Cannabis and Hemp Industry Investment News

Heritage Cannabis Holdings Corp said it has started 3Q in a ‘strong’ position, thanks to a profitable second quarter, when the cannabis company posted a 250% quarter-over-quarter increase in revenue compared to the first quarter of 2021. 

Staying true to its distribution strategy, Heritage reports strong growth in shelf space for its brands, combined with increased product distribution across Canada. 

As some of Canada’s key markets reach saturation, this milestone was of special importance, as noted in the statement: “Many companies are seeing a contraction in shelf space across the country, given the crowded landscape.” 

READ: Heritage Cannabis sees dramatic jump in fiscal 2Q profit and revenue fired by its six brands

Heritage also provided a regional breakdown for its Canadian operations.

Heritage Cannabis Holdings Corp said it has started 3Q in a ‘strong’ position, thanks to a profitable second quarter, when the cannabis company posted a 250% quarter-over-quarter increase in revenue compared to the first quarter of 2021. 

Staying true to its distribution strategy, Heritage reports strong growth in shelf space for its brands, combined with increased product distribution across Canada. 

As some of Canada’s key markets reach saturation, this milestone was of special importance, as noted in the statement: “Many companies are seeing a contraction in shelf space across the country, given the crowded landscape.” 

READ: Heritage Cannabis sees dramatic jump in fiscal 2Q profit and revenue fired by its six brands

Heritage also provided a regional breakdown for its Canadian operations.

FSD Pharma Inc has announced the appointment of Anthony Durkacz as the company’s new interim chief executive officer (CEO) as well as the reinstatement of Zeeshan Saeed as FSD Pharma’s president.

Durkacz had previously served on FSD Pharma’s board of directors as its co-chairman.

“The Company now has the benefit of a strong board of directors who bring with them highly-relevant experience and knowledge,” Durkacz said in a statement.

READ: FSD Pharma throws resources behind legacy anti-inflammatory drug as potential coronavirus therapy

“I look forward to continue working with them to restore FSD and realize its full potential,” the interim CEO added.

FSD Pharma president Zeeshan Saeed also commented, stating: “As we move forward, we look forward to providing further updates to shareholders in the coming weeks. We remain committed to fulfilling all of the strategic and operational goals outlined in our communications to shareholders prior to the May 14, 2021 shareholder meeting.”

AgraFlora Organics International Inc has announced that, effective on July 28, 2021, it will change its name to Agra Ventures Limited to reflect the “evolved vision and strategic direction” of the company under its current leadership.

The company said the Canadian Securities Exchange will publish a bulletin announcing the date of the name change, and the firm will begin trading under its new name on or about July 28, 2021. The shares will continue to trade under the “AGRA” ticker symbol on the Canadian Securities Exchange.

In addition, the company’s main subsidiary Propagation Services Canada has rebranded to Boundary Bay Cannabis to conjure up the picturesque setting in which its cannabis is grown in the Delta region, in British Columbia.

READ: AgraFlora says first wholesale crop at Delta greenhouse on track for sale at the end of summer

Harvest One Cannabis Inc (CVE:HVT) (OTCQB:HRVOF) revealed that it has signed a three-year renewable marketing and distribution agreement for international market expansion with WB Canna Co & Wellness, a top CBD and wellness products distributor in the Caribbean, Central America, travel retail and cruise channel. 

The Vancouver-based cannabis-infused consumer packaged goods (CPG) company said teaming up with WB Canna “aligns with Harvest One’s growth strategies for its core brands,” and contributes to the company’s growth and brand expansion initiatives for fiscal 2022.  

Based on the terms of the agreement, Harvest One granted WB Canna exclusive distribution and marketing rights across 33 countries in the Caribbean and Central America, inclusive of Mexico, Puerto Rico, and Colombia.  

READ: Harvest One expands LivRelief portfolio with the launch of its Extra Strength Transdermal CBD Cream

“Such distribution includes channels of duty-free, cruise and travel retail,” said the company, while adding that products will be priced at “wholesale prices,” subject to annual price increases.

