Weedstocks Newswire Feed
Liht Cannabis Corp. Announces Share Exchange Agreement with Late-Stage Applicant "Buds For You Inc." and Corporate Update
KELOWNA, BC, April 22, 2019 /CNW/ - Liht Cannabis Corp. (CSE: LIHT) (OTCQX: LIHTF) ("Liht" or the "Company"), a Nevada licensed cannabis cultivator and producer is pleased to announce that on April 18, 2019, it has entered into a Share Exchange Agreement (the "Agreement") with Buds For You Inc. ("Buds For You") – a late-stage cannabis cultivation, processing, and sales license applicant under the Cannabis Act – to acquire all issued and outstanding shares of Buds for You. The Company will attach to and replace the existing property under the license application with its property, "the Chase Property", located in Chase, British Columbia. Health Canada has confirmed approval of the transfer of the license application, consisting of a cultivation, processing, and sales license (collectively, the "License"), to the Chase Property.
The Chase Property is 120 acres in size and will allow for a total 486,000 ft2 footprint after all projected expansions are completed. As announced by the Company on February 6, 2019, the project will be funded and jointly developed with 1186626 B.C. Ltd. with an approximate cost to lock-up stage of C$81,600,000. 1186626 B.C. Ltd holds the title of the Chase Property and has committed towards the joint venture. All required surveys of the Chase Property have been completed and ground-breaking for the initial 30,000 ft2 building is planned for May 2019. The Chase Property site offers many advantages for a large-scale cannabis cultivation operation, including access to labour from the surrounding area and future distribution due to its close proximity to Highway 1, the main route of the Trans-Canada Highway through British Columbia. Additionally, the site has multiple naturally-occurring springs, which is anticipated to provide an abundance of water for cultivation operations. Using the Company's state-of-the-art, proprietary cultivation technology, combined with organic growing methods, the Chase Property intends to target a standard of quality for its products far above the current organic curriculum for cannabis consumer consumption.
Rahim Mohamed, CEO of Liht, commented, "The addition of a second Health Canada cultivation license application further validates Liht's strategy to become a premier, large-scale cannabis producer for the North American cannabis market. In conjunction with our Las Vegas production facilities, which supply the Nevada market, and our Celista location in British Columbia, we anticipate this third cultivation location will provide Liht with the capacity to supply organic cannabis to consumers across British Columbia and throughout Canada."
Pursuant to the Share Exchange Agreement, the Company has issued 250,000 common shares of the Company's stock at a deemed price of C$0.22 per common share to the sole shareholder of Buds For You (the "Shareholder"). Additionally, a non-refundable cash deposit of C$250,000 (the "Deposit") has been advanced to the Shareholder. Upon closing of the Agreement, Liht will acquire all issued and outstanding shares of Buds For You in exchange for an additional C$750,000 cash payment (the "Purchase Price") and a 5% perpetual gross royalty (the "Royalty") on all sales and other income from cannabis derived by the Company or Buds For You from the property location where the License is assigned to, but excluding all refunds, credits and discounts made in good faith, including taxes or equivalent losses which are collected by the Company or Buds For You, and on behalf, of any governmental body. The closing of the Agreement is contingent on certain conditions being met by the Shareholder, including Health Canada granting the License under the Cannabis Act.
All share certificates issued pursuant to the Agreement will be subject to resale and transfer restrictions for four (4) months and one (1) day as prescribed by applicable securities laws and the policies of the Canadian Securities Exchange and are not registered under any securities legislation in the United States, including the United States Securities Act of 1933, as amended.
Lifestyle Delivery Systems Inc.'s CSPA Group, Inc. Has Had its Third Consecutive CannaStrips™ Sell Out Event
VANCOUVER, British Columbia, April 22, 2019 /CNW/ -- Lifestyle Delivery Systems Inc. (CSE: LDS), (OTCQX: LDSYF), (Frankfurt: LD6, WKN: A14XHT) ("LDS" or the "Company") announces its wholly-owned subsidiary, CSPA Group, Inc., participated in the High Times 4/20 event at the Cal Expo in Sacramento, California, and Kushstock 4/20 event at the Adelanto Stadium in Adelanto, California.
