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everyone should read this...
it's very very ugly
- not paying employees since Dec
- key employees threatening to leave would could result in licence being revoked
- did not pay ABG the Jan 7 payment nor did they issue shares
- current strains not selling. have new ones but won't be ready for sale until May
- need $4-$5M to finish east wing and $1M for west wing
- $9M in accounts payable with many over 150 days past due
- Unified deal failed because Unified could not raise the cash
- and on and on it goes
https://www.pwc.com/ca/en/car/invictus/assets/invictus-001_021320.pdf
not that surprised by this. Management has done a poor job with the cash management. They loaned money to GTEC, PODA and AB Labs and now they are the ones seeking creditor protection. If they had collected the loans they could have paid at least half the $10M ATB wants back
ATB clearly didn't like what they were seeing and called the loan in, that simple.
Noticed the creditor protection does not seem to include AB Labs from what I can tell, only the assets that were secured against the ATB loan which are Acreage and Leafwise
I think they should sell off their 50% in AB Labs and try to collect cash from their loan recievables and then run only Acreage Pharms. Any idea what the 50% ownership in AB Labs would be worth? Gotta be at least the $10M they need to pay ATB back
Either way, I don't see shareholders getting much going forward as I'm sure most already figured out
shares halted pending company news
PODA SIGNS AGREEMENT TO MANUFACTURE 42 MILLION PODS PER ANNUM
Vancouver, BC, February 6, 2020 – PODA TECHNOLOGIES LTD. ("PODA" or the "Company") has signed a letter of intent (“LOI”) to form a Joint Venture for the purpose of developing, constructing, operating,
maintaining, and managing a facility which will manufacture & distribute PODA’s patented heat-not-burn pods exclusively for PODA (the “JV”).
Initially the parties will contribute approximately $100,000 CDN each to develop manufacturing equipment capable of producing between 300,000 to 600,000 empty PODA pods per annum (“Phase 1 Production
Equipment”). The JV ownership will be split 79% to PODA and 21% to JV partner. Post completion of the Phase 1 Production Equipment, PODA will contribute an additional $600,000 CDN and the JV Partner will
contribute $200,000 CDN to develop manufacturing equipment capable of producing approximately 42 million empty PODA pods per annum (“Phase 2 Production Equipment”). The expected date of completion of the Phase 1 Production Equipment is March 31, 2020 and the expected completion of Phase 2 production Equipment is July 31, 2020.
Ryan Selby, CEO, commented “Our proprietary heat-not-burn system required us to develop proprietary equipment to manufacture at scale given there is no other product like PODA on the market. This JV will
solidify our ownership in the intellectual property (“IP”) that is created as part of this process. Traditionally
many companies farm out the development of manufacturing equipment to third parties which can result in
increased costs of raw materials and risk of IP leakage. PODA’s vision is to own the entire value chain.”
On Behalf of the Board,
Ryan Selby
Chief Executive Officer and Director
makes total sense for Gene to supply PODA. maybe we'll see a supply agreement NR someday soon between GENE and PODA. Still don't know anything about the launch strategy for PODA but I recall reading in one of their prior NRs that they have automation that can/have created 3M pods(can't recall the time frame though). It would be idiotic if Invictus did not supply PODA
PODA GRANTED CANADIAN PATENT
Vancouver, BC, February 3, 2020 – PODA TECHNOLOGIES LTD. ("PODA" or the "Company") reports
that the patent application filed on March 17, 2017 (the “Filing Date of Application”) was granted on
January 7, 2020 by the Intellectual Property Office of Canada patent #3,039,570 for PODA’s Closed Bottom
Heat-Not-Burn invention (the “Invention”).
The present patent grants the Company the exclusive right, privilege and liberty of making, constructing
and using the Invention in Canada until March 16, 2038.
Ryan Selby, CEO, commented “We have spent years of research and development with regards to our
Invention and are very pleased to see that our Invention has been granted a patent in Canada. We have
filed for patents in 62 other countries and expect U.S.A and European patents to follow in short order
now that we have received the Canadian patent. This will protect our Company for many years ahead as
we launch PODA into the global marketplace as the first heat-not-burn system that allows users to
experience maintenance-free heating of substrates such as tobacco or dried plant material with zero
cross-contamination when switching from one substrate to another.”
Realize this is an GENE board but more PODA info....anyone buying this story...sound familiar? Maybe Invictus will sell it's product to Poda for the Pods it uses, then PODA can payback the $2M loan they have with Invictus
PODA UPDATES HEAT-NOT-BURN TECHNOLOGY
Vancouver, BC, January 31, 2020 – PODA TECHNOLOGIES LTD. ("Poda" or the "Company") provides
update on the Heat-not-burn industry and how PODA’s unique technology is positioned for growth in this
fast-moving consumer good market.