Heritage Cannabis (CSE: CANN – OTCQX: HERTF) CEO Clint Sharples joined Steve Darling to share news the company saw a very good 2nd quarter in which revenue jumped by 251% over Q1. The company bringing in 4.6 million compared to 1.8 million in the first quarter of 2021.

Sharples talks about the strong numbers and cash position for the company he also brought news, Heritage’s products will soon be in Newfoundland and Labrador.

Heritage Cannabis Holdings Corp (CSE:CANN) (OTCQX:HERTF) has posted fiscal second-quarter results that delivered strong profits and revenue growth fired by the growing popularity of the company’s portfolio of six brands.

For the quarter ended April 30, 2021, the Toronto-based cannabis products company reported revenue that was up 251% to $4.6 million, compared to $1.8 million in the fiscal first quarter of 2021. The firm also saw its fiscal 2Q revenue jump by 338% year-over-year.  

The company said the revenue expansion had been propelled by Heritage’s enlarged product portfolio which now includes concentrates, vapes, topicals, edibles and dried flower. “Provincial re-order rates and market penetration continue to see positive trends,” it noted.

READ: Heritage Cannabis is pioneering the seed-to-sale cannabis model

Heritage Cannabis Holdings Corp (CSE:CANN) (OTCQX:HERTF) has said it is bringing its cannabis products to Quebec thanks to a new agreement with Great White North Growers.

The cannabis company signed the deal with GWNG to bring Heritage-branded products including oils, concentrates, flower and its new CBD brand to the province using GWNG’s Health Canada license.

Based in Montreal, GWNG produces premium cannabis flowers and derivatives and packages and distributes products for other licensed producers.

READ: Heritage Cannabis launches its new frozen cannabis edible product RADsicles

“When it comes to sales, Quebec is the third-largest market in Canada, and while Heritage products are largely available across Canada, this was an important market for us to address, and our agreement with GWNG will expedite our presence in the province,” David Schwede, Heritage’s president of recreational said in a statement.

Harvest One Cannabis Inc. (CVE:HVT) (OTCQB:HRVOF) CEO Gord Davey tells Proactive the group has reached agreements for US market expansion of its retail distribution footprint with five major national key account partners.

Davey says the partnership gives will make its Dream Water product available in more than 11,000 retail locations within the US market, with each of these partnerships providing unique product placements that will focus on brand awareness and product trial.

Harvest One Cannabis Inc. (CVE:HVT) (OTCQB:HRVOF) said it has reached agreements for US market expansion of its retail distribution footprint with five major National key account partners from Virginia, Arizona, Massachusetts, North Carolina and Montana.

The company said this further contributes to its growth and brand expansion initiatives strategy for 2021, with Harvest One continuing to focus on the distribution expansion of Dream Water within the North American market.

It noted that recent partnerships with five major retailers will see Dream Water available in an additional 11,000 retail locations within the US market, with each of these partnerships providing unique product placements that will focus on brand awareness and product trial.

READ: Harvest One expands LivRelief portfolio with the launch of its Extra Strength Transdermal CBD Cream

Entrance into new and emerging channels has been a key priority of the organization, Harvest One added, and the company continues to execute on this strategy. The expanded channel strategy will allow for growth of the company's existing CPG brands and set them up for future success and expanded line extensions, it added.

Heritage Cannabis (CSE: CANN – OTCQX: HERTF) CEO Clint Sharples and President of Recreational David Schwede joined Steve Darling from Proactive to share news the company has launched a new product called RADsicle. This an edible freezie available in the flavours Blue Raspberry, Cherry, Cream Soda, and Grape.

The company is also announcing they are in the final development stages to launch five additional products this summer including Live Rosin Concentrate, Live CBD Concentrate, and Softgel Capsules, as well as RAD Reefer and Doobies.

