Vancouver, British Columbia–(Newsfile Corp. – August 28, 2020) – Benchmark Botanics, Inc. (CSE: BBT) (“Benchmark” or the “Company”) a cannabis producer, today released its financial and operational results for the second quarter ended June 30, 2020.
2020 Q2 Highlights
- Achieved record revenue for the first six months of the year with $278,515 of revenue,
- Obtain its Nursery Seed License to provide additional revenue opportunities in genetics, and
- Shortly after the end of Q2 obtained it’s third cultivation license for its joint venture facility with Zhejiang Yatai Pharmaceutical Co. Ltd.
Results of Operations
The following table sets forth consolidated statements of operations, which is expressed in Canadian dollars, except share and per share amounts, for the indicated periods.
|Three-Month Period Ended (Unaudited)||Six-Month Period Ended (Unaudited)|
|Gross profit before fair value impacts in cost of sales||33,024||85,363||122,313||85,363|
|Loss from operations||(823,426||)||(1,358,718||)||(1,718,789||)
|Loss per share|
|Weighted average number of shares|
Total revenue for the six months ended June 30, 2020 was $278,515 (2019 – $134,844) from sales of dried cannabis to licensed producers and retail sales for the adult-use market in Canada. The total quantity of cannabis sold during the six months ended June 30, 2020 was 42,739 grams (June 30, 2019 – 24,517) at an average sale price of $6.52 per gram (June 30, 2019 – $5.5).
“With the global impact from the COVID-19 pandemic we remain operational while adjusting our priorities and spending to adapt appropriately. We continued to grow in the second quarter and put in place additional pieces that we believe will continue to propel Benchmark forward. Our Nursery Seed Licence, the addition of our third production license for our joint venture and the planned acquisition of a controlling interest in 1139000 BC Ltd. are all events that we expect to lead to a stronger second half of 2020.” Said William Ying, Benchmark CEO.
About Benchmark Botanics Inc.
Benchmark is a diversified multi-licensed cannabis producer focused on a three-way vertical business model targeting the medical, pharmaceutical and recreational markets in Canada. The Company’s business plan also includes a strategy to become a Canadian licensed producer to pioneer selling medical cannabis and hemp throughout Asia, in countries where it is legal to do so.
Benchmark is focused on producing the highest-quality, indoor-grown cannabis for patients and adult recreational consumers, as well as developing international business partnerships to extend the Company’s global footprint.
Benchmark’s 100% owned subsidiary, Potanicals Green Growers Inc. (“Potanicals) is a Health Canada licensed producer under the Cannabis Act and its regulations. The Company is producing at its indoor Peachland, BC Cannabis Complex and is constructing a Phase II expansion of an additional 10,000 square foot extraction facility there. Along with cultivation and production, the company’s Peachland BC facility also provides propagation, cultivation, cloning, storage, research and development, genetic improvements and is progressing towards CBD oil extraction and an EU-GMP certification.
As part of its expansion strategy, the Company and a joint venture partner acquired a second facility, a 4-acre Greenhouse Operation in Pitt Meadows, BC. The Company, through Potanicals, received its second cultivation license, effective November 29, 2019, from Health Canada for that Pitt Meadow greenhouse.
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ON BEHALF OF THE BOARD OF
BENCHMARK BOTANICS INC.
/s/ “William Ying”
Chief Executive Officer
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this release.
FORWARD LOOKING INFORMATION
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward-looking statements or information. More particularly and without limitation, the news release contains forward-looking statements and information relating to Company’s corporate strategy. The forward-looking statements and information are based on certain key expectations and assumptions made by management of the Company, including, without limitation, the Company’s ability to carry out its business plan. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information since no assurance can be given that they will prove to be correct.
Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward-looking statements and information address future events and conditions, by their very nature they involve risks and uncertainties. Actual results could differ materially from those currently anticipated due to several factors and risks. These include, but are not limited to, the Company’s ability to identify and complete additional suitable acquisitions to further the Company’s growth as well as risks associated with the medical marijuana industry in general, such as operational risks in development and production delays or changes in plans with respect to development projects or capital expenditures; the uncertainty of the capital markets; the uncertainty of receiving the required licenses, production, costs and expenses; health, safety and environmental risks; marketing and transportation; loss of markets; environmental risks; competition; incorrect assessment of the value of the potential market; ability to access sufficient capital from internal and external sources; failure to obtain required regulatory and other approvals and changes in legislation, including but not limited to tax laws and regulated regulations. Accordingly, readers should not place undue reliance on the forward-looking statements, timelines and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive.
