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FSD Pharma News Update Share Buyback Program
FSD Pharma Announces Share Repurchase Program
December 30, 2021 03:30 AM Eastern Standard Time
TORONTO--(BUSINESS WIRE)--FSD Pharma Inc. (NASDAQ: HUGE) (CSE: HUGE) (FRA: 0K9A) (“FSD Pharma” or the “Company”), a life sciences holding company dedicated to building a portfolio of assets and biotech solutions, announced today that its Board of Directors has authorized the repurchase by the Company of up to 2,000,000 of its Subordinate Class B Voting Shares (the “Subordinate Voting Shares”) from time to time over the next 12 months at prevailing market prices in order to allow the Company to use its excess cash reserves to strategically return value to shareholders.
FSD PHARMA ANNOUNCES SHARE REPURCHASE PROGRAM
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"FSD Pharma is focused on the advancement of its drug candidates toward the clinic; however, with over USD $39.3 million in cash and cash equivalents on our balance sheet as of September 30, 2021, we recognize there may be a strategic opportunity to enhance shareholder value without compromising our ambitious growth plans,” commented Anthony Durkacz, Interim CEO of FSD Pharma. “We believe that our stock is significantly undervalued. This will allow us to continue investing in our future, while, at the same time, also investing in the exceptional value that our own shares represent.”
The Company will purchase up to 2,000,000 Subordinate Voting Shares, being approximately 5% of the Company’s issued and outstanding Subordinate Voting Shares as of the date hereof. The share repurchase program will commence on January 4, 2022 and terminate on December 30, 2022, unless terminated earlier by the Company. The share repurchase program does not obligate the Company to purchase any Subordinate Voting Shares. If management decides it has a better use for its cash reserves, it is under no obligation to continue to purchase Subordinate Voting Shares and share purchases may be suspended or terminated at any time at the Company’s discretion.
The actual number of Subordinate Voting Shares purchased, timing of purchases and purchase price will depend on market conditions. The Company will purchase Subordinate Voting Shares through the facilities of the Canadian Securities Exchange (“CSE”) at the prevailing market price on the CSE at the time of purchase, subject to limitations imposed by applicable securities laws. All Subordinate Voting Shares Purchased by the Company shall be cancelled.
About FSD Pharma
FSD Pharma Inc. is a biotechnology company with three drug candidates in different stages of development. FSD BioSciences, Inc. (“FSD BioSciences”), a wholly owned subsidiary, is focused on pharmaceutical research and development of its lead compound, ultra-micronized palmitoyl ethylamine (“PEA”) or FSD-PEA (formerly called FSD-201). Lucid Psycheceuticals Inc. (“Lucid”), a wholly owned subsidiary, is focused on the research and development of its lead compounds, Lucid-PSYCH (formerly Lucid-201) and Lucid-MS (formerly Lucid-21-302). Lucid PSYCH is a molecular compound identified for the potential treatment of mental health disorders. Lucid-MS is a molecular compound identified for the potential treatment of neurodegenerative disorders.
Forward Looking Information
Certain statements contained herein are “forward-looking statements.” Often, but not always, forward-looking statement can be identified by the use of words such as “plans”, “expects”, “expected”, “scheduled”, “estimates”, “intends”, “anticipates”, “hopes”, “planned” or “believes”, or variations of such words and phrases, or states that certain actions, events or results “may”, “could”, “would”, “might”, “potentially” or “will” be taken, occur or be achieved. Forward-looking statements contained in this press release include the comments made with respect to the Company’s normal course issuer bid, advancing the Company’s research and efforts to enhance shareholder value. FSD cannot give any assurance that such forward-looking statements will prove to have been correct. The reader is cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. The Company cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Factors that may cause such material differences include without limitation: the fact that the drug development efforts of both Lucid and FSD BioSciences are at a very early stage; the fact that preclinical drug development is uncertain, and the drug product candidates of Lucid and FSD BioSciences may never advance to clinical trials; the fact that results of preclinical studies and early-stage clinical trials may not be predictive of the results of later stage clinical trials; the uncertain outcome, cost, and timing of product development activities, preclinical studies and clinical trials of Lucid and FSD BioSciences; the uncertain clinical development process, including the risk that clinical trials may not have an effective design or generate positive results; the potential inability to obtain or maintain regulatory approval of the drug product candidates of Lucid and FSD BioSciences; the introduction of competing drugs that are safer, more effective or less expensive than, or otherwise superior to, the drug product candidates of Lucid and FSD BioSciences; the initiation, conduct, and completion of preclinical studies and clinical trials may be delayed, adversely affected, or impacted by COVID-19 related issues; the potential inability to obtain adequate financing; the potential inability to obtain or maintain intellectual property protection for the drug product candidates of Lucid and FSD BioSciences; and other risks. Further information regarding factors that may cause actual results to differ materially are included in the Company’s annual and other reports filed from time to time with the Canadian Securities Administrators on SEDAR (www.sedar.com) and with the U.S. Securities and Exchange Commission on EDGAR (www.sec.gov) under the heading “Risk Factors.” Any forward-looking statement contained in this release speaks only as of its date. The Company does not undertake to update any forward-looking statements, except to the extent required by applicable securities laws.
Contacts
Zeeshan Saeed, Founder, President and Executive Co-Chairman of the Board, FSD Pharma Inc.
Email: Zsaeed@fsdpharma.com
Telephone: (416) 854-8884
Investor Relations: Email: ir@fsdpharma.com, fsdpharma@kcsa.com
Website: www.fsdpharma.com
https://www.businesswire.com/news/home/20211209005370/en/
FSD Pharma Establishes New Regulatory Advisory Board with the Appointment of Joga Gobburu, Ph.D., and Mary Melnyk, Ph.D., as Members
Regulatory Advisory Board will oversee the drug development pathway for FSD Pharma’s clinical drug candidates
December 09, 2021 08:00 AM Eastern Standard Time
TORONTO--(BUSINESS WIRE)--FSD Pharma Inc. (NASDAQ: HUGE) (CSE: HUGE) (FRA: 0K9A) (“FSD Pharma” or the “Company”), a life sciences holding company dedicated to building a portfolio of assets and biotech solutions, announced today that it has formed a Regulatory Advisory Board (“RAB”) and has appointed Joga Gobburu, B.Pharm. (Hons), M.Sc. (Hons), Ph.D., M.B.A., and Mary Melnyk, M.Sc., Ph.D., as members.
FSD Pharma Establishes New Regulatory Advisory Board with the Appointment of Joga Gobburu, Ph.D., and Mary Melnyk, Ph.D.,as Members
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A world-recognized scientific leader in pharmacometrics, Dr. Gobburu is a Professor at the School of Pharmacy and the School of Medicine, University of Maryland, Baltimore, MD. Between 1998 and 2011, he held various positions at the U.S. Food and Drug Administration (“FDA”), most recently as Director of the Division of Pharmacometrics and Office of Clinical Pharmacology. Dr. Gobburu led the review of thousands of Investigational New Drug Applications, more than three hundred New Drug and Biological Licensing Applications, numerous FDA drug approvals, labeling guidelines and policies. At the FDA, he established the Division of Pharmacometrics, was part of the committee responsible for the 21st Century Review Process and provided input into Prescription Drug User Fee Act planning. Dr. Gobburu received several FDA awards, including the 2001 Outstanding Achievement Award, and was recognized with the Senior Biomedical Research Scientist appointment in 2007. He also received the 2008 Outstanding Leadership Award from the American Conference on Pharmacometrics, the 2008 Tanabe Young Investigator Award from the American College of Clinical Pharmacology (“ACCP”) and the 2019 Sheiner-Beal Pharmacometrics Award from the American Society of Clinical Pharmacology and Therapeutics. Dr. Gobburu is a Fellow of the American Association of Pharmaceutical Scientists and the ACCP. He is on the Editorial Board of several journals; has published more than one hundred papers and book chapters; and is the inventor of two U.S. patents.
Dr. Gobburu said, “FSD Pharma has a world-class team of scientists in the area of neurology and inflammation. I look forward to supporting their development program and applying my regulatory expertise to bring their innovative assets to market.”
Dr. Melnyk is an expert in manufacturing and regulatory requirements for pharmaceutical and medical device development. She is currently the Senior Regulatory Consultant at Innovalinks, a consulting firm serving the pharmaceutical industry in the quality and regulatory systems, process transfer, and validation and scale-up. Dr. Melnyk served as a Professor for the Academy of Applied Pharmaceutical Sciences (“AAPS”) and held senior leadership and executive roles in Quality Assurance and Quality Control at Biovail Corporation, EMD Merck Biomira, Novartis Canada/CIBA Division, GlaxoWellcome and Sanofi Pasteur. She played a key role in the FDA approvals of Wellbutrin XL, Cardizem LA and Rescula, as well as facility validations for Salk’s HIV Immunogen, the BCG vaccine, and Merck’s Hepatitis B vaccine. Dr. Melnyk also led the scale-up and licensure of numerous biological products in global markets, including the Salk Polio and component pertussis vaccines. In addition to designing quality systems comprised of good laboratory, clinical and manufacturing practices for biologics, drugs, and medical devices, she oversaw global regulatory approvals of medical devices, natural health products, and medicinal products in the U.S., Canada, Australia, and the EU, with numerous successful applications. Dr. Melnyk is a member of the International Society of Pharmaceutical Engineers, Parenteral Drug Association (Canadian Chapter), and Calibration Validation Group. She has also served as a trainer for the World Health Organization and the International Pharmaceutical Academy.
The RAB was formed by Dr. Lakshmi P. Kotra, B.Pharm. (Hons), Ph.D., Chief Executive Officer of FSD Pharma’s wholly-owned subsidiary, Lucid Psycheceuticals Inc., who commented, “We are thrilled to welcome Drs. Gobburu and Melnyk as members of our recently established board and are looking forward to applying their combined expertise in global quality and regulatory systems as we advance our drug candidates toward the clinic to serve global markets.”
About FSD Pharma
FSD Pharma is a life sciences holding company with two wholly-owned subsidiaries dedicated to building a portfolio of diversified therapeutic assets and innovative healthcare and biotech services.
FSD BioSciences, Inc. (“FSD BioSciences”), a wholly-owned subsidiary, is a specialty biotech pharmaceutical R&D company focused on developing applications of its lead compound, ultramicronized PEA, by down-regulating the cytokines to effectuate an anti-inflammatory response.
Lucid Psycheceuticals Inc. (“Lucid”), a wholly-owned subsidiary, has exclusive worldwide rights to novel compounds shown to prevent and potentially reverse the biochemical mechanisms of progressive multiple sclerosis in multiple preclinical animal models. Additionally, FSD is seeking to develop a unique psychoactive (psychedelic-based) therapeutic aimed at addressing neurodegenerative disorders, a multibillion-dollar mental health market. The Company hopes to quickly advance its lead drug candidates through clinical trials.
Forward Looking Information
Certain statements contained herein are “forward-looking statements.” Often, but not always, forward-looking statement can be identified by the use of words such as “plans”, “expects”, “expected”, “scheduled”, “estimates”, “intends”, “anticipates”, “hopes”, “planned” or “believes”, or variations of such words and phrases, or states that certain actions, events or results “may”, “could”, “would”, “might”, “potentially” or “will” be taken, occur or be achieved. Forward-looking statements contained in this press release include the comments made with respect to the Company’s formation and operation of its Regulatory Advisory Board and appointments thereto, advancing the Company’s research, including the advancement of the Company’s drug candidates from research into clinical trials and any potential commercially viable therapeutic application therefor. FSD cannot give any assurance that such forward-looking statements will prove to have been correct. The reader is cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. The Company cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Factors that may cause such material differences include without limitation: the fact that the drug development efforts of both Lucid and FSD BioSciences are at a very early stage; the fact that preclinical drug development is uncertain, and the drug product candidates of Lucid and FSD BioSciences may never advance to clinical trials; the fact that results of preclinical studies and early-stage clinical trials may not be predictive of the results of later stage clinical trials; the uncertain outcome, cost, and timing of product development activities, preclinical studies and clinical trials of Lucid and FSD BioSciences; the uncertain clinical development process, including the risk that clinical trials may not have an effective design or generate positive results; the potential inability to obtain or maintain regulatory approval of the drug product candidates of Lucid and FSD BioSciences; the introduction of competing drugs that are safer, more effective or less expensive than, or otherwise superior to, the drug product candidates of Lucid and FSD BioSciences; the initiation, conduct, and completion of preclinical studies and clinical trials may be delayed, adversely affected, or impacted by COVID-19 related issues; the potential inability to obtain adequate financing; the potential inability to obtain or maintain intellectual property protection for the drug product candidates of Lucid and FSD BioSciences; and other risks. Further information regarding factors that may cause actual results to differ materially are included in the Company’s annual and other reports filed from time to time with the Canadian Securities Administrators on SEDAR (www.sedar.com) and with the U.S. Securities and Exchange Commission on EDGAR (www.sec.gov) under the heading “Risk Factors.” Any forward-looking statement contained in this release speaks only as of its date. The Company does not undertake to update any forward-looking statements, except to the extent required by applicable securities laws.
