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Solei Brand Launches New Wellness Product For Nighttime Use
March 24, 2022 at 7:00 AM EDT
Renew ‘Moonlight’ by Solei, CBN Vape Pen, Now Available Across Canada
TORONTO, March 24, 2022 (GLOBE NEWSWIRE) -- Tilray Brands, Inc. ("Tilray" or the "Company") (Nasdaq: TLRY; TSX: TLRY), a leading global cannabis-lifestyle and consumer packaged goods company inspiring and empowering the worldwide community to live their very best life, today announced the launch of Renew Moonlight a new CBN vape pen designed for nighttime use by wellness brand, Solei. Joining Solei's award-winning portfolio of wellness products, this precisely formulated high-CBN vape pen with a potency of 4:1 THC and CBN is blended with citrus and herbal aromas.
"Solei products are designed to support daily wellness routines from day to night," said Danielle Minard, Solei, Brand Manager. She continued, "Renew Moonlight is the perfect CBN product for consumers looking to ease into the night after a long day."
Renew Moonlight, CBN vape pens by Solei are now available across Canada. For more information, visit www.Solei.ca and follow @SoleiCanada.
About Solei
Solei is a leading cannabis wellness brand inspired by the joy of discovery and embracing the brighter moments of life. Beloved by consumers for its carefully formulated products, Solei's occasion-based offerings are curated to complement the familiar moments of everyday wellness routines. Available in a wide range of formats including best-selling CBD oils, THC aromatic vapes, and blended topicals. Solei makes it easy for anyone to choose a cannabis product for any occasion.
About Tilray Brands, Inc.
Tilray Brands, Inc. (Nasdaq: TLRY and TSX: TLRY) is a leading global cannabis-lifestyle and consumer packaged goods company with operations in Canada, the United States, Europe, Australia, and Latin America that is changing people’s lives for the better – one person at a time – by inspiring and empowering the worldwide community to live their very best life by providing them with products that meet the needs of their mind, body, and soul and invoke a sense of wellbeing. Tilray’s mission is to be the trusted partner for its patients and consumers by providing them with a cultivated experience and health and wellbeing through high-quality, differentiated brands and innovative products. A pioneer in cannabis research, cultivation, and distribution, Tilray’s unprecedented production platform supports over 20 brands in over 20 countries, including comprehensive cannabis offerings, hemp-based foods, and alcoholic beverages.
__________
Forward-Looking Statements
Certain statements in this communication that are not historical facts constitute forward-looking information or forward-looking statements (together, “forward-looking statements”) under Canadian securities laws and within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be subject to the “safe harbor” created by those sections and other applicable laws. Forward-looking statements can be identified by words such as “forecast,” “future,” “should,” “could,” “enable,” “potential,” “contemplate,” “believe,” “anticipate,” “estimate,” “plan,” “expect,” “intend,” “may,” “project,” “will,” “would” and the negative of these terms or similar expressions, although not all forward-looking statements contain these identifying words. Certain material factors, estimates, goals, projections or assumptions were used in drawing the conclusions contained in the forward-looking statements throughout this communication. Forward-looking statements include statements regarding our intentions, beliefs, projections, outlook, analyses or current expectations concerning, among other things, the Company’s ability to commercialize new and innovative products worldwide. Many factors could cause actual results, performance or achievement to be materially different from any forward-looking statements, and other risks and uncertainties not presently known to the Company or that the Company deems immaterial could also cause actual results or events to differ materially from those expressed in the forward-looking statements contained herein. For a more detailed discussion of these risks and other factors, see the most recently filed annual information form of Tilray and the Annual Report on Form 10-K (and other periodic reports filed with the SEC) of Tilray made with the SEC and available on EDGAR. The forward-looking statements included in this communication are made as of the date of this communication and the Company does not undertake any obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities laws.
Contacts:
Tilray Global:
Jaydon Case
news@tilray.com
Investors
Raphael Gross
203-682-8253
Raphael.Gross@icrinc.com
FIRE & FLOWER TO PARTICIPATE IN THE 34TH ANNUAL ROTH CONFERENCE
MARCH, 08, 2022
https://investors.fireandflower.com/news/news-details/2022/Fire--Flower-to-Participate-in-the-34th-Annual-ROTH-Conference/default.aspx
TORONTO, March 8, 2022 /CNW/ - Fire & Flower Holdings Corp. ("Fire & Flower" or the "Company") (TSX: FAF) (OTCQX: FFLWF), a leading cannabis consumer technology platform announced today that Trevor Fencott, Chief Executive Officer, and Judy Adam, Chief Financial Officer, will be attending the 34th Annual ROTH Conference in Dana Point, California, March 13th through 15th, 2022.
Fire & Flower Logo - (c) 2022 Fire & Flower Holdings Corp. (CNW Group/Fire & Flower Holdings Corp.)
The Company will host a fireside chat at 1:30 p.m. PT on Tuesday, March 15, 2022. The fireside chat will be moderated by Scott Fortune, Senior Equity Research Analyst, Cannabis and Hemp CBD at Roth Capital Partners on the Tuesday Consumer track, Salon 4.
The Fire & Flower management team will be available for one-on-one meetings and small group meetings throughout the duration of the conference. To register, please visit the event website.
About Fire & Flower
Fire & Flower is a leading, technology-powered, adult-use cannabis retailer with more than 100 corporate-owned stores in its network. The Company leverages its wholly-owned technology development subsidiary, Hifyre, to continually advance its proprietary retail operations model while also providing additional independent high-margin revenue streams. Fire & Flower guides consumers through the complex world of cannabis through education-focused, best-in-class retailing while the Hifyre digital retail and analytics platform empowers retailers to optimize their connections with consumers. The Company's leadership team combines extensive experience in the technology, logistics, cannabis and retail industries.
Through the strategic investment of Alimentation Couche-Tard Inc. (owner of Circle K convenience stores), the Company has set its sights on global expansion as new cannabis markets emerge and is poised to expand into the United States when permitted through its strategic licensing agreement with Fire & Flower U.S. Holdings upon the occurrence of certain changes to the cannabis regulatory regime.
Fire & Flower is a multi-banner cannabis retail operator that owns and operates the Fire & Flower, Friendly Stranger, Happy Dayz and Hotbox brands. Fire & Flower Holdings Corp. owns all issued and outstanding shares in Fire & Flower Inc. and Friendly Stranger Holdings Corp., licensed cannabis retailers that own and operate cannabis retail stores in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, and the Yukon territory.
To learn more about Fire & Flower, visit www.fireandflower.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This news release contains certain forward-looking information within the meaning of applicable Canadian securities laws ("forward-looking statements"). All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "achieve", "could", "believe", "plan", "intend", "objective", "continuous", "ongoing", "estimate", "outlook", "expect", "project" and similar words, including negatives thereof, suggesting future outcomes or that certain events or conditions "may" or "will" occur. These statements are only predictions.
Forward-looking statements are based on the opinions and estimates of management of Fire & Flower at the date the statements are made based on information then available to the Fire & Flower. Various factors and assumptions are applied in drawing conclusions or making the forecasts or projections set out in forward-looking statements. Forward-looking statements are subject to and involve a number of known and unknown, variables, risks and uncertainties, many of which are beyond the control of Fire & Flower, which may cause Fire & Flower's actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Such factors, among other things, include: regulatory and other approvals or consents; fluctuations in general macroeconomic conditions; fluctuations in securities markets; the impact of the COVID-19 pandemic; the ability of the Company to successfully achieve its business objectives and political and social uncertainties.
No assurance can be given that the expectations reflected in forward-looking statements will prove to be correct. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. Additional information regarding risks and uncertainties relating to the Company's business are contained under the heading "Risk Factors" in the Company's annual information form dated April 30, 2021 and the heading "Risks and Uncertainties" in the management discussion and analysis for the quarter ended October 30, 2021 filed on its issuer profile on SEDAR at www.sedar.com. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
SOURCE Fire & Flower Holdings Corp.
Aleafia Health Provides Further Update on its Convertible Debt
• Holders representing approximately 62% of total Debentures extend Forbearance Period until March 28, 2022 to allow negotiations to continue
TORONTO – March 16, 2022 – Aleafia Health Inc. (TSX: AH, AH.DB, OTCQX: ALEAF) (“Aleafia Health” or the “Company”) is providing a corporate update regarding its outstanding listed unsecured convertible debentures (TSX: AH.DB), issued on June 27, 2019 and maturing on June 27, 2022 (the “Convertible Debt”).
Further to the Company’s announcements on February 1, 2022 and March 1, 2022, the Forbearance Agreement, entered into between the Company and holders of Convertible Debt representing approximately 62% of the aggregate principal amount of debentures outstanding, has been extended until March 28, 2022. The Agreement automatically renews for 14-day periods thereafter unless advance notice to the contrary is provided.
The parties continue to work expeditiously and in good faith to negotiate a potential transaction to amend the terms associated with the Convertible Debt. While there can be no assurances regarding any outcome, the Company believes progress is being made towards a solution that is beneficial to its stakeholders.
For Investor & Media Relations:
1-833-879-2533
IR@AleafiaHealth.com
LEARN MORE: www.AleafiaHealth.com
About Aleafia Health:
Aleafia Health, a vertically integrated and federally licensed Canadian cannabis company, owns three licensed cannabis production facilities, including the first large-scale, legal outdoor cultivation facility in Canadian history, and operates a strategically located distribution centre, all in the province of Ontario. The Company produces a diverse portfolio of cannabis derivative products including oils, capsules, edibles, sublingual strips, and vapes, for sale in Canada in the adult-use and medical markets and is pursuing opportunities in select international jurisdictions. The Company owns and operates a virtual network of medical cannabis clinics staffed by physicians and nurse practitioners.
Forward Looking Information
This news release contains forward-looking information within the meaning of applicable Canadian and United States securities laws. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “estimates”, “intends”, “anticipates”, or “believes” or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained in this news release. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information, including risks contained in the Company’s annual information form filed with Canadian securities regulators available on the Company’s SEDAR profile at www.sedar.com. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed time frames or at all. The forward-looking information included in this news release are made as of the date of this news release and the Company does not undertake any obligation to publicly update such forward-looking information to reflect new information, subsequent events or otherwise unless required by applicable securities legislation.
MediPharm Labs Strengthens Recreational Business Adding Flower and Pre-Rolls to Portfolio - Acquires IP from Canadian Consumer Favourite, Shelter Cannabis Brands
• Known for its high-quality, specialty recreational dried flower products, Shelter Cannabis is expected to complement MediPharm's existing Canadian cannabis portfolio.
• Adds IP and well-regarded Shelter brands Wildlife and Shelter Craft to MediPharm.
• MediPharm expects to leverage its recently expanded national sales network to drive Shelter's growth beyond current five province market.
• MediPharm will produce Shelter Cannabis products in its Barrie, Ontario facility, enhancing capacity utilization which leverages existing infrastructure and overhead.
• This new position in the Canadian flower market creates opportunity to improve MediPharm's existing medical cannabis flower distribution network, where products are already shipped to pharmaceutical partners in Germany and the UK.
• Expected increased activity and success in the Canadian adult use market continues to support MediPharm resources needed to maintain leadership as a global pharmaceutical company specialized in cannabis.
• Non-dilutive, with 100% performance-based cash payment.
TORONTO, March 22, 2022 /CNW/ - MediPharm Labs Corp. (TSXV: LABS) (OTCQX: MEDIF) (FSE: MLZ) ("MediPharm", "MediPharm Labs" or the "Company") a pharmaceutical company specialized in precision-based cannabinoids, today announced that it has acquired the intellectual property portfolio of Shelter Cannabis ("Shelter"), including cannabis dried flower and pre-roll products, manufacturing know-how, trademarks, marketing assets and provincial listings (the "Transaction"). MediPharm will pay Shelter based on an earn-out reflective of future gross sales, net of excise tax. MediPharm-originated shipments are expected to begin during Q2 2022.
Transaction Highlights
• Fills a key gap in MediPharm product portfolio – MediPharm strengthens its recreational business by adding Shelter's highly recognizable Wildlife and Craft dried flower and pre-roll brands and products; dried flower is a roughly CAD $2.6B category that accounts for over 70 per cent of domestic cannabis sales1. The addition of these brands and products aligns with the Company's portfolio of pharmaceutical cannabinoid products to create a differentiated business focused on quality and craftsmanship in cannabis.
• Investments made to date create frictionless pathways to integrate and optimize Shelter Cannabis brands – With its established provincial agreements, logistics and sales teams, the Company will aim to optimize investments made to date and solidify its presence in the Canadian adult-use market. Over the past eight months, MediPharm has added considerable resources to its established sales network across Canada – which is now composed of over 20 dedicated sales and marketing professionals. MediPharm sees an opportunity to leverage this network to deepen Shelter's shelf presence in its existing provinces, and to expand to additional markets. MediPharm now ships to 9 of the 10 provinces with Newfoundland registration underway.
• Additional synergies by moving Shelter's production to MediPharm's existing facility – Shelter's brands are currently being produced at a facility in Saskatchewan. MediPharm will move production to its existing facility in Barrie, Ontario with very little capital expenditure required, enhancing capital utilization of facilities and staff, and driving additional margin.
• Opportunity to expand international medical flower business – MediPharm already supplies medical flower to the UK and German medical cannabis markets where flower makes up the majority of sales.
• Non-dilutive transaction, with payment based on future performance – MediPharm has arranged to pay the vendor a royalty solely based on the future Shelter Cannabis sales, making the transaction cost 100 per cent performance based. This is expected to minimize risk to MediPharm shareholders, while maximizing return and allows MediPharm to retain its substantial cash position for future growth opportunities.
Management Commentary
Bryan Howcroft, CEO of MediPharm commented, "This Transaction represents an important step as MediPharm continues to focus on building a Canadian recreational portfolio that is relevant, profitable and grounded in the Company's unwavering commitment to high quality products. With Shelter, we see a significant opportunity to get a head start in the important dried flower and pre-roll segment of the market, with the addition of a well-regarded list of brands, led by Shelter's flagship Wildlife brand. With MediPharm's existing buying power, and established sales and production platforms, we believe there are multiple opportunities to generate revenue and cost synergies through this Transaction, to continue building value for MediPharm shareholders. Expected increased activity and success in the Canadian adult use market supports MediPharm resources as we continue to build out our pharmaceutical business with traditional pharma customers being part of longer development and sales cycle."
Shelter's CEO Michael Nederhoff said, "We are very excited by the opportunity that MediPharm has created for our brands to live on in the Canadian recreational market. After a successful journey, Shelter and Wildlife have made a lasting impression which MediPharm will now take ownership of and continue to grow."
About MediPharm Labs
Founded in 2015, MediPharm specializes in the development and manufacture of purified, pharmaceutical-quality cannabis concentrates, active pharmaceutical ingredients (API) and advanced derivative products utilizing a Good Manufacturing Practices certified facility with ISO standard-built clean rooms. MediPharm has invested in an expert, research driven team, state-of-the-art technology, downstream purification methodologies and purpose-built facilities with five primary extraction lines for delivery of pure, trusted and precision-dosed cannabis products for its customers. Through its wholesale and white label platforms, MediPharm formulates, develops (including through sensory testing), processes, packages and distributes cannabis extracts and advanced cannabinoid-based products to domestic and international markets.
In 2021, MediPharm received a Pharmaceutical Drug Establishment Licence from Health Canada, becoming the only company in North America to hold a domestic Good Manufacturing Licence for the extraction of natural cannabinoids. The Company carries out its operations in compliance with all applicable laws in the countries in which it operates.