CSPA Group had promotion booths set up at both events. Retailers who partnered with CSPA for these events sold out of the full inventory of CannaStrips™ before the conclusion of both.
Casey Fenwick, President of LDS, stated, "CannaStrips™ popularity continues to grow. I was personally present at the High Times 4/20 Sacramento event and the interest and acceptance of the CannaStrips™ product line was amazing, everyone wanted to know more about CannaStrips™ and details of the product line. There wasn't a moment that the booth didn't have multiple visitors. It was a great event for CSPA Group, CannaStrips™, and the Company in general."
LDS CEO, Brad Eckenweiler, stated, "Kushstock 4/20 event in Adelanto was very successful and the local retailer at the Saturday event sold out twice. CannaStrips™ continue to increase in popularity as more people have the opportunity to experience the discreet and effective delivery of cannabinoids in the CannaStrips™ product line."
The Company will continue to inform the market of corporate developments as they become available.
SOL Global Announces 3 Boys Farms' Receipt of Approval to Dispense Cannabis Flower and Pre-Roll Products in Florida
3 Boys Farms to Begin Dispensing Its Premium Flower, including Cathy's Choice, Named for Medical Cannabis Trailblazer Catherine Jordan
TORONTO, April 22, 2019 /CNW/ - SOL Global Investments Corp. ("SOL Global" or the "Company") (CSE: SOL) (OTCQB: SOLCF) (Frankfurt: 9SB) is pleased to announce that 3 Boys Farms, LLC ("3 Boys Farm"), which owns and operates one of the twenty-two (22) medical marijuana treatment center licenses in Florida, has received approval from the State of Florida's Department of Health, Office of Medical Marijuana Use ("OMMU") to begin dispensing its premium, organically cultivated cannabis flower and pre-rolled products at its new state-of-the-art extraction and processing facility in Indiantown, Florida. SOL Global completed its acquisition of 3 Boys Farms earlier this month through the closing of its purchase of CannCure Investments Inc.
Florida's OMMU has granted approval to 3 Boys Farms to begin processing and dispensing its premium cannabis flower and pre rolled products, which are grown under the careful eye of master grower Chris Keller, founder Robert Tornello and Chief Science Officer Dr. Greg Gerdemen. 3 Boys Farm's strains currently include but are not limited to Strawberry Maraschino, Lemon Sugar Cush, Mandarin Triangle Kush, Darth Raven, Vanilla Berry Pie and the proprietary cannabis flower strain "Cathy's Choice." Cathy's Choice is a strain developed in part by (and is named in honor of) Parrish, Florida resident Catherine Jordan, the renowned medical cannabis activist who was diagnosed with Amyotrophic Lateral Sclerosis (ALS) in 1986 and became among the most dedicated and outspoken advocates both in Florida and throughout the country for patients wishing to access medical cannabis. 3 Boys Farms holds the exclusive right via a binding licensing agreement to cultivate and dispense "Cathy's Choice" flower.
Dubbed the "patron saint" of Florida medical marijuana by the Sarasota Herald-Tribune, Jordan, now 69, has spent more than two decades at the forefront of medical cannabis advocacy. After Florida legalized the medical use of cannabis in 2016 but outlawed the smoking of medical cannabis flower, Jordan went to court on behalf of all patients across the state and became the driving force behind the state's decision this year to overturn the prohibition on smoking. Jordan and all other qualified medical cannabis patients in Florida may now legally purchase the "Cathy's Choice" cannabis flower she helped to develop, and, thanks in large part to Jordan, may now access their medicine by smoking it.
