Cannabis Professional’s daily roundup of industry news. View archive here.
Earnings out this morning at retailer National Access Cannabis; a pair of senior Auxly executives have quit the board at Dixie Brands; VIVO has received approval to begin extraction at its facility in Napanee, Ont.; and retailer Choom has appointed a new president.
– Rob Gilroy
NAC revenue hits $17-million in Q3
National Access Cannabis Corp. said Tuesday the company’s retail stores generated $16.8-million in revenue in the third quarter ended May 31, 2019. This amounted to growth of 5.5 per cent compared to Q2-2019. Gross profit margin was 32 per cent in Q3-2019, compared to 31 per cent in Q2-2019. The adjusted EBITDA of its stores was $2.3-million. As of today, the company has received approval in Alberta for 24 of its 34 retail cannabis store license applications, all of which are operating under the NewLeaf brand. The Company currently has a portfolio of 34 licensed recreational cannabis retail stores, 24 in Alberta, nine in Manitoba, and one in Saskatchewan.
– Staff
Auxly executives quit Dixie’s board
Dixie Brands Inc. announced Monday that Hugo Alves and Michael Lickver have resigned from the company’s board of directors. “While we are departing the Dixie Board of Directors, we remain strong believers in the Dixie team and strategy,” said Mr. Alves, president of Auxly Cannabis Group Inc. “We look forward to continuing to build our commercial relationship with them within the Canadian marketplace.” Mr. Lickver is Auxly’s senior vice-president of strategy. Dixie Brands, a cannabis-focus consumer packaged goods company, said it has started a search for new directors to serve on its board.
- Staff
VIVO get green light to begin extraction in Napanee facility
VIVO Cannabis Inc. announced today the company’s wholly-owned subsidiary, ABcann Medicinals Inc., has received approval from Health Canada to commence extraction operations using its on-site super-critical CO(2) extraction system. “We are extremely excited to commence CO(2) extraction operations at our Napanee facility,” said Gary McMullen, vice-president, Napanee Operations. “We are now capable of producing cannabis oils and concentrates to our exact specifications, which is important for meeting our stated production targets to support the sales of our premium brands and customized offerings.”
- Staff
Choom appointed Corey Gillon
Choom said today it has appointed Corey Gillon as president, effective Aug. 26, 2019. Gillon joins the company as a seasoned global retail executive to strengthen Choom’s management team as it prepares for growth within the Canadian cannabis retail market. Mr. Gillon honed his leadership experience with a background at Wal-Mart and Aritzia, where led customer-focused corporate strategies. Gillon is a graduate of the leadership program at Harvard Business School.
– Staff