Cautionary Note Regarding Forward-Looking Information:
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate to, among other things, statements regarding: new position in Canadian flower market and creation of opportunity to improve MediPharm's medical cannabis flower distribution network; expected increased activity and success in the Canadian adult use market; growth of the Shelter brands beyond their current market; enhanced capacity utilization of Shelter products in the Barrie facility; when shipments will commence, ability to create a differentiated business focused, opportunity to leverage its established sales network to deepen Shelter's shelf presence; capital expenditure required; enhanced utilization; additional margins being driven; and minimized risk to MediPharm shareholders while maximizing return. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; the inability of MediPharm to obtain adequate financing; the delay or failure to receive regulatory approvals; and other factors discussed in MediPharm's filings, available on the SEDAR website at www.sedar.com. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, MediPharm assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.
1 MJBiz – 2021 annualized figures based on January to June 2021 Canadian sales data
For further information: MediPharm Labs Investor Relations, Telephone: +1 416.913.7425 ext. 1525, Email: investors@medipharmlabs.com, Website: www.medipharmlabs.com
Benefits Trulieve with 3 dispensaries in Maryland --->>> Maryland Senate President Says Voters Need To Know What Marijuana Legalization ‘Would Look Like’
Published 3 days ago on March 4, 2022
By Ben Adlin
https://www.marijuanamoment.net/maryland-senate-president-says-voters-need-to-know-what-marijuana-legalization-would-look-like/
With at least five competing cannabis legalization bills in play this session in Maryland, the state’s Senate president weighed in on Friday about how he’d like to see lawmakers proceed during the remaining weeks of the legislative session.
The House of Delegates passed legislation last week that would ask voters whether to legalize cannabis for adults in the state, as well as a separate bill that lays out related criminal justice reforms. On the Senate side, two competing proposals have been introduced and are pending in committee: One that would legalize cannabis directly later this year as well as another voter referendum measure that includes a more comprehensive regulatory scheme than what’s detailed in the House-approved plan.
The Senate Finance considered both Senate proposals earlier this week but did not vote on either bill.
At a press conference Friday, Senate President Bill Ferguson (D) took questions from reporters on the competing plans. He said that if lawmakers decide to move forward with a ballot referendum, they owe voters a better idea of what the new system would look like than what his colleagues in the other chamber have provided.
“It wouldn’t be my first choice,” Ferguson said of putting the proposed constitutional amendment to voters. “But what’s most important [is] if it does go to voters, they have to know what they’re voting on. They have to have an idea of what the framework would look like.”
“Are we protecting public health?” he asked. “Are we making sure that we are ending the war on drugs, which has been absolutely devastating to communities, and doing it in a way that if an industry moves forward, that there is an equitable opportunity to participate in the marketplace?
“I think we can get there this year,” he continued.
Maryland’s legislative session is scheduled to end on April 11.
Last year Ferguson said he believed lawmakers should skip the ballot step entirely and legalize cannabis by statute. But he indicated at Friday’s press event that he was warming to the idea of a voter-approved constitutional amendment.
Ferguson said he thinks all sides in the debate over what path to take “have demonstrated a commitment to compromising and getting there.”
The Senate “feels comfortable” moving forward with legalization without resorting to a referendum, he explained, “but we’re open to the conversation because we respect the other chamber and the position of the other chamber, and we will see where we land by the end of the session.”
House Speaker Adrienne Jones (D), who formed a legalization working group last summer to study the issue, has said the decision should be left to Marylanders.
Jones said last year that while she has “personal concerns about encouraging marijuana use, particularly among children and young adults, the disparate criminal justice impact leads me to believe that the voters should have a say in the future of legalization.”
Both pending Senate bills include far more detail than the House bills, HB 1 and HB 837, about how the state would regulate a new commercial cannabis industry. SB 833, sponsored by Sen. Brian J. Feldman (D) parallels many of the House’s basic provisions but includes much more extensive details on licensing, industry regulation, and other policy matters. The House plan, by contrast, leaves nearly all the wrinkles to be ironed out later, if voters approve the basic policy change.
Under both the House’s and Senate’s proposed constitutional amendments, legalization would not take effect until July 2023. If passed, an amendment would not require Republican Gov. Larry Hogan’s signature. Hogan has not endorsed legalization but has signaled he may be open to considering the idea.
The Senate bill, SB 692, by Sen. Jill Carter (D), is focused primarily on repairing the harms of the drug war. It would legalize cannabis sooner, in July of this year, and establish more permissive limits on possession and home cultivation. It would also guarantee greater legal relief to people with past cannabis-related convictions.
“Sen. Carter’s bill is the only one that lays critical, extensive framework to repair the racial injustices that have been caused by the war on drugs,” Elizabeth Hilliard, an assistant public defender and assistant director of the state’s Office of the Public Defender’s government relations division, said at this week’s Senate Finance Committee hearing, where members discussed both Senate bills.
Feldman, for his part said he didn’t see the two bills “as being in conflict” and thanked Carter for her cooperation. He indicated he was interested in incorporating some provisions of Carter’s bill, such as the vacation of past cannabis convictions, into his own proposal through future amendments.
Feldman last legislative session was a lead author on a different legalization bill that was co-sponsored by Senate President Ferguson. The Senate Finance Committee held a hearing on that proposal last March, but ultimately no votes were held. That followed a House Judiciary Committee hearing on a separate cannabis proposal in February.
Ferguson is not a listed sponsor of Feldman’s new proposal.
On the House side, Del. Luke Clippinger (D), who is sponsoring the legalization bills that cleared the chamber, said last week that the House’s passage of the legislation marked “the beginning of an important process where we begin to look again at how we have treated this substance, cannabis.”
A competing legalization bill on the House side, HB 1342, has been introduced by Del. Gabriel Acevero (D) and is scheduled for a committee hearing on Tuesday.
Maryland legalized medical marijuana through an act of the legislature in 2012. Two years later, a decriminalization law took effect that replaced criminal penalties for possession of less than 10 grams with a civil fine of $100 to $500. Since then, however, a number of efforts to further marijuana reform have fallen short.
A bill to expand the decriminalization possession threshold to an ounce passed the House in 2020 but was never taken up in the Senate.
Also that year, the governor vetoed a bill that would have shielded people with low-level cannabis convictions from having their records publicized on a state database. In a veto statement, he said it was because lawmakers failed to pass a separate, non-cannabis measure aimed at addressing violent crime.
In 2017, Hogan declined to respond to a question about whether voters should be able to decide the issue, but by mid-2018 he had signed a bill to expand the state’s medical marijuana system and said full legalization was worth considering: “At this point, I think it’s worth taking a look at,” he said at the time.
As for Maryland lawmakers, a House committee in 2019 held hearings on two bills that would have legalized marijuana. While those proposals didn’t pass, they encouraged many hesitant lawmakers to begin seriously considering the change.
Maryland Senate President Says Voters Need To Know What Marijuana Legalization ‘Would Look Like’
Published 3 days ago on March 4, 2022
By Ben Adlin
https://www.marijuanamoment.net/maryland-senate-president-says-voters-need-to-know-what-marijuana-legalization-would-look-like/
With at least five competing cannabis legalization bills in play this session in Maryland, the state’s Senate president weighed in on Friday about how he’d like to see lawmakers proceed during the remaining weeks of the legislative session.
The House of Delegates passed legislation last week that would ask voters whether to legalize cannabis for adults in the state, as well as a separate bill that lays out related criminal justice reforms. On the Senate side, two competing proposals have been introduced and are pending in committee: One that would legalize cannabis directly later this year as well as another voter referendum measure that includes a more comprehensive regulatory scheme than what’s detailed in the House-approved plan.
The Senate Finance considered both Senate proposals earlier this week but did not vote on either bill.
At a press conference Friday, Senate President Bill Ferguson (D) took questions from reporters on the competing plans. He said that if lawmakers decide to move forward with a ballot referendum, they owe voters a better idea of what the new system would look like than what his colleagues in the other chamber have provided.
“It wouldn’t be my first choice,” Ferguson said of putting the proposed constitutional amendment to voters. “But what’s most important [is] if it does go to voters, they have to know what they’re voting on. They have to have an idea of what the framework would look like.”
“Are we protecting public health?” he asked. “Are we making sure that we are ending the war on drugs, which has been absolutely devastating to communities, and doing it in a way that if an industry moves forward, that there is an equitable opportunity to participate in the marketplace?
“I think we can get there this year,” he continued.
Maryland’s legislative session is scheduled to end on April 11.
Last year Ferguson said he believed lawmakers should skip the ballot step entirely and legalize cannabis by statute. But he indicated at Friday’s press event that he was warming to the idea of a voter-approved constitutional amendment.
Ferguson said he thinks all sides in the debate over what path to take “have demonstrated a commitment to compromising and getting there.”
The Senate “feels comfortable” moving forward with legalization without resorting to a referendum, he explained, “but we’re open to the conversation because we respect the other chamber and the position of the other chamber, and we will see where we land by the end of the session.”
House Speaker Adrienne Jones (D), who formed a legalization working group last summer to study the issue, has said the decision should be left to Marylanders.
Jones said last year that while she has “personal concerns about encouraging marijuana use, particularly among children and young adults, the disparate criminal justice impact leads me to believe that the voters should have a say in the future of legalization.”
Both pending Senate bills include far more detail than the House bills, HB 1 and HB 837, about how the state would regulate a new commercial cannabis industry. SB 833, sponsored by Sen. Brian J. Feldman (D) parallels many of the House’s basic provisions but includes much more extensive details on licensing, industry regulation, and other policy matters. The House plan, by contrast, leaves nearly all the wrinkles to be ironed out later, if voters approve the basic policy change.
Under both the House’s and Senate’s proposed constitutional amendments, legalization would not take effect until July 2023. If passed, an amendment would not require Republican Gov. Larry Hogan’s signature. Hogan has not endorsed legalization but has signaled he may be open to considering the idea.
The Senate bill, SB 692, by Sen. Jill Carter (D), is focused primarily on repairing the harms of the drug war. It would legalize cannabis sooner, in July of this year, and establish more permissive limits on possession and home cultivation. It would also guarantee greater legal relief to people with past cannabis-related convictions.
“Sen. Carter’s bill is the only one that lays critical, extensive framework to repair the racial injustices that have been caused by the war on drugs,” Elizabeth Hilliard, an assistant public defender and assistant director of the state’s Office of the Public Defender’s government relations division, said at this week’s Senate Finance Committee hearing, where members discussed both Senate bills.
Feldman, for his part said he didn’t see the two bills “as being in conflict” and thanked Carter for her cooperation. He indicated he was interested in incorporating some provisions of Carter’s bill, such as the vacation of past cannabis convictions, into his own proposal through future amendments.
Feldman last legislative session was a lead author on a different legalization bill that was co-sponsored by Senate President Ferguson. The Senate Finance Committee held a hearing on that proposal last March, but ultimately no votes were held. That followed a House Judiciary Committee hearing on a separate cannabis proposal in February.
Ferguson is not a listed sponsor of Feldman’s new proposal.
On the House side, Del. Luke Clippinger (D), who is sponsoring the legalization bills that cleared the chamber, said last week that the House’s passage of the legislation marked “the beginning of an important process where we begin to look again at how we have treated this substance, cannabis.”
A competing legalization bill on the House side, HB 1342, has been introduced by Del. Gabriel Acevero (D) and is scheduled for a committee hearing on Tuesday.
Maryland legalized medical marijuana through an act of the legislature in 2012. Two years later, a decriminalization law took effect that replaced criminal penalties for possession of less than 10 grams with a civil fine of $100 to $500. Since then, however, a number of efforts to further marijuana reform have fallen short.
A bill to expand the decriminalization possession threshold to an ounce passed the House in 2020 but was never taken up in the Senate.
Also that year, the governor vetoed a bill that would have shielded people with low-level cannabis convictions from having their records publicized on a state database. In a veto statement, he said it was because lawmakers failed to pass a separate, non-cannabis measure aimed at addressing violent crime.
In 2017, Hogan declined to respond to a question about whether voters should be able to decide the issue, but by mid-2018 he had signed a bill to expand the state’s medical marijuana system and said full legalization was worth considering: “At this point, I think it’s worth taking a look at,” he said at the time.
As for Maryland lawmakers, a House committee in 2019 held hearings on two bills that would have legalized marijuana. While those proposals didn’t pass, they encouraged many hesitant lawmakers to begin seriously considering the change.
What will the street say when they add a dozen or more stores every year and close in on revenues of $1.5B?
Adding is a good idea.
Especially since cannabis will eventually be legalized.
Thanks jefra1965. Really appreciate your effort in that analysis and reply. You put some real effort into those thoughts.
I just don't believe the "blue-sky" forecast is accurate without action in the USA.
I will believe it when I see it. Meanwhile I continue to hold my position just waiting Q after Q, for good things to happen in the USA congress and losing faith.
Russia isn't helping at all. It's going to be bad optics used by McConnell if war is happening and knocking on NATO's doorstep for the dems to introduce cannabis legalization in April as Chuck Schumer said he would.
Green Thumb: Ignore Noise
Mar. 01, 2022 11:43 PM ET
Summary
• Green Thumb fell following Q4'21 earnings despite another solid quarter and pending major catalysts in the major NE states.
• The New Jersey market could launch recreational cannabis any week now.
• The stock only trades at 10x '22 EV/EBITDA targets despite the ability to double EBITDA over the following 2+ years.
Only in the U.S. cannabis space would investors sell a stock at yearly lows heading into the launch of multiple new markets larger than most existing markets where a company currently operates. Green Thumb Industries (OTCQX:GTBIF) is a leading MSO (multi-state operator) poised for years of strong growth ahead, even without Federal approval, yet the stock is now at yearly lows. My investment thesis is ultra Bullish on the stock trading at a very low multiple of future growth rates.
Just Noise
Even in a recently tough environment due to a lack of new markets opening up for recreational cannabis, Green Thumb reported a strong quarter with Q4'21 revenues rising 4% sequentially to $243.6 million. In total, the company grew revenues over 60% during the year to reach $893.6 million.
The large MSO ended the year on a run rate to easily top $1 billion in annual sales, considering the closing of the acquisition of LeafLine Industries in Minnesota on December 30. Not to mention, Green Thumb is now poised for massive growth as Northeast states open up recreational cananbis sales in the next few years.
New York, Connecticut and Virginia all have plans for recreational cannabis sales in the 2023 to 2024 timelines while New Jersey is expected to launch soon. According to Marijuana Moment, New Jersey could launch recreation cannabis within the week providing a huge growth jolt for Green Thumb in the limited license state.
They're living on hopes of USA legalization. There's no other stimulus. Very sad.
https://thevalenscompany.com/press-releases/the-valens-company-reports-fourth-quarter-and-fiscal-year-2021-financial-results/
Cantor Fitzgerald Maintains Overweight on Green Thumb Industries, Lowers Price Target to $41
https://www.benzinga.com/news/22/02/25833336/cantor-fitzgerald-maintains-overweight-on-green-thumb-industries-lowers-price-target-to-41
February 25, 2022 5:13am
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Latest Ratings for GTBIF
Date Firm Action From To
Feb 2022 ... Cantor Fitzgerald ... Maintains ... Overweight
Jan 2022 ... Wolfe Research ... Initiates Coverage On ... Outperform
Nov 2021 ... Cantor Fitzgerald ... Maintains ... Overweight
PINEAPPLE EXPRESS AND BC CANNABIS STORES TO PROVIDE NEXT-DAY DELIVERY TO METRO VANCOUVER CUSTOMERS
FEBRUARY, 24, 2022
https://investors.fireandflower.com/news/news-details/2022/Pineapple-Express-and-BC-Cannabis-Stores-to-provide-next-day-delivery-to-Metro-Vancouver-customers/default.aspx
Industry leading delivery platform, powered by CannDeliv technology offers next business day delivery to cannabis consumers
TORONTO, Feb. 24, 2022 /CNW/ - Fire & Flower Holdings Corp. ("Fire & Flower" or the "Company") (TSX: FAF) (OTCQX: FFLWF), a leading cannabis consumer technology platform announced that its wholly-owned indirect subsidiary, Pineapple Express Delivery Inc. ("Pineapple Express") will begin offering next business day delivery through BC Cannabis Stores' e-commerce website in the Metro Vancouver region beginning the week of February 28, 2022. The partnership comes after Pineapple Express was the successful proponent of a competitive RFP process.
