SOL Global Investments Corp. (“SOL Global” or the “Company“) (CSE:SOL (OTCPK:SOLCF) ) (Frankfurt:9SB), is pleased to announce today a proposed change of business of SOL Global from an international cannabis investment company to a U.S. multi-state cannabis operator (“MSO“) under the Life Sciences category of the Canadian Securities Exchange. They have also announced a change in the call-in number of its previously announced conference call to discuss corporate updates and their fiscal 2019 results.
The MSO’s initial operations will include assets in three (3) of the top ten (10) cannabis markets by revenue in the U.S., as forecasted by ArcView market research – Florida, Michigan and California. The Company has focused in on a path to profitability by keeping the capital expense and the operating expense low with an efficiency-driven model of integrating operations and streamlining management, brand deployment and the Company’s proprietary delivery models across all three (3) states, all while being fully compliant with applicable U.S. state laws and regulations.
Brady Cobb, the CEO of SOL Global, says the timing of the proposed change of business is strategic, stating: “One of the innate strengths of SOL Global’s management is knowing when to enter a market, as is evidenced with our early success in Canada and Florida. We have planned this transition and the market entrance of our MSO to coincide with the rapid growth of the legal U.S. cannabis marketplace amid a presumptive tail wind from federal policy reform initiatives related to cannabis, a process I’ve been deeply involved with. We believe that the timing of our MSO’s entrance to the market will position us well to capture that growth.”
Tantamount to the proposed change of business is the proposed change of the Company’s name from SOL Global Investments Corp. to Bluma Wellness Inc. (“Bluma Wellness” or “Bluma“). “Bluma” is an ancient Hebrew word which means to flower, bloom or blossom. The Company selected this name based on a key principle of the business: to ensure that our patients and consumers utilize our plant-based products to enhance their daily lives, namely to bloom and thrive.
Mr. Cobb says that the new name was chosen to be synergistic with the Company’s new direction, stating that “We chose the name Bluma Wellness, as an appropriate way to honor the true intent of each seed that we cultivate, harvest, and deliver as a product to ensure that every single one of our customers has a consistent and enriching experience that allows them to flourish.” He added: “We also look forward to bringing investors a new kind of MSO, one that is focused on profitability in the short term through operational and logistical efficiencies and a keen eye on the bottom line.”
As part of the Company’s initiative in shifting their focus of business to the vertically integrated expansion of its MSO operations, the Company plans to complete the previously-announced acquisitions of the proposed assets of the MSO (“MSO Assets“) which include the licensed dispensaries operated by MCP Wellness in Michigan as announced on April 24, 2019, our California acquisitions which include the famed Humboldt, California-based cultivator “Northern Emeralds” and the California-based dispensary chain “One Plant USA” as were announced on May 16, 2019, in addition to SOL Global’s existing vertically integrated license in Florida, 3 Boys Farm. The MSO’s resulting products will be powered by Northern Emeralds’ genetics and innovative data-driven cultivation and processing techniques. The anchor will be the brands and products that SOL Global has invested in, which will be strategically deployed in the MSO’s dispensaries including One Plant’s robust retail arm across the states of Florida, Michigan and California (subject to the receipt of all required governmental approvals).
It is expected that the MSO will bridge the gap between traditional THC products and mainstay CPG products. All MSO Assets transactions are expected to close in October 2019, subject to all applicable conditions precedent being satisfied or waived including the receipt of all required governmental approvals.
Completion of the change of business and corporate name change are subject to certain conditions, including requisite shareholder approval and the approval of the Canadian Securities Exchange.
Additional Corporate Updates
Independent Valuation of Existing Investments:
SOL Global has decided on a valuation firm to determine a fair market valuation of SOL Global’s present assets. The Company has engaged Duff & Phelps Canada Limited, a highly acclaimed internationally-recognized valuation firm that has no prior relationship to SOL Global, its board, or any of its directors. Their independent valuation will begin immediately.
