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Citation Growth Corp. (CGOTF)

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This iBox portion of the Citation Growth IHUB board maintained by...LongNDeep2

 



Welcome to the
 

Citation Growth Corporation

Formerly LIHT Cannabis

IHUB Board

OTCQX:CGOTF   CSE:CGRO

 

Citation Growth Corporationhttp://www.citationgrowth.com

 
Citation Growth Corporation - Corporate Presentation




Share Structure
 

PROFORMA C

CITATION COMMON SHARES ISSUED AND OUTSTANDING - 61,969,000

SHARES ISSUED TO ACC GROUP OF COMPANIES - 35,000,000

PROFORMA CONSOLIDATED CAPITALIZATION DILUTIVE SECURITIES OUTSTANDING - 96,969,000

ACC NOTEHOLDERS WARRANT CONSIDERATION  -  11,500,000
 
RESTRICTED STOCK UNITS (RSU’s) - 5,705,000
 
WARRANTS - 16,671,322
 
FINDERS WARRANTS - 60,270
 
OPTIONS - 5,707,300
 
CONVERTIBLE DEBENTURE - 1,115,517

PROFORMA FULLY-DILUTED CAPITALIZATION - 137,728,409

 

 

Investor Relations



Rahim Mohamed

1-877-438-5448 EXT 718

RM@citationgrowth.com

 
 

Paul Searle

Investor Relations / Corporate Communications

1-877-438-5448 EXT 714

Send Email






Corporate Office

Citation Growth Corp.

102-1561 Sutherland Ave

Kelowna, BC, Canada
V1Y 5Y7


Contact

info@citationgrowth.com

1-778-583-4476

 



Financial Reporting and Security Details https://www.otcmarkets.com/stock/LIHTD/profile




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Management's Discussion and Analysis

 

The following management’s discussion and analysis (“MD&A”) of the financial condition and results of the operations of Citation Growth Corporation, formerly Liht Cannabis Corp. and Marapharm Ventures Inc. and its subsidiaries (collectively, the "Company" or “Citation”) constitutes management’s review of the factors that affected the Company’s financial and operating performance for the three months ended June 30, 2019. The MD&A should be read in conjunction with the Company’s unaudited condensed interim consolidated financial statements for the six months ended June 30, 2019 and 2018 and the notes related thereto (the Interim Financial Statements”) and the annual audited consolidated financial statements for the year ended March 31, 2019. A copy of the Interim and Annual Financial Statements is posted on the SEDAR website, www.sedar.com.

The Interim Financial Statements were prepared in accordance with IAS 34 Interim Financial Reporting of International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). All information in this MD&A is current as of August 28, 2019, unless otherwise indicated. All dollar figures are expressed in thousands of Canadian dollars, except for share data, or unless otherwise noted.

Management is responsible for the information contained in this MD&A and its consistency with information presented to the Audit Committee and Board of Directors. The Interim Financial Statements and MD&A have been reviewed by the Company’s Audit Committee and approved by the Board of Directors on August 28, 2019.

This MD&A may contain forward-looking statements and should be read in conjunction with the cautionary statement on forward-looking statements at the end of this MD&A. These forward looking statements are based on assumptions and judgments of management regarding events or results that may prove to be inaccurate resulting from risk factors beyond its control. Actual results may differ materially from the expected results.

Cannabis Industry Involvement Statement

Cannabis is legal in each jurisdiction where Citation is engaged in, however, cannabis remains illegal under US federal law and the approach to enforcement of US federal law against cannabis is subject to change. Shareholders and investors need to be aware that adverse enforcement actions could affect their investments and that Citation's ability to access private and public capital could be affected and or could not be available to support continuing operations. Citation's business is conducted in a manner consistent with each jurisdiction’s laws and complies with their licensing requirements. The Company has internal compliance procedures in place as well as compliance focused attorneys engaged to monitor changes in laws and compliance with Canadian, US Federal and State Law.

In Washington, the Company owns 13.6 acres of land and buildings specifically approved for cannabis business use. The property is currently listed for sale but is also being negotiated for joint venture opportunities.

In Nevada, the Company holds state approved licenses for medical and recreational cultivation and production. The Company is also awaiting final approval for its distribution license from the Nevada Department of Taxation. The Company complies with its ongoing monthly reporting and inspections for its licensing in Nevada, with the City of North Las Vegas and the Nevada Department of Taxation. 

In California, the Company holds a provisional adult use and medical retail license. The State of California has issued only temporary licenses, to all state license holders while they develop permanent regulations. The Licensing in California is done through the State of California with the support of the local jurisdiction who pre-approves each application for the State. All regulatory compliance has been followed with these licenses. Company also owns two properties, with two conditional use permits for medical and adult use cannabis cultivation associated to each property which are currently listed for sale.

In Canada, the Company, owns a 40-acre property and cannabis growing facilities that are under construction located in Celista, British Columbia. A total of ten 10,000 square foot engineered bio-secure facilities are to be constructed on the site and the Company currently has a pending late-stage 100,000 sq. ft. license application under the Cannabis Act for the property.

The Company has the same philosophical view as the guidelines set out in the Cole Memo (rescinded), and strictly complies with its guidelines, which include: preventing the distribution of cannabis to minors, preventing revenue from the sale of cannabis going to criminal enterprises, preventing the diversion of cannabis from states where it is legal to states where it is not, preventing state legal activity from being a “front” for the distribution of other illicit drugs, preventing violence in the cultivation and distribution of cannabis, preventing intoxicated driving and other public health consequences associated with cannabis use, preventing of cultivation of cannabis on public lands, as well as, preventing the use of cannabis on Federally owned property.

Corporate Overview

Citation Growth Corp. (Citationor the “Company”), was incorporated under the Business Corporations Act (British Columbia) on April 24, 2007 as 0789189 B.C. Ltd”. On March 5, 2012, the Company approved a plan of arrangement with its parent company, Whitewater Resources Ltd., and became a reporting issuer. On May 21, 2013, the Company changed its name to Capital Auction Market Inc”. On August 1, 2014, the Company changed its name to Marapharm Ventures Inc. On October 24th, 2018, the Company changed its name to Liht Cannabis Corp.”.

On June 12, 2019, the Company changed its name to Citation Growth Corporation” and consolidated of its share capital on the basis of one (1) post-consolidated common share for every four (4) pre-consolidated common shares. All information in these MD&A is presented on a post-share consolidation basis.

The Company’s common shares are currently trading on the Canadian Stock Exchange (“CSE”) under the symbol “CGROand on the OTCQX Markets under the ticker symbol “CGOTF.

Citation is engaged in investing in the medical and recreational cannabis industry, with operations in the United States and British Columbia, Canada. It is a licensed cultivator and producer in the state of Nevada and has a dispensary location in California.

Overall Performance

Las Vegas, Nevada, United States

The Company, through Marapharm Las Vegas (“MLV”), holds 6 state approved licenses, which include two medical cultivation, two recreational cultivation, one medical production and one recreational production licenses. 

The Company’s two 5,000 sq. ft. facilities located on its 7.1 acres of property at the Apex Business Park in North las Vegas, Nevada are now fully operational. The licenses are approved to expand to up to approximately 300,000 sq. ft. of both cultivation and production facilities. Citation commenced commercial wholesale sales of recreational cannabis in May 2019. The Company’s products include Triple Certified organic premium flower and pre-rolls. Production facilities, which allow for extraction and processing of concentrates, were approved in June 2019 and product development is currently underway focused on a quality concentrate brand and vape pens.

All premium cannabis is certified as organically grown from EnvirOganic, Certified Kind and Clean Green. The certifications provide verification that the Company meets or exceeds NOP (National Organic Program) standards for cultivation and that it is using only OMRI, WSDA or CDFA certified inputs, is following social justice directives and has accurate and complete record keeping practices.

In April 2019, the Company received conditional approval for a cannabis distribution license from the Nevada Department of Taxation. Receipt of final approval will allow Citation to begin delivering its products to Nevada recreational retailers.

Lynden, Whatcom County, Washington, United States

The Company, through Marapharm Washington, LLC (“MWA”), owns 13.85 acres of land and buildings specifically approved for cannabis business use. The property is currently listed for sale but is also being negotiated for joint venture opportunities.

