Investor Ideas #Potcasts 521, #Cannabis News and #Stocks on the Move; (TSX: $ACB.TO) (NYSE: $ACB) (CSE: $MCUR.C) (OTCQB: $MCURF) (NYSE: $HEXO) (TSX: $HEXO.TO)
Delta, Kelowna, BC, January 22, 2020 (Investorideas.com Newswire) www.Investorideas.com, a global news source covering leading sectors including marijuana and hemp stocks and its potcast site, www.potcasts.ca release today’s podcast edition of cannabis news and stocks to watch plus insight from thought leaders and experts.
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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 will be looking at a few public company announcements.
Aurora Cannabis Inc. (TSX: ACB) (NYSE: ACB) announced that it has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets and ATB Capital Markets, under which the underwriters have agreed to buy on bought deal basis 12,000,000 units of the Company, at a price of US$10.45 per Unit for gross proceeds of approximately US$125 million. Each Unit will be comprised of one common share of the Company and one half of one common share purchase warrant of the Company. Each Warrant will be exercisable to acquire one common share of the Company for a period of 36 months following the closing date of the Offering at an exercise price of US$12.60 per Warrant Share, subject to adjustment in certain events.
The Company has granted the Underwriters an option, exercisable at the offering price for a period of 30 days following the closing of the Offering, to purchase up to an additional 10% of the Offering to cover over-allotments, if any. This option may be exercised by the Underwriters for additional Units, Common Shares, Warrants or any combination of such securities.
The net proceeds of the offering will be used for general corporate purposes, which may include opportunistically reducing debt. The Company believes that the Offering fits with its broader strategy to have a strong balance sheet while maintaining maximum flexibility to invest and build towards being a leader in global cannabinoids.
The closing of the Offering is expected to take place on or about January 26, 2021 and will be subject to customary conditions, including approvals of the Toronto Stock Exchange and the New York Stock Exchange.
A prospectus supplement to the Company’s short form base shelf prospectus dated October 28, 2020 will be filed with the securities commissions or securities regulatory authorities in each of the provinces of Canada, except Quebec, and with the U.S. Securities and Exchange Commission (the “SEC”) as part of the Company’s registration statement on Form F-10 (the “Registration Statement”) under the U.S./Canada Multijurisdictional Disclosure System. The Prospectus Supplement, the Base Shelf Prospectus and the Registration Statement contain important detailed information about the Company and the proposed Offering. Prospective investors should read the Prospectus Supplement, the Base Shelf Prospectus and the Registration Statement and the other documents the Company has filed for more complete information about the Company and this Offering before making an investment decision.
Copies of the Prospectus Supplement, following filing thereof, and the Base Shelf Prospectus will be available on SEDAR at www.sedar.com and copies of the Prospectus Supplement and the Registration Statement will be available on EDGAR at www.sec.gov. Copies of the Prospectus Supplement, following filing thereof, the Base Shelf Prospectus and the Registration Statement may also be obtained from BMO Capital Markets by contacting BMO Capital Markets, Brampton Distribution Centre C/O The Data Group of Companies, 9195 Torbram Road, Brampton, Ontario, L6S 6H2 or by telephone at (905) 791-3151 Ext 431 or by email at torbramwarehouse@datagroup.ca or from BMO Capital Markets Corp., Attn: Equity Syndicate Department, 3 Times Square, 25th Floor, New York, NY 10036 (Attn: Equity Syndicate), or by telephone at (800) 414-3627 or by email at bmoprospectus@bmo.com. Copies of such documents may also be obtained from ATB Capital Markets Inc., Attn: Gail O'Connor, 410-585 8th Ave SW, Calgary, Alberta, T2P 1G1, (403) 539-8629 or by email from atbcm_dealflow@atb.com.
Mind Cure Health Inc. (CSE: MCUR) (OTCQB: MCURF) announced its inclusion among 17 psychedelic companies in the first ever Psychedelic ETF. Horizon's Psychedelic ETF, is expected to commence trading Jan. 26, 2021 under ticker PSYK on the NEO exchange.
The ETF includes companies in the Canadian legal psychedelics industry, as well as U.S. companies engaged in legal activities involving psychedelic drugs and substances. The purpose of the ETF is to "invest in, and indirectly derive revenues from, companies in the psychedelics industry engaged in legal activities involving psychedelic drugs and substances."
"We are honoured to be selected as part of the first ever Psychedelic ETF. This is a milestone moment for our industry and for MINDCURE, as we continue to explore, develop and commercialize products to give hope and healing to a world in pain and suffering from a mental health crisis. This solidifies our position amongst peers and gives investors a great opportunity to support our industry as a whole," said Kelsey Ramsden, President & CEO, MINDCURE. "We congratulate our peers and believe it is a privilege to build a new category of care and investment together."
Lastly we look at Canadian cannabis product recalls over the month of January. While many investors focus heavily on company financials as well as company news, focussing on product recalls has been a more underrated segment of cannabis business considerations.
On January 12th, 2021, Hexo Corp. (NYSE: HEXO) (TSX:HEXO) had a product recall, announced by the Ontario Cannabis Store (OCS) online retailer, which impacted three types of disposable vape pens.
Hexo told Marijuana Business Daily the vapes were sold in Alberta, Manitoba, New Brunswick, Ontario and Saskatchewan as well as to medical cannabis clients.
The producer attributed the recall to “a mechanical hardware defect, in which prolonged auto-ignition may lead to excess heat in the battery cell, which in turn may cause melting of the plastic shell.”
“As an immediate corrective action, Hexo has implemented enhanced third-party hardware approval criteria including the use of an independent third-party accredited lab to assess all devices under consideration,” Shannon McCoy, Hexo vice president of quality, wrote in a statement emailed to MJBizDaily.
“Hexo expects the financial impact of the voluntary recall to be minimal, and well within the normal course of business,” McCoy added, without specifying the exact number of recalled vape pens.
On January 7th, 2021, The Agro-Greens had a recall issued by Health Canada which affected 752 units of North 40 Black Cherry Punch cannabis bud sold to medical cannabis clients via mail and by recreational cannabis retailers in Saskatchewan.
“The affected product may contain mold,” Health Canada said in its recall notice, adding that Agro-Greens had received four complaints about the lot and one report of an adverse reaction.
Now this cannabis product was flagged by one Grower North 40 Cannabis, who flagged the mold issue to the public in a Dec. 27 tweet, “All environmental conditions were on point throughout the drying and curing,” North 40 noted in its tweet. “It looks like a very isolated incident.”
The moldy bud was also identified in a late December post on a Reddit message board, said David Purcell, chief revenue officer at Shelter Cannabis, which is in the process of acquiring Agro-Greens.
Another recall issued on January 8th, 2021 involved 600 units of cannabis bud with erroneous THC and CBD values. The 3.5-gram packages of Oceanic Sea Breeze Cannabis, grown by Delta 9 Bio-Tech of Manitoba and sold at stores in Newfoundland and Labrador, had “incorrect cannabinoid values, where the labelled total THC and total CBD are higher than the actual values,” said Health Canada’s recall notice.
Inaccurate cannabinoid labeling has caused the majority of cannabis recalls in Canada since recreational legalization in 2018.
In the past year, labeling-related recalls have affected products such as flower from Aurora Cannabis subsidiary MedReleaf, pre-rolls from Sundial Growers, beverages from AgMedica Bioscience and ingestible cannabis oil from Voyage Cannabis.
Investor ideas reminds all listeners to read our disclaimers and disclosures on the Investorideas.com website and that this podcast is not an endorsement to buy products or services or securities. Investors are reminded all investment involves risk and possible loss of investment.
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