As part of the Company’s transition to Bluma Wellness and the operation of its MSO Assets, shifts in the Company’s management are needed to effectively and efficiently operate the MSO Assets. Specifically, the Company is pleased to make the following appointments:
Adam Wilks, a proven retail leader, has been appointed to Chief Operating Officer, effective immediately. Adam joins SOL Global with over 10 years of experience as Director of Operations of well known consumer retail brands like Yogen Fruz, Pinkberry, Cold Stone Creamery, and more. He last served as Chief Operating Officer to One Plant (Three Habitat Consulting) and the chain of dispensaries. As a Co-Founder of Buy N Bulk, he was actively involved in business development from 2013 –2016 and with that brings in-depth operational experience from the beginning of launch phase through to generating revenues. Adam is also on the board of one of California’s leading cannabis companies Old Pal and the board of Sacred CBD.
Additionally, Micheal Bondurant, an early leader in the Florida cannabis market, has been appointed to Chief Strategy Officer, effective immediately. As Director and Chief Operating Officer for 3 Boys Farm, LLC, an original Florida Medical Marijuana Licensee, Michael brings with him a wealth of experience in the logistics of implementing large scale grow operations. As a former Director at Sato Global Solutions, Michael provided consultative services for supply chain, inventory management, transportation, packaging, postal, information technology, procurement and retail. His additional focused attention to direct and channel partners, hardware/software platforms, and using active/passive RFID that are all specific to the retail industry will ensure streamlined integration throughout our retail operations. Michael’s nearly 20 years in senior banking and finance where he was involved in real estate financing, closely held businesses and money management throughout the eastern United States will be a valuable asset as we continue to scale. We are also proud to be welcoming him on as a veteran of the Armed Services having served in the United States Coast Guard from 1988 -1993.
“We couldn’t be more excited to welcome Adam and Michael onto the team as we approach the official launch of our MSO,” said Brady Cobb, SOL Global’s CEO. “They are joining SOL Global at an exciting time and their retail, operational and logistical qualifications and insights will enhance value for all of SOL Global’s shareholders as we continue to execute on our strategy.”
Fiscal 2019 Results And Corporate Updates Conference Call
Brady Cobb, Chief Executive Officer, will host the SOL Global Fiscal 2019 Results Conference call starting at 4:00 p.m. Eastern Time on August 8, 2019. A question and answer session will immediately follow an initial presentation on SOL Global’s fiscal 2019 financial results and a corporate update. Additional participants from SOL Global will include Andy DeFrancesco, Chief Investment Officer and Chairman, Peter Liabotis, Chief Financial Officer and Paul Norman, Chief Executive Officer of SOL Global portfolio company HeavenlyRx.
SOURCE SOL Global Investments Corp.
Strainprint™ Technologies Welcomes Organic Medical Cannabis Producer to Growing List of Subscribers
Strainprint Technologies Ltd, the leader in cannabis data and analytics is pleased to expand their nation-wide coverage with the addition of Stewart Farms.
Stewart Farms is a late-stage applicant headquartered in Alberta that is building a 100,000 sq. ft. vertical aquaponics farm in Saint Stephens, New Brunswick. They will be utilizing automation, vertical farming, and land-based aquaculture to produce medical grade organic cannabis for both recreational and medical markets in Canada. All of their products will be free of herbicides, pesticides and synthetic nutrients. At full capacity, they will reach more than 10,000 kgs per year of organically farmed cannabis and more than 200,000 kgs of organic tilapia.
Stewart Farms’ long term vision is to deliver tools and products to support future customers and patients during their health and wellness journeys. “Through our partnership with Strainprint we gain direct access to their incomparable data and analytics tools. This will aid us in educating a wider audience on the medical benefits and best practices of cannabis-based medicine,” said Tanner Stewart, Co-founder & CEO of Stewart Farms. “We know our customers are looking to consume more than dried cannabis. We know Canadians of all legal ages are trying to sort through their personal engagement with cannabis as a medicine. What we want to know, on an ongoing basis, is what is and is not working for people. Strainprint’s patient-led data services will give us the insight needed to create custom products and further understand the benefits of our existing products. Finally, our goal is to partner with companies and teams that truly have people’s best interest at heart. Caring about a patient’s success is what makes up the core of the Strainprint team. We couldn’t be happier to move forward with them at our side.”
Stewart Farms will access the Strainprint Analytics web platform, the most sophisticated cannabis analytics platform available to improve product development. Strainprint Analytics is built on top of the largest and most granular scientific data set of its kind in the world, with more than 1.3 million anonymized, patient reported medical cannabis outcomes and more than 65 million data points on strain efficacy.
