Top Mexican Senator Says Marijuana Legalization Bill Will Be Approved This Month

Top Mexican Senator Says Marijuana Legalization Bill Will Be Approved This Month

Sen. Julio Menchaca of the ruling MORENA party, who serves as president of the Justice Committee, said this week that legislation to legalize cannabis has “already circulated to the members” of key panels following “many exercises of open parliament.”

The Supreme Court ruled in 2018 that Mexico’s ban on the personal use and possession of marijuana is unconstitutional and it initially set a deadline of October 2019 to amend the policy. But while lawmakers came close to voting on a bill late last year that was approved by a series of committees, they requested a deadline extension at the last minute, and the court approved it.

Congress now has until the end of April to legalize cannabis, but Menchaca said “we hope to take it out in the Senate this month.”

“Prohibition has generated a lot of violence in the last 100 years,” he said, including fostering “the creation of an organized crime.”

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Published at Thu, 13 Feb 2020 15:41:48 +0000

Generex Biotechnology Corporation (OTCMKTS:GNBT) Issues An Update On Dividend Payout To The Shareholders

Generex Biotechnology Corporation (OTCMKTS:GNBT) Issues An Update On Dividend Payout To The Shareholders

Generex
Biotechnology Corporation (OTCMKTS:GNBT)
said it has submitted a request to FINRA for
corporate action and also released the applicable fees in November 2019. The
company further said it has responded to the requests of FINRA several times
and put in significant efforts to distribute the dividend in the ratio of 2:5
in Generex and NuGenerex Immuno-Oncology.

Chief Executive Officer and President of
Generex, Joe Moscato, said the company will distribute the dividend to the
shareholders on February 24, 2020. Therefore, it fulfills the promise given to
the shareholders. According to FINRA, the record date set on August 30, 2020,
is too long.  Now, the record date for
the dividend is set on February 17, 2020. It is on the backdrop of approval
received from FINRA.

Investor
Conference on February 13, 2020

The topics for discussion during the investor
conference include Nasdaq listing, Arizona operations, NGIO spinout, S1
funding, 5:2 dividends, and 2019-nCOV-corona. Joe and his team will explain how
NuGenerex Immuno-oncology li-key technology activates the immune system to get
protection from a myriad of viruses that include the H5N1 avian influenza
virus. They will also review the work done by the government agencies and
development partners for implementing li-key peptide vaccines.

The team expects to use the li-key peptide
vaccines to improve immunity to Avian influenza and the 2019-nCOV. They will
also discuss to involve NuGenerex Diagnostics for developing a rapid test for
the 2019-nCOV in blood and respiratory samples with the help of NGDx Express 2
rapid diagnostic technologies.

Update on
corporate actions

Joe will issue an update on the forthcoming
corporate actions that include the NASDAQ listing process, S1 funding,
completing ALTuCELL takeover, initiating Arizona operations, and a solution for
managing the diabetes patients.

On receipt of S1 funding, Generex will use the
proceeds to support the commercial operations of its subsidiaries with
operating, marketing, and sales budgets. The company will introduce new
products from Olarex, Dermacell, and Olaregen that expect to generate
significant sales. It will also broaden the Excellagen sales team. The company
is pleased to unveil Excellagen Aesthetics. Joe said the company will improve
the marketing and sales efforts and develop an inventory of Pantheon and
MediaSource partners to concentrate on revenue growth and global expansion.

Published at Wed, 19 Feb 2020 13:24:00 +0000

Has The CBD Market Hit A Major Point Of Saturation?

Has The CBD Market Hit A Major Point Of Saturation?

One of the most exciting verticals that is commonly associated with the cannabis sector is related to the opportunity that is surrounding cannabidiol (CBD) and other high-value cannabinoids. During the last year, we noticed an increase in the number of mainstream retailers carrying CBD products, and this is a trend that our readers need to be aware of.

From shopping centers to gas stations, from vitamin stores to supermarkets, we are impressed with the increase in the types of stores that are selling CBD infused products and are favorable on the distribution that is associated with it. Over the next year, we expect the CBD industry to report continued growth and this is an opportunity that we want to cover in-depth.

Although we are favorable on the increased interest in CBD products, the market has become saturated and there are currently more than 50 well-known brands in the US and the level of competition will only get more intense. From an operator standpoint, the increased competition has put significant pressure on the price of CBD, and this is a trend that is negatively impacting a majority of operators.

We are not surprised by the increased pressure on CBD companies and expect to see continued price compression of the cannabinoid. One way that companies are trying to fight against price compression is by focusing on additional high-value cannabinoids like cannabigerol (CBG) and cannabidivarin (CBDV). When compared to CBD, these cannabinoids have not been as impacted by price compression and have been a catalyst for the companies that are levered to them.

2020 is expected to be a period of sustained growth for the cannabis industry and we expect to see increased demand for cannabis infused products. Today, we want to highlight 3 businesses that are focused on the production of products that do not contain any tetrahydrocannabinol (THC), which has psychoactive properties and is the best-known cannabinoid. We believe that these businesses provide important insight when it comes to the breadth of the cannabis industry and will continue to monitor this vertical of it.

Charlotte’s Web: A CBD Leader to be Watching

Charlotte’s Web (CWEB.TO) is one of the best-known CBD businesses in the world and it provides a great barometer as it relates to the strength of the vertical. During the last few months, the business has been under pressure and sales have not been as strong as the previous quarters. This is a trend that we have seen across several leading CBD companies and is one that our readers need to be aware of.

If companies that are as strong as Charlotte’s Web are being impacted by price compression, then it is a trend that is most likely impacting businesses across the vertical. Because of this trend, we prefer companies that are focused on several high-value cannabinoids. Through this structure, the business will be better protected against price compression and we are focused on finding businesses with this type of structure.

During the last quarter, we have been closely following Charlotte’s Web and the recent trend has been to the downside. This decline comes after the company reported less significant quarterly revenues than expected and the market has not responded well to this. We are not surprised by the market’s response especially due to Charlotte’s Web’s valuation. It was the first CBD business to have a valuation that is above the $1 billion level and this represented a substantial accomplishment.

Although Charlotte’s Web has significant growth prospects, the market has high expectations for cannabis businesses with a greater than $1 billion valuation. Going forward, we believe that the business is well positioned for growth and are favorable on the amount of distribution that is already in place. From CVS to Walmart, you can find Charlotte’s Web products at retailers across the country and we will monitor how the management is able to diversify the business through the launch of new products.

