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Hexo Corp (NYSE:HEXO) Boosts Its Product Line In Ontario Cannabis Store By Introducing New Products

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Hexo Corp (NYSE:HEXO) has announced the launch of 18 new products as part of its plan to expand its product portfolio to provide more variety to customers in Ontario, Canada.

The company announced the launch of the new products after finalizing its negotiations with Ontario Cannabis Store (OCS). The newly added 18 products include nine product varieties made using Hexo’s dried flower products available in 15g and 3.5g SKUs. This will be the first time that the company’s cannabis flowers will be made available to Ontario customers through OCS.

“Apart from being our nation’s most populous province with the highest demand for cannabis products, the Ontario marketplace is among the most competitive,” stated Sebastien St-Louis, the CEO of Hexo.

The CEO also noted that his company is excited about bolstering its product range at the OCS. Mr. Sebastien also noted that the new products added to the OCS are of high quality and that Hexo is confident that they will be an attractive offering to Ontario customers. The company is banking on its award-winning dried flower to attract customers.

Ontario is one of Canada’s best cannabis markets

The Helios dried flower won the price for the best sativa flower during the 2019 O’Cannabiz industry awards. Data released by Statistics Canada revealed that 15.4% of Ontario residents consumed marijuana in Q4 2018. A recent survey conducted by Arcview Market Research estimates that Ontario’s share of the cannabis market in Canada will increase by 39% in the next five years. This means that Ontario’s cannabis market might be worth around $1.8-billion by 2024.

The Hexo CEO also pointed out that the company plans to send a significant amount of its cannabis products stock to Ontario to cover the high demand in the province. The cannabis firm wants to become the top supplier of cannabis and cannabis products in Ontario which is currently one of the major markets for cannabis not only in Canada but in North America in general.

Hexo’s dried cannabis flower products will be sold alongside Elixir cannabis oil oral spray which is also one of the company’s award-winning products. The Elixir cannabis spray is sold at the OCS and has been supplied in Ontario ever since cannabis legalization came into effect.

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Canopy Rivers Inc. (OTCMKTS:CNPOF) Portfolio Company TerrAscend Corp (OTCMKTS:TRSSF) To Acquire State Flower Brand

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Canopy Rivers Inc. (OTCMKTS: CNPOF) has announced that portfolio company TerrAscend Corp (OTCMKTS: TRSSF) has entered a definitive agreement to buy ABI SF, LLC a cannabis cultivation facility operators that own the State Flower brand.

Acquisition of State Flower

According to the terms of the agreement, initially, TerrAscend will acquire 49.9% of State Flower equity for around $2.85 million from the conversion of a previously issued convertible debenture. The company has also extended a $3.75 million line of credit to State Flower for enhancing improvements in the facility aimed at boosting its capacity. TerrAscend will acquire the rest of the 50.1% within a predetermined 12-month period based on future revenue.

Canopy Rivers, CEO, and President, Narbe Alexandrian stated that the acquisition demonstrates how TerrAscend is delivering its expansion plans. This offers more exposure in the US for Canopy Rivers and TerrAscend shareholders. The CEO added that the acquisition of State Flower would enable TerrAscend to seize a significant foothold in the US as a result of its solid consumer-facing brand. Alexandrian further said that with the retail foothold in the US already secured vial Apothecarium, the acquisition of State Flower would be a natural strategic fit for the company.

State Flower produces Ultra-premium cannabis

State Flower is popular for its high-quality cannabis flower currently sold through dispensaries in Nevada and California including Apothecarium. It operates a licensed facility in San Francisco California. It has emphasized a craft approach in its cultivation through the best-in-class genetics at the Envirocann certified facility. Evirocann certification confirms that bets management practices are in place in growing and processing of cannabis. It also ensures environmental stewardship as well as compliance with state and local regulations.

