by Grow Up Conference | Apr 2, 2024 | Grow Opportunity, Media Partners
The Cannabis Council of Canada (C3) is pleased to announce the appointment of Paul McCarthy as its new president, effective immediately.
McCarthy brings over two decades of experience in public sector roles to C3, both as a public servant and senior political advisor supporting Ministries such as Labour, Housing & Homelessness, Industry, Environment and Veterans Affairs. He also held senior roles with a prominent Canadian licensed producer, focused on international market development and corporate policy compliance. McCarthy brings a profound understanding of government workings and policy to C3.
“There is great potential for the cannabis sector to flourish in Canada. It can contribute to the country’s productivity and provide good-paying, sustainable jobs. That, however, can only be achieved through a reformed regulatory regime and the eradication of the illicit market. I look forward to working collaboratively with government and other stakeholders to make this industry the success story it can be.” — Paul McCarthy, president of C3
by Grow Up Conference | Apr 2, 2024 | Cannabis Prospect Magazine, Media Partners
by Grow Up Conference | Apr 2, 2024 | Media Partners, Stratcann
SNDL Inc. has agreed to assign its rights to own or operate four Dutch Love stores to Nova Cannabis Inc.
The move will give Nova a footprint in BC’s retail cannabis space. Nova currently owns and/or operates 96 locations across Alberta, Ontario, and Saskatchewan, primarily under its “Value Buds” banner.
SNDL is the largest private-sector liquor and cannabis retailer in Canada, with retail cannabis banners like Value Buds, Spiritleaf, and Firesale Cannabis. SNDL is also a licensed cannabis producer and one of the largest vertically integrated cannabis companies in Canada. SNDL also produces a private label product for Value Buds.
In November 2023, SNDL and Nova Cannabis announced their mutual decision to terminate the two companies’ implementation agreement from December 20, 2022, which would have, in part, seen SNDL vending into Nova’s retail network under the Value Buds, Spiritleaf and Superette banners located in Ontario and Alberta. The pair of companies had previously attributed several delays in the implementation of that agreement to the continued review by one provincial regulator.
“SNDL remains committed to strengthening Nova’s retail position and the sustainability of its capital structure, as underscored by the extension of the credit facility,” said Zach George, CEO of SNDL, in a press release about the most recent announcement.
“The assignment of four well-located cannabis retail stores to be owned or operated by Nova creates an opportunity for Nova to open its first Value Buds branded locations in British Columbia and highlights the benefit of SNDL’s M&A pipeline.”
As part of the assignment, Nova will issue to SNDL $8.179 million of Nova shares based on the 20-day VWAP of the Nova shares on March 28, 2024, subject to customary closing conditions.
The deal is expected to close by the end of April 2024. Adding the four Dutch Love Stores should bring Nova’s total store count to 100 and SNDL’s direct and indirect cannabis store count across all retail banners to 190.
SNDL has also extended the maturity date of the $15 million revolving credit facility with Nova for an additional 24 months, to March 31, 2026, and has amended the revolving credit facility to remove SNDL’s right to demand repayment prior to the maturity date, subject to certain conditions.
“The updates announced further solidify SNDL’s continued support of Nova’s growth trajectory,” said Anne Fitzgerald, lead independent director of Nova. “We will continue to collaboratively pursue avenues that support Nova’s expansion and optionality with our partners at SNDL.”
In late 2022, Nova and SNDL had a tentative agreement that would have seen SNDL hand over control of 26 cannabis stores it owned under the Spiritleaf and Superette banners located in Ontario and Alberta. SNDL would also get exclusive access to Nova’s intellectual property, such as sales data, from its Value Buds retail brand.
The two companies have been repeatedly extending the closing of that partnership due to what they say is a review by one provincial regulator. The most recent extension is to November 30, 2023.
SNDL became Nova’s majority shareholder when it acquired Alcanna in 2022, Nova’s largest shareholder at the time. Similarly, High Tide, another sizeable retail cannabis business in Canada with more than 150 Canna Cabana locations across the country, reported sales from its own “Cabanalytics business data and insights platform” increased to $6.5 million in the third fiscal quarter of 2023 from $5.5 million during the same period in 2022.
Nova reported its first year of net revenue in 2023 as part of their most recent annual report. Revenue from Nova’s “proprietary data licensing arrangements” was $12.4 million for 2023, which was an increase of 125% from $5.5 million in 2022.