HNB products, also known as heated tobacco products (“HTP”), only heat tobacco or other dry substrates.
Since the dry substrate does not burn, the levels of harmful chemicals may be significantly reduced
compared to cigarette smoke. The HTP market is dominated by three leading tobacco product
manufacturers. To date there are no leaders in the HNB space when it comes to non-tobacco substrates
such as dried flower. PODA’s unique technology provides for zero cleaning with no cross contamination
allowing users to heat multiple substrates ranging from various tobacco or dried flower blends.
According to data released by Euromonitor in 2017, total sales for HTPs in 2016 were US $2.1 billion and
Euromonitor International expects HTP totals to reach US $17.9 billion by 2021, according to its 2018
forecast. Profit margins for Philip Morris International (“PMI”) IQOS are 30%–50% higher than for
conventional cigarettes, leading some analysts to project that IQOS sales will contribute up to 15% of
PMI’s profits in 2019. PMI reported 42 billion HNB sticks sold in 2018 generating $4.2 billion in revenue.
Ryan Selby, CEO, commented “We are extremely excited to launch our product in the HNB space and
strongly feel we have a competitive advantage with our fully enclosed zero cleaning system. We spent the
past 5 years developing PODA at a time when HNB was at its infancy. After numerous hours of research
and development we are now ready to launch our product in North America and Europe.”
On Behalf of the Board,
Ryan Selby
Chief Executive Officer and Director
have to agree. they said they would launch this years ago and still under Invictus ownership. love too how they post the NR on Jan 30 but NR says debenture closed in Oct 2019...their communication just as bad as Invictus's. Anwyay, shares are worthless but thought I would share what I found for what it's worth
For those of you that still hold the PODA shares you were granted some time ago, a PR from PODA posted today...seems that they are still doing something:
PODA CLOSES CONVERTIBLE DEBENTURE OFFERING
Vancouver, BC, January 30, 2020 – PODA TECHNOLOGIES LTD. ("Poda" or the "Company") today
announced that the Company completed a non-brokered convertible debenture (the “Convertible
Debenture”) for gross proceeds of $550,000 on October 9, 2019 (the “Closing Date”).
The Convertible Debenture is secured with a general security agreement against the Company and will
have a maturity date of three years from the Closing Date of the Offering (the "Maturity Date") bearing
interest from the date of closing at 12% per annum, payable monthly. The Convertible Debenture will be
convertible, at the option of the holder, into common shares of the Company ("Common Shares") at any
time prior to the close of business on the last business day immediately preceding the Maturity Date at a
conversion price based on the lower of $0.05 per Common Share or 20% discount off the most recent
finance price (the "Conversion Price").
On Behalf of the Board,
Ryan Selby
Chief Executive Officer and Director
About Poda
Poda is actively engaged in the development and commercialization of heat-not-burn products, which have
the potential to reduce the risks associated with combustible products. In addition to several other
intellectual property holdings, the Company has developed an innovative heat-not-burn system that uses
proprietary biodegradable single-use pods, which are both consumer and environmentally friendly. Poda’s
design prevents cross-contamination between the heating device and the pod, eliminating all cleaning
requirements and providing users with the most convenient and enjoyable potentially risk-reduced
experience. Pod refill options range from dried flower, tobacco and other dry substrate and can easily be
switched during heating sessions to suit any adult consumer’s mood.
sundial (SNDL on NAS) another Alberta LP getting shredded in market. Just lost CEO and COO(and being sued i believe)...starting to see that Invictus is really no different than the rest. another LP getting killed is RQB. Their CEO also getting blasted for what many see as poor business decisions. How many original CEOs are left with these Lps
by the way, does anyone have a good understanding of the delay for the EU Cert? Does the company need more funds to complete the project or is this an approval thing only at this stage. Their German partner said they would start getting product in Autumn 2019 and we are now in Feb 2020 and still no info from company on why the delay. is this a cash issue. anyone know?
I know. It is very very quiet. No news, no updates on anything and no replies from anyone at the company. I still don't get this company. Went from terrible shareholder communication to somewhat good communication back to terrible communication. Why has Marc not put out an update on the 2020 direction for the company. So many other CEOs putting out a roadmap but not Invictus. Still have a website that has all management and directors who are no longer with the company. At least with no news, it's not bad news, which is usually the case so should be happy I guess
what i have seen quite often is that the price is moved up and then the financing is done at lower price. For example, they push the price to 15 cents or a bit higher than do the financing at 12 cents vs starting at 12 cents and then doing the pricing at 8 or 9 cents. Not saying for sure that this is what's happening but I have seen that trend a lot with microcaps.
