TerrAscend introduces Wiz Khalifa's flower in Gage dispensaries starting June 25 th
TerrAscend Corp. ("TerrAscend" or the "Company") (CSE: TER) (OTCQX: TRSSF), a leading North American cannabis operator, today announced the launch of Khalifa Kush ("KK"), a premium cannabis brand founded by Grammy ® Award-nominated recording artist Wiz Khalifa at Gage Cannabis dispensaries in Michigan starting Saturday, June 25th .
In March 2022 , TerrAscend secured the exclusive rights to produce, process and retail KK branded products in Michigan through the Company's acquisition of Gage Growth Corp. At launch, all 12 Gage dispensaries will offer 1g pre-rolls and eighth flower jars with additional KK products, including extracts and concentrates to follow. Wiz Khalifa will also make an appearance at Gage Grand Rapids, located at 3075 Peregrine Dr. NE, on June 25th at 1:30 pm to commemorate KK's expansion into the Midwest.
"Our recent growth would not have been possible without partnerships with diligent and committed operators like TerrAscend and Gage," said Wiz Khalifa . "We have spent the last year fine-tuning our Michigan product line to ensure fans can access the highest quality cannabis experiences."
"Khalifa Kush has an exceptional reputation across the country, and we are proud to bring this sought-after brand to Michigan's cannabis enthusiasts," said Jason Wild , Executive Chairman of TerrAscend. "Our team will continue pursuing compelling opportunities to offer premium and differentiated products that align with consumers' rising expectations."
For more information on Khalifa Kush products and availability, please visit https://gagecannabis.com/locations .
TerrAscend is the leading North American cannabis operator with vertically integrated operations in Pennsylvania , New Jersey , Michigan and California , licensed cultivation and processing operations in Maryland and licensed production in Canada . TerrAscend operates The Apothecarium and Gage dispensary retail locations as well as scaled cultivation, processing, and manufacturing facilities in its core markets. TerrAscend's cultivation and manufacturing practices yield consistent, high-quality cannabis, providing industry-leading product selection to both the medical and legal adult-use markets. The Company owns several synergistic businesses and brands, including Gage Cannabis, The Apothecarium, Ilera Healthcare, Kind Tree, Prism, State Flower, Valhalla Confections, and Arise Bioscience Inc. For more information, visit www.terrascend.com . Twitter: @gagecannabisco
Khalifa Kush products were first commercialized in the U.S. in 2015 by global icon Wiz Khalifa . The company has achieved continued growth and success by focusing on high quality and highly sought-after products in legalized cannabis markets. The Khalifa Kush brand offers a growing lineup of flower, pre-rolls, vapes, edibles, and concentrates, powered by proprietary genetics. Khalifa Kush is available in select markets including California , Nevada , Arizona and Utah . Learn more about our upcoming launches in Pennsylvania and Florida and shop apparel at KHALIFAKUSH.COM .
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Centurion Minerals Ltd. (TSXV: CTN) (the "Company") is pleased to update shareholders on progress regarding previously announced plans that include:
distributing shares to its shareholders in a wholly owned subsidiary ("SpinCo") created to complete the previously announced, "HAI Beverage/CannaEden Group" cannabis transaction; and,
completing the required steps to enable the Company to resume trading in the near term, continuing as a mineral exploration issuer, and providing near term liquidity for shareholders.
The Company has entered into an arrangement agreement (the "Arrangement Agreement") with SpinCo pursuant to which the parties intend to complete a spinout transaction by way of a court approved plan of arrangement under the Business Corporations Act (British Columbia) (the "Arrangement"). Additionally, on June 24, 2022, the Company received an Interim Order from the Supreme Court of British Columbia (the "Court") regarding approval of the Arrangement. The Interim Order sets out the conditions that must be met to apply for a final order of the Court ("Final Order") approving the Arrangement and includes the holding of the Annual General and Special meeting (the "Meeting") of shareholders of the Company ("Shareholders") to approve the Arrangement.
Spin Out and Arrangement Details
The purpose of the Arrangement is to reorganize the Company and its assets and operations into two separate companies: the Company and SpinCo. The board of directors of the Company (the "Board") believes this will provide Shareholders with additional investment choices, and enhanced value as the Company and SpinCo will be solely focused on the pursuit and development of their respective business operations and assets.