Hemptown: A Pre-IPO Growth Story

When it comes to being protected against future price compression, we believe that Hemptown represents one of the most attractive opportunities. The company was an early mover on the CBG market and has been executing on a multi-faceted growth strategy. Over the next year, we expect Hemptown to record strong growth as it works to increase the number of acres it cultivates on and further differentiates its product offering from a type of cannabinoid standpoint.

Although Hemptown is focused on the CBD market, it has been working to increase the number of acres that are growing crops that are high in CBG. Currently, producers are generating almost 10x the amount of revenue per kilogram of CBG when compared to CBD and we find this to be significant. The difference in price has made the CBG more attractive to cultivators and we expect to see a larger focus on this cannabinoid in 2020. We expect the larger focus to cause price compression on CBG and will monitor how Hemptown positions itself for this.

One of the reasons we are excited about Hemptown is related to its strategy for growth. Through contract farming, the company has been able to significantly increase the number of acres it is cultivating on. Hemptown has been able to accomplish this feat for a fraction of the cost when compared to cultivators and we find this to be of importance.

In late 2019, we met with the Hemptown team at the MJ Biz Conference in Las Vegas and left the meeting feeling even more impressed with the operation. In the near future, the company plans to complete a go-public transaction and commence trading on the Canadian Stock Exchange (CSE). We believe that Hemptown represents a differentiated opportunity and an attractive play on the cannabinoid market. This is a listing that we are excited about and one that we will be closely following.

CV Sciences: Watching from the Sidelines

CV Sciences (CVSI) is the perfect example of a CBD company that has been impacted by price compression and increased competition. Last year, the company reported quarterly earnings that came in much lower than the prior quarter and this is a trend that is expected to continue in 2020 and beyond.

Last year, the market became overly obsessed with CV Sciences and the shares were trading above the $6.50 level at one point. During the last six-months, the CBD company has come well off its highs and the shares are trading below the $1 level. Although the valuation is much more attractive at current levels, we find the risk-reward profile to be too risky and will continue to monitor the opportunity from the sidelines.

Going forward, we believe that CV Sciences will continue to be impacted by the increased interest in the CBD sector. Although the company has substantial distribution at CVS Pharmacies across the US, the sales numbers have not been that impressive and this is something that our readers need to be aware of.

CV Sciences used to operate under the name CannaVest and it was one of the first publicly traded cannabis companies. Although the company is led by a management team that is well known in the cannabis industry, the recent trend has been to the downside and we are cautious at current levels. Going forward, we would like to see CV Sciences focus on other high-value cannabinoids and that would be a catalyst for growth.

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Authored By

Anthony Varrell

Anthony Varrell is Managing Director of StoneBridge Partners LLC. SBP continues to drive market awareness for leading firms in the cannabis industry throughout the U.S. and abroad.

Published at Wed, 19 Feb 2020 12:39:37 +0000

Utah Bill Clarifies that Private Employers Do Not Need to Allow Medical Cannabis Use

Utah Bill Clarifies that Private Employers Do Not Need to Allow Medical Cannabis Use

When Randy Mire first learned about efforts to pass medical cannabis legislation in Louisiana six years ago, he immediately recognized the opportunity to help patients while expanding his business. Mire owns six pharmacies throughout Louisiana that ship specialty medications (not cannabis) to 35 states nationwide.

With a doctor of pharmacy from Xavier University of Louisiana and a decade of business experience, Mire knew that he was a good candidate to open a cannabis dispensary. “I felt that put us in a good position to apply for a medical marijuana license because it showed that we understood quality control, the parameters around doing it correctly,” he says. “I was excited because it was going to be treated as medication, and pharmacists would run it.”

capitol wellness louisiana

Crump Wilson Architects

 

There were a lot of risks to starting a new business, especially in the cannabis industry where licensing fees, construction costs, tax liabilities and banking costs tend to be higher, yet Mire felt he was ready. “I love being on the cutting edge of pharmacies and medicines that can help patients,” he says.

Capitol Wellness is located in a 4,000-sq.-ft. facility in Baton Rouge’s medical corridor near the area’s two largest hospitals, allowing patients easy access to his facility. Despite many challenges, including more-than-anticipated building security requirements and limited products, he’s pleased with the results so far.

“We couldn’t be happier we got into the cannabis space,” he says.

GETTING STARTED

Although medical cannabis has technically been legal in Louisiana since 1978, when Gov. Edwin Edwards signed into law legislation legalizing it for glaucoma and chemotherapy patients, according to the New Orleans Times-Picayune, the state never put a formal program into place. Then, in 2015, Gov. Bobby Jindal signed a bill that set the regulatory framework for medical marijuana in the state. Over the next two years, Gov. John Bel Edwards signed into law bills that allowed doctors to recommend medical marijuana and expanded the number qualifying conditions.

By August 2019, Louisiana had become the first state in the Deep South to make medical cannabis available to patients. The Louisiana Board of Pharmacy approved nine dispensaries (referred to as “licensed pharmacies”) to operate in the state. Recommendations are only available for patients with a qualifying diagnosis, and patients must receive a recommendation before they can purchase medical marijuana.

According to state law, cannabis cannot be consumed in raw form or smoked. Approved products include oils, extracts, sprays, capsules, pills, solutions, suspension, gelatin-based chewables, lotions, transdermal patches, suppositories and metered-dosed inhalation.  

lpuisiana cannabis 

When Mire learned of the opportunity, he put together a team of pharmacists and applied for a license for the Baton Rouge area. Earlier this year, the Louisiana Board of Pharmacy voted 9-0 in his favor, and Capitol Wellness Solutions opened its doors in August.

“From cancer patients to autistic individuals to chronic pain management victims, many of the pain doctors are realizing this could be added therapy,” says Mire. “The education piece has been really big. They’re realizing they have another alternative to turn to besides opiates.” His first patients included a Marine veteran suffering from post-traumatic stress disorder and a cancer patient.

Mire says his background in medical compliance made him a competitive candidate for opening a dispensary, but he wanted to put together a team of experts to help. When he applied, he hired iComply Cannabis, a national consultancy, to help him comply with regulations and better understand the cannabis industry, he says.

BUMPS IN THE ROAD

Mire’s two biggest challenges so far have been the limited number of products available in Louisiana and patients’ inability to use credit cards. That’s starting to change, but Mire hasn’t found a credit card company he’s been able to work with yet.

“That’s been one of the most frustrating things – people need the product, but they don’t have the ability to pay for it,” he says, adding that he’s now working with a new company to reach a deal.  

Questions about cost have arisen statewide as some doctors are saying patients are finding the cost for medical cannabis too high, pricing them out of the market after years of waiting. Currently, the only cannabis product consumers could purchase in Louisiana was a concentrated liquid form in bottles up to 30 milliliters. Prices for a single tincture bottle range at Capitol Wellness from $98 to $198 for a typical 30-day supply. Some individuals may need a larger dosage, so they may need a bottle-and-a-half for a 30-day supply

“Patients want to have more access to a variety of products, especially to treat acute pain,” Mire says.