“We’re thrilled to provide our real-time, crowd sourced data to an environmentally conscious company that uses innovative, cutting edge farming technology to produce top-tier medical cannabis,” said Strainprint CEO, Andrew Muroff. “Our organizations are equally committed to improving lives using cannabis therapy, and our shared core motivation is to provide guidance and support to help cannabis patients achieve their health goals.”
SOURCE Strainprint Technologies Ltd.
Field Trip Ventures Inc. Retains KCSA Strategic Communications as Public Relations Counsel
Greenery Map, the world’s first and only cannabis search engine to allow users to search for cannabis products based on their desired mood, medicinal use, and method of consumption, is now offering users – both businesses and consumers – the opportunity to register and connect to the app in an entirely mobile way. Previously, businesses were required to access GreeneryMap.com from a desktop in order to manage accounts and connect to the inventory API system, but that road block has been removed, allowing for an entirely mobile experience through the Greenery Map app.
App users turn to Greenery Map to help them decide on the strain of Cannabis and product that is right for them depending on their desired mood or medicinal effect. Following the matching, consumers are given a detailed history and description of the strain so that they can make educated purchases, cutting down on time that budtenders need to spend with patrons and speeding up the purchase process. Consumers can then see all of the ways to purchase said product, including the nearby dispensaries that have it in stock, online options, and even delivery options through the app. Greenery Map fully integrates with a dispensary’s inventory API system to update in real-time and give consumers real-time information on dispensary stock for the item they are looking for. The Greenery Map system also provides cannabis businesses in both the B2B and B2C sectors a private database to share and sell information and products. For Cannabis businesses, Greenery Map also offers the opportunity to open bank and merchant accounts through their partnership with PayHouse Consulting Group.
SOURCE Greenery Map
WeBank, IBM and Other Organizations Jointly Held the 1st International Workshop on Federated Machine Learning in conjunction with IJCAI 2019
Once a concept, AI is now ushering in a key stage of application. What’s the solution to the data silos among businesses? Given the enhanced regulation on data at home and abroad, what’s the solution to data privacy and security concerns? What’s the status quo of Federated Machine Learning and how to establish an ecosystem for FML in the future?
WeBank, IBM and other organizations jointly held the 1st International Workshop on Federated Machine Learning for User Privacy and Data Confidentiality (FML’19) in conjunction with the 28th International Joint Conference on Artificial Intelligence (IJCAI-19) on Aug. 12, 2019, to further discussion on these issues.
President of IJCAI, Chair of FML Steering Committee, Chief AI Officer of WeBank Professor Qiang Yang delivered opening remarks at the workshop. Dr. Shahrokh Daijavad from IBM and Dr. Jakub Konečný from Google presented keynote addresses. In the panel discussion, top scholars from WeBank, Bar-Ilan University, IBM, Squirrel AI, Google, Huawei, Clustar, Sinovation Ventures and many other renowned enterprises and universities shared and discussed their findings and experience in FML as an emerging AI technology.
This workshop received 40 papers, of which 12 were presented during the workshop, 19 presented via poster. Awards include Best Theory Paper Award, Best Application Paper Award, Best Student Paper Award, Best Presentation Award. Selected high quality papers will be invited for publication in a special issue in the IEEE Intelligent Systems journal. All these attracted numerous scholars to engage in discussions and join efforts for building the FML ecosystem.
Experts from IBM and Google Share Groundbreaking Findings with a Focus on the Theory and Application of FML
Privacy and security are becoming a key concern in our digital age. On 25th May last year, the implementation of General Data Protection Regulation (GDPR) by the EU, the toughest Act on data privacy protection, stressed that user data collection must be open and transparent. A series of laws and regulations from China and overseas also pose new challenges to the traditional way of handling data and model for cooperation. Seeking ways for AI to adapt to this new reality became top priority, a demand that led to this workshop on FML.
A wealth of solutions and breakthroughs were shared by Dr. Shahrokh Daijavad from IBM and Dr. Jakub Konečný from Google in their speech on FML.
Besides how FML can help tackle challenges in the business world, Dr. Shahrokh Daijavad also shared the concept of Fusion AI, which means to train models on widely distributed data sets, but fuse them to produce one equivalent to what centralized training would yield. “Unlike traditional machine learning, in Fusion AI, model parameters are shared and data is not transferred, which makes Fusion AI model better than models that moving data centrally.” Given the widely distributed data, the development of Fusion AI and FML became ever important and imminent.