Additionally, 3 Boys Farms has received approval from Florida's OMMU to begin producing and dispensing pre-rolled products to qualified patients, including a "Gram Size Pre-Roll" product containing one gram of premium medical cannabis, and a "King Size Pre-Roll" containing two grams of premium medical cannabis. 3 Boys Farms' best-in-class cannabis flower will be used in the production of the pre-roll products, and 3 Boys Farm is currently harvesting approximately 350 pounds of cannabis per week and has stockpiled approximately 1,000 pounds of cannabis to date. Flower and pre-rolled products will initially be dispensed via home delivery and 3 Boys Farm expects to open its first two (2) retail dispensaries prior to the end of the second quarter. 3 Boys Farm is also happy to announce that it has hired Michael Smuts as its director of retail operations. Smuts has extensive experience at all levels of vertically integrated cannabis companies, including in cultivation, operations and management, product development, marketing, patient acquisition, and sales. Smuts previously served as Vice President of C3/Seed and Bean Market, Director of Retail Operations at GrowHealthy/iAnthus Capital, and as General Manager at Harvest House.
SMITHS FALLS, ON, April 22, 2019 /CNW/ - In the spirit of Earth Day, Canada's best-known cannabis brand is thrilled to officially launch the Tweed x TerraCycle recycling program across Canada. Previously available in select stores and provinces, today's announcement officially marks the roll out of Canada's first country-wide Cannabis Packaging Recycling Program.
As we approached legalization of recreational cannabis in Canada, Tweed realized a solution was needed for all the new containers, tubes and packages in our industry, to ensure they are diverted away from landfills and upcycled into other products.
First introduced in October 2018, the Tweed x TerraCycle Cannabis Packaging Recycling Program accepts all cannabis containers from all licensed producers - including tins, plastic bags, tubes, and bottles with child-proof caps, which are notoriously tricky to recycle. Since its debut, the free Cannabis Packaging Recycling Program has saved over 165,000 containers from ending up in landfills. The program is currently active in over 106 legal cannabis retail locations across Canada, including all Tweed and Tokyo Smoke stores, as well as select third-party retailers. In addition to drop off points located at participating retail stores, consumers have the option to register online through Tweed.com for free pickup and recycling of their discarded containers.
"As a community, we came together quickly to address the sustainability concern in our industry and I'm so proud of what we've accomplished so far. Over 165,000 containers have already been collected through the Tweed x TerraCycle program and will be melted down to make plastic pellets used to create new products," reflects Hilary Black, the company's Chief Advocacy Officer, on the success of the program so far. "With the next phase of the Tweed x TerraCycle recycling program, we're excited to bring this initiative to even more communities across Canada and keep working to reduce waste across the industry."
"By partnering with Tweed, we've given consumers a free and easy way to divert cannabis packaging from landfills," said Tom Szaky, CEO, TerraCycle. "Through this ground-breaking recycling solution, these now common items are collected on a national scale from all licensed producers and given a second life as a different product, thereby extending the lifecycle of the packaging material."
Lifestyle Delivery Systems Inc. Announces LDS Development Corp. Enters into a Sub-Lease Agreement for 10,000 Square Feet of its 20,000 Square Foot Adelanto Warehouse Facility
VANCOUVER, British Columbia, April 22, 2019 /CNW/ -- Lifestyle Delivery Systems Inc. (CSE: LDS), (OTCQX: LDSYF), (Frankfurt: LD6, WKN: A14XHT) ("LDS" or the "Company") announces its wholly-owned subsidiary, LDS Development Corporation, has entered into a five-year sub-lease agreement for 10,000 square feet of warehouse space at $2 per sq. ft. per month, with TCM Distribution Inc., a wholly-owned subsidiary of TransCanna Holdings Inc. for its operations in Adelanto, California.