Contacts
Zeeshan Saeed, Founder, President and Executive Co-Chairman of the Board, FSD Pharma Inc.
Email: Zsaeed@fsdpharma.com
Telephone: (416) 854-8884
Investor Relations: Email: ir@fsdpharma.com , fsdpharma@kcsa.com
Website: www.fsdpharma.com
FSD Pharma Expands Research and Clinical Advisory Board with Appointment of World-Renowned Immunologist and Cytokine Expert Dr. Eleanor N. Fish
https://www.businesswire.com/news/home/20211116005845/en/
FSD Pharma Expands Research and Clinical Advisory Board with Appointment of World-Renowned Immunologist and Cytokine Expert Dr. Eleanor N. Fish
November 16, 2021 08:30 AM Eastern Standard Time
TORONTO--(BUSINESS WIRE)--FSD Pharma Inc. (NASDAQ: HUGE) (CSE: HUGE) (FRA: 0K9) (“FSD Pharma” or the “Company”), a life sciences holding company dedicated to building a portfolio of assets and biotech solutions, today announced the appointment of Eleanor N. Fish, Ph.D., to its Research and Clinical Advisory Board.
FSD Pharma Expands Research and Clinical Advisory Board with Appointment of World-Renowned Immunologist and Cytokine Expert Dr. Eleanor N. Fish
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Dr. Fish, an accomplished researcher in the areas of immunology and inflammatory disorders, and member of the Government of Canada’s Expert Scientific Panel to the Chief Scientific Advisor, brings key expertise to FSD Pharma that will support the continued development of FSD-PEA, the Company’s proprietary anti-inflammatory agent, and Lucid-MS, its drug candidate for the treatment of multiple sclerosis.
“I am delighted to welcome Dr. Eleanor Fish to our team,” said Dr. Lakshmi P. Kotra, B.Pharm. (Hons), Ph.D., Chief Executive Officer of Lucid Psycheceuticals Inc., FSD Pharma’s wholly-owned subsidiary. “A key aspect of Eleanor’s research is to better understand the onset and treatment of autoimmune diseases, such as multiple sclerosis and rheumatoid arthritis. Her expertise and insights will be extremely valuable as we continue to advance our FSD-PEA and Lucid-MS programs, and her decades of experience in translational research will greatly benefit FSD’s current and future pipelines.”
Dr. Fish serves as a Professor in the Department of Immunology at the University of Toronto; Associate Chair of International Initiatives and Collaborations at the University of Toronto; and Emerita Scientist at the Toronto General Hospital Research Institute of the University Health Network. She received a B.Sc. from the U.K.’s University of Manchester, an M.Phil. from King's College at the University of London, and a Ph.D. from the Institute of Medical Sciences at the University of Toronto. Dr. Fish has received numerous international awards recognizing her scientific achievements and has authored more than 170 peer-reviewed scientific papers published in international journals.
“I am energized by this opportunity to assist FSD Pharma in advancing the development of its next- generation therapeutics in pursuit of a healthier world,” said Dr. Fish.
About FSD Pharma
FSD Pharma is a life sciences holding company with two wholly-owned subsidiaries dedicated to building a portfolio of diversified therapeutic assets and innovative healthcare and biotech services.
FSD BioSciences, Inc., a wholly-owned subsidiary, is a specialty biotech pharmaceutical R&D company focused on developing applications of its lead compound, ultramicronized PEA, by down-regulating the cytokines to effectuate an anti-inflammatory response.
Lucid Psycheceuticals Inc., a wholly-owned subsidiary, has exclusive worldwide rights to novel compounds shown to prevent and potentially reverse the biochemical mechanisms of progressive multiple sclerosis in multiple preclinical animal models. Additionally, FSD is seeking to develop a unique psychoactive (psychedelic-based) therapeutic aimed at addressing neurodegenerative disorders, a multibillion-dollar mental health market. The Company hopes to quickly advance its lead drug candidates through clinical trials.
Forward Looking Information
Certain statements contained herein are “forward-looking statements.” Often, but not always, forward-looking statement can be identified by the use of words such as “plans”, “expects”, “expected”, “scheduled”, “estimates”, “intends”, “anticipates”, “hopes”, “planned” or “believes”, or variations of such words and phrases, or states that certain actions, events or results “may”, “could”, “would”, “might”, “potentially” or “will” be taken, occur or be achieved. Forward-looking statements contained in this press release include the comments made with respect to advancing the Company’s research into Lucid-MS and LUCID-PSYCH toward the clinic, including the anticipated launch a Phase 1 clinical trial of Lucid-MS by the end of 2022, and the efforts to advance ultramicronized Palmitoylethanolamide and develop of applications therefor evaluation of the commercial viability of its principal drug compound. FSD cannot give any assurance that such forward-looking statements will prove to have been correct. The reader is cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. The Company cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Factors that may cause such material differences include without limitation: the fact that the drug development efforts of both Lucid and FSD BioSciences are at a very early stage; the fact that preclinical drug development is uncertain, and the drug product candidates of Lucid and FSD BioSciences may never advance to clinical trials; the fact that results of preclinical studies and early-stage clinical trials may not be predictive of the results of later stage clinical trials; the uncertain outcome, cost, and timing of product development activities, preclinical studies and clinical trials of Lucid and FSD BioSciences; the uncertain clinical development process, including the risk that clinical trials may not have an effective design or generate positive results; the potential inability to obtain or maintain regulatory approval of the drug product candidates of Lucid and FSD BioSciences; the introduction of competing drugs that are safer, more effective or less expensive than, or otherwise superior to, the drug product candidates of Lucid and FSD BioSciences; the initiation, conduct, and completion of preclinical studies and clinical trials may be delayed, adversely affected, or impacted by COVID-19 related issues; the potential inability to obtain adequate financing; the potential inability to obtain or maintain intellectual property protection for the drug product candidates of Lucid and FSD BioSciences; and other risks. Further information regarding factors that may cause actual results to differ materially are included in the Company’s annual and other reports filed from time to time with the Canadian Securities Administrators on SEDAR (www.sedar.com) and with the U.S. Securities and Exchange Commission on EDGAR (www.sec.gov) under the heading “Risk Factors.” Any forward-looking statement contained in this release speaks only as of its date. The Company does not undertake to update any forward-looking statements, except to the extent required by applicable securities laws.
https://biotuesdays.com/2021/11/16/fsd-pharma-developing-treatments-for-neurodegenerative-neuropsychiatric-diseases/
THIS WEEK'S FEATURE
FSD Pharma developing treatments for neurodegenerative, neuropsychiatric diseases
Leonard ZehrNovember 16, 2021
Anthony Durkacz, Co-founder & Interim CEO
FSD Pharma (CSE, NASDAQ:HUGE; FRA:0K9A) is developing novel solutions to bring cutting-edge neurodegenerative and mental health therapies to market, with a focus on some of the hard-to-treat diseases, such as major depressive disorder (MDD), multiple sclerosis (MS) and inflammation.
“Our focus is total brain health, which marries our three drug candidates for the potential treatment of neuropsychiatric disorders, neurodegeneration and inflammation,” Anthony Durkacz, co-founder, executive co-chairman, and interim CEO, says in an interview with BioTuesdays.
“For example, when you’re diagnosed with MS for the first time, you can develop elevated levels of anxiety and/or depression, which on their own I believe can be precursors to other degenerative disorders of the central nervous system,” he adds. “And total brain health goes hand-in-hand with our potential non-addictive pain treatment because opioid addiction is another aspect of depression.”
FSD’s acquisition of closely-held Lucid Psycheceuticals in September brought FSD two preclinical drug candidates: Lucid-PSYCH and Lucid-MS, as well as Lucid’s leading R&D team.
Lucid-PSYCH is a class of psychedelic molecule for the treatment of neuropsychiatric disorders currently undergoing IND-enabling studies. Lucid-MS is a patented neuroprotective new chemical entity shown to prevent and reverse myelin degradation, the underlying cause of multiple sclerosis, in several preclinical models.
FSD’s third drug candidate, FSD-PEA is an anti-inflammatory drug candidate, which has successfully completed a Phase 1 first-in-human safety and tolerability study, with no serious adverse effects reported.
Mr. Durkacz points out that there is a growing body of research that suggests psychedelics have the potential to treat a variety of neuropsychiatric disorders, such as PTSD, depression, specifically complex treatment-resistant depression and MDD, and anxiety.
Indeed, over the past decade, there has been an increase in clinical trials testing of psilocybin, ketamine, MDMA, or ecstasy, and LSD for use in psychiatric conditions, such as depression, drug dependency and anorexia nervosa.
“Our Lucid-PSYCH molecule is none of these and was carefully chosen to build an IP portfolio around,” he contends. “We believe psychedelics have the potential to treat mental illness in ways that have not been addressed before.”
While Lucid-PSYCH is a psychedelic-based medicine, Mr. Durkacz says it was selected using a state-of-the-art artificial intelligence screening system. “It has been identified by the Lucid team for accelerated development because of its unique pharmaceutical properties and treatment potential in depression.”
MDD, the initial target for Lucid-PSYCH, is characterized by depressed mood or loss of interest in pleasure for at least two weeks, with periods of remission and relapse lasting a lifetime. An estimated 13 million adults suffer with MDD in the U.S. alone, generating an economic burden of some $210-billion annually.
According to a study by Grandview Research, the global anxiety disorder and depression treatment market size was $16.2-billion in 2015. Data Bridge Market Research estimates that the psychedelics market for mental illness will experience a compound annual growth rate of 16.3% during 2020 to 2027 and is expected to reach a market size of $6.9-billion by 2027, up from $2-billion in 2019.
In its MS program, Mr. Durkacz says Lucid-MS comes from a family of molecules, which are new chemical entities and were recently patented by the University Health Network. FSD has the exclusive worldwide rights to take the family of molecules into clinical testing, which is “what we’re planning now.”
MS treatments currently are focused on the immune system but are unable to reverse the damage done by MS to the central nervous system. “The best you can say is that they delay progression or mildly protect an unpredictable pattern of symptoms, such as tingling, vision problems and mobility,” he adds. “If you are diagnosed with progressive MS, your prognosis overtime, is the loss of mobility that eventually will force you to rely on a walker or wheelchair.”
The damage MS does to nerves can also affect critical thinking and other cognitive skills.
Mr. Durkacz explains that Lucid-MS has the potential to not only protect the progression of MS symptoms but also to potentially reverse the existing damage done by MS, specifically, to the myelin insulation of nerves, which carry messages rapidly from the brain to other parts of the body.
“Our focus is to enable remyelination of the damaged myelin insulation and we hope to deliver some information shortly about the progress we’ve been making,” he adds.
MS affects approximately 2.5 million people worldwide, of which one million are in the U.S. Twice as many women contract MS as men. The current MS treatment market is valued at $23-billion globally.
In its anti-inflammatory program, Mr. Durkacz explains that FSD-PEA is a proprietary formulation that enhances the anti-inflammatory properties of PEA by increasing its bioavailability and efficacy, making it a suitable candidate to treat a range of inflammatory conditions.
After a successful Phase 1 study, “we are in the process of analyzing a potential target indication to move FSD-PEA into a Phase 2 trial and will be selecting one soon,” he says.
FSD holds exclusive worldwide licensing rights, except for Italy and Spain, to FSD-PEA, Mr. Durkacz points out. Its IP portfolio covers the ultra-micronized composition of matter and use until 2029-34.
Mr. Durkacz says FSD had $43.1-million of cash on June 30, 2021, which is sufficient for our three clinical programs for several years. “We’re in a position where it’s not necessary to finance our plans.”
AWESOME !! PSYCHEDELICS Medicines here we gooo
https://www.businesswire.com/news/home/20210921005755/en/
https://www.newsfilecorp.com/release/96682
The Hash Corporation Completes First Commercial Batch of Rosin in Collaboration with Black Rose
https://www.accesswire.com/663030/World-Class-Provides-Pineapple-Express-Delivery-Revenue-Update
World Class Provides Pineapple Express Delivery Revenue Update
Wednesday, September 8, 2021 8:30 AM
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Company Update
~ Pineapple Express Delivery's revenue total $6,130,375 January - July 2021
VANCOUVER, BC / ACCESSWIRE / September 8, 2021 / World-Class Extractions Inc. (CSE:PUMP)(FRA:WCF)(OTCQB:WCEXF) ("Company" or "World-Class"), is pleased to provide an update on Pineapple Express Delivery Inc. ("Pineapple Express Delivery" or "PED"), a company in which World-Class has a controlling interest. PED is a leading logistics technology company offering compliant and secure delivery of controlled substances and regulated products, including medical and recreational cannabis delivery in Ontario, Manitoba and Saskatchewan, and liquor delivery in certain jurisdictions in Saskatchewan.
