Cannabis
Mojave Jane Reports Third Quarter 2019 Financial Results
Mojave Jane Brands Inc. (“Mojave Jane” or the “Company”) (CSE: JANE) (OTC: HHPHF) (FSE: OHCN), a California cannabis company, today announced that it has filed its Consolidated Unaudited Financial Statements for the quarter ended May 31, 2019. The Consolidated Financial Statements and Management Discussion and Analysis are available on SEDAR at www.sedar.com.
Quarter ended May 31, 2019 Highlights:
- During the period, the Company shifted its strategy away from large scale cultivation to focus on extraction, consumer brands, and distribution/delivery.
- Dieter MacPherson, the current Senior Vice President of Operations, at Aurora Cannabis Inc. (TSX:ACB)(ACB-NYSE), was appointed as an independent member to its board of directors.
- The Company executed a Binding Letter of Intent with the 2083 Group (“2083”) that provides for the Company to acquire 40% of 2083 for $2.6M in total consideration. 2083 owns and operates SpeedWeed, an iconic California brand known for delivery of cannabis and related products in Southern California.
- The Company entered into a contract relationship with Bad Supper, a leading brand development and marketing firm in Southern California.
Subsequent to the quarter:
- In June, 2019, the Company announced a re-launch and name change to Mojave Jane Brands Inc. to focus on consumers and the creation of products and brands that reflect California’s history, diversity, and leadership in the cannabis community; the CSE ticker symbol subsequently changed to JANE
- The Company’s wholly owned subsidiary Bravo Distro received a Conditional Use Permit and Development Agreement with the City of West Sacramento for the development of its 15,000 ft. facility in West Sacramento.
- The Company signed a binding LOI to acquire Coachella Brands Asset Management (CBAM). CBAM brings multiple assets and opportunities for growth to the Company, including an increase in extraction/distillation capacity to roughly 170,000 grams monthly with room for additional expansion.
- The Company announced a non-brokered private placement with the intent to raise $8,000,000 CAD.
“Q3 concluded the internal work at Mojave Jane to scale our team and our operations to meet market needs and adjust spend according to our supply chain strategy,” said Mojave Jane CEO Gary Latham. “Specifically, we reduced our spend on distribution until our license and facilities are operational. We also focused CALIGOLD on establishing a long-term presence in a permanent facility, reducing spend along the way. And we halted spend on the development of CoachellaGro to match our supply chain strategy.
Making these adjustments allows us to focus on the parts of the operation that produce revenue and growth, and drive shareholder value. That means doubling down on extraction, brands, and delivery/distribution. Developments in Coachella allow us to nearly double our extraction capacity and take a larger share of the B2B distillate market. Closing the acquisition of up to 40% of 2083 lets us focus on expanding delivery operations and revenue. We are looking forward to this next stage of Mojave Jane’s evolution.”
Mojave Jane Brands Inc.
Cannabis
North America Legal Cannabis Industry Report 2024: Market to Grow at a CAGR of 26.65% During 2023-2032, Bank Loans Boosting Business Growth
Cannabis
Global Legal Marijuana Strategic Business Report 2024: A $125+ Billion Market by 2030 Featuring Aphria, Aurora Cannabis, Beacon Medical, Canopy Growth, Cronos, OrganiGram, Tikun Olam, Tilray, Wayland
Cannabis
Avicanna Announces Results of Study in Patients with Epidermolysis Bullosa
-
Cannabis2 weeks ago
Technological Advancements in Breathalyzers Drive Market Growth and Enhance Road Safety
-
Humboldt2 weeks ago
Humboldt Seed Company partners with Apollo Green to bring California cannabis genetics to the global marketplace
-
SCHWAZZE2 weeks ago
Schwazze Sets First Quarter 2024 Conference Call for May 15, 2024 at 5:00 p.m. ET
-
Cannabis2 weeks ago
Bay Area Social Equity Operator Launches the Purple Raina Balm Wand 1:1, an Inclusive Multipurpose Cannabis Topical
-
Cannabis2 weeks ago
Sannabis, Inc. (OTC: USPS) Announces First Shipment of Cannabis Essential Oil from Colombia to U.S. to Fill First Order, as the DEA Re-Classifies Marijuana from Schedule I to Schedule III
-
Cannabis6 days ago
IM Cannabis Reports First Quarter Financial Results
-
Cannabis5 days ago
Mikra Announces Partnership with Virun NutraBiosciences Inc. and Releases CELLF 2.0
-
Innocan5 days ago
Innocan Pharma Reports Breakthrough in a Pre-Clinical Trial: Liposomal-CBD Injection Restores Mobility to an Amputee Female Donkey