Fire & Flower Logo (CNW Group/Fire & Flower Holdings Corp.)
Pineapple Express is widely recognized throughout the cannabis industry as the largest player in cannabis delivery, completing more than 40,000 deliveries per month to recreational and medical cannabis customers across Canada. The acquisition of Pineapple Express was announced by Fire & Flower in December of 2021 and closed on January 25, 2022, becoming a key part of the Company's Hifyre™ cannabis consumer technology platform.
"We know cannabis consumers want fast delivery. With Pineapple Express, the only delivery provider offering next-day delivery to BC Cannabis Stores customers in the Metro Vancouver region, they'll now be able to take advantage of this service," shared Randy Rolph, President, Pineapple Express.
"The scale of Pineapple Express is unmatched across Canada and through efficiencies of this magnitude, we are able to offer delivery services at an extremely cost effective and rapid manner," concluded Rolph.
To learn more about Pineapple Express Delivery, visit https://pineappleexpressdelivery.com/.
To learn more about BC Cannabis Stores, visit https://www.bccannabisstores.com/.
About Fire & Flower
Fire & Flower is a leading, technology-powered, adult-use cannabis retailer with more than 100 corporate-owned stores in its network. The Company leverages its wholly-owned technology development subsidiary, Hifyre, to continually advance its proprietary retail operations model while also providing additional independent high-margin revenue streams. Fire & Flower guides consumers through the complex world of cannabis through education-focused, best-in-class retailing while the Hifyre digital retail and analytics platform empowers retailers to optimize their connections with consumers. The Company's leadership team combines extensive experience in the technology, logistics, cannabis and retail industries.
Through the strategic investment of Alimentation Couche-Tard Inc. (owner of Circle K convenience stores), the Company has set its sights on global expansion as new cannabis markets emerge and is poised to expand into the United States when permitted through its strategic licensing agreement with Fire & Flower U.S. Holdings upon the occurrence of certain changes to the cannabis regulatory regime.
Fire & Flower is a multi-banner cannabis retail operator that owns and operates the Fire & Flower, Friendly Stranger, Happy Dayz and Hotbox brands. Fire & Flower Holdings Corp. owns all issued and outstanding shares in Fire & Flower Inc. and Friendly Stranger Holdings Corp., licensed cannabis retailers that own and operate cannabis retail stores in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, and the Yukon territory.
To learn more about Fire & Flower, visit www.fireandflower.com.
About Pineapple Express Delivery Inc.
The Pineapple Express Delivery 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 17, 2018 and has provincial offices set up across Canada.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This news release contains certain forward-looking information within the meaning of applicable Canadian securities laws ("forward-looking statements"). All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "achieve", "could", "believe", "plan", "intend", "objective", "continuous", "ongoing", "estimate", "outlook", "expect", "project" and similar words, including negatives thereof, suggesting future outcomes or that certain events or conditions "may" or "will" occur. These statements are only predictions.
Forward-looking statements are based on the opinions and estimates of management of Fire & Flower at the date the statements are made based on information then available to the Fire & Flower. Various factors and assumptions are applied in drawing conclusions or making the forecasts or projections set out in forward-looking statements. Forward-looking statements are subject to and involve a number of known and unknown, variables, risks and uncertainties, many of which are beyond the control of Fire & Flower, which may cause Fire & Flower's actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Such factors, among other things, include: regulatory and other approvals or consents; fluctuations in general macroeconomic conditions; fluctuations in securities markets; the impact of the COVID-19 pandemic; the ability of the Company to successfully achieve its business objectives and political and social uncertainties.
No assurance can be given that the expectations reflected in forward-looking statements will prove to be correct. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. Additional information regarding risks and uncertainties relating to the Company's business are contained under the heading "Risk Factors" in the Company's annual information form dated April 30, 2021 and the heading "Risks and Uncertainties" in the management discussion and analysis for the quarter ended October 30, 2021 filed on its issuer profile on SEDAR at www.sedar.com . The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
SOURCE Fire & Flower Holdings Corp.
INDIVA LAUNCHES NEW CANNABIS EDIBLE DESIGNED FOR MICRODOSING
https://www.indiva.com/press-releases/releases-2022/indiva-launches-new-cannabis-edible-designed-for-microdosing/
From Canada’s number one producer of edibles, Jewels Cannabis Tarts offer a convenient microdose option made with real fruit
LONDON, Ontario – February 24, 2022: Indiva Limited (the “Company” or “Indiva”) (TSXV:NDVA) (OTCQX:NDVAF), Canada’s number one producer of cannabis edibles and other cannabis products, is chewing further into the edible market with the launch of its newest product, Jewels Cannabis Tarts (“Jewels”).
Each package of Jewels contains 10 tarts bursting with fresh, berry flavour. At 1 mg of THC per tart, Jewels Cannabis Tarts are ideal for cannabis consumers looking for a tasty, portable, microdosing option. Jewels are vegan and gluten-free, using no artificial flavours.
Launched in Ontario on January 25th, Indiva plans to launch Jewels in provincial retail stores in British Columbia at the end of March, and Alberta in April, subject to applicable provincial approvals.
“Indiva has become synonymous with creating, selling, and marketing products that are not only innovative, but are also suited to individual dosing needs and we are thrilled to offer Jewels Cannabis Tarts as the low dose, portable cannabis option for Canadians,” says Leah Thiel, VP Marketing, Indiva. “The discreet consumption, simple ingredients, and convenient format will resonate with cannabis consumers who are looking for a non-oil microdosing product that is easy to consume and doesn’t require additional accessories.”
Jewels Cannabis Tarts are available in two unique flavours: Raspberry 1:1 CBD/THC and Strawberry THC. Jewels Raspberry 1:1 Cannabis Tarts are made with real raspberries for a fresh, berry flavour and contain 1 mg THC and 1 mg CBD. Jewels Strawberry Cannabis Tarts are bursting with fresh, fruity flavour, made with real strawberries and 1 mg THC per tart.
Media Contact
Meena Nowrattan
Email: meena@bubblegumcanada.com
Investor Contact
Anthony Simone
Email: ir@indiva.com
Phone: 416.881.5154
About Indiva
Indiva sets the standard for quality and innovation in cannabis. As a Canadian licensed producer, Indiva produces and distributes award-winning cannabis products including Grön™ Pips and Pearls, Bhang® Chocolate, Wana™ Sour Gummies, Slow Ride Bakery Cookies, Jewels Cannabis Tarts, Ruby® Cannabis Sugar, Sapphire™ Cannabis Salt, as well as capsules, pre-rolls, and premium flower under the INDIVA and Artisan Batch brands. Click here to connect with Indiva on LinkedIn, Instagram, Twitter and Facebook, and here to find more information on the Company and its products.
DISCLAIMER AND READER ADVISORY
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has in any way passed upon the merits of the contents of this press release and neither of the foregoing entities accepts responsibility for the adequacy or accuracy of this release or has in any way approved or disapproved of the contents of this press release.
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the parties’ current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the Company’s future operations, future results, future product offerings and compliance with applicable regulations. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the parties. The material factors and assumptions include the parties being able to maintain the necessary regulatory and other third parties’ approvals and licensing and other risks associated with regulated entities in the cannabis industry, future sales, the demand for the Company’s products and cannabis products generally and the continued operations of the Company in the ordinary course. The forward-looking information contained in this release is made as of the date hereof and the parties are not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. 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.
MediPharm Labs Enters United States Pharmaceutical Market with Submission of FDA DMF
CVS Health to Present at the 2022 Barclays Global Healthcare Conference
Tuesday, February 22, 2022
https://www.cvshealth.com/news-and-insights/press-releases/cvs-health-to-present-at-the-2022-barclays-global-healthcare
WOONSOCKET, R.I. — CVS Health® (NYSE: CVS) today announced that Executive Vice President and Chief Financial Officer Shawn Guertin will participate in a fireside chat with investors at the Barclays Global Healthcare Conference on March 15, 2022, at approximately 8:00 am ET.
An audio webcast of the event will be broadcast simultaneously on the Investor Relations portion of the CVS Health website at investors.cvshealth.com where it will be archived for a period of one year.
About CVS Health
CVS Health is the leading health solutions company, delivering care like no one else can. We reach more people and improve the health of communities across America through our local presence, digital channels and approximately 300,000 dedicated colleagues — including more than 40,000 physicians, pharmacists, nurses, and nurse practitioners. Wherever and whenever people need us, we help them with their health — whether that’s managing chronic diseases, staying compliant with their medications, or accessing affordable health and wellness services in the most convenient ways. We help people navigate the health care system — and their personal health care — by improving access, lowering costs and being a trusted partner for every meaningful moment of health. And we do it all with heart, each and every day. Learn more at www.cvshealth.com.
Media contact
T.J. Crawford
212-457-0583
CrawfordT2@cvshealth.com
Investor contact
Susie Lisa, CFA
401-770-4050
Susan.Lisa@cvshealth.com
Aetna Better Health selected to continue serving Louisiana Medicaid program
https://www.cvshealth.com/news-and-insights/press-releases/aetna-better-health-selected-to-continue-serving-louisiana
Tuesday, February 22, 2022
BATON ROUGE, La. — Aetna Better Health of Louisiana, a CVS Health® company (NYSE: CVS), today announced that the Louisiana Department of Health intends to award the company a new statewide Medicaid contract through the Louisiana Medicaid Managed Care Program.
Aetna Better Health has served Medicaid enrollees in Louisiana for more than seven years. Through the contract award, Aetna Better Health of Louisiana would continue to serve several Medicaid eligible populations, including those enrolled in the Louisiana Children's Health Insurance Program (CHIP), Temporary Assistance for Needy Families (TANF), Supplemental Security Income (SSI), Louisiana Medicaid expansion population (EXP) and Specialized Behavioral Health (SBH) programs.
"We appreciate that the state of Louisiana continues to have confidence in Aetna Better Health's commitment to better health outcomes for Louisianans," said Kelly Munson, President, Aetna Medicaid. "We look forward to furthering our delivery of personalized, holistic care - with a deep focus on population health and health equity to continue to increase positive impacts on our members' health and quality of life."
Aetna Better Health of Louisiana has been working to improve the health of Medicaid enrollees and their communities. The organization has reduced health care disparities and achieved the highest percentage of COVID-19 vaccinated enrollees among all Medicaid plans serving Louisiana, in collaboration with CVS Health and local community-based organizations. In addition, CVS Health has offered more than 45 Project Health events, providing more than 2,700 no-cost biometric screenings in the state with more scheduled.
Aetna Better Health of Louisiana has also continued to support the social care needs of underserved populations in the state. Since 2019, the organization has provided over $775,000 in funding to Louisiana community-based organizations, helping to fill needs such as food insecurity, maternal health and education. In addition, CVS Health is making a $25 million investment to help build 224 affordable housing units for families and seniors in Louisiana.
"Our focus is on continuing to work closely with our state partners in Louisiana, helping them achieve their objectives for the Louisiana Medicaid Managed Care Program," said Richard Born, CEO Aetna Better Health of Louisiana. "We'll catalyze the efforts of the state and community partners and deliver innovative programs and services that support a healthy Louisiana."
Aetna Better Health serves over 150,000 enrollees across the state through the Louisiana Medicaid Managed Care Program. The new contract is anticipated to begin later this year, with the option of renewals, pending the completion of the state's protest period and contract negotiations.
About Aetna Medicaid
Aetna Medicaid Administrators LLC (Aetna Medicaid), a CVS Health company, has over 30 years of experience managing the care of the most medically vulnerable, using innovative approaches and a local presence in each market to achieve both successful health care results and effective cost outcomes. Aetna Medicaid has particular expertise serving high-need Medicaid members, including those who are dually eligible for Medicaid and Medicare. Currently, Aetna Medicaid owns and/or administers Medicaid managed health care plans under the names of Aetna Better Health and other affiliate names. Together, these plans serve approximately 2.8 million people in 16 states, including Arizona, California, Florida, Illinois, Kansas, Kentucky, Louisiana, Maryland, Michigan, New Jersey, New York, Ohio, Pennsylvania, Texas, Virginia and West Virginia. For more information, see www.aetnabetterhealth.com.
About CVS Health
CVS Health is the leading health solutions company, delivering care like no one else can. We reach more people and improve the health of communities across America through our local presence, digital channels and approximately 300,000 dedicated colleagues including more than 40,000 physicians, pharmacists, nurses, and nurse practitioners. Wherever and whenever people need us, we help them with their health whether that's managing chronic diseases, staying compliant with their medications, or accessing affordable health and wellness services in the most convenient ways. We help people navigate the health care system and their personal health care by improving access, lowering costs and being a trusted partner for every meaningful moment of health. And we do it all with heart, each and every day. Learn more at www.cvshealth.com.
Media contact
Robert Joyce
joycer@aetna.com
About CVS Health
CVS Health is the leading health solutions company that delivers care like no one else can. We help people navigate the health care system — and their personal health care — by improving access, lowering costs and being a trusted partner for every meaningful moment of health. And we do it all with heart, each and every day.
CVS Pharmacy Develops Innovative, Modern Line of Home Health Care Products
Tuesday, February 22, 2022
Guided by consumer research, this collection brings functional and stylish products to the aging, caregivers and those living with disabilities
WOONSOCKET, R.I., Feb. 22, 2022 /PRNewswire/ -- CVS Pharmacy, the retail division of CVS Health (NYSE: CVS) today announced the launch of six new innovative home health care products as an extension of the company's exclusive CVS Health product line. Rooted in customer insights and specifically designed to meet the needs of the aging, caregivers and those living with disabilities, these bathroom safety and mobility products merge function and design. The products were developed in collaboration with Michael Graves Design, pioneers of the Design for All movement, which leverages the power of design to improve people's everyday lives.
The new CVS Health by Michael Graves Design assortment features a variety of products ranging from comfort grip canes and easy-fold travel walkers to convertible shower chairs and 3-in-1 comfort commodes. Most products are now available on CVS.com and hitting shelves through March at more than 6,000 CVS Pharmacy retail locations nationwide.
"There will be more than 70 million Americans ages 65 and older by 2030, along with millions of caregivers and other customers who need these types of products because of illness or while recuperating from an accident," said Brenda Lord, Vice President, Store Brands, CVS Health. "By filling an unmet need for functional, but beautifully designed products, we aim to help improve the everyday lives of those who rely on these tools and who are seeking a more premium and customized market offering."
Extensive in-home research was conducted with end users, caregivers, and clinicians to guide the creation of the new line. This research helped uncover and solve shortcomings in currently available home health care products. Consumer insights also confirmed a desire for home health care products with improved usability, and an aesthetically pleasing, minimalistic style, which is reflected in the creation of the CVS Health by Michael Graves Design portfolio.
The product assortment serves as the latest innovation of CVS Pharmacy's Store Brands portfolio, which satisfy unmet customer needs and offer premium products at affordable prices. This latest refresh to the home health care category represents CVS Pharmacy's commitment to transforming health care into a more personalized experience through new technologies and innovations that can help improve quality of everyday life.
For more than 50 years, CVS Pharmacy has continued to innovate with its exclusive Store Brand family of products. All CVS Store Brands products carry a commitment to quality, safety, and trust, and hold a 100% money back guarantee. With thousands of stores throughout the country, CVS is well positioned to provide the products that people need, when and where they need them. For more information on these new products and to shop online, customers can visit CVS.com/shop/content/michael-graves.
