensaries in Las Vegas during the promotion period. Shaped like a baseball bat, the largest pre-roll available in Las Vegas is sure to be an even bigger hit this 4/20 when they introduce the more potent LV Slugger II.
The company is increasing their production to 20,000 LV Sluggers to meet anticipated demand during the upcoming NCAA basketball tournament in March and the NFL draft in April. The Company will be launching their 4/20/2020 "This Bud's for You" promotion in the coming days and are hopeful that it will result in increased awareness of our Highland Brothers brand of products.
"Combining our popcorn bud and high testing flower, we expect the LV Slugger to be one of the most potent pre-rolls on the market with total THC approaching 25%," said MJ Holdings CEO Paris Balaouras.
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