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VANCOUVER, July 6, 2018 /CNW/ - Phivida Holdings Inc. ("Phivida" or the "Company") (CSE: VIDA) (OTCPK: PHVAF) is pleased to announce new appointments to its Board of Directors and Executive management team.
Mr. Peter Simeon LLB, an active Phivida Board member, has been appointed as the Chairman of the Board of Directors. Mr. Simeon is a partner of Gowling WLG Law specializing in corporate, commercial and securities law.
Simeon has extensive experience as an officer and director of public companies, including as a Chairman, and his legal practice is focused on corporate governance, mergers and acquisitions, and structure. He holds a Bachelor of Arts degree from Queens University and earned his law degree at York University, Osgoode Hall.
The Company is also pleased to appoint Mr. Vito Piazza to the Board of Directors. Mr. Piazza is a founding partner of the Toronto office of Sid Lee, a Montreal-based creative advertising agency operating globally for internationally-recognized brands. Mr. Piazza earned his Bachelors Degree in Marketing and his MBA from McGill University.
Mr. Jim Bailey assumes the role of President in addition to his current role as Chief Executive Officer. Mr. John-David Belfontaine, will continue his role as a Board Member and assumes the role of Vice President, Corporate Development. Mr. George Kovalyov continues as the Company's Vice President, Finance and will step down from the Board for proper corporate governance and financial reporting requirements.
ISS and Glass Lewis Recommend Aurora Cannabis Shareholders Vote in Favour of the MedReleaf Acquisition and Australis Capital Spin-Out
Leading Proxy Advisors Highlight Strong Strategic Rationale for Combination with MedReleaf Capital Reduction Enables Distribution to Shareholders
EDMONTON, July 6, 2018 /CNW/ - Aurora Cannabis Inc. ("Aurora" or the "Company") (TSX: ACB) (OTCQB: ACBFF) (Frankfurt: 21P; WKN: A1C4WM) is pleased to announce that Institutional Shareholder Services Inc. ("ISS") and Glass Lewis and Co., LLC ("Glass Lewis"), two leading advisory firms, have recommended that shareholders of Aurora vote for the Share Issuance Resolution with respect to the plan of arrangement to acquire all of the shares issued and outstanding of MedReleaf Corp. ("MedReleaf") (the "Transaction").
Additionally, both firms recommend shareholders vote for the Reduction of Capital Resolution in regard to the proposed spin-out of Aurora's U.S. assets by way of a distribution of capital to Aurora Shareholders of the common shares of Australis Capital Inc. ("Australis").
As previously announced on May 14, 2018, under the proposed Transaction, holders of MedReleaf common shares will receive 3.575 Aurora common shares and, in general, $0.000001 in cash for each MedReleaf common share held. Details of the transaction are provided in the Company's documents relating to the proposed plan of arrangement on www.sedar.com as well as on the Company's dedicated transaction site https://medreleaf.auroramj.com.
MARKHAM, ON, July 6, 2018 /CNW/ - MedReleaf Corp. (TSX:LEAF) ("MedReleaf" or the "Company") is pleased to announce that Institutional Shareholder Services, Inc. ("ISS") and Glass, Lewis & Co. ("GlassLewis"), two leading independent proxy advisory firms, have both recommended that MedReleaf shareholders vote FOR the previously announced arrangement (the "Arrangement") between MedReleaf and Aurora Cannabis Inc. ("Aurora"), whereby Aurora intends to acquire all of the issued and outstanding common shares of MedReleaf (the "Transaction").
In their assessment of the Arrangement, both ISS and Glass Lewis cite the sound strategic merit for the Transaction providing significantly increased scale, production capacity and expanded product development capabilities in anticipation of legalized adult use cannabis consumption in Canada, the offer premium and the transaction process supervised by the special committee formed by the Board of Directors as factors in supporting their FOR recommendation.
MedReleaf will be seeking shareholder approval for the Arrangement under the Business Corporations Act (Ontario) (the "Arrangement Resolution"). The special meeting of MedReleaf shareholders to consider the Arrangement Resolution will be held on Wednesday, July 18, 2018 at 1:00 p.m. (Toronto time) at the offices of Stikeman Elliot LLP, 5300 Commerce Court West, 199 Bay Street, Toronto, Ontario. MedReleaf shareholders of record as of the close of business on June 14, 2018 are eligible to vote at the special meeting.