Pineapple Express Delivery - Highlights
The following PED revenues comprise of delivery services of medical and recreational cannabis within Ontario and Manitoba to various Business-to-Consumer and Business-to-Business licensed producer companies and liquor deliveries in Saskatchewan:
Revenue from January to July 2021 totaled $6,130,375.
Total revenue for May-July 2021 totaled $2,568,486 (unaudited) (February-April 2021 - $2,636,478 - audited) with gross margin for May-July 2021 of 23% (unaudited) (February-April 2021 - 24% - audited).
During the period May-July 2021, the number of deliveries was 157,365 compared to 184,498 February-April 2021. This is due to the (normal) yearly dip in summer deliveries.
During the period on Monday July 5, 2021, PED reached a key milestone, completing 1-Million deliveries.
PED continues to expand its technology footprint through a previously announced collaboration with Clearleaf Inc. (operating as "Buddi") as well a licensing agreement to provide software and support services to an arm's length party, which brings in approximately $10,000 -$12,000 monthly (unaudited). From January to July 2021, PED received approximately $86,913 in revenue from these operations.
"World-Class is pleased with PED's financial results of $6.1M from January-July 2021 and again wishes to congratulate PED for reaching its 1M delivery milestone during this period," said Rosy Mondin, CEO of World Class. "PED continues to successfully expand and rollout their technology with cannabis retailers in Canada, allowing these retailers to meet their delivery demands and provide an exceptional delivery experience. World-Class is proud to have Pineapple Express as part of our portfolio, providing a platform that many Canadians rely upon for receiving their regulated product orders as quickly, safely and as easily as they can obtain any other product in Canada."
PED's logistics and delivery services include medical and recreational cannabis delivery in Ontario, Manitoba, Saskatchewan - and now British Columbia - and liquor delivery in certain jurisdictions in Saskatchewan. Pineapple Express Delivery's clients include City Cannabis in BC, Shoppers Drug Mart/Medical Cannabis by Shoppers™, Spectrum Therapeutics, the medical division of Canopy Growth Corporation (TSX:WEED)(NYSE:CGC), The Saskatoon Co-operative Association Ltd. (Liquor Division) and CannTrust Inc. to their estoraTM medical cannabis patients.
About Pineapple Express Delivery Inc.
Pineapple Express Delivery's management team has over 10 years of experience offering same-day 60-minute delivery services in multiple industries across Canada with a record breaking 40,000 deliveries per month, and completing 1-Million deliveries in early July 2021. Pineapple Express Delivery offers a personalized experience for its customers and has established in-depth security and delivery protocols to facilitate delivery of cannabis and alcohol in Canada. Pineapple Express Delivery has been providing a same day delivery option to the legal cannabis industry since October 17th, 2018. Pineapple Express Delivery is a subsidiary of World-Class Extractions Inc. For more information please visit https://pineappleexpressdelivery.com/.
About World-Class
World-Class is an innovation-driven company with a principle focus on the rapidly evolving cannabis and hemp industries. World-Class offers compliant and secure delivery of government regulated products through its subsidiary Pineapple Express Delivery Inc., including medical and recreational cannabis in Ontario, Manitoba and Saskatchewan, and liquor delivery in certain jurisdictions in Saskatchewan. World-Class continues to investigate opportunities to deploy and manage custom-built extraction centres utilizing its custom systems, technology, and processes to efficiently produce high-quality cannabis and hemp concentrates and end-products.
Contact:
World-Class Extractions Inc.
1-604-473-9569 | ir@worldclassextractions.com
www.worldclassextractions.com
https://pineappleexpressdelivery.com/
The Company cautions that figures for revenue, gross margin and number of deliveries generated from the services offered by Pineapple Express Delivery have not been audited beyond April 30, 2021 and are based on calculations prepared by the management of Pineapple Express Delivery. Actual results may differ from those reported in this release once figures have been audited.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.
Cautionary Note Regarding Forward-Looking Statements
All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to the Company within the meaning of applicable securities laws, and the ability of Pineapple Express Delivery to expand its delivery services and to provide discrete shipment of products. The Company provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited those identified and reported in the Company's public filings under the Company's SEDAR profile at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.
SOURCE: World-Class Extractions Inc.
https://www.businesswire.com/news/home/20210825005243/en/FSD-Pharma-Announces-Definitive-Agreement-to-Acquire-Lucid-Psycheceuticals
FSD Pharma Announces Definitive Agreement to Acquire Lucid Psycheceuticals
Acquisition Advances Company’s Strategic Plan Toward a Diversified Novel Drug Development Pipeline in Psychedelics and Medical Cannabis
August 25, 2021 09:00 AM Eastern Daylight Time
TORONTO--(BUSINESS WIRE)--FSD Pharma Inc. (NASDAQ: HUGE) (CSE: HUGE) (FRA: 0K9) (“FSD Pharma” or the “Company”), a life sciences holding company dedicated to building a portfolio of assets and biotech solutions in legal psychedelics and medical cannabis, announced today it has entered a definitive agreement to acquire 100% of the issued and outstanding shares Lucid Psycheceuticals Inc. (“Lucid”), a Canadian-based specialty psychedelic pharmaceutical company focused on the development of therapies to treat critical neurodegenerative diseases, for approximately US$9 million (CAD$11.3 million) in FSD Pharma stock (the “Transaction”), as further described below.
FSD Pharma Announces Definitive Agreement to Acquire Lucid Psycheceuticals - Acquisition Advances Company’s Strategic Plan Toward a Diversified Novel Drug Development Pipeline in Psychedelics and Medical Cannabis
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“The acquisition of a distinctive company like Lucid illustrates FSD Pharma’s vision to build a portfolio of biotechnology assets on a new frontier of medicine that hold the potential to treat mental health disorders and neurodegenerative diseases in a new way,” said Anthony Durkacz, Interim CEO of FSD Pharma. “Lucid has successfully developed a strong pipeline of novel therapeutic compounds — supported by IP in order to advance to future clinical trials — and we are confident that the experience the Lucid leadership team brings will allow us to immediately start the process towards clinical trials to further advance these promising therapies. This is an exciting venture for FSD Pharma that we believe represents a paradigm shift in the development and outlook of our company.”
Strategic Highlights
Founded in 2020, Lucid is developing novel molecules and combinations with the goal of addressing Total Brain Health and targeting some of the most challenging neurodegenerative diseases, such as Multiple sclerosis, and other Brain conditions. Lucid has exclusive worldwide licensing rights from the University Health Network, North America’s largest health research organization, to a patent-protected family of new chemical entities (NCEs), on which Lucid’s development platform is based and from which its lead neurodegenerative disorders therapeutic candidate, Lucid-21-302, has been derived. In addition, Lucid’s pipeline includes Lucid-201, a psychedelic drug candidate targeting mental health disorders, and it is also investigating certain cannabinoids.
In addition, upon closing of the transaction Lucid’s co-founder and CEO, Dr. Lakshmi Kotra will be transitioning to the FSD Pharma team with Prof. Kotra taking on the role of leading the development of FSD Pharma’s drug development pipeline in Psychedelics and Medical Cannabis. Dr. Kotra is a Professor of Medicinal Chemistry at the University of Toronto, and senior scientist at Krembil Brain Institute at the University Health Network.
Prof. Lakshmi Kotra, co-founder and CEO of Lucid, commented, “We started with a vision to accelerate therapies for Total Brain Health. Since inception, we have made significant progress and built a strong scientific and execution team. We are excited to enter a new phase of growth with FSD Pharma. I am personally delighted with FSD Pharma leadership’s shared commitment to bring forward advanced therapeutics addressing challenging health issues. We believe our combined resources and experienced teams will position us to enter clinical development programs to deliver highly effective therapeutic products in neurodegenerative disorders and mental health areas.”
Transaction Details
The Transaction will be effected by way of a three-cornered amalgamation between Lucid, FSD Pharma and a wholly-owned subsidiary of FSD Pharma. The Transaction will involve the issuance of approximately 4.5 million Class B subordinate voting shares in the capital of FSD Pharma (each, an “FSD Share”) as the acquisition consideration (the “Consideration Shares”), with a deemed aggregate purchase price of approximately US$9 million (CAD$11.3 million based on an exchange rate of US$1 to CAD$1.255) at a deemed price of US$2.00 (CAD$2.51) per FSD Share. The Consideration Shares may be adjusted slightly in the event the market price of the FSD Shares changes significantly prior to closing of the Transaction. Additionally, all of the outstanding Lucid stock options and warrants will become exercisable into FSD Shares, with the number and exercise price of such securities to be adjusted in accordance with the Transaction’s exchange ratio.
The closing of the Transaction is subject to customary closing conditions for a transaction of this nature including, among other things, Lucid obtaining the requisite shareholder approval at a special meeting of Lucid shareholders to be called to consider the Transaction (the “Lucid Meeting”). The closing of the Transaction is expected to occur in September 2021.
The Transaction will require approval by 66 2/3% of the votes cast by Lucid shareholders at the Lucid Meeting. Lucid shareholders holding at least 66 2/3% of the shares of Lucid, have entered into support agreements with FSD Pharma (the “Support Agreements”) pursuant to which, among other things, they have agreed to vote all of the shares held by them in favor of the Transaction at the Lucid Meeting, on the terms and subject to the conditions set forth in the Support Agreements.
Additionally, it is a condition to closing of the Transaction that Lucid shareholders holding approximately 44% of the shares of Lucid, shall have entered into lock-up agreements with FSD Pharma pursuant to which: (a) 20% of the Consideration Shares received by each such locked-up shareholder will be exempt from any contractual transfer restrictions imposed by FSD Pharma; and (b) 80% of the Consideration Shares received by each such locked-up shareholder will be subject to contractual transfer restrictions, with such Consideration Shares to be released from such transfer restrictions over an 18 month period from the date of closing the Transaction.
Completion of the Transaction is subject to various closing conditions, including: the approval of the Nasdaq and CSE, the approval of the boards of directors of FSD Pharma and Lucid, the approval of the security holders of Lucid, and completion of due diligence by the parties.
Anthony Durkacz, a director and control person of the Company, is also a shareholder and warrant holder of Lucid, through a company he beneficially owns, and consequently the Transaction constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). In its consideration and approval of the Transaction, the board of directors of the Company, with Mr. Durkacz recusing himself, determined that the Transaction will be exempt from the formal valuation and minority approval requirements of MI 61-101 on the basis of the exemptions in Sections 5.5(a) and 5.7(1)(a) of MI 61-101.
About FSD Pharma
FSD Pharma is a life sciences holding company dedicated to building a portfolio of diversified therapeutic assets and innovative healthcare and biotech services. Currently, FSD is actively pursuing potential acquisition targets in the healthcare and biotech space to bring innovative treatments to market to treat various mental health disorders and neurodegenerative diseases. www.fsdpharma.com
About Lucid Psycheceuticals
The brain is the ultimate frontier in health research. Depression, anxiety, dementia and similar conditions often are prodromes to more serious neurodegenerative diseases, such as Multiple sclerosis, Alzheimer's disease and Parkinson's disease. Inspired by the mechanisms of action of psychedelics, and the need for therapeutics to prevent, and possibly reverse, neurodegeneration, Lucid is exploring novel therapies to address total brain health, i.e. mind and biology behind it! For more information, please visit www.lucidpsycheceuticals.com.
Forward Looking Information
Certain statement contained herein are “forward-looking statements”. Often, but not always, forward-looking statement can be identified by the use of words such as “plans”, “expects”, “expected”, “scheduled”, “estimates”, “intends”, “anticipates” or “believes”, or variations of such words and phrases, or states that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements contained in this press release include the comments made with respect to the Company’s clinical trial, the evaluation of the commercial viability of its principal drug compound, and the statements made by Zeeshan Saeed regarding the commercial opportunities the Company’s principal drug compound and other commercial opportunities and fulfilling strategic and operational goals outlined in prior communications to shareholders. FSD cannot give any assurance that such forward-looking statements will prove to have been correct. The reader is cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this document.
Contacts
Zeeshan Saeed, President, Founder and Director, FSD Pharma Inc.