Additional products, especially higher-strength tinctures, could help drive prices down for consumers. “With the higher concentrated tincture oil, a patient that may need to buy three bottles at current strength, may be able to buy less, and with one package price the cost should be considerably less,” says Mire.

LOOKING AHEAD

One of the biggest things Mire sees looking ahead is a need to educate patients and doctors about the benefits of treatment. Unfortunately, cannabis still carries a stigma, and many people are uneducated about it, he says. “It’s amazing that most of the time people still look at this as a last resort treatment. If we were more aggressive in terms of education, we could turn to it sooner.”

Although many of the state’s doctors are taking a “wait and see” approach, the number of doctors involved is growing, Mire says. To recommend medical cannabis to patients, physicians must get fingerprinted and undergo an additional series of background checks with their licensing board.

“Many doctors were waiting for the program to launch, and getting feedback from their patients about their level of demand,” Mire says. “Physicians are now signing up. We do see that growing rapidly. Part of the reason they were waiting was because of potential delays with the products.”

A unique aspect of Louisiana’s approach is that before they receive their medication, patients undergo a consultation with a pharmacist. It takes about 15 minutes. “We go through everything,” Mire says. “Are they cannabis naïve, what are the possible side effects, how to take the medication. From an experience standpoint, it’s really different. This creates compliance.”

Although Capitol Wellness Solutions has only been open for less than a year, Mire is excited about their impact. “The patient testimonials are amazing,” he says. “Countless patients are now able to reduce their opiates and have a better quality of life. Many are already getting a follow-up recommendation. They’ve seen so much benefit, they’re now returning monthly.”

Louisiana’s approach is also being closely watched by other states, according to Mire.

“We see other states following our same model, a medical-only approach in which a pharmacy is dispensing the medication and a doctor is involved in the recommendation,” he says. “I often get calls from politicians and industry leaders in other states that want to replicate what we’re doing in Louisiana.”

Mire has already identified a larger, 7,500-square-foot building he could expand into, he says. Given the industry’s growth so far, he wants to be ready. “As more doctors join, there’s greater patient awareness, and the stigma is further removed, I think we’re just going to grow more and more,” he says.

Lee Chilcote is a Cleveland-based freelance writer and editor whose work has been published in Vanity Fair, Next City, Belt, and many literary journals.

Published at Tue, 18 Feb 2020 16:49:00 +0000

Exactus Inc. appoints Derek Du Chesne as Chief Growth Officer and announces Company to present at NobleCon16

Exactus Inc. appoints Derek Du Chesne as Chief Growth Officer and announces Company to present at NobleCon16

Exactus, Inc. (OTCQB:EXDI), a hemp farmer and manufacturer of hemp-derived phytocannabinoid products, today announced that it has appointed Derek Du Chesne as Chief Growth Officer and the company will be presenting at the NobleCon16 Investor Conference.

Exactus welcomes Derek Du Chesne who joins the company as Chief Growth Officer. Prior to joining Exactus, Derek was responsible for securing over $40 million in funding for his previous company, he is an expert in the hemp industry with a large network of connections.  Mr. Du Chesne is a brand management professional who has a proven track record of integrated marketing strategy, through concept, development, and launch, building iconic brands by orchestrating successful campaign deployment on both a global and regional scale.

“We are happy to announce that Derek Du Chesne has joined Exactus Inc. to continue our growth and exceed our 2019 revenue,” said Emiliano Aloi, President and CEO of Exactus. “Derek has been a principal driving force in redefining the strategy of his previous company and harnessing revenues upwards of $100mm in 2019 within our industry. His industry knowledge and market vision are bar none. There are only a handful of executives in the world that hold that accolade and we are very happy to have him in our team to help drive our new strategic plan.”

Emiliano Aloi and Derek Du Chesne will be presenting at Noble Capital Markets’ 16th Annual Investor Conference at the Hard Rock Hotel & Casino, Hollywood, Florida on Tuesday, February 18th at 2 pm Eastern Standard Time.

A high-definition, video webcast of the presentation will be available the following day on the Company’s website and HERE, as well as part of a complete catalog of presentations available at Noble Capital Markets’ Conference website: www.nobleconference.com and on Channelchek www.channelchek.com the investor portal created by Noble. The webcast will be archived on the company’s website, the NobleCon website and on Channelchek.com for 90 days following the event.

To learn more about Exactus, Inc., visit the website at www.exactushemp.com.

About Exactus, Inc.
Exactus Inc. is dedicated to introducing hemp-derived phytocannabinoid products that meet the highest standards of quality and traceability into mainstream consumer markets. The Company has made investments in farming and has over 200 acres of Cannabinoid-rich hemp in Southwest Oregon. The Company is introducing a range of consumer brands, such as Green Goddess Extracts™, Levor Collectiontm, Phenologietm, Paradise CBDtm and Exactustm.

Hemp is a federally legal type of cannabis plant containing less than 0.3% THC (tetrahydrocannabinol), which is the psychoactive component of the cannabis plant. After over 40 years of prohibition, the Agricultural Improvement Act of 2018, known as the 2018 Farm Bill, legalized hemp at the federal level. Hemp production will be regulated by the United States Department of Agriculture (USDA) and the states. As a result, in 2019 hemp was generally removed from the Controlled Substances Act (CSA) and enforcement by the Drug Enforcement Administration (DEA).

For more information about Exactus: www.exactusinc.com.

About Noble Capital Markets, Inc.
Noble Capital Markets (“Noble”) is a research driven boutique investment bank that has supported small & microcap companies since 1984. As a FINRA and SEC licensed broker dealer Noble provides institutional-quality equity research, merchant and investment banking, wealth management and order execution services. In 2005, Noble established NobleCon, an investor conference that has grown substantially over the last decade. In 2018 Noble launched www.channelchek.com – a new investment community dedicated exclusively to small and micro-cap companies and their industries. Channelchek is tailored to meet the needs of self-directed investors and financial professionals. Channelchek is the first service to offer institutional-quality research to the public, for FREE at every level without a subscription. More than 6,000 emerging growth companies are listed on the site, with growing content including webcasts, podcasts, and balanced news.

Investor Notice
Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under “Risk Factors” in Item 1A of our most recent Form 10-K for the fiscal year ended December 31, 2018 filed with the Securities and Exchange Commission (the “SEC”) on March 29, 2019, and in other periodic and current reports we file with the SEC. If any of these risks were to occur, our business, financial condition, or results of operations would likely suffer. In that event, the value of our securities could decline, and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. See “Safe Harbor” below.

