Cannabis Professional’s daily roundup of industry news. View archive here.
National Access extends loan with Opaskwayak Cree Nation
National Access Cannabis Corp. (Meta Growth) said Tuesday that it has reached a new agreement to extend its $9-million loan from Opaskwayak Cree Nation (OCN) to Dec. 31, 2022. The original Loan was set to mature on Dec. 14, 2019. As one of Meta’s largest shareholders, owning approximately 10.8 million shares, OCN has agreed to extend the maturity of the loan at an interest rate of 10 per cent a year, and an annual administration fee of $225,000. “OCN sees the ongoing investment into META as a growth opportunity for both META and OCN. The income that OCN generates from the interest on the Loan helps OCN with investing in our community infrastructure, such as housing,” said Christian Sinclair, Onekanew (leader) of OCN and board member of META. “We hope to continue to capitalize on opportunities with META as the Ontario government is anticipated to issue additional licenses for cannabis retail locations.” Meta Growth has a portfolio of 35 licensed retail locations across Canada.
Khiron to supply UK medical trial with cannabis
Khiron Life Sciences Corp. said Tuesday that it will be the exclusive Latin American provider of cannabis medicines to Project Twenty21 in the United Kingdom. Project Twenty21, Europe’s first and biggest national medical cannabis registry, was launched on Nov. 7, 2019 at the Royal College of Psychiatrists in London. The project will enrol 20,000 patients by the end of 2021, creating the largest body of evidence for the efficacy of medical cannabis, with an aim to then convince UK policy makers that medical cannabis should be as widely available, and affordable, as other approved medicines for patients who would benefit from them. Toronto-based Khiron said all 20,000 participants will receive medical cannabis from participating providers at an affordable cost, subsidised in part by the cannabis providers, including Khiron.
Dynaleo hires former Heineken brand manager
Dynaleo Inc., an Edmonton-based manufacuturer awaiting Health Canada approval to produce cannabis-infused gummies for the adult-use market, said Monday it has appointed Tom Vella as vice-president of business development. Vella most-recently served as director, international brands for Heineken Canada Inc., where he spent over 15 years as a commercial team lead. At Dynaleo, Vella will be responsible for the introduction of Dynaleo products to the Canadina market. Dynaleo recently announced the completion of Phase 1 of its 26,000 square foot manufacturing facility in Edmonton and the submission of its application to Health Canada for a Standard Processing License.
Trulieve announces record quarter
Trulieve Cannabis Corp. reported on Monday record quarterly revenue of US$70.7-million for the third quarter of 2019 ended Sept. 30, 2019. The Tallahassee, Fla.-based MSO said adjusted EBITDA increased to US$36.9-million from US$31.6-million in the previous quarter. The company said patient growth in Florida grew 19 per cent in the quarter, driven largely by the introduction of smokeable flower in the state. The company says it now has nearly 215,000 medical patients in Florida, and now has 35 dispensaries in the state.