CALGARY, Alberta, Feb. 21, 2020 (GLOBE NEWSWIRE) — Top Strike Resources Corp. d.b.a. “Vencanna Ventures” (the “Corporation” or “Vencanna“) (CSE:VENI; OTCQB: TPPRF) is pleased to announce a significant investment in Galenas, LLC (“Galenas Ohio“). The Corporation has purchased a Convertible Promissory Note (“GOH Note“) with a face value of US$3.3 million for a cost of US$3.3 million (the “Purchase Price“, the purchase of the GOH Note being the “Investment”). Including accrued interest, total outstanding under the GOH Note is approximately $3.8 million. The GOH Note was purchased from Medical Investor Holdings, LLC (d.b.a. Vertical Companies) (“Vertical“). The GOH Note is convertible, upon the holder’s option and subject to regulatory approvals, into a thirty-five percent (35%) non-dilutive equity interest in Galenas Ohio. Interest on the GOH Note accrues at the rate of eight percent (8.0%) per annum, and the GOH Note matures on July 1, 2021. On July 22, 2019, Vencanna loaned Vertical $4.0 million for inventory expansion and general working capital purposes (the “Vertical Loan“). The Purchase Price was satisfied through the release and discharge of all amounts owing to the Corporation under the Vertical Loan, resulting in the retirement and settlement of the Vertical Loan.
David McGorman, Chief Executive Officer of Vencanna, stated: “Ohio is the seventh most populous state in the United States, and is one of the emerging medical cannabis markets with great growth potential. In 2019, medical cannabis sales were estimated to be US$56 million, and with the patient count now over 84,000 and continuing to expand, with local state sources forecasting 2020 revenues between $160 and $200 million. Galenas Ohio has the only certified organic grow in the state thereby enjoying premium pricing to an already robust pricing environment. We look forward to supporting Galenas Ohio as it expands its operations.”About Galenas OhioGalenas Ohio, a privately-owned medical marijuana company, is one of 32 licensed cultivators in the state of Ohio and the only organic licensed and operational cultivator in the state. Galenas Ohio is a vertical three-tier-grow, patient-focused, craft cannabis cultivator located in Akron, Ohio. The 10,0000 square foot facility won Architect Newspaper’s 2019 Best Green Building Award, describing the facility as a ”pharmaceutical-grade environment that meets highly technical specifications” providing “a better-quality product with greater yields while using 90 percent less water and 35 percent less energy than other cannabis facilities”. The facility currently has 4,000 square feet of cultivation and they are in the midst of adding another 1,500 square feet and there is potential expansion on the site beyond the current facility. The company received their Certificate of Operation last April and are already in 30 Ohio dispensaries. The Galenas Ohio leadership team is comprised of professionals from several fields including horticulture, manufacturing, law, sales and marketing, supply chain management, quality control, and product development.Corporate UpdateOver the past year, the cannabis market has been incredibly challenging and volatile, though Vencanna has been able to weather the storm through prudent investments and cost management. The Corporation currently has $4 million in cash and also holds investments in Galenas NJ and Galenas Ohio which have a carrying value of approximately $5.4 million. Giving no upside to these investments, nor to the Corporation’s public listing, the Corporation’s share value is over $0.05. Since inception, the Corporation has collected $1 million in interest and other income plus has generated another $625 thousand in accrued interest. While the cannabis markets have been challenging, valuations are now much more attractive and there’s been a number of US operators showing quarter over quarter growth in both revenues and cash flows. Further positive developments in the US include the passing in Congress last year of the SAFE Banking Act, with nearly half the GOP caucus voting in support of the bill. In light of this, the Corporation continues to review opportunities in state compliant jurisdictions and is confident that it will successfully build shareholder value. Further, our insiders continue to support the Corporation having purchased over 5 million shares the past year, and the Corporation’s NCIB has acquired another 2.39 million shares.Smoke Wallin, a director of Vencanna, is the Vice Chairman of Vertical. Mr. Wallin has abstained from voting at the director’s meeting of Vencanna regarding the Investment.About VencannaOn September 24, 2018, the Corporation announced the completion of a recapitalization financing, the appointment of a new management team and board of directors and commencement of trading on the CSE. The transactions have transitioned the Corporation from an oil and gas issuer to a merchant capital firm, rebranded as “Vencanna Ventures Inc.”. The recapitalized Corporation aims to be a go-to capital provider for early-stage global cannabis initiatives with an emphasis on strong management operating in state compliant jurisdictions with barriers to entry. The Corporation looks to provide investors with a diversified, high-growth, cannabis investment strategy through strategic investments focused through-out the value chain (cultivation, processing and distribution, and including ancillary businesses).For further information regarding this news release, please contact:David McGorman
Chief Executive Officer and Director
Vice President, Originations
firstname.lastname@example.orgTop Strike Resources Corp.