Safe Harbor – Forward-Looking Statements
The information provided in this press release may include forward-looking statements relating to future events or the future financial performance of the Company. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as “anticipates,” “plans,” “expects,” “intends,” “will,” “potential,” “hope” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon current expectations of the Company and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties. Detailed information regarding factors that may cause actual results to differ materially from the results expressed or implied by statements in this press release relating to the Company may be found in the Company’s periodic and current filings with the SEC, including the factors described in the sections entitled “Risk Factors”, copies of which may be obtained from the SEC’s website at www.sec.gov. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company does not intend to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.

Company Contact:

Andrew Johnson
Chief Strategy Officer
Exactus Inc.
509-999-9695
ir@exactusinc.com

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Published at Tue, 18 Feb 2020 14:31:13 +0000

Poll Shows Three out of Four Vermonters Support Legal, Regulated Cannabis Sales

Poll Shows Three out of Four Vermonters Support Legal, Regulated Cannabis Sales

When Randy Mire first learned about efforts to pass medical cannabis legislation in Louisiana six years ago, he immediately recognized the opportunity to help patients while expanding his business. Mire owns six pharmacies throughout Louisiana that ship specialty medications (not cannabis) to 35 states nationwide.

With a doctor of pharmacy from Xavier University of Louisiana and a decade of business experience, Mire knew that he was a good candidate to open a cannabis dispensary. “I felt that put us in a good position to apply for a medical marijuana license because it showed that we understood quality control, the parameters around doing it correctly,” he says. “I was excited because it was going to be treated as medication, and pharmacists would run it.”

capitol wellness louisiana

Crump Wilson Architects

 

There were a lot of risks to starting a new business, especially in the cannabis industry where licensing fees, construction costs, tax liabilities and banking costs tend to be higher, yet Mire felt he was ready. “I love being on the cutting edge of pharmacies and medicines that can help patients,” he says.

Capitol Wellness is located in a 4,000-sq.-ft. facility in Baton Rouge’s medical corridor near the area’s two largest hospitals, allowing patients easy access to his facility. Despite many challenges, including more-than-anticipated building security requirements and limited products, he’s pleased with the results so far.

“We couldn’t be happier we got into the cannabis space,” he says.

GETTING STARTED

Although medical cannabis has technically been legal in Louisiana since 1978, when Gov. Edwin Edwards signed into law legislation legalizing it for glaucoma and chemotherapy patients, according to the New Orleans Times-Picayune, the state never put a formal program into place. Then, in 2015, Gov. Bobby Jindal signed a bill that set the regulatory framework for medical marijuana in the state. Over the next two years, Gov. John Bel Edwards signed into law bills that allowed doctors to recommend medical marijuana and expanded the number qualifying conditions.

By August 2019, Louisiana had become the first state in the Deep South to make medical cannabis available to patients. The Louisiana Board of Pharmacy approved nine dispensaries (referred to as “licensed pharmacies”) to operate in the state. Recommendations are only available for patients with a qualifying diagnosis, and patients must receive a recommendation before they can purchase medical marijuana.

According to state law, cannabis cannot be consumed in raw form or smoked. Approved products include oils, extracts, sprays, capsules, pills, solutions, suspension, gelatin-based chewables, lotions, transdermal patches, suppositories and metered-dosed inhalation.  

lpuisiana cannabis 

When Mire learned of the opportunity, he put together a team of pharmacists and applied for a license for the Baton Rouge area. Earlier this year, the Louisiana Board of Pharmacy voted 9-0 in his favor, and Capitol Wellness Solutions opened its doors in August.

“From cancer patients to autistic individuals to chronic pain management victims, many of the pain doctors are realizing this could be added therapy,” says Mire. “The education piece has been really big. They’re realizing they have another alternative to turn to besides opiates.” His first patients included a Marine veteran suffering from post-traumatic stress disorder and a cancer patient.

Mire says his background in medical compliance made him a competitive candidate for opening a dispensary, but he wanted to put together a team of experts to help. When he applied, he hired iComply Cannabis, a national consultancy, to help him comply with regulations and better understand the cannabis industry, he says.

BUMPS IN THE ROAD

Mire’s two biggest challenges so far have been the limited number of products available in Louisiana and patients’ inability to use credit cards. That’s starting to change, but Mire hasn’t found a credit card company he’s been able to work with yet.

“That’s been one of the most frustrating things – people need the product, but they don’t have the ability to pay for it,” he says, adding that he’s now working with a new company to reach a deal.  

Questions about cost have arisen statewide as some doctors are saying patients are finding the cost for medical cannabis too high, pricing them out of the market after years of waiting. Currently, the only cannabis product consumers could purchase in Louisiana was a concentrated liquid form in bottles up to 30 milliliters. Prices for a single tincture bottle range at Capitol Wellness from $98 to $198 for a typical 30-day supply. Some individuals may need a larger dosage, so they may need a bottle-and-a-half for a 30-day supply

“Patients want to have more access to a variety of products, especially to treat acute pain,” Mire says.

Additional products, especially higher-strength tinctures, could help drive prices down for consumers. “With the higher concentrated tincture oil, a patient that may need to buy three bottles at current strength, may be able to buy less, and with one package price the cost should be considerably less,” says Mire.

LOOKING AHEAD

One of the biggest things Mire sees looking ahead is a need to educate patients and doctors about the benefits of treatment. Unfortunately, cannabis still carries a stigma, and many people are uneducated about it, he says. “It’s amazing that most of the time people still look at this as a last resort treatment. If we were more aggressive in terms of education, we could turn to it sooner.”

Although many of the state’s doctors are taking a “wait and see” approach, the number of doctors involved is growing, Mire says. To recommend medical cannabis to patients, physicians must get fingerprinted and undergo an additional series of background checks with their licensing board.

“Many doctors were waiting for the program to launch, and getting feedback from their patients about their level of demand,” Mire says. “Physicians are now signing up. We do see that growing rapidly. Part of the reason they were waiting was because of potential delays with the products.”

A unique aspect of Louisiana’s approach is that before they receive their medication, patients undergo a consultation with a pharmacist. It takes about 15 minutes. “We go through everything,” Mire says. “Are they cannabis naïve, what are the possible side effects, how to take the medication. From an experience standpoint, it’s really different. This creates compliance.”

Although Capitol Wellness Solutions has only been open for less than a year, Mire is excited about their impact. “The patient testimonials are amazing,” he says. “Countless patients are now able to reduce their opiates and have a better quality of life. Many are already getting a follow-up recommendation. They’ve seen so much benefit, they’re now returning monthly.”