Email: zeeshan@fsdpharma.com, Telephone: (416) 854-8884
Investor Relations: Email: ir@fsdpharma.com, Website: www.fsdpharma.com
KCSA Strategic Communications
Fsdpharma@kcsa.com
NEW INTERVIEW ANTHONY DURKACZ
https://www.accesswire.com/658977/Pineapple-Express-Delivery-Integrates-Technology-Solutions-for-Dispensary-Deliveries-with-Buddi-Collaboration
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Pineapple Express Delivery Integrates Technology Solutions for Dispensary Deliveries with Buddi Collaboration
Tuesday, August 10, 2021 6:30 AM
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~ PED continues to provide solutions for licensed cannabis retailers with a collaboration with Buddi, a provider of technology solutions for licensed cannabis retailers across Canada
VANCOUVER, BC / ACCESSWIRE / August 10, 2021 / World-Class Extractions Inc. (CSE:PUMP)(FRA:WCF)(OTCQB:WCEXF) ("Company" or "World-Class"), is pleased to announce that its subsidiary, Pineapple Express Delivery Inc. ("Pineapple Express Delivery" or "PED"), a company in which World-Class has a controlling interest, continues to expand its technology footprint with a collaboration with Clearleaf Inc. (operating as "Buddi") to facilitate online sales and cannabis delivery services for licensed cannabis retailers.
Pineapple Express Delivery, in collaboration with Buddi, will provide integration of its CannDeliv technology, delivery program, support, access, and driver training services to Buddi's large network of 500 licensed cannabis retailers across Canada. The integration of PED's CannDeliv platform with Buddi's network will allow those licensed cannabis retailers served by Buddi to deliver its retail cannabis products efficiently and effectively to their customers.
Randy Rolph, CEO of Pineapple Express Delivery stated: "This collaboration with Buddi is exciting for PED as we continue to grow and expand across Canada and cannabis retailers continue to adapt to changing regulations. Consumers should be able to receive their products quickly and safely and as easily as they obtain other products in Canada. Integrating PED's technology with Buddi's online and e-commerce solutions provides retail customers a best-in-class experience when making online purchases through cannabis dispensaries utilizing Buddi's software platform."
Ryan Lalonde, CEO and Founder of Buddi stated: "This collaboration is a huge win for cannabis retailers who are looking to offer delivery in Canada. The integration between Buddi and PED will make it even easier for retailers to sell online, and to provide a fantastic delivery experience that's easy for both the store and customer."
PED's logistics and delivery services include medical and recreational cannabis delivery in Ontario, Manitoba, Saskatchewan - and now British Columbia - and liquor delivery in certain jurisdictions in Saskatchewan. Pineapple Express Delivery's clients include City Cannabis in BC, Shoppers Drug Mart / Medical Cannabis by Shoppers™, Spectrum Therapeutics, the medical division of Canopy Growth Corporation (TSX:WEED)(NYSE:CGC), The Saskatoon Co-operative Association Ltd. (Liquor Division) and CannTrust Inc. to their estora™ medical cannabis patients.
About Pineapple Express Delivery Inc.
Pineapple Express Delivery's management team has over 10 years of experience offering same-day 60-minute delivery services in multiple industries across Canada with a record breaking 40,000 deliveries per month, and completing 1-Million deliveries in early July 2021. Pineapple Express Delivery offers a personalized experience for its customers and has established in-depth security and delivery protocols to facilitate delivery of cannabis and alcohol in Canada. Pineapple Express Delivery has been providing a same day delivery option to the legal cannabis industry since October 17th, 2018. Pineapple Express Delivery is a subsidiary of World-Class Extractions Inc. For more information please visit https://pineappleexpressdelivery.com/.
About Buddi
Buddi is a Canadian technology company, based in Vancouver, BC, focused on in-store and online menus, cannabis e-commerce, and cannabis delivery software solutions for Canadian licensed cannabis retailers. Founded in 2017, Buddi serves over 500 licensed stores across Canada.
For further information about Buddi's services, visit www.buddi.io, or email info@buddi.io.
About World-Class
World-Class is an innovation-driven company with a focus on the evolving cannabis and hemp industries. World-Class offers compliant and secure delivery of government regulated products through its subsidiary Pineapple Express Delivery Inc., including medical and recreational cannabis in Ontario, Manitoba and Saskatchewan, and liquor delivery in certain jurisdictions in Saskatchewan. World-Class continues to investigate opportunities to deploy and manage custom-built extraction centres utilizing its custom systems, technology, and processes to efficiently produce high-quality cannabis and hemp concentrates and end-products.
Contact
World-Class Extractions Inc.
1-437-266-1968 | ir@worldclassextractions.com
www.worldclassextractions.com
https://pineappleexpressdelivery.com/
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.
Cautionary Note Regarding Forward-Looking Statements
All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to the Company within the meaning of applicable securities laws, and the ability of Pineapple Express Delivery to expand its delivery services and to provide discrete shipment of products. The Company provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited those identified and reported in the Company's public filings under the Company's SEDAR profile at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.
SOURCE: World-Class Extractions Inc.
Interview
https://www.accesswire.com/656283/World-Class-Extractions-Announces-Engagement-with-Wall-Street-Reporter
World Class Extractions Announces Engagement with Wall Street Reporter
Tuesday, July 20, 2021 12:00 PM
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World-Class presenting at Wall Street Reporter's 'Baby Unicorn Stocks' livestream event
VANCOUVER, BC / ACCESSWIRE / July 20, 2021 / World-Class Extractions Inc. (CSE:PUMP)(FRA:WCF)(OTCQB:WCEXF) ("Company" or "World-Class"), is pleased to announce that it has retained the services of Wall Street Reporter, a multi-platform global marketing firm to increase investor awareness.
World-Class and Wall Street Report have signed a marketing services agreement, whereby the Wall Street Report will aim to maintain and build the profile of the Company through online traditional press initiatives. livestream presentations, video and social media initiatives, and email promotion.
Wall Street Reporter's "Baby Unicorn Stocks" livestream showcases early-stage stocks. PUMP will be presenting at Wall Street Reporter's ‘Baby Unicorn Stocks' livestream event - video replay is available following the event. Join the event at this link: https://bit.ly/3zGb638.
As compensation, Wall Street Reporter has received a cash payment of USD $12,500.
About World-Class
World-Class is an innovation-driven company with a focus on the evolving cannabis and hemp industries. World-Class offers compliant and secure delivery of government regulated products through its subsidiary Pineapple Express Delivery Inc., including medical and recreational cannabis in Ontario, Manitoba and Saskatchewan, and liquor delivery in certain jurisdictions in Saskatchewan. World-Class continues to investigate opportunities to deploy and manage custom-built extraction centres utilizing its custom systems, technology, and processes to efficiently produce high-quality cannabis and hemp concentrates and end-products.
Contact
World-Class Investor Relations
1-437-266-1968
ir@worldclassextractions.com
https://worldclassextractions.com
Neither the Canadian Securities Exchange nor its Regulation Service Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management of the Company.
Cautionary Note Regarding Forward-Looking Statements
All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to the Company within the meaning of applicable securities laws, including with respect to the deployment of extraction and processing systems for cannabis and hemp and the ability of Pineapple Express Delivery to expand its delivery services and to provide discrete shipment of products. The Company provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited those identified and reported in the Company's public filings under the Company's SEDAR profile at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.
SOURCE: World-Class Extractions Inc.
https://www.accesswire.com/656135/Pineapple-Express-Delivery-Launches-Proprietary-Technology-in-British-Columbia-Executing-Licensing-Agreement-With-City-Cannabis-Corp
Pineapple Express Delivery Launches Proprietary Technology in British Columbia, Executing Licensing Agreement With City Cannabis Corp
Tuesday, July 20, 2021 7:30 AM
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PED launches its propriety CannDeliv technology in BC, a software delivery solution allowing BC dispensaries to enhance their B2C distribution channels and customer service strategies
VANCOUVER, BC / ACCESSWIRE / July 20, 2021 / World-Class Extractions Inc. (CSE:PUMP) (FRA:WCF) (OTCQB:WCEXF) ("Company" or "World-Class"), is pleased to report that its subsidiary, Pineapple Express Delivery Inc. ("Pineapple Express Delivery" or "PED"), a company in which World-Class has a controlling interest, is rolling out its robust, proprietary technology platform - CannDeliv - in British Columbia. PED has entered into a licensing agreement ("Licensing Agreement") with City Cannabis Corp. ("City Cannabis") to facilitate City Cannabis' B2C sales.
Pineapple Express Delivery is a leading logistics technology company: its delivery platform, CannDelivis currently integrated with e-commerce platforms like Dutchie, Buddi, and Shopify. PED previously entered into a licensing agreement in Ontario to provide software and support services to an arm's length party, and PED is now expanding its technology footprint into British Columbia.
Under the License Agreement, Pineapple Express Delivery provides City Cannabis with integration through API, delivery program development, support, access, and driver training services for its robust CannDeliv proprietary software. The CannDeliv platform will allow City Cannabis's employee drivers to deliver its retail cannabis products efficiently and effectively to customers from three dispensaries in British Columbia. PED's CannDeliv technology and focusses on enabling safe and easy cannabis delivery securely and in full compliance with provincial and federal regulations, while providing dedicated dispatching, real-time track-and-trace chain of custody, proof of delivery and signature capture, real-time status-driven customer tracking page, customer notifications via SMS, customer care and driver support.
Pineapple Express Delivery's Support Program for City Cannabis alleviates the strain a delivery program can put on dispensaries by handling the details that help to maintain their license and comply with regulations, while not compromising on the customer or retail experience. Alex Orantes, Senior Operations Manager for City Cannabis Co. says; 'Pineapple Express, and their onboarding team, have been nothing but helpful, quick and reliable when it came to launching our delivery program at all 3 of our Vancouver City Cannabis Co. locations, in less than a month. With their great customer support team on our side, we're excited to continue providing our excellent customer experience inside and outside of our store.'
Randy Rolph, CEO of Pineapple Express Delivery stated, "We are pleased to help City Cannabis realize their delivery program as we expand into British Columbia. Our support offerings for Retailers, Drivers, and Customers makes it easy for BC Retailers to deliver their products just as compliantly as we do in other provinces, to their customers and continue focusing on the in-store experience. Our CannDeliv software is scalable to support delivery footprint across Vancouver and all of BC, and we are excited to demonstrate with City Cannabis how Pineapple Express Delivery's agility in this ever-changing market supports world-class delivery experiences for dispensaries and customers alike."
PED's logistics and delivery services include medical and recreational cannabis delivery in Ontario, Manitoba, Saskatchewan - and now British Columbia - and liquor delivery in certain jurisdictions in Saskatchewan. Collaborating with innovative and world-class technology companies like Shopify and Dutchie enables Pineapple Express to provide leading-edge delivery capabilities and support as the cannabis market matures. Pineapple Express Delivery's clients include Shoppers Drug Mart / Medical Cannabis by Shoppers™, Spectrum Therapeutics, the medical division of Canopy Growth Corporation (TSX:WEED)(NYSE:CGC), The Saskatoon Co-operative Association Ltd. (Liquor Division) and CannTrust Inc. to their estoraTM medical cannabis patients.
About Pineapple Express Delivery Inc.
Pineapple Express Delivery's management team has over 10 years of experience offering same-day 60-minute delivery services in multiple industries across Canada with a record breaking 40,000 deliveries per month. Pineapple Express Delivery offers a personalized experience for its customers and has established in-depth security and delivery protocols to facilitate same-day delivery of medical and recreational cannabis across the country. Pineapple Express Delivery has been providing a same day delivery option to the legal Cannabis Industry from October 17th, 2018 and has provincial offices set up across Canada. Pineapple Express Delivery is a subsidiary of World-Class Extractions Inc. For more information please visit https://pineappleexpressdelivery.com/.
About City Cannabis Corp.
City Cannabis is a premier cannabis retailer recently acquired by Wildflower Brands and holds three City of Vancouver licenses to sell cannabis and four licenses in the Province of B.C. City Cannabis has been profitably operating various dispensaries in Vancouver since Vancouver commenced licensing
About World-Class
World-Class is an innovation-driven company with a focus on the evolving cannabis and hemp industries. World-Class offers compliant and secure delivery of government regulated products through its subsidiary Pineapple Express Delivery Inc., including medical and recreational cannabis in Ontario, Manitoba and Saskatchewan, and liquor delivery in certain jurisdictions in Saskatchewan. World-Class continues to investigate opportunities to deploy and manage custom-built extraction centres utilizing its custom systems, technology, and processes to efficiently produce high-quality cannabis and hemp concentrates and end-products.
Contact
World-Class Extractions Inc.
1-437-266-1968 | ir@worldclassextractions.com
www.worldclassextractions.com
https://pineappleexpressdelivery.com/
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.
Cautionary Note Regarding Forward-Looking Statements
All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to the Company within the meaning of applicable securities laws, and the ability of Pineapple Express Delivery to expand its delivery services and to provide discrete shipment of products. The Company provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited those identified and reported in the Company's public filings under the Company's SEDAR profile at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.
SOURCE: World-Class Extractions Inc.
The Hash Corporation Appoints Red Light Holland CEO Todd Shapiro to Advisory Board
Toronto, Ontario--(Newsfile Corp. - July 15, 2021) - The Hash Corporation (CSE: REZN) ("Hashco" or the "Company"), a company focusing on the production of hashish and other premium cannabis products using the adaption of old-world traditions, is pleased to announce that it has appointed Todd Shapiro, Chief Executive Officer and Director of Red Light Holland Corp. ("Red Light Holland") to its Advisory Board.
