Namaste Technologies Inc. (“Namaste” or the “Company“) (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF) is providing this third bi-weekly default status report in accordance with National Policy 12-203 – Cease Trade Orders for Continuous Disclosure Defaults (“NP 12-203“). In its initial default announcement of April 2, 2019 (the “Default Notice“), the Company announced the delay in the filing of its audited annual financial statements for the fiscal year ended November 30, 2018 (the “2018 Annual Financial Statements“), the accompanying management’s discussion and analysis and the related CEO and CFO certifications (collectively, the “Annual Filings“) by the filing deadline of April 1, 2019. The Company subsequently provided bi-weekly default status reports on April 15, 2019 and April 30, 2019.
As previously announced, the Company applied for and was granted management cease trade orders in respect of the delayed Annual Filings (the “MCTO“) by the British Columbia Securities Commission and the Ontario Securities Commission which prohibit the chief financial officer and the interim chief executive officer from trading in the Company’s securities for so long as there are filings that are outstanding under applicable securities laws. The MCTO does not affect the ability of the general investing public to trade in the Company’s listed common shares.
The audit of the 2018 Annual Financial Statements is well underway and the Company currently continues to expect to file the Annual Filings by the end of May 2019. In addition, the Company continues to anticipate that its interim financial statements for the three month period ended February 28, 2019, the accompanying management’s discussion and analysis and the related CEO and CFO certifications will not be filed by the filing deadline, and will be filed after the Annual Filings are completed and filed.
The Company confirms that since the Default Notice: (i) there is no material change to the information set out in the Default Notice that has not been generally disclosed; (ii) there has been no failure by the Company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (iii) there has not been any other specified default by the Company under NP 12-203; and (iv) since the Company’s bi-weekly default status report dated April 30, 2019, there is no other material information concerning the affairs of the Company that has not been generally disclosed.
The Company will continue to comply with the provisions of the alternative information guidelines under NP 12-203 by issuing bi-weekly default status reports in the form of news releases for so long as it remains in default of the filing requirements set out above.
SOURCE Namaste Technologies Inc.
48North Successfully Completes Planting at its 100-acre Outdoor Organic Cultivation Facility, Good:Farm
48North Cannabis Corp. (“48North” or “the Company”) (TSXV: NRTH) is pleased to announce that it is has completed the planting of its first outdoor cannabis crop at its Good:Farm, Canada’s largest outdoor organic cannabis cultivation facility (3.7 million sq. ft. of cultivation space) in Brant County, Ont.
48North has successfully planted more than 250,000 cannabis seeds at Good:Farm. At the farm, 48North has planted 10 unique cultivars proven to be successfully grown outdoors; both high-THC and high-CBD strains were selected for planting. The Company expects two harvests annually at the Good:Farm. The first harvest is planned for late-August and will be exclusively the Company’s auto-flowering strains; the second harvest, of photoperiod plants is planned for mid-October.
Good:Farm, Canada’s first and largest outdoor organic cannabis facility, has the potential capacity to yield more than 40,000 kg of dried cannabis, at what 48North expects to be the lowest cost per gram in the country.
“Planting nearly 100 acres of organic cannabis outdoors was a significant accomplishment for the organization, relying on both established agricultural practices and innovative cannabis production techniques. Our team of expert farmers and growers ensured this ground-breaking task was a success,” said Jeannette VanderMarel, co-CEO of 48North.
48North has signed supply agreements for cannabis from its Good:Farm and other licensed production facilities, including:
- An historic outdoor cannabis agreement with the Société Québécoise du cannabis for 1,200 kg of dried cannabis;
- A supply agreement with the Alberta Gaming, Liquor and Cannabis agency for 2,460 kg of dried cannabis; and
- A supply agreement with the Ontario Cannabis Store for 1,200 kg of dried cannabis.
To bring Canadians along on this journey, 48North is hosting a bi-weekly web series on Good:Farm. “See the Good” focuses on the challenges, opportunities and lessons learned on the path cannabis takes from seed to sale.
Good:Farm has a number of strategic advantages, including ultra-low-cost cannabis as well as environment-friendly and energy-efficient production. In addition, the farm’s production will help address the current national shortage of recreational cannabis.