Louisiana’s approach is also being closely watched by other states, according to Mire.

“We see other states following our same model, a medical-only approach in which a pharmacy is dispensing the medication and a doctor is involved in the recommendation,” he says. “I often get calls from politicians and industry leaders in other states that want to replicate what we’re doing in Louisiana.”

Mire has already identified a larger, 7,500-square-foot building he could expand into, he says. Given the industry’s growth so far, he wants to be ready. “As more doctors join, there’s greater patient awareness, and the stigma is further removed, I think we’re just going to grow more and more,” he says.

Lee Chilcote is a Cleveland-based freelance writer and editor whose work has been published in Vanity Fair, Next City, Belt, and many literary journals.

Published at Tue, 18 Feb 2020 21:56:00 +0000

Colorado Department of Agriculture Adds Six Products to List of Pesticides that Can Be Used on Cannabis

Colorado Department of Agriculture Adds Six Products to List of Pesticides that Can Be Used on Cannabis

Location: Salinas Valley, Calif.

One word to describe your cultivation style: “A hybrid between canna-ag technology and large-scale, year-round production,” Hackett says.

Indoor, outdoor, greenhouse or a combination: Greenhouse

Can you share a bit of your background and how you and your company got to the present day?

Photos courtesy of Riverview Farms

Riverview Farms employs a 75% to 85% female workforce.

I was born and raised here in the Salinas Valley by my parents, Mike and Sylvia Hackett. We were educated here. My parents have been entrepreneurs their whole lives, having multiple businesses—agricultural businesses, commercial real estate, restaurants. After they educated us, I was a St. Mary’s graduate with a business degree. I decided to move back to the Salinas Valley and [start] my career in agriculture at a local, family-owned and -operated company called Church Brothers. I was with them for about five years in the sales department, running their largest account, which was Sysco Food Service. Then, I decided to transition into our family business, which is Riverview Farms.

Riverview Farms was established in 2016 by my dad, Michael Hackett. He was the first cannabis operation in the Salinas Valley to get the exemption to even grow within our county and our city. Riverview Farms is a family-owned and -operated cannabis company that is vertically integrated. We hold nursery, cultivation [and] distribution licenses, so we control everything that we do from seed to sale.

It’s an incredible experience because I get to not only work side-by-side with my dad, who founded our company—he stepped back and put me in the lead position—but [also with] my sister, Lauren, [who] has also come on board and manages our retail division. Now, I would consider ourselves the largest female-owned and -operated cannabis company out of the Salinas Valley and possibly even in the state of California. We’re definitely very proud of that. My mom is our landowner, my sister and I run the company together, and we employ over 75% to 85% of a female workforce. I find that extremely important to me and to the ethics we hold here at Riverview Farms because I just don’t think a lot of companies could say the same about themselves. We employ our people 365 days a year. We don’t stop for a winter or fall crop. We are a consistent, 365-day-a-year supplier, producer [and] grower.

What tool or software in your cultivation space can you not live without?

For our style of growing, which is greenhouse-grown, we are relying 100% on the natural environment. We don’t have any supplemental lighting in the greenhouses. So, the software or tool that I would say comes in most handy for our lead cultivator and our entire team is an atmosphere control system that allows us to monitor the temperature both inside and outside the greenhouses 24/7, 365 days a year. It measures the temperature, the humidity [and] the wind speed both inside as well as outside the greenhouse, which is really awesome. Temperature control is everything. The atmosphere for the plants can greatly dictate the success of the crop. Being sure that we have a tool that we can monitor 24/7 the atmosphere of our greenhouses is very important.

What purchase of $100 or less has most positively impacted your business in the last six months?

The best purchase of $100 or less would be the king-sized Advil at Costco for the headaches that Monterey Country has put on our industry as a whole. I feel that Monterey County has been one of the most challenging counties within the state to work with. My family and I come from ag. We’re looking to run this as an agricultural operation. If you come visit us, no one is stoned. No one is doing anything that’s not on the up-and-up, and [there is] a lack of local enforcement and [the] headache of the hoops that our county is making us go through.

For example, we already report to the state through Metrc—that’s out track-and-trace system. Our county decided to add on CC reporting, which is basically a redundancy of what Metrc’s doing. [There is also a] lack of opportunities for additional licensed retailers. I think that creates a lot of challenges for us and makes it almost impossible to succeed. So, I guess the Advil helps you ease those headache days.

Hackett runs Riverview Farms as she would any other agricultural operation.

What cultivation technique are you most interested in right now, and what are you actively studying (the most)?

The most important thing for us in terms of longevity is finding the strongest genetic library that we can possibly have. Part of being vertically integrated means that we have our own nursery on site, so we generate 100% of our own clones. Finding the plants that are going to do the best— [that are] going to yield the highest, have the highest THC percentage and cannabinoids—and making sure we keep it fresh and consistent is very important to us. Some of the strains that work, for example, in an indoor or outdoor cultivation [operation] might not work well here in the greenhouse model, but I would say the No. 1 thing that Riverview Farms focuses on is making sure we have the strongest genetic library possible.

How has a failure, or apparent failure, set you up for later success? Do you have a “favorite failure” of yours?

For us, failure is not an option. This is our family’s legacy that we’re putting into this company. I’ve made this 100% my career. My sister has made this 100% her career. We’ve tied up 20 acres—that’s what we cultivate on—of my parents’ commercial real estate to make this a successful business.

We have learned from our mistakes and we grow every time that we are faced with a challenge. Part of being in a new and emerging industry is no one has done production to this scale before, ever, [with] cannabis cultivation. I think for us, [we’re] learning how to be the best grower we can be and how to sustain our business long-term. We’re in it for the long haul. Longevity and consistency and being a sustainable, successful business is really what we’re focused on. Every single crop comes with its own challenges. We’re on a waiting list for power upgrades. We’re dealing with Mother Nature. This is still a plant—not every single crop performs the exact same way, but we always learn from previous challenges and better ourselves for that next round.

Although every crop comes with its own unique set of challenges, Hackett remains focused on making Riverview Farms a sustainable business that produces consistent product.

What advice would you give to a smart, driven grower about to enter the legal, regulated industry? What advice should they ignore?

