Aug. 15 marks the official launch of Iowa Relief.
As Iowa’s medical marijuana program this week meets its latest benchmark set by a law outlining its expansion, patients and caregivers can expect more products to become available to them in the future, state manufacturing officials indicate.
Thursday marks the official launch of Iowa Relief, the second state-approved medical marijuana manufacturer, which plans to release a tincture as its first product available to Iowans who rely on the program to relieve chronic medical conditions.
The company has come to terms on an amendment to its borrowing agreement with Canadian Western Bank to provide for an increase on its existing loan and credit facility.
WINNIPEG, Aug. 14, 2019 /CNW/ - PRESS RELEASE - Delta 9 Cannabis Inc. has announced that it has come to terms on an amendment to the company's borrowing arrangement with Canadian Western Bank to provide for an increase to its existing loan and credit facility by the addition of certain loan segments and amendments to certain existing loan segments. The changes will bring the company's total credit facility with the bank to approximately $18.19 million.
"This increased debt financing, together with our recently completed short form prospectus offering of debenture units, have well-positioned us to continue the company's growth and implementation of its business plan for the remainder of the year," said Delta 9 CEO John Arbuthnot.
The company announced the terms of its financing arrangements with the bank on July 24, 2018. The principal terms of the amendment to the original financing provide for the following:
1. The limit for the demand operating loan under the original financing, for the purpose of financing day-to-day operations of the company, will increase to $4,000,000 from its limit of $2,000,000 under the original financing. The interest rate under this loan segment is unchanged from its rate under the original financing at 1.00 percent per annum above the bank's prime lending rate.
2. A credit facility in the amount of $500,000 for the purpose of enabling the delivery of letters of credit required in connection with the company's operations is added.
3. A non-revolving credit facility in the amount of $4,000,000 for the purchase or lease of equipment required for the operation of the company's business is added, with interest to float at a rate of 1.70 percent above the bank's prime lending rate, with fixed rate pricing to be the subject of negotiation up to the date of drawdown.
4. The principal amounts of a demand non-revolving loan and a non-revolving equipment credit facility under the original financing have been reduced to reflect repayment of principal that was made by the company since the date of the original financing.
"The relationship between our company and the bank since the date of the original financing has grown steadily, and the proposed terms for these amendments demonstrate the strength of our mutual trust. We have watched Canadian financial institutions becoming more comfortable with the cannabis industry each day, and our experience with the Bank over the past year is a testament to the mutual benefits that can follow from collaboration between the two industries," said Arbuthnot.
The availability of the amended financing arrangements with the bank is conditional on the bank's satisfactory due diligence of the company and finalization of documentation relating to the arrangement.
iuvo Therapeutics GmbH is an independent medical cannabis distributor in Germany.
LONDON, Aug. 15, 2019 (GLOBE NEWSWIRE) -- PRESS RELEASE -- Wundr Co., a European cannabis company headquartered in London, has announced that it has acquired iuvo Therapeutics GmbH. iuvo Therapeutics is an independent medical cannabis distributor in Germany, holding both medical cannabis import and narcotics distribution licenses for the EU.
iuvo Therapeutics announced that it has successfully imported the first international shipment of dry cannabis flower from TerrAscend, one of only six Canadian licensed producers with an EU Good Manufacturing Practices (GMP)-certified facility. TerrAscend and iuvo Therapeutics were recently granted an Export Permit by Health Canada under the Cannabis Act, and an Import Authorization from Germany's Federal Institute for Drugs and Medical Devices.
With an estimated 30,000 medical cannabis patients consuming more than 7,200 kg annually, Germany has quickly become one of Europe's largest cannabis markets and is expected to generate more than $5 billion in revenue by 2025. The iuvo-TerrAscend partnership presents a significant opportunity for Wundr Co. to generate meaningful revenues, fulfilling the growing needs of medical cannabis patients in Germany and the EU.
This acquisition provides Wundr Co. with a cornerstone medical cannabis asset soon to be augmented by additional M&A opportunities in the European market.
The initial focus of the partnership is selling hemp-derived extracts in Italy and Switzerland.
DENVER, Aug. 15, 2019 (GLOBE NEWSWIRE) -- United Cannabis Corporation (has announced that it has begun selling its patented Prana Hemp products as well as hemp-derived extracts in Italy, and shortly will be selling these products in Switzerland, through a partnership with Cloud 9 Switzerland.
Cloud 9 Switzerland is a based in Lugano Switzerland, with active affiliates in Italy, Switzerland, France and Jamaica. Cloud 9 Switzerland also has an extensive network of collaborations with universities, medical professionals and patient associations.