Todd Shapiro has over 20 years of experience as a marketing entrepreneur and brand ambassador having serviced many well established brands including Canopy Growth and Boveda Inc in the Cannabis Industry. As the head of Red Light Holland, Mr. Shapiro, while focusing on building Red Light Holland's brand has developed a global network of contacts in the regulated substance industry, along with a deep understanding of emerging markets, distribution and incredible social media exposure, all of which Hashco hopes to leverage as it positions itself for expansion into the hash and cannabis concentrate market in Canada.
"We are extremely pleased to have Todd join our Advisory Board. He is a visionary with a vast network of connections, and the business acumen necessary to assist Hashco in developing new business opportunities," said Chris Savoie, the Chief Executive Officer and Director of Hashco.
Todd Shapiro is excited to join the team at Hashco and said the following, "We've all heard of hash, but have we all heard of Hashco? I look forward to advising the hard-working team on how to expand their brand name and work within a delicate framework to get as much exposure and distribution as possible."
Todd Shapiro and the Company entered into an advisory board agreement pursuant to which the Company has granted Todd Shapiro an aggregate of 1,000,000 RSUs which will vest quarterly over the first year from the date of issuance. Each vested RSU entitles the holder to receive one common share in the capital of Hashco.
About The Hash Corporation
HashCo is a Canadian company positioning itself to focus on the production and sale of cannabis-based hashish and other cannabis products. HashCo intends to apply its separation and curing techniques to produce a suite of high-quality cannabis resin products, which are all-natural and free of additives and carcinogenic solvents. The Company intends to tailor its product offerings to pay tribute to historic traditions, fragrances and tastes, while upholding the highest health and safety standards.
As of the date of this press release, HashCo is actively seeking and developing partnerships and collaborations with licensed cultivators and other strategic partners within Canada, with the goal of crafting and introducing to the regulated market authentic products which reflect quality and innovation.
For additional information on the Company:
Chris Savoie
Chief Executive Officer and Director
Tel: 1-833-420-7396
Email: chris@hashco.ca
Forward-Looking Statements
Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "potential", "believe", "intend" or the negative of these terms and similar expressions. Forward-looking statements necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. The forward-looking statements included in this news release are made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities laws. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
Not for distribution to United States newswire services or for dissemination in the United States.
https://www.newsfilecorp.com/release/90298
https://www.newsfilecorp.com/release/90025
iMining Completes Acquisition of BitBit Financial
Vancouver, British Columbia--(Newsfile Corp. - July 13, 2021) - Further to its press release of May 26, 2021, iMining Blockchain and Cryptocurrency Inc. (TSXV: IMIN) (the "Company" or "iMining") is pleased to announce that it has closed the transaction to acquire all of the issued and outstanding shares of BitBit Financial Inc. ("BitBit Financial") (the "Acquisition").
On July 12, 2021 ("Closing"), the Company issued its Treasury Order for 10,000,000 common shares in the capital of the Company ("Shares") to be delivered to the shareholders of BitBit, in exchange for acquiring all of the outstanding shares of BitBit, such that BitBit became a wholly owned subsidiary of iMining. No new control block was created as a result of the Acquisition. All of the shareholders of BitBit have entered into voluntary lock-up agreements pursuant to which the Shares issued to them will become free-trading as to 25% on Closing and an additional 25% every three months thereafter.
As one of the conditions of the Acquisition, upon TSX Venture Exchange acceptance of BitBit's nominee, BitBit has the right to appoint a director to iMining's Board, and an announcement is expected shortly.
"With the recent closing of BitBit, we are very excited about this opportunity to revolutionize the fintech industry. We believe that the recent acquisition of BitBit financial will open the door to massive opportunities such as lending, and the regulated exchange of digital currencies. BitBit Financial is a key piece in connecting the digital asset industry to the traditional finance sector. This acquisition will also allow us to empower everyday investors globally, and this is just the beginning," said Khurram Shroff, the Chairman and CEO of iMining.
BitBit Financial is a private company which sells digital goods and services. BitBit is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a money service business dealing in virtual currencies with registration number M21068159. BitBit has a virtual currency ATM Network and is working on developing a digital asset exchange trading platform which will provide users the easiest and safest way to buy and sell virtual currencies.
"I'm very excited to become a part of the iMining ecosystem," said Roman Rana, the CEO of BitBit Financial. "iMining is on the frontier of the digital asset space and with their support I look forward to taking BitBit Financial to new heights."
For more information on BitBit Financial please visit https://bitbitfinancial.com/ or email at info@bitbitfinancial.com.
The Company also announces that it will be seeking regulatory approval to change its name from iMining Blockchain and Cryptocurrency Inc. to iMining Technologies Inc. to better reflect the diverse businesses under the iMining umbrella and future synergistic acquisitions.
About iMining Blockchain and Cryptocurrency Inc.
iMining is a growth-oriented, TSXV listed company, focused on linking traditional capital markets with blockchain investment opportunities. Through its wholly-owned subsidiary, the company provides retail and institutional investors a safe and secure way to stake Ethereum 2.0 using proprietary and secure proof of stake methods. We are driven by our core values to operate with transparency, efficiency, and sustainability as we work toward building long-term shareholder value.
ON BEHALF OF THE BOARD
Signed "Khurram Shroff"
Khurram Shroff, Chairman, President & Chief Executive Officer
FOR FURTHER INFORMATION, please contact:
iMining Corporate Offices:
Robert Eadie, Director
Email: investor@imining.com
Telephone: 1-604-602-4935 ? Facsimile: 1-604-602-4936
Toll Free: 1-866-602-4935
Evan Eadie, Corporate Development
Email: eeadie@imining.com
Telephone: (604) 602-4935 ext. 203
Toll Free: 1-866-602-4935
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains certain forward-looking statements, which relate to future events or future performance (including, but not limited to, future business operations of BitBit) and reflect management's current expectations and assumptions, and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, actual results of BitBit's activities, future cryptocurrency prices, operating risks, and other risks in the cryptocurrency industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.
The Hash Corporation Enters into Collaboration Agreement with Medz Cannabis Incorporated, to Enter the Regulated Cannabis Industry
by The Hash Corporation | Apr 21, 2020 | News
Toronto, Ontario–(Newsfile Corp. – April 21, 2020) – The Hash Corporation (the “Company”, or “HashCo”), a Canadian company positioning itself to focus on the production and sale of cannabis-based hashish and other cannabis products, is pleased to announce that it has entered into a long-term collaboration agreement (the “Collaboration Agreement”) with Medz Cannabis Incorporated (“Medz Cannabis”), an Ontario-based, privately-owned company licensed for the cultivation, processing and sale of medical cannabis under the Cannabis Act. The Collaboration Agreement, which opens up opportunities in the regulated cannabis industry within Canada for the Company, is expected to enable the Company to deliver a suite of specialty hash products to the Canadian market as early as Q3 2020.
“This collaboration represents a significant step towards bringing our suite of unique products to the discerning Canadian consumer. We are extremely thrilled to work with Medz Cannabis to secure the requisite approvals, and expect to generate revenue from the Processing Space in the near term,” said Chris Savoie, Chief Executive Officer of the Company.
Under the terms of the Collaboration Agreement, Medz Cannabis will provide the Company with up to 2,500 square feet of processing space (the “Processing Space“) within a licensed facility owned by Medz Cannabis and located in Toronto, Ontario (the “Facility“), to process, package and distribute cannabis-based hashish and other cannabis concentrates (collectively, the “Products“). In addition, Medz Cannabis will assist the Company in obtaining the requisite regulatory approvals to produce and sell the Products and make use of the Processing Space, and supply the Company with cannabis bi-products and biomass required by the Company to produce the Products. Under the terms of the Collaboration Agreement, the Company will pay to Medz Cannabis a 3.5% royalty on all revenues generated on the sale of the Products produced in the Processing Space (the “Subject Products“), and a 5% royalty on the tolling or service rate charged by the Company on service contracts relating to the Subject Products.
In connection with the Collaboration Agreement, the parties have also entered into an offer to lease in respect of the Processing Space. The parties are expected to enter into a formal lease agreement, as well as a supply and branding agreement in due course, to set out certain additional terms on which the Company will make use of the Processing Space, and the terms on which the Company and Medz Cannabis will process and sell the Products.
About The Hash Corporation
HashCo is a Canadian company positioning itself to focus on the production and sale of cannabis-based hashish and other cannabis products. HashCo intends to apply its separation and curing techniques to produce a suite of high-quality cannabis resin products, which are all-natural and free of additives and carcinogenic solvents. The Company intends to tailor its product offerings to pay tribute to historic traditions, fragrances and tastes, while upholding the highest health and safety standards.
As of the date of this press release, HashCo is actively seeking and developing partnerships and collaborations with licensed cultivators and other strategic partners within Canada, with the goal of crafting and introducing to the regulated market authentic products which reflect quality and innovation.
About Medz Cannabis Inc.
Medz Cannabis is a private, Ontario-based company and holder of cultivation, processing and medical sales licenses under the federal Cannabis Act. Passionate about small-batch, craft cannabis, Medz Cannabis brings a new and unrivaled level of dedication to medical cannabis in Canada. Medz Cannabis is currently in the process of completing Phase II of construction on a 35,000 square feet cannabis cultivation facility in Toronto, Ontario, which, upon completion, is expected to produce up to 5,000 kg of cannabis per year.
For additional information on The Hash Corporation:
Jesse Kline
The Hash Corporation, Chief Commercial Officer
1-416-986-8323
jesse@hashco.ca
www.thehashcorporation.com
Forward Looking Information
Certain statements in this press release may constitute “forward looking statements” which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. When used in this press release, such statements may use such words as “may”, “will”, “expect”, “believe”, “plan” and other similar terminology. Such statements reflect management’s current expectations regarding future events and speak only as of the date of this press release. The forward-looking statements involve a number of risks and uncertainties, including, but not limited to, the Company’s stage of development, capital requirements and future ability to fund operations, regulatory requirements, general economic, and market or business conditions. The forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company’s actual results, performance or achievements to be materially different from any future results, performance, or achievements that may be expressed or implied by such forward-looking statements. In making the forward-looking statements included in this release, the Company has made various material assumptions, including, but not limited to: obtaining regulatory approvals, general business and economic conditions, the Company’s ability to successfully secure and make use of the Processing Space and process, market and sell its products, the Company’s ability to maintain good relationships with its partners and other third parties, market competition, and the immediate and eventual impacts of Coronavirus Disease 2019 (COVID-19) on the Company’s proposed operations and financial condition, and market demand. The foregoing list of factors is not exhaustive. The Company undertakes no obligation to update publicly or revise any forward-looking statements, whether a result of new information, future results or otherwise, except as required by law. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward looking-information. The foregoing statements expressly qualify any forward-looking information contained herein.
NOT FOR DISSEMINATION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
https://www.newsfilecorp.com/release/54713/The-Hash-Corporation-Enters-into-Collaboration-Agreement-with-Medz-Cannabis-Incorporated-to-Enter-the-Regulated-Cannabis-Industry
The Hash Corporation Enters into Collaboration Agreement with Black Rose Organics Canada Inc.
by The Hash Corporation | Mar 2, 2021 | News, Press Releases
Toronto, Ontario–(March 2, 2021) – The Hash Corporation (the “Company“, or “HashCo“), a Canadian company positioning itself to focus on the production and sale of cannabis-based hashish and other cannabis products, is pleased to announce that it has entered into a long-term collaboration agreement (the “Collaboration Agreement“) with Black Rose Organics Canada Inc. (“Black Rose“), an Ontario-based, privately-owned company licensed for the cultivation, processing and sale of cannabis under the Cannabis Act.
Under the terms of the Collaboration Agreement, Black Rose will provide the Company with up to 1,000 square feet of processing space (the “Processing Space“) within a licensed facility owned by Black Rose and located in Markham, Ontario (the “Facility“), to manufacture and distribute cannabis-based hashish and other cannabis concentrates (collectively, the “Products“). In addition, Black Rose will assist the Company in obtaining the requisite regulatory approvals to produce and sell the Products and make use of the Processing Space, and supply the Company with cannabis bi-products and biomass required by the Company to produce the Products. Under the terms of the Collaboration Agreement, the Company and Black Rose will share profits 50/50 on sales of Products at channels established by Black Rose for the Company, on sales of Products cultivated and/or branded by Black Rose, and on all tolling services provided by the Company at the Facility.
About The Hash Corporation
HashCo is a Canadian company positioning itself to focus on the production and sale of cannabis-based hashish and other cannabis products. HashCo intends to apply its separation and curing techniques to produce a suite of high-quality cannabis resin products, which are all-natural and free of additives and carcinogenic solvents. The Company intends to tailor its product offerings to pay tribute to historic traditions, fragrances and tastes, while upholding the highest health and safety standards.