If I were new to this space and coming in, I would really do my research. If you’re in the state of California, which county is really working best with their growing operations? You want to be in a county where [cannabis is] widely accepted, and the regulators are actually trying to understand the challenges that growers are faced with and understand that it’s a commodity-based business. [Do] your research into where you’re actually going to be putting your cultivation space and [make] sure it’s sustainable. Rent, taxation, distribution fees—it really adds up very quickly. It’s a money pit, and you have to be prepared to sustain your business. [Make] sure that you’re in the best possible area that’s setting you up for success long-term because a lot of people enter into these high-end leases and think they’re going to turn a profit immediately, and that’s not always the case. In any start-up business, it takes time to generate cash flow and there are a lot of expectations in terms of compliance. It’s a very exciting industry to get into, but also one of the most challenging industries I’ve ever worked in. The United States is still against you—[cannabis is] still not federally regulated. There’s a big red target on your back always. [You have] payroll, taxes, crop loss, construction, power upgrades—there are so many things that you’re faced with on a daily basis that you may not see in the beginning or you don’t think it will affect you directly, but it affects us all. It catches up with any business, so be prepared.

Some of the biggest and most talked about brands, companies [and] retailers in the industry, unfortunately, are failing tremendously due to the amount of investor capital they’ve taken in and some of the poor business decisions that have been made. So, just because it’s potentially a big or widely known name in the industry, do your research. Make sure that’s a company that can pay you on your product. Some of the biggest retail names or some of the biggest brand names are not paying their vendors because they’re in so much debt that they’re in fear of closing down businesses. There are huge walkouts of employees who were once paid these large salaries but are now doing large-scale exits of 50, 100 [or] 150 employees. Six months ago, they were the talk of the town, like “Oh my gosh, are you in Shop x?” or “Are you carrying Brand x?” Some of these very hyped-up retailers or these very hyped-up brands have not been sustainable due to the companies’ lack of organization and financial independence. So, I guess my advice would just be to keep your circle small of who you’re doing business with and make sure that you are very aware of people’s cash flow. Not all business is good business. Do your research into who you do business with and who you’re selling to.

Riverview Farms cultivates greenhouse-grown cannabis on 20 acres of family-owned land in Monterey County, Calif.

How do you deal with burnout?

Because we’re a family-owned and -operated business and because our headquarters is actually on our cultivation site, we keep a very tight-knit community atmosphere. My employees see [me], my sister and my dad on a daily basis—we’re very active in the day-to-day activity. So, ultimately, we always have a list of people wanting to come and work with us. We’re very fortunate and very blessed that in Salinas Valley specifically, we employ a very large amount of ag labor. In the other local commodity crops—such as lettuce, broccoli, spring mix, berries, artichokes [and] wine grapes—most of those are only seasonal opportunities, so only about six months of the year are those crops growing here, and then the other six months, they’re moving to Yuma, Ariz., so you have to uproot your family if you want consistent work. At Riverview Farms, because we’re choosing to grow 365 days per year, we can offer that consistency in terms of workflow. So, we are very fortunate to have opportunities to bring on additional staffing [to avoid burnout].

How do you motivate your employees/team?

I really try to go above and beyond for our Riverview family. I make sure that every single month we do an appreciation barbeque or, as it gets hot, I’ll grab snow cones or Jamba Juice for everybody. [Sometimes it’s] just going out and having lunch and talking with our people about what’s going on. We’ve very involved, making sure they’re treated with the utmost respect because without them, we wouldn’t have a business.

Things [can be] as simple as proper meal breaks, clean lunch areas [and] making sure our restrooms are sanitized daily. You would think that these are all common-sense requirements for this industry, [but] I’ve heard horror stories of people who have worked at other grows or other operations, even locally, who aren’t treated to that same high standard. I think the way we motivate is by ensuring that we are doing best practices, not only on a day-to-day basis, but also making sure that we’re working hard but have a lot of fun, too. For senior management, we do appreciation days, we do Christmas parties, we do team bonding events. I really try to make sure that we stay very engaged with one another.

One of Hackett’s goals is to have a strong genetic library to maintain high yield and a robust cannabinoid profile.

What keeps you awake at night?

What really keeps me awake at night is knowing how skewed the perception of our industry really is. I feel that our county sees [cannabis], as a collective group, as the enemy, and that makes it very challenging. I don’t feel like our local jurisdiction wants to see cannabis succeed in our county, which is a real bummer. What really keeps me up at night is knowing that we just constantly have that big target on our back, and instead of working together and being transparent and educating people, I feel like our local county is so closed off to learning about our industry and growing together and making it a successful and safe business for our state and our community. What bothers me or what irks me is knowing that we don’t have that support, and I wonder if it would be different in other counties or in other jurisdictions, where it would be a little bit more well-received.

What helps you sleep at night?

What helps me sleep at night is knowing that I have an incredible team that I can rely on to get this done 365 days a year, knowing that were are in full control of our business, being vertically integrated and family-owned, and knowing that I don’t have any outside investors expecting unrealistic returns on a profit. We’re being modest and growing at a rate that we can actually afford to and [we’re] being sustainable for the long haul.

Because we’re part of the Salinas Valley, which is known as the “Salad Bowl of the World,” it’s so important that we are thinking about our environment and being sustainable. We want to be eco-friendly and conscientious as much as possible. For example, in our greenhouses, we use drip irrigation to make sure we’re not overwatering [or] overfeeding our plants, but then we’re also recollecting that water at the end of its cycle and reusing it here on the farm.  We also reuse and sanitize all of our pots throughout our operations, so we’re not going through as much plastic. Even the style in which we grow—being a greenhouse cultivator, relying on 100% natural UV light and not using any supplemental lighting in our greenhouses is growing green in the natural way. Whatever you’re getting is true to that time of year—during the colder or winter months when you’re not getting as big a bud structure or as high a THC percentage, that’s true and natural to the time of year in which we’re growing. When we have full sun in spring and summer and we have these big buds and high THC, that’s because we have the UV light. We’ve also added a special topping to our roofing, [which] helps us save on our heat bill by about 20% to 30%.

Editor’s Note: This interview has been edited for style, length and clarity.

Published at Fri, 14 Feb 2020 21:15:00 +0000

New Mexico’s Cannabis Legalization Bill Stalls in Senate, Virginia Decriminalization Proposal Clears Legislature: Week in Review

New Mexico’s Cannabis Legalization Bill Stalls in Senate, Virginia Decriminalization Proposal Clears Legislature: Week in Review

Location: Salinas Valley, Calif.

One word to describe your cultivation style: “A hybrid between canna-ag technology and large-scale, year-round production,” Hackett says.

Indoor, outdoor, greenhouse or a combination: Greenhouse

Can you share a bit of your background and how you and your company got to the present day?

Photos courtesy of Riverview Farms

Riverview Farms employs a 75% to 85% female workforce.

