The Cannabis Industry will end the week up as whole via The Marijuana Index. To recap the week, here are 10 of the catalysts that helped propel the sector:
Insys Therapeutics (INSY) will delay the release of its fourth quarter and full year financial results. The company’s audit committee has been conducting an independent review of processes related to estimation of, and increases to, certain sales allowances recorded in 2016. The audit may result in lower net revenue and pre-tax income during 2015 (no more than $5 million). The committee will also review the extended payment terms offered to certain customers in the third quarter of 2016.
Vinergy Resources (VIN.CN) (VNNYF) reported the development of a disruptive solvent based extraction system. The project is currently underway for an existing customer and is focused on improving the purity of medical products. The company plans to provide more information regarding this system in the coming weeks.
Zoned Properties, Inc. (ZDPY) completed the sale of one of its properties located in Tempe, Arizona. ZDPY sold the property for $2.125 million. The land was leased to a non-marijuana business, and management viewed it as non-core to its strategy.
MassRoots, Inc. (MSRT) retired all convertible debt on its balance sheet and has received substantial warrant exercises so far this year. This has significantly improved its capitalization table and cash position. According to a non-objecting beneficial owners report, MassRoots has more than 20,000 shareholders and only one shareholder with more than 5% of outstanding shares.
Innovative Industrial Properties (IIPR) will report its fourth quarter financial results on March 22nd (after the market closes). The results will be for the period that started on June 15th (the date of incorporation) and ended on December 31st.
Veritas Pharma Inc. (VRT.CN: CSE) (VRTHF: OTC) announced that its research arm, Cannevert Therapeutics will soon be in the security inspection stage of its Health Canada Dealer’s License application. Cannevert submitted its application to Health Canada’s Office of Controlled Substances on August 23, 2016.
Organigram Holdings Inc. (OGI.V) (OGRMF), recorded single-week sales of over $250,000 for the first time in its history for the period March 5-11, 2017. The record-setting sales follow the release of Organigram’s newly harvested and tested marijuana. The crops were grown under the company’s new operating protocols which includes testing all harvested product to ensure the product’s purity. Following the recalls, Organigram implemented seven new company-wide initiatives to ensure product quality.
Future Farm’s (FFT.CN: CSE) (FFRMF) majority owned subsidiary, FFM Consulting Services entered a management agreement with a California non-profit company that secured a sublease to grow cannabis in Riverside County, California. The cannabis will be sent to the previously announced extraction facility and it will be further processed into cannabis concentrates.
mCig (MCIG) has been under pressures since it reported its financial and operating results for the period that ended on January 31st. Although we are not buyers at current levels, we want to highlight some of the bright spots of the report to highlight how this company has turned things around over the last year.w
Financial and Liquidity Highlights
- Revenue was $1,362,689 (accounts receivable $520,454)
- Gross profit was $288,230 (21.1% gross margin)
- Total operating expenses were $97,052
- Net income of $850,552
- Avg. Shares Outstanding (basic & diluted) increased by 41.4+ million
- Cash and cash equivalents as of 1/31 was $420,488
- Current assets were $1.25+ million
- Current liabilities were $287,712
Lexaria Bioscience Corp. (LXRP) reported $82,832.91 from the exercise of stock options and warrants that were previously granted. The stock options were exercised at the price of $0.2273, and the warrants were exercised at prices of $0.14 to $0.2273 (465,000 shares issued). All warrants and options that were exercised were done by third parties who are neither officers nor directors of the company.
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