Cannabis Companies Pony Up $15M To Support Florida Legalization Amendment, Adding To Trulieve’s $40M
Trulieve CEO Kim Rivers is a speaker at the Benzinga Cannabis Capital Conference in Hollywood, Florida April 16-17.
Heritage Cannabis’ Stock Plunges On Announcing Creditor Protection, Looks To Pursue Restructuring And Sales Process
Heritage Cannabis Holdings Corp. announced on Tuesday that alongside its subsidiaries it sought and obtained an order for creditor protection from the Ontario Superior Court of Justice under the Companies Creditors Arrangement Act. "The difficult but necessary decision to commence CCAA proceedings was made after careful consideration of the Company's financial position while evaluating all available alternatives and engaging in significant consultation with legal and financial advisors," the company said in a press release. The Toronto-based cannabis producer also said that BJK Holdings Ltd., its senior secured lender, made a demand to the company for payment in full of certain indebtedness owing by the Heritage Group to the lender totaling $8,421,088.87. Heritage has entered into binding agreements to sell its real estate properties in Ontario and British Columbia to BJK Developments Ltd. for a net purchase price of $9,714,475 and lease the Ontario and BC Property back from the purchaser in October. The company said at the time the purchase would be used to set off the amount owing by the company to its lender, BJK Holdings Ltd., a related entity of the purchaser, reducing the company's remaining term debt by roughly 64% to $5,256,379. The remaining term financing, as amended within a third amending agreement, has been extended through to Jan. 31, 2025. Additionally, the company said it retains its revolving line of credit of up to $5 million with BJK, which has also been extended until the same date.
What’s Going On With Marijuana-Grower Tilray’s Stock?
Cannabis stocks have rallied recently amid legalization in Germany and renewed optimism on the possible rescheduling of marijuana in the United States. Florida's Supreme Court ruled on Monday to allow an initiative that would legalize recreational marijuana to appear on the state's ballot in November. If approved by 60% of voters, it would legalize recreational, adult-use marijuana in the state.
Cannabis Stocks Continue Skyrocketing Amid Florida And Global Legalization Advances
Discover how legalization in Florida and Germany fuels a significant surge in cannabis stocks like Aurora, Canopy Growth, and TILT Holdings.
Older Patients Are Choosing Cannabis To Treat Chronic Pain, Arthritis, Anxiety And Insomnia, New Study Shows
Older patients comprise a growing subset of medical cannabis patients, according to a new study. Titled Age-related Patterns of Medical Cannabis Use: A Survey of Authorized Patients in Canada, the new scientific publication presented the consumption trends observed in patients and the self-reported impacts of medical cannabis in alleviating the patients' primary symptoms. Tilray Medical, a division of Tilray Brands, Inc. is behind the study which is derived from the Canadian Cannabis Patient Survey (CCPS) 2021, which included 2,697 patients. The researchers focused primarily on older patients with a mean age of 54.3. Patients with chronic pain (27.8%), arthritis (14.9%) and anxiety (9%) were the most numerous among those seeking cannabis to treat their primary illnesses. Pain was the most common primary symptom for which patients use medical cannabis, followed by anxiety and insomnia/sleep disorder.
Jim Belushi’s Premium Cannabis Hits Maryland Via Partnership With State’s Largest Weed Producer
SunMed Growers and Belushi's Farm team up to launch premium, sustainable cannabis in Maryland. Discover the exclusive events on April 3-4.
534% Revenue Surge Unveiled By Israeli CBD-Focused Pharma Company, Exceeding Expectations
Innocan Pharma's 2023 earnings report: Revenue soars 534%, operating loss down 61%, $1.5M capital raise. CEO shares strategic vision.
This Cannabis Pioneer Is Ramping Up Its Presence In Germany As Weed Legalization Takes Effect
Flora Growth Corp. has been positioning itself on the international cannabis stage for years. The Canadian-based producer of cannabinoid organic oils, infused food, and beverage, pharmaceutical grad, medical, and cosmetic-grade derivatives is serving all 50 U.S. states and 28 countries with over 20,000 points of distribution around the world. The company's latest move to further cement its global footprint comes simultaneously with a new German cannabis law that went into effect this Monday, which partially legalized cannabis. Currently, it allows adults over 18 in Germany can legally possess up to 25 grams of dried cannabis and cultivate up to three marijuana plants at home. Flora Growth, which through its wholly-owned subsidiaries has been active in Germany since 2017, revealed last week its plans to launch a cannabis home grow kit, and start up material seeds and cuttings in the European country as it enters the first phase of new recreational cannabis legalization law. This doesn't come as a surprise considering the cannabis recreational market, as per the company's expectations, has the potential to reach $4.2 billion upon legalization with the total European market forecasted to achieve revenues of $10.2 billion.
Aurora Cannabis And Canopy Growth Stocks Get Higher: What’s Going On?
Cannabis stocks have rallied significantly amid legalization in Germany and renewed hopes of rescheduling in the U.S. with Aurora climbing more than 50% and Canopy Growth up over 160% over the past month. Florida's Supreme Court ruled on Monday to allow an initiative that would legalize recreational marijuana to appear on the state's ballot in November.
Lifeist Reports Highest Quarterly Gross Profit In History, Continues To Diversify Its Wellness Business
Lifeist Wellness Inc. reported on Monday its financial results for the three and 12 months ended Nov. 30, 2023. The Toronto-based company said it achieved the highest quarterly gross profit in the company's history in the fourth quarter totaling CA$2 million ($1.5 million), representing a gross margin of 42%, compared to CA$1.9 million, or 31% gross margin, in the corresponding quarter of 2022."Our performance in the fourth quarter of 2023 reflects our strategic focus on high-margin activities and operational efficiency, resulting in the highest quarterly gross profit in our company's history," Meni Morim, CEO of Lifeist, said. "Though accompanied by unique hurdles, our focus towards enhancing gross profit has produced promising results." The company recently announced that it has entered into a definitive share purchase agreement with 1463663 B.C. Ltd., a newly incorporated affiliate of Tierra Corp., and the company's Canadian cannabis subsidiaries, collectively referred to as the CannMart Group, to divest and sell all of the shares of the CannMart Group to the buyer for CA$5 million.