LOS ANGELES--(BUSINESS WIRE)-- MedMen Opportunity Fund II, LP (the “Securityholder”), located at 10115 Jefferson Blvd, Culver City, CA 90232, announced today that it disposed of today, by way of distribution in accordance with its constating documents to the partners of the Securityholder, 55,774,145 Class B Common Shares (“Class B Shares”) of MM Can USA, Inc. (“PC Corp”), a subsidiary of MedMen Enterprises Inc. (the “Issuer”), which is located at 10115 Jefferson Blvd, Culver City, CA 90232.
Pursuant to the articles of incorporation of PC Corp and the Support Agreement dated as of May 28, 2018 between the Issuer, PC Corp and MM Enterprises USA, LLC (the “LLC”), and subject to the terms and conditions thereof, such distributed Class B Shares (the “Distributed Shares”) may be redeemed from time to time by the holders thereof for cash or an equivalent number of Class B Subordinate Voting Shares (the “Subordinate Voting Shares”) of the Issuer, with the form of such redemption consideration being at the option of PC Corp. The Distributed Shares represent ownership and control of approximately 37.2% of the Issuer’s issued and outstanding Subordinate Voting Shares on a partially-diluted basis and approximately 10.2% on a fully-diluted basis. The Securityholder currently owns 4,628,469 Class B Shares, representing ownership and control of approximately 4.7% of the Issuer’s issued and outstanding Subordinate Voting Shares on a partially-diluted basis and approximately 0.8% on a fully-diluted basis. 31,321,732 of the 55,774,145 total Distributed Shares (the “Locked Up Shares”) are subject to a lock-up agreement entered into by the Securityholder with PC Corp, pursuant which they are not permitted to be sold, transferred or otherwise disposed of until November 25, 2019, at which time, the restrictions on resale pursuant to such agreement will be immediately lifted as to one-twelfth of the Locked Up Shares and thereafter in increments over an 11-month period as to the remaining Locked Up Shares. As a condition to distributing the Distributed Shares to the Securityholder’s partners, the partners executed acknowledgements pursuant to which they are bound by the terms of such lock-up agreement in respect of the Locked Up Shares. 24,452,413 of the 55,774,145 total Distributed Shares are not subject to such lock-up agreement. The distribution by the Securityholder to its partners of the Distributed Shares was made in connection with the ongoing operations of the Securityholder. For further information, please contact Investor Relations, MedMen Enterprises, at investors@medmen.com. This press release is issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which requires a report to be filed on SEDAR (www.sedar.com) containing additional information with respect to the foregoing matters. A copy of this report may be obtained by contacting Investor Relations, MedMen Enterprises, at investors@medmen.com. Source: MedMen Enterprises
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TORONTO, Ontario, November 29, 2018 – Flower One Holdings Inc. (CSE: FONE) (OTCQB: FLOOF) (“Flower One” or the “Company”) today reported its financial and operating results for the three and nine month periods ended September 30, 2018. All amounts are expressed in U.S. dollars unless indicated otherwise. Third quarter highlights:
“This is a very exciting time for Flower One and its shareholders,” said Ken Villazor, President and CEO of Flower One. “During the third quarter, we completed the acquisition of the largest commercial greenhouse in the State of Nevada, raised over $57 million Canadian, and obtained key licenses for the cultivation and production of both medical and recreational marijuana. Since then, we have become a publicly-traded company on the Canadian Securities Exchange, obtained our OTCQB listing in the United States, including DTC eligibility, acquired a unique property zoned for mixed use, including retail, and acquired the assets of NLV Organics – which included a fully operational 25,000-square-foot cultivation and production facility in North Las Vegas, a well-branded cannabis product line, and supply relationships with over 30 dispensaries in the state.” “We have made significant progress in a short amount of time, and we have many more exciting milestones on the near horizon,” added Mr. Villazor. “We expect to complete the conversion of our greenhouse and begin onboarding cannabis plants in the first quarter of 2019, with our first harvest expected in the second quarter of 2019. With these milestones, we will be the largest cannabis cultivator and producer in the Nevada market.” Financial results