48North Cannabis Corp. (TSXV: NRTH) is a vertically integrated cannabis company focused on the health and wellness market through cultivation and extraction, as well as the creation of innovative, authentic brands for next-generation cannabis products. 48North is developing formulations and manufacturing capabilities for its own proprietary products, as well as positioning itself to contract manufacture similar products for third parties. 48North operates Good:Farm, a 100-acre organic cannabis farm that is expected to produce more than 40,000 kg of organic, sun-grown cannabis, securing a significant first-mover advantage in the production of low-cost, next-generation, extract-based cannabis products. In addition, 48North operates two indoor-licensed cannabis production sites in Ontario. 48North cultivates unique genetics at its wholly owned subsidiary, DelShen Therapeutics Corp. (“DelShen”) and processes cannabis and manufactures next-generation cannabis products at Good & Green Corp. (“Good & Green”), both Licensed Producers under the Cannabis Act. 48North has a growing portfolio of brands that include Latitude, a women’s cannabis platform (explorelatitude.com); Mother & Clone, a rapid-acting sublingual cannabis nanospray (momandclone.com); and Avitas, a single-strain vaporizer cartridge (avitasgrown.com).
DISCLAIMER & READER ADVISORY
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 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. Forward-looking statements in this news release include statements relating to the business plan and future operations of the Company. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the forward-looking statements, including the possibility that the business plan described herein will not be completed, that 48North may not derive the expected benefits from such business plans, or that applicable regulatory approvals will be obtained to carry out the activities contemplated herein. The business of the Company is subject to a number of material risks and uncertainties. Please refer to the Company’s SEDAR filings for further details. 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 Company being able to obtain the necessary corporate, regulatory and other third-party approvals, and licensing and other risks associated with the Cannabis Act. 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.
SOURCE 48North Cannabis Corp.
1933 Industries Increases Extraction Capacity for Concentrates in Nevada
1933 Industries Inc. (the “Company” or “1933 Industries”) (CSE: TGIF) (OTCQX: TGIFF), a vertically integrated cannabis consumer packaged goods company that owns licensed cultivation and manufacturing assets to support its brands, reports on its expanded cannabis extraction capabilities and provides an update regarding its hemp extraction facility.
Original AMA cultivation facility to be used for expanded extraction
The Company has commenced plans to utilize its original cultivation facility to increase its extraction capacity for concentrates. Concentrates such as shatter, crumble, sugar, wax, budder, and distillate are sold under the Alternative Medicine Association (AMA) brand and are available in licensed dispensaries throughout Nevada. Distillate is considered the cleanest, clearest and purest form of concentrate and yields high THC percentages. Well-known for its top-quality concentrates, AMA extracts its distillate by using a hydrocarbon extraction process. The Company has made preparations to complete tenant improvements on the building in order to expand its concentrate production area from 483 sq. ft. to 2,215 sq. ft. in the current facility. The expected distillate production capacity will increase from 40 litres per month to 80 litres per month, in order to secure the supply for its branded products as well as for its white label partners.
Once the plants are moved to the new cultivation facility, the Company expects to submit layout plans to the city of Las Vegas for permitting and commence tenant improvements on the original cultivation facility. The necessary extraction equipment has been sourced and will also be submitted to the state for approval. The Company expects the expanded operation to come online in the fall of 2019.
“This is another exciting development for the Company as we increase production of raw materials for our line of concentrates. We are growing, expanding and investing in infrastructure for the growth of our brands,” said Ms. Ester Vigil, President of the Company.
Hemp extraction facility will be one of a kind
The Company reports that it has been working with an engineering firm to customize the equipment that will be required to establish one of Nevada’s largest hemp extraction facilities, with increased output capacity and versatility for isolation of CBD, CBN, CBG, CBC, and several other cannabinoids, including the ability to produce full spectrum and broad-spectrum oils, as well as isolates, that meet required GMP standards.
Mr. Chris Rebentisch, CEO of the Company remarked, “The process has been scaled up after a lengthy research phase, where we aimed to create a method of extraction using specialized chemistry and equipment in order to obtain a higher yield of CBD, thus increasing our efficiency. The competitive advantage of the new facility will be the isolation of not only CBD but of additional individual cannabinoids at scale, which is unique and novel in the cannabis marketplace.”
He added, “The research phase served to engineer and customize our proprietary equipment for the desired scale of the pilot plant, therefore meeting the unique needs of our business. We believe that the capital investment we are making today will have the benefits of lowering our operating and manufacturing costs, increasing cannabinoid extraction efficiency with a higher recapture rate, and bringing higher returns for years to come.”
