Investor Ideas #Potcasts
570, #Cannabis News and #Stocks on the Move; (TSXV: $NRTH.V) (TSX: $WEED.TO)
(NASDAQ: $CGC) (TSX: $HEXO.TO) (NYSE: $HEXO) (OTCQB: $DIGP)
Delta, Kelowna, BC, June 1, 2021 (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:
https://www.investorideas.com/Audio/Podcasts/2021/060121-StocksToWatch.mp3
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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 company announcements.
48North Cannabis
Corp. (TSXV:
NRTH), a brand-led,
vertically integrated Licensed Producer focused on manufacturing an expansive
portfolio of high quality, accessibly priced products available across the
country, has
released its financial and operating results for the third
quarter ended March 31, 2021. The Company's financial statements and related
management discussion and analysis for the period are available on the
Company's SEDAR profile at www.sedar.com and on the
Company's website at www.48nrth.com/investors.
Financial and
Operating Highlights for Fiscal Q3 2021
● On May
17, 2021, the Company and Hexo Corp. ("Hexo") entered into a
definitive arrangement agreement whereby Hexo will acquire all of 48North's
issued and outstanding common shares in an all-share transaction valued at
approximately $50 million on an enterprise value basis.
● Quarterly
revenue of $5.2 million, representing a 94 per cent year-over-year increase
over third quarter 2020 revenues of $2.6 million.
● Adjusted
EBITDA1 loss for the quarter was $7.7 million compared to a loss of $6 million
in Q3 2020.
● Closed
on April 16, 2021 an overnight marketed public offering for total gross
proceeds of approximately $5.4 million.
● The
Company launched seven new SKUs during the quarter and the SKUs have
experienced high-demand from both retailers and consumers.
● Ceased
operations at its "Good:Farm" outdoor cultivation facility.
1 Adjusted EBITDA is a Non-IFRS financial measures. Refer to the Non-IFRS
Measures section in the MD&A for the definition.
"Our
strategy of putting consumers first, working hand in glove with wholesalers and
retailers to commercialize our products, and investing in a leading supply
chain means 48North is in a strong position for the future" said Charles
Vennat, CEO of 48North. "The combination with Hexo should deliver
meaningful synergies that are beneficial to our shareholders, customers, partners,
and stakeholders."
HEXO Corp. (TSX:
HEXO) (NYSE:
HEXO) and Zenabis
Global Inc. (TSX:
ZENA) announced that
they have completed the previously announced arrangement, pursuant to which
HEXO has acquired all of the issued and outstanding common shares of Zenabis by
way of a plan of arrangement under the Business
Corporations Act (British Columbia).
"Today
is another great day for HEXO," said HEXO CEO and co-founder Sebastien
St-Louis. "With the acquisition of Zenabis, we are actively positioning
HEXO for future expansion in Canada, Europe and beyond. This deal will
strengthen our domestic brands, offer a foothold in Europe and provide
significant accretive synergies as we continue towards our goal of becoming EPS
positive and a top-three global cannabis products company."
Under
the terms of the Arrangement, each former Zenabis shareholder is now entitled
to receive 0.01772 of a common share in the capital of HEXO (each whole share,
a "HEXO Share") for each Zenabis Share held immediately prior to the
Arrangement (the "Consideration"). It is anticipated that the Zenabis
Shares will be de-listed from the Toronto Stock Exchange (the "TSX")
as of the close of trading on or about June 2, 2021.
In
order to receive the Consideration, registered holders of Zenabis Shares will
be required to deposit their share certificate(s) representing Zenabis Shares,
together with a duly completed letter of transmittal, with TSX Trust Company,
the depositary under the Arrangement. Shareholders whose Zenabis Shares are
registered in the name of a broker, dealer, bank, trust company or other
nominee should contact their nominee regarding the receipt of the
Consideration.
Further
information about the Arrangement is set forth in the materials prepared by
Zenabis in respect of the special meeting of Zenabis shareholders held on May
13, 2021 (the "Meeting"), which were mailed to Zenabis shareholders
and filed under Zenabis' profile on the System for Electronic Document Analysis
and Retrieval (SEDAR) at www.sedar.com.
Canopy Growth
Corporation (TSX:
WEED) (NASDAQ:
CGC)
today announced its financial results for the fourth
quarter and Fiscal Year 2021 ended March 31, 2021. All financial information in this press
release is reported in Canadian dollars, unless otherwise indicated.
"During
Fiscal 2021, Canopy Growth transformed into a CPG-modelled organization,
reinforcing a foundation for sustained growth and long-term success. By
leveraging consumer insights and innovation to deliver best-in-class products,
Canopy Growth is positioned to achieve our goal of unleashing the power of
cannabis to improve lives," said David Klein, CEO, Canopy Growth. "We
are starting to see strong momentum across all of our key businesses and remain
firmly focused on capitalizing on U.S. opportunities in Fiscal 2022."
