Tuesday, June 18, 2024

CannaBNN News for Wednesday, July 20, 2022: MediPharm and OneLife Botanicals Reach Deal, Delta 9 Trading Halted, New Dosing Device

OneLife Botanicals, one of Australia’s leading cannabis wellness and medical product companies, has struck a deal to buy MediPharm Labs Australia PTY Ltd for $6.2M. The acquisition will expedite OneLife Botanicals commercialization efforts.

“This sale represents a major milestone for MediPharm Labs as it continues to focus on rightsizing the business to achieve profitability. As we look to maintain our strong cash balance, this transaction paired with corporate restructuring completed in June 2022 should allow us to reduce our quarterly burn rate as we improve sales,” David Pidduck, CEO of MediPharm Labs said. ” I want to personally thank our Australian team. This group of professionals are trailblazers in the Australian and international medical cannabis market, achieving major milestones such as multiple customer product launches and our first deliveries to Germany. OneLife Botanicals is gaining one of the most capable medical cannabis manufacturing teams in Australia.”

Press release: https://www.newswire.ca/news-releases/medipharm-labs-enters-into-6-2m-purchase-agreement-for-the-sale-of-australian-facility-832768857.html

The Green Organic Dutchman CFO, Nichola Thompson has resigned to pursue other opportunities. Sean Bovingdon, CEO will step in as interim CFO as of August 4, 2022.

“On behalf of myself, and the rest of the Board of Directors, I would like to thank Ms. Thompson for her contributions and dedication to the Company since joining following the acquisition of Galaxie Brands Corporation. We would also like to wish Nichola the best of luck with all of her future endeavours,” said Bovingdon.

Press release: https://www.newswire.ca/news-releases/the-green-organic-dutchman-announces-cfo-change-854791561.html

Delta 9 Cannabis Inc was ordered to halt trading yesterday by the IIROC, The halt is effective immediately pending delisting.

Press release: https://www.newswire.ca/news-releases/iiroc-trading-halt-dn-wt-a-882519876.html

Delays in High Tide Inc’s financing agreement with Connect First Credit Union Ltd has resulted in $10M of equity capital being disbursed while due diligence is concluded. The funds will be used to build and open brick and mortar retail locations and general capital purposes.

“On April 18, 2022, we announced that we had executed a letter of intent with Connect First Credit Union Ltd. for non-dilutive credit facilities. Due diligence on this financing remains ongoing; however, this process is taking much longer than previously anticipated. Accordingly, we are being proactive with a supplemental C$10,000,000 equity capital injection. Despite the recent deteriorating and uncertain macro environment, our operations remain very strong, and today’s news will ensure that we can continue our trajectory and take advantage of the attractive opportunities that present themselves in the market,” announced Raj Grover, President and Chief Executive Officer of High Tide.

Press release: https://www.newswire.ca/news-releases/high-tide-announces-c-10-million-bought-deal-public-offering-803755718.html

A new cannabis dosing dispenser is set to hit the market. The Djot Dispenser is a small electronic dispenser which releases precise 1ml doses of a liquid concentrate into any beverage of your choice. The device will have a variety of pods available to suit the users’ needs wherever they may be without any extra sugars or additives.

“Our proprietary, portable product is simple to use and seamlessly adds the desired cannabis dose, in precise 1 mg intervals, to anything you’re drinking,” stated Co-Founder and President Arjen Melis. “The accompanying dPods are formulated to cater to everyone’s unique needs throughout the day: a boost between meetings or a relaxing remedy that becomes an evening ritual.”

Press Release: https://www.newswire.ca/news-releases/seize-the-dose-canadian-startup-djot-introduces-a-proprietary-handheld-device-dispensing-precise-and-personalized-liquid-cannabis-doses-into-any-beverage-834727556.html


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Candace Hawkins
Candace Hawkins
Candace Hawkins (she/her) is a Canadian living on the traditional lands of the Six Nations Peoples. She is a longtime advocate for medicinal cannabis and legalization.