PALM BEACH, Florida, November 5, 2018
PALM BEACH, Florida, November 5, 2018 /PRNewswire/ --
FinancialNewsMedia.com News Commentary
The ever expanding global cannabis industry continues to surpass all expectations relating to growth as leading cannabis companies in the industry expand into new markets behind increased consumer enthusiasm, as well as reduced barriers to entry behind advanced legalization efforts. The industry has seen headlines of food and beverage giants dumping billions into the space in order to get their share of the pie, as well as steady growth despite global volatility in other markets. A report by Grand View Market Research projects the legal cannabis market will be valued north of $140 Billion within the next seven years. As this industry continues to be highly active, it is also seeing increasing turnover rates, as well as a separation from the pack of the elite producers in the industry. Active Companies from around the market with current developments include: Body and Mind Inc. (CSE:BAMM) (OTC: BMMJ), HEXO Corp. (TSX:HEXO) (OTC:HYYDF), Aurora Cannabis Inc. (NYSE:ACB) (TSX:ACB), Aphria Inc. (NYSE:APHA) (TSX:APHA), The Green Organic Dutchman Holdings Ltd. (TSX:TGOD) (OTC:TGODF).
Body and Mind Inc. (CSE:BAMM.CN) (OTCPK:BMMJ) BREAKING NEWS: Body and Mind announced today that it has closed the previously announced sale of securities pursuant to an investment agreement (the "Investment Agreement") with Australis Capital Inc. (CSE: AUSA) ("Australis").
Director Appointment - The Company is pleased to announce the appointment of Mr. Scott Dowty as a director of the Company. Mr. Dowty will replace Chris Macleod on the board of directors. Mr. Dowty is the CEO and Director of Australis Capital Inc. and brings 25 years of experience evaluating companies and markets to identify key business drivers, spur rapid revenue and profit growth in competitive and highly regulated global markets. Mr. Dowty has held executive and corporate officer positions with NYSE and NASDAQ listed companies, founded several successful start-up companies in North America and has held Board positions within market leaders in the Cannabis industry. Mr. Dowty's extensive operational experience in the International fintech and gambling sectors is closely aligned to the regulatory path of the U.S. cannabis industry.
"I am eager to add immediate value to the BAMM franchise both as Director and as CEO of Australis Capital, a large strategic investor in BaM" states Scott Dowty. "Just as Aurora Cannabis built their global platform and spun-out Australis Capital, we will leverage strategic relationships while exercising a disciplined and aggressive approach in expanding BaM's reach and creating value for BaM shareholders".
Robert Hasman, Director of BaM commented "This strategic partnership with Australis' will provide BaM with tremendous opportunities as a result of an immense deal flow. The domain knowledge of the Australis network is industry leading and will be invaluable as we focus our attention on strengthening our two key franchises in Nevada and Ohio. We would like to welcome the CEO of Australis, Mr. Scott Dowty, to our board of directors and would like to thank Chris Macleod for his contributions to the board of directors and wishes him well in his future endeavours."
Subject to applicable laws and the rules of the CSE, for as long as Australis owns at least 10% of the issued and outstanding Common Shares, Australis will be entitled to nominate one director for election to the Board of Directors of the Company (the "Board"). If Australis exercises all of the Warrants and converts all of the Debentures purchased in the Financing, Australis will be entitled to nominate a second director for election to the Board. Read this and more news for BAMM at: http://www.financialnewsmedia.com/news-bamm
In other industry developments and happenings in the market this week include:
HEXO Corp. (TSX:HEXO) (OTCPK:HYYDF) has announced the closing of the acquisition of its interest in a large facility in Belleville, Ontario. This is the first facility that the Company has established outside of Quebec, further delivering on its national expansion strategy and allowing HEXO to create a centre of excellence for the development of advanced cannabis products. "Closing the transaction and acquiring our interest in this facility is integral to carrying out our hub and spoke business strategy," said Sebastien St-Louis, HEXO's CEO and co-founder. "The space can be scaled up based on our future needs and provides HEXO with the infrastructure it needs to continue partnering with Fortune 500 companies and to create category-winning cosmetics, edibles, vapes and more."
Aurora Cannabis Inc. (Aurora) (NYSE:ACB) (TSX:ACB) and ICC Labs Inc. (TSX-V:ICC.V) late last week announced that Aurora has received, from its consortium of lenders led by Bank of Montreal (collectively, the Lenders), consent and approval as required under its credit agreement with the Lenders to the previously announced plan of arrangement (the Arrangement) between ICC and Aurora. Subject to the terms and conditions of the arrangement agreement dated September 8, 2018 (the Arrangement Agreement), Aurora will acquire all of the issued and outstanding common shares (ICC Shares) of ICC. Obtaining such consent and approval is one of the conditions to completing the Arrangement. Strategic Rationale - The Arrangement, once approved, will create a strong foundation for expansion, and will leverage ICC's first-mover advantage in South America, bringing significant low-cost production capacity, a well-diversified product portfolio, and extensive distribution channels throughout South America and internationally.
Aphria Inc. (NYSE:APHA) (TSX:APHA) late last week announced that its Australian-based partner Althea Company Pty Ltd. ("Althea" or the "Australian Company") has been granted a Manufacture Licence by the Australian Government's Office of Drug Control. The license provides Althea with authorization to manufacture extracts and tinctures of cannabis and cannabis resin in accordance with relevant manufacture permits. "We are excited to see our Australian partner achieve yet another milestone in receiving its Manufacture License. This is another step towards ensuring Australian patients have access to high-quality medicinal cannabis," said Vic Neufeld , CEO of Aphria.
The Green Organic Dutchman Holdings Ltd. (TSX:TGOD.TO) (OTCQX:TGODF) and its wholly-owned subsidiary, TGOD Acquisition Corporation ("SpinCo"), recently announce that they have entered into a definitive arrangement agreement (the "Arrangement Agreement") pursuant to which the Company will, subject to the terms and conditions of the Arrangement Agreement, effect the previously announced spin-off transaction (the "Spin-Off") whereby TGOD will distribute to TGOD shareholders (the "Distribution") unit purchase warrants of SpinCo (the "SpinCo Unit Warrants") by way of a court-approved plan of arrangement (the "Arrangement"). Pursuant to the Arrangement, TGOD shareholders of record as of the distribution date (the "Distribution Record Date") will receive 0.15 of one SpinCo Unit Warrant for each TGOD share held.
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