Dr. Francis Scanlan, founder and CEO of Cloud 9 Switzerland, commented on the announcement, “Demand for CBD and other cannabinoid-based products continues to grow throughout Europe and delivering consistent, high-quality products across the continent is crucial. United Cannabis’ reputation for excellence made them the natural choice as our partner.”
United Cannabis products are now being sold across Northern Italy in retail stores and online sites. Cloud 9 remains focused on identifying stores that are suitable outlets for the premium quality of the Prana products. The goal is to establish another 30 outlets in Italy and launch in Switzerland over the course of the year.
“Our mission is to make United Cannabis products available to patients worldwide. Cloud 9 Switzerland has extensive knowledge of the cannabis and CBD markets across Europe and I believe this partnership will accelerate our ability to achieve that objective,” commented Earnest Blackmon, chief executive officer of United Cannabis.
Dabble Extracts, a cannabis concentrate company, sells its products in 60 stores across Colorado.
Medicine Man Technologies fit another piece into its cannabis supply chain puzzle this week with its announced acquisition of Dabble Extracts, a Colorado-based cannabis concentrate company.
Denver-based Medicine Man Technologies entered into a binding term sheet Aug. 12 to acquire Dabble Extracts as part of the company’s larger strategy to operate in segments of the entire cannabis supply chain, according to CEO Andy Williams.
“Right now, our goal is to partner up the best of the best in all the different verticals of cannabis, so we’re completely vertically integrated with the best operators, the best products [and] the best know-how in the country,” Williams told Cannabis Business Times.
The company kicked off 2019 with an agreement in January to acquire MedPharm Holdings LLC, an intellectual property development and holding company focused on cannabis research and product development. Just days after that announcement, Medicine Man Technologies announced plans to acquire Medicine Man Denver, a Colorado licensee that operates an indoor cultivation facility and four retail locations.
In June, Medicine Man Technologies announced its acquisition of Los Sueños Farms, a Colorado-based cultivator, and Purplebees, an infused products manufacturer and dispensary, which Williams said helped the company secure not only a hefty supply of cannabis, but also extraction capabilities to turn that raw material into product lines.
“We have all levels of cultivation with greenhouse, outdoor [and] indoor [facilities], so that we can supply all areas of those market segments, not only [with] flower, but also products that we can create from the extraction,” Williams said.
Following the Los Sueños and Purplebees news, Medicine Man Technologies launched an expansion into Colombia with the acquisition of Green Equity S.A.S., which offered the company additional licenses and intellectual property for cultivation, manufacturing, extraction, exportation and R&D.
Through each acquisition, Medicine Man Technologies identified and targeted the leaders in each market segment, Williams said, and Dabble Extracts is no exception.
“Dabble stood out from the rest in terms of the shatter and wax that they create from hydrocarbon extraction,” he said. “They are an annual award winner of many different [extraction] competitions. … [They are capable] of producing undetectable amounts of … [residual] solvents and high-quality, high-terpene, high-purity concentrates that are very attractive to the consumer. … And, of course, Josh Hindi, the founder of Dabble, is a pioneer in the industry and brings tremendous experience to our team.”
Colorado’s cannabis industry is a tight-knit community, Williams said, and companies are very aware of other business’s capabilities and reputations, which helped the Medicine Man Technologies team identified Dabble Extracts as an attractive target.
“This industry competes against each other very hard, just like any industry does, but most of us are very close friends,” he said. “The reason for that is we’ve had to build the industry. We’ve had to fight for it, we’ve had to protect it and grow it together.”
Medicine Man Technologies agreed to purchase Dabble Extracts for $3.7 million, which consists of $750,000 in cash and the balance in shares of common stock, according to a company press release.
Dabble Extracts’ products are currently sold in about 60 stores and the company brings in over $3 million in revenue, Williams said. The Medicine Man Technologies team will work to grow that business, he added, increasing the distribution network to 700 stores in Colorado.
As Medicine Man Technologies continues to roll Colorado’s cannabis pioneers into its team, Williams said the company will be able to better compete in a growing, more consolidated marketplace, which was set in motion, in part, by Colorado HB19-1090, which was signed into law by Gov. Jared Polis earlier this year to allow greater investment flexibility in cannabis businesses. The legislation goes into effect Nov. 1 and essentially allows cannabis licensees to be owned by publicly traded companies. Medicine Man Technologies will apply for regulatory approval of its acquisitions in November and close the transactions in the ensuing months.
The other catalyst was Dye Capital’s $21 million investment into Medicine Man Technologies, Williams added.
“We needed the legal framework and then we needed the right investment partner to be able to bring the best and the brightest of Colorado into one place,” he said. “As soon as we had those two in place, we started announcing six acquisitions that are right now pending to be closed as soon as after November, when House Bill 1090 goes into effect. … Dabble is just one of the pieces to the puzzle that’s missing in the great picture."
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Melissa Schiller