The reduced square footage will continue to meet the necessary additional warehouse and storage requirements of CSPA Group Inc.'s transportation and distribution operations of Highway 395 Dispensary and 420 Prime Delivery Service, which are scheduled to begin their operations early in the 3rd quarter of 2019. The facility is conveniently located on the lot adjacent to the CSPA Group's Commerce Way facility. This location, beyond being convenient, also allows for the use of the current armed security services to be utilized at both locations significantly reducing cost that would be required at any other location.
Brad Eckenweiler, CEO of LDS, stated, "Sharing half of this facility will still allow for the necessary market growth in all areas of the CSPA Group's product lines as well as those products from Core Isogenics and will reduce the cost of the facility. The 10,000 square feet that we are retaining will accommodate inventory of both raw material and finished products, even seeds and seedlings which will have specific environmentally controlled storage. The close proximity to our 9501 Commerce Way facility allows for easy and seamless coordination of transportation and distribution saving us not only time, but tens of thousands of dollars in transportation and security costs."
The Company will continue to update the market on all operational developments as they become relevant.
About CSPA Group, Inc.
Recognizing cannabis movement trailblazers
NYSE | TSX: ACB
EDMONTON, April 18, 2019 /CNW/ - Calling all Canadian budtenders! Aurora Cannabis is kicking off the search for Canada's Top Budmaster ™ through a national competition that will recognize cannabis professionals across the country who are guiding consumers as they navigate the new world of legal cannabis.
Through a series of skills-based and knowledge-testing events, as well as through digital competitions, Canada's budtender community will be able to demonstrate their expertise in cultivar characteristics and histories, product categories and formats, exceptional customer service, and must also showcase how they contribute to the community and culture.
As Canada's first legal 420 holiday approaches, it's time to recognize the women and men in cannabis retail stores who educate consumers every day. These passionate, knowledgeable budtenders on the front line continue to break stigma and grow the cannabis community by helping more and more Canadians learn about the plant, its properties and how cannabis can fit responsibly into their lives.
Cannabis One Holdings Inc. Announces Definitive Agreements to Acquire Leading Nevada-based Cultivation, Manufacturing, and Brand House, Evergreen Organix
/THIS PRESS RELEASE IS NOT FOR DISTRIBUTION OR DISSEMINATION IN THE UNITED STATES. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW/
VANCOUVER and DENVER, April 22, 2019 /CNW/ - Cannabis One Holdings Inc. (CSE:CBIS) ("Cannabis One", "CBIS", or the "Company"), an emerging, premier "House of Brands" in North America, is pleased to announce that it has executed three (3) definitive agreements (each, a "Definitive Agreement" and collectively, the "Definitive Agreements") to acquire certain assets of Nevada-based LV 3480 Partners LLC, 3480 Investors, Inc., and Agro Finance LLC (Collectively, "Evergreen Organix").
In connection with the Definitive Agreements, Cannabis One will acquire Nevada State-issued cannabis cultivation & manufacturing licenses, held by NV 3480 Partners LLC and 3480 Hacienda Partners LLC, respectively (the "Nevada Cannabis Licenses"), and related infrastructure, subject to the approval of Nevada State regulators, in addition to the popular flower brand "Fleur" and the award-winning, cannabis-infused product brands, "Evergreen Organix" and "EG.O", among others. With significant consumer appeal, Evergreen Organix has already won numerous cannabis industry awards for its branded product line, including Best CBD Flower for its Fleur-branded "Fire Angel" strain; Best Edible for its Evergreen Organix-branded "Chocolate Chip Cookie" at the 2018 Jack Herer Cup; and second place in the Best Edible category at the recent 2019 THC Classic hosted by Rooster Magazine. With unparalleled quality, and comprehensive brand reach and consumer loyalty, Evergreen Organix has established manufacturing and distribution relationships for the production of its signature suite of brands across six (6) states: Nevada, California, Colorado, Washington, Oregon, and Montana.