The forward-looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws or the Canadian Securities Exchange. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
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Successful completion of feasibility study for the development of topical medical cannabis products based on AKVANO® technology
Cannassure Therapeutics Ltd (TASE: CSURE) (“Cannassure”), an Israel based developer and producer of innovative medical cannabis products, announces today the successful completion of a feasibility study for the development of IP protected, homogeneous, topical medical Cannabis products for the treatment of skin inflammation, including psoriatic lesions.
Product development of such topical medical Cannabis products based on AKVANO® is being conducted under a collaboration between Cannassure and Lipidor AB (“Lipidor”), a Swedish topical drug development company, owner of the proprietary drug delivery platform technology AKVANO™, which was signed in December 2019. The development project budget is partially funded by the Israeli Innovation Authority, by a non-dilutive grant.
The product under development is an incorporation of cannabinoids with AKVANO®, a topical drug delivery platform. Successful development of the product will allow localized administration of a precise dosage of cannabinoids using a spray, in a technology that allows for prolonged contact and optimal penetration of the active ingredient into the skin.
As part of the feasibility study, AKVANO® technology and cannabinoids were tested for compatibility, and it was found that the cannabinoids can be successfully combined in the AKVANO® system for a homogeneous, uniform and stable formulation. Cannassure tested the degree of product penetration into the skin by using known and acceptable models and found significant penetration of active ingredients into the skin tissue. This enhanced penetration may increase the therapeutic potential of the product. Based on these results, Cannassure will proceed to accelerated development stages and more advanced testings.
According to the agreement, Cannassure has informed Lipidor on its intention to start negotiating an exclusive global license for the use of Lipidor’s technology for the development of cannabinoids based topical therapeutics products for the treatment of indications to be chosen by Cannassure.
The main guidelines for the licencing agreement, including royalties to be paid to Lipidor on product sales, were defined in the collaboration agreement.
According to estimates, the global market for products for the treatment of psoriasis is expected to reach 21.1 billion dollars by 20221. The current global market for topical products for the treatment of psoriasis is valued at 7 billion dollars2, and the global market for topical pain treatment products is projected to reach 13 billion dollars3.
The product development of topical treatments based on cannabinoids is in line with Cannassure’s strategy focused on the development and commercialisation of innovative medical cannabis products based on established drug delivery systems and formulations for enhanced therapeutic value. The product development is performed under the Israeli Medical Cannabis regulation, which allows a short development process.
Lipidor announces positive outcome of feasibility study for development of topical medical cannabis products based on the company’s AKVANO® technology
Lipidor AB (Nasdaq First North:LIPI) today announces a positive outcome of the feasibility study into the development of topical medicinal cannabis products for the treatment of skin inflammations and psoriatic lesions. The study was conducted in collaboration with Cannassure Therapeutics Ltd. , an Israeli company specializing in the development and manufacture of innovative medicinal cannabis products. Under the joint development agreement signed in December 2019, Cannassure has now announced that it intends to exercise its option and begin the negotiation of an exclusive licensing agreement for the use of AKVANO®, Lipidor’s proprietary drug delivery technology, for the indications chosen by Cannassure. The main guidelines for the licencing agreement, including royalties (double digit) to be paid to Lipidor on product sales, were defined in the collaboration agreement.
The collaboration began with an evaluation of the possibility of incorporating various active drug substances from the cannabis plant into AKVANO®. The formulation work has been carried out in Israel at Cannassure’s state-of-the-art facilities with support from Lipidor’s formulation experts.
The product under development is based on a topical medical cannabinoid that has been incorporated into the AKVANO® formulation platform. The successful development of the product will make it possible to administer the medical cannabinoid as a spray, locally and in the exact desired amount, which together ensures improved contact and optimal penetration of the active substance into the skin.
