Investor Ideas #Potcasts, #Cannabis News and #Stocks on the Move; Episode 455 (TSX: $VLNS.TO) (NASDAQ: $VFF) (TSX: $VFF.TO) (TSX: $TGOD.TO)( TSX: $ZENA.TO) (TSX: $RIV.TO)
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Today’s podcast overview/transcript:
Good afternoon and welcome to another episode of Investorideas.com "Potcast" featuring cannabis news, stocks to watch as well as insights from thought leaders and experts.
In today’s podcast we look at a few private and public company announcements.
Medical Marijuana, Inc. (OTC: MJNA) announced that the Japanese division of its subsidiary Kannaway® had its best month ever in Company history in July 2020.
“Kannaway has made tremendous progress around the world as consumers in Japan and across Asia continue to show an exciting increase in interest for cannabidiol (CBD) products,” said Medical Marijuana, Inc. CEO Dr. Stuart Titus. “Our team has truly shown what can be accomplished with passion, hard work and high-quality products designed to support the body’s crucial endocannabinoid system.”
According to Prohibition Partners, China and Japan present a large opportunity for Kannaway®’s unique line of CBD products as they collectively account for about 90 percent of Asia’s CBD market, projected to be worth $5.8 billion by 2024.
“Although Japan is still a new market for us, our record-breaking month in July illustrates that, even amid a global pandemic, consumers in the region are already responding to our hemp-based CBD products with great excitement,” said Kannaway® CEO Blake Schroeder. “I believe we are set up for continued growth and a vibrant future in the market.”
The Valens Company Inc. (TSX: VLNS) (OTCQX: VLNCF) announced the rollout of various new products as part of a custom manufacturing agreement with Verse Cannabis, a group of innovators focused on bringing to market cutting-edge product formulations rooted in cannabinoid science. The new products have been released under each of the two Verse product lines, Verse Originals and Verse Concentrates, which aim to bring premium quality offerings to Canadian consumers at affordable prices.
The sativa-dominant Tropic Lemon 0.3g and 1g 510 thread vape cartridges are the first to launch under Verse Originals, a line of universal cannabis products offered at a great value. Crafted with botanical terpenes, the 0.3g value cartridges are now available in Alberta, with British Columbia, Ontario and Saskatchewan expected to follow, along with the launch of the 1g value cartridge in the coming weeks in Alberta, British Columbia and Ontario. Additionally, the Verse Originals 1:20 CBD oil is expected to be available soon in Alberta, British Columbia and Ontario. Created using high quality extracts, the premium cannabis-derived CBD formula offers a subtle terpene profile with a citrus aroma. In partnership with Verse, The Valens Company will also produce and manufacture additional products for the Verse Originals product line, including drink drops, using SōRSE by Valens emulsion technology.
As one of the first entries into the Canadian market, the much-anticipated Verse 0.5g crumble is now available in Saskatchewan, with the 1g offering expected to be available in Alberta, Ontario and Saskatchewan in the coming weeks under the Verse Concentrates line, an ultra premium, curated collection of concentrates developed with experienced cannabis users at the forefront. Precisely created using hydrocarbon extraction, Verse crumble captures the essence of the indica-dominant White Rhino strain with its high THC potency and aromas and flavors of blueberries and mangos, green grapes and Thai Basil. The Valens Company's commitment to building out the concentrates category in Canada is furthered by its hydrocarbon extraction capabilities. Through this exclusive extraction process, the delicate makeup of the cannabis plant is maintained allowing for the original combination of cannabinoids and terpenes to remain in the extracted oil, resulting in a refined and consistent end product.
"Canadian cannabis consumers have been eagerly waiting for more next-generation products to hit the shelves, and in partnership with Verse, we have come to deliver two unique product lines with both original and reimagined high-quality cannabis extracts and concentrates," said Tyler Robson, Chief Executive Officer of The Valens Company. "Together with Verse, we aim to set a new industry standard for accessibility, quality, price point and value, all of which we have favourably captured through the brand's innovative yet simple product offering that we are confident will meet a wide range of consumer needs.
This week’s Financial Results:
Village Farms International, Inc. (NASDAQ: VFF) (TSX: VFF) announced its financial results for the second quarter ended June 30, 2020. On June 30, 2020, Village Farms had a majority (non-controlling) interest of 58.7% of Pure Sunfarms Corp. ("Pure Sunfarms").