The Board of Directors of MedReleaf has unanimously recommended that MedReleaf shareholders vote FOR the Arrangement Resolution. Certain directors and officers of the Company have entered into support agreements pursuant to which they have agreed to vote their shares in favour of the Arrangement. In addition, holders of approximately 56% of the Company's issued and outstanding common shares have entered into irrevocable hard lock-ups to vote their shares in favour of the Arrangement.
CannaRoyalty Continues Expansion of California Footprint with Purchase of Licensed Distribution and Manufacturing Facility in Sonoma County
OTTAWA, July 6, 2018 /CNW/ - CannaRoyalty Corp. (CSE: CRZ) (OTCQX: CNNRF) ("CannaRoyalty" or the "Company"), a leading North American cannabis products and brands company, announced today that it has purchased a licensed distribution and manufacturing facility ("Cotati") in the city of Cotati in Sonoma County, California for US$2.4 million (the "Agreement"). Cotati will serve as an additional hub for distribution, as well as supporting manufacturing infrastructure, to meet the strong demand of CannaRoyalty's distributed brand portfolio. In addition to the center's strategic location, proximate to both existing Company assets and major transportation arteries, the Cotati property was an ideal choice because of the low initial local tax rates on distribution (0%) and manufacturing (1%)1.
Afzal Hasan, President and General Counsel of CannaRoyalty commented, "We continue to execute on our strategy, as reiterated in our recent financing announcement through the development of five facilities across California to capitalize on a historic opportunity to lead the largest and most diverse cannabis market in the world. With five distribution and manufacturing facilities, we have positioned ourselves as the partner of choice for a number of growth-oriented consumer brands that will be launching through our platform in the next several months."
CannTrust Continues Global Expansion as Danish Partner, STENOCARE, Receives License to Distribute CannTrust Products
CannTrust Cannabis Oils are the first on Denmark's List of Admitted Cannabis Products
VAUGHAN, ON, July 6, 2018 /CNW/ - CannTrust Holdings Inc. ("CannTrust" or the "Company") (TSX: TRST), one of Canada's leading licensed producers of cannabis, today announced that its Danish Joint Venture Partner STENOCARE has received approval to distribute CannTrust products in Denmark. CannTrust's high-quality, standardized cannabis oils are the first oils approved for Denmark's list of admitted cannabis products and are the only "ready-to-use" oil products available. STENOCARE now has a unique opportunity to set the industry standard for practitioners and patients.
Medical cannabis became legal in Denmark on January 1, 2018 after a unanimous vote by the Country's parliament. Danish rules surrounding the production of medical cannabis require a high degree of purity and quality, making CannTrust a natural partner for STENOCARE.
CannTrust first announced the Joint Venture with STENOCARE in March 2018. STENOCARE, a first-mover in Denmark's legalization of medical cannabis, has supply agreements with two of Denmark's leading pharmaceutical distributors, who together service 99% of pharmacies in the country. STENOCARE will initially sell CannTrust's market leading standardized cannabis oils while working towards the construction of a domestic growing facility. Construction of the facility is expected to begin in the fall, with technical expertise being provided by CannTrust. Under the terms of the Joint Venture CannTrust received a 25% equity stake in Steno Investments IVS together with the right to appoint half of its Board of Directors.
"This approval is a groundbreaking step for STENOCARE and advances CannTrust's global expansion. The rapid increase in the world-wide market demand for cannabis offers significant new opportunities for our Company. Our industry knowledge and expertise, together with our pharmaceutical approach and strong team, make us an ideal global partner," said Brad Rogers, President, CannTrust.
EDMONTON and MARKHAM, ON, July 6, 2018 /CNW/ - Aurora Cannabis Inc. ("Aurora") (TSX: ACB) (OTCQB: ACBFF) (Frankfurt: 21P; WKN: A1C4WM) and MedReleaf Corp. ("MedReleaf") (TSX: LEAF) today announced that the Canadian Competition Bureau has issued a no-action letter under the Competition Act (Canada) indicating that it does not intend to challenge the proposed arrangement (the "Arrangement") between Aurora and MedReleaf, whereby Aurora intends to acquire all of the issued and outstanding common shares of MedReleaf (the "Transaction").