Pursuant to the Arrangement Agreement, and in accordance with the plan of arrangement (the "Plan of Arrangement"), among other things:
Upon the Arrangement becoming effective, SpinCo will cease to be a wholly owned subsidiary of the Company and the Shareholders, as of the Share Distribution Date, will hold 100% of the outstanding SpinCo Shares.
The foregoing description is qualified in its entirety by reference to the full text of the Plan of Arrangement which will be filed on SEDAR. The Arrangement is subject to approval of the Court, the Shareholders and the TSX Venture Exchange (the "TSX-V") and there can be no assurance that such approvals will be obtained or that the Arrangement will be completed on the terms contemplated, or at all. Further information regarding the Arrangement will be contained in a management information circular (the "Circular") that the Company will prepare, file and mail to the Shareholders in connection with the Meeting. All securityholders of the Company are urged to read the Circular once available as it will contain additional important information concerning the Arrangement.
The securities to be issued under the Arrangement have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or applicable exemption from registration requirements. It is anticipated that any securities to be issued under the Arrangement will be offered and issued in reliance upon the exemption from the registration requirements of the U.S. Securities Act of 1933 provided by Section 3(a)(10) thereof. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any securities.
Meeting Details The Meeting will be held on August 12, 2022, at 10:00 am (Vancouver time) at 10th Floor, 595 Howe St, Vancouver, BC V6C 2T5. In addition to consideration of the Arrangement, Shareholders will be asked to (i) fix the number of directors for the ensuing year at four; (ii) elect directors for the ensuing year; (iii) appoint Manning Elliott LLP, Chartered Accountants, as the Company's auditors for the ensuing fiscal year at a remuneration to be fixed by the Board; and (iv) approve the Company's new long-term incentive plan.
Only Shareholders of record at the close of business on June 28, 2022 (the "Record Date"), will be entitled to vote at the Meeting. The Arrangement is subject to shareholder approval of not less than 66 2/3 % of the votes cast at the Meeting.
Board of Director's Recommendation The Board approved the Arrangement, concluding that it is in the best interests of the Company and its Shareholders and recommends that Shareholders vote in favour of the Arrangement at the Meeting. In reaching this conclusion, the Board considered, among other things, the benefits to the Company and its Shareholders, as well as the financial position, opportunities and outlook for the future potential and operating performance of the Company and SpinCo respectively.
Final Order The Arrangement is subject to receipt of the Final Order of the Court, which the Company will seek after the Meeting and subject to receipt of the requisite Shareholder approval for the Arrangement. The hearing in respect of the Final Order is currently scheduled to take place on August 17, 2022.
Centurion is in the process of applying to the TSX-V for approval to consolidate the Company's issued and outstanding share capital on 2:1 basis (for every 2 common shares presently held, Shareholders will receive 1 post-consolidated common share) (the "Consolidation"). The Company's name and trading symbol will remain the same.
The Company currently has 33,639,473 common shares outstanding which will, on a post-Consolidation basis, result in approximately 16,819,736 common shares outstanding.
The Company'snew CUSIP # is: 15643T404 and the ISIN # is: CA 15643T4046.
A Letter of Transmittal will be mailed to shareholders holding physical certificates by the Company's transfer agent (Endeavor Trust Company, see below), advising that the Consolidation has taken effect and Shareholders should surrender their existing (pre-consolidation) common share certificates, for new (post-consolidation) common share certificates. No fractional common shares of the Company shall be issued in connection with the Consolidation and the number of common shares to be received by a Shareholder shall be rounded down to the nearest whole number of common shares.
Centurion will apply to the TSX-V for a resumption of trading as a mineral exploration issuer following the August 12, 2022, Meeting.
Effective June 24, 2022, the Company has replaced Computershare Trust Company of Canada as the registrar and transfer agent of the Company's common shares with Endeavor Trust Corporation. Shareholders do not need to take any action with respect to the change in registrar and transfer agent services.
All inquiries and correspondence relating to the shareholder records, transfer of shares, loss certificates or change of address should now be directed to Endeavor Trust Corporation, through their office in Vancouver.
Centurion Minerals Ltd. is a Canadian-based company with a focus on mineral asset development in the Americas. The Company's lead investment has been its interest in the Ana Sofia Agri-Gypsum Fertilizer Project.