Desert Hot Springs, California, United States

The Company, through Marapharm DHS California, owns approximately a total of 3.35 acres of properties located in Desert Hot Springs, California. There are two adult conditional use permits for medical and recreational cannabis cultivation facilities awarded to these properties. The properties are currently listed for sale.

The Company, through 420 Express Delivery Inc. dba Green Leaf Wellness Dispensary LLC (“Green Leaf”), is operating a dispensary in Desert Hot Springs, California which currently holds a provisional Adult-use and Medicinal retail license.

On March 5, 2019, the Company signed a letter of intent (the “LOI”) with respect to a proposed acquisition by Cannabis One Holdings Inc. (“Cannabis One”) of 51% of the Company’s interest in Green leaf. Under the LOI, Cannabis One will carry out a rebranding of the dispensary under Cannabis One's The JointTM banner, and has a right of first refusal to purchase the remaining 49% of Green Leaf. Closing of the transaction is subject to among other things, Green Leaf’s receipt of an operating retail license. As a result of the LOI, the assets and liabilities of Green Leaf were classified as a disposal group, and as at March 31, 2019, the assets and liabilities of Green Leaf were reclassified to assets held for sale.

During the three months ended June 30, 2019, due to the Company’s reorganization, management changed its plans regarding Green leaf and terminated the LOI effective August 1, 2019. As a result, as of June 30, 2019, the Company ceased to classify Green leaf as held for sale, and its results of operations were reclassified and included in loss from continuing operations for all periods presented in the Interim Financial Statements. 
 

Kelowna, BC, Canada

Celista Property

The Company, through Full Spectrum, owns a 40-acre property and cannabis growing facilities that are under construction located in Celista, British Columbia. A total of ten 10,000 square foot engineered bio- secure facilities are to be constructed on the site (the “Celista Project”), and Citation currently has a pending late-stage 100,000 square feet license application under the Cannabis Act for the Celista Project. Two of the 10,000 square feet facilities under construction are nearing completion.

On January 30, 2019, the Company entered into an agreement with 1186626 BC Ltd. (“118”) to jointly develop the Celista Project. 118 will provide a capital contribution of $10,000 (the “Contribution”) to be paid in four tranches for each two 10,000 sq. ft. facilities getting completed and operational, while the Company secures the license for the Celista Project.

Pursuant to the agreement, each of the Company and 118 will be entitled to receive 50% of the net cashflows from the Celista Project within three years after the date that all ten facilities are concurrently fully operational and in full production (the “Distribution”), and 100% to the Company thereafter. In the event 118 defaults in payment of any portion of the Contribution, its entitlement to the Distribution shall be reduced by 12.5% for each tranche or portion not advanced to the Celista Project until such time the default has been remedied.

Chase Project

On January 30, 2019, as amended on May 6, 2019, the Company, through Full Spectrum Medicinal Inc. (“Full Spectrum”), entered into a joint venture agreement with 118 and 1196788 BC Ltd. (“119“) to develop and operate cannabis production facilities located in Chase, British Columbia (the “Chase Project”) through 119. 119 which is currently controlled by 118 purchased a 120 acre parcel of land located in Chase, British Columbia, zoned “Approved Use” by the Thompson-Nicola Regional District for the purpose of developing and operating bio-secure organic cannabis production facilities of up to 486,000 square feet. 118 will be financing the Chase Project while Citation is in the process of securing a license under the Cannabis Act for the Celista Project. See “Subsequent Events, Buds For you Inc.

118 will pay all capital contributions of approximately $81,600 on the Chase Project. Upon repayment of two-thirds of the total capital contributions to 118, 119 will issue 50% of its issued and outstanding shares to the Company such that 119 will be equally held by the Company and 118. In addition, a director of the Company will be appointed to the board of 119 resulting in both parties having a representation on the board of 119.

Under the agreement, the Company and 118 will be entitled to 20% and 80%, respectively, of the net cashflows from the Chase Project if at the time of the distribution, 118 has not been repaid in full for all of its capital contributions. If at the time of distribution, 118 has been fully repaid, the distribution shall be 50% to each of the Company and 118. 
 

Significant Events and other Corporate Developments During the Quarter

Proposed Acquisitions

Buds For You Inc. (“Buds”)

The Company, through Full Spectrum, entered into a Share Exchange Agreement (the “Agreement“) dated April 19, 2019 to acquire Buds For You Inc. (“Buds”), a late stage cannabis cultivation, processing and sales license applicant under the Cannabis Act (the “Buds License”). The Company intends to transfer the Buds License to 119 on closing of the acquisition. See “Chase Project

ACC  Corp.

On June 14, 2019, the Company entered into a Share Exchange Agreement to acquire ACC C Corp. (“ACC”), a Nevada based company licensed for cannabis cultivation. See “Acquisition of ACC” below.

Financing

The Company closed the first tranche of a one-year, 10% convertible debentures in the principal amount of $250. The debentures are convertible into units of the Company at $0.80 per unit. Each unit consists of one common share and one warrant exercisable at a price of $1.40 per share expiring November 9, 2020. The Company has raised a total of $500,000 under this financing. See “Subsequent Events

Subsequent Events

Acquisition of ACC

On August 2, 2019, the Company completed the acquisition of ACC in exchange for 35,000,000 common shares and 11,500,000 warrants of the Company. Each warrant is exercisable at $2.50 per share until August 2, 2021, subject to acceleration if the volume weighted average price of the Company’s shares is greater than $3.50 per share for a period of 10 consecutive trading days. The Company issued an aggregate of 3,250,000 common shares as finders’ fees in connection with the acquisition.

All shares including shares issuable on the exercise of warrants issued to the management of ACC are subject to a three year escrow. All other consideration are subject to resale restrictions in accordance with securities laws.

Additionally, subject to the policies of the CSE and applicable securities legislation, the Company and ACC will implement a management incentive plan allowing for the issuance of up to US$10 million in common shares based on the achievement of certain performance milestones for each the Company’s Canadian and US operations.

The Company has agreed to undertake an equity financing of up to US$10 million along with a potential debt financing of up to US$17 million secured against the Company's North Las Vegas assets. Further, the Company and ACC may elect to jointly pursue an additional unsecured non-dilutive debt financing of up to US$7 million for further development of ACC's Pahrump, Nevada licensed assets.

On closing of the acquisition, Howard Misle, ACC’s CEO, was appointed CEO and a director of the Company and Rahim Mohamed, former CEO, was appointed President of the Company. 
 

The Company believes that the acquisition of ACC will reaffirm Citation's continuing corporate growth strategy to become a leading multi-state operator of cannabis cultivation and production assets across the United States and Canada, as legislation and regulations may permit. Citation also believes that it will have completed a key strategic alignment in the State of Nevada, providing the launchpad to become a dominant cultivator and distributor of premium cannabis products to the State's vibrant medical and recreational markets. The Company further anticipates that the integration of ACC's innovative agronomic ability and cannabis marketing infrastructure will help bolster Citation's considerable triple-organic-certified cannabis cultivation and production experience.

Financing

On July 10, 2019, the Company closed the second tranche of a one-year, 10% convertible debentures in the principal amount of $250. The debentures are convertible into units of the Company at $0.80 per unit. Each unit consists of one common share and one warrant exercisable at a price of $1.40 per share expiring July 10, 2021. The Company has raised a total of $500,000 under this financing.

Performance and Retention Bonus Shares

The Company granted an aggregate of 3,150,000 performance and bonus shares to certain directors, officers and employees as retention bonuses and for the achievement of performance milestones. The shares vest on November 30, 2019.

Shares Issued in Lieu of Cash

The Company issued an aggregate of 1,100,000 common shares at a fair value of $407 to certain consultants for services rendered in connection with the development of the Company's property located in Celista, British Columbia. The common shares issued in lieu of cash are subject to a four month and one day hold in accordance with applicable securities laws.

Redemption of Vested RSUs

1,214,375 common shares were issued to employees, consultants and directors of the Company on redemption of vested RSUs.

As of Q4 2019, the assets and liabilities of Green Leaf were classified as held for sale. During Q1 2020, management changed its plans regarding Green Leaf and terminated the LOI effective August 1, 2019. As a result, as of Q1 2020, the Company ceased to classify Green leaf as held for sale and its results of operations were reclassified and included in loss from continuing operations for all periods presented.

The Company commenced operations at its Nevada facilities and commercial wholesale of medical and recreational cannabis in May 2019. Revenues in Q1 2020 included sale of cannabis of $619.