The Arrangement remains subject to customary closing conditions, including approval by each of Aurora shareholders and MedReleaf shareholders at shareholder meetings scheduled to be held on July 18, 2018, and final court approval. Subject to satisfaction of these closing conditions, the Transaction is expected to close later in July, 2018.
The Arrangement has been unanimously recommended by the Aurora board of directors and the MedReleaf board of directors. Certain directors and officers of Aurora and MedReleaf have also entered into support agreements pursuant to which they have agreed to vote their shares in favour of the Arrangement. In addition, holders of approximately 56% of MedReleaf's issued and outstanding common shares have entered into irrevocable hard lock-ups to vote their shares in favour of the Arrangement.
YOUR VOTE IS IMPORTANT ‐ PLEASE VOTE TODAY. Your vote is important regardless of the number of shares you own. Aurora shareholders and MedReleaf shareholders are encouraged to read their respective Circulars in detail.
VANCOUVER, British Columbia, July 06, 2018 (GLOBE NEWSWIRE) -- Auxly Cannabis Group Inc. (TSX.V:XLY) ("Auxly" or the "Company") is pleased to announce that effective today, July 6, 2018, the Company's common shares on the OTC Markets will begin trading on the OTCQX, which is the highest tier for trading over-the-counter stocks provided and operated by OTC Markets. Auxly upgraded to the OTCQX from the OTCQB. The Company's common shares will continue to trade under the symbol "CBWTF".
There is no action required by current shareholders in connection with this change.
ON BEHALF OF THE BOARD "Chuck Rifici" Chairman & CEO
About Auxly Cannabis Group Inc. (TSX.V:XLY)
Auxly Cannabis Group is a collective of entrepreneurs with a passion for the cannabis industry past, present and future. Our mandate is to facilitate growth for our partners by providing them with financial support and sharing our collective industry experience. Our partners all have different visions, voices and brand values, and all share a common goal—to build a world-class industry based on ethics, diversity, quality and innovation.
Cannabis Act Regulations Indicative of Radient Technologies’ Role in Industrial-Scale Cannabis and Hemp Value Chains
EDMONTON, Alberta, July 06, 2018 (GLOBE NEWSWIRE) -- Radient Technologies Inc. (“Radient” or the “Company”) (TSX Venture:RTI), is encouraged by Health Canada’s recently introduced Cannabis Regulations and Industrial Hemp Regulations in accordance with the Cannabis Act – a new legal framework that puts in place a comprehensive public health approach to cannabis in Canada.
On June 27, 2018, the Cannabis Regulations and the new Industrial Hemp Regulations (collectively, the “Regulations”) were introduced by the Government of Canada, following the June 21, 2018 receipt of Royal Assent for the Cannabis Act. The Regulations outline the rules for the legal cultivation, processing, research, testing, distribution, sale, importation and exportation of cannabis and hemp in Canada, and set standards for cannabis and hemp products that will be available for legal sale once the Cannabis Act comes into force in October 2018.
Radient believes the Regulations are of significant importance to the cannabis and hemp industries in Canada, as well as to the long-term success of the Company.
Of particular interest to Radient, whose ACMPR license application is currently in its final stages of review, under the new Industrial Hemp Regulations a number of requirements have been eliminated, including criminal record checks for applicants, requirements for secured storage, and the need for third-party sampling for testing. Furthermore, licensed cultivators will be able to sell the flowering heads, leaves, and branches of hemp plants to licensed processors for the purpose of extracting Cannabidiol (“CBD”).
As these developments stimulate larger annual harvests of hemp, Radient, upon receipt of its ACMPR license, becomes uniquely positioned as an industrial-scale processor whose capacity, yield, and throughput can meet the growth in cultivation, and ultimately drive the mass commercialization of novel CBD products derived from both cannabis and hemp.
Namaste announces domestic consulting agreement with Cannbit Ltd to expand Israeli operations and add new sales channels
VANCOUVER, July 5, 2018 /CNW/ - Namaste Technologies Inc. ("Namaste" or the "Company") (TSXV: N)(FRA: M5BQ)(OTCMKTS: NXTTF) is pleased to announce the Company has signed a consulting agreement (the "Agreement") with Cannbit Ltd. ("Cannbit" or "Cannbitltd.com"), whereby Cannbit will provide domestic consulting services to Namaste that will streamline the Company's Israeli operations, expand its platform and increase domestic revenues. Namaste's recent announcement of its 10% investment in Cannbit, with Cannbit's intention to publicly list on the Tel Aviv Stock Exchange ("TASE"), is further supported by this strategic partnership.