"We
made tremendous progress improving our supply chain and right-sizing our
manufacturing footprint, bringing supply and demand into balance," added
Mike Lee, CFO. "Our cost savings program is on track to deliver $150-$200
million of savings within the next 18 months, and we remain committed to our
path to profitability by the end of Fiscal 2022, while continuing to invest in
an organization that is focused on insights, innovation and gaining momentum in
the U.S. market."
Some
of the Fourth Quarter and Fiscal Year 2021 Business & Operational
Highlights included:
● Canopy
Growth continues to build momentum across its key product lines in Canada:
○ In Flower, the Company
maintained #1 market share in the total flower category in Canadian
recreational market during Q4 2021, capturing over 19% share of the market.
Twd. exited FY 2021 as the #1 flower brand in Canada, with the brand capturing
6 out of top 10 SKUs. During Q4 2021, the Company's premium flower brands
combined to capture a leading 10.9% share of the premium flower segment in
Canada. The Company launched its first Quebec-exclusive brand, Vert, supported
by multiple Quebec-grown strains, Green Cush and Sour Kush, and Tweed
lineage-strain named flower products in Ontario during Q4 2021.
○ In Vapes, the Company
strengthened its positioning in the Canadian vape market with the transition to
0.5 ml 510 cartridges during Q4 2021. The addition of Ace Valley vape products
to the Company's portfolio allows Canopy to immediately capture the #3 market
share for vapes in Canada and the #1 market share for all-in-one vapes in Q4 FY
2021.
○ In Beverages, The Company
launched a portfolio of THC beverages in the Canadian recreational cannabis
market during FY 2021, capturing 35% dollar share of the total beverage
category during the full year. Canopy Growth launched Quatreau CBD beverages in
Canada in Q3 2021 and captured #1 market share in Canada since launch. In Q1
2022, Canopy has expanded its portfolio of THC beverages with Tweed Iced Tea
beverages (available in lemon and raspberry flavors, both with 5 mg THC) now
shipping.
○ In Edibles, the Company
launched Twd. Strawberry gummies in Ontario in Q4 2021 with nationwide distribution
rolling out in Q1 2022.
○ The
acquisition of Ace Valley and the planned acquisition of Supreme Cannabis are
expected to solidify Canopy's leadership in the Canadian recreational market,
with the pro-forma market share of 18.1 % in Q4 2021, based on Canopy's
internal market share data.
Digipath, Inc. (OTCQB:
DIGP), a service-oriented independent analytical testing
laboratory company focused on the cannabis and hemp markets, announced
today that it has entered into a purchase agreement to
acquire a full suite of cannabis and hemp laboratory testing equipment, with
plans to have a lab operational in the Coachella Valley of California as soon
as the end of this calendar year.
Todd
Denkin, Digipath Founder, said, “We are delighted to be launching our strategy
to become a multi-state operator (MSO) of cannabis testing labs. We have
recently entered into an agreement to purchase critical testing equipment for
the lab we are preparing to open in California. Nevada started with very strict
mandatory testing regulations, and now California has built on that, which
serves as the model for most other states. We expect to leverage our experience
in Nevada to help us launch our California operations.”
According
to a report by leading industry researchers, Arcview Market Research and BDS
Analytics, California is the largest legal cannabis market in the world; and
the state’s residents are the 3rd largest consumers of cannabis in the world.
California requires all cannabis products to receive a Certificate of Analysis
from a state-licensed testing lab prior to distribution, making California’s
testing market the fastest-growing segment within the cannabis industry.
California’s
Bureau of Cannabis Control (BCC) estimates that over 100 Certified Analytical
Testing Labs are needed to meet current demand in the state. As of last year,
only 35 such certified labs were operating in California (down from a peak of
62 in 2019). The result is a severe shortfall of laboratory capacity in
California, the nation’s largest cannabis market.
“We
have positioned Digipath as a premium laboratory brand built upon established
best practices in science, service and customer care. This approach
differentiates Digipath from the vast majority of existing testing labs in the
cannabis market,” said Bruce Raben, Digipath Chairman. “With our first
profitable quarter just completed and the Covid -19 pandemic mostly behind us,
we believe we are well positioned to begin to execute our MSO strategy, taking
advantage of economies of scale within a soaring cannabis market.”
Investor
ideas reminds all listeners to read our disclaimers and disclosures on the
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products or services or securities. Investors are reminded all investment
involves risk and possible loss of investment.
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