We still don't know why they did not complete the previous 2 financings and maybe they don't even need to the cash but I was just throwing out a guess as to why the sudden jump. Could be something else like HC approval, EU cert coming, who knows. Just glad to finally see green for once!
my guess is a financing is coming...seen this happen so many times where the price suddenly jumps and then two days later a financing is announced back down at the price it had been before the sudden spike. just a guess though. Bit skeptical at this point that any news coming from this company will be good.
that's what i was also thinking, that they would have to report it in some way. i tried to get answer from company but no response as usual. I can't get answers to any questions for that matter
thanks for your thoughts and I agree, total waste of money/shares for what Invictus got in return which as far as I can tell is nothing that is usable.
anyone know if Invictus paid cash or shares for the Jan 7th ABG payment? I have not seen a change in the outstanding share count so thinking they paid cash but many sites don't always have up to date information. I think they had about 125M shares outstanding
from OGI....maybe Invictus is able to do the same and reason why they backed out of Unified deal. The last Invictus MDA mentioned new channels to be used in early 2020:
Organigram will also continue to sell its cannabis to third parties, he said. The company booked an unexpected $9.2 million in wholesale revenue in the first quarter as its competitors showed a willingness to pay for high-quality product, the main reason it was able to beat revenue estimates.
“We’ve had multiple companies come to us who are more reliant on this model both as a strategy and/or in the near term and we saw it as a diversification opportunity,” he said.
lol. guess i spoke too soon. up 20%.
lots of mj companies up today and Invictus still barely in green. After seeing OGI revs today of $28M it's no wonder we are where we are with $800k revenue. OGI, ACB, WEED, FIRE all started around 2013-14 and Invictus seems to have fallen way behind in terms of revenue generation.
yup. and unless we hear some news today, another 16M+ shares will be issued to ABG at 12 cents which will now have to be chewed through if the sp ever does rise.
lack of transparency all over the industry....ACB article
Aurora Cannabis Inc. appears to have listed its greenhouse in Exeter, Ont. for sale for $17 million, a move that one analyst said “implies massive writedowns” are coming.
A listing on Cushman & Wakefield’s website advertises a 22-acre greenhouse with a 15,000-square-foot propagation area on Exeter’s Airport Line, the same location as a greenhouse Aurora obtained as part of its $3.2 billion acquisition of MedReleaf Corp. in 2018.
“This listing, for 75 [per cent] of former MedReleaf’s capacity, signals major writedowns ahead,” MKM Partners analyst Bill Kirk said in a note published Monday. “We are also discouraged with the visibility of Aurora’s strategy — investors were unaware Aurora was trying to sell Exeter,” despite a corporate update on Dec. 23. That same day, Aurora said Chief Corporate Officer Cam Battley would depart.
Aurora didn’t immediately respond to a request for comment.
Kirk said he expects $2 billion worth of writedowns. Aurora’s market value was $2.8 billion at Friday’s close and the company had C$3.9 billion of goodwill and intangibles on its balance sheet. “We believe more divestitures are likely, as Aurora has a major cash problem, and this listing only covers about two weeks of cash burn,” he added.
The company mentioned the Exeter greenhouse in its 2018 annual report, citing 105,000 kilograms per year of cultivation capacity. However, it wasn’t mentioned in its 2019 annual report and hasn’t been mentioned in any press releases since the MedReleaf deal closed.
“As far as we can tell, the facility was never licensed, and no product was ever sold from Exeter,” said Kirk, who rates Aurora a sell with a $2 price target.
Aurora closed Friday at $2.60, down 63 per cent over the past 12 months
could this be the reason for cancelled debenture? Maybe they are able to unload some inventory and raise cash. Grasping I think but wondering. If they did have cash from coming in I don't know why they wouldn't have issued one PR saying they sold bunch of inventory and no longer need financing. From MDA:
The company has experienced lower revenue this quarter due to lower consumer demand. To address the declining
revenue, the Company continues to explore all revenue sources by working on bulk sales and reaching out to
wholesalers and other License Producers and provinces. Through this process, the Company has received positive
response and anticipates sales from new outlets in early January.
transparency is once again gone with this company. absolutely impossible to know what's going on. same old story and back to the old games of announcing deals only to not follow through and getting zero response from company when I send them questions. I have to admit, I have already resided myself to the notion that my "investment" is likely gone. On Jan 7 they will have to issue $2M in shares unless they have some cash stashed away to pay ABG which will further dilute shareholders. It's very hard to read any press release in a positive light given that we have not seen a positive PR is a long time. It's pretty bad when you have to read the quarterly report to learn that HC approved west wing on Dec 13th. I'm afraid than none of the current or prior management seems to understand how to manage a publicly traded company.
not much you can do at this point but hope there is a good reason for cancelling the deal. question
I'm waiting for the next PR that says company is "seeking strategic alternatives". I've rarely seen a company that has publicly stated they need the cash but has failed to close on two publicly released financing deals.
wow, previous management really messed this up. the agreement with ABG was a joke. $20M in royalty payments over 8 years when the company wasn't even generating a $1M revenue per quarter. Now we have pay to get out of deal. The list of bad deals is long and shareholders are paying the price with termination fees, cash payments, share issuances, etc.