"David G. Tafel" President and CEO
For Further Information Contact: David Tafel 604-484-2161
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information
All statements, trend analysis and other information contained in this press release about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. All statements, other than statements of historical fact, included herein, including, without limitation, statements regarding, the completion of the Arrangement, the Meeting, the Final Order hearing of the Court, the anticipated benefits of the Arrangement, the Company's plan to develop its business and provide Shareholders with additional investment choices and enhanced value, the Company's plans to complete the Consolidation and the Company's plans to apply to the TSX-V for a resumption of trading as a mineral exploration issuer following the Meeting are forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements since the Company can give no assurance that such expectations will prove to be correct. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including the risks, uncertainties and other factors identified in the Company's periodic filings with Canadian securities regulators, and assumptions made with regard to: the Company's ability to complete the proposed Arrangement on the terms and conditions contemplated, or at all; the Companies' ability to secure the necessary shareholder, Court and regulatory approvals required to complete the Arrangement; the estimated costs associated with the Arrangement; the timing of the Meeting, the Final Order hearing and the Arrangement, and the general stability of the economy and the industry in which the Company operates . Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Important factors that could cause actual results to differ materially from the Company expectations include risks associated with the business of the Company; risks related to the satisfaction or waiver of certain conditions to the closing of the Arrangement; non-completion of the Arrangement; risks related to the Company failing to obtain the requisite shareholder approval required for the Arrangement; risks relating the number of dissenting shareholders requiring fair value for their securities in connection with the Arrangement; risks related to exploration and potential development of the Company projects; business and economic conditions in the mining and cannabis industries generally; fluctuations in commodity prices and currency exchange rates; the need for cooperation of government agencies and native groups in the issuance of required permits; the need to obtain additional financing to develop properties, or cannabis-related assets, and uncertainty as to the availability and terms of future financing; and other risk factors as detailed from time to time and additional risks identified in the Company filings with Canadian securities regulators on SEDAR in Canada (available at www.sedar.com). Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Company does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements.
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Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) ("Cronos" or the "Company") announces that at its Annual Meeting of Shareholders held on June 23, 2022 (the "Meeting") shareholders voting in person or by proxy held in total 265,763,587 common shares of the Company, representing 70.76% of the total number of common shares of the Company outstanding.
Each of the directors listed as a nominee in the Company's proxy statement dated April 29, 2022 (the "Proxy Statement") was elected as a director of the Company, with each director receiving in excess of 91.6% of the votes cast in favor of his or her election. The detailed results of the vote for the election of directors are as follows:
Shareholders also approved an advisory (non-binding) resolution on the compensation of the Company's named executive officers, with 95.02% of votes cast in favor of such resolution, and approved the re-appointment of KPMG LLP as the Company's independent auditors.
For complete results on all matters voted on at the Meeting, please see the Report of Voting Results filed on the Company's SEDAR profile at www.sedar.com and the Company's Form 8-K filed on EDGAR at www.sec.gov/edgar.
About Cronos Cronos is an innovative global cannabinoid company committed to building disruptive intellectual property by advancing cannabis research, technology and product development. With a passion to responsibly elevate the consumer experience, Cronos is building an iconic brand portfolio. Cronos' diverse international brand portfolio includes Spinach ® , PEACE NATURALS ® , Lord Jones ® , Happy Dance ® and PEACE+™. For more information about Cronos and its brands, please visit: thecronosgroup.com.
Forward-looking Statements This press release may contain information that may constitute "forward-looking information" or "forward-looking statements" within the meaning of applicable Canadian and U.S. securities laws (collectively, "Forward-looking Statements"). All information contained herein that is not clearly historical in nature may constitute Forward-looking Statements. In some cases, Forward-looking Statements can be identified by the use of forward-looking terminology such as "may", "will", "expect", "plan", "anticipate", "intend", "potential", "estimate", "believe" or the negative of these terms, or other similar expressions intended to identify Forward-looking Statements. Some of the Forward-looking Statements contained in this press release include the Company's intention to build an international iconic brand portfolio and develop disruptive intellectual property. Forward-looking Statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive risks, financial results, results, performance or achievements expressed or implied by those Forward-looking Statements and the Forward-looking Statements are not guarantees of future performance. A discussion of some of the material risks applicable to the Company can be found in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 and Quarterly Report on Form 10-Q for the period ended March 31, 2022, both of which have been filed on SEDAR and EDGAR and can be accessed at www.sedar.com and www.sec.gov/edgar, respectively. Any Forward-looking Statement included in this press release is made as of the date of this press release and, except as required by law, Cronos Group disclaims any obligation to update or revise any Forward-looking Statement. Readers are cautioned not to put undue reliance on any Forward-looking Statement.