In its most recent annual report, SNDL reported an operating income loss of $112 million for its cannabis operations and net earnings of $4.9 million for its retail cannabis operations in 2023.
Countering its overall losses on its cannabis operations side, SNDL attributes its record results in revenue, gross profit, and cash flow within its retail cannabis segment in part to its own data program.
Despite these losses, SNDL says it is well positioned in 2024 given its recent acquisition of The Valens Company Inc., the closing of its facility in Olds, Alberta, and the transition of its remaining cultivation activities to Atholville, New Brunswick, and manufacturing and processing activities in Kelowna, British Columbia.
British Columbia currently has a cap that allows a company to operate no more than eight cannabis stores, although the province has been discussing raising that limit.
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by Grow Up Conference | Apr 2, 2024 | Cannabis Prospect Magazine, Media Partners
by Grow Up Conference | Apr 2, 2024 | Cannabis News Wire, Media Partners
- Zoned Properties is a leader in cannabis real estate development, with a sophisticated PropTech stack to spearhead a direct-to-consumer real estate model
- Zoned Properties reported a net profit of $114,523 during the quarter ended September 30, 2023
- ZPDY has listed a property for sale at a price of $16 million, non-dilutive capital that will be used to continue to fund growth
The cannabis industry is experiencing explosive growth, but its infrastructure often lags behind. Green Zones – compliant locations and properly permitted real estate – are part and parcel to unlocking the industry’s full potential. This focus not only fuels the industry’s expansion by providing investment-ready properties, but also underscores a commitment to fostering responsible growth through community-focused infrastructure. Technology-driven companies like Zoned Properties (OTCQB: ZDPY) are playing a vital role as stewards of this green revolution.
Sowing Fertile Financial Ground
Zoned Properties’ acquires value-add real estate within the regulated U.S. cannabis industry with selective development innovation and aspirations to spearhead direct-to-consumer real estate leased to best-in-class cannabis retailers. The aptly named company has a deep understanding of all the hurdles and potholes to opening compliant cannabis operations and is now redefining the approach to commercial real estate investment through its standardized investment process backed by its proprietary property technology.
In its efforts, the company has developed a national ecosystem of real estate services to support its real estate development process, including a commercial real estate brokerage and a national real estate advisory practice. Zoned Properties is a non-plant touching company, meaning it does not engage in any cannabis cultivation, distribution, manufacturing or sale or any federally regulated products, focused only on the requisite real estate and consultation services.
Bridging Gaps
Traditional financial institutions historically have been hesitant to invest in cannabis ventures due to regulations keeping marijuana illegal at the federal level although legal in some form (fully, medical, decriminalized, or CBD with THC) in 46 states. Zoned Properties helps assuage fears and bridges gaps by supporting green spaces that cater specifically to the needs of cannabis businesses.
Beyond financial and operational hurdles, cannabis businesses must navigate a labyrinth of regulatory complexities, especially when it comes to real estate requirements.
Bryan McLaren, Chairman and CEO of Zoned Properties, is uniquely qualified in sustainable and local cannabis real estate development. He has been certified as a Licensed REALTOR, Green Roof Professional, LEED Green Associate, and has been an active Forbes Contributor as part of the Forbes Real Estate Council. LEED (Leadership in Energy and Environmental Design) is the gold standard in sustainability, with certification exemplifying expertise in sustainable building and operations principles and a commitment to making places healthier, greener, and more equitable for all.
This type of leadership attracts established players seeking to scale up and creates opportunities for smaller businesses to enter the market with confidence. A cascade effect emerges. Well-located and compliant facilities become magnets for investment, unlocking capital for further development and propelling industry-wide growth.
Funding for New Dispensaries
Zoned Properties is a bit of an anomaly in the OTC world. For starters, in the quarter ended September 30, 2023, ZDPY reported $720,450 in revenue and $114,523 in net income. The company not only has revenue, profits, and impeccable management, it has a portfolio to support growth without diluting shareholders. For instance, this month the company listed its cultivation property in Chino Valley, Arizona for sale at a purchase price of $16 million. As management prioritizes a direct-to-consumer real estate strategy, the legacy property is deemed non-core and slated for sale. “We believe that this strategic shift will position us to capitalize on the growing demand for retail dispensary properties in the cannabis real estate industry with strong cap rates creating long-term shareholder value,” said McLaren in a news release on the listing.