Suite 310, 250 6th Ave. S.W.
Calgary, AB T2P 3H7Forward-Looking StatementsThis news release may include forward-looking statements including opinions, assumptions, estimates, the Corporation’s assessment of future plans and investment strategy, and, more particularly, the business plan of the Corporation including future global cannabis investments, the market for medical cannabis in the United States, the state of the cannabis market, the Investment in Galenas Ohio and expectations regarding Galenas Ohio’s business plans, including increasing the size of its cultivation facility and the demand for its products. When used in this news release, the words “will,” “anticipate,” “believe,” “estimate,” “expect,” “intent,” “may,” “project,” “should,” and similar expressions are intended to be among the statements that identify forward-looking statements. The forward-looking statements are founded on the basis of expectations and assumptions made by the Corporation, including the impact of increasing competition; timing and amount of capital expenditures; the legislative and regulatory environments of the jurisdictions where the Corporation and its investments will carry on business, have operations or plan to have operations; the ability of the Corporation to enter into contracts with companies to provide financing on acceptable terms; conditions in general economic and financial markets; the ability of the Corporation’s investments to execute on their business plan; and the Corporation’s ability to obtain additional financing on satisfactory terms or at all. Forward-looking statements are subject to a wide range of risks and uncertainties, and although the Corporation believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized.Any number of important factors could cause actual results to differ materially from those in the forward-looking statements including, but not limited to, changes to global cannabis laws, how the developing U.S. legal regime will impact the cannabis industry, the ability of the Corporation to implement its corporate strategy, the state of domestic and international capital markets, the ability to obtain financing, changes in general market conditions and other factors more fully described from time to time in the reports and filings made by the Corporation with securities regulatory authorities. Except as required by applicable laws, the Corporation does not undertake any obligation to publicly update or revise any forward-looking statements.To the knowledge of Vencanna’s management, Vencanna’s investments, including Galenas Ohio, are not in any material non-compliance with applicable licensing requirements and the regulatory framework enacted by the states in which such investments operate.Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Canada’s Legal Cannabis Industry Advocates for Equitable Financial Treatment
Toronto, Ontario–(Newsfile Corp. – March 27, 2020) – The regulated cannabis industry has recently united to address a critical issue it has faced since its inception: a lack of equitable access to banking services and financial support. The fallout from the COVID-19 pandemic has highlighted the need to fix this while demonstrating that cannabis is an essential product.
We commend the individuals and organizations that have been vocal in their support for the cause: Don Davies (MP), Nathaniel Erskine-Smith (MP), Scott Reid (MP), Dan Sutton (Tantalus Labs), The Canadian Chamber of Commerce, and the Cannabis Council of Canada. Their lobby efforts have been directed towards the Business Development Bank of Canada (BDC), Bill Morneau P.C., M.P. (Minister of Finance), and Navdeep Bains P.C., M.P. (Minister of Innovation, Science and Industry), in an attempt to influence federal decision makers.
In solidarity, Alan Aldous has created an educational website to highlight the positive contributions to the Canadian economy, www.LegalTender.ca. We have also organized a coalition of industry experts, associations, and companies to advocate for change, including the Cannabis Council of Canada, NORML Canada, the British Columbia Independent Cannabis Association, the Ontario Independent Cannabis Association, the Alberta Cannabis Micro Licence Association, and The Cannabis Conservatory.
“The cannabis industry is doing its best to provide Canadians with an uninterrupted supply of legal cannabis, but it is not immune to the effects of COVID-19. Cannabis businesses deserve access to the same financial support being made available to other industries. Cannabis sector jobs are just as worthy of protection as any other,” says Trina Fraser, a prominent cannabis industry lawyer at firm Brazeau Seller Law.
In just one day, hundreds of Canadians have signed this urgent petition (https://bit.ly/2QKvwTQ) advocating for equitable treatment by the Business Development Bank of Canada (BDC) and Federal Government of Canada. We are thrilled by the response so far, and encourage hard-working Canadians to sign, share, and have their voices heard.