I did notice in the MDA that the new financing is meant to replace the Trichome financing which is good.
They are headed in the right direction but really need full AP P3 plant up and running.
New management has done a good job trying to fix this but time will tell if they have succeeded. This was a deep hole to climb out of
the very fact they got the $5.7M says a lot. I continually read articles that say capital is not flowing to MJ companies at all and if it is it's only going to those than can show they have sustainable operations. The lenders definitely have the upper hand in the negotiations right now so we can't expect sweet deals if you want the cash. The fact that Invictus is in a position to need the cash is a whole other story. Could use that $2.5M we wasted on GS or the millions spent on useless IR or the money spent on ABG but it's in the past and nothing will change that now.
Invictus is far from the only MJ company going through what they are going through. they followed everyone's direction in 2017-18 and are doing the same now so while I am very disappointed and unhappy with this company, I am trying to still give them some benefit of the doubt that they can pull through. I just wish they were more transparent about where they are taking the company in the long run
ah...that would make more sense
I have been told from management that AC P3 approvals are just a matter of a waiting game with HC and that the hold up on the approval is not due to any identified issue in the plant. was told this about a week ago.
they should also clarify Marc's role. The PR from Friday about Trevor leaving the board has Marc signing off CEO then the PR from today says Interim CEO. So which is it? Is he the CEO now or still interim. These are small things but Invictus has had a terrible habit of not managing the small details very well
exactly...that's a good news story and yet the company says nothing.
also, why do they keep saying that the financing will be used to complete AP Phase 3 when I thought we were waiting on HC approval for phase 3. Is the remaining completion not related to what HC will inspect and approve?
this is one of the things I cannot stand about this company. why are shareholders always having to guess what is going on? Trichome is on or off..why couldn't they have just said in today's PR if its on or off?
I thought it was interesting. Are we supposed to assume that the Trichome financing is off? No update about that one so I'm assuming it never closed. Invictus has to give Trichome 1M shares though if they don't close the deal if I remember correctly
it was in today's press release that two of the Invictus board members will be from Unified once the financing closes:
The closing date of the Private Placement is anticipated to be no later than December 31, 2019 (“Closing Date”). On the Closing Date, two individuals nominated by Unified will be appointed to the Board of Directors of the Company.
could be why the Invictus's board will now have two members that are from Unified Cannabis
I just hope they use some of this cash to pay back ABG. If they issue shares to ABG and then have all the shares from this debenture, dilution will be brutal
none of this adds up. He leaves then comes back for 11 days, not as CEO, but only as director then leaves again. My only guess is that the board had a vote on something and he wanted to be on the board for that vote given he is one of the largest shareholders. Why else would he come and go like that. it's impossible to know what's going on with this company and the direction they are trying to take. No answers from the company, just keep saying news is coming, none of it so far that has been very positive
I long ago though thought Sparkes should step down as Chairman. Invictus's strategy under two prior CEO's were "okayed" by the board and this chairman. Having said this, I also wondered if the departure is a sign of bad things to come or is it simply that they no longer fit in the new structure. As Mrblabla said, Stein is a GS connection so makes no sense for him to remain and Sparkes, who knows. I won't miss either of them. What I didn't like about the NR or found interesting is that they made no mention of seeking new board members or new chair. Add this to the NR about Trevor joining board but not specifically saying he is taking back CEO role is weird. I'm going out on a limb here, but I think Invictus is in the process of seeking a merger. Just speculation but there are things that don't add up. At this point, they have no Chairman and Dixon is the only board member, they have talked about updating their website for 1 yr and still haven't, not even removed GS or Kriznic yet, they have cut costs, severed ties with partners (ABG). Btw, still no mention of the Trichome financing which was supposed to close on Sept 12 I think. Why?
Company needs to provide a better update on what is going on. At this point, I have resided myself to the fact my "investment" may be a goner on this one but still hope they can survive and actually thrive one day but too hard to know as not enough info coming out and still no AC P3 approval or GMP certification.
Two board members resigned. Sparkes and Stein
Invictus MD Strategies directors Sparkes, Stein resign
2019-12-06 12:57 ET - News Release
Mr. Marc Ripa reports
INVICTUS ANNOUNCES RESIGNATIONS
Invictus MD Strategies Corp.'s Paul Sparkes and Keith Stein have resigned from the board of directors of the company, effective Dec. 5, 2019.
About Invictus MD Strategies Corp.
Invictus is a global cannabis company with a focus on the Canadian cannabis space, offering a selection of products under a wide range of cannabinoid profiles.
Yup, just got the same message from management. Mr. Dixon returning soon, more NRs in the works, all prior NRs still stand(e.g. German deal).