The Company's operational activities during the quarter were primarily focused on advancing the conversion of its 455,000 square foot greenhouse and production facility for cultivating high-quality cannabis at scale. The Company was incorporated on December 18, 2017, and as such, no quarterly comparable information is available for the three month period ended September 30, 2017. There was no revenue for the three months ended September 30, 2018. For the quarter, the Company incurred a net loss of $5,581,651. The most significant costs during the quarter, included listing expenses of $3,803,581 attributable to the reverse takeover of Theia Resources Ltd., $455,377 in professional fees, $312,411 in share based compensation, $284,651 in greenhouse rental fees (prior to the acquisition of the greenhouse), and $209,129 in foreign exchange loss related to the Company’s cash balances held in Canadian currency. As at September 30, 2018, the Company had working capital of $7,162,463, which included $24,449,693 in cash and cash equivalents and $18,000,000 in promissory notes due March 2019. Flower One’s complete third quarter 2018 financial statements and management’s discussion and analysis will be issued and filed on SEDAR at www.sedar.com on Thursday, November 29, 2018 and will be available on the same day on Flower One’s website at www.flowerone.com/investors/financial-reports. Notice of conference call Management of Flower One will host a conference call at 8:30 a.m. ET on Friday, November 30, 2018 to review recent and upcoming milestones. You can join the call by dialing 647-427-7450 or 1-888-231-8191. A live audio webcast of the call will be available at https://event.on24.com/wcc/r/1888832/93D4A01B3A54D6273EC7E42EA12CB734. An archived replay of the webcast will be available for 90 days. About Flower One Holdings Inc. Flower One Holdings is sharply focused on quickly becoming the leading cannabis cultivator, producer and innovator in the highly lucrative Nevada market. Flower One owns and operates a 25,000 square foot cultivation and production facility in North Las Vegas, with nine grow rooms capable of cultivating a total of 4,500 plants per cycle, and owns the established NLV Organics consumer brand of cannabis products. The Company is also rapidly converting its 455,000 square foot greenhouse and production facility, which is the largest in the State, for cultivating and processing high-quality cannabis at scale. Combined, the flagship greenhouse facility and production facility (once fully operational) and the North Las Vegas facility provide Flower One 480,000 square feet of capacity for cultivation and processing, production and high-volume packaging of dry flower, cannabis oils, concentrates and infused products. The Company is licensed for medical marijuana cultivation and production, and recreational marijuana cultivation and production in the state of Nevada. Leveraging the industry’s leading agricultural technologies, combined with processing and high-volume packaging capabilities, Flower One is ideally positioned to support the needs of Nevada’s cannabis retailers as well as those out-of-state cannabis brands looking to build important brand equity in this fast-growing market. Flower One’s common shares are traded on the Canadian Securities Exchange under the symbol “FONE” and in the United States on the OTCQB under the symbol “FLOOF.” Source: Flower One Holdings Inc. Curaleaf Holdings Shares Approved to Trade on OTC Bulletin Board Under the Symbol 'CURLF'11/28/2018 WAKEFIELD, Mass., Nov. 28, 2018 /PRNewswire/ -- Curaleaf Holdings, Inc. (CSE: CURA) / OTCBB: CURLF) ("Curaleaf" or the "Company"), a leading vertically integrated cannabis operator in the United States, announced today that its shares have been approved for quotation on the OTC Bulletin Board (OTCBB) and will trade under the symbol "CURLF," effective immediately. The Company also announced that it has applied to up-list its shares to the OTCQX.
About Curaleaf Holdings, Inc. Curaleaf Holdings, Inc. is the parent of Curaleaf, Inc., a leading vertically integrated cannabis operator in the United States. Headquartered in Wakefield, Massachusetts, Curaleaf, Inc. has a presence in 12 states. Curaleaf, Inc. operates 33 dispensaries, 12 cultivation sites and 10 processing sites with a focus on highly populated, limited license states, including Florida, Massachusetts, New Jersey and New York. Curaleaf, Inc. leverages its extensive research and development capabilities to distribute cannabis products in multiple formats with the highest standard for safety, effectiveness, consistent quality and customer care. Curaleaf is committed to being the industry's leading resource in education and advancement through research and advocacy. Curaleaf Inc.'s Florida operations were the first in the cannabis industry to receive the Safe Quality Food certification under the Global Food Safety Initiative, setting a new standard of excellence. Source: Curaleaf Holdings, Inc. LOS ANGELES--(BUSINESS WIRE)-- MedMen Enterprises Inc. (“MedMen” or the “Company”) (CSE: MMEN) (OTCQX: MMNFF) (FSE: A2JM6N) announced today that Chief Financial Officer James Parker resigned, and that Jim Miller, the Company’s vice president of accounting, has been appointed interim chief financial officer until Parker’s successor is named.