Cronos Contact Shayne Laidlaw Tel: (416) 504-0004 investor.relations@thecronosgroup.com
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Avicanna Inc. (" Avicanna " or the " Company ) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) a biopharmaceutical company focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products is pleased to announce the sale of its stake in Sativa Nativa S.A.S. ( "Sativa Nativa" ), which was the Company's secondary majority owned Colombian subsidiary.
The aggregate price paid by the purchaser for the Company´s shares in Sativa Nativa was approximately CAD $675,000 in addition to a potential premium of CAD $130,000 subject to the accomplishment of specific short-term milestones. The transaction allows the Company to eliminate redundancies, reduce its operational costs and generate efficiencies across its South American operations by focusing its supply chain efforts at its much larger and more operationally advanced majority owned subsidiary Santa Marta Golden Hemp ("SMGH"). The operations at SMGH have been the source of the company's Aureus-branded commercial exports to 16 countries and include the cultivation, extraction and production of cannabinoid raw materials including active pharmaceutical ingredients and seeds. SMGH is also the source of the Company's cannabinoids for most of its cosmetic and pharmaceutical preparations.
Lucas Nosiglia, President of Avicanna LATAM, commented: "We are happy to announce this strategic transaction which allows us to increase efficiencies throughout our supply chain infrastructure and re-focus resources on our core business units including our pharmaceutical preparations. In parallel we continue to make progress in our supply chain business at SMGH through which we have the capacity to continue to supply Avicanna and its global partners with high quality inputs".
Avicanna's supply chain business unit is based in Santa Marta, Colombia and provides a consistent source of cannabinoid raw materials for the global marketplace. These include active pharmaceutical ingredients and feminized seeds, for Avicanna's cosmetic, medical, and pharmaceutical products, in addition to supplying the company's partners around the world. Aureus-branded products are cultivated, extracted, and manufactured by Avicanna's subsidiaries in Colombia where they leverage optimal environmental conditions to produce cannabinoid active pharmaceutical ingredients economically and sustainably with USDA organic and GACP certifications.
Avicanna is a commercial-stage international biopharmaceutical company focused on the advancement and commercialization of evidence-based cannabinoid-based products for the global medical and pharmaceutical market segments. Avicanna has an established scientific platform including R&D and clinical development that has led to the commercialization of more than thirty products across various market segments:
Medical Cannabis & Wellness Products: Marketed under the RHO Phyto™ brand these medical and wellness products are a line of pharmaceutical-grade cannabinoid products containing varying ratios of cannabidiol ("CBD") and tetrahydrocannabinol ("THC"). The product portfolio contains a full formulary of products including oral, sublingual, topical, and transdermal deliveries that have controlled dosing, enhanced absorption and stability studies supported by pre-clinical data. The formulary is marketed with consumer, patient and medical-community education and training.
Pharmaceutical Pipeline: Leveraging Avicanna's scientific platform, vertical integration, and real-world evidence, Avicanna has created a pipeline of patent-pending drug candidates that are indication-specific and in various stages of clinical development and commercialization. These cannabinoid-based drug candidates look to address unmet medical needs in the areas of dermatology, chronic pain, and various neurological disorders. Avicanna's first pharmaceutical preparation (Trunerox™) is in the drug registration stage in South America.
Click to watch Avicanna's Corporate Video 2022
For more information about Avicanna, visit www.Avicanna.com, contact Ivana Maric by email at info@Avicanna.com or follow us on social media on LinkedIn , Twitter , Facebook or Instagram .
The Company posts updates through videos from the official Company YouTube channel.
Cautionary Note Regarding Forward-Looking Information and Statements
This news release contains "forward-looking information" within the meaning of applicable securities laws. Forward-looking information contained in this news release may be identified using words such as, "may", "would", "could", "will", "likely", "expect", "anticipate", "believe, "intend", "plan", "forecast", "project", "estimate", "outlook" and other similar expressions. Although the Company believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include but are not limited to current and future market conditions, including the market price of the common shares of the Company, and the risk factors set out in the Company's annual information form dated March 31, 2022 filed with the Canadian securities regulators and available under the Company's profile on SEDAR at www.sedar.com. The statements in this news release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
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HiColor™ Cannabis-infused chews are now available in five flavors
Goodness Growth Holdings, Inc. ("Goodness Growth" or the "Company") (CSE: GDNS; OTCQX: GDNSF), a physician-led, science-focused cannabis company and IP developer, today announced the launch of HiColor™ cannabis-infused chews in New York which are now available through the Company's retail and wholesale channels in the New York market. The new line of cannabis-infused edibles is now available in five gourmet flavors and two formulations.