About Alan Aldous
Alan Aldous is a public relations agency for the emerging cannabis and psychedelics markets led by leading Canadian cannabis media professionals. The agency works with all the major newswire distribution services across North America, which makes transitioning to Alan Aldous easy for companies with existing PR efforts.
For media contact Alex Krause, Head Publicist, 519-835-8345, email@example.com.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/53883
REPEAT – AgraFlora Organics’ GTA Facility Receives Amendments Necessary to Launch CBD Business
VANCOUVER, British Columbia, March 27, 2020 (GLOBE NEWSWIRE) — AgraFlora Organics International Inc. (“AgraFlora” or the “Company”) (CSE: AGRA) (Frankfurt: PU31) (OTCPK: AGFAF) is pleased to announce its wholly owned subsidiary Sustainable Growth Strategic Capital Corp. (“SGSC”), a federally licensed cannabis company based in the Greater Toronto Area (GTA), has received Health Canada approval to commence extraction at its licensed facility pursuant to an amendment to its Standard Processing License. SGSC also holds Standard Cultivation and Medical Sales Licenses issued pursuant to the Cannabis Act.
SGSC has been actively engaged in the Canadian CBD business, working with partner farmers to optimize the harvest to hemp-crops to maximize the efficiency of subsequent CBD extraction. In March, SGSC commenced a trial extraction (the “Trial”) of hemp-biomass which will be extracted using third-party extraction services and sold as a combination of CBD Crude Oil, CBD Distillate and CBD Isolate to Canadian purchasers. If the Trial yields favourable results with respect to product quality, efficiency and margin SGSC intends to move quickly with a second production cycle of up to 1,300 KG of high-quality hemp biomass containing CBD concentrations over 8%.The current SGSC facility is designed to facility up to 250,000 kg of biomass extraction capacity utilizing chilled ethanol for primary extraction followed by distillation and/or isolation. SGSC intends to use the Trial and subsequent third party extraction cycles to properly design and size its in-house extraction capacity to maximize the profitability and return on capital invested. Once built, SGSC intends to improve its profitability by reducing the cost of extraction, purification and fulfilment by bringing those processes in-house. About AgraFlora Organics International Inc.AgraFlora Organics International Inc. is a growth oriented and diversified company focused on the international cannabis industry. It owns an indoor cultivation operation in London, ON and is a joint venture partner in Propagation Services Canada Inc. and its large-scale 2,200,000 sq. ft. greenhouse complex in Delta, BC. The Company is also retrofitting a 51,500-square-foot good manufacturing practice (“GMP”) edibles manufacturing facility in Winnipeg, Manitoba. AgraFlora has a successful record of creating shareholder value and is actively pursuing other opportunities within the cannabis industry. For more information please visit: www.agraflora.com.ON BEHALF OF THE BOARD OF DIRECTORSBrandon Boddy
Chairman & CEO
T: (604) 398-3147 The CSE and Information Service Provider have not reviewed and does not accept responsibility for the accuracy or adequacy of this release.Forward-looking Information Cautionary StatementExcept for statements of historic fact, this news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CSE. There are uncertainties inherent in forward-looking information, including factors beyond the Company’s control. There are no assurances that the business plans for AgraFlora Organics described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management’s estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company’s filings with Canadian securities regulators, which are available at www.sedar.com.
Israel Begins Cannabis Exports to Meet Unmet Medical Needs — CFN Media
Seattle, Washington–(Newsfile Corp. – March 27, 2020) – CFN Media (OTCQB: CNFN), the leading agency and financial media network dedicated to the legalized North American cannabis industry announces publication of an article discussing how Israel has shipped the first cannabis export to the UK, marking a new era in Israeli cannabis.
Israel has long been an international center for cannabis research. THC, the psychoactive ingredient in cannabis, and CBD, the plant’s predominant non-psychoactive ingredient, were first isolated and defined by Israeli researcher Dr. Raphael Mechoulam in the early 1960s. Research continued there in the following decades, and the Israeli government has contributed greatly to the country’s prominence in the global cannabis industry.
In Israel, medical cannabis is legal while recreational use remains technically illegal, though the government decriminalized recreational use to some extent in 2017. Government agencies provide funding for cannabis research. In January 2019, the government passed a law to allow exports of medical cannabis, though the first export was announced a year later in January 2020. With that recent development, the table appears set for growth in the Israeli cannabis market.
