Cannabis Demand is Surging with COVID-19 Keeping Many of Us Home April 06, 2020 - Baystreet.ca The cannabis industry is witnessing record sales as consumers stock up during the COVID-19 outbreak. That’s according to a new report from Bank of America. “The demand acceleration promoted by social distancing of the coronavirus pandemic has not yet reflected on stock prices, according to BofA Securities,” as noted by Benzinga. “As consumers get ready for extended stay-at-home periods, they stock up on consumer goods, which includes cannabis products. This has been confirmed by cannabis companies contacted by BofA.” That’s leading to a wide range of opportunity for companies including Rubicon Organics Inc. (CSE:ROMJ)(OTC:ROMJF), Cronos Group Inc. (NASDAQ:CRON), Aurora Cannabis Inc. (NYSE:ACB)(TO:ACB), Canopy Growth Corporation (NYSE:CGC), andThe Green Organic Dutchman (TO:TGOD)(OTC:TGODF).Rubicon Organics Inc. (CSE:ROMJ)(OTC:ROMJF) BREAKING NEWS: Rubicon Organics Inc. announced today that it has completed the sale of its 40,000 sq. ft. hybrid greenhouse in Ferndale, Washington for US$8.5 million (the “Transaction”) to a group of real estate investors (the “Buyers”). Proceeds from the sale will strengthen the Company’s balance sheet, providing working capital to ramp-up production and sales across Canada. “The sale of the Washington greenhouse is an important step in focusing the Company on our core strength of bringing super-premium certified organic cannabis to the Canadian market,” said Bryan Disher, Chairman of the Board. “This transaction creates tremendous value for our shareholders by achieving a clean and timely exit from the US, while accelerating our timeline to profitability through focusing exclusively on our high-return Canadian operations.” Rubicon Organics will continue to sell its remaining US assets, which consists of a 3-acre land parcel in Greenfield, California and certain cannabis extraction equipment. The Company expects to complete the dispositions of all cannabis related US assets in the coming months. The Buyers are led by the cannabis license holder who has leased the facility from Rubicon Organics since November 2018 and includes Jesse McConnell, Rubicon Organics’ CEO, who also holds a minority interest in the Buyer entity. In accordance with good corporate governance practices, Rubicon Organics formed a Special Committee, comprised entirely of independent directors, who supervised the negotiation of the Transaction and recommended the Transaction for approval to the full Board. As part of the Transaction, Rubicon Organics settled the US$3.0 million secured debt on the facility. Other cannabis-related developments from around the markets include:Cronos Group Inc. (NASDAQ:CRON) announced its 2019 fourth quarter and full-year business results. The Audit Committee of the Cronos Group Board of Directors has completed its review of certain bulk resin purchases and sales of products through the wholesale channel. Following completion of the review, and on the recommendation of the Audit Committee and advice from the Company’s independent auditor, KPMG LLP, the Board determined that Cronos Group will restate its unaudited interim financial statements for the first, second and third quarters of 2019. Accordingly, the Company reduced revenue for the three months ended March 31, 2019 by C$2.5 million and the three months ended September 30, 2019 by C$5.1 million. “We are pleased that the Audit Committee has completed its review, and that Cronos Group is now current with the filing of our financial reports. As we move forward, we are committed to improving our internal controls and financial reporting practices, maintaining the highest standards of transparency and accountability, and enhancing our capabilities and resources across functions to support our strategy,” said Mike Gorenstein, CEO of Cronos Group.Aurora Cannabis Inc. (NYSE:ACB)(TO:ACB) announced its financial and operational results for the second quarter of fiscal 2020 ended December 31, 2019. "Despite delivering modest growth in our core medical and consumer business in Q2, we took immediate and deliberate actions to align our Company to current market conditions," said Michael Singer, Executive Chairman and Interim CEO, Aurora Cannabis. "As announced last week, being a profitable cannabis company for our investors is the singular near-term focus for Aurora and we have begun to implement a business transformation plan where we intend to manage the business with a high degree of fiscal discipline."Canopy Growth Corporation (NYSE:CGC)(TO:WEED) announced that Ms. Terry Yanofsky and Mr. David Lazzarato have been appointed to the Company’s Board of Directors, effective immediately. “It is my pleasure to welcome both Terry and David to the board,” said Judy Schmeling, Chair of the Board of Directors, Canopy Growth. “Their leadership and experience