I was born and raised here in the Salinas Valley by my parents, Mike and Sylvia Hackett. We were educated here. My parents have been entrepreneurs their whole lives, having multiple businesses—agricultural businesses, commercial real estate, restaurants. After they educated us, I was a St. Mary’s graduate with a business degree. I decided to move back to the Salinas Valley and [start] my career in agriculture at a local, family-owned and -operated company called Church Brothers. I was with them for about five years in the sales department, running their largest account, which was Sysco Food Service. Then, I decided to transition into our family business, which is Riverview Farms.

Riverview Farms was established in 2016 by my dad, Michael Hackett. He was the first cannabis operation in the Salinas Valley to get the exemption to even grow within our county and our city. Riverview Farms is a family-owned and -operated cannabis company that is vertically integrated. We hold nursery, cultivation [and] distribution licenses, so we control everything that we do from seed to sale.

It’s an incredible experience because I get to not only work side-by-side with my dad, who founded our company—he stepped back and put me in the lead position—but [also with] my sister, Lauren, [who] has also come on board and manages our retail division. Now, I would consider ourselves the largest female-owned and -operated cannabis company out of the Salinas Valley and possibly even in the state of California. We’re definitely very proud of that. My mom is our landowner, my sister and I run the company together, and we employ over 75% to 85% of a female workforce. I find that extremely important to me and to the ethics we hold here at Riverview Farms because I just don’t think a lot of companies could say the same about themselves. We employ our people 365 days a year. We don’t stop for a winter or fall crop. We are a consistent, 365-day-a-year supplier, producer [and] grower.

What tool or software in your cultivation space can you not live without?

For our style of growing, which is greenhouse-grown, we are relying 100% on the natural environment. We don’t have any supplemental lighting in the greenhouses. So, the software or tool that I would say comes in most handy for our lead cultivator and our entire team is an atmosphere control system that allows us to monitor the temperature both inside and outside the greenhouses 24/7, 365 days a year. It measures the temperature, the humidity [and] the wind speed both inside as well as outside the greenhouse, which is really awesome. Temperature control is everything. The atmosphere for the plants can greatly dictate the success of the crop. Being sure that we have a tool that we can monitor 24/7 the atmosphere of our greenhouses is very important.

What purchase of $100 or less has most positively impacted your business in the last six months?

The best purchase of $100 or less would be the king-sized Advil at Costco for the headaches that Monterey Country has put on our industry as a whole. I feel that Monterey County has been one of the most challenging counties within the state to work with. My family and I come from ag. We’re looking to run this as an agricultural operation. If you come visit us, no one is stoned. No one is doing anything that’s not on the up-and-up, and [there is] a lack of local enforcement and [the] headache of the hoops that our county is making us go through.

For example, we already report to the state through Metrc—that’s out track-and-trace system. Our county decided to add on CC reporting, which is basically a redundancy of what Metrc’s doing. [There is also a] lack of opportunities for additional licensed retailers. I think that creates a lot of challenges for us and makes it almost impossible to succeed. So, I guess the Advil helps you ease those headache days.

Hackett runs Riverview Farms as she would any other agricultural operation.

What cultivation technique are you most interested in right now, and what are you actively studying (the most)?

The most important thing for us in terms of longevity is finding the strongest genetic library that we can possibly have. Part of being vertically integrated means that we have our own nursery on site, so we generate 100% of our own clones. Finding the plants that are going to do the best— [that are] going to yield the highest, have the highest THC percentage and cannabinoids—and making sure we keep it fresh and consistent is very important to us. Some of the strains that work, for example, in an indoor or outdoor cultivation [operation] might not work well here in the greenhouse model, but I would say the No. 1 thing that Riverview Farms focuses on is making sure we have the strongest genetic library possible.

How has a failure, or apparent failure, set you up for later success? Do you have a “favorite failure” of yours?

For us, failure is not an option. This is our family’s legacy that we’re putting into this company. I’ve made this 100% my career. My sister has made this 100% her career. We’ve tied up 20 acres—that’s what we cultivate on—of my parents’ commercial real estate to make this a successful business.

We have learned from our mistakes and we grow every time that we are faced with a challenge. Part of being in a new and emerging industry is no one has done production to this scale before, ever, [with] cannabis cultivation. I think for us, [we’re] learning how to be the best grower we can be and how to sustain our business long-term. We’re in it for the long haul. Longevity and consistency and being a sustainable, successful business is really what we’re focused on. Every single crop comes with its own challenges. We’re on a waiting list for power upgrades. We’re dealing with Mother Nature. This is still a plant—not every single crop performs the exact same way, but we always learn from previous challenges and better ourselves for that next round.

Although every crop comes with its own unique set of challenges, Hackett remains focused on making Riverview Farms a sustainable business that produces consistent product.

What advice would you give to a smart, driven grower about to enter the legal, regulated industry? What advice should they ignore?

If I were new to this space and coming in, I would really do my research. If you’re in the state of California, which county is really working best with their growing operations? You want to be in a county where [cannabis is] widely accepted, and the regulators are actually trying to understand the challenges that growers are faced with and understand that it’s a commodity-based business. [Do] your research into where you’re actually going to be putting your cultivation space and [make] sure it’s sustainable. Rent, taxation, distribution fees—it really adds up very quickly. It’s a money pit, and you have to be prepared to sustain your business. [Make] sure that you’re in the best possible area that’s setting you up for success long-term because a lot of people enter into these high-end leases and think they’re going to turn a profit immediately, and that’s not always the case. In any start-up business, it takes time to generate cash flow and there are a lot of expectations in terms of compliance. It’s a very exciting industry to get into, but also one of the most challenging industries I’ve ever worked in. The United States is still against you—[cannabis is] still not federally regulated. There’s a big red target on your back always. [You have] payroll, taxes, crop loss, construction, power upgrades—there are so many things that you’re faced with on a daily basis that you may not see in the beginning or you don’t think it will affect you directly, but it affects us all. It catches up with any business, so be prepared.

Some of the biggest and most talked about brands, companies [and] retailers in the industry, unfortunately, are failing tremendously due to the amount of investor capital they’ve taken in and some of the poor business decisions that have been made. So, just because it’s potentially a big or widely known name in the industry, do your research. Make sure that’s a company that can pay you on your product. Some of the biggest retail names or some of the biggest brand names are not paying their vendors because they’re in so much debt that they’re in fear of closing down businesses. There are huge walkouts of employees who were once paid these large salaries but are now doing large-scale exits of 50, 100 [or] 150 employees. Six months ago, they were the talk of the town, like “Oh my gosh, are you in Shop x?” or “Are you carrying Brand x?” Some of these very hyped-up retailers or these very hyped-up brands have not been sustainable due to the companies’ lack of organization and financial independence. So, I guess my advice would just be to keep your circle small of who you’re doing business with and make sure that you are very aware of people’s cash flow. Not all business is good business. Do your research into who you do business with and who you’re selling to.