Click below to view more on Isracann Biosciences – Israel’s First Pure Play Cannabis Firm
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Unmet Need in Europe
BOL Pharma is the Israeli company that announced the first export from the country, with a shipment destined for centers that specialize in the treatment of children with epilepsy and autism in the United Kingdom. The company’s CEO, Dr. Tamir Gedo, stated, “This is truly welcome news and a real breakthrough for the Israeli medical cannabis market. The Israeli cannabis industry has a huge competitive edge in the global arena, compared to many countries trying to enter the cannabis sector… Further opening of the market to exports will enable Israel to become a world leader in the coming years.”
The UK legalized medical cannabis in late 2018. Since then, patients have had a hard time getting prescribed treatments in a timely fashion, with most of the supply coming from foreign countries but facing restrictive regulations. As a result, in early March 2020, the UK government announced a change in import restrictions designed to increase the flow of timely medicinal products to registered patients.
This dynamic is common throughout Europe, with countries adopting medical programs without the infrastructure, both regulatory and physical, to provide supply to its own patients. Israel, with its strategic location combined with governmental commitment to the industry, is in prime position to pick up some of the slack.
Isracann Biosciences Poised to Move
Isracann Biosciences Inc. (CSE: IPOT) (OTC: ISCNF) is an Israeli-based cannabis company poised to enter both the Israeli domestic and the European export cannabis markets. The company is advancing its fully-funded 230,000 sq ft hybrid greenhouse cultivation project while also advancing a partnership with a late stage project consisting of approximately 200,000 sq ft of greenhouses located on over 880,000 sq ft of agricultural land. In conjunction with the cultivation projects, Isracann is developing European distribution channels while ensuring that all aspects of its business, from cultivation through processing and manufacturing, comply with European Union GMP regulations necessary for international trade.
While laying the groundwork for an extensive European export operation, the company is certainly not foregoing the burgeoning domestic opportunity in Israel. The country, as of late 2019, had about 46,000 registered patients. Isracann expects this number to roughly double by the end of 2020, by which time the company hopes to be harvesting and distributing products.
The company recently announced a joint venture agreement with two near-term farm operations in the Sharon Plain region of Israel. The IMC-compliant farms operate under preliminary cannabis nursery and cultivation licenses and are preparing to commence planting within weeks with 160,000 sq. ft. of greenhouse canopy on two million sq. ft. of private land. The move paves the way for the company to ramp up sales faster than it expected and could help drive near- and long-term shareholder value.
In a recent two-part interview with CFN Media, Isracann Biosciences CEO Darryl Jones outlined the company’s strategy, assets, and partnerships. He talked about some of the advantages inherent in the Israeli market (ideal climate for cultivation, regulatory environment, advanced research, widespread domestic use, proximity to Europe, etc.).
CEO Video Interview #1
Click Below to View Video Interview #1: Isracann Biosciences CEO Darryl Jones
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Click Below to View Video Interview Part #2: Isracann Biosciences CEO Darryl Jones
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The very first medical cannabis shipment from Israel to the UK marks a new era in the promising Israeli cannabis industry. With the country’s government backing research and development efforts, as well as implementing rules to encourage growth of the industry both domestically and internationally, Israel has cemented its place as a leader for the global cannabis market. The year ahead promises to be pivotal for both the industry in general, and for Isracann Biosciences in particular as the company executes its vision of a comprehensive farm-to-consumer cannabis company. Keep an eye out as the plan unfolds.
Click here to read the full article: https://bit.ly/2QNGwA1
About CFN Media
CFN Enterprises Inc. (OTCQB: CNFN) is the owner and operator of CFN Media, the leading agency and digital financial media network dedicated to the legal cannabis industry.
For Visitors and Viewers
CFN Media’s Cannabis Financial Network (CannabisFN.com) is the destination for savvy investors and business people profiting from the worldwide cannabis industry. Viewers will see breaking news, exclusive content and original programming involving the people, companies and investments shaping the industry.
For Cannabis Businesses & Companies
CFN Media is a leading agency and financial media network dedicated to the cannabis industry. We help private, pre-public and public cannabis companies in the US and Canada attract capital, investors and media attention.
Our powerful digital media and distribution platform conveys a company’s message and value proposition directly to accredited and retail investors and national media active in the North American cannabis markets.
Since 2013, CFN Media has enabled the world’s preeminent cannabis companies to thrive in the capital and public markets.
Learn how to become a CFN Media client company, brand or entrepreneur: https://www.cannabisfn.com/become-featured-company/
The above article is sponsored content. CannabisFN.com and CFN Media, have been hired to create awareness. Please follow the link below to view our full disclosure outlining our compensation: http://www.cannabisfn.com/legal-disclaimer/
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/53879
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