About CVS Pharmacy
CVS Pharmacy, the retail division of CVS Health, is America's leading retail pharmacy with nearly 10,000 locations, including over 1,700 pharmacies inside of Target and Schnucks grocery stores. We are committed to delivering innovative health solutions that create a simpler, more accessible experience for patients, customers, and caregivers. CVS Pharmacy is the only national pharmacy to remove tobacco products from its shelves and has taken a leadership role in responding to the COVID-19 pandemic by making testing and vaccinations available at locations across the United States. For the latest product and service offerings, visit www.cvs.com or download the CVS Pharmacy App.
Media Contact
Matt Blanchette
401-524-6185
matthew.blanchette@cvshealth.com
SOURCE CVS Health
About CVS Health
CVS Health is the leading health solutions company that delivers care like no one else can. We help people navigate the health care system — and their personal health care — by improving access, lowering costs and being a trusted partner for every meaningful moment of health. And we do it all with heart, each and every day.
Thanks Cabos--->>> Trulieve Announces Exclusive Partnership with Khalifa Kush
February 22, 2022 at 7:40 AM EST
https://investors.trulieve.com/news-releases/news-release-details/trulieve-announces-exclusive-partnership-khalifa-kush
GRAMMY® and Golden Globe® Award-nominated artist's cannabis brand to launch in Florida exclusively at Trulieve this summer; partnership will extend to other markets in 2022
TALLAHASSEE, Fla., Feb. 22, 2022 /PRNewswire/ -- Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) ("Trulieve" or "the Company"), a leading and top-performing cannabis company in the United States, today announced an exclusive partnership with multi-platinum-selling, GRAMMY® Award and Golden Globe® Award-nominated recording artist Wiz Khalifa's brand, Khalifa Kush. Through the agreement, Trulieve becomes the exclusive producer, processor and retailer of Khalifa Kush branded products in Florida and other northeast markets, beginning this summer.
Trulieve logo (PRNewsfoto/Trulieve Cannabis Corp.)
"We're excited to partner with the undisputed leader in the Florida market," said Wiz Khalifa. "Trulieve's dedication to working with the community and creating an amazing customer experience perfectly lines up with our brand values, making them a great fit for our first expansion to the East Coast."
Valda Coryat, Chief Marketing Officer of Trulieve, said, "Trulieve is committed to delivering a broad selection of the highest-quality cannabis brands to better serve our patient communities. Khalifa Kush is a respected brand known for top-tier genetics among cannabis connoisseurs. We look forward to becoming the exclusive home of the brand's premium products in Florida and eventually in other markets."
As the leading medical cannabis provider in Florida, the second largest medical cannabis market in the U.S., Trulieve offers the largest selection of THC and CBD products in a variety of delivery methods, including edibles, smokable flower, concentrates, tinctures, topical creams, vaporizers, and more. Trulieve also offers statewide home delivery, convenient online ordering, and in-store pickup.
For more information, please visit khalifakush.com and www.Trulieve.com.
About Khalifa Kush
Khalifa Kush products were first commercialized in the U.S. in 2015 by global icon Wiz Khalifa. The company has achieved continued growth and success by focusing on high quality and highly sought-after products in legalized cannabis markets. The Khalifa Kush brand offers a growing lineup of flower, pre-rolls, vapes, edibles, and concentrates, powered by proprietary genetics. Khalifa Kush is available in select markets including California, Nevada, Arizona and Utah. Learn more about our upcoming launches in Pennsylvania, Florida and Michigan and shop apparel at KHALIFAKUSH.COM.
About Trulieve
Trulieve is an industry leading, vertically integrated cannabis company and multi-state operator in the U.S. operating in 11 states, with leading market positions in Arizona, Florida, and Pennsylvania. Trulieve is poised for accelerated growth and expansion, building scale in retail and distribution in new and existing markets through its hub strategy. By providing innovative, high-quality products across its brand portfolio, Trulieve delivers optimal customer experiences and increases access to cannabis, helping patients and customers to live without limits. Trulieve is listed on the CSE under the symbol TRUL and trades on the OTCQX market under the symbol TCNNF. For more information, please visit Trulieve.com.
Facebook: @Trulieve
Instagram: @Trulieve
Twitter: @Trulieve
Investor Contact
Christine Hersey, Director of Investor Relations
+1 (424) 202-0210
Christine.Hersey@Trulieve.com
Media Contact
Rob Kremer, Executive Director of Corporate Communications
+1 (404) 218-3077
Robert.Kremer@Trulieve.com
Khalifa Kush / Wiz Khalifa Contact
Dvora Englefield Dvora.Englefield@ledecompany.com
Courtni Asbury Courtni.Asbury@ledecompany.com
Chris Iacullo Chris.Iacullo@ledecompany.com
MATTIO Communications
Trulieve@Mattio.com
Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/trulieve-announces-exclusive-partnership-with-khalifa-kush-301486728.html
SOURCE Trulieve Cannabis Corp.
Babubd --->>> thanks, great news --->>> SweetWater Brewing Company Continues Rapid Expansion with Distribution Rollout Across Washington & Oregon
February 22, 2022 at 7:00 AM EST
Trulieve Georgia to Host Listening and Education Statewide Tour Moderated by Champ Bailey and Industry Experts
February 21, 2022 at 7:42 AM EST
https://investors.trulieve.com/news-releases/news-release-details/trulieve-georgia-host-listening-and-education-statewide-tour
Leaders to exchange ideas and discuss impact of cannabis in local communities regarding medical, economic, agricultural and expungement opportunities
TALLAHASSEE, Fla., Feb. 21, 2022 /PRNewswire/ -- Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) ("Trulieve" or "the Company"), a leading and top-performing cannabis company in the U.S., is excited to announce that it is hosting a Listening and Education Tour to exchange ideas with local community leaders. The programs center around the medical, economic, agricultural and expungement opportunities presented by the medical cannabis industry in Georgia. The first in-person event takes place at the Carolyn Harris Performing Arts Center in Adel on Friday, Feb. 25 at noon.
In July of 2021, the Georgia Access to Medical Cannabis Commission announced its intent to award Trulieve a Class 1 production license.
Moderated by Trulieve Georgia Chief Diversity Officer and Pro Football Hall of Famer Champ Bailey, the programs will feature numerous industry experts:
Adel Mayor Luther "Buddy" Duke
Adel-Cook County Chamber of Commerce President Heather Green
Cook County Judge Chase Daughtrey
Morehouse School of Medicine Research Leader Dr. James Lillard
Trulieve Director of State Expansion Jim Wernick
"As a Georgia native and current resident, I am thrilled to meet and inform others about the positive impacts that medical cannabis may provide," said Bailey. "At each tour stop, Trulieve will seek to discover ways the company can work with community stakeholders make an impact on local support programs, as well as educate local leaders about the benefits of the medical cannabis industry."
Expected in attendance will be state representatives, local government officials, religious and nonprofit leaders. The community at large is encouraged to attend and submit questions in advance via email at listening.tours@trulieve.com. Following each session, the outcomes will be evaluated to determine the best way for Trulieve to make a positive impact on the community. Other locations and dates will be announced.
About Trulieve
Trulieve is an industry leading, vertically integrated cannabis company and multi-state operator in the U.S. operating in 11 states, with leading market positions in Arizona, Florida, and Pennsylvania. Trulieve is poised for accelerated growth and expansion, building scale in retail and distribution in new and existing markets through its hub strategy. By providing innovative, high-quality products across its brand portfolio, Trulieve delivers optimal customer experiences and increases access to cannabis, helping patients and customers to live without limits. Trulieve is listed on the CSE under the symbol TRUL and trades on the OTCQX market under the symbol TCNNF. For more information, please visit Trulieve.com.
Facebook: @Trulieve
Instagram: @Trulieve_
Twitter: @Trulieve
Investor Contact
Christine Hersey, Director of Investor Relations
+1 (424) 202-0210
Christine.Hersey@Trulieve.com
Media Contact
Rob Kremer, Executive Director of Corporate Communications
+1 (404) 218-3077
Robert.Kremer@Trulieve.com
Rhythm Communications
Amy Parrish
+1 (404) 310-6559
Aparrish@rhythmcommunications.com
Cision View original content:https://www.prnewswire.com/news-releases/trulieve-georgia-to-host-listening-and-education-statewide-tour-moderated-by-champ-bailey-and-industry-experts-301486367.html
SOURCE Trulieve Cannabis Corp.
Cannabis 2022: Why Brands Really Do Matter
"Each brand has to have a story and a purpose that is very easy to understand; almost in one glance"
Tyler Robson, CEO, co-founder, chair, The Valens Company
By The Valens Company
Feb 18, 2022
In the early days of legal cannabis, industry wisdom had it that brands didn’t matter. Consumers were focused on price, as they had been before legalization. Early products didn’t deliver a consistent experience that consumers could reliably go back for, and strict regulations around marketing made brand-building all but impossible.
Why, then, is Kelowna-based The Valens Company, the largest manufacturing company in the cannabis space in Canada, suddenly launching new brands?
We talked to company CEO, co-founder and chair Tyler Robson and Chief Commercial Officer Adam Shea to find out why brands matter more now than ever before in today’s cannabis industry.
Adam Shea, chief commercial officer, The Valens Company
You recently launched new cannabis brands into the Canadian marketplace. How did this shift from B2B to B2C happen?
Robson: Valens has been focused on being the top extraction and co-manufacturing partner in the industry, catering to the biggest, most progressive, and highest quality brands in the Cannabis 2.0 space (extract-based products).
Now, we are at the beginning of a very intentional, strategic multi-step plan to grow the Valens brands into one of the top portfolios within the adult recreation market. We’ve been a trusted partner of other licensed producers for years and that will continue. But we’re broadening what we’re doing and that includes building a house of brands.
Why is this transition important to Valens now?
Robson: One reason is that occupying two parts of the value chain (co-manufacturing and retail) allows us to capture bigger margins and show off our innovations to lead market share growth and greater returns for shareholders than if we remained a dedicated co-manufacturer and extraction specialist. It’s also a natural progression for our company given our deep expertise and investments in manufacturing and product development.
With the launch of our new brands, Valens is going to be extraordinarily disruptive this year and onward when it comes to the brand portfolio, in Canada, the U.S. and globally.
Can you talk about the brands you just launched?
Shea: We’re really looking forward to what’s coming up this year. Valens’ brand house now consists of four big brands in Canada. First is Versus, a value brand that is going to be a challenger to what I would call “lazy brands” that are comfortable offering value on price. Versus has a full spectrum of products, from pre-rolls to flower to vape to a great new line of beverages available now in Ontario. It’s very high-quality, offers a consistent experience and is at an accessible price point.
Robson: We also acquired Citizen Stash, a premium flower brand known to a lot of cannabis users in Canada, and launched Contraband, for a real premium experience. Cannabis and urban music and culture have always been closely intertwined. I am a huge fan of that culture, and we wanted to pay homage to the long legacy left by the original cannabis cultivators and disruptors who created the conditions that led to today’s legal market. That is the origin and brand identity of Contraband – a product that was once illegal is now legal and still a catalyst for great music, art and fashion.
What about the edibles market?
Shea: Our fourth consumer brand is Vacay, focused solely on edibles, which is an area of huge potential. We are preparing a slew of new products to take our Vacay edibles to new levels of performance, so you’ll be hearing more about that soon.
These are Canadian launches; what about the U.S. and global markets?
Robson: We are fortunate to have one of the best global CBD brands with Green Roads, which recently underwent a rebranding and launch of the “Own the Day” campaign, simplifying its position as a portfolio of products aimed at helping people achieve their personal health and wellness objectives. Green Roads has a strong retail presence in legalized states like Florida and has a really robust e-commerce platform.
How important is brand differentiation?
Shea: Differentiation is critical in cannabis, because of how many brands there are and how restricted we are in telling brand stories due to regulations in Canada. Each brand has to have a story and a purpose that is very easy to understand—almost in one glance at the pack. Differentiation is also important now that so much purchasing happens online. In that case, consumers are doing their own research and don’t have a budtender to guide them.
So, it sounds like brands matter.
Robson: Every product category has a different level of brand affinity depending on what consumers are buying. But there’s no question that brands now play a very important role in cannabis. Consumers have become more discerning, especially if they are using cannabis for health reasons like pain control or sleep. They want a consistent experience every time they use a product. In creating consistent quality products, as we do, we build trust. Consumers know they will have the same experience every time. That is invaluable. The companies that are going to succeed are those that build identities that resonate with consumers while fulfilling their needs.
Watch--->>>INDIVA well-positioned to take advantage of easing regulations in the cannabis market
Feb 18, 2022
INDIVA Ltd president and CEO Niel Marotta joined Proactive's Stephen Gunnion with details of the company's latest financial performance, growth drivers and prospects.
Listen the the interview too --->>> Fire & Flower Leans Into Digital Strategy to Create Differentiation in the Cannabis Industry
February 17, 2022 at 2:58 pm
Exclusive article by Carrie Pallardy
https://www.newcannabisventures.com/fire-flower-leans-into-digital-strategy-to-create-differentiation-in-the-cannabis-industry/
Exclusive Interview with Fire & Flower CEO Trevor Fencott
Fire & Flower (TSX: FAF) (OTCQX: FFLWF) is not a traditional brick-and-mortar cannabis retailer. While the company does have physical stores, it is evolving to become more of a technology platform, according to CEO Trevor Fencott. He last spoke with New Cannabis Ventures in July 2021 and reconnected to discuss its recent technology acquisitions and evolving strategy. The audio of the entire conversation is available at the end of this written summary.
Evolving Strategy
As Fire & Flower becomes more of a cannabis consumer technology platform, its leadership team has evolved. For example, the company has brought on tech talent with a number of its tech-focused acquisitions.
Fire & Flower Is Not a Traditional Brick-and-Mortar Cannabis Retailer.
The company is also in the process of listing on the NASDAQ, historically a technology exchange, according to Fencott. He noted other technology-focused cannabis companies opting to list on that exchange and how the NASDAQ will be a natural fit for Fire & Flower.
A Fully Integrated Tech Stack
Technology company Hifyre was Fire & Flower’s first acquisition, and now, it has built a fully integrated tech stack that incorporates customer acquisition, loyalty, ecommerce and delivery. In 2021, the company acquired PotGuide and Wikileaf. Fencott compared this layer of the company’s technology stack to Weedmaps or Leafly. Fire & Flower developed its own loyalty program: Spark Perks, which Fencott considers analogous to springbig. At the beginning of this year, the company completed the acquisition of Pineapple Express Delivery, which gives it the capability to complete more than 40,000 deliveries per month.
Spark Perks Is an Important Part of Fire & Flower’s Digital Strategy.
Other companies compete with parts of Fire & Flower’s tech stack, but they don’t have all of the company’s digital capabilities, according to Fencott. Similarly, cannabis retail companies do not have the tech stack that Fire & Flower does.
Retail Footprint and Strategy
Fire & Flower currently has 103 retail stores in Canada, and it plans to expand its retail footprint through an asset-light approach. The company has an established relationship with convenience store company Alimentation Couche-Tard. Fire & Flower is looking to leverage this relationship to secure beneficial leases as it expands. It also has a co-located model with Circle K stores. That program began with just two stores, and it was so successful that is expanding across multiple Canadian provinces, according to Fencott.
When it comes to expansion via M&A, the Fire & Flower team will keep an open mind, but it will be discerning. It likely does not need to add to its tech stack. Any potential deal would need to be immediately accretive and of strategic value.