Riverview Farms cultivates greenhouse-grown cannabis on 20 acres of family-owned land in Monterey County, Calif.

How do you deal with burnout?

Because we’re a family-owned and -operated business and because our headquarters is actually on our cultivation site, we keep a very tight-knit community atmosphere. My employees see [me], my sister and my dad on a daily basis—we’re very active in the day-to-day activity. So, ultimately, we always have a list of people wanting to come and work with us. We’re very fortunate and very blessed that in Salinas Valley specifically, we employ a very large amount of ag labor. In the other local commodity crops—such as lettuce, broccoli, spring mix, berries, artichokes [and] wine grapes—most of those are only seasonal opportunities, so only about six months of the year are those crops growing here, and then the other six months, they’re moving to Yuma, Ariz., so you have to uproot your family if you want consistent work. At Riverview Farms, because we’re choosing to grow 365 days per year, we can offer that consistency in terms of workflow. So, we are very fortunate to have opportunities to bring on additional staffing [to avoid burnout].

How do you motivate your employees/team?

I really try to go above and beyond for our Riverview family. I make sure that every single month we do an appreciation barbeque or, as it gets hot, I’ll grab snow cones or Jamba Juice for everybody. [Sometimes it’s] just going out and having lunch and talking with our people about what’s going on. We’ve very involved, making sure they’re treated with the utmost respect because without them, we wouldn’t have a business.

Things [can be] as simple as proper meal breaks, clean lunch areas [and] making sure our restrooms are sanitized daily. You would think that these are all common-sense requirements for this industry, [but] I’ve heard horror stories of people who have worked at other grows or other operations, even locally, who aren’t treated to that same high standard. I think the way we motivate is by ensuring that we are doing best practices, not only on a day-to-day basis, but also making sure that we’re working hard but have a lot of fun, too. For senior management, we do appreciation days, we do Christmas parties, we do team bonding events. I really try to make sure that we stay very engaged with one another.

One of Hackett’s goals is to have a strong genetic library to maintain high yield and a robust cannabinoid profile.

What keeps you awake at night?

What really keeps me awake at night is knowing how skewed the perception of our industry really is. I feel that our county sees [cannabis], as a collective group, as the enemy, and that makes it very challenging. I don’t feel like our local jurisdiction wants to see cannabis succeed in our county, which is a real bummer. What really keeps me up at night is knowing that we just constantly have that big target on our back, and instead of working together and being transparent and educating people, I feel like our local county is so closed off to learning about our industry and growing together and making it a successful and safe business for our state and our community. What bothers me or what irks me is knowing that we don’t have that support, and I wonder if it would be different in other counties or in other jurisdictions, where it would be a little bit more well-received.

What helps you sleep at night?

What helps me sleep at night is knowing that I have an incredible team that I can rely on to get this done 365 days a year, knowing that were are in full control of our business, being vertically integrated and family-owned, and knowing that I don’t have any outside investors expecting unrealistic returns on a profit. We’re being modest and growing at a rate that we can actually afford to and [we’re] being sustainable for the long haul.

Because we’re part of the Salinas Valley, which is known as the “Salad Bowl of the World,” it’s so important that we are thinking about our environment and being sustainable. We want to be eco-friendly and conscientious as much as possible. For example, in our greenhouses, we use drip irrigation to make sure we’re not overwatering [or] overfeeding our plants, but then we’re also recollecting that water at the end of its cycle and reusing it here on the farm.  We also reuse and sanitize all of our pots throughout our operations, so we’re not going through as much plastic. Even the style in which we grow—being a greenhouse cultivator, relying on 100% natural UV light and not using any supplemental lighting in our greenhouses is growing green in the natural way. Whatever you’re getting is true to that time of year—during the colder or winter months when you’re not getting as big a bud structure or as high a THC percentage, that’s true and natural to the time of year in which we’re growing. When we have full sun in spring and summer and we have these big buds and high THC, that’s because we have the UV light. We’ve also added a special topping to our roofing, [which] helps us save on our heat bill by about 20% to 30%.

Editor’s Note: This interview has been edited for style, length and clarity.

Published at Sat, 15 Feb 2020 13:00:00 +0000

Aurora Cannabis Inc (NYSE:ACB) Announces Impairment Charges Of $752.79 Million: Michael Singer Becomes Interim CEO: Downsizes Workforce

Aurora Cannabis Inc (NYSE:ACB) Announces Impairment Charges Of $752.79 Million: Michael Singer Becomes Interim CEO: Downsizes Workforce

Amid increasing expenses by almost
four times the sales, Aurora Cannabis
Inc (NYSE:ACB)
downsizes the workforce and assumes impairment charges of
$752.79 million. The company has cut 500 jobs that include 25% of the corporate
positions.

Aurora Cannabis maintains 3,400
employees in 34 nations worldwide. A majority of the announced job cuts are
from the contract workforce. The company expects to save $9 million CAD through
cost-cutting measures. Aurora Cannabis has posted an EBITDA loss of $40 million
CAD in Q1 2020. The company has to post quarterly revenues of $140 million CAD
to reach the breakeven. According to analysts, Aurora Cannabis may reach the
breakeven by Q4 2021.

Michael
Singer becomes an interim CEO

Terry Booth, the
present chief executive officer of Aurora Cannabis, will retire, and Michael
Singer will act as an interim CEO. Singer assumed the role of executive
chairman last year. Co-founder, Booth will act as an advisor and continues on
the board. The company is searching for a permanent CEO. Its shares declined by
13% in the after-hours trading.

The net revenues
of Aurora Cannabis in Q2 is expected to be in the range of CAD 50 million and
CAD 54 million. Its revenues in the same period last year are CAD 54.2 million.

Aurora Cannabis
made changes to certain credit facilities that include removing some covenants
and options for refinancing at maturity. According to analysts, the company may
not be able to pay the loan of CAD 360 million, which is due in August 2021.
Aurora Cannabis is criticized for aggressive expansion worldwide amid uncertain
demand. The company has not set any timeframe when it will become profitable.

Executive changes at other firms 

Aurora Cannabis
joins the league of companies (Sundial Growers, Supreme Cannabis, and Canopy
Growth) that made executive change. The change is on the backdrop of
disappointing sales and mounting costs.

An analyst at New
York based O’Neill, Andrew Kessner, said we need not expect a major change from
Singer as an adviser because he is already at the helm of the company. It is
only an indication to the market that the company is making changes.

Published at Fri, 14 Feb 2020 13:05:24 +0000

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