"We are excited to expand our HiColor™ chews to the New York market," said Harris Rabin , Chief Marketing Officer for Goodness Growth. "These chews come in several formulations, including 10 mg of THC and formulations with balanced levels of THC and CBD, offering multiple options for our patients to choose from depending on their needs. The delectable premium flavors were developed by Chef Michelle Mango and our edibles R&D team. These chews are a great addition to our other existing brands in New York ."
HiColor™ chews were designed to meet the needs of a variety of cannabis consumers, with product offerings in 10 mg THC and 10:10 CBD:THC formulations. At launch, the chews are available to New York patients in Key Lime, Concord Grape, Hawaiian Pineapple, Oxnard Strawberry and Alfonso Mango flavors. The chews are vegan, gluten-free, Kosher, non-GMO and use only natural flavors.
HiColor™ chews are currently available in all four of the Company's Vireo Health dispensaries in New York , as well as in select licensed dispensaries across the state with additional licensed dispensaries expected to add HiColor™ to their product assortment over the coming months. The New York launch of HiColor™ follows the brand's debut in Maryland in late 2021, where it continues to see great success and expanded flavor and formulation options, including seasonal flavors and a new formulation combining THC and CBN.
Subject to regulatory approval, the Company plans to launch the HiColor™ brand in its Minnesota market later this year when the state's medical cannabis program expands to allow cannabis-infused edibles, expected to begin in August.
Goodness Growth Holdings, Inc., is a physician-led, science-focused holding company whose mission is to bring the power of plants to the world. The Company's operations consist primarily of its multi-state cannabis company subsidiary, Vireo Health, Inc., and its science and intellectual property incubator, Resurgent Biosciences, Inc. The Company manufactures proprietary, branded cannabis products in environmentally friendly facilities and state-of-the-art cultivation sites and distributes its products through its growing network of Green Goods ® and other retail locations and third-party dispensaries. Its team of more than 500 employees is focused on the development of differentiated products, driving scientific innovation of plant-based medicines, and developing meaningful intellectual property. Today, the Company is licensed to grow, process, and/or distribute cannabis in six markets and operates 18 dispensaries across the United States . For more information about Goodness Growth Holdings, please visit www.goodnessgrowth.com .
Investor Inquiries: Sam Gibbons Vice President, Investor Relations samgibbons@goodnessgrowth.com (612) 314-8995
Media Inquiries: Amanda Hutcheson Senior Manager, Communications amandahutcheson@vireohealth.com (919) 815-1476
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Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) ("Cronos"), an innovative global cannabinoid company, and Ginkgo Bioworks (NYSE: DNA) ("Ginkgo"), the leading horizontal platform for cell programming, today announced the achievement of the third target productivity milestone in their partnership to produce eight cultured cannabinoids. Using Ginkgo's platform for organism design and development, Cronos has successfully achieved the productivity target for tetrahydrocannabivarin (THCV), a cannabinoid hypothesized to reduce the appetite-enhancing property of THC. Access to additional rare cannabinoids will support Cronos' innovation pipeline and commercialization strategy.
Launched in 2018 with the goal of accessing rare molecules in the cannabis plant to create innovative and differentiated products that would otherwise be cost-prohibitive, the partnership between Cronos and Ginkgo aims to produce cultured cannabinoids at industrial scale. The program combines Cronos' deep understanding of the biological structure and function of cannabinoids with Ginkgo's vast experience designing microorganisms for the production of cultured products across pharmaceuticals, agriculture and more.
In August 2021 , Ginkgo and Cronos announced the achievement of its first equity milestone for cannabigerolic acid (CBGA). In October 2021 , Cronos launched its first cultured CBG product, SPINACH FEELZ™ Chill Bliss 2:1 THC|CBG gummy , which quickly gained consumer awareness, and according to Hifyre data has achieved 2.4% market share in the gummies category in Canada as of the week-ended June 11, 2022 . Cronos went on to launch its SPINACH FEELZ™ Chill Bliss 7:1 THC|CBG vape in January 2022 .