U.S. Expansion
In January, Fire & Flower announced an amendment to its U.S. strategic licensing agreement and acquisition option. The company is looking to its partner Fire & Flower US to expand in an asset-light way in the United States. The company is extracting high-margin, compliant revenue from its technology licensing and laying the groundwork for federal legalization in the United States. When that occurs, the company will be able to quickly ingest a good platform, according to Fencott.
Couche-Tard Partnership
At the end of 2021, Fire & Flower secured a $30 million credit line from Couche-Tard, another step forward with its strategic partner. In addition to co-locating stores with Circle K, Fire & Flower gift cards are available for purchase at more than 300 Circle K locations in Canada.
The company also has three tranches of funding with Couche-Tard. The series A warrants have all been discharged, and there are 8.3 million B warrants that are exercisable up until September. After that, the C warrants will give Couche-Tard up to 50.1 percent of the company, exercisable until next June, according to Fencott. Fire & Flower continues to be bullish on its ability to raise capital with its strategic partner.
The company also has the ability to seek outside funding, which Couche-Tard would be obliged to participate in, according to Fencott. Fire & Flower as a guaranteed lead investor should it choose to go to the capital markets.
Beyond that close partnership with Couche-Tard, the Fire & Flower team takes an individualized approach to building relationships with its investors. The company wants to clearly communicate its story as a tech platform to its investors.
Growth in 2022
Fencott expects 2022 to be a challenging year for cannabis retail in Canada, but Fire & Flower is prepared for the challenge because of its digital strategy. The company has doubled the revenue from its digital segment every year for the past three years, and it expects that trend to continue, according to Fencott. The company has reports revenue separately for each of its three business segments: retail, wholesale and digital so investors can see the growth of its high-margin digital business.
Continuing federal regulatory uncertainty in the United States will be a challenge for the cannabis industry, according to Fencott. But once again, Fire & Flower’s digital strategy comes into play. It can work with Fire & Flower US to extract high-margin digital revenue while it waits for the regulatory landscape to evolve.
New Cannabis Ventures provides a sponsored Investor Dashboard for Fire & Flower. Listen to the entire interview:
https://soundcloud.com/newcannabisventures/fire-flower-leans-into-digital-strategy-to-create-differentiation-in-the-cannabis-industry
It's going to be interesting to see how follow-on orders are building a base.
I am not expecting to be excited by the numbers. My expectations have been firmly tamped down.
I'm looking upon this release more like a giant PR with a recap of what's transpired, how the acquisitions are doing, progress with cost controls and EBITDA, what's happening with new customers (international anyone?), and their forward product category visions.
It would be nice to hear them believe that net profits are in sight.
IMO, those are reasonable concerns for investors in a company that should be shooting Net Revenues over $100M in fiscal 2022.
oooooohhhhh --->>> Population about 516,000 - Tilray Launches Medical Cannabis Products in Malta
February 17, 2022 at 7:00 AM EST
https://ir.tilray.com/news-releases/news-release-details/tilray-launches-medical-cannabis-products-malta
MinuteClinic recognized for national “Age-Friendly Health Systems” commitment
All MinuteClinic markets now provide "Age-Friendly" care
WOONSOCKET, R.I. — CVS Health (NYSE: CVS) today announced that MinuteClinic , the retail health clinic inside select CVS Pharmacy and Target stores, has been recognized for achieving "Age-Friendly Health Systems-Committed to Care Excellence" in all of its 74 regions across the United States. MinuteClinic is the largest retail clinic network in the U.S. to adopt Age-Friendly care system-wide.
In 2020, The John A. Hartford Foundation sponsored a partnership between MinuteClinic, Case Western Reserve University Frances Payne Bolton School of Nursing and the Institute for Healthcare Improvement (IHI) to produce training tools and resources to be used at MinuteClinic to further improve and evolve how MinuteClinic cares for older adults. This training has enabled MinuteClinic to adopt Age-Friendly care in every clinic nationwide for patients 65 years and older.
Research shows that providing the older adult population with specific, Age-Friendly care has significant benefits, including a reduction in the number of emergency department visits, hospitalizations and hospital readmissions, improved mobility, a reduction in medication-related problems, and early identification of memory loss and depression.
Age-Friendly visits at MinuteClinic include questions that are part of the "4Ms Framework" a series of practices focused on addressing four essential elements of care for older patients:
* What Matters: Know and align care with each older adult's specific health outcome goals and care preferences including, but not limited to, end-of-life care, and across settings of care.
* Medication: If medication is necessary, use Age-Friendly medications that do not interfere with What Matters to the older adult, Mobility, or Mentation across settings of care.
* Mentation: Prevent, identify, treat, and manage dementia, depression, and delirium across settings of care.
* Mobility: Ensure that older adults move safely every day in order to maintain function and do What Matters.
MinuteClinic providers also share healthy aging tips and suggestions older patients can implement in their everyday life. For those opting to seek care through E-Clinic visits, providers are able to assess the "4Ms" while patients are in the safety and comfort of their own home.
"As MinuteClinic continues to evolve to meet the needs of patients of all ages, we remain committed to implementing the latest best practices in health care," said Chief Nurse Practitioner Officer at MinuteClinic, Angela Patterson. "The Age-Friendly Health Systems initiative is an important part of our overarching vision to transform patient care."
The Age-Friendly Health Systems initiative was launched in 2017 by The John A. Hartford Foundation and IHI, in partnership with the American Hospital Association and Catholic Health Association of the US. For more information, visit www.ihi.org/agefriendly.
To learn more about MinuteClinic's locations and services, visit cvs.com/minuteclinic.
About CVS Health
CVS Health is the leading health solutions company, delivering care in ways no one else can. We reach more people and improve the health of communities across America through our local presence, digital channels and approximately 300,000 dedicated colleagues including more than 40,000 physicians, pharmacists, nurses, and nurse practitioners. Wherever and whenever people need us, we help them with their health whether that's managing chronic diseases, staying compliant with their medications, or accessing affordable health and wellness services in the most convenient ways. We help people navigate the health care system and their personal health care by improving access, lowering costs and being a trusted partner for every meaningful moment of health. And we do it all with heart, each and every day. Learn more at www.cvshealth.com.
Media contact
Christine Cramer
401-626-5675 (Cell)
Christine.cramer@cvshealth.com
MEDIA ALERT: BRAINCHIP CEO PRESENTS AT INTERNATIONAL INVESTMENT FORUM 2022
https://investorshub.advfn.com/secure/post_reply.aspx?message_id=167897316
Laguna Hills, CA, February 15, 2022– BrainChip Holdings Ltd (ASX: BRN, OTCQX: BRCHF, ADR: BCHPY) the world’s first and only commercial producer of neuromorphic artificial intelligence chips, today announced that CEO Sean Hehir will present to investors and investment groups on the opportunities in edge AI at the 2022 International Investment Forum (IIF), held virtually February 17.
IIF’s all-digital format leverages the growing importance of online investor relations, and offers select small- and mid-cap companies the opportunity to answer questions live via Zoom from investors, portfolio and fund managers, bankers, investment advisors, and members of the media. Fourteen companies were selected to participate, all representing cutting-edge industries such as technology, medical, digital media, commodities/rare earth and materials, crypto, real estate and aerospace.
“We appreciate IIF for enabling a direct dialogue between company leadership and the investment community, because it’s a valuable opportunity for us to communicate our passion for advancing AI,” said Hehir. “Participating investors can expect to hear far more about BrainChip’s mission to transform sectors like healthcare, transportation, automotive, and industrial IoT.”
IIF 2022 takes place live via Zoom beginning at 9:45 a.m. Central European Time (3:45 a.m. Eastern/7:45 p.m. Australia EDT). Registration is free to interested investors; to join visit https://us06web.zoom.us/webinar/register/1416442433835/WN_fM2DLtC_S7eMzHfL7uYamA
About BrainChip Holdings Ltd (ASX: BRN, OTCQX: BRCHF, ADR: BCHPY)
BrainChip is a global technology company that is producing a groundbreaking neuromorphic processor that brings artificial intelligence to the edge in a way that is beyond the capabilities of other products. The chip is high performance, small, ultra-low power and enables a wide array of edge capabilities that include on-chip training, learning and inference. The event-based neural network processor is inspired by the spiking nature of the human brain and is implemented in an industry standard digital process. By mimicking brain processing BrainChip has pioneered a processing architecture, called Akida™, which is both scalable and flexible to address the requirements in edge devices. At the edge, sensor inputs are analyzed at the point of acquisition rather than through transmission via the cloud to a data center. Akida is designed to provide a complete ultra-low power and fast AI Edge Network for vision, audio, olfactory and smart transducer applications. The reduction in system latency provides faster response and a more power efficient system that can reduce the large carbon footprint of data centers.
Follow BrainChip on Twitter: https://www.twitter.com/BrainChip_inc
Follow BrainChip on LinkedIn: https://www.linkedin.com/company/7792006
Additional information is available at https://www.brainchipinc.com
The Valens Company to Hold Conference Call to Discuss Financial Results for the Fourth Quarter and Fiscal Year 2021
Kelowna, B.C., February 17, 2022 – The Valens Company Inc. (TSX: VLNS) (Nasdaq: VLNS) (the “Company” “The Valens Company” or “Valens”), a leading manufacturer of cannabis products, is pleased to announce it will issue its fourth quarter and fiscal year 2021 financial results for the period ended November 30, 2021, on Monday, February 28, 2022, after market close.
CONFERENCE CALL DETAILS
The Company will host a conference call the following day, Tuesday, March 1, 2022 at 11:00 am Eastern Time / 8:00 am Pacific Time to discuss the financial results and business outlook.
Participant Dial-In Numbers:
Toll-Free: 1-877-407-0792
Toll / International: 1-201-689-8263
*Participants should request The Valens Company Earnings Call or provide confirmation code 13727202.
The call will be available via webcast on the Valens investor page of the Company website at https://thevalenscompany.com/investors/ or at this link. Please visit the website at least 15 minutes prior to the call to register, download, and install any necessary audio software. A replay of the call will be available on the Valens investor page approximately two hours after the conference call has ended.
Tyler Robson, Chief Executive Officer, Sunil Gandhi, Chief Financial Officer, Jeffrey Fallows, President, and Everett Knight, Executive Vice President of Corporate Development and Capital Markets, will be conducting a question-and-answer session following the prepared remarks.
About The Valens Company
The Valens Company is a leading manufacturer of cannabis products with a mission to bring the benefits of cannabis to the world. The Company provides proprietary cannabis processing services, in addition to best-in-class product development, manufacturing, and commercialization of cannabis consumer packaged goods. The Valens Company’s high-quality products are formulated for the medical, health and wellness, and recreational consumer segments, and are offered across all cannabis product categories with a focus on quality and innovation. The Company also manufactures, distributes, and sells a wide range of CBD products in the United States through its subsidiary Green Roads, and distributes medicinal cannabis products to Australia through its subsidiary Valens Australia. In partnership with brand houses, consumer packaged goods companies and licensed cannabis producers around the globe, the Company continues to grow its diverse product portfolio in alignment with evolving cannabis consumer preferences in key markets. Through Valens Labs, the Company is setting the standard in cannabis testing and research and development with Canada’s only ISO17025 accredited analytical services lab, named The Centre of Excellence in Plant-Based Science by partner and scientific world leader Thermo Fisher Scientific. Discover more on The Valens Company at http://www.thevalenscompany.com.
For further information, please contact:
Jeff Fallows
The Valens Company
Investor Relations
ir@thevalenscompany.com
1.647.956.8254
KCSA Strategic Communications
Phil Carlson
VLNS@kcsa.com
1.212.896.1233
Media
KCSA Strategic Communications
Anne Donohoe
adonohoe@kcsa.com
1 212.896.1265
Notice regarding Forward Looking Statements
All information included in this press release, including any information as to the future financial or operating performance and other statements of The Valens Company that express management’s expectations or estimates of future performance, other than statements of historical fact, constitute forward-looking information or forward-looking statements within the meaning of applicable securities laws and are based on expectations, estimates and projections as of the date hereof. Forward-looking statements are included for the purpose of providing information about management’s current expectations and plans relating to the future. Wherever possible, words such as “plans”, “expects”, “scheduled”, “trends”, “forecasts”, “future”, “indications”, “potential”, “estimates”, “predicts”, “anticipate”, “to establish”, “believe”, “intend”, “ability to”, or statements that certain actions, events or results “may”, “should”, “could”, “would”, “might”, “will”, or are "likely" to be taken, occur or be achieved, or the negative of these words or other variations thereof, have been used to identify such forward-looking information. Specific forward-looking statements include, without limitation, all disclosure regarding future results of operations, future outcomes of transactions, economic conditions, and anticipated courses of action. Investors and other parties are advised that there is not necessarily any correlation between the number of SKUs manufactured and shipped and revenue and profit, and undue reliance should not be placed on such information.
The risks and uncertainties that may affect forward-looking statements include, among others, Canadian regulatory risk, Australian regulatory risk, U.S. regulatory risk, U.S. border crossing and travel bans, the uncertainties, effects of and responses to the COVID-19 pandemic, reliance on licenses, expansion of facilities, competition, dependence on supply of cannabis and reliance on other key inputs, dependence on senior management and key personnel, general business risk and liability, regulation of the cannabis industry, change in laws, regulations and guidelines, compliance with laws, limited operating history, vulnerability to rising energy costs, unfavourable publicity or consumer perception, product liability, risks related to intellectual property, product recalls, difficulties with forecasts, management of growth and litigation, many of which are beyond the control of The Valens Company. For a more comprehensive discussion of the risks faced by The Valens Company, and which may cause the actual financial results, performance or achievements of The Valens Company to be materially different from estimated future results, performance or achievements expressed or implied by forward-looking information or forward-looking statements, please refer to The Valens Company’s latest Annual Information Form filed with Canadian securities regulatory authorities at www.sedar.com or on The Valens Company’s website at www.thevalenscompany.com. The risks described in such Annual Information Form are hereby incorporated by reference herein. Although the forward-looking statements contained herein reflect management's current beliefs and reasonable assumptions based upon information available to management as of the date hereof, The Valens Company cannot be certain that actual results will be consistent with such forward-looking information. The Valens Company cautions you not to place undue reliance upon any such forward-looking statements. The Valens Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law. Nothing herein should be construed as either an offer to sell or a solicitation to buy or sell securities of The Valens Company.
Unifor president Jerry Dias goes on medical leave to deal with health issues
Unifor president takes leave
The Canadian Press - Feb 16, 2022 / 3:52 pm | Story: 360327
The head of Canada's largest private-sector union has taken a leave of absence to deal with some health issues.
Unifor president Jerry Dias tweeted that his social media account will be quiet for a while.
Dias says he's confident that the Unifor leadership team and staff "will continue the important work of the union in my absence."
A note to local union presidents says Dias started a medical leave on Feb. 6.
The outspoken union leader was first elected national president in August 2013 at its founding convention and re-elected in 2016 and 2019.
National secretary-treasurer Lana Payne says she will work with the union's elected leadership team in Quebec, Ontario, the West and Atlantic Canada "to ensure the important work of our union carries on, in accordance with Unifor’s constitution."
We're honored to highlight @CCA_NY and their reintegrative justice initiatives through reduced reliance on incarceration. Learn more and donate at http://crescocannabis.com/socialjustice. 100% of proceeds benefit the organization.
We're honored to highlight @CCA_NY and their reintegrative justice initiatives through reduced reliance on incarceration. Learn more and donate at https://t.co/5aigOgLC1D. 100% of proceeds benefit the organization. pic.twitter.com/w4q8wrsJrT
— Cresco Labs (@crescolabs) February 15, 2022
Canadian licensed producer launches cannabis gummy for nighttime use
Edible offers a custom mix of CBN, CBD, THC and a proprietary indica terpene blend.
https://leaderpost.com/cannabis-business/canadian-licensed-producer-launches-new-cannabis-gummy-for-night-time-use
Author of the article:Angela Stelmakowich
Publishing date:Feb 15, 2022 • 42 minutes ago • 2 minute read •
Indiva Limited announced the launch of cannabis gummies specially formulated for nighttime use earlier today.