State Flower President, Daniel Wacks stated that through their work with TerrAscend and Apothecarium they have established a great cultural and strategic fit. He added that the company was proud of its achievements and were glad to have found a partner who believes in their team. Wacks said that they are looking forward to the partnership to create the best-in-class growing capabilities in all locations where TerrAscend operates.

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Auxly Cannabis Group Inc. (OTCMKTS:CBWTF) Subsidiary KGK Science Receives Cannabis Research Licence

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Auxly Cannabis Group Inc. (OTCMKTS:CBWTF) has announced that its wholly-owned subsidiary KGK Science Inc. has received a Cannabis Research Licence from Health Canada. Under the cannabis regulations, this will allow the subsidiary to possess and manage cannabis for clinical trials.

KGK to conduct the first clinical trial

This is the first license of its kind in Canada to a contract research organization. KGK will be conducting its first cannabis-based clinical trial to test pharmacokinetics of CBD and THC in healthy adults. The trial will start on October based on a procedure developed by KGK researchers at the company’s in-house clinic in Ontario. A third party who sponsored KGK to carry the trial on their behalf will receive the results.

KGK has several cannabis trials in its pipeline, and it is on its way to show its leadership in research and regulatory services in supporting cannabis and cannabis derivatives. CEO and President of KGK, Najla Guthrie stated that the trial is a significant step for the company’s business, clients, and the cannabis industry at large. He added that support from regulatory bodies and government was essential for manufacturers to take science-driven approaches in substantiating the safety of products through clinical trials.

Auxly establishing presence in Atlantic Canada

Recently Auxly and its strategic partner Atlantic Cultivation announced the signing of a comprehensive supply, retail and development agreement with the province of Newfoundland and Labrador. This is a significant milestone for Auxly as it looks to establish its presence in Atlantic Canada.

According to the agreement, Atlantic qualifies to apply for the running of five new retail outlets in the province. Currently, site scouting is underway, and Atlantic expects to open its first retail store in the first quarter of 2020. On its end, Auxly will supply up to 50 kg of dried cannabis flower this year to the province of Newfoundland and Labrador. This will increase to 1,000 kg next year with the option of additional 1,000 kg in 2021.

Auxly CEO, Hugo Alves said that they were delighted to build the company’s partnership with Atlantic as they seek to reinforce their position in Atlantic Canada.

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SinglePoint Inc. (OTCMKTS:SING) Subsidiary To Offer Energy Solutions To The First Ever Hemp Distribution Centre

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SinglePoint Inc. (OTCMKTS:SING) has announced that its subsidiary Direct Solar of America and GSX international Group along with other corporations, are planning a first of its kind Hemp Distribution center.

Direct Solar to offer energy solutions to distribution and production centers

Direct Solar of America will supply all then required energy solutions to the distribution and production centers. This is along with energy solutions to autonomous farmers within the coop. Equally, the SinglePoint subsidiary will also facilitate the assigning or selling of ITCs between centers and farmers as well as with third parties.

This opportunity to enter the hemp market represents a massive chance to enter the burgeoning market expected to be a multi-billion dollar industry in the next few years. An organization able to effectively pool the resources of small hemp farmers and form consolidated distribution and production centers could have a competitive edge in the hemp processing market in the future. In addition to the current tax incentives provided through ITCs as well as Opportunity Zones, any group that can access both will be in a better position to reap high returns.

Direct solar services to offer exceptional value add

The company’s services will provide a unique value addition not easily replicated. This will lead to the creation of a natural barrier that will limit the entry of competitors in future that offering a long-term competitive edge. Equally, the solution will offer immediate stability to the hemp market at the same time, generate considerable profits.

Generally, the profit potential is massive owing to the current solar tax incentives and the opportunity zone exemptions. It is estimated that the project will be fully profitable in 3 to 4 growing cycles. Southern farmers will enjoy the benefit of multiple seasons per year while northern farmers will only have one growing season per year.

To reap the maximum benefit of the structure is to take advantage of the currently available tax exemptions for opportunity zone development. The financial incentive will ensure the project is profitable in the next 24 to 36 months.

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