It’s time for your Daily Hit of cannabis financial news.
On the Site
Organigram Adjusts To Canadian Slow Roll
Canadian-based cannabis company Organigram Holdings Inc. (NASDAQ:OGI) reported that its first-quarter 2020 revenue rose by 102% over last year to $25.15 million, which beat analyst estimates by $10.24 million. Last year the company reported $12.4 million for the first quarter of 2019. The earnings per share reported by Organigram were flat, but that also beat the estimates by two cents. The company also stated that it had a total target production capacity of 89,000 kilos per year, it was going forward at a slower pace. The company said that it has $34 million in cash and short-term investments and still has $30 million in available capacity on a term loan, which remains undrawn.
Curaleaf Upsizes Loan Facility To $300 Million, Makes Progress in Utah
Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) said that it has upsized and closed a Senior Secured Term Loan Facility from a syndicate of lenders totaling $300 million. The notes for Curaleaf will bear interest at a rate of 13.0% per annum, payable quarterly in arrears, with a maturity 48 months from closing. The company said that the proceeds will be used to refinance existing debt, satisfy transaction fees and expenses from previously announced acquisitions, fund capital expenditures and for general corporate purposes.
Florida Issues New Rules On CBD
Last week, the office of Nikki Fried, the Florida Commissioner of Agriculture and Consumer Services, took control of CBD products consumed by people. Fried, a Democrat, made cannabis and its regulation a vital part of her 2018 campaign. During the 2019 legislative session, lawmakers put the Florida office in charge of creating the regulations associated with hemp, along with CBD products, sold at gas stations, grocery stores, and flea markets. Those selling CBD have 30 to 45 days to comply with the law and must pay Fried’s department a fee of $650.
Carlos Santana Launches Cannabis Brand
Ten-time Grammy-winning and three-time Latin Grammy-winning guitarist and longtime cannabis advocate Carlos Santana announced his partnership with Left Coast Ventures to develop premium cannabis and hemp CBD brands. Influenced by his Latin heritage, these lines will provide consumers with high-quality products designed to leverage the power of historical remedies and allow consumers to discover and follow their light. “Cannabis is a window or a door to different awareness of consciousness,” said Carlos Santana. “It gives you the choice to perceive through a different filter of awakening and healing, the misperception of distance as an illusion, which keeps you from being centered in your essence-core. It helps you arrive at knowing, accepting and owning a quality of life that is being with joy!”
Impeachment Could Mean A Biden Win in Iowa
Four of the remaining presidential candidates and a few frontrunners, Senators Bernie Sanders, Elizabeth Warren, Michael Bennet, and Amy Klobuchar, will not be able to campaign and participate in the Iowa Caucus or the New Hampshire and South Carolina primaries because they will be sitting in their seats listening to arguments on abuse of power and obstruction of Congress. While all those races could be cause for concern, we truly need to just look at Iowa to determine the possible fate of cannabis. Iowa has been a strong indicator of who will be the Democratic nominee and it will be impacted by the upcoming hearing. Biden is by far the worst possible nominee for the cannabis movement because of his involvement with the war on drugs.
In Other News
Cultivar Holdings Announces CSE Listing and Gives Update on AI-Powered Impairment Detection Tools for Sobriety Testing
The Canadian company is developing a tool powered by artificial intelligence for cannabis and alcohol for both workplaces and law enforcement. It is expected to see major growth in 2020 and beyond. PredictMedix uses facial and voice recognition to identify both cannabis and alcohol impairment, removing human error. Toronto-based Cultivar Holdings Inc. (CSE:CULT) announces its common shares have been listed on the Canadian Securities Exchange.
Tsunami and GT Flowers Unite at High Times Cannabis Cup
The two joined to take home a prize in four areas, 1st Place Best Indica Concentrates, 1st Place Best Sativa Concentrates, 2nd Place Best Hybrid Concentrates, and 3rd Place Vape Cartridges. “The great showing at the High Times Cup validates the hard work, creativity and care Green Therapeutics uses when approaching the cultivation and extraction processes,” said Dr. Duke Fu, CEO of Green Therapeutics, LLC. “We are proud to have been successful in the manufacturing and creation of differentiated products that bring joy to our customers.”
Dixie Brands on Track to Join Oklahoma’s Rapidly Growing Market this Month
By the end of 2020, Dixie Brands, leading cannabis brand, is set to launch its initial branded product into Oklahoma’s market. It will be followed by a full portfolio launch, including Dixie’s pioneering CBD brand AcesoHemp, in February 2020. “We are excited to be bringing Dixie’s unparalleled portfolio of THC & CBD-infused brands to 200,000 medical patients in the dynamic Oklahoma market,” said Chuck Smith, President, and CEO, Dixie Brands. “The fact that we are able to bring product to market within 60 days of announcing our licensed manufacturing partner is a testament to the agility and expertise the Dixie Brands team has developed over a decade in business.”