The Wana Quick Midnight Berry Indica joins existing offerings, Wana and Bhang, and the soon-to-be released Pearls and Pips, notes a statement from the London, Ont.-based licensed producer.
The new nighttime option offers a custom mix of CBN, CBD, THC and a proprietary indica terpene blend, with the licensed cannabis producer suggesting this “may have the potential for quicker onset and offset of effects.”
And making the gummies with pectin instead of gelatin not only gives the gummy “a great texture, but also makes it vegan and gluten-free.”
With regards to onset time, Indiva makes clear cannabis affects everyone differently. “Health Canada states that ingested cannabis takes 30 minutes to two hours to take effect, and can last for up to 12 hours,” the statement notes, with effects lasting as long as 24 hours in some cases.
Available in packages of two, each gummy contains 5 milligrams of CBN, 10 mg of CBD, 2 mg of THC and the specialized indica blend of 30-plus terpenes.
The product launched at the end of January in Ont., and is set to hit provincial retail stores in B.C., Alberta, Saskatchewan and Manitoba sometime this month.
The new gummy option is designed for consumers who want to try something new, suggests Leah Thiel, vice president of marketing for Indiva.
“We recognize that quiet nights are important to Canadians,” Thiel says, adding that the product’s potential quick onset and unique CBN (cannabinol) formulation can help users “experience a new approach to nighttime.”
CBN is often regarded as a weaker version of THC, perhaps about 25 per cent as effective, according to WebMD. “Unlike CBD, which is entirely non-psychoactive, CBN in larger doses can produce mild psychoactive reactions,” notes the information.
Although research into CBN as a sleep aid is sparse, it has been shown to have “sedative properties that could relieve conditions like insomnia,” WebMD reports.
CBD and CBN, which occur naturally in the cannabis plant as the plant ages, are chemically similar, writes Michael Breus, PhD, in a 2019 article for Psychology Today. That being the case, CBN “has several of the same effects in the body, including relieving pain, reducing inflammation and improving sleep.”
Breus cautions, however, that research to date is very preliminary.
GTI is getting out in front of Social Justice ahead of federal and states. --->>> Green Thumb Industries (GTI)@GTIGrowsAlong with @GNH_NAACP Greater New Haven and @VScannabislaw, we're hosting a FREE five-day #cannabis license webinar series for #Connecticut residents. Register here: https://bit.ly/3LCTuew
Along with @GNH_NAACP Greater New Haven and @VScannabislaw, we're hosting a FREE five-day #cannabis license webinar series for #Connecticut residents. Register here: https://t.co/0B4ZgU0bNF pic.twitter.com/5m78UluUZ0
— Green Thumb Industries (GTI) (@GTIGrows) February 15, 2022
Weed'n Whiskey: Why Tilray Thinks There Is Gold In Cannabis-Infused Whiskey
by Cannabis.net
February 14, 2022 3:37 pm
https://www.benzinga.com/markets/cannabis/22/02/25139639/weedn-whiskey-why-tilray-thinks-there-is-gold-in-cannabis-infused-whiskey
In December 2021, Tilray made headlines by purchasing Breckenridge Distillery, a Colorado-based distiller, in a large deal valued at $102.9 million with the intentions of infusing whiskey with cannabis.
“Tilray’s strength lies in our ability to identify and significantly expand leading CPG lifestyle brands that resonate powerfully with consumers. Breckenridge Distillery is an iconic addition to our platform in this respect based on its portfolio of award-winning spirits, passionate consumer engagement, and a strong sales and distribution network,” explains Tilray CEO and chairman, Irwin D Simon.
“We see tremendous potential for Breckenridge and our existing Sweetwater brand to complement each other, expanding their respective reach and driving further profitable growth in our beverage alcohol segment,” he adds in a press release.
“More generally, the Breckenridge Distillery transaction is consistent with Tilray’s strategy of leveraging our growing portfolio of US CPG brands to launch THC-based product adjacencies upon federal legalization in the US. These significant, diversified revenue streams are key to delivering on our ultimate goal of industry leadership with $4 billion in revenue by the end of fiscal year 2024.”
Breckenridge was founded by Bryan Nolt in 2008; they currently have an impressive portfolio made up not just of Bourbon whiskeys but also spiced rums and vodka among other spirits. Tilray explains that with the acquisition, they were hoping to develop cannabis-infused but nonalcoholic spirits such as Bourbon. In addition, they see the great potential of expanding the line of Breckenridge around the country, since 85% of their revenue still comes from Colorado. “We are excited to join Tilray and drive revenue growth as part of its global and leading CPG (consumer packaged goods) and cannabis-lifestyle platform,” said Nolt.
“The award-winning spirits that have driven our success will unquestionably benefit from access to Tilray’s global distribution network and opportunities to expand into cannabis and edible-related products in the US.”
Big Alcohol Sees Green In Cannabis
It’s no secret that the alcohol industry has been having their eye on cannabis for a long time now. After all, you’ve already likely seen numerous types of infused beverages if you live in a legal state. Cannabis beverages are going to be the next big thing, and there’s no doubt about it.
It all began in 2017, when Constellation Brands pioneered the move with a 10% investment into Canopy Growth, a Canadian cannabis firm. Though Constellation wants to keep a bigger stake in a company, they’ve lost millions of dollars from the deal. This hasn’t stopped other booze businesses from dipping their toes into the cannabis world: in 2018, Great North Distributors, a subsidiary of Southern Glazer’s, started distributing Aphria. Then in early 2021, Truss, a CBD sparkling water brand was launched by Molson Coors.
In the cannabis beverage market, the drinks are divided into 2 categories: CBD and THC. They are both attractive to drinkers as well as cannabis consumers for many reasons, primarily the facts that they are excellent alternatives to alcohol, have little calories, and have more health benefits compared to just alcohol.
Pairing cannabis with whiskey is just another brilliant addition; as anyone in the know can tell you, these two mix very well. However, state rule mean that there will be various ways for each beverage, whether THC or CBD infused, to market in various destinations. But since Colorado has social use licenses, which mean that businesses are allowed to sell marijuana to adults for consumption on site recreationally, they have become a great case study to look at. Aside from social use, there will be tremendous lucrative opportunities for hospitality businesses to offer these.
Another reason why cannabis beverages are skyrocketing is because we now have better technology that makes it possible. Infusing your favorite alcohol with weed no longer means you have to experiment at home, but the development of nano technology and other technology enables cannabinoids and terpenes in the plant to have a better bioavailability for the consumer, and make it more predictable. After all, edibles are notorious for having the slowest onset of all ways to consume marijuana but now alcohol and beverage industries are changing that.
Having said that, the cannabis beverage industry is still going to have to go through some obstacles even though many have paved the way for them. The hurdles are still legal in nature, but that goes for the rest of the industry too. Since products can be consumed recreationally in some states, THC-infused beverage businesses can eventually get the licenses needed to sell at dispensaries. But the same is not true for hemp-derived CBD, since the FDA has still been vague in that area. As of now, it’s still illegal to use CBD in beverages because it’s still deemed as unsafe by the FDA. And since it’s used in medications like Epidiolex, it technically is prohibited to put drug ingredients into food and drink.
That hasn’t stopped brands from joining the market with CBD-infused drinks, and besides, the FDA has limited resources to go after all of these brands.
Nevertheless, it’s clear there’s money to be made there. A report by MarketGlass states that the US cannabis beverage market is seen to reach $649.1 million at the end of 2021, and a cool $2 billion by 2026. So we wait and see how things play out with Tilray, and hope that the FDA makes it easier for CBD beverages to be more widely available.
Earnings Call Transcript: Aleafia Health, Inc. (ALEAF) CEO Tricia Symmes on Q4 2021 Results - Earnings Call Transcript
Feb. 15, 2022 2:14 PM ETAleafia Health Inc. (ALEAF)
https://seekingalpha.com/article/4487180-aleafia-health-inc-aleaf-ceo-tricia-symmes-on-q4-2021-results-earnings-call-transcript?mailingid=26720407&messageid=2800&serial=26720407.322&utm_campaign=rta-stock-article&utm_medium=email&utm_source=seeking_alpha&utm_term=26720407.322
Aleafia Health, Inc. (OTCQX:ALEAF) Q4 2021 Earnings Conference Call February 15, 2021 9:30 AM ET
Company Participants
Tricia Symmes - CEO
Matt Sale - CFO
Conference Call Participants
Rahul Sarugaser - Raymond James
Operator
Good day, ladies and gentlemen and welcome to the Aleafia Health 2021 Fourth Quarter and Twelve Months Results Conference Call. This morning Aleafia Health filed on SEDAR its financial statements and associated Management Discussion &Analysis for the 3 and 12 months ended December 31, 2021.
All comments to be made on this call today should be taken with reference to and are qualified in their entirety by those documents. Today's call includes estimates and other forward-looking information from which our actual results could differ. Please review the cautionary language in today's press release regarding various factors, assumptions and risks that could cause our actual results to differ.
Furthermore, during this call, we will refer to certain non-IFRS financial measures including branded cannabis net revenue, adjusted gross margin and adjusted EBITDA. These measures do not have any standardized meaning under IFRS, and our approach to calculating these measures may differ from that of other issuers and so these measures may not be directly comparable. Please see this quarter's MD&A for more information about these measures.
I would now pass the call over to our Aleafia Health’s CEO, Tricia Symmes.
Tricia Symmes
Thank you, Howard, and welcome fellow shareholders. I am very excited about Aleafia’s future and an exciting year ahead of us. The prospects for our company are the best they have ever been and we look forward to continuing to show shareholders and investors what great things we can do in this industry.
Our mission is very direct, to improve peoples’ lives and that is what will see us realize our personal and business ambitions. Embracing this mission is now more important than ever. First off, I would like to thank Geoff Benic, our former CEO for the last 3.5 years for his leadership, passion, and mentorship to Aleafia Health. He put together a phenomenal team, got Aleafia off the ground and where we are today and we wish him well in his next challenge.
Now, let’s talk about the company as it is today. The core strategic objectives that will drive Aleafia Health to sustained profitability, reflect a pivot to focus on branded cannabis revenue. In 2021, we transformed our business evolving from a wholesale producer to a branded cannabis company and that is a major change.
Today, you’ll hear the words sticky and hyper growth. Two concepts that are driving us forward. Sticky of course means that sales will occur over and over as customers will be using our products again and again. It occurs in the medical cannabis segment where the revenue is recurring at attractive gross profit margins. And hyper growth characterizes our trajectory in both the adult-use sales channel and the opportunity we see in select international markets.
Now let’s talk about Aleafia’s transformation and what has this meant to our Q4 and 12 months results. Our revenue is driven by three strategic pillars, an exciting CPG branded adult-use portfolio, generating $24 million runrate net revenue. Leadership in medical cannabis with its $10 million runrate net revenue and burgeoning international sales where we are well positioned in three countries, Germany, the UK and Australia and have developed partnerships with key established European supply distributors.
We consider international sales to be an important opportunity and have already delivered products overseas. More to come on that. Another highlight is that we are targeting the second half of 2022 to achieve breakeven adjusted EBITDA profitability. To do this, we are improving adult-use margins through portfolio optimization and we are reallocating the company’s headcount strategically to optimize talent and maximize revenue velocity.
I can tell you today that we are poised to achieve a top 10 market share position in 2022, driven by leadership in the broad ranging adult-use value cannabis category. Our very appealing Divvy value brand is consistently among the top search brands at the Ontario cannabis store. Our five cannabis brands span the spectrum from premium and craft flower to the value category where we enjoy significant leadership.
Since Q4 2020, 37 new SKUs have been launched as we are aggressively pursuing and gaining market share in the three largest categories, dried flower, pre-roll and vape. We are pleased to report that Aleafia delivered a top three change in market share rankings out of 40 Canadian licensed producers from Q1 2021 when we launched our Sunday Market House of Brands to Q4 2021.
Here is what the results tell us. In 2021, the total net cannabis net revenue of $36.1 million represented a highly diversified sales mix with our two hyper growth segments in adult-use and medical cannabis achieving 80% of net revenue, a complete turnaround from 2020 where bulk wholesale products represented 67% of net revenue. This is a complete change.
We are moving away from lower margin bulk wholesale sales where the relationship with the consumer is distant. Our focus now is to understand and deliver what the consumer demands.
To look at it another way, for the 12 months period ending December 31, 2021, branded cannabis net revenue advanced 96% to $28.7 million from $14.6 million in 2020. For Q4 2021 it increased 60% to $8.3 million from $5.2 million in Q4 2020. We are in the top three of Canadian LPs in market share rank increase to number 15 in Q4 2021, up from number 30 in Q1 2021. There was also a 37% rise in Q4 2021 retail sales pull through relative to Q3 2021.
Aleafia is now a branded products company and we are very proud of our Sunday Market House of Brands. It has achieved 396% growth year-over-year and it is anchored around Divvy, the everyday brand focused on quality, high margin and high velocity categories including, dried flower, pre-roll, vapes and select cannabis derivative products.
We delivered top 10 Q4 2021 retail sales increase relative to Q3 with a 37% sales growth. The company’s adult-use market share increased from 0.3 in Q1 2021 to 2.0 in Q4 2021. Adult-use net revenue increased a very impressive 396% to $16 million, compared to $3.2 million in 2020 and increased 326% to $6 million in Q4 2021, compared to $1.4 million in Q4 2020.
So this growth was led by expansion of our flower and pre-roll retail sales, which each grew by 1000% during the last quarters. Our Divvy value brand, a top search brand on OCS.ca reached the tenth percentile in Ontario for its vapes and its oils, our one of the top SKUs in the province.
Our market share is on a dramatic upward trend rising 27% Q4 versus Q3 2021 and achieving 15 positions from 30 at the end of Q1 2021 when the Sunday Market House of Brands was launched to 15 at Q4 2021. In the second half of 2021, there was approximately a three times increase in gross adult-use sales over the first half of 2021.
This momentum has continued into 2022 as you can see our market share rank continues to rise. Over this period, the company delivered strong retail pull-through at each of the three major categories with flower retail sales climbing approximately 1400%, pre-roll increasing approximately 1000% and vape retail sales increasing approximately 200%.
Aleafia is a significant player in the medical cannabis market through our flagship emblem brands and there too revenue is climbing to its sticky and recurring revenue base with strong gross margins. Medical cannabis net revenue increased 33% to $10.6 million in 2021, compared to $8.0 million in 2020, driven by strong script growth and new strategic clinic and benefit provider partnerships that see the benefit in joining the Aleafia medical ecosystem.
Script count increased 17% year-over-year, while the market declined at minus 23%. We had double-digit growth in medical cannabis sales despite the overall market decline. Third-party clinics now represent just about 55% of gross medical revenue and four new unionized employers were added in 2021. Key wins include a 22% increase in Unifor patients in Q4 over Q3, a 67% increase in prescriptions from veteran patients in Q4 2021 over Q3 2021, and a 2000% increase in Quebec scripts in Q4 2021 over Q3 2021.
The medical channel represents a highly scalable sticky recurring revenue base. Through Unifor and our new strategic partnerships, we are poised to accelerate new patient uptake and continue to pursue those patients who reimbursed for their medical cannabis. We are seeing strong fundamentals relative to our competitors with year-over-year script count up 17% from 32,191 in 2020 to 37,779 in 2021and an active patient base, which grew 13% from 17,400 in 2020 to 19,700 in 2021.