Heritage Cannabis Holdings Corp (CSE:CANN) (OTCQX:HERTF) (FRA:2UE) announced the introduction of RADsicles, the company’s new cannabis edible ‘freezie’ just in time for summer.

The company said the blue raspberry, cherry, cream soda, and grape-flavoured RADsicles will soon be available for purchase at provincial boards and retailers, as it has already shipped the first products to the Ontario Cannabis Store.

“Heritage is proving itself to be a leader in product innovation which is keeping our consumers returning for multiple repeat purchases,” Heritage Cannabis President of Recreational David Schwede said in a statement.  

READ: Heritage Cannabis receives cannabis research licence from Health Canada

"We continue to develop disruptive products using our unique processes and technologies in the extract and extract derivative categories, keeping Heritage products at the forefront of consumer choice,” Schwede added.

Heritage Cannabis Holdings Corp (CSE:CANN) (OTCQX:HERTF) (FRA:2UE) announced  its wholly-owned Voyage Cannabis Corp subsidiary has received its cannabis research licence under Health Canada’s Cannabis Act and Cannabis Regulations.

Heritage said the licence will allow it to conduct research, analysis and trials for the assessment and development of its growing portfolio of differentiated medical and recreational cannabis products. 

“At Heritage we are at the forefront of product innovation and providing recreational and medical cannabis consumers with products they want. Our innovation team now has the competitive advantage it needs to continue to employ best practices in product evaluation, and tailor products that complement our already popular line of extracts and extract derivatives,” Heritage Cannabis Holdings CEO Clint Sharples said in a statement.

READ: Heritage Cannabis acquires recreational cannabis group Bloom Brands 

“This is an exciting milestone for Heritage as we prepare to launch our products and brands in the US market following the completion of our recently announced acquisition of Bloom Brands in the US,” Sharples added.

 Inc () () (FRA:0K9) announced it has appointed Adnan Bashir as an independent member of the company’s board of directors.

Bashir, a former general manager of Dubai-based business conglomerate Al Batha group, has more than 14 years of experience in strategic management and operations.

“Adnan’s wealth of experience will add significant value to our Board. We look forward to working with him as we restore FSD,” FSD Pharma co-chairman Anthony Durkacz said in a statement.

READ: FSD Pharma throws resources behind legacy anti-inflammatory drug as potential coronavirus therapy

The company said Bashir was appointed to fill the vacancy on the board following the resignation of Frank Lavelle.

AgraFlora Organics International Inc () (FRA:PU31) (OTCPINK:AGFAF) CEO Elise Coppens told shareholders that the first wholesale crop growing at the Delta greenhouse in British Columbia is on track for processing and sale towards the end of summer this year.

In a letter to shareholders, Coppens said that the company has been focused on generating revenue through the sale of cannabis from the Delta facility.

AgraFlora is in a joint venture with Propagation Services Canada Inc (PSC), which operates a 2.2 million-square-foot greenhouse complex in Delta, British Columbia. The company has both an industrial hemp license and a standard cultivation license from Health Canada. Agraflora holds a 70% stake in PSC.

READ: AgraFlora Organics intends to be a top cannabis player in Canada and Europe

“The first wholesale crop growing at the Delta greenhouse is on track for its cultivation, drying, processing and sale toward the end of this summer,” said Coppens. “We expect to sell the crop on a business-to-business basis to an LP with a sales license, either on a predetermined or spot basis, depending on the crop’s quality and based on the results obtained via lab testing.”

AgraFlora Organics International Inc () (FRA:PU31) (OTCPINK:AGFAF) CEO Elise Coppens told shareholders that the first wholesale crop growing at the Delta greenhouse in British Columbia is on track for processing and sale towards the end of summer this year.

In a letter to shareholders, Coppens said that the company has been focused on generating revenue through the sale of cannabis from the Delta facility.