Discussion of Operations

Revenues

The Company’s revenues were derived from the sale of cannabis produced from the Company’s North Las Vegas facilities as well as sales from the California Green Leaf dispensary.

The Company commenced operations at its Las Vegas facilities and commercial wholesale of recreational cannabis in May 2019. From May 1, 2019 to June 30, 2019, the Company generated gross revenues of $149 (Net revenues - $83) from the sale of bulk recreational and medicinal cannabis, at an average gross selling price of $3.65 per gram (net selling price - $3.10 per gram).

The Company’s wholesale bulk selling price of organic dried cannabis currently range from $8.07 (US $6.17) to $9.80 (US $7.49) per gram and pre-rolls are priced between $5.23 (US $4.00) to $7.20 (US $5.50) per piece.

During the three months ended June 30, 2019, the Company generated gross revenues of $470 (Net revenues - $424) from its California dispensary as compared to gross revenues of $358 during the three months ended June 30, 2018.

Cost of Sales

Cost of sales consists mainly of production costs, costs of goods purchased and fair value adjustments on sale of inventory and biological asset transformation.

Production costs during the three months ended June 30, 2019 included direct and indirect costs of $170 related to all medical and recreational cannabis grown and produced by the Company comprised mainly of utilities, wages, depreciation of equipment and buildings and quality control and quality assurance costs.

The costs of goods purchased during the three months ended June 30, 2019 amounted to $278 which consisted of cannabis and other products purchased for resale through the California dispensary.

Fair value adjustments relate to biological assets and inventory. Biological assets consist of cannabis plants at various stages of growth before harvest which are recorded at fair value less costs to sell. At harvest, the biological assets are transferred to inventory at their fair value which becomes the deemed cost for inventory. After harvest costs are capitalized to inventory and expensed to costs of sales when sold.

During the three months ended June 30, 2019, the Company recognized an unrealized gain due to biological asset transformation of $77. During the three ended June 30, 2019, the Company produced 81,181 grams of dried cannabis. As of June 30, 2019, the biological assets were on average 57% complete and it was expected that the Company’s biological assets would yield approximately 219,526 grams of cannabis when harvested. 

The Company’s estimates are, by their nature, subject to change. Changes in the anticipated yield will be reflected in future changes in the fair values of biological assets. The weighted average fair value less cost to complete and cost to sell of the cannabis plants was $5.43 per gram.

General and Administrative Expenses

General and administrative expenses consisted of the following:

2018 $ Consulting fees 857 Shareholder and investor relations 1,259 Office and general 415 Professional fees 71 Management fees and wages 47 2,649

The decrease in consulting fees was primarily due to consulting agreements entered into by the Company during the three months ended June 30, 2018, with certain investors who participated on the May 18, 2018 and June 11, 2018 private placements related to capital markets, M&As and other advisory services. The Company paid fees $695 during the three ended June 30, 2018 related to these agreements. (See Contingencies).

Shareholder and investor relations decreased by $1,076 as during the prior period, the Company issued 800,000 shares at a fair value of $561 to investor relation companies. In addition, the Company incurred approximately $500 towards shareholder relations and other promotional activities.

Management fees and wages increased by $218 as a result of the appointment of a new CEO and the increase in management team from two during the three months ended June 30, 2018 to a total of four during the year ended March 31, 2019.

Depreciation and Amortization

Depreciation and amortization were $122 during the three months ended June 30, 2019. The Company recorded depreciation of $38 for the three months ended June 30, 2019 for the Las Vegas facilities as they were put into use. The Company recorded amortization of $84 during the three months ended June 30, 2019 for intangible assets related to sublease rights and options acquired in connection with the Tonasket, Washington asset acquisition and the Las Vegas marijuana licenses.

Share-based Compensation

Share-based compensation increased by $612 during the three months ended June 30, 2019.

During the three months ended June 30, 2019, the Company recognized share-based compensation of $1,883 for 5,705,000 RSUs awarded and share-based compensation of $155 for 566,250 options granted during the three months ended June 30, 2019. The RSUs and options vest over a period of one year.

During the three months ended June 30, 2018, the Company recognized share-based compensation of $1,202, for 7,733,494 options that were issued and vested during the three months ended June 30, 2018. 
 

Finance and Other Costs

Finance and other costs included interests on loans and borrowings, convertible debenture accretion expenses, lease liability accretion expenses and bank charges. For the three months ended June 30, 2019, financing costs were $688, an increase of $588 compared to June 30, 2018. The increase in financing costs was mainly due to accretion expenses from new debentures and interests on additional loans and borrowings.

Outlook

The Company has closed the acquisition of ACC in August 2019. The Company’s focus for ACC in 2019 will be integration focusing on ACC’s innovative agronomic ability and cannabis marketing infrastructure to help bolster Citation’s considerable triple-organic certified cannabis cultivation and production experience. Plans are also underway to enhance the Company’s Nevada operations by combining the Company's comprehensive experience in organic cultivation techniques with ACC's award-winning seed genetics program, and enhance the Company’s suite of portfolio products with the addition of 3 new established brands within the state of Nevada including BluntBox, Gardens of We Eden , and Superior to complement Citation’s established Fiore cannabis flower brand.

The Company is also focusing its efforts in securing an equity financing of up to $10 million. The net proceeds of the proposed equity financing are intended to be directed toward:

(a)  the further development of the Company's Celista Property which will include planned construction of up to 20,000 square feet of indoor cultivation space and the closing of the acquisition of Buds to secure a cannabis cultivation license under the Cannabis Act which management of the Company estimates will require approximately US$2.45 million in initial capital expenditures; and

(b)  the expansion of ACC's current cultivation and production footprint in Pahrump, Nevada by an additional 31,600 square feet, which management of ACC estimates will require approximately US$4.05 million in initial capital expenditures.

(c)  Any net proceeds from the proposed equity financing that remain uncommitted will be directed toward the exploration of additional growth opportunities, working capital and general corporate purposes.

To complement the equity financing, the Company will also pursue a potential debt financing of up to US$17 million, secured against the Company's North Las Vegas assets, to further the development of the Company's three-story "Phase 2" North Las Vegas cultivation and production infrastructure, estimated to total up to 65,000 square feet upon completion. Further, the Company and ACC may elect to jointly pursue an additional, unsecured non-dilutive debt financing of up to US$7 million to further development of ACC's Pahrump, Nevada licensed assets.

Citation believes that the outlook for the Company and cannabis industry is very positive as the Canadian market for legalized medical and recreational cannabis has been projected to exceed $6.8 billion by 2020. The market for medicinal use in Canada was estimated at $456.6 million in 2018 and is expected to decline at a compound annual growth rate (CAGR) of 3% to $381.4 million in 2024. The decline in medicinal sales was due to legalization of recreational cannabis on October 17, 2018, resulting in an increase of recreational sales. Adult recreational sales are estimated to grow from $112.5 million in the partial year of 2018 to $4.8 billion by 2024. 
 

In the United States, Grand View Research reported that the global legal marijuana market size is expected to reach USD $66.3 billion by the end of 2025. The US legal cannabis market was worth an estimated USD $11.9 billion in 2018 and is anticipated to expand at a CAGR of 24.1% from 2019 to 2025.

Liquidity and Capital Resources

The Company manages liquidity risk by ensuring, as far as reasonably possible, that it has sufficient capital to meet working capital and operating requirements as well as its financial obligations and commitments. The Company has historically financed its operations and met its capital requirements primarily through debt and equity financings. The Company’s facilities in Las Vegas Nevada are now fully operational and wholesale sales of recreational cannabis started in May 2019. However, the Company is still currently dependent on its ability to raise funds through debt and equity financings and disposition of its assets consisting of lands and buildings in Washington and California.

As of June 30, 2019, the Company had working capital deficiency of $3,295 (March 31, 2019 - working capital deficiency of $387) and cash of $105. The Company currently has no sufficient cash to sustain its operations for the next twelve months and sufficient liquidity to settle its liabilities and scheduled debt repayments. The decrease in working capital of $2,908 was primarily due to increases in loans and borrowings of $1,036, accounts payable and accrued liabilities of $997, convertible debentures payable of $327, assets held for sale of $1,557 offset by a net increase in assets which mainly consisted of prepaid expenses and deposits of $309, biological assets of $237 and inventory of $139.