Miller joined MedMen in January 2018. He has guided the Company’s financial reporting and control functions as well as various operating departments including accounts payable, payroll and general accounting. Prior to joining MedMen, Miller held several senior finance and accounting positions at leading entertainment firms such as the Walt Disney Company and Viacom. About MedMen: MedMen Enterprises is a leading cannabis company in the U.S. with assets and operations across the country. Based in Los Angeles, MedMen brings expertise and capital to the cannabis industry and is one of the nation’s largest financial supporters of progressive marijuana laws. Source: MedMen Enterprises Flower One completes acquisition of NLV Organics, an operating Nevada cultivator and producer11/14/2018 TORONTO, Ontario, November 14, 2018 – Flower One Holdings Inc. (CSE: FONE) (OTCQB: FLOOF) (“Flower One” or the “Company”) is pleased to announce , that further to its news release of October 9, 2018, it has completed the acquisition of the assets of NLV Organics, Inc. and related parties (“NLVO”). The acquisition gives Flower One 100% interest in a property in North Las Vegas, Nevada, and all of the business’ tangible and intangible assets. NLVO is a fully operational 25,000 square foot cultivation and production facility located in the City of North Las Vegas. It is fully licensed to grow and process cannabis for both the medical and recreational markets in Nevada. NLVO has nine grow rooms capable of cultivating a total of 4,500 plants per cycle. The acquisition of NLVO’s assets also brings to Flower One a team of experienced cultivators and producers, and therefore immediate understanding of post-harvest production techniques and supply relationships with over 30 operating dispensaries in the State. “The completion of the NLV Organics acquisition is timely and strategic for Flower One and reaffirms our focus on becoming the leading cannabis cultivator, producer and innovator in the highly lucrative Nevada market,” said Flower One’s President and CEO, Ken Villazor. “The combination of NLV Organics, as a fully licensed and fully operational cultivator and producer, and our ongoing conversion of the largest commercial scale greenhouse in Nevada, will give Flower One 480,000 square feet of cultivation, processing and high-volume packaging to support the needs of Nevada’s cannabis retailers as well as those out-of-state cannabis brands looking to build important brand equity in this fast-growing market.” As consideration for the purchase of the NLVO property and business, Flower One, through its wholly owned subsidiaries, paid NLVO total consideration of US$27,200,000 consisting of a cash payment of US$4,635,650, a vendor note of US$14,564,350 and the issuance of 4,000,000 Common shares of Flower One at a deemed price of US$2.00 per Common share.
Source: Flower One Holdings Inc. (www.flowerone.com) NANAIMO, British Columbia --Nov. 13, 2018-- Tilray, Inc. (“Tilray” or the “Company”) (NASDAQ: TLRY), a global leader in cannabis production and distribution, today reported financial results for the third quarter and nine months ended September 30, 2018. All financial information in this press release is reported in U.S. dollars, unless otherwise indicated.
“The cannabis industry remains very robust and we are pleased with our revenue momentum and strategic achievements in the third quarter,” said Brendan Kennedy, President and Chief Executive Officer of Tilray. “We are in the early stages of achieving our growth potential and our team continues to strategically execute on disciplined operational initiatives and investments to support Tilray’s long-term, sustainable growth as the pace of legalization continues to accelerate around the world. Going forward, the demand for our products is strong and we remain committed to expanding our leadership in the global medical and adult-use cannabis markets.” Third Quarter 2018 Financial Highlights
Business Highlights Global expansion of medical business and participation in clinical trials:
Adult-use Business Developments, which occurred in advance of legalization in Canada in October:
Subsequent Events
Source: Tilray Inc. |
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