Newsfeeds Archive - Spark Newswire

2 minute read

Cronos Cannabis Co. Will Provide $51M To GrowCo Toward Facility Expansion Fund

June 20, 1:04 PM

Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) announced on Thursday an expansion of Cronos Growing Company, a cannabis cultivation business that the Toronto-based company owns 50% of.The investment will be funded by a roughly $51 million (CA$70 million) secured non-revolving credit facility provided by Cronos. It will assist GrowCo's expansion of its purpose-built cannabis facility in Leamington, Ontario, that will produce high-quality cannabis flower, the company said in a press release., Under the four-year supply deal between Cronos and GrowCo and prior to the first sale of products from the newly constructed area, Cronos will have the option to buy roughly 80% of GrowCo's production. Once first sales from the newly constructed area occur, Cronos will have the option to purchase 70% of all GrowCo's supplies on an annual basis.

CRON

2 minute read

Cannabinoids-Focused MediPharm Boasts This Advanced Medical Cannabis Delivery Method

By Jelena Martinovic

June 20, 12:15 PM

Cannabinoids-based pharmaceutical company MediPharm Labs Corp. (TSX: LABS) (OTCQB: MEDIF) (FSE: MLZ) announced on Thursday that it has entered into a licensing agreement with Remidose Aerosols Inc. to acquire the exclusive rights for advanced cannabis products. Under the deal, current Remidose customers will be serviced through MediPharm starting August 2024, including Canadian direct-to-patient medical platforms and international medical distributors. MediPharm intends to utilize its existing GMP infrastructure, customer channels and wellness sales expertise to expand the customer base of these advanced products in Canada and internationally.

MEDIF

3 minute read

Aurora Reports 20% YoY Uptick In Global Medical Marijuana, Expects Benefits From International Cannabis Regulatory Reforms

By Jelena Martinovic

June 20, 8:59 AM

Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) announced on Thursday its financial and operational results for the fourth quarter and fiscal year 2024.The company reported a 5% year-over-year increase in revenue to CA$67.4 million ($49.1 million) in the fourth quarter. Global medical cannabis net revenue grew by 20% over the same period to CA$45.6 million. The increase in net revenue1 of $7.7 million was primarily due to higher sales to Australia and Europe in the current period following the success of newly launched innovative cultivars in these markets.

ACB

2 minute read

Latest Executive Cannabis Changes You Should Know About: Curaleaf, Planet 13 Elect Directors And More

By Jelena Martinovic

June 18, 12:48 AM

As the premier gathering of top entrepreneurs and investors is taking place this Monday in New Jersey, let's scroll through the latest leadership changes in the cannabis and psychedelics industries.Cybin Inc.announced recently that Dr. Atul R. Mahableshwarkar M.D., DLFAPA, opted to join the company as senior vice president of clinical development. In addition, six cannabis companies announced changes to their respective boards of directors.

CSE:PLTH

2 minute read

New York Weed Giant The Cannabist Is Selling Its Florida Business, Here’s Why

By Jelena Martinovic

June 17, 12:34 PM

The Cannabist Company Holdings Inc. (Cboe CA: CBST) (OTCQX: CBSTF) (FSE: 3LP) - formerly known as Columbia Care - announced on Monday a series of initiatives as it seeks to transform its business to improve profitability, enhance margin profile and enable cash flow generation.The company said in a press release that a planned corporate restructuring is expected to generate roughly $10 million in annual cost savings.In addition, the Cannabist is in the process of divesting its entire asset portfolio and license in the Florida market, with LOIs for multiple transactions in place and $2.75 million of deposits in escrow.

CBSTF

2 minute read

Marijuana Fintech Co. POSaBIT Reports 67% YoY Drop In Q1 Revenue, Renews Focus On Sustainable Profitability And Growth

By Jelena Martinovic

June 14, 9:13 AM

Cannabis-focused provider of payments infrastructure POSaBIT Systems Corporation (CSE: PBIT) (OTC: POSAF) announced on Thursday its financial results for the three months ended March 31, 2024.The company reported a 67% year-over-year drop in revenue to $33.8 million in the first quarter. Ryan Hamlin, co-founder and CEO of POSaBIT, said the company faced "market challenges" with its payments business at the end of 2023 and in early 2024.

CSE:PBIT

3 minute read

New Leaders Of NY Cannabis Reg Body And Recent Industry Appointments You Need To Know About

By Jelena Martinovic

June 12, 9:47 PM

Chris Alexander, the former head of the New York Office of Cannabis Management (OCM), resigned in May. Gov. Kathy Hochul first announced that Alexander's contract would not be renewed following its end in September. As Green Market Report's John Schroyer highlighted, the governor on Monday announced three new experts to lead the agency.S3 Collective has formed its governmental advisory committee (GAC).

CANQF

2 minute read

Cannabis Products To Try This Summer, Here’s What Tilray Has In Store

By Jelena Martinovic

June 12, 12:50 PM

Tilray Brands, Inc. (NASDAQ: TLRY) (TSX: TLRY) announced on Wednesday the Good Supply launch of its 'Summer Shareability' campaign. The Canadian cannabis giant said "The brand is putting their most shareable and convenient formats front and center, along with exciting flavors that are perfect for any warm weather gathering," to celebrate the summer months.

TLRY

2 minute read

California Cannabis Co. Launches TikTok Shop, Wants A Share Of Billion-Dollar Marketplace

By Jelena Martinovic

June 12, 11:20 AM

California-based cannabis producer and distributor Rodedawg International Industries, Inc. (OTC: RWGI), announced on Wednesday the launch of its own TikTok Shop. The move came nearly two years after the company acquired Tree Moguls, a premium cannabis lifestyle brand based in Southern California.The company said the move is aimed at leveraging the e-commerce potential of TikTok, considering that it has over 1 billion active users worldwide. Moreover, an analyst from Statista now predicts that e-commerce sales on TikTok Shop are projected to reach $11 billion by the end of 2024, the company said in a press release.

RWGI

2 minute read

Cannabis Cultivation Solutions Provider Agrify Announces $500K Turnkey Extraction Equipment Deal With This NJ Co.

By Jelena Martinovic

June 11, 9:40 AM

Agrify Corporation (NASDAQ: AGFY) announced on Tuesday that it has signed a $500 000 turnkey hydrocarbon extraction and lab equipment package with Grotech Farms LLC, an annual licensed cannabis operator founded by Miriam Porter and partners.Grotech Farms will be creating a wide range of craft concentrates, live resin, and distillate to introduce to New Jersey."It's fantastic to see the continuous adoption of Agrify's extraction technologies in the Garden State," Raymond Chang, chairman and CEO of Agrify, said. "We are thrilled to be part of the process of creating high-quality extracts as a form of plant medicine in partnership with a company that is rooted in quality."

AGFY