Net cash on hand decreased from $127 as at March 31, 2019 to $105 as at June 30, 2019. The decrease in cash resulted mainly from net cash generated from financing activities of $1,249 offset by net cash used for operations of $699, and capital expenditures of $537.

Operating activities

For the three months ended June 30, 2019, cash used in operating activities resulted primarily from cash flows used for operating expenses of $773 and cash inflows of $74 related to changes in non-cash working capital. Cash used in operating activities for the three months ended June 30, 2018 resulted primarily from cash flows used for operating expenses of $1,779, and cash outflows of $9,885 related to changes in non-cash working capital.

Investing activities

Cash used in investing activities for the three months ended June 30, 2019, was for the construction of facilities of $16, purchase of production equipment of $328, leasehold improvements of $52 and acquisition of intangible assets of $141 related to the Nevada marijuana cultivation license.

Cash used in investing activities for the three months ended June 30, 2018 was for the construction of facilities of $1,318 and purchase of production equipment of $47.

Financing activities

Cash provided by financing activities for the three months ended June 30, 2019, was primarily from loans and borrowings of $1,036 and convertible debentures of $250.

Financing activities during the three months ended June 30, 2018 primarily consisted of aggregate equity financings of $11,361 and loans and borrowing of $889. 

Capital Expenditures

The Company’s capital expenditures include buildings under construction, buildings and leasehold improvements, production equipment and other equipment and furniture. Such expenditures are funded through joint ventures, loans and borrowings and debt and equity financings. Capital expenditures for the three months ended June 30, 2019 decreased by $969 to $396 compared to June 30, 2018. The decrease in capital expenditures was a result of the completion of construction of facilities in Las Vegas consisting of two 5,000 square foot facilities. These facilities became operational at the beginning of 2019.

Contractual Obligations

The Company leases commercial operating premises, office space, a condominium and selected equipment under operating lease agreements with terms ranging from one to five years.

A summary of the Company’s contractual obligations which outlines the year the payments are due is as follows:

Accounts payable and accrued liabilities Loans and borrowings
Convertible debentures
Lease liabilities

Operating leases

The Company is also a party to subleases and the risk of default by the subtenants is considered to be low, and therefore no accrual has been set up.

Management is committed to raising additional capital to meet its financial obligations and commitments, fund its operations, growth initiatives and capital expenditures. Although the Company has raised funds during the period, there can be no assurance that the Company will be able to secure additional adequate financing. While management anticipates eventual profitability, there can be no assurance that the Company will be able to generate sufficient positive cash flow in the near future.

The Company announced that it will carry out equity financings of up to US$10 million and secured debt financings of up to US$17 million. There can be no assurance that these planned financings will be available on terms acceptable to Citation. See “Outlook”

Capital Disclosure

The Company considers its capital structure to include net residual equity of all assets, less liabilities. Capital is comprised of the Company’s shareholders’ equity and any debt that it may issue. As at June 30, 2019, the Company’s shareholders’ equity was $35,332 (March 31, 2019 - $36,590) and it had current liabilities of $13,936 (March 31, 2019 - $12,156). Management’s objective is to manage its capital to ensure that there are adequate capital resources to safeguard the Company’s ability to continue as a going concern through the optimization of its capital structure. The capital structure consists of share capital and working capital.

To achieve this objective, management adjusts its capital resources to respond to changes in economic conditions and risk characteristics of the underlying assets. The capital resources used for operations were mainly from proceeds of the issuance of common shares.
 

Off-Balance Sheet Arrangements

The Company had no material off-balance sheet arrangements as at June 30, 2019 and as at the date of this MD&A, that have, or are reasonably likely to have, a current or future effect on the financial performance or financial condition of the Company.

Related Party Transactions

As at June 30, 2019, included in accounts payable and accrued liabilities are $144 (June 30, 2019 - $38) due to an officer of the Company for services and expense reimbursements and directors’ fees of $99 (June 30, 2019 - $24).

During the three months ended June 30, 2019, compensation to key management personnel included consulting fees of $30 (2018 - $Nil), management fees of $127 (2018 - $114) and share-based compensation of $951 (2018 - $387) for 250,000 (2018 - 1,700,000) stock options granted and 2,750,000 (2018 - Nil) RSUs awarded to key management personnel.

All related party transactions were in the ordinary course of business and were conducted on terms substantially similar to arm’s length transactions.

Contingencies

On February 28, 2019, a claim was commenced against the Company by Veritas to recover a loan in the principal amount of $1,000 plus accrued interests. Veritas claims that the loan is in default and has made a demand for repayment of the loan and interests on or before January 21, 2019.

On April 12, 2019, the Company filed a counterclaim against Veritas alleging, among other things, that the Company and Veritas entered into a loan agreement which included repayment terms consisting of $100 and the assignment of the Company’s ownership interest in the property located in Tonasket, Washington.

The Company intends to vigorously defend itself against the claim made by Veritas. As set out in the Company’s response to civil claim, it believes that the allegations are without merit and that the loan agreement is in full force and effect.

Critical Accounting Estimates

The preparation of the Company’s Annual Financial Statements in conformity with IFRS requires management to exercise judgment and to make estimates and assumptions that affect the application of accounting policies and the reported amounts of revenues, expenses, assets, liabilities and disclosures. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

Refer to note 3 to the 2019 Annual Financial Statements for a detailed discussion of the areas in which critical accounting estimates were made and where actual results may differ from the estimates under different assumptions and conditions that may materially affect financial results of the Company’s statement of financial position reported in future periods. 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Changes in Accounting Policies

IFRS 16 Leases

Effective April 1, 2019, the Company adopted IFRS 16 Leases (“IFRS 16"). IFRS 16 introduces a single lessee accounting model and requires a lessee to recognize assets and liabilities for leases. The Company elected to apply IFRS 16 using a modified retrospective approach by recognizing the cumulative effect of adopting IFRS 16 in an adjustment to the opening statement of financial position at April 1, 2019. The comparative information was not restated and remains as previously reported under IAS 17 Leases.

Accounting Policy

At the inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset over a period of time in exchange for consideration. The Company assesses whether the contract involves the use of an identified asset, whether it has the right to obtain substantially all of the economic benefits from the use of the asset during the term of the contract and if it has the right to direct the use of the asset.

The Company recognizes a right-of-use asset, which is included in property, plant and equipment, and a lease liability at the commencement date of the lease. The right-of-use asset is initially measured at cost, which is comprised of the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any decommissioning and restoration costs, less any lease incentives received.

The right-of-use assets are subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the lease term, or the end of the useful life of the asset. The right-of-use asset may be reduced for impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

A lease liability is initially measured at the present value of the lease payments not paid at the commencement date, discounted by the interest rate implicit in the lease or, if that rate cannot be readily determined, the incremental borrowing rate. The lease liability is subsequently measured at amortized cost using the effective interest method.

Lease payments included in the measurement of the lease liability is comprised of fixed payments, variable lease payments, lease payments in any optional renewal period if the Company is reasonably certain to exercise an extension option, and penalties for any early termination of a lease unless the Company is reasonably certain not to terminate early.

The Company has elected not to recognize right-of-use assets and lease liabilities for short-term leases that have a lease term of twelve months or less and leases of low-value assets. The Company recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term.

Refer to note 4 to the Company’s Interim Financial Statements for the disclosure of the impact on the adoption of IFRS 16. 
 

 
 

Liht Cannabis Corp. Earns EnvirOganic Certification In Las Vegas, Nevada
 

KELOWNA, BC, Feb. 11, 2019 /CNW/ - Liht Cannabis Corp. (CSE: LIHT) (OTCQX: LIHTF) or the "Company") is proud to announce that the Company has earned a third party certification from Envirocann which verifies that Best Management Practices (BMP's) are used to grow and process cannabis and ensures environmental stewardship and compliance to local and state regulations.

On January 4, 2019, both of the Company's cultivation facilities in Las Vegas, Nevada received an EnvirOganic Certification, Envirocanns highest level of certification.

This certification permits the use of both of the EnvirOganic and Envirocann logos on all of our products.