in highly competitive industries will be instrumental as we focus the business and evolve into an execution-driven operating company. I also want to thank outgoing board members, Peter Stringham and John Bell, for their contribution and service to the board during times of rapid expansion and growth.” John Bell is the former Lead Director and Peter Stringham Chaired the Corporate Governance, Compensation and Nominating Committee. Ms. Yanofsky has extensive experience working with big-name retailers and is respected for her strategic leadership and disciplined approach to driving revenue. She most recently served as the Senior Vice-President, General Manager of Sephora Canada. Prior to joining Sephora, Ms. Yanofsky worked at L Brands where she was the country manager for Bath & Body Works Canada. She brings over 30 years of experience working with rapidly growing big-name global retailers.The Green Organic Dutchman (TO:TGOD)(OTC:TGODF) announced that it has received Health Canada’s approval for the licensing of the final component of its Ancaster site, the processing facility. The licence amendment includes approval of a state-of-the-art production facility designed to support processing activity including dedicated spaces for packaging of flower, oils, pre-rolls, and several Cannabis 2.0 products. This final phase of expansion at Ancaster enables TGOD to reduce its reliance on third parties, accelerating its supply chain timelines for product launches. Receiving the licence amendment for this large facility also enhances TGOD’s quality assurance capabilities and marks a key milestone in eliminating bottlenecks in its production ramp up. The licence amendment is valid until August 16, 2022 and is subject to customary terms and conditions.Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media which has a partnership with www.MarijuanaStox.com is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Winning Media, which has a partnership with www.MarijuanaStox.com, is only compensated for its services in the form of cash-based compensation. Pursuant to an agreement between Winning Media (partners of www.MarijuanaStox.com) and Rubicon Organics Inc., Winning Media has been paid three thousand five hundred dollars for advertising and marketing services for Rubicon Organics Inc. We own ZERO shares of Rubicon Organics Inc. Please click here for full disclaimer.Contact Information:2818047972ty@MarijuanaStox.com
Cannabis Demand is Surging with COVID-19 Keeping Many of Us Home April 06, 2020 - Baystreet.ca The cannabis industry is witnessing record sales as consumers stock up during the COVID-19 outbreak. That’s according to a new report from Bank of America. “The demand acceleration promoted by social distancing of the coronavirus pandemic has not yet reflected on stock prices, according to BofA Securities,” as noted by Benzinga. “As consumers get ready for extended stay-at-home periods, they stock up on consumer goods, which includes cannabis products. This has been confirmed by cannabis companies contacted by BofA.” That’s leading to a wide range of opportunity for companies including Rubicon Organics Inc. (CSE:ROMJ)(OTC:ROMJF), Cronos Group Inc. (NASDAQ:CRON), Aurora Cannabis Inc. (NYSE:ACB)(TO:ACB), Canopy Growth Corporation (NYSE:CGC), andThe Green Organic Dutchman (TO:TGOD)(OTC:TGODF).Rubicon Organics Inc. (CSE:ROMJ)(OTC:ROMJF) BREAKING NEWS: Rubicon Organics Inc. announced today that it has completed the sale of its 40,000 sq. ft. hybrid greenhouse in Ferndale, Washington for US$8.5 million (the “Transaction”) to a group of real estate investors (the “Buyers”). Proceeds from the sale will strengthen the Company’s balance sheet, providing working capital to ramp-up production and sales across Canada. “The sale of the Washington greenhouse is an important step in focusing the Company on our core strength of bringing super-premium certified organic cannabis to the Canadian market,” said Bryan Disher, Chairman of the Board. “This transaction creates tremendous value for our shareholders by achieving a clean and timely exit from the US, while accelerating our timeline to profitability through focusing exclusively on our high-return Canadian operations.” Rubicon Organics will continue to sell its remaining US assets, which consists of a 3-acre land parcel in Greenfield, California and certain cannabis extraction equipment. The Company expects to complete the dispositions of all cannabis related US assets in the coming months. The Buyers are led by the cannabis license holder who has leased the facility from Rubicon Organics since November 2018 and includes Jesse McConnell, Rubicon Organics’ CEO, who also holds a minority interest in the Buyer entity. In accordance with good corporate governance practices, Rubicon Organics formed a Special Committee, comprised entirely of independent directors, who supervised the