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Heritage Cannabis Holdings Corp. (CSE: CANN) (OTCQX: HERTF) reported its FY 2020 financial results, revealing gross revenue of $9,257,070, up $5,693,447 from FY 2019, due to a full year of production. The company experienced a comprehensive loss of $8,596,759, an improvement over the previous year's loss of $13,155,560. Key growth initiatives include acquisitions of Opticann and Premium 5, aimed at enhancing product offerings and market presence. Despite challenges from COVID-19, management anticipates moving towards profitability in 2021.
General Cannabis Corp (OTCQB: CANN) announced raising an additional $1.66 million through senior convertible promissory notes, increasing the total to $4.6 million. The funds will support capital improvements at SevenFive Farm, reduce outstanding 15% debt due in 2022, and provide operating cash. CEO Steve Gutterman expressed satisfaction with the oversubscription of the offering and aims to use the funds prudently for business growth and balance sheet enhancement.
Heritage Cannabis Holdings Corp. (CSE: CANN) (OTCQX: HERTF) has announced the availability of its Purefarma and Pura Vida products on the EndoDNA site myDNA.live. The EndoDNA test, launched in Canada in late 2019 via its subsidiary Endocanna Health, analyzes over 500 genes and provides personalized cannabinoid recommendations. CEO Clint Sharples highlighted this partnership as a means to enhance consumer access to their products. Endocanna Health's CEO noted that the test helps consumers select cannabis products suited to their specific needs.
Heritage Cannabis Holdings Corp. (CSE: CANN) (OTCQX: HERTF) has successfully completed the acquisition of Premium 5 Ltd., a leader in cannabis concentrates in Canada. This acquisition aims to enhance Heritage’s product portfolio and distribution capabilities across the country, with Premium 5's products already available in eight provinces. The transaction, involving 150 million common shares, is expected to drive annualized revenues of approximately $20 million and improve EBITDA margins. Additionally, a partnership with Merida Capital Holdings will facilitate Heritage's expansion into the U.S. market.
Heritage Cannabis Holdings Corp. (CSE: CANN, OTCQX: HERTF) has launched its new cannabis concentrate brand, RAD, under the Premium 5 umbrella, aiming to provide affordable, high-quality products. The launch addresses consumer demand for lower-priced options amid a competitive cannabis market. RAD will initially offer 21 SKUs, expected to expand across Canada. The company also terminated its agreement with Cannahive Inc. to explore other edibles opportunities. Heritage operates two licensed producers and is focused on product extraction and development.
Heritage Cannabis Holdings Corp. (CSE: CANN) (OTCQX: HERTF) has signed a supply agreement with IntelGenx Corp. for the manufacture of CBD Filmstrips utilizing VersaFilm® technology. The initial order includes 50,000 units for the Canadian medical market, aimed at improving absorption compared to traditional forms. The product will meet Canadian and Australian health regulations, with shipments projected in Q2 2021. This partnership indicates a strategic move towards innovative cannabis delivery methods, enhancing Heritage's product portfolio in the medical cannabis sector.
Heritage Cannabis Holdings Corp. (CSE: CANN) (OTCQX: HERTF) has entered into a definitive agreement to acquire Premium 5 Ltd., a leading Canadian cannabis company known for its high-quality full spectrum concentrates. The acquisition is worth CDN$21 million in common shares, with potential additional compensation based on revenue milestones, totaling up to CDN$20 million. This purchase aims to enhance Heritage's market presence, improve product offerings, and capitalize on Premium 5's strong sales, which have generated nearly CDN$10 million in provincial orders since 2020.
Heritage Cannabis Holdings Corp. (CSE: CANN) (OTCQX: HERTF) has announced its first order from Alberta Gaming, Liquor & Cannabis to sell its products in Alberta. The province will stock all seven of Heritage's vape cartridge offerings, including popular lines like Pura Vida and Purefarma, which have already seen strong customer demand in British Columbia, Manitoba, and Saskatchewan. CEO Clint Sharples highlights this as the largest order since their product launch, expecting similar high demand in Alberta as seen in other provinces.