The values of the certification logos are described here. (CNW Group/Liht Cannabis Corporation)

The EnvirOganic certification reflects that we have met all of Envirocann standards regarding state and local environmental compliance and that we are using only organic materials and the best management practices, including regenerative land stewardship. For more information visit: www.envirocann.com

"Consumers in the cannabis marketplace deserve a product they can trust from a farm dedicated to top shelf cultivation. This EnvirOganic Certification proves that we can validate our commitment to craft cannabis." Kurt Keating, Director Of Operations

ABOUT LIHT CANNABIS CORP.

www.lihtcannabis.com

Liht Cannabis Corp. is a publicly traded company investing in the medical and recreational cannabis space, since 2014. Liht has rapidly expanded to include cultivation, production and dispensary locations in the key North American states of Washington, Nevada, and California, and are seeking expansion opportunities worldwide.

SOCIAL MEDIA:

twitter.com

facebook.com

STOCK EXCHANGES:

Liht trades in Canada, ticker symbol LIHT on the CSE, in the United States, ticker symbol LIHTF on the OTCQX.

Neither the CSE nor its Regulation Services Provider, nor the OTCQX® has approved nor disapproved the contents of this press release. Neither the CSE nor the OTCQX® accepts responsibility for the adequacy or accuracy of this release.

MARIJUANA INDUSTRY INVOLVEMENT:

Canadian listings (CSE) will remain in good standing as long as they provide the disclosure that is rightly required by regulators and complying with applicable licensing requirements and the regulatory framework enacted by the applicable state in which they operate.

Liht owns marijuana licenses in California and Nevada. Marijuana is legal in each state however marijuana remains illegal under US federal law and the approach to enforcement of US federal law against marijuana is subject to change. Shareholders and investors need to be aware that adverse enforcement actions could affect their investments and that Liht's ability to access private and public capital could be affected and or could not be available to support continuing operations.

Liht's business is conducted in a manner consistent with state law and is in compliance with licensing requirements.

Copies of licenses are posted on Liht's website. Liht has internal compliance procedures in place and has compliance focused attorneys engaged in jurisdictions to monitor changes in laws for compliance with US federal and state law on an ongoing basis. These law firms inform any necessary changes to our policies and procedures for compliance in Canada and the US.

 

LIHT CANNABIS EARNS SECOND ORGANIC CERTIFICATION IN VEGAS
 

KELOWNA, BC – Liht Cannabis Corp. ((CSE: LIHT) (OTCQX: LIHTF) or the “Company”) is very proud to announce that it has received its second certification for both of its cultivation facilities in Las Vegas, Nevada. The certification was issued by Certified Kind, an industry equivalent program to USDA Organic Certification.

This certification permits the use of the Certified Kind logo on all of our products.

On January 16, 2019, the Company received its second organically grown certification, from Certified Kind whose rules have been modeled after (IFOAM) International Federation of Organic Agriculture Movements – Norms for Organic Production and Processing, the USDA National Organic Program (NOP) standards, and the organic standards of the European Union, Canada, and Mexico.

Certified Kind performs rigorous inspections, verifying compliance to the Certified Kind rules of processes and production. They sample test for over 200+ pesticide residues.

The US federal government will not allow organic certification of cannabis or cannabis products as a result producers need their own certification standard. Growers and edible producers are not legally allowed to use the term “Organic” to label and market their products. Certified Kind was started as an alternative to USDA Organic certification. Certified Kind offers an effective and transparent way for cannabis producers to prove their commitment to earth-friendly production practices that meet, and in some cases, exceed USDA Organic standards.

Andrew Black, Founder and Director of Certified Kind, was interviewed for a High Times article called, Tainted: The Problem With Pot And Pesticides. Andrew was asked, Should you be worried about what you inhale? “One of the main takeaways is you should be smoking clean cannabis and a good way to do that is to support certified growers. It’s also a good idea to be suspicious of cannabis concentrates/extracts/oils. 

When cannabis trim is extracted, the solvent (commonly liquid CO2, Butane, or Alcohol) concentrates not just THC and CBD, but will also pull out and concentrate pesticide residues. If you medicate with cannabis oil, make sure its clean. You don’t want a large dose of pesticides with your THC.” To read the full article visit:

https://hightimes.com/grow/tainted-the-problem-with-pot-and-pesticides/

We are focused on creating an environment of excellence, specifically for the cultivation of a premium organic product. Our goal is to ensure that when we say that we deliver a “Top Shelf” product, that there are multiple 3rd party certifiers there to validate it for us.” Kurt Keating, Director of Operations.

ABOUT LIHT CANNABIS CORP.

www.lihtcannabis.com

Liht Cannabis Corp. is a publicly traded company investing in the medical and recreational cannabis space, since 2014. Liht has rapidly expanded to include cultivation, production and dispensary locations in the key North American states of WashingtonNevada, and California, and are seeking expansion opportunities worldwide.


 

 

Liht Cannabis Corp.


 

Earns Third Organically Grown Certification 



A First In The State Of Nevada,


 

Establishing Ourselves As A Leader 

 

 

 

NEWS PROVIDED BY

Liht Cannabis Corporation 

Feb 25, 2019, 08:01 ET

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KELOWNA, BC, Feb. 25, 2019 /PRNewswire/ - Liht Cannabis Corp. (CSE: LIHT) (OTCQX: LIHTF) or the "Company") is extremely proud to announce that each of its cultivation facilities in Las Vegas, Nevada have now achieved three organically grown certifications from EnvirOganic, Certified Kind and Clean Green. We have attained triple certification, a first in cannabis cultivation in the state, establishing industry leadership.

 
Liht Cannabis Corp. Earns Third Organically Grown Certification - A First In The State Of Nevada, Establishing Ourselves As A Leader (CNW Group/Liht Cannabis Corporation)

On February 22, 2019, the Company received its third certification from Clean Green Certified; a program modeled on existing national and international agricultural standards, ensuring environmentally clean and sustainable methods. Comprised of three parts: legal compliance, review of cultivation methods and agricultural crop inspection.

By practicing organic methodologies, we can produce premium product whilst leaving the smallest carbon footprint of any agricultural process. We are committed to the establishment and the long term health of our soil to ensure that our plants are nurtured to their highest potential.

On behalf of our shareholders, Liht wishes to acknowledge the commitment and efforts of our Las Vegas team who fulfilled our promise to provide organically grown cannabis products.

"This triple certification officially recognizes our commitment to human health and wellness through the production of organic cannabis and environmental stewardship.

I commend our team in Las Vegas for being committed to the organic cultivation methods like those employed in US Food Production. Consumers can purchase our product with confidence knowing 3 independent groups, each with their own rigorous standards, have evaluated all aspects of our operations.

We want to ensure that when the USDA Organic Certification is achievable in our industry that we are ready and first in line for this prestigious certification. " Kurt Keating, Director of Operations

 

 

Liht Cannabis Corp. Announces Executive Management Changes

Hanspaul Pannu, current CFO, to assume role of President
 

Nilda Rivera appointed CFO

 

KELOWNA, BC, March 21, 2019 /CNW/ - Liht Cannabis Corp. (CSE: LIHT) (OTCQX: LIHTF) ("Liht") or the "Company") announced today that the Company's current Chief Financial Officer, Hanspaul Pannu, has been appointed as President and Nilda Rivera has been appointed Chief Financial Officer. The effective date of change will be April 1, 2019.

As the Company continues to grow and execute on its business plan, the addition of Nilda Rivera, former VP of Finance and Corporate Secretary of Aurora Cannabis Inc., will be instrumental in creating sustainable best in class business practices and ensuring good stewardship of our business as we transition deeper into our operational phase. Ms. Rivera has been with Aurora Cannabis Inc. from their reverse takeover transaction to becoming a publicly traded entity to having over 1,400 employees and making it one of the largest cannabis companies in the world. Ms. Rivera has over 20 years of experience in accounting, financial reporting and corporate governance with public companies in the resources, technology and cannabis sectors. Prior to joining Aurora, she had 5 years of CFO experience with TSXV companies and 15 years of Corporate Secretary experience with TSX and TSXV companies.

There are no changes to our Board of Directors who continue to provide governance and corporate and operational oversight to the Company. Marcel LeBlanc, chairman of the Board, has significant experience and a proven track record of achievement and demonstrated successes, driving multi-million dollar revenue growth by designing and executing operational procedures and methodologies with a focus on cost control, asset utilization and value creation.

"The Company has made the recent strategic turning point by transitioning into a producing cultivator and overall growth phase. Nilda's wealth of financial and industry experience is paramount to supporting our growth and the Company's commitment to generate long term, sustainable shareholder value" states Mr. Pannu. "Along with the implementation of governance, and corporate and operational oversight from Marcel, Nilda and I are excited to work together to implement best in class business practices and achieve our operational and financial objectives over the next 6 months."

