Heritage Cannabis Holdings Corp (OTCMKTS:HERTF) posted revenues of $1.358 million in Q2 2020. Its sales are affected because of reduced orders for contract production services. The company also suffered a significant delay in executing new agreements because of hardships and economic decline caused by the ongoing coronavirus. Heritage reported sales of $5.4 million in H1 2020. The company narrowed the net loss to $1.9 million in Q2 2020 compared to $5.2 million in Q2 2019.
Receives sales licenses for industrial hemp in Q2
CEO of Heritage, Clint Sharples, said the company received sales licenses from Health Canada for its industrial hemp and Voyage for the Voyage and Cannacure in Q2 2020. The company also strengthened its balance sheet to support branded product launch in July 2020. It expects to improve sales soon with this new product launch and clinching additional contract manufacturing deals.
Heritage signed a term loan accord on February 3, 2020, with Trichome Financial Corp to mobilize $6.7 million. The company can advance and avail the funds in two tranches: $4.9 million and $1.8 million and holds a contract period of 2 years. It needs to pay monthly interests at an annual rate of 9.5%.
Heritage advanced its JV alliance with Empower Clinics (EC) on March 5, 2020, at the EC’s existing hemp processing facility. Advancement allows the company to manufacture hemp-based products for tolling services and proprietary formulations. It will also use hemp-derived products for white labeling services for third parties in the US.
Cancure Corporation, a subsidiary of Heritage, received an industrial hemp license on April 6, 2020. The license is valid up to April 3, 2023. Cancure can use this license to market flowering heads, industrial hemp, branches, and leaves to others holding licenses. The company can also store industrial hemp in bulk quantity.
Voyage Cannabis Corp (Voyage) signed an accord for CMS (contract manufacturing services) with True North Agri Inc. The contract comprises the manufacturing of vape cartridges, full-spectrum cannabis oil, and sourcing of biomass.
Safety of employees amid coronavirus crisis
Heritage adjusted its production capacities adhering to the stringent health procedures issued by the local public authorities. While continuing the manufacturing activities, the company implemented safety measures like social distancing, cleaning, and personal hygiene to ensure the safety and health of its employees and local communities.
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