"The second quarter continues to demonstrate the earnings capacity of Pure Sunfarms as it delivered its sixth consecutive quarter of net income and seventh consecutive quarter of positive EBITDA," said Michael DeGiglio, CEO Village Farms. "Although retail branded sales were level compared to the first quarter on a dollar basis, retail sales volume increased 89% as Pure Sunfarms' continued to have great success with its large-format, value offerings, which have consistently ranked among the best-selling dried cannabis products with the Ontario Cannabis Store since launch. Importantly, even with its aggressive pricing strategy a necessity in Canada to capture share from the illicit market - Pure Sunfarms generated 33% gross margin for the quarter. We look forward to a stronger back half of 2020 for Pure Sunfarms, supported by the continued sales momentum we have seen early in the third quarter, the addition of new provincial markets, the steady increase in the number of retail stores throughout the country, and the imminent launch of its first Cannabis 2.0 products and bottled oils. We have also seen a marked uptick in activity in the wholesale business recently."
"Pure Sunfarms remains the top selling brand of dried cannabis with the Ontario Cannabis Store to date in 2020 with nearly 14% market share as its focus on providing quality products that consumers want at an attractive price continues to resonate well with consumers. We expect this value proposition to translate to the bottled oil and Cannabis 2.0 categories as these products are introduced in the weeks and months to come. Pure Sunfarms' industry leading all-in cost of production continues to set it apart from other suppliers, enabling it to offer high-quality products at attractive prices to drive sales and grow market share in the legal market, as well as to capture share from the illicit market, while consistently generating profitability."
Zenabis Global Inc. (TSX: ZENA) announced its financial results for the second quarter ended June 30, 2020. All amounts, unless specified otherwise, are expressed in Canadian dollars.
Kevin Coft, Interim Chief Executive Officer of Zenabis, stated, "We are pleased to report that the performance improvement measures implemented early in 2020, as well as the introduction of new products and sales channels during 2020, continue to result in improved financial performance for Zenabis. Adjusted EBITDA for the second quarter of $3.1 million represents a 31% improvement over the prior quarter, which itself was the first positive EBITDA quarter in the Company's history. Additionally, the continuing financial improvements are manifest in the Company's cash flows with cash used in operating activities in Q2 2020 of $3.9 million compared to $14.3 million in the prior quarter and $17.0 million in the second quarter of 2019. Finally, the Company has made significant strides in reducing its short-maturity debt through equity-for-debt conversions as well as the equity raise that was successfully completed in June. Current liabilities were reduced by $60.8 million in the quarter and total loans and borrowings were reduced in the quarter. The Company expects that increasing provincial demand for its products, driven by more aggressive pricing and the impact of new products together with growth in domestic and international bulk sales channels, will drive revenue, gross margin, and Adjusted EBITDA improvements for the balance of 2020 and into 2021. The Company anticipates growth in net cannabis revenue of 44% to 78% in the third quarter of 2020 versus the second quarter of 2020, which is expected to result in consolidated Adjusted EBITDA of $4 million to $6 million for the quarter."
The Green Organic Dutchman Holdings Ltd. (TSX: TGOD) (OTC: TGODF), a leading producer of premium certified organic cannabis, announced its financial results for the second quarter of 2020 ended June 30, 2020. These filings are available for review on the Company's SEDAR profile at www.sedar.com.
"Since the beginning of the global pandemic, our top priority has been the health and safety of our employees, customers, and patients. Despite the additional layer of complexity, we continued bringing innovation to market, seeing sequential month-over-month growth during the quarter while cutting costs and reducing our cash burn rate. While we are not where we had expected to be at this time, we are seeing strong momentum on our innovative products and will continue to right-size our business plans with a focus on getting our monthly run rate to a scale which delivers positive operating cash flow by the end of the year," commented Brian Athaide, CEO of TGOD. "Our products have now proven their appeal to consumers and shown consistency and efficacy backed by scientific research. We look forward to expanding our portfolio with additional flower strains and variants of our 2.0 line-up and bringing them to more stores across the country." added Athaide.
Canopy Rivers Inc. (TSX: RIV) (OTC: CNPOF) released its unaudited condensed interim consolidated financial statements and management's discussion and analysis ("MD&A") for the three months ended June 30, 2020.
"This quarter, we made a strategic investment in Dynaleo, a cannabis gummies manufacturer that we believe is well-positioned to help Canada's licensed producers and brands catch up to consumer demand for the gummy product format," said Narbé Alexandrian, President and CEO, Canopy Rivers. "We also continued to work closely with our portfolio companies to help resolve some of the unique macroeconomic challenges that emerged inside and outside of the cannabis sector. While PharmHouse faces some immediate challenges, we continue to believe that it has the potential to become a key component of the Canadian supply chain for low-cost, high-quality cannabis, especially as the value segment of dry flower becomes more prominent."
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