"I am delighted to join the Liht management team at this time as the Company continues to pursue its growth objectives," said Nilda Rivera. " I am excited for the opportunity to bring my background, skills and commitment to ethical standards to work to help the Company through its next stage of growth and increase shareholder value."

Ms. Rivera has been granted stock options to purchase 250,000 common shares of the Company exercisable at $0.24 per share and 100,000 restricted share units of the Company. The options and RSUs vest over a period of one year.

The Company will provide its operational objectives over the next 6 months in a news release to follow.

ABOUT LIHT CANNABIS CORP.

www.lihtcannabis.com

Liht Cannabis Corp. is a publicly traded company investing in the medical and recreational cannabis space, since 2014. Liht has rapidly expanded to include cultivation, production and dispensary locations in the key North American states of Washington, Nevada, and California, and are seeking expansion opportunities worldwide. 

 
 

Liht Cannabis Corp. Announces Corporate Update

and an Introduction to ACC Group of Companies

Kelowna, British Columbia--(Newsfile Corp. - June 4, 2019) - Liht Cannabis Corp. (CSE: LIHT) (OTCQX: LIHTF) ("Liht" or the "Company"), a licensed cannabis cultivator and producer, is pleased to provide a corporate update relating to the Company's continuing growth strategy and its proposed transaction (the "Proposed Transaction") with ACC Group of Companies ("ACC").
 

Update on Liht's North Las Vegas Operations
 

During the month of May, the Company has continued the expansion of its triple-organic certified North Las Vegas cultivation facility, having achieved a Liht management-estimated monthly run rate revenue of approximately US$150,000, at an estimated EBITDA margin of 10%. Company management further projects this monthly run rate revenue figure will rise to an anticipated US$250,000 per month, for an estimated, annualized run rate revenue of US$3.0MM, with an anticipated EBITDA margin of 33%, following the successful build-out and completion of its cutting-edge extraction lab and production kitchen - which the Company anticipates will be completed June 2019.

Rahim Mohamed, CEO of Liht Cannabis Corp. commented, "In conjunction with our expansion into extraction and infusion, we anticipate the growth of Liht's premium branded products will continue to drive future sales and consumer appeal in the State of Nevada. Recent events, highlighted by the proposed transformational partnership with ACC, reflect our core mission - to become the leading producer of premium cannabis products to the North American legal cannabis market." Mr. Mohamed continued, "ACC's infrastructure, combined with Liht's drive toward multi-state operations ("MSO"), provides a clear sign to the market that our transition into a premier North American cannabis company is well underway."
 

Update on the Proposed Transaction with ACC Group of Companies
 

As announced in the press release dated May 24, 2019, Liht is pleased to provide further detail on the Proposed Transaction to acquire all or substantially all of the equity interest of ACC, a Nevada-based licensed cannabis cultivator well-known for its award-winning cannabis cultivars. Following the completion of the Proposed Transaction, the Company intends to integrate

ACC operationally, while expanding its Nevada cultivation footprint to approximately 569,600 ft2, for production of a Liht and ACC-management estimated 45,000 kg of dried, premium cannabis flower, once the proposed construction and build-out of all phases is successfully completed and the integration of Company and ACC is finalized.

Based on information provided by the management of ACC, ACC's Pahrump, Nevada licensed facility is currently undergoing rapid expansion to service the vibrant Nevada medical and recreational cannabis market, which is fueled by over 55 million annual visitors to the Las Vegas area. Completion of the four (4) construction phases is projected to take three (3) years, with ACC management anticipating a total capital expenditure requirement of approximately US$50MM, to reach the project's full capacity. Assuming maximum operational efficiency, ACC management estimates total production of 22,530 kg of dried flower from its projected 279,000 ft2 of cultivation space, producing an anticipated US$114MM in annualized run rate revenue with a projected 25% average EBITDA margin across all proposed building phases.

 

Details of current operations and the proposed expansions include:

building B, which has been operational since May 2017, consists of a 22,000 ft2 cultivation space, currently capable of producing up to 1,705 kg of dried cannabis per year;

the concurrent three (3) month construction on buildings A and C, together totalling 20,600 ft2, which is planned to commence immediately after the close of the project's requisite financing, at which point ACC management estimates annual production capacity of 3,150 kg in dried flower;

building D, proposed to add an additional 11,000 ft2 of cultivation space on land currently under LOI, which, once complete, ACC management estimates will add 1,925 kg of annual dried flower capacity - Construction is set to begin immediately following completion of buildings A and C, subject to availability of financing and the necessary development approvals; and

buildings E, F, and G, which are proposed to be located on land to which ACC currently has a purchase option, and which are to be constructed when Nevada cultivation demand permits - It is estimated by ACC management that these

expansions will add an additional 225,000 ft2 of cultivation space and 15,750 kg of dried flower capacity annually.
 

About Liht Cannabis Corp.

Liht Cannabis Corp. is a publicly traded company that has been investing in the medical and recreational cannabis space since 2014. Liht has rapidly expanded its operating portfolio to include cultivation, production, and dispensary locations in key North American state-legal jurisdictions, such as Washington State, Nevada, and California, and is seeking expansion opportunities worldwide. 

 

 

Liht Cannabis Corp. removed from BCSC Temporary Orders
 

KELOWNA, BC, Jan. 18, 2019 /CNW/ - Liht Cannabis Corp. (CSE: LIHT) (OTCQX: LIHTF) ("Liht") or the "Company") is pleased to announce that the temporary orders issued from the British Columbia Securities Commission ("BCSC") on November 26, 2018 have not been extended against Liht.

As previously announced, the Company was named as a respondent in temporary orders issued by the executive director of the BCSC in connection with distributions to certain individuals connected to the BridgeMark Group. The respondents named in the temporary orders were restricted from purchasing and distributing securities in reliance on the consultant exemption to distribute securities without a prospectus. The executive director of the BCSC sought an extension of the temporary orders pending the conclusion of the BCSC's investigation into the respondents' reliance on the consultant exemption. On Dec. 7, 2018, the BCSC held a hearing to consider the extension request and, on Jan. 15, 2019, the BCSC issued a decision approving the extension request in the case of certain of the respondents.

 

As a result of the decision,

Liht is no longer subject to the temporary


orders or the terms of the extension request.


 

The BCSC's investigation is continuing. Liht will continue to co-operate with the BCSC in its investigation.

ABOUT LIHT CANNABIS CORP.

www.lihtcannabis.com

Liht Cannabis Corp. is a publicly traded company investing in the medical and recreational cannabis space, since 2014. Liht has rapidly expanded to include cultivation, production and dispensary locations in the key North American states of Washington, Nevada, and California, and are seeking expansion opportunities worldwide. 

 

UPDATED INFORMATION

 

https://www.bcsc.bc.ca/Enforcement/Decisions/PDF/2019_BCSECCOM_234/

 

[1] On July 16, 2019, a law firm, Camp Fiorante Matthews Mogerman, applied for access to certain affidavits which have been filed in this


proceeding.
The application made clear that the intended use of the affidavits related to civil proceedings that clients of the firm wished to


pursue against one or more of the respondents.




[2] The Commission Secretary sent the application to the parties to the proceeding, seeking their position.  



[3] BridgeMark Financial Corp., Jackson & Company Professional Corp., Anthony Kevin Jackson, Kootenay Zinc Corp., Justin Liu, Lukor


Capital, Affinor Growers Inc., Green 2 Blue Energy Corp., Simran Gill, David Raymond Duggan, Viral Stocks Inc., 727 Capital, 10X Capital,


Altitude Marketing Ryan Peter Venier, Albert Kenneth Tollstam, Tollstam & Company Chartered Accountants, Tryton Financial Corp. Saiya


Capital Corporation, Abeir Haddad, Tara Kerry Haddad, Cam Paddock, Rockshore Advisors Ltd., New Point Exploration Corp., Cryptobloc


Technologies Corp., Tavistock Capital Corp., Robert Lawrence, Sway Capital Corp., David Schmidt, Jason Shull, Platinum Capital Corp.,


658111 B.C. Ltd., Robert Boswell, Bertho Holdings Ltd., Abattis Bioceuticals Corp. Blok Technologies Corp., Essos Corporate Services Inc.


and Von Rowell Torres (collectively, the Objecting Respondents) objected to the Commission releasing certain of the materials.