Jeffery Mascio, CEO of Cannabis One, commented, "Building on the momentum of our recent announcements related to the acquisition of the 'Honu' and 'Fat Face Farms' brands, Cannabis One is now excited to bring the Evergreen Organix family under the CBIS banner." Mr. Mascio continued, "With the addition of these popular Nevada marques to our growing portfolio of 'Best-of-Breed' brands, and the expansion of Cannabis One's cultivation and manufacturing reach into the State of Nevada, CBIS continues to demonstrate its ability to execute on its stated strategy – Acquire popular brands in vibrant markets and leverage that consumer enthusiasm into multi-state retail and manufacturing expansion."
Following the closing of the transaction contemplated in the Definitive Agreements (the "Closing"), the Company anticipates that the acquisition of Evergreen Organix will:
/NOT FOR DISTRIBUTION TO NEWSWIRE SERVICES IN THE UNITED STATES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAWS./
CALGARY, April 22, 2019 /CNW/ - High Tide Inc. ("High Tide" or the "Company") (CSE:HITI) (OTCQB:HTDEF) (FRA:2LY), an Alberta-based, retail-focused cannabis corporation enhanced by the manufacturing and wholesale distribution of smoking accessories and cannabis lifestyle products, today announced that it has closed the first tranche of the sale of unsecured convertible debentures (the "Debentures") of the Company under the non-brokered private placement (the "Offering") previously announced on April 10, 2019, with gross proceeds of $8,360,000 to date. High Tide intends to close a second and final tranche of the Offering for aggregate gross proceeds of up to $15,000,000, which has been increased from the original amount of $10,000,000 due to strong investor demand.
The outstanding principal amount under the Debentures is convertible at any time before maturity and at the option of the holder, into common shares of the Company (the "Shares") at a conversion price of $0.75 per Share. Under the Offering, the Company also issued common share purchase warrants (the "Warrants") such that each subscriber received one Warrant for each $0.75 original principal amount of its Debenture, resulting in 11,146,667 Warrants being issued as part of the Offering. Each Warrant entitles the holder to acquire one Share at an exercise price of $0.85 per Share for two years from the date of issuance.
The final closing of the Offering is expected to occur on such date or dates as agreed to between the Company and the investors. The net proceeds of the Offering will be used by the Company to fund the construction of Canna Cabana, KushBar and Smoker's Corner stores, complete strategic acquisitions as well as for general working capital purposes. Concurrent with the issuance of the Debentures, the Company paid the annual amount of interest due to holders upfront in the form of 1,752,621 Shares and also paid certain finders a closing fee of up to 5%, paid in Shares.
One of the Company's insiders participated in the Offering, which means the Offering is a "related party transaction" under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). However, the Offering is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the Debentures issued to, or the consideration paid by such person exceeds 25% of the Company's market capitalization. A material change report regarding the senior officer's participation in the Offering was not filed more than 21 days prior to closing since such person's ability to participate in the Offering only recently became known.
KELOWNA, BC, April 22, 2019 /CNW/ - Valens GroWorks Corp. (CSE: VGW) (OTC: VGWCF) (the "Company" or "Valens"), a multi-licensed, vertically integrated provider of cannabis products and services focused on various proprietary extraction methodologies, distillation, cannabinoid isolation and purification, as well as associated quality testing, today announced it will issue its first quarter of fiscal year 2019 financial results, for the period ended February 28, 2019, on Wednesday April 24, 2019 after markets close.
Conference Call Details
The company will host a conference call on Thursday, April 25, 2019 at 11am Eastern Time / 8am Pacific Time to discuss the financial results and business outlook.
Participant Dial-In Numbers: Toll-Free: 1-877-407-0792 Toll / International: 1-201-689-8263 *Participants should request the Valens GroWorks Earnings Call or provide confirmation code 13690088
The call will be webcast on the Valens Investor page of the Company website at https://www.valensgroworks.com/investors or at this link. Please visit the website at least 15 minutes prior to the call to register, download, and install any necessary audio software. A replay of the call will be available on the Valens Investor page approximately two hours after the conference call has ended.