The Company has ordered its customized equipment and is working on the final layout of the facility and will commence tenant improvements once the floor plan and layout has received approval from the city of Las Vegas. Permitting has been completed for fire and city inspections as well as H-3 hazard zoning. Because the customized equipment requires a long lead time, the Company expects that the facility will be operational by year’s end.
The facility’s processing capacity is estimated at approximately 68,000 kgs. of hemp biomass or 150,000 lbs. per month, producing approximately 5,000 kgs. of full spectrum oils or 4,500 kgs. of CBD isolate.
SOURCE 1933 Industries Inc.
Alcohol Consumption Drops With Cannabis Legalization Abound
The steady decrease in alcohol consumption has led consumers to find new alternatives. And specifically, the rise of cannabis is directly correlated with declining alcohol consumption rates. Investment bank firm Cowen & Co. reported that legal adult use cannabis states witnessed binge drinking rates fall by 9% below the national average, and 11% below non-cannabis states. However, newly added states such as California and Nevada currently have higher rates of binge drinking intensity and lower levels of cannabis consumption. As a result, Cowen said it is reasonable to assume that as more states legalize adult use cannabis, the alcohol binge drinking rates will begin to falter. The Centers for Disease Control and Prevention estimated that 17% of the U.S. population engaged in binge drinking, meaning that 1 in 6 reported doing so 4 or more times a month. In states that legalized adult use, the number of binge drinking sessions per month was 9% below the national average. In particular, many millennials have opted to consume cannabis over drinking alcohol. For instance, according to a MarketWatch article, a millennial said that she prefers to consume cannabis over alcohol because it saves her more money and doesn’t cause intoxicating effects of alcohol. According to a Yahoo News poll in 2017, it was concluded that the majority of the 55 million recreational marijuana users in the U.S. are millennials. Meanwhile, a national survey conducted by the Monitoring the Future Study uncovered that the share of college students drinking alcohol daily fell from 4.3% in 2016 to 2.2% in 2017. Furthermore, Cowen & Co. analysts project the U.S. cannabis market to reach sales of approximately USD 75 Billion by 2030. And while the U.S. accounts for a majority of the global cannabis market share, other regions are rapidly emerging and witnessing faster growth rates. Pasha Brands Ltd. (OTC: CRFTF) (CSE: CRFT), Aurora Cannabis Inc. (NYSE: ACB) (TSX: ACB), Aphria Inc. (NYSE: APHA) (TSX: APHA), Organigram Holdings Inc. (NASDAQ: OGI) (TSX-V: OGI), The Green Organic Dutchman Holdings Ltd. (OTC: TGODF) (TSX: TGOD).
Canada became just the second nation ever to legalize cannabis in 2018. However, despite legalizing cannabis, the industry still faces multiple legal barriers in the country. Nonetheless, the Canadian market is positioned to become a major industry growth factor, as ArcView Market Research and BDS Analytics expect the legal cannabis spending in Canada to grow at a CAGR of 44.4% throughout a forecast period until 2024. Compared to a previous report by the two research firms, the Canadian market is accelerating at a faster rate than the projected worldwide legal spending CAGR of 26.7% over a five-year frame from 2017 to 2022. Canada’s cannabis legal spending is also expected to grow at a much more rapid rate compared to other regions primarily because of its large addressable market. In comparison, Uruguay’scannabis market is relatively small, despite having legalized cannabis entirely nearly 6 years ago. In 2018, it was estimated that 147,000 Uruguayans between the ages 18 and 65 consumed cannabis, according to CBS. On the other hand, Statistics Canada estimated that approximately 5.3 million or 18% of Canadians aged 15 years and older reported using cannabis during the first quarter of legalization. However, a major drawback to a large consumer base is that it makes it challenging for cultivators and vendors to meet the demand, especially when the industry is relatively new. Generally, large-scale corporations stand out among the competition and thrive because of their efficiency. However, smaller businesses have turned to the art of cultivating “craft cannabis” in order to compete with the industy’s behemoths. Craft cannabis is known to come from an attentive procedure of tending to each individual plant to ensure premium and high-quality buds. The tedious process requires growers to constantly examine each plant to avoid molding or infestations and while the process may be laborious and tiresome, craft cultivators are able to achieve a premium end product that large-scale companies are unable to grow. “A lot of the licensed producers right now, their goal as publicly traded companies is producing the cheapest cannabis possible for the commercial market,” said Lisa Campbell, Chief Executive Officer of Lifford Cannabis Solutions. “A lot of people say hand-trimmed buds is craft, so the trim is really important. If it’s dense and not fluffy, it’s great, and obviously, smell and flavour are factors. It’s like getting a bottle of wine for thousands of dollars – there will be certain products that will fetch a premium.”