AgraFlora is in a joint venture with Propagation Services Canada Inc (PSC), which operates a 2.2 million-square-foot greenhouse complex in Delta, British Columbia. The company has both an industrial hemp license and a standard cultivation license from Health Canada. Agraflora holds a 70% stake in PSC.

READ: AgraFlora Organics intends to be a top cannabis player in Canada and Europe

“The first wholesale crop growing at the Delta greenhouse is on track for its cultivation, drying, processing and sale toward the end of this summer,” said Coppens. “We expect to sell the crop on a business-to-business basis to an LP with a sales license, either on a predetermined or spot basis, depending on the crop’s quality and based on the results obtained via lab testing.”

Heritage Cannabis (CSE: CANN – OTCQX: HERTF) CEO Clint Sharples joined Steve Darling from Proactive to share news the company has entered into a non-binding letter of intent to purchase all shares of California based Bloom Brands.

Sharples telling Proactive Bloom Brands does things differently in California operating a hybrid business model where brands are owned in California and licensed to partners in New Mexico, Oklahoma, Nevada, Arizona, and Washington.

Sharples says this allows a more cost-effective and rapid new market launch approach to capture early shelf space.

Heritage Cannabis Holdings Corp () () (FRA:2UE) said it has signed a non-binding letter of intent to purchase California-based Bloom Brands, a collection of recreational cannabis brands.

Under the terms of the agreement, Bloom will receive around US$15 million in Heritage shares in two tranches, one of US $7.5 million in shares at a deemed value of C$0.14 each followed by a second tranche of shares six months after closing at a deemed value of either C$0.16 per share, or a 15% discount to the 15-day volume-weighted average price, whichever is greater.

WATCH: Heritage Cannabis secures bigger order from Saskatchewan Weed Pool while listing products on CannMart

The deal also includes potential milestone payments of up to an additional US$17 million of Heritage shares, which will be contingent on Bloom achieving certain financial targets over a 12-month period.

Heritage said the acquisition will provide it with an immediate market footprint in California, New Mexico, Oklahoma, Washington, Nevada, and Arizona and also immediately creates a revenue-generating US platform solidifying its cannabis strategy to establish its distribution platform in nine states.

Harvest One Cannabis Inc () (OTCQB:HRVOF) has posted fiscal third-quarter results that show significant improvements in the company’s operating performance and financial position, including revenue that grew 7.3% year-over-year as the company kept a tight grip on costs.

For the period ended March 31, 2021, the Vancouver-based cannabis-infused consumer packaged goods (CPG) company reported revenue of $2.02 million, compared to $1.88 million in the fiscal third quarter of 2020.

Harvest One chalked up the revenue gain to a “continuing transition from cultivation to CPG products.” The company has been successful with its premium wellness and self-care products, including LivRelief and Dream Water products, which focus on the sleep and pain markets.

READ: Harvest One expands LivRelief portfolio with the launch of its Extra Strength Transdermal CBD Cream

FSD Pharma Inc (NASDAQ:HUGE) (CSE:HUGE) (FRA:0K9) announced that the slate of board of directors nominees brought forward by a group of concerned shareholders received the necessary votes at the company’s annual general and special meeting on May 14. 

The nominees of the concerned group, led by Anthony Durkacz and Zeeshan Saeed, were each elected, along with Frank Lavelle and Donal Carroll, to hold office for the ensuing year.  However, following his election, Lavelle resigned, the company said. Nitin Kaushal and Larry Latowsky are the board’s remaining two directors. 

“We are pleased to see that FSD shareholders have shown their overwhelming support for the concerned shareholders and the concerned shareholders’ nominees,” Durkacz and Saeed said in a statement. “We look forward to restoring FSD and know there is a lot of work ahead of us. We would like to thank all shareholders for their patience and support.” 

READ: FSD Pharma files New Animal Drug Application with FDA for FSD201 to treat gastrointestinal enteropathy in dogs

At a meeting of the board following the shareholder meeting, Durkacz and Saeed were appointed executive co-chairmen of the board.