"Continuing to hit these productivity milestones in partnership with Ginkgo fuels our innovation pipeline focused on creating borderless products utilizing rare cannabinoids that amplify and differentiate the consumer experience," said Mike Gorenstein , Chairman, President and CEO of Cronos. "We are excited about the possibilities that THCV is expected to give us and look forward to getting more products with rare cannabinoids into market."
"Working with Cronos to develop innovations in cannabis is an opportunity for us to apply synthetic biology in a way that is helping bring the cannabis industry forward and make a real impact on its market and the customers it serves," said Jason Kelly, CEO and cofounder of Ginkgo Bioworks. "The progress we've made thus far in our collaboration is a true testament to both the potential of synthetic biology and the world-class teams at Cronos and Ginkgo."
As a result of the achievement of the final productivity target for THCV, Cronos has issued to Ginkgo approximately 2.2 million common shares.
About Cronos Cronos is an innovative global cannabinoid company committed to building disruptive intellectual property by advancing cannabis research, technology and product development. With a passion to responsibly elevate the consumer experience, Cronos is building an iconic brand portfolio. Cronos diverse international brand portfolio includes Spinach ® , PEACE NATURALS ® , Lord Jones ® , Happy Dance ® and PEACE+™. For more information about Cronos and its brands, please visit: thecronosgroup.com .
CRONOS MEDIA CONTACT: media.relations@thecronosgroup.com
CRONOS INVESTOR CONTACT: investor.relations@thecronosgroup.com
About Ginkgo Bioworks Ginkgo is building a platform to enable customers to program cells as easily as we can program computers. The company's platform is enabling biotechnology applications across diverse markets, from food and agriculture to industrial chemicals to pharmaceuticals. Ginkgo has also actively supported a number of COVID-19 response efforts, including K-12 pooled testing, vaccine manufacturing optimization and therapeutics discovery. For more information, visit www.ginkgobioworks.com .
GINKGO BIOWORKS INVESTOR CONTACT: investors@ginkgobioworks.com
GINKGO BIOWORKS MEDIA CONTACT: press@ginkgobioworks.com
Forward-looking Statements of Cronos Group Inc. This press release may contain information that may constitute "forward-looking information" or "forward-looking statements" within the meaning of applicable Canadian and U.S. securities laws (collectively, "Forward-looking Statements"). All information contained herein that is not clearly historical in nature may constitute Forward-looking Statements. In some cases, Forward-looking Statements can be identified by the use of forward-looking terminology such as "may", "will", "expect", "plan", "anticipate", "intend", "potential", "estimate", "believe" or the negative of these terms, or other similar expressions intended to identify Forward-looking Statements. Forward-Looking Statements include estimates, plans, expectations, opinions, forecasts, projections, targets, guidance or other statements that are not statements of historical fact. Forward-Looking Statements include, but are not limited to, statements with respect to: Cronos' expectations regarding the potential success of, and the costs and benefits associated with, its partnership with Ginkgo; expectations about the development of the cannabis industry and potential demand for cultured cannabinoids; Cronos' commercialization and planned THCV product launch; the partnership's aim to develop eight cultured cannabinoids; Cronos' and Ginkgo's positioning to elevate the cannabis industry through cannabinoid and product innovation to unlock the next generation of its potential; the use of Cronos' and Ginkgo's combined capabilities to make the benefits of cannabinoids more accessible to consumers; and Cronos' intention to build an international iconic brand portfolio and develop disruptive intellectual property. Forward-looking Statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive risks, financial results, results, performance or achievements expressed or implied by those Forward-looking Statements and the Forward-looking Statements are not guarantees of future performance. A discussion of some of the material risks applicable to the Company can be found in the Cronos' Annual Report on Form 10-K for the year ended December 31, 2021 and Quarterly Report on Form 10-Q for the period ended March 31, 2022 , both have which been filed on SEDAR and EDGAR and can be accessed at www.sedar.com and www.sec.gov/edgar , respectively. Any Forward-looking Statement included in this press release is made as of the date of this press release and, except as required by law, Cronos disclaims any obligation to update or revise any Forward-looking Statement. Readers are cautioned not to put undue reliance on any Forward-looking Statement.