 

LIHT CANNABIS IS NOT INCLUDED


IN THE LIST OF RESPONDENTS.

 




 

 

BEWARE OF OUTDATED


OR MISLEADING POSTS




 

The garbage posted about Garden of Weeden

is not even our company and

is not even from the correct state.


 

Our

Gardens of We Eden



is NOT selling weed across state lines

as falsely accused of below.


It clearly states on the

Citation Growth web site that


 

Gardens of We Eden



...is one of our brands from Nevada.

NOT a dispensary from California.(Garden Of Weeden)

That is willfully posting false and defamatory information

about an out of state company with a similar name.

Trying to deceive investors....is the same thing the BCSC is trying to prevent.







To further clear up any confusion...about misleading claims

 

Superior is a brand



and NOT a company.





 

FOR THOSE NOT SURE WHERE TO FIND BLUNTBOX BRAND

 


 

BluntBox


Vegas Dispensary Locations


 

MedMen Downtown (Arts District)

823 S 3rd St

Las Vegas, Nevada 89101 (702) 527-7685

Daily 10am -12am


THRIVE Cannabis Marketplace

1112 S Commerce St

Las Vegas, Nevada 89102 (702) 776-4144

Open 24 hours


Acres Cannabis

2320 Western Ave

Las Vegas, Nevada 89102 (702) 399-4200

Open 24 hours


THRIVE Cannabis Marketplace

2755 W Cheyenne Ave #103

North Las Vegas, Nevada 89032

(702) 776-4144

Open 24 hours


MedMen The Strip (Paradise & Harmon)

4503 Paradise Rd suite 210-240

Las Vegas, Nevada 89169

(702) 405-8597

Open 24 hours


Jenny's Dispensary

5530 N Decatur Blvd #115

Las Vegas, Nevada 89130 (702) 718-0420

Wednesday 9AM–11PM Thursday 9AM–11PM Friday

9AM–11PM Saturday 9AM–11PM Sunday 11AM–8PM Monday

9AM–11PM Tuesday 9AM–11PM


CannaCopia Powered by MedMen

6332 S Rainbow Blvd #10

Las Vegas, Nevada 89118 (702) 487-6776

Daily 9am-12am


ShowGrow™ Vegas - 21+ Dispensary

4850 S Fort Apache Rd #100

Las Vegas, Nevada 89147 (702) 227-0511

Daily 7am - 2am


Jenny's Dispensary

10420 S Eastern Ave #100

Henderson, Nevada 89052 (702) 718-0420

Wednesday 10AM–10PM Thursday 10AM–10PM

Friday10AM–10PM Saturday 10AM–10PM

Sunday 10AM–8PM Monday10AM–10PM

Tuesday 10AM–10PM

 

 

 

 

Gardens of We Eden


Strains

 

 

http://gardensofweeden.com/strains/

 

 

OUR STRAINS
 


BLACK ICE

Indica-Dominant Hybrid 70/30

Earthy, Sweet ,

Woody euphoric, heavy sedative

back pain and insomnia relief

Black Domina + White Widow

Terpinolene, Caryophyllene, Humelene, Myrcene, Linalool, Pinene



BURKEL

Indica-Dominant Hybrid 75/25

Berry, Earthy, Piney, Sweet

calming, deep sedative, body stimulation

appetite stimulant, pain and insomnia relief

Bubba Kush + GrandDaddy Purple

Caryophyllene, Linalool, Myrcene, Limonene,Guaiol, Camphene



CHEESE

Hybrid 50/50

Pungent Aroma

creativity, heavy sedative, appetite stimulant,

pain reliever, calming agent

Skunk 1

Limonene, Caryophyllene, Myrcene, Humelene, Bisabolol, Trans-Nerolidol



FLO

Hybrid 50/50

Earthy, Diesel, Sweet

euphoric, relaxed, uplifted

headaches, arthritis and anxiety relief

Afghani + Purple Thai

Limonene, Caryophyllene, Linalool, Pinene, Myrcene



GEISEL

Hybrid 50/50

Diesel, Earthy, Skunky

creeping effect, uplifting, happy

depression, cachexia, anxiety and pain relief

Chemdawg + Mass Superskunk

Terpinolene, Caryophyllene, Ocimene, Limonene, Myrcene



SUPER LEMON HAZE

(A Vegas Original)

Sativa-Dominant Hybrid 80/20

Sweet Lemon

mood elivating, focus, creativity, depression, PTSD

and anxiety regulator, minor pain, nausea relief

Lemon Skunk + Super Silver Haze + Northern Lights

Ocimene, Pinene, Myrcene, Cymene, Terpinene



TANGERINE

Sativa-Dominant Hybrid 50/50

Orange Citrus

energizing, giggly, focus

inflammation and pain relief, muscle spasms

CH9

High Myrcene, Pinene, Caryophyllene, Ocimene, Humulene



THC BOMB

Hybrid 50/50

Earthy, Herbal, Woody

rush of energy, energizing, cerebral, long

lasting, anxiety, stress, PMS, insomnia

Lemon Skunk + Super Silver Haze + Northern Lights

Ocimene, Pinene, Myrcene, Cymene, Terpinene



FRUIT PUNCH

Indica Dominant Hybrid 80%/20%

Fruity Floral, Relaxing, euphoric

Anti inflammatory, pain relief,

Antispasmodic, anti-insomnia

Forbidden Fruit x Purple Punch

Caryophyllene, Myrcene, Linalool, Pinene



AK-47

Sativa-Dominant Hybrid 65/35

Citrusy, Peppery, Floral

relaxed long lasting cerebral stimulation

good for ailments such as pain, depression and mood disorders

Afghans + Colombian + Mexican + Thai







 

Gardens of We Eden


Vegas Locations




NuWu Cannabis Marketplace

1235 Paiute Cir

Las Vegas, Nevada 89106 (702) 844-2707

Open 24 Hours


THRIVE Cannabis Marketplace

1112 S Commerce St,

Las Vegas, Nevada 89102 (702) 776-4144

Open 24 Hours


Blackjack Collective

1736 S Las Vegas Blvd

Las Vegas, Nevada 89104 (702) 727-3187

Daily 9AM–3AM


Essence Cannabis Dispensary

2307 S Las Vegas Blvd

Las Vegas, Nevada 89104 (702) 978-7591

Daily 10AM–3AM


Jardín Premium Cannabis Dispensary

2900 E Desert Inn Rd Suite #102

Las Vegas, Nevada 89121 (702) 331-6511

Daily 8AM–12AM


Nevada Wellness Center

3200 S Valley View Blvd

Las Vegas, Nevada 89102 (702) 470-2077

Open 24 Hours


THRIVE Cannabis Marketplace

2755 W Cheyenne Ave #103

North Las Vegas, Nevada 89032 (702) 776-4144

Open 24 Hours


MMJ America - Las Vegas Dispensary

4660 S Decatur Blvd

Las Vegas, Nevada 89103 (702) 565-9333

Open 24 Hours


Essence Cannabis Dispensary

5765 W Tropicana Ave

Las Vegas, Nevada 89103 (702) 500-1714

Daily 10AM–3AM


The Apothecarium - Cannabis Dispensary

7885 W Sahara Ave #112

Las Vegas, Nevada 89117 (702) 778-7987

Daily 8AM–10PM




ShowGrow™ Vegas

4850 S Fort Apache Rd #100


Las Vegas, Nevada 89147 (702) 227-0511


Daily 7AM–2AM

 

 

Gardens of We Eden


Henderson Locations


 


Essence Cannabis Dispensary

4300 E Sunset Rd Ste A3,

Henderson, Nevada 89014 (702) 978-7687

Daily 10AM–11PM


Jenny's Dispensary - Henderson

10420 S. Eastern Ave

Henderson, Nevada 89052 (702) 718-0420

Daily 10:00 AM - 10:00 PM Sundays 10:00 AM - 8:00 PM

 

 

 

Gardens of We Eden


Reno/Carson City Locations



Rise Carson

135 E Clearview Dr #119

Carson City, Nevada 89701

Daily 9:00 AM - 9:00 PM Sundays 10:00 AM - 6:00 PM


MYNT Cannabis Dispensary

132 E 2nd St

Reno, Nevada 89501 (775) 686-6968

Daily 8:00 AM - 10:00 PM Sat - Sun 8:00 AM - 12:00 AM


RISE Spanish Springs

5515, 9650 Pyramid Way

Spanish Springs 89441 (775) 501-5457

Daily 10:00 AM - 7:50 PM Sundays 10:00 AM - 4:50 PM

 