As of the date of this press release, HashCo is actively seeking and developing partnerships and collaborations with licensed cultivators and other strategic partners within Canada, with the goal of crafting and introducing to the regulated market authentic products which reflect quality and innovation.
About Black Rose
Black Rose is a medicinal licensed producer founded in Toronto, Canada, with a dedicated focus on establishing a world class, craft level quality product base for the medicinal community. Using the most innovative and efficient growing techniques available, Black Rose is situating itself to redefine the level of quality standards expected in both the Canadian and international markets. Black Rose intends to establish their organic and non-organic cannabis product lines adhering to the highest standards available, through proven processes with a focused attention to detail at every step.
Through strategic partnerships with reputable licensed cannabis companies in the industry, Black Rose Organics vision is to consistently elevate the standards of quality within the regulated market, and intends to do so by using the safest and most effective processes available.
For additional information on The Hash Corporation:
Chris Savoie
The Hash Corporation, Chief Executive Officer
416-371-3697
chris@hashco.ca
www.thehashcorporation.com
Forward Looking Information
Certain statements in this press release may constitute “forward looking statements” which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. When used in this press release, such statements may use such words as “may”, “will”, “expect”, “believe”, “plan” and other similar terminology. Such statements reflect management’s current expectations regarding future events and speak only as of the date of this press release. The forward-looking statements involve a number of risks and uncertainties, including, but not limited to, the Company’s stage of development, capital requirements and future ability to fund operations, regulatory requirements, general economic, and market or business conditions. The forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company’s actual results, performance or achievements to be materially different from any future results, performance, or achievements that may be expressed or implied by such forward-looking statements. In making the forward-looking statements included in this release, the Company has made various material assumptions, including, but not limited to: obtaining regulatory approvals, general business and economic conditions, the Company’s ability to successfully secure and make use of the Processing Space and process, market and sell its products, the Company’s ability to maintain good relationships with its partners and other third parties, market competition, and the immediate and eventual impacts of Coronavirus Disease 2019 (COVID-19) on the Company’s proposed operations and financial condition, and market demand. The foregoing list of factors is not exhaustive. The Company undertakes no obligation to update publicly or revise any forward-looking statements, whether a result of new information, future results or otherwise, except as required by law. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward looking-information. The foregoing statements expressly qualify any forward-looking information contained herein.
NOT FOR DISSEMINATION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
https://www.newsfilecorp.com/release/75867/The-Hash-Corporation-Enters-into-Collaboration-Agreement-with-Black-Rose-Organics-Canada-Inc.
https://thehashcorporation.com/the-hash-corporation-enters-into-product-acquisition-agreement/
The Hash Corporation Enters into Product Acquisition Agreement
by The Hash Corporation | Apr 27, 2021 | News, Press Releases
Toronto, Ontario–(Newsfile Corp. – April 27, 2021) – The Hash Corporation (the “Company“, or “HashCo“), a Canadian company positioning itself to focus on the production and sale of cannabis-based hashish and other cannabis products, is pleased to announce that it has entered into a product acquisition agreement (the “Agreement“) with Canada House Wellness Group (CSE: CHV) (“Canada House“) and its wholly owned subsidiary, Abba Medix Corp., a licensed cultivator and processor under the Cannabis Act (“Abba“).
Under the terms of the Agreement, HashCo will sell certain cannabis materials comprised of pressed dry sift hash to Abba, through the Company’s collaboration agreement with Medz Cannabis Inc., a licensed cultivator and processor under the Cannabis Act. Upon Abba’s successful listing of purchased hash materials for sale in Quebec, the Agreement will commence and will remain in effect for a period of 12 months with the option to renew for subsequent 12 month periods.
“HashCo is extremely excited to enter into this relationship with the wonderful teams at Canada House and Abba,” commented Chris Savoie, CEO of Hashco. “This Agreement allows Hashco to leverage Abba’s established distribution channels to bring its high-quality products to hash consumers throughout the Province of Quebec.”
About The Hash Corporation
HashCo is a Canadian company positioning itself to focus on the production and sale of cannabis-based hashish and other cannabis products. HashCo intends to apply its separation and curing techniques to produce a suite of high-quality cannabis resin products, which are all-natural and free of additives and carcinogenic solvents. The Company intends to tailor its product offerings to pay tribute to historic traditions, fragrances and tastes, while upholding the highest health and safety standards.
As of the date of this press release, HashCo is actively seeking and developing partnerships and collaborations with licensed cultivators and other strategic partners within Canada, with the goal of crafting and introducing to the regulated market authentic products which reflect quality and innovation.
About Canada House Wellness Group
Canada House Wellness Group is the parent company of Abba Medix Corp., a Licensed Producer in Pickering, Ontario that produces high quality medical grade cannabis; IsoCanMed Inc., a Licensed Producer in Louiseville, Québec growing best-in-class indoor cannabis, in its 64,000 sq. ft. production facility employing state-of-the-art vertical, aeroponic production methodologies; Canada House Clinics Inc., with clinics across the country that work directly with primary care teams to provide specialized cannabinoid therapy services to patients suffering from simple and complex medical conditions; and Knalysis Technologies, a provider of fully customizable, cloud-based software that links physician, provider, and patient to data that supports treatment with medical cannabis.
Canada House Wellness Group’s goal is to become the leading cultivator of premium craft cannabis and provider of cannabinoid therapy, targeting the medical cannabis markets globally.
For additional information on The Hash Corporation:
Chris Savoie
The Hash Corporation, Chief Executive Officer
1800-420-REZN
chris@hashco.ca
www.thehashcorporation.com
Forward Looking Information
Certain statements in this press release may constitute “forward looking statements” which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. When used in this press release, such statements may use such words as “may”, “will”, “expect”, “believe”, “plan” and other similar terminology. Such statements reflect management’s current expectations regarding future events and speak only as of the date of this press release. The forward-looking statements involve a number of risks and uncertainties, including, but not limited to, the Company’s stage of development, capital requirements and future ability to fund operations, regulatory requirements, general economic, and market or business conditions, and the Company’s ability to carry out its obligations under the Agreement. The forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company’s actual results, performance or achievements to be materially different from any future results, performance, or achievements that may be expressed or implied by such forward-looking statements. In making the forward-looking statements included in this release, the Company has made various material assumptions, including, but not limited to: obtaining regulatory approvals, general business and economic conditions, the Company’s ability to successfully carry out of all its obligations under the Agreement on the terms set out in the Agreement, the purchasers’ ability to obtain approval from the Société québécoise du cannabis, the purchasers’ willingness to carry out the terms of the Agreement and purchase the Product, the Company’s ability to maintain good relationships with its partners and other third parties, market competition, and the immediate and eventual impacts of Coronavirus Disease 2019 (COVID-19) on the Company’s proposed operations and financial condition, and market demand. The foregoing list of factors is not exhaustive. The Company undertakes no obligation to update publicly or revise any forward-looking statements, whether a result of new information, future results or otherwise, except as required by law. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward looking-information. The foregoing statements expressly qualify any forward-looking information contained herein.
NOT FOR DISSEMINATION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
https://www.newsfilecorp.com/release/81974
New Video from the CEO of The Hash Corporation
iMining Announces Appointment of Khurram Shroff as Chair of the Board of Directors
Vancouver, British Columbia--(Newsfile Corp. - April 27, 2021) - iMining Blockchain and Cryptocurrency Inc. (TSXV: IMIN) (the "Company" or "iMining") today announced the appointment of Khurram Shroff as the Chair of the Board of Directors of iMining, effective May 4th, 2021.
Robert Eadie, Chief Executive Officer of iMining said: "We're excited to welcome such an experienced and respected leader of Khurram's caliber to the firm as Chair of the Board. Khurram's leadership of various blockchain businesses through several cycles of growth, innovation and transformation, as well as his insights and relationships, will be invaluable to iMining as we facilitate the institutionalization of cryptocurrencies as an asset class."
Mr. Shroff has over ten years of experience in the blockchain industry. He was most recently Chairman of IBC Group. In this role, Mr. Shroff acted as a trusted advisor for some of the most prominent projects in blockchain and oversaw the implementation of the firm's moving from Dubai to Toronto. Mr. Shroff built his career in working for Canadian Family office in real estate, rising to top roles, including leading some real estate projects globally as well as other business investments across Europe, Middle East and Africa. He also served as a civilian sponsor and member of Canadian Armed Forces College and is a member of the University Club of Toronto.
Gary Arca, Board Member and CFO of iMining, said: "Mr. Khurram Shroff will bring an invaluable global perspective to iMining, and we're confident that our rapidly evolving business units in Digital Asset Staking, Mining, Asset Management, Investment Banking, Principal Investments, and Trading will all benefit from his growth orientation and close involvement with the Board and our team."
"I'm excited to join the iMining Board of Directors and as Chairman, to help guide the Company through its next cycle of global expansion as it continues executing on its mission of bringing cryptocurrencies and digital assets to the world's leading institutions," said Mr. Shroff. "I look forward to working closely with the iMining team as they build on their early-mover advantages."
iMining also announces the departure of Anders Nilsson as a director of the Company. The Board wishes to express its gratitude to Mr. Nilsson for his years of service and wishes him every success in his future endeavours.
ON BEHALF OF THE BOARD
iMining Blockchain and Cryptocurrency Inc.
Signed "Robert Eadie"
Robert Eadie, President & Chief Executive Officer
FOR FURTHER INFORMATION, or to arrange an interview with any of our team, please contact:
iMining Corporate Offices:
Robert Eadie, Chief Executive Officer and Director, iMining
Email: investor@imining.com
Telephone: 1-604-602-4935 ? Facsimile: 1-604-602-4936
Toll Free: 1-866-602-4935
Evan Eadie, Corporate Development
Email: eeadie@imining.com
Telephone: (604) 602-4935 ext. 203
Toll Free: 1-866-602-4935
About iMining Blockchain and Cryptocurrency
iMining is a growth oriented, TSXV-listed company, focused on linking traditional capital markets with blockchain investment opportunities. The Company provides retail and institutional investors a safe and secure way to stake Ethereum 2.0 using proprietary and secure proof of stake methods. We are driven by our core values to operate with transparency, efficiency and sustainability as we work toward building long-term shareholder value.
https://www.accesswire.com/649824/World-Class-Provides-Pineapple-Express-Delivery-Revenue-Update?fbclid=IwAR011bWc43qKFuTQDyq6GKmOZfvolKTCjWb2_4VqseM7nVZi0zIwg2RK53U
World Class Provides Pineapple Express Delivery Revenue Update
Tuesday, June 1, 2021 3:30 AM
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Company Update
Pineapple Express Delivery's revenue total $2.77M January - April 2021
VANCOUVER, BC / ACCESSWIRE / June 1, 2021 / World-Class Extractions Inc. (CSE:PUMP)(FRA:WCF)(OTCQB:WCEXF) ("Company" or "World-Class"), is pleased to provide an update on Pineapple Express Delivery Inc. ("Pineapple Express Delivery" or "PED"), a company in which World-Class has a controlling interest. PED is a leading logistics technology company offering compliant and secure delivery of controlled substances and regulated products, including medical and recreational cannabis delivery in Ontario, Manitoba and Saskatchewan, and liquor delivery in certain jurisdictions in Saskatchewan.
Pineapple Express Delivery - Highlights
The following PED revenues comprise of delivery services of medical and recreational cannabis within Ontario and Manitoba to various Business-to-Consumer and Business-to-Business licensed producer companies and liquor deliveries in Saskatchewan:
April 2021 revenues totaled $966,661 (March 2021 - $817,561) with gross margin of 24% (March 2021 - 24%) (unaudited).
During April 2021, the number of deliveries was 65,768 compared to 55,738 in March 2021, representing an increase of 18%.
Revenue from January to April 2021 totaled $2,769,823.
As a result of recent COVID-19 restrictions in Ontario, same day delivery service was temporarily suspended, resulting in less than expected revenue during this period. Further, due to a major distributors' year-end in Ontario, supplies were halted for three days in March to conduct inventory counts, contributing to lower volumes and revenue. PED anticipates that monthly revenues for the remainder of 2021 will strengthen as same day delivery services are reinstated.
PED previously entered into a licensing agreement to provide software and support services to an arm's length party. PED provides the set-up, implementation and development of the software and provides support to all locations catered to by the other party. From January to April 2021, PED received approximately $52,400 in additional revenue from these operations.
Rosy Mondin, CEO of World Class Extractions remarked, "World-Class is pleased with PED's financial results of $2.77M from January-April 2021. PED continues to expand its network to meet the demands of current and future partners, and to ensure that patients and consumers receive their regulated product orders as quickly, safely and as easily as they can obtain any other product in Canada. We are proud that Pineapple Express Delivery is a platform that many Canadians rely on for convenient, safe and secure delivery."