Forward-Looking Statements of Ginkgo Bioworks This press release contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding the potential success of the partnership and Ginkgo's cell programming platform. These forward-looking statements generally are identified by the words "believe," "can," "project," "potential," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) the effect of Ginkgo's business combination with Soaring Eagle Acquisition Corp. ("Soaring Eagle") on Ginkgo's business relationships, performance, and business generally, (ii) risks that the business combination disrupts current plans of Ginkgo and potential difficulties in Ginkgo's employee retention, (iii) the outcome of any legal proceedings that may be instituted against Ginkgo related to its business combination with Soaring Eagle, (iv) volatility in the price of Ginkgo's securities now that it is a public company due to a variety of factors, including changes in the competitive and highly regulated industries in which Ginkgo operates and plans to operate, variations in performance across competitors, changes in laws and regulations affecting Ginkgo's business and changes in the combined capital structure, (v) the ability to implement business plans, forecasts, and other expectations after the completion of the business combination, and identify and realize additional opportunities, (vi) the risk of downturns in demand for products using synthetic biology, (vii) the unpredictability of the duration of the COVID-19 pandemic and the demand for COVID-19 testing and the commercial viability of our COVID-19 testing business, and (viii) changes to the biosecurity industry, including due to advancements in technology, emerging competition and evolution in industry demands, standards and regulations. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" section of Ginkgo's quarterly report on Form 10-Q filed with the U.S. Securities and Exchange Commission (the "SEC") on May 16, 2022 and other documents filed by Ginkgo from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Ginkgo assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Ginkgo does not give any assurance that it will achieve its expectations.
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HEXO (NASDAQ:HEXO,TSX:HEXO) shareholders had a difficult trading week as the firm amended an investment deal, saw a subsidiary file for creditor protection and dismissed 450 employees.
Another Canadian cannabis retailer pointed to poor market conditions as the reason for its quarterly loss.
Keep reading to find out more cannabis highlights from the past five days.
As part of the financial report for its third fiscal quarter, HEXO announced a net loss of C$146.6 million for the period. The loss came despite a near doubling of revenue from the same time last year.
CEO Charlie Bowman said the company is “committed to streamlining” its operations in order to become cash flow positive and drive growth. According to a report from BNN Bloomberg, the cannabis producer will save C$30.6 million by letting go of 450 employees.
Given its recent performance, HEXO has elected to take back its previous financial guidance for 2022 and 2023.
Also this week, HEXO revised its previously announced agreement with Tilray Brands (NASDAQ:TLRY,TSX:TLRY). The deal, which will give Tilray the ability to acquire a stake in HEXO, will now let Tilray do so at a lower price.
“The partnership is an essential next step in improving our capital structure, and we’re confident that the synergies realized will reset the industry,” Bowman said.
On top of its own challenges this week, HEXO recognized the struggles its Zenabis Global subsidiary is undergoing at the moment. Zenabis has filed a petition with a Quebec court for protection under the Companies’ Creditors Arrangement Act; its goal is to restructure its business and financial affairs.
In its filing, Zenabis said the following about its current situation:
The news reflects the struggles cannabis investment experts see in the Canadian space — for quite some time, market watchers have emphasized that there’s no more room for error for some players, suggesting that the path to turning things around is starting to disappear. Amid increasing losses at home, Canada's cannabis companies are also not finding it easy to access the US market.
Cannabis retailer Fire & Flower Holdings (TSX:FAF,OTCQX:FFLWF) offered investors a closer look at its latest financial numbers as the company presented results for its first fiscal quarter.
The firm reported a net loss of C$9.9 million, resulting in a loss per share of C$0.27 for the period, thanks in part to a decrease in revenue. The loss this quarter, however, was an improvement compared to the same period last year, when the company posted a C$16.5 million loss.
The lower revenue line for the firm, C$40.9 million for the quarter, was blamed on “increasing competition from new licenses issued and pricing pressures in the cannabis retail market.”
Stéphane Trudel, CEO of Fire & Flower, said the firm is aiming to achieve positive adjusted EBITDA and free cash flow. In response to the increasing challenges eating away at the company’s revenue, he said the firm will look to optimize its retail network.
“We remain focused on improving near term financial performance and remain steadfastly focused on our ultimate goal of financial sustainability through driving towards positive free cash flow," the executive said.
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Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.
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