 



 

Gardens of We Eden


Laughlin Locations




Nevada Made Marijuana

1975 S Casino Dr

Laughlin, Nevada 89029 (702) 737-7777

Open 24 Hours







 

BEWARE OF


ANONYMOUS POSTS

 

 

 

 

 

 

-----------------------------------------------------------------------------------------------------------------------------
End of the LongNDeep2 maintained portion of the IHUB iBox
------------------------------------------------------------------------------------------------------------------------------













THE TRUTH ABOUT THIS SCAM CAN BE


FOUND BELOW AND IN SEDAR FILINGS




TERRIBLE FINANCIALS SHOW BANKRUPTCY

IMMINENT



$107,000 in cash


$1,854,000 in accounts payable


$2,929,000 in loans


$3,503,000 in convertible notes payable


$16,007,000 in G&A expenses


$4,787,000 in share based compensation




Read the following for information on the BCSC investigation


into the Marapharm/LIHT/Citation scam:





https://grizzle.com/bcsc-bridgemark-group/




ACC GROUP OF COMPANIES MERGER - ZERO VALUE WITH MULTIPLE LAWSUITS 


INVOLVING HOWARD MISLE




BLUNTBOX - ZERO media presense and no evidence of product placement



Garden of Weeden - offers sales across state borders in USA which is federally illegal and will result in DEA getting


invovled.  Possible criminal charges forthcoming.



Superior - brand doesn't exist






NON-EXISTENT SHORT VOLUME 

09-03-2019 0 0 0%
08-30-2019 0 0 0%
08-29-2019 9,835 41,427 23.74%
08-28-2019 945 7,087 13.33%
08-27-2019 0 0 0%
08-26-2019 1,378 18,426 7.48%
08-23-2019 6,250 7,787 80.26%
08-22-2019 2,000 31,316 6.39%
08-21-2019 51,175 137,325 37.27%
08-20-2019 12,751 16,681 76.44%
08-19-2019 73,206 155,234 47.16%
08-16-2019 6,254 14,873 42.05%
08-15-2019 25,358 33,454 75.8%
08-14-2019 0 0 0%
08-13-2019 357 7,533 4.74%
 

CEO RAHIM MOHAMED PREVIOUS SCAMS


CHITRCHATR AND AGAU RESOURCES NOW


DEFUNCT 





CLASS ACTION SECURITIES LAWYERS GRANTED ACCESS

TO BCSC INVESTIGATION DOCUMENTS





CLASS ACTION FILED ON JULY 11, 2019 AGAINST CITATION

CAN BE FOUND BELOW


https://docs.wixstatic.com/ugd/1fe227_b16ca3e71cbe4f768915de774f6253d5.pdf

 








 

 

 

CGOTF
Current Price
Volume:
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PostSubject
#5151  Sticky Note Rivera and Searle....Invested Careers at Citation. LongNDeep2 09/26/19 11:55:50 PM
#4876  Sticky Note CLASS ACTION LAWSUIT FILED JULY 11th, 2019 sav79 09/18/19 04:54:05 PM
#5531   Thanks believe!! I try, hope tomorrow is a Isbizz 10/15/19 02:08:49 AM
#5530   Your Hilarious....... Believe444 10/15/19 01:46:13 AM
#5529   Good point LND it will be a good Isbizz 10/15/19 01:36:37 AM
#5528   Captain Canuck is a Super Hero......you need to Believe444 10/15/19 01:04:18 AM
#5527   How are you averaged in at 38 cents??? Isbizz 10/14/19 11:41:31 PM
#5526   You know I am a Canadian not a Isbizz 10/14/19 11:28:18 PM
#5525   Nobody is playing games this is an original Isbizz 10/14/19 11:21:47 PM
#5524   Don’t do that lol. Canopy has taken care Isbizz 10/14/19 11:18:30 PM
#5523   Cannabis Scandal Radar: Is Tilray Next? LongNDeep2 10/14/19 11:08:15 PM
#5522   Citation will do well... LongNDeep2 10/14/19 08:09:55 PM
#5521   I believe we are all going to do Northof60 10/14/19 07:26:59 PM
#5520   When your...warrants kick in....your long shares....will be...10...bagger LongNDeep2 10/14/19 07:19:10 PM
#5519   Good Find and Post LND, this guy on Believe444 10/14/19 07:13:10 PM
#5518   Nice......... Believe444 10/14/19 07:07:02 PM
#5517   I'm sure there will be lot's waiting for Northof60 10/14/19 07:02:44 PM
#5516   Or it is someone is giving a Canuck Believe444 10/14/19 06:29:02 PM
#5515   I saw that as well. Just plain stupidity. Northof60 10/14/19 06:21:16 PM
#5514   Golden Cross...Can you put up a 30 day LongNDeep2 10/14/19 05:38:09 PM
#5513   Compare Citation Growth...and...Canopy Growth ....Charts. LongNDeep2 10/14/19 05:25:55 PM
#5512   Just wait til tomorrow when those Crazy Canucks Believe444 10/14/19 04:34:33 PM
#5511   Analysts Recommend...Switch To US Cannabis Sector LongNDeep2 10/14/19 04:33:35 PM
#5510   They should wait till it's over 50 cents...just ACTcrazy 10/14/19 04:24:03 PM
#5509   CGOTF....$ .35....Volume 157,000.....5X average. LongNDeep2 10/14/19 04:19:53 PM
#5508   I'll bet you that all those that jumped Northof60 10/14/19 01:28:02 PM
#5507   That goes to shows you that CGOTF was Duffbeer 10/14/19 01:03:13 PM
#5506   Volume sure has been increasing. 121,000 2pm EST. Northof60 10/14/19 01:02:28 PM
#5505   CGOTF....UP 124.75%....IN OCT....INDUSTRY DOWN LongNDeep2 10/14/19 12:35:50 PM
#5504   Nice and steady wins... ACTcrazy 10/14/19 11:48:04 AM
#5503   I stand corrected. ex 1.3346 @ .375 = Northof60 10/14/19 11:28:13 AM
#5502   What a great start to the day. Just Northof60 10/14/19 11:06:10 AM
#5501   Very impressive first video. This looks way way billnew5 10/14/19 11:03:39 AM
#5500   Citation Growth Videos LongNDeep2 10/14/19 09:15:44 AM
#5499   You can help keep score. LongNDeep2 10/14/19 09:04:11 AM
#5498   Cheering section on this side of the big Northof60 10/14/19 08:28:20 AM
#5497   Nevada....Special Task Force LongNDeep2 10/14/19 08:09:35 AM
#5496   Why Cannabis Quality Matters. LongNDeep2 10/14/19 07:01:35 AM
#5495   Up Up and away we go. Northof60 10/14/19 06:26:48 AM
#5494   You bet it is, cash in all your Believe444 10/13/19 06:50:33 AM
#5493   That is good to know...CGOTF Taking off here! Golden_Cross 10/13/19 04:56:46 AM
#5492   Going to be very interesting as to what Northof60 10/13/19 02:33:47 AM
#5491   US Banks are closed Monday but, the Stock ACTcrazy 10/12/19 10:51:39 PM
#5490   Americanbulls is Bullish here! $CGOTF Golden_Cross 10/12/19 10:10:39 PM
#5489   CGOTF Daily Chart MACD and RSI very bullish here Golden_Cross 10/12/19 10:08:47 PM
#5488   I’m glad CGOTF stuck to there plan with Duffbeer 10/12/19 09:05:58 PM
#5487   U.S. Markets Open Monday....Columbus Day LongNDeep2 10/12/19 08:50:21 PM
#5486   Monday’s a holiday MTJVH 10/12/19 08:44:11 PM
#5485   Monday Should Be Exciting. LongNDeep2 10/12/19 08:36:35 PM
#5484   Our first day in a while to have ACTcrazy 10/12/19 04:26:22 PM
#5483   Non Organic Cannabis will be a OVER SUPPLIED Believe444 10/12/19 02:05:08 PM
#5482   can see the big ditch bud investors leaving Duffbeer 10/12/19 01:20:47 PM
PostSubject