Furthermore, the Company announces that it has granted a total of 2,000,000 incentive stock options to certain consultants and employees of the Company. The options have an exercise price of $0.05 per share and expire June 1, 2026. The options will vest at a rate of 50% upon the date of the grant and an additional 25% vesting every six months thereafter.
About World-Class
World-Class is an innovation-driven company with a principle focus on the rapidly evolving cannabis and hemp industries. World-Class offers compliant and secure delivery of government regulated products through its subsidiary Pineapple Express Delivery Inc., including medical and recreational cannabis in Ontario, Manitoba and Saskatchewan, and liquor delivery in certain jurisdictions in Saskatchewan. World-Class continues to investigate opportunities to deploy and manage custom-built extraction centres utilizing its custom systems, technology, and processes to efficiently produce high-quality cannabis and hemp concentrates and end-products.
Contact
World-Class Extractions Inc.
1-437-266-1968 | ir@worldclassextractions.com
www.worldclassextractions.com
https://pineappleexpressdelivery.com/
The Company cautions that figures for revenue, gross margin and number of deliveries generated from the services offered by Pineapple Express Delivery have not been audited beyond April 30, 2020 and are based on calculations prepared by the management of Pineapple Express Delivery. Actual results may differ from those reported in this release once figures have been audited.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.
Cautionary Note Regarding Forward-Looking Statements
All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to the Company within the meaning of applicable securities laws, and the ability of Pineapple Express Delivery to expand its delivery services and to provide discrete shipment of products. The Company provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited those identified and reported in the Company's public filings under the Company's SEDAR profile at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.
iMining Signs Letter of Intent to Acquire Bitbit Financial
https://www.newsfilecorp.com/release/85223
Vancouver, British Columbia--(Newsfile Corp. - May 26, 2021) - iMining Blockchain and Cryptocurrency Inc. (TSXV: IMIN) (the "Company" or "iMining") is pleased to announce that it has entered into a Letter of Intent dated May 21st, 2021 (the "LOI"), with BitBit Financial Inc., ("BitBit Financial"), for iMining to acquire all of the issued and outstanding shares of BitBit Financial (the "Acquisition"), in consideration of 10,000,000 shares of iMining.
BitBit Financial, headquartered in Brampton, Ontario, is a FINTRAC-licensed Canadian Bitcoin ATM Network operator, and is developing a digital asset exchange trading platform.
The final structure of the Acquisition is subject to receipt of tax, corporate and securities law advice for both iMining and BitBit Financial.
Terms of the Agreement
Under the terms of the LOI, on or prior to the closing date of the Acquisition or June 22, 2021 (the "Closing Date"), iMining will issue 10,000,000 common shares (the "iMining Shares") to acquire all of the outstanding shares of BitBit Financial on a one-for-one exchange ratio. There are currently 10,000,000 BitBit Financial shares outstanding.
The holders of any other outstanding convertible, exchangeable or exercisable securities of BitBit Financial shall become entitled to receive iMining Shares upon the conversion, exchange or exercise thereof, based on the same one-for-one exchange ratio.
It is contemplated that the proposed Transaction will constitute an "Expedited Acquisition" by the Company, as such term is defined under TSX Venture Exchange ("TSXV") Policies.
The parties acknowledge that upon completion of the Acquisition, all of the iMining Shares issued to acquire BitBit Financial will be subject to voluntary escrow provisions whereby the shares will become free-trading as to 25% on closing, and an additional 25% every three months thereafter.
The parties have agreed to undertake commercially reasonable efforts to negotiate and settle the terms of a Definitive Agreement by June 7, 2021 and to close the Acquisition on or before June 22, 2021. The LOI terminates in the event the parties fail to execute a Definitive Agreement by June 7th, 2021, unless extended in writing by both parties.
Conditions for Closing
The Letter Agreement provides that closing of the Acquisition is subject to several conditions including, among other things: (i) requisite corporate approval of the various transactions contemplated by the Acquisition, from the board of directors of iMining and the shareholders of BitBit Financial, as applicable and required; and (ii) BitBit's nominee as a director of iMining submitting a Personal Information Form to the TSXV for approval.
Business of BitBit Financial
BitBit Financial is a private company which sells digital goods and services. BitBit is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a money service business dealing in virtual currencies with registration number M21068159. BitBit has a virtual currency ATM Network and is working on developing a digital asset exchange trading platform which will provide users the easiest and safest way to buy and sell virtual currencies.
For more information on BitBit Financial please visit https://bitbitfinancial.com/ or email at info@bitbitfinancial.com.
About iMining Blockchain and Cryptocurrency Inc.
iMining is a growth-oriented, TSXV listed company, focused on linking traditional capital markets with blockchain investment opportunities. Through its wholly-owned subsidiary, the company provides retail and institutional investors a safe and secure way to stake Ethereum 2.0 using proprietary and secure proof of stake methods. We are driven by our core values to operate with transparency, efficiency, and sustainability as we work toward building long-term shareholder value.
ON BEHALF OF THE BOARD
Signed "Robert Eadie"
Robert Eadie, President & CEO
FOR FURTHER INFORMATION PLEASE CONTACT:
Contact: Robert Eadie
Telephone: 1-604-602-4935 ? Facsimile: 1-604-602-4936
Email: investor@imining.com
Website: www.imining.com
iMining Launches Cardano Staking $IMIN
https://www.newsfilecorp.com/release/84571
iMining Launches Cardano Staking
Vancouver, British Columbia--(Newsfile Corp. - May 20, 2021) - iMining Blockchain and Cryptocurrency Inc. (TSXV: IMIN) (the "Company" or "iMining") announces that after extensive research and testing, iMining Blockchain and Cryptocurrency Inc. ("iMining" or the "Company") is set to launch a proprietary staking service for another digital asset, Cardano. With the addition of a new asset to its host of services, iMining is poised for another round of growth.
May 20, 2021: iMining announces the expansion of its staking service to now include Cardano tokens (Symbol: ADA). The Company currently focuses on Ethereum's proof-of-stake concept; by adding Cardano staking to its host of services, iMining seeks to bolster its presence as a leading staking service in the crypto world. Cardano, commonly referred to as the third generation of blockchain, seeks to address known issues of sustainability, interoperability, and scalability, which are apparent in the older cryptocurrencies.
The Cardano blockchain relies heavily on staking pools, whereas other blockchains like Ethereum depend on individual staking nodes. With Cardano, iMining will launch a staking pool helping ADA token holders to participate through a secure and reliable infrastructure. "Instead of needing to purchase special equipment to compete for newly minted network tokens, users can easily delegate their funds through iMining's stake pool," said Khurram Shroff, Chairman of the board of directors for iMining.
"Also, with other digital assets, staking means you agree to lock up your tokens for a certain period, during which they cannot be spent. However, this is not the case with Cardano, making it an excellent option for those who would prefer flexibility but would still like to exercise the range of choices available to them in the crypto space," he added.
The newer digital currency supports an incentivized model that is steadily gaining popularity amongst its users. As per the creators of Cardano, incentives ensure the longevity and health of the crypto network and ecosystem. Mr. Shroff, while discussing this newer structure, said, "Cardano is an excellent way to earn passive 'ADA' income."
"As it expands its host of blockchain offerings, the Company's strategic emphasis on its 'HODL' strategy and its continuous focus on expanding and diversifying its business operations is expected to generate substantial shareholder value," said Khurram Shroff.
"For the rest of 2021, we are laying the groundwork to drive further growth for iMining, by amplifying our focus on initiatives that will help in the widescale adoption of crypto assets. Our team is relentlessly working to continue to strengthen and refine iMining's strategy while at the same time ensuring that we create and maintain long term value for all our stakeholders," concluded Khurram Shroff.
About iMining Blockchain and Cryptocurrency Inc.
iMining is a growth-oriented, TSXV listed company, focused on linking traditional capital markets with blockchain investment opportunities. Through its wholly-owned subsidiary, the company provides retail and institutional investors a safe and secure way to stake Ethereum 2.0 using proprietary and secure proof of stake methods. We are driven by our core values to operate with transparency, efficiency, and sustainability as we work toward building long-term shareholder value.
ON BEHALF OF THE BOARD
Signed "Khurram Shroff"
Khurram Shroff, Chairman of the Board
FOR FURTHER INFORMATION PLEASE CONTACT:
Contact: Robert Eadie
Telephone: 1-604-602-4935 ? Facsimile: 1-604-602-4936
Email: investor@imining.com
Website: www.imining.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains certain forward-looking statements, which relate to future events or future performance, including, but not limited to, future business operations of iMining. They reflect management's current expectations and assumptions, and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, actual results of iMining's activities, future cryptocurrency prices, operating risks, and other risks in the cryptocurrency industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.
https://www.accesswire.com/648081/Gratomic-Appoints-New-Director
Gratomic Appoints New Director
Wednesday, May 19, 2021 8:00 AM
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Company Update
TORONTO, ON / ACCESSWIRE / May 19, 2021 / Gratomic Inc. ("Gratomic", "GRAT" or the "Company") (TSXV:GRAT)(OTCQX:CBULF)(FRA:CB82) is pleased to announce the appointment of Bruno Baillavoine to the Company's Board as an Independent Director.
The Company is pleased to welcome Bruno to its Board of Directors and expects his appointment to be a positive addition due to his extensive experience in the financial sector. Bruno currently works with Pericles Group out of the UK in several key positions. He is an Independent Director for Cel-Sci, a leading cancer treatment research center. Bruno is also a shareholder and ex-chairman with CleanBay Inc, a company responsible for the development process from project to long-term operation of electricity, nutrient recovery and production of fertilizer plants in the US. Baillavoine is an Entrepreneurial Manager, Strategist, Innovator and Business builder, with a record of creating substantial sustained growth and strong profitability in a broad range of businesses. He is an experienced CEO, Chairman, and Independent Director with successful experience ranging from small companies to large multinationals.
"We look forward to benefiting from Bruno's extensive knowledge and experience. He has a wide breadth of knowledge in finance and business, and we believe he is an exceptional addition to the Board," stated Arno Brand, CEO & President.
About Gratomic
Gratomic?is focused on?introducing an exceptional anode material?to?the?global?Electric?Vehicle?and Energy Storage supply chains.?The Company?aims to achieve full operational capabilities in 2021, with further plans to take its Aukam Graphite Project fully solar by 2022.? Large quantities of its naturally high-quality graphite have been shipped for testing to confirm its viability as an anode material. Gratomic is confident that the results will provide a unique competitive advantage in its desired target markets.
The Company's recent collaboration agreement with Forge Nano has advanced the developments on its graphite finalization phase for?the?micronization,?spheronization, and the patented ALD coating?of its Aukam vein?graphite for use in lithium-ion batteries. Forge Nano is?a?global leader in surface engineering and precision nano-coating technology, using Atomic Layer?Deposition.
GRAT has two outstanding off-take purchase agreements with TODAQ and Phu Sumika with contract fulfillment slated to begin in 2021.??Gratomic?plans to deliver mine-to-market traceability through its partnership with deeptech company TODAQ by providing documented tracking on all graphite generated at its flagship?Aukam?Graphite Project.
For more information: visit the website at?www.gratomic.ca?or contact:??
Arno Brand at?abrand@gratomic.ca?or 416 561-4095??
Subscribe at gratomic.ca/contact/ to be added to our email list.??
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
Forward Looking Statements:
This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com)
SOURCE: Gratomic Inc.
According to Management's Information Circular, shareholders may participate in the meeting as a guest by logging into
https://web.lumiagm.com/254368544
using password
fsd2021
NEWS OUT !! $HUGE
FSD Management and Board Suffers Multiple Court Losses as Shareholder Meeting Approaches
https://www.newsfilecorp.com/release/83807
FSD Management and Board Suffers Multiple Court Losses as Shareholder Meeting Approaches
Toronto, Ontario--(Newsfile Corp. - May 12, 2021) - On Monday, May 10, 2021, at the request of Messrs. Anthony Durkacz and Zeeshan Saeed, founding shareholders and members of the group of concerned shareholders (the "Concerned Shareholders") of FSD Pharma Inc. (NASDAQ: HUGE) (CSE: HUGE) (FSE: 0K9A) (the "Company" or "FSD"), the Ontario Superior Court of Justice (Commercial List) (the "Court") issued an order appointing Ms. Carol Hansell as independent chair of the Company's shareholders' meeting to be held on May 14, 2021 (the "Meeting") and dismissed FSD's application challenging the Concerned Shareholders' information circular.
This defeat is only the most recent in a series of Court orders against FSD management and directors obtained by the Concerned Shareholders that the Company has concealed, despite their importance.