The company can allocate the capital for new opportunities, such as the transaction ongoing in Arizona. Zoned Properties is under contract to acquire an investment property in Surprise, Arizona after initial site work being completed by the selling developer. The company has parlayed that into revenue, via a long-term, absolute-net lease agreement with a best-in-class Arizona cannabis company, Sunday Goods, to operate a retail dispensary. An absolute-net lease agreement, also known as a triple-net lease (NNN lease) with a twist, is a commercial lease agreement where the tenant shoulders a significant burden of the property’s expenses.
Zoned Properties has centralized its properties so far to Arizona, Michigan, and Illinois, with intentions to expand the domain in 2024. The company can boast a 100% occupancy and a weighted average lease term over 10 years with a commercial cannabis tenant. Rental revenue is expected to exceed $2.5 million this year.
For more information, visit the company’s website at www.ZonedProperties.com.
NOTE TO INVESTORS: The latest news and updates relating to ZDPY are available in the company’s newsroom at https://cnw.fm/ZDPY
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by Grow Up Conference | Apr 2, 2024 | Cannabis Prospect Magazine, Media Partners
by Grow Up Conference | Apr 2, 2024 | Cannabis Prospect Magazine, Media Partners
by Grow Up Conference | Apr 2, 2024 | Media Partners, Stratcann
CanadaBis Capital Inc., the Alberta-based company behind cannabis producer Stigma Grow, reported over $2 million in gross profit, $109,901 in net revenue and comprehensive income, and a half million in adjusted EBITDA as part of their most recent quarterly update.
The report covers the three months ending January 31, 2024, the second quarter of 2024, and shows nearly $2.7 million in federal excise on over $7 million in gross revenue.
This was an 88% decrease in net income and comprehensive income compared to the same reporting period in 2023 and a 20% decrease in gross revenue. The company attributes this to increased competition and price compression, as well as increased efforts to expand its Dab Bods brand. Most of CanadaBis’ $900,000 in wages in this most recent quarter were related to its marketing and brand-building efforts.
Some of these costs were also balanced by renegotiating with suppliers for lower costs on input materials and purchasing bulk materials in higher volumes at a lower cost.
The company operates in cultivation and processing and a retail store in Alberta. Net revenue for its cultivation and wholesale business was $690,000 in Q4 2024, an increase from just $30,000 in Q2 2023. Gross profits for Q4 2022 were $81,378.
CanadaBis’ retail operation, the INDICAtive Collection, is currently listed as temporarily closed. The company reports $17,534 in net revenue, with the cost of sales at $55,989 for a gross loss of $38,455. Management is currently seeking a buyer for the store.
On the extraction side of the business, the company reported more than $5.8 million in Q2 2024, $3.6 million in net revenue, and more than $2 million in gross profits. This decreased from $6.1 in net revenue and nearly $3.2 million in gross profit from the same period in 2023. This decline was largely attributed to a 40% decrease in sales of its extract products in Alberta, Ontario, Saskatchewan, and British Columbia
“Building on momentum realized in Q1 2024, I am proud to report that our second fiscal quarter represents another period of positive net revenue, earnings and adjusted EBITDA, reflecting our resilience despite a significant increase in competition and meaningful price compression as cultivators and processors reposition themselves in the market,” said Travis McIntyre, CEO of CanadaBis.
“Both in fiscal Q2 and Q3 2024, we are directing investment to enhance our product offering, while also launching a comprehensive nation-wide retail-focused marketing campaign that leverages existing brand awareness. Our goal is to increase the profile of established brands while supporting the introduction of at least 17 exciting new SKUs that we anticipate will increase sales in subsequent quarters. With our unique capabilities and consumer-centric value proposition, the Company has earned brand loyalty that positions us well to drive continued shareholder value creation in an industry rife with competition and continued regulatory challenges.”
by Grow Up Conference | Apr 2, 2024 | Media Partners, Psychedelic News Wire
Recent research assessed how patient expectations influenced the outcomes of psychedelic treatments in comparison to conventional treatments. This comes as the global impact of depression is being felt in different parts of the world and the need for alternative treatments increases.
For a long time, selective serotonin re-uptake inhibitors (SSRIs) have been prescribed to manage depression. While these drugs do perform better than placebos, they aren’t effective for all individuals.