One of the important drivers of our competitive advantage is in producing large format dried flower SKUs in Port Perry, one of the only successful outdoor cultivation facilities in Canada. As one of the first operational, large-scale legal outdoor growth in Canadian cannabis history, it launched in 2019 and was an industry disruptor that enabled Aleafia’s strategic pivot as we began to produce large-scale harvest of THC dried flower.
Dry flower and pre-rolls represent more than half of the total adult-use market and we are a high quality and low cost producer of dried flower. A record-breaking outdoor harvest in 2021 puts us in a strong position to supply our burgeoning adult-use sales channel. Thanks to the expertise of the team there, we produced high potency flowers that averaged 22% THC, and reached up to 27% THC, the kind of level consumers are looking for.
We are seeing the market of both such as an addition to potency consumers are paying increasingly more attention to terpenes which ran from 2.7 to 5.7 in 2021, compared to a maximum 3.3 in 2020. The harvest this year is exponentially higher quality than 2020. In high potency flower we cultivated approximately 500 kilos in 2020, versus 11,650 kilos in 2021, all of which is the highest grade flower already being sold at retail under the Divvy brand.
I will now turn the presentation over to Matt Sale, our CFO and he will tell you more about some of Aleafia’s important metrics. Matt?
Matt Sale
Thank you, Tricia. Good morning. It’s great to speak with you all today. In this quarter and the 12 month period, there are many deciding moments that point toward the kind of company Aleafia is rapidly becoming. Our product mix has shifted almost completely to branded cannabis adult-use and medical products from lower margin bulk wholesale products.
Net branded cannabis revenue increased 96% over 2020 to $28.7 million and now represents 80% of our total net revenue. This is a complete turnaround from 2020 where bulk wholesale products represented 57% of total net revenue. This was driven in part by the redirection of high potency flower from our outdoor harvest in Q4 to the adult-use sales channel where it will supply higher revenue per gram products in the first half of 2022.
We have diversified our sales mix with higher quality, direct-to-the consumer, adult-use and medical sales which delivered stronger growth and net realizable margin. They are more stable, provide greater visibility into future revenue and pave the way for sustainable long-term top-line growth. This change leads the emergence of Aleafia as a leading consumer package goods or CPG company with multiple brands.
We call this our House Of Brands and believe they will win consumer loyalty enabling a sticky, quality revenue stream for Aleafia as evidenced by the success of Divvy. With branded cannabis net revenue now representing 80% of our total, we believe this is a significantly more diversified revenue base, while delivering higher growth and net realizable margin.
Now let me unpack some of the key growth drivers in our adult-use business. We generated 1.7 million of net cannabis revenue in Q1 2021, $3.2 million in Q2 2021 and $5 million in Q3, and $8.3 million in the most recently completed Q4 2021 period representing a healthy 19% quarter-over-quarter increase and a 1237% compounded annual growth rate since Q3 2020.
While the Q3 and Q4 increases have been strong, the net cannabis revenue could actually have been meaningfully higher as consumer demand evidenced by purchase orders from the provincial supply boards exceeded our ability to fulfill them as we experienced operational inefficiencies in our Grimsby Ontario indoor growth facility.
Adult-use cannabis, including flower, pre-rolls and vapes is our single largest sales channel with a highest growth rate and is exactly where we want to be. In the second half of 2021 there was an approximate three times increase in the adult-use retail sales pull-through of our products over the first half of 2021 based on Highflyer data.
Catalysts for this growth included accelerated retail penetration, our portfolio optimization, and expanding our cultivation capacity with a continued focus on high value flower at an attractive price point. Our outdoor harvest positions us well to continue ramping adult-use net revenue as this high potency flower can be redirected into the large format pre-rolled category.
We are already seeing robust purchase order activity in the first six weeks of this quarter positioning us well to continue our quarter-over-quarter growth trajectory. As you may recall, Aleafia began its journey in cannabis in the medical sales channels with the acquisition of Emblem and in 2021, we built on that success with the expansion of our medical ecosystem.
This channel is an important one for Aleafia. Our medical business is growing and we are optimistic about its future. Our net revenue over the last eight quarters has increased from $1.4 million in Q1 2020 to $2.2 million in the most recently completed Q4 2021 period representing a CAGR of 30%. We are encouraged to continue this quarter and at numerous favorable tailwinds and initiatives to drive this, we are focused on growing our active patient base. Under our exclusive Unifor partnership, we onboarded four unionized employers in the second half of 2021 and see lots of runway.
With each new employer onboarded, we refine our process to expedite the onboarding our new future new employers. Additionally, we are targeting expanding clinic partnerships by 20% with numerous new potential clinic partnerships in our pipeline with attractive underlying active patient bases. We are focused on serving high value patients that have higher average ordering values or AOVs and order frequency.
As an example, we see certain veteran patients that exhibit AOVs that are 2.7 times that of our non-veteran patient base and order twice as frequently. We are relentlessly focused on better serving our patients and are undertaking a complete restructuring to integrate our physical clinics, our virtual clinic, and third-party clinic platforms and believe this will drive operational efficiencies, reduce our SG&A profile and unlock future revenue growth.
Our medical ecosystem is positioned to continue leading the industry with research education for clinic partners and our active patient base to ensure they all continue engaging with our ecosystem. Reducing adjusted SG&A expenses are a key driver to profitability for us. Adjusted SG&A declined 35% from $11.2 million in Q4 2020 to $7.1 million in the most recently completed Q4 2021 period.
We implemented several initiatives throughout 2021 to reduce our cost profile and make our infrastructure scalable to sustain significantly higher revenue volumes. We implemented an internal direct sales force to sell into both the adult-use and medical channels. We put in place an operational management team at each of our three production facilities who are capable and prepared of managing significantly higher ordering throughput.
We developed a suite of corporate shared services including information technology, finance, human resources and legal, which are now leveraged across all our sales channels. Further, we saw a significant non-recurring cost in the first half of 2021 related to our House of Brands build out which are now largely complete.
The company reviewed its inventory and fixed assets and identified certain slow moving assets primarily related to the bulk wholesale sales channel. As a result of the company’s focus on branded consumer products, the company recorded a $19.6 million inventory provision. Additionally, the company recorded a $28.8 million impairment of property plants and equipment due to changes in marketing conditions for these assets.
Although we have made great progress in 2021 reducing our quarterly adjusted [Indiscernible] by 35% over the last four quarters, while branded net revenue grew 60% over that same time period, we have further initiatives actively underway to reduce costs and enhance profitability. We have a renewed focus on cost discipline to accelerate the pathway to adjusted EBITDA breakeven profitability. We are focused on enhancing gross profit margins.
Total adjusted gross profit margin before fair value adjustments and inventory provision was 27% in Q4 2021, compared to 50% in Q4 2020, primarily due to the company’s focus on branded cannabis products that deliver higher overall net margin per gram. We are undergoing a SKU optimization to align our portfolio and best selling product formats to optimize our margin profile.
Moreover, we believe the market can bear moderate, strategic price increases while still achieving an attractive value proposition for our products. We are optimizing our operating expense profile to further extract cost and drive towards profitability. In that regard, we’ve reviewed our sales channels to embrace those that deliver the highest net realizable margin per gram of flower sold and we methodically reviewed Aleafia’s cost structure to optimize our talent and resources towards those channels.
The company completed a strategic restructuring plan in the second half of 2021 which saw significant headcount reductions. In Q4 alone, the headcount reduction continuing into early January 2022 represents $1.9 million in annualized savings. We are integrating our physical, virtual and third-party clinic medical channels, which is expected to further optimize our cost profile and facilitate new patient onboarding and servicing on an ongoing basis.
In 2021, we delivered $36.1 million in total net revenue and currently our runrate to net revenue is approximately $41.9 million. This is based on approximately $24 million in adult-use, $10 million in medical, and international and $8 million in bulk wholesale net revenue. We have a multipronged growth strategy to scale, distributing $53 million and $63 million in net revenue in fiscal year 2023.
The core pillars to achieve this are, attaining a top 10 market share position in the overall Canadian adult-use market by focusing on quality, high margin, and high velocity sales categories; expanding our leadership position in medical by onboarding additional third-party clinics and accelerating market uptake under our exclusive Unifor partnership; building on existing partnerships to unlock the key European market and continue driving expanded international sales.
To help finance these ambitious growth targets, the company completed two financings in the second half of 2021 including a $10 million senior secured term credit facility in August, and a new $19 million credit facility in December. The new credit facility consists of a $12 million term loan and a revolving receivables facility up to $7 million.
The revolving receivables facility remains undrawn providing the company with liquidity to fund working capital investments required to continue rapidly scaling our adult-use sales. The company is also actively engaging with holders of our listed unsecured convertible debentures maturing on June of 202 with a view to effecting changes in key terms that are equitable to both the holders and the company and provide a sustainable foundation for the company’s continued growth.
We believe these fiscal year 2023 targets for net revenue, adjusted gross profit margin, adjusted SG&A, and adjusted EBITDA are achievable based on the strategies we have outlined here today.
Tricia over to you.
Tricia Symmes
Thank you, Matt. As demonstrated, we have launched a multipronged growth strategy across three high value pillars to achieve these estimated growth projections. The pillars are, adult-use, in which our goal is to attain top 10 market share in the overall Canadian adult-use market; medical, where we will onboard additional third-party clinics and accelerate market uptake under the exclusive Unifor partnership; international, where our goal is to build on existing partnerships to unlock the key European market.
I became CEO on February 7th of this year. Previously, I was the company’s Chief Commercial Officer. My background is in building and rebuilding companies and taking them to the next level of growth and profitability. A big part of our mission is engaging with the consumer and to accomplish that, we’ve attracted a very lean top executive sales and marketing team with an internal sales force that truly understands the CPG marketplace and what consumers want.
Our team is focused on the need to drive value, to secure loyal customers, and drive and maintain market share. Aleafia’s success will be based on understanding the consumer and providing a value proposition that others have not capitalized on and this is why we are achieving hyper growth.
In 2022, we intend to be leaders in our three pillars, adults, medical and international. We are very optimistic and we would like you to share in this optimism. For Aleafia Health the best is yet to come.
Thank you for being here today and listening to this presentation. We will now take questions.
Question-And-Answer Session
Operator
[Operator Instructions] Our first question or comment comes from the line of Rahul Sarugaser from Raymond James. Your line is open.
Rahul Sarugaser
Morning, Tricia and Matt. Thanks so much for taking my questions today. So, congratulations on the large percentage growth that you’ve seen, particularly in the adult-use throughout in the medical channel. So, I guess, my first question is, while those splendid increases are, I would say, on a dollar basis, it’s not, it took to the middle of the pack. And given that market share really is determinant of success in the Canadian market and that Aleafia sitting at around, maybe plus or minus 1.5% to the adult-use and become relevant we need to be at least 1.3% to potentially 5%, how do you plan on – so how does your roadmap drive you towards that sort of relevant market share?
Tricia Symmes
Well, thank you, very much for your question. I think your points are very valid. I would provide a few answers to help clarify. So first of all on the adult-use of the business, I think what’s important to know is that we only entered into the adult-use of the business in the second half of 202. And really this is going to be the first full year that we will see sustainable runrates with the Divvy health – with the Sunday Market House of brands and with Divvy. Our projection this year will help take us north of that 3% market share that you shared on and really what that’s going to be driven by is, obviously the superior and strong brands that we are containing in the value category, but also with us going into larger formats that we discussed in terms of the flower, we know the product and other segments such as these in which those products were not previously launched in the first part of this year.
We’ll also start to see a more of a sustained runrate of these products as we did have some supply challenges in the last part of 2021 where we had actually greater demand for our products than we were able to pull through. We are now starting to see significant improvements in our greenhouse and we are also seeing significant improvements in operational efficiency.
And we really believe that we’ve built a brand that consumers want. It’s really focused around, obviously, high quality product that obviously offering as a value that is sustainable for consumers and strain that we maintaining that sticky revenue. So the adult portion of our business will continue to be a very strong growth driver as we start to realize those consistent runrates and increase exponential growth quarter-over-quarter.
We are also looking at strategic price adjustments within our portfolio. As you know, it’s very important for us to establish the brand first and create a loyal consumer following and as we start to move into some of those higher categories that obviously can generate more improved margins for us and increase the brand strategically just will have a very important effect on the overall adult-use portfolio.
I think the second most important part of our continued growth to generate, obviously, higher market share value the company will be in the medical side of the business. We have an exclusive partnership with Unifor where, as you pointed out there are some good growth improvements in Q3 and Q4. But unfortunately, due to COVID and the challenges that many companies have experienced there, it was very difficult to be present in front of potential patients to be able to onboard them as quickly as possible. We have actually seen excellent growth in new players onboarding with us that will be ratifying those agreements and fee insurance coverage. And we’ve also just acquired the retiree base which represents a significant increase in new medical patients that will have access to over $2,500 per year in reimbursed medical benefits of cannabis. So that will continue to be a very important pivotal part of our growth as the medical part of the business is sticky and recurring revenue and obviously at higher margins.
And then the last portion which is obviously one that we are extremely excited about is the international side of the business. Again it’s a key differentiator for us to help move and improve our market share overall in the Canadian market is that these are at much higher margins and a higher price point. We’ve already established excellent partnerships in the end of 2020. We have leveraged our first shipments in two European markets and we already have a strong base of PO’s export comments that will capitalize on as we move into 2022.
So, it’s really the three pillars that will help to take us to that next level and get us into the top 10 LP status that we just discussed on this call.
Rahul Sarugaser
Great. Thanks for the additional color. So, to drill down then on the medical side specifically and in terms of the Unifor contracts, which is because we cover the healthcare space more broadly, certainly seeing the difficult for sales folks irrespective of where the healthcare industry get into talk to, whether it’s doctors or patients? But now that that’s opening up hopefully, that certainly should benefit your sales team. So, how should we be thinking about that channel starting to provide material and durable revenues and what should we be thinking in terms of the timeline for that?
Tricia Symmes
Yes. Excellent, excellent question. So the medical cannabis pillar of our business, as you mentioned is a key strategic future growth driver. And it’s based kind of on a multi-pronged strategy. The first is, a strong and growing patient base. So we did recognized this in 2021 and we are one of the only medical companies to be able to continue to increase patient base and show growth versus an overall decline in the industry which is largely driven by a lot of consumers moving towards the adult segment. We believe that it’s important to continue to grow this side, it’s a sticky revenue base and it’s also one in which we have a lot of control with our own virtual clinic pipeline. That’s an important transition that we made this year outside of the brick and mortar to be able to seek patients virtually and make sure that access was easier for these patients that will continue to onboard new patients , which you know it’s one of the important points of this is onboarding patients that then continuing to be able to repeat their prescriptions. The other focus for us in the medical side which we are seeing tremendous growth in Q4 over Q4 was based on our third-party partnerships and we’ve taken a strategic look at how we can have exclusive partnership with Unifor over this 300,000 members that more importantly how we can onboard those potential patients at a more rapid level as we commented this COVID period. And that we’ve also looked specifically at other third-party benefit providers, partnerships in both the Quebec market and with veterans that are all a recurring revenue base that will help to strategically grow our medical platform and ensure that this becomes a critical pillar of ours.
I think the other thing that I would mention is, despite the challenges that many of us experienced during this COVID period, we were still able to onboard four new employers. And that only represents less than 5% of the total opportunity with that Unifor base as these agreements begin to become ratified as we have opportunities to be in front of these potential patients in person through education and onboarding and as we start to tap into the retiree group, which just received their reimbursement at the end of January this year. This will help to see substantial increase in growth in our medical platform and we really believe that this will be a catalyst for moving us into that higher insurance covered area for medical patients, which is really income for pharmaceuticals is the most important thing that you have a platform where patients can have reimbursement for their therapy and that is one that can be continuous recurrent and sticky. So this is part of our strategy on the medical side to help inflate and accelerate our growth.