As part of the feasibility study, AKVANO® technology and cannabinoids were tested for compatibility, demonstrating that cannabinoids can be combined in the AKVANO® system as a homogeneous, uniform and stable formulation. Cannassure tested the degree of product penetration into the skin using known and accepted models and found significant penetration of active ingredients into skin tissue. This improved penetration may increase the therapeutic potential of the product. According to Cannassure, based on these results, the company will go ahead, accelerating the pace of development steps and conducting more advanced testing. Cannassure will implement the technology for the development and commercialization of sprayable medicinal cannabis products based on AKVANO®.
The common goal is to introduce innovative topical treatments to the fast-growing global market for medical cannabis products.
“We are very pleased with the positive outcome of the feasibility study, which confirms our previous high hopes. The result is an important milestone for Lipidor and for our unique formulation platform, showing that cannabinoids can be incorporated into AKVANO®. The collaboration with our partner Cannassure represents significant commercial potential for Lipidor,” says Ola Holmlund, CEO of Lipidor AB.
“We look forward to continued successful cooperation with Cannassure in the field of medical cannabis.”
This disclosure contains information that Lipidor is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 30-09-2020 08:00 CET.
Christina Lake Announces Commencement of Trading on the CSE
VANCOUVER, British Columbia, Sept. 29, 2020 (GLOBE NEWSWIRE) — Christina Lake Cannabis Corp. (the “Company” or “CLC” or “Christina Lake Cannabis”), a premier producer of high-quality, low-cost, sun-grown cannabis flower, oil cannabinoids, as well as hemp-based extracts and derivatives, serving domestic and international markets, is pleased to announce that its common shares will begin trading on the Canadian Securities Exchange (“CSE”) at 9:30 am EDT on Thursday October 1, 2020 under the ticker symbol “CLC”.
In October 2018, CLC began its roadmap to becoming one of the largest firms in the country for outdoor cannabis cultivation and extraction by purchasing a cultivation building and fully-serviced 32-acre site in the Christina Lake region of British Columbia. CLC received approval for a standard cultivation license from Health Canada in early 2019, with a research and development license granted in the beginning of 2020. In summer 2020 the Company began harvesting more than 22,500 plants of eight unique cannabis strains, which is expected to yield a minimum of 22,500 kg/49,500 lb. With over 30 full-time staff members and seasonal workers, CLC is also the largest employer in its region. To date, the Company’s successive investment rounds have raised a total of approximately CAD $16,000,000, which enables CLC to maintain a reserve of funds for ongoing operations.
Nicco Dehaan, a founder of the Company and its Chief Operating Officer commented, “Having been part of CLC from the beginning, I am very proud of the progress made since 2018 for both the Company and the cannabis industry in general. We were very confident in the amount of growth potential this industry had, and we knew Christina Lake would be the perfect region in which to conduct outdoor growing of cannabis. As with any regulated industry, there were many hoops to jump through in order to obtain license approvals and build out a compliant operating structure. Further, applying to have CLC’s equity traded on a public stock exchange introduces a whole other set of requirements to meet and satisfy on an ongoing basis. Between obtaining our licensed producer status from Health Canada, hiring on full-time personnel for several key professional roles, and beginning to harvest our first crop for the 2020 growing season, receiving approval for trading on the CSE is an excellent addition to our momentum as we prepare to bring our first crop to market. We look forward to a productive Q4 2020, with very exciting developments to be had in 2021 and beyond.”
About Christina Lake Cannabis Corp.
Christina Lake Cannabis Corp is a Licensed Producer of cannabis under the Cannabis Act which also received a Research and Development License from Health Canada on May 20, 2020. CLC’s facility is comprised of a 32-acre property, which includes over 950,000 square feet of outdoor grow space, offices, propagation and drying rooms, as well as research facilities, and a facility dedicated to processing and extraction. CLC cultivates cannabis using strains specifically developed for outdoor cultivation and expects to produce 22,500 kg or more from its 32-acre facility before developing its adjacent 99-acre expansion property, which will bring its cultivation footprint to over 4.35 million square feet or over 88,000 kg of low-cost, high-quality, sun-grown cannabis annually.
For more information about CLC, please visit: www.clcannabis.com
On behalf of Christina Lake Cannabis Corp.:
Joel Dumaresq, CEO and Director
Forward-Looking Information: This news release includes certain statements that may be deemed “forward-looking statements”. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “would”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this News Release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company’s disclosure documents which can be found under the Company’s profile on www.sedar.com.
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