“FML enables machine learning engineers and data scientists to work productively with decentralized data with privacy by default,” said Dr. Jakub Konečný from Google. He also shared with us how FML works and its use cases at Google. In the case of Gboard, as on-device data is privacy sensitive or large or is more relevant than server-side proxy data, and labels can be inferred naturally via user interaction, the application of Federated RNN compared to prior n-gram model can increase the accuracy of next-word prediction by 24%, and the click rate of prediction strip by 10%.
Major Figure Panelists Discuss the Way Ahead for FML
The moderator of the panel discussion, AI Principal Scientist of WeBank Dr. Lixin Fan joined panelists including Professor Benny Pinkas from Bar-Ilan University, Dr. Shahrokh Daijavad of IBM Academy of Technology, Chief Architect of Squirrel AI Dr. Richard Tong, Research Scientist of Google Dr. Jakub Konečný, Dr. Baofeng Zhang from CTO Office of CBG Software in Huawei, Executive VP of Clustar Dr. Junxue Zhang, VP of AI Institute in Sinovation Ventures Dr. Ji Feng and other experts in a host of in-depth exchanges with attendees, to shed light on the way ahead for FML.
Experts shared thoughts in the panel discussion on questions including but not limited to: How to meet the security and compliance requirements? Is there a way to extend the value of data while observing user privacy and data security? Given the classic trade-off between data regulation and development of AI, how to achieve the long-term goal of establishing a stable and win-win business ecosystem?
List of Award-Winners
Best Theory Paper Award, Best Application Paper Award, Best Student Paper Award and Best Presentation Award selected by all attendees were announced at the closing of the workshop.
Best Theory Paper Award:
Preserving User Privacy for Machine Learning: Local Differential Privacy or Federated Machine Learning? By Huadi Zheng, Haibo Hu & Ziyang Han;
Best Application Paper Award:
FedHealth: A Federated Transfer Learning Framework for Wearable Healthcare. By Yiqiang Chen, Jindong Wang, Chaohui Yu, Wen Gao & Xin Qin;
Best Student Paper Award:
Quantifying the Performance of Federated Transfer Learning. By Qinghe Jing, Weiyan Wang, Junxue Zhang, Han Tian & Kai Chen;
Best Presentation Award:
Federated Generative Privacy. By Aleksei Triastcyn and Boi Faltings.
President of IJCAI, Chief AI Officer of WeBank Professor Qiang Yang, Chief Architect of Squirrel AI Dr. Richard Tong, andVP of AI Institute in Sinovation Ventures Dr. Ji Feng presented the awards.
“The mission of this International Federated Machine Learning Workshop is to facilitate further understanding in the academia, business community as well as legal and regulatory institutions by promoting the establishment of FML ecosystem in the hope that more businesses will join and build a platform for students aspired to work in FML to find research teams that suit them,” said Professor Qiang Yang.
Held Aug. 10-16, 2019 in Macao, China, IJCAI-19 is one of the leading International Academic Conference on AI, attracting over 3000 AI research personnel and experts. The 1st International Workshop on Federated Machine Learning (FML’19) was a highlight for experts joining this event. Visionaries in the academia and industrial sector expressed the willingness to be part of the effort for academic research, application of FML in the future, and the development and boom of AI ecosystem.
Cannabis2 weeks ago
Intec Pharma Reports Second Quarter 2019 Financial Results and Business Update
Cannabis2 weeks ago
MOXIE™ and The Original Jack Herer™ Announce Collaboration
Cannabis2 weeks ago
Fire & Flower Holdings Corp. Opens the Market
Trade Show News2 weeks ago
CyberSecurity – The dangers that lurk in the IoT segment and beyond, Keynote Session with Martin Stoefler (OSM Solutions) at TCE2019 Prague
Cannabis2 weeks ago
Flower One’s Second Quarter Highlighted by Industry Leading Cultivation Performance
Cannabis2 weeks ago
Cansortium Announces Opening of its Second Fluent™ Medical Marijuana Dispensary in Puerto Rico
Cannabis2 weeks ago
The Green Organic Dutchman Reports Q2 2019 Results
Cannabis2 weeks ago
Namaste Technologies Announces Changes to Board of Directors