Psychedelic-assisted therapy has been heralded as a new approach to manage mental-health conditions such as depression, promising a range of benefits with only a few sessions. However, some questions on how expectations may contribute to positive outcomes observed in trials have been raised.
In recent research, researchers theorize that an individual’s expectations about a therapy’s outcome may influence the actual outcome. This is part of the placebo effect, where belief in a treatment’s effectiveness can cause actual improvements in symptoms regardless of whether an active therapeutic ingredient is active and present in the treatment. For their research, the scientists compared the use of psilocybin, a hallucinogenic compound found in some species of magic mushrooms, and escitalopram, a commonly prescribed antidepressant.
The researchers used blinding, a method used in trials to reduce biases. It works by ensuring that neither the scientists nor the participants know who is getting a placebo and who is receiving the actual treatment. The scientists conducted an analysis of data gathered during a double-blind trial that included 55 people who suffered from moderate to severe major depressive disorder. The participants were either given a placebo or psilocybin during the study period.
The researchers also evaluated traits such as absorption and suggestibility at baseline using the Modified Tellegen Absorption Scale and the Short Suggestibility Scale respectively.
To measure their expectations regarding the effectiveness of each treatment, the participants were asked to rate their anticipated improvement in their health. Generally, the participants were more optimistic about the outcome of psilocybin therapy in comparison to the other treatment.
Balázs Szigeti, the study’s first author and a data scientist at the Translational Psychedelic Research Program at UCSF, explained that the study found evidence that unblinding effects and expectancy were possible drivers of positive outcomes. In their report, however, the researchers noted that they observed no significant association between expectations and actual responses to psychedelic therapy. They also highlighted that people who were more receptive to the idea of psychedelic therapy could experience greater benefit from it.
The research’s findings were reported in the “Psychological Medicine” journal.
As it becomes clearer that the placebo effect isn’t having an undue influence on psychedelic research, the outcomes of the R&D programs of start-ups such as Seelos Therapeutics Inc. (NASDAQ: SEEL) will win over sceptics who were in doubt regarding the medicinal potential of psychedelic compounds.
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by Grow Up Conference | Apr 2, 2024 | Media Partners, Stratcann
Looking to work in Canada’s cannabis industry? There is a wide variety of jobs available, ranging from entry-level positions to highly skilled roles.
In our April round-up, we’ve provided a snapshot of some current cannabis job openings. From Cultivation to Labs, from Budtending to Brand Reps, there’s an array of jobs available at any given time.
The Ontario Cannabis Store is seeking a Consumer Market and Insights Manager to lead priority projects.
Quebec cannabis producer Greentone is looking for a Commis assurance qualité/QAP and Culture Kizos is hiring a Packaging Partner/Partenaire d’emballage in Trois-Rivières.
BC’s Pure Sunfarms is looking for a VP of International Business Development to help grow the company’s footprint, reporting to the Senior Vice President of Strategy & Medical Exports at Village Farms International.
Canada House Clinics is looking to hire a Licensed Practical Nurse to act as a Cannabinoid Therapy Educator in Greenwood, Nova Scotia.
Muse Cannabis in South Vancouver is seeking a General Manager for a full-time position.
Aurora Cannabis continues to post for numerous positions at its various operations across Canada, including the recently-posted Master Data Management Specialist, a remote position, as well as a Technician, Cultivation Co-Op at their site in Comox, BC.
SNDL is looking for a Category Manager in Edmonton.
Clavet, Saskatchewan’s Under the Sun Groweries Inc. is looking for a new Master Grower to oversee their cannabis production facility.
Ontario’s Motif Labs, the company behind cannabis brands like BOXHOT, DEBUNK, Boondocks, and Rizzlers, is seeking a Hydrocarbon Supervisor.
Plantlife Cannabis is looking for a Sales Associate for its Erin Ridge location, and Canna Cabana is looking for a Retail Shift Leader for its Kennedale location, both in Alberta.
Tilray is seeking a Cultivation Technician for their Redecan facility in St Catharines, Ontario. The role entails the application of pesticides, and the ideal candidate will possess a pesticide licence.
Eurofins Experchem Laboratories, Inc. is looking to hire an Analyst I to provide technical support and analysis within the company’s Cannabis Chemistry Testing Laboratory.
BZAM is looking for a Production Supervisor for its Pitt Meadows, BC facility.
And, last but certainly not least, Vancouver’s famous Cannabis Culture Headquarters is looking for a retail store salesperson.
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