Rahul Sarugaser
Great. Thank you for that and we’ll certainly look forward to seeing growth there. And if you – and just one last question just around margins, given that historically margins were quite dynamic given especially outdoor indoor growth, the mix between wholesale and close to different channels. So, how should we be thinking about margins so that in medium-term as they sort of settle out and as you start to focus on these three primary channels that you highlight?
Matt Sale
Thanks for the questions. I think directionally where Q4 was is a good starting point to think about our margin profile that I will say with the change in sales mix towards branded cannabis products away from wholesale. The biggest benefit we see is in margin per gram sold. So, it’s as a post is looking at eight percentage, wholesale directionally has had quite a bit of volatility over time with some quarters quite higher and in Q3 in particular it was quite a bit lower. Our adult-use portfolio and our medical portfolio, I think will each deliver margins in and around the kind of 30s to 40s with medical I think at the higher end of that and adult at the lower end of that. And depending on our sales mix, it will move around. The guidance we are putting out for fiscal 2023 is to achieve between 32.5 and 37.5.
Rahul Sarugaser
Thanks. That’s actually very helpful. I appreciate you lining those numbers. And thank for taking our questions. I will get back in the queue.
Tricia Symmes
Thank you.
Operator
Thank you. Our next question or comment comes from the line of [Indiscernible] from Research Capital. Your line is open.
Unidentified Analyst
Hey guys. Thank you for taking our questions. My first question was, I was wondering how we should think about the relationship with wholesale going forward?
Matt Sale
Yes. Thanks for the question. So, wholesale, it historically was a very important part of our revenue mix and 2020 represented two-thirds of total net revenue. As we have now launched our House of Brands and are focused on branded cannabis products we see it having a – overall a lower percentage of our total net revenue. I will say it is still a – it can be an important sales channel, particularly for spec or lower quality flower that we are able to maximize the net realizable margin on our entire harvest. But I think going forward, really our focus is you should expect to see a majority of our revenue based on branded cannabis products.
Unidentified Analyst
Okay. Awesome. Thank you. I was also wondering if there will be any seasonality impacts on revenue in Q1?
Matt Sale
Yes, from a seasonality perspective, I think our medical business is the – it has some ebbs and flows, particularly in the summer months, inability or less focus on getting prescriptions refilled. But generally is a sticky recurring type revenue base. So, each quarter is pretty consistent over the period saw that least volatility. Our adult-use business, I think we are having just – strong growth in Q4 growing over 19%. We see that same momentum continuing in Q1of this year and throughout fiscal 2023. I think in the first half of this year, we have the benefit of our outdoor harvest which only comes down once a year. So that will really benefit the first half momentum more so than the second half momentum. And then on international, and wholesale, I’ll say, wholesale is less – we were less able to predict seasonality. I think it’s much more opportunistic and – than the other three sales channels. That – hopefully, that’s helpful to you. Operator, next question?
Operator
Sir I am showing no additional questions in the queue at this time.
Tricia Symmes
Well, thank you very much for spending this morning with us and we look forward to continuing to update on our journey as we move through this next exciting period. Thank you very much.
Matt Sale
Thank you.
Operator
Ladies and gentlemen, thank you for participating in today’s conference. This concludes the program. You may now disconnect everyone.
I am sitting on a substantial position I wish I sold out at 90¢ ... Aleafia is bleeding money via EBITDA and debt. They were thrown a lifeline that required the change at the CEO level.
We're hanging by a thread.
Tilray owns a lot of MedMen paper. Who knows what Simon thinks other than he probably believed he was going to get his hands on the company faster than the US Congress is moving?
See RED and blue highlights to see how small Aleafia is--->>> Aleafia Health Reports Q4 2021 Financial Results with $11.5 Million Branded Cannabis Gross Revenue, representing a 103% Increase from 2020
• Transforming business towards a branded cannabis provider, with branded revenue representing 80% of total net revenue in 2021 compared to 33% in 2020
• 96% increase in branded cannabis net revenue to $28.7 million in 2021 from $14.6 million in 2020
• 396% increase in adult-use net revenue to $16.0 million in 2021 from $3.2 million in 2020
• 60% increase in branded cannabis net revenue to $8.3 million in Q4 2021 from $5.2 million in Q4 2020
• 33% increase in medical cannabis net revenue to $10.6 million in 2021 from $8.0 million in 2020
• Consolidating medical market share with 17% growth in scripts in 2021 relative to 23% overall market decline
• Average THC potency of 22% with up to 27% levels achieved in record-breaking outdoor harvest
• Projecting Adjusted EBITDA Profitability during the Second Half of 2022
TORONTO – February 14, 2022 – Aleafia Health Inc. (TSX: AH, OTCQX: ALEAF) (“Aleafia Health” or the “Company”) is pleased to report its financial results for the three and 12 months ended December 31, 2021. The Company’s 2021 unaudited, consolidated financial statements and management discussion and analysis for the fourth quarter and 12-month periods will be available in the Investors section of the Company’s website at aleafiahealth.com and will be filed on SEDAR and available at sedar.com.
“The core strategic objectives that will drive Aleafia Health to sustained profitability reflect a pivot to focus on branded cannabis revenue. Branded revenue is comprised of ‘sticky,’ recurring medical revenue at attractive gross margins and robust growth in adult-use cannabis revenue where Aleafia continues to aggressively take market share,” said Aleafia Health CEO Tricia Symmes. “We are focused on achieving Top 10 in total LP market share in 2022, driven by leadership in the value cannabis category. Aleafia’s five cannabis brands span the spectrum from premium and craft flower to the value category with Divvy, where we already enjoy significant leadership. The company’s market share rose from 30th in Q1 2021, when we launched our House of Brands, to 15th in Q4 2021, representing the third highest change in market share rankings out of 40 Canadian Licensed Producers (“LPs”).(1) Q4 retail sales increased 37% relative to Q3. Our Divvy value brand is consistently among the top searched brands at the Ontario Cannabis Store website.”
“In 2021, the total net revenue of $36.1 million represents a highly diversified sales mix. Driven by robust growth in adult-use and medical sales, these two sales channels represented 80% of total net revenue, a complete turnaround from 2020, where bulk-wholesale product represented 67% of total net revenue,” Symmes added. “This is just the beginning, and we are very excited about the future. A record-breaking outdoor harvest that produced average THC potency of 22% allows us to direct this flower into the adult-use market, delivering significantly higher net margin per gram than the bulk wholesale channel. With our highly competitive THC levels, the quality of the brand is the company’s competitive advantage in the value category, and by focusing on the top performing high margin products through portfolio optimization, we are poised to achieve breakeven adjusted EBITDA profitability in the second half of 2022.”
“Aleafia Health’s revenue is driven by three strong business lines: its CPG branded adult-use portfolio, where we aim to enjoy a Top 10 overall market share position, which currently generates $24 million annualized run-rate net revenue, with significant momentum in the first 6 weeks of 2022; leadership in medical cannabis with its highly recurring $10 million annualized run-rate net revenue, and a 17% increase year over year in script counts; and international sales, where we are well positioned in three countries, Germany, the UK and Australia, and have developed partnerships with key established European supply distributors.
Our Sunday Market House of Brands achieved 396% growth year over year and is anchored around our hugely successful everyday Divvy brand, we have moved strongly ahead into categories that consumers want and are providing the innovative products and a value proposition that they demand.”
OPERATIONAL HIGHLIGHTS
• Net revenue was $36.1 million for the 12 months ended December 31, 2021 (“2021”), compared to $44.5 million in the 12 months ending December 31, 2020 (“2020”). For the three months ended December 31, 2021 (“Q4 2021”), net revenue was $8.8 million, compared with $15.2 million in Q4 2020. The decline in net revenue was based on shifting from lower margin, higher volume bulk wholesale commodity cannabis revenue to higher margin, higher potency and innovative adult-use products, offering a unique value proposition. The Company’s branded cannabis revenue includes its “sticky” medical sales and market share consolidating branded adult-use cannabis products along with its burgeoning international sales.
• Branded cannabis net revenue increased 96% to $28.7 million in 2021 compared to $14.6 million in 2020, and increased 60% to $8.3 million in Q4 2021 compared to $5.2 million in Q4 2020, largely attributable to the launch of the Sunday Market House of Brands, which enjoyed 396% growth in 2021 compared to 2020, anchored around Divvy, the everyday brand focused on potency and an exceptional value proposition. Aleafia delivered the top 3 out of 40 Canadian LPs in market share rank increase from Q1 2021 (#30) to Q4 2021 (#15).(1)
• Adult-use net revenue increased 396% to $16.0 million in 2021 compared to $3.2 million in 2020, and increased 326% to $6.0 million in Q4 2021 compared to $1.4 million in Q4 2020. Sales velocity continues to accelerate driving market share capture with 37% retail sales pull through in Q4 2021 relative to Q3 2021.(2)
• Medical cannabis net revenue increased 33% to $10.6 million in 2021 compared to $8.0 million in 2020, driven by strong ordering patterns from its flagship Emblem cannabis brand. Script count increased 17% year over year, to 37,779 in 2021 compared to 32,191 in 2020. The patient base grew 13% to 19,700 in 2021 from 17,400 in 2020. In 2021, the Company onboarded four unionized employers through its exclusive partnership with Unifor, Canada’s largest private sector union, with more than 515,000 members and retirees across the country. The highly scalable new patient onboarding platform is well-positioned to accelerate patient uptake. The Company will continue pursuing its recurring revenue base in which patients receive reimbursement for medical cannabis.
• Bulk wholesale net revenue declined 75% to $7.4 million in 2021 compared to $29.9 million in 2020, which was offset in part by strong growth in branded cannabis revenue. This was driven by the Company’s redirection of its cultivation flower from the bulk wholesale sales channel towards its higher net revenue per gram branded cannabis products.
• The Q4 2021 outdoor harvest delivered over 11,600kg of high potency saleable flower with THC levels averaging 22%. The Company plans to primarily utilize this product in the first half of 2022 in its adult-use branded cannabis products.
• Total gross profit fair value adjustments and inventory provision was 31% in Q4 2021, compared to 59% in Q4 2020, primarily due to the Company’s pivot away from bulk-wholesale towards branded cannabis products that deliver higher overall net margin per gram.
KEY DEVELOPMENTS
In 2021, the Company transformed its business to become a branded cannabis provider. It has produced high potency flower at its Port Perry outdoor growth facility, allowing it to direct that product to higher margin, adult-use products. It has engaged?with the consumer and attracted a top executive sales and marketing team, with an internal sales force, that understands the CPG marketplace, what consumers want and is focused on the need to drive value to secure loyal customers and drive and maintain market share. Higher THC levels as well as the lower cost of input materials has allowed the Company to significantly increase its market share. Other developments include:
• Branded Cannabis Represented 80% of 2021 Total Net Revenue: The Company launched 37 new SKUs since Q4 2020 and built five cannabis brands spanning value to premium, craft. Divvy, an everyday consumer value brand, is consistently a top searched brand on OCS.ca. Twelve new product formats were launched in 2021 including: Craft Dried Flower, Milled Flower, 1g Distillate Vapes, Live Resin Vapes, Live Resin Diamond Sauce, Salted Caramel Pretzel Bites, Cluster Pucks, HotSauce, Omega CBD Soft Gels, Bath Bombs, Freshly Minted Roll-Ons and Topical Creams.
• Significant Increase in Adult-Use Market Share: The Company is aggressively capturing market share. It achieved a top 3 market share rank increase among 40 Canadian LPs in the Q1 2021 (#30) to Q4 2021 (#15) period, based on HiFyre data. Its 37% increase in retail sales pull through from Q3 2021 to Q4 2021 placed it among the top 10 Canadian LPs. The Company’s market share increased from 0.3% in Q1 2021 to 2.0% in Q4 2021. Over this period, the Company delivered strong retail sales pull through in each of the three major categories, with flower increasing approximately 1,400%, pre-roll increasing approximately 1,000% and vape increasing approximately 200%. The Company enjoys 94% penetration at the retail store level in Ontario and 84% in Alberta, and has supply agreements with Saskatchewan and British Columbia.
• Medical Ecosystem Expanded: The Company onboarded four unionized employers in 2021 through its exclusive Unifor partnership. These employers represent less than 5% of the Unifor member base and the Company continues to focus on additional onboardings. Despite restrictions on interacting directly with potential patients due to Covid-19, the Company experienced modest growth in both Unifor-based patients and sales from Q3 2021 to Q4 2021. The Company saw scripts increase 17% year over year, driven primarily by continued onboarding of third-party clinics which represented a largely reimbursed patient base comprising approximately 55% of total medical sales in Q4 2021. The Company launched tailored programs targeted at the Veteran medical demographic and entered the Quebec market.
• International: The Company successfully saw its products exported into three countries Germany, UK and Australia in 2021. The Company established partnerships with key European suppliers and wholesalers to facilitate a ramp-up in pull-through into the European market in 2022.
• Cultivation: The Company owns three licensed cannabis production facilities and operates a strategically located distribution centre all in the province of Ontario, including in Port Perry the first large-scale, outdoor cultivation facility in Canadian history. Port Perry delivered over 11,500 kg of flower with average THC potency of 22% in 2021. THC levels ranged from a record-breaking 21-to 27% and the terpene profile was outstanding, ranging from 2.7% to 5.7%.
• Cost Rationalizations: The Company methodically reviewed its cost structure and optimized its talent and resources towards the sales channels which delivered the highest net realizable margin per gram of flower sold – its branded cannabis products. The Company initiated headcount reductions in Q4 2021, representing approximately 10% of the workforce and approximately $1.9 million in annualized savings. The Company has undergone a SKU optimization to align its portfolio on best-selling product formats with the strongest margin profile. The Company is in the process of integrating its virtual, physical and third-party clinic platform which is expected to generate additional operating expense savings. The Company reviewed its inventory and fixed assets and identified certain slow-moving assets primarily related to the bulk wholesale sales channel. As a result of the Company’s pivot towards focusing on branded cannabis products, the Company recorded a $19.6 million inventory provision. The Company also recorded a $28.8 million impairment of property, plant & equipment due to changes in market conditions for these assets.
• Adjusted EBITDA Profitability: The Company evaluated all facets of the organization and realigned executive management to focus on achieving profitability. Significant non-recurring one-time costs were incurred in 2021 as the Company developed, built, and launched its Sunday Market House of Brands. Most of these costs are not expected to be recurring. Over the last four quarters, the Company saw significant progress and is trending towards achieving breakeven Adjusted EBITDA profitability in the second half of 2022.
• Repositioning the Balance Sheet. The Company completed two senior secured debt financings in Q4 2021, including a $10 million senior secured term credit facility in August 2021 and a new $19 million credit facility in December 2021. The new credit facility consists of a $12 million term loan and a revolving receivables facility of up to $7 million. The revolving receivables facility remains undrawn, providing the Company with liquidity to fund working capital investments required to continue rapidly scaling its adult-use sales. As reflected in the Company’s announcement on February 1, 2022, the Company is actively engaging with holders of its listed unsecured convertible debentures maturing on June 27, 2022 (TSX: AH.DB) with a view to effecting changes in key terms that are equitable to both the holders and the Company, and provide a sustainable foundation for the Company’s continued growth.
Note that the Company announced on February 8, 2022 that it changed its year-end to March 31. As a result, in this transition year, annual audited financial statements for the 15 months ended March 31, 2022 will be issued prior to June 29, 2022.
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NET INCOME & ADJUSTED EBITDA
To see all of the numbers look here:
https://aleafiahealth.com/news-releases/aleafia-health-reports-q4-2021-financial-results-with-11-5-million-branded-cannabis-gross-revenue-representing-a-103-increase-from-2020/