Pasha Brands Ltd. (OTC: CRFTF) (CSE: CRFT) is also listed on the Canadian Securities Exchange under the ticker (CSE: CRFT). Earlier last month, the Company announced the “addition of three well-respected cannabis experts to the growing Pasha family: Scientific researcher Dr. Cris Felipe Alves, second-generation cultivator and consultant Travis Lane, and lifelong cultivator Kemal Morris.
As a solution provider to the craft cannabis industry, Pasha subsidiary BC Craft Supply Co. Ltd. (“BC Craft Supply”) aims to provide cannabis farmers with the tools to transition to new regulations governing the micro-cultivation licence category. These experts will assist farmers in making that transition.
‘I’m thrilled to have these experts join our team, and, with their support, I look forward to disrupting the market with craft products that will help solve Canada’s ongoing supply chain issues,’ said Patrick Brauckmann, Executive Chairman of Pasha Brands. ‘With these additions to the Pasha family, I’m confident that enthusiasm for craft products will continue to grow.’
Dr. Cris Felipe-Alves has worked in academic and commercial settings in Australia, Asia, and North and South America, and holds a B.Sc in Biological Sciences from the University of Brasília, and a PhD in Molecular Biology and Biochemistry from Nagoya University. While working as a senior scientist at a global diagnostics company, he led a team of researchers from discovery to R&D and sales of molecular tools designed to detect cancers non-invasively. During this time, he became interested in the potential for cannabis as a curative agent against several types of cancer. Since then, he has worked as an extraction specialist and a Quality Assurance Manager. He will act as the Senior Quality Assurance Person at BC Craft Supply.
‘Here at Pasha, I feel at home and am proud to be part of a brand house that has a focus on craft products,’ said Dr. Felipe-Alves. ‘I look forward to helping Pasha generate safe and efficient cannabis-based products that suit the needs of both recreational and medical consumers both in Canada and around the world.’
Renowned cultivator and consultant Travis Lane has been growing cannabis for more than 20 years. An organic, living-soil-based cultivator who has advocated for the facilitation of pesticide-free, sun-grown cannabis production, Lane has been involved in the founding of numerous small cannabis businesses over the last decade, including a successful chain of storefront dispensaries, a thriving online mail order service, and was a founding partner in one of the most successful hydrocarbon extraction brands in the country. Under legalization, Lane has divested from the illicit market to focus on multiple Cannabis Act license applications, as well as his work with Groundwork Consulting, focused on government relations and licensing for cultivation and retail, and Levity Solutions, a multi-purpose cannabis consultancy focused on assisting aspiring legal cultivators. He will act as a consultant for Pasha Brands and its subsidiaries.
‘The level of talent and expertise that exists in the prohibition-era marketplace is beyond impressive,’ said Lane. ‘These long-time innovators will represent a huge market factor once licensed, and I am proud to help Pasha facilitate this next wave.’
Kemal Morris is a lifelong cultivator who has had his hands in the soil ‘since before he could walk’. He watched his parents grow their own food – and cannabis – on Saltspring Island, British Columbia. Soon after Canada launched its first medical cannabis program in 2001, he spent 14 years learning the intricacies of breeding and extract production. In addition, Morris has spent the last four years launching a prominent Canadian Licensed Producer. He is passionate about patients and has connected hundreds of struggling patients with medicine. As the Master Grower for Pasha Brands’ owned Vancouver Island Licensed Producer, MedCann, Morris will act as facility designer, cannabis expert, educator and facilitator.
‘After completing a four-year term in the regulated industry, I am excited to work with Pasha,’ said Morris. ‘I finally have the opportunity to share all that I have learned with the cannabis enthusiasts I came up with, and I’m proud to be part of a company that is breaking the big business mold – affording a rightful place to the people who risked everything to create this thriving industry.’
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