"These consistent losses are clear evidence of Dr. Raza Bokhari's [the Company's Chief Executive Officer] poor grasp of fundamental corporate governance principles and his repeated breaches of court orders provide insight into his moral compass," said Anthony Durkacz. "It is regrettable that Dr. Bokhari's latest misconduct implicated Senator Rick Santorum and resulted in a further waste of Company money. A simple respect for the law would have avoided this embarrassment for all of us." The most recent Court decision noted that Senator Santorum was compromised by a conflict of interest and was not to serve as the Meeting chair. The Court rejected his appointment and instead appointed Ms. Carol Hansell, a well-respected corporate governance expert, independent of all parties, to chair the Meeting.
It has previously been disclosed to shareholders that, on March 5, 2021, the Court ordered (the "March 5 Court Order") the Company to hold the Meeting on May 14, 2021 and to appoint an independent chair agreed to by both parties to ensure that someone other than Dr. Raza Bokhari acted as chair of the Meeting. The Original Order also prohibited Dr. Raza Bokhari and his collaborating directors from voting shares at the Meeting that they had recently issued to themselves.
What the Company failed to disclose is that, just a few weeks later, on April 9, 2021, the Court issued an injunction (the "April 9 Court Order") that restrained FSD from closing a transaction that Dr. Raza Bokhari and his collaborating directors had attempted to rush through in advance of the Meeting. As a director of FSD, Mr. Durkacz objected to the proposed transaction on the basis that it was not in the best interests of the Company and its shareholders. To preserve the status quo pending the Meeting, the April 9 Court Order prohibits the Company from undertaking any transaction other than in the ordinary course of business prior to the Meeting.
Management of FSD asked the Court to reconsider its decision, but on April 16, 2021, the Court refused to alter any of the April 9 Court Order's terms.
To make matters worse, Dr. Raza Bokhari has repeatedly breached these Court orders. The appointment of Senator Santorum by Dr. Raza Bokhari was a breach of the March 5 Court Order. Dr. Raza Bokhari subsequently breached the April 9 Court Order when he paid Senator Santorum a non-refundable fee of US$75,000. "This was, quite simply, an inappropriate action and a waste of FSD's money by Dr. Raza Bokhari and his supporters. Unfortunately, due to Dr. Raza Bokhari's actions contrary to Court orders, Senator Santorum was implicated. It was never appropriate or, outside of their fantasy world, realistic that Senator Santorum should act as independent chair of this meeting," said Anthony Durkacz.
A further breach of the March 5 Court Order arose from the Company's failure to include a resolution to reduce the size of its board of directors from seven to five directors in the matters to be considered at the Meeting. To avoid more expensive legal action, rather than object to this breach, the Concerned Shareholders chose instead to recommend that shareholders vote for the two director nominees who were not currently serving on the Company's board - Donal Carroll and Frank Lavelle. The Concerned Shareholders regarded these individuals as apparently well-qualified and hoped that they would evidence the independent judgment that Dr. Raza Bokhari's collaborators on the current board so clearly lack.
However, these hopes were undone with respect to Mr. Lavelle when he intervened in the Company's failed court action against the Concerned Shareholders. Mr. Lavelle's goal was to require that the Concerned Shareholders clarify that his allegiance lies firmly with Dr. Raza Bokhari and the other members of the current board. While Mr. Lavelle's specious action failed, the Concerned Shareholders do acknowledge that Mr. Lavelle has declared he is firmly allied with Dr. Raza Bokhari and his collaborators, notwithstanding their now substantial track record of failure in governing FSD.
By contrast, Mr. Carroll, who was the Company's Chief Financial Officer, resisted pressure from Dr. Raza Bokhari to take actions that he was concerned were contrary to the April 9 Court Order. For his efforts, Mr. Carroll was removed from the list of management's director nominees on May 3, 2021 and, on May 5, 2021, Mr. Carroll's employment was terminated by Dr. Raza Bokhari.
Many shareholders have submitted votes for the election of Mr. Carroll at the Meeting. The Concerned Shareholders want to honor shareholders' wishes and are seeking to cast these votes at the Meeting for the election of Mr. Carroll. The Concerned Shareholders anticipate that Dr. Raza Bokhari will object to this and are seeking a ruling from the Meeting chair that Mr. Carroll remains eligible for election as a director.
The Concerned Shareholders thank FSD shareholders for helping to rebuild FSD by voting Gold proxies to replace Dr. Raza Bokhari and his collaborators at the Meeting. "Shareholders deserve better," said Mr. Durkacz, "and we hope to give them a better board of directors at the meeting on May 14, 2021."
Further details regarding the Concerned Shareholders' nominees and the reasons that the Concerned Shareholders want to reconstitute FSD's board are contained in the information circular available on the Company's SEDAR profile at www.sedar.com and at the website established by the Concerned Shareholders: www.RestoreFSD.com. Stay up-to-date by following us at: www.RestoreFSD.com; Facebook: RestoreFSD; and Twitter: @RestoreFSD.
For additional information, please contact:
Carson Proxy
North American Toll Free Phone: 1-800-530-5189
Local (Collect outside North America): 416-751-2066
Email: info@carsonproxy.com
Forward-Looking Information
Certain statement contained herein are "forward-looking statements". Often, but not always, forward-looking statement can be identified by the use of words such as "plans", "expects", "expected", "scheduled", "estimates", "intends", "anticipates" or "believes", or variations of such words and phrases, or states that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements contained in this press release include statements regarding the Meeting, the business to be conducted at the Meeting and the Concerned Shareholders' plans and anticipation regarding the election of Mr. Carroll at the Meeting. The Concerned Shareholders cannot give any assurance that such forward-looking statements will prove to have been correct. The reader is cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this document.
https://www.accesswire.com/646699/Gratomic-Announces-New-Director
TORONTO, ON / ACCESSWIRE / May 12, 2021 / Gratomic Inc. ("Gratomic", "GRAT" or the "Company") (TSXV:GRAT)(OTCQX:CBULF)(FRA:CB82) announces that Alex Helmel has resigned as an Independent Director on the Company's Board. Helmel is limiting his work with public companies and has already resigned from several other public company Boards to focus on other business endeavours. Daniel Baard, a finance executive with extensive industry experience, will be stepping into the role of Independent Director for Gratomic.
The Company is pleased to welcome Daniel Baard to the Board of Directors. Baard is an operationally oriented finance executive with extensive experience in logistics, contract mining, finance, administration, and public company accounting in diverse industries. He is a strategic leader with proven ability to streamline operations, impact business growth, and enhance profitability through achievements in finance management, cost and internal controls, productivity, and efficiency improvements. Baard is a CPA (Canada) / ACCA (Fellow, UK) who brings business, financial and analytical acumen to resolve complex problems creatively. He has most recently served as the Chief Investment Officer ("CIO") for the Dukathole Group from December 2018 to May of 2021. He has wide-ranging experience as a CEO, COO and CFO, spanning several impressive projects including Loubster Bulk Services and Southern Seas Advisory Group. Baard is an extremely experienced executive with invaluable insight into the essential operations of Gratomic.
Baard has been granted 400,000 stock options exercisable at $1.25 per share for 5 years vesting over a two-year period. His appointment to the Board of Directors is subject to approval of the TSX Venture Exchange.
"It has been a great experience working with Alex and we wish him all the best in his other endeavours. I have known Daniel Baard for 9 years, including the period he spent working on a vein graphite mine in Sri Lanka, and look forward to working with him" said Arno Brand, CEO and President.
"Tomorrow is only an entry in your calendar, today is the day to get things done," said Daniel Baard, Independent Director.
About Gratomic
Gratomic?is focused on?introducing an exceptional anode material?to?the?global?Electric?Vehicle?and Energy Storage supply chains.?The Company?aims to achieve full operational capabilities in 2021, with further plans to take its Aukam Graphite Project fully solar by 2022.? Large quantities of its naturally high-quality graphite have been shipped for testing to confirm its viability as an anode material. Gratomic is confident that the results will provide a unique competitive advantage in its desired target markets.
The Company's recent collaboration agreement with Forge Nano has advanced the developments on its graphite finalization phase for?the?micronization,?spheronization, and the patented ALD coating?of its Aukam vein?graphite for use in lithium-ion batteries. Forge Nano is?a?global leader in surface engineering and precision nano-coating technology, using Atomic Layer?Deposition.
GRAT has two outstanding off-take purchase agreements with TODAQ and Phu Sumika with contract fulfillment slated to begin in 2021.??Gratomic?plans to deliver mine-to-market traceability through its partnership with deeptech company TODAQ by providing documented tracking on all graphite generated at its flagship?Aukam?Graphite Project.
For more information: visit the website at?www.gratomic.ca?or contact:??
Arno Brand at?abrand@gratomic.ca?or 416 561-4095??
Subscribe at gratomic.ca/contact/ to be added to our email list.??
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
Forward Looking Statements:
This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com)
NEWS OUT ! https://www.newsfilecorp.com/release/83613?fbclid=IwAR2OC46ryYMPvILF1oUfihM2-BtLUmsPPrmnRiQhphrSx4bDHVnWVc1pon0
Red Light Holland iMicro Digital Care App and Telecounseling Goes Live
Toronto, Ontario--(Newsfile Corp. - May 11, 2021) - Red Light Holland Corp. (CSE: TRIP) (FSE: 4YX) (OTC Pink: TRUFF) ("Red Light Holland" or the "Company") is pleased to announce its ground-breaking iMicro app, which includes Virtual Telecounseling and uses biometric pose detection data to help people find their optimal dose, after months of beta testing, is now live on https://www.imicroapp.com/. The app was developed based on the latest behavioural science as well as interviews with Microdosing individuals to understand their pain points, for example the difficulty of sticking to a non-daily dosing regimen, the lack of a supporting community and the difficulty of finding a personal optimal dose.
"Our goal is to promote mindfulness and responsible use of microdosing. The iMicro app does that by using the most advanced pose detection technology that can give people objective insights into their body and subconsciousness and by connecting people to the best Microdosing experts in the world. The app also promotes a well-established practice of journaling and does all that while being focused on users privacy," said Sarah Hashkes CTIO or Red Light Holland. "There are too many apps out there that sell users' data and are not aligned with their users' well being. Red Light Holland strongly believes that the psychedelic ecosystem needs to be different and we are glad to lead by example with our technology in hopes that other psychedelic companies will follow."
"We are continuing our path as a trailblazing company creating unique technology and intellectual property that we believe will benefit humanity. This app along with the consensual data we get from it will help us build more infrastructure and support structures to promote the responsible use and legalization of psychedelics worldwide," said Red Light Holland CEO and Director, Todd Shapiro. "Feel free to go to www.iMicroapp.com to learn more as we push forward with our carefully thought out movement via our educational, informational and supportive approach to #FreeTheMagic."
About Red Light Holland Corp.
The Company is an Ontario-based corporation engaged in the production, growth and sale (through existing Smart Shops operators and an advanced e-commerce platform) of a premium brand of magic truffles to the legal market within the Netherlands, in accordance with the highest standards, in compliance with all applicable laws.
For additional information on the Company:
Todd Shapiro
Chief Executive Officer & Director
Tel: 647-204-7129
Email: todd@redlighttruffles.com
Website: https://redlighttruffles.com/
Forward-Looking Statements
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond the control of Red Light Holland. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Forward looking statements include, but are not limited to: statements pertaining to the intended uses and expected functions of the iMicro app, data collection and privacy protection, statements regarding the Company's technology and intellectual property, and the optimism surrounding the Company's anticipated positive outcomes of the use of the Company's products in the psychedelics sector.
Forward-looking information is based on a number of key expectations and assumptions made by Red Light Holland, including without limitation: no change to laws or regulations that negatively affect Red Light Holland's business; there will be a demand for Red Light Holland's products in the future; no unanticipated expenses or costs arise; and the Company will be able to continue to develop products that are used and sold in the psychedelics industry. Although the forward-looking information contained in this news release is based upon what the Company believes to be reasonable assumptions, it cannot assure investors that actual results will be consistent with such information.
Forward-looking information is provided for the purpose of presenting information about management's current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. Forward-looking information involves significant risks and uncertainties and should not be read as a guarantee of future performance or results, as actual results may differ materially from those expressed or implied in such forward-looking information. Those risks and uncertainties include, among other things, risks related to: renewing federal, provincial, municipal, local or other licenses and any inability to obtain all necessary governmental approvals, licenses, and permits to operate and expand the Company's facilities; regulatory or political change such as changes in applicable laws and regulations, including federal and provincial legalization, due to inconsistent public opinion, perception of the medical-use and adult-use psilocybin industry, bureaucratic delays or inefficiencies or any other reasons; any other factors or developments which may hinder market growth; the Company's limited operating history; reliance on management; the Company's requirements for additional financing; and competition for mental health and wellness investments. These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. Although the Company has attempted to identify important risk factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other risk factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking statements.
The Company assumes no obligation to update forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
Not for distribution to United States newswire services or for dissemination in the United States.