negotiation of the Transaction and recommended the Transaction for approval to the full Board. As part of the Transaction, Rubicon Organics settled the US$3.0 million secured debt on the facility. Other cannabis-related developments from around the markets include:Cronos Group Inc. (NASDAQ:CRON) announced its 2019 fourth quarter and full-year business results. The Audit Committee of the Cronos Group Board of Directors has completed its review of certain bulk resin purchases and sales of products through the wholesale channel. Following completion of the review, and on the recommendation of the Audit Committee and advice from the Company’s independent auditor, KPMG LLP, the Board determined that Cronos Group will restate its unaudited interim financial statements for the first, second and third quarters of 2019. Accordingly, the Company reduced revenue for the three months ended March 31, 2019 by C$2.5 million and the three months ended September 30, 2019 by C$5.1 million. “We are pleased that the Audit Committee has completed its review, and that Cronos Group is now current with the filing of our financial reports. As we move forward, we are committed to improving our internal controls and financial reporting practices, maintaining the highest standards of transparency and accountability, and enhancing our capabilities and resources across functions to support our strategy,” said Mike Gorenstein, CEO of Cronos Group.Aurora Cannabis Inc. (NYSE:ACB)(TO:ACB) announced its financial and operational results for the second quarter of fiscal 2020 ended December 31, 2019. "Despite delivering modest growth in our core medical and consumer business in Q2, we took immediate and deliberate actions to align our Company to current market conditions," said Michael Singer, Executive Chairman and Interim CEO, Aurora Cannabis. "As announced last week, being a profitable cannabis company for our investors is the singular near-term focus for Aurora and we have begun to implement a business transformation plan where we intend to manage the business with a high degree of fiscal discipline."Canopy Growth Corporation (NYSE:CGC)(TO:WEED) announced that Ms. Terry Yanofsky and Mr. David Lazzarato have been appointed to the Company’s Board of Directors, effective immediately. “It is my pleasure to welcome both Terry and David to the board,” said Judy Schmeling, Chair of the Board of Directors, Canopy Growth. “Their leadership and experience in highly competitive industries will be instrumental as we focus the business and evolve into an execution-driven operating company. I also want to thank outgoing board members, Peter Stringham and John Bell, for their contribution and service to the board during times of rapid expansion and growth.” John Bell is the former Lead Director and Peter Stringham Chaired the Corporate Governance, Compensation and Nominating Committee. Ms. Yanofsky has extensive experience working with big-name retailers and is respected for her strategic leadership and disciplined approach to driving revenue. She most recently served as the Senior Vice-President, General Manager of Sephora Canada. Prior to joining Sephora, Ms. Yanofsky worked at L Brands where she was the country manager for Bath & Body Works Canada. She brings over 30 years of experience working with rapidly growing big-name global retailers.The Green Organic Dutchman (TO:TGOD)(OTC:TGODF) announced that it has received Health Canada’s approval for the licensing of the final component of its Ancaster site, the processing facility. The licence amendment includes approval of a state-of-the-art production facility designed to support processing activity including dedicated spaces for packaging of flower, oils, pre-rolls, and several Cannabis 2.0 products. This final phase of expansion at Ancaster enables TGOD to reduce its reliance on third parties, accelerating its supply chain timelines for product launches. Receiving the licence amendment for this large facility also enhances TGOD’s quality assurance capabilities and marks a key milestone in eliminating bottlenecks in its production ramp up. The licence amendment is valid until August 16, 2022 and is subject to customary terms and conditions.Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media which has a partnership with www.MarijuanaStox.com is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Winning Media, which has a partnership with www.MarijuanaStox.com, is only compensated for its services in the form of cash-based compensation. Pursuant to an agreement between Winning Media (partners of www.MarijuanaStox.com) and Rubicon Organics Inc., Winning Media has been paid three thousand five hundred dollars for advertising and marketing services for Rubicon Organics Inc. We own ZERO shares of Rubicon Organics Inc. Please click here for full disclaimer.Contact Information:2818047972ty@MarijuanaStox.com