Namaste has identified strong growth potential in its Israeli market and will focus on the expansion of its current platform as well as introducing new technology like its telemedicine application, NamasteMD and Findify's AI technology in Israel. Cannbit will provide Namaste with local resources to facilitate this growth. Cannbit will provide Namaste with domestic management and operations of the Company's Israeli e-commerce platform, business development, website translations, domestic customer support services and wholesale sales. Cannbit's team will work closely with Namaste's marketing team to further develop its online platform and expand its B2B channels business in Israel.
Israel has quickly emerged as a global leader in cannabis research and development and Namaste is well positioned to leverage its technology and database of Israeli consumers to launch new initiatives in the Israeli market including the Company's revolutionary telemedicine application and patient portal, NamasteMD. Through its investment with Cannbit, a medical cannabis supply agreement and now this strategic partnership, Namaste will benefit from expansion of its revenue streams, import of high-quality Israeli grown cannabis to the Canadian market (subject to approval by Israeli regulators and Health Canada), and also in leveraging its technology to provide simple and effective access to its online healthcare platform.
Yaron Razon, co-founder and CEO of Cannbit comments: - "We are delighted to strengthen our strategic partnership with Namaste by adding yet another business cooperation them. Namaste is a global leader with a sensational management team. This Agreement, as well as our other partnerships with Namaste will benefit both companies as well as their respective shareholders. I'm also certain that both companies will find more ways to cooperate in the near future."
Radient Announces Upsize of its Previously Announced Bought Deal Offering to $21.6M and Concurrent Private Placement for Up to an Additional $15M
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
EDMONTON, July 5, 2018 /CNW/ - Radient Technologies Inc. ("Radient", or the "Company") (TSX-V: RTI) is pleased to announce that it has entered into an underwriting agreement with a syndicate of underwriters led by Canaccord Genuity Corp. (the "Lead Underwriter") and including GMP Securities L.P. and Laurentian Bank Securities Inc. (together with the Lead Underwriter, the "Underwriters") to increase the size of the previously announced bought deal offering to an offering of 18,000,000 units (the "Units") of the Company at a price of $1.20 per Unit (the "Offering Price") for aggregate gross proceeds of approximately $21,600,000 (the "Upsized Offering"). The Underwriters have been granted the option (the "Over-Allotment Option") to purchase up to an additional 2,700,000 Units, exercisable in whole or in part, at any time up to 30 days following the closing of the Upsized Offering.
As previously announced, each Unit will consist of one common share in the capital of the Company (a "Common Share") and one-half of one common share purchase warrant (each whole common share purchase warrant, a "Warrant"). Each Warrant shall be exercisable to acquire one additional common share (a "Warrant Share") of the Company for a period of two years from the closing date of the Upsized Offering at an exercise price of $1.50 per Warrant Share. If, at any time prior to the expiry date of the Warrants, the volume weighted average price of Radient's common shares exceeds $2.25 for 20 consecutive trading days, the Company may deliver a notice to the holders of Warrants accelerating the expiry date of the Warrants to the date that is 30 days following the date of such notice (the "Accelerated Exercise Period"). Any unexercised Warrants shall automatically expire at the end of the Accelerated Exercise Period. The Warrants will not be listed for trading on the TSXV or any other public exchange.
The Units comprising the Upsized Offering will be offered by way of short form prospectus in Alberta, British Columbia and Ontario. The proceeds of the Upsized Offering and the Private Placement (described below) will be used to upgrade the Company's main Edmonton extraction line for dedicated hemp extraction and purification, for additional capacity in North America and/or Europe and for general corporate and working capital purposes.
In connection with the Upsized Offering, the Company has agreed to pay to the Underwriters a cash commission equal to 6% of the gross proceeds from the Upsized Offering (the "Underwriters' Fee"). In addition to the Underwriters' Fee, the Company has agreed to issue to the Underwriters compensation options (the "Compensation Options"), exercisable at the Offering Price to purchase such number of Units as is equal to 6% of the aggregate number of Units sold.