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TerrAscend Canada Inc, A Subsidiary Of Terrascend Corp (OTCMKTS:TRSSF), Enters A $80.5 Million CAD Loan Financing Accord With Canopy Growth Corp (NYSE:CGC)

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TerrAscend Canada Inc, a subsidiary of Canopy Rivers Inc (OTCMKTS:CNPOF), has entered into an $80.5 Million CAD loan financing agreement with Canopy Growth Corp (NYSE:CGC). As per the terms of the deal, Canopy Growth has received 17.8 million common shares purchase warrants from TerrAscend.

Well-positioned to capitalize on opportunities

CEO and President of Canopy Rivers, Narbe Alexandrian, said it shows the confidence in TerrAscend’s capability to implement the strategic mandate for domestic and international markets. He said the team at TerrAscend is well-positioned to leverage the flourishing opportunities in the regulated jurisdictions using its network and resources. Narbe is pleased with the support extended by Canopy Growth for its portfolio company – TerrAscend.

Proceeds for general corporate purposes

TerrAscend Canada will use the proceeds to fund the Canadian operations and for general corporate purposes. It will also use the funds to repay indebtedness and to support global expansion and its Arise Bioscience U.S. hemp division.

Receives a permit to cultivate medical marijuana

TerrAscend has announced the receipt of a permit from the New Jersey Department of Health to cultivate medical marijuana. Its subsidiary TerrAscend NJ will commence the cultivation immediately at its facility situated in Boonton Township, northern New Jersey. It is the second entity in New Jersey among the six applicants selected in December 2018 by the Department of Health. TerrAscend NJ can commence manufacturing after the receipt of dispensing and additional processing approvals. It can manage up to three dispensaries in the northern area of New Jersey.

66,000 patients’ gains access to the medical marijuana program

More than 66,000 patients have gained access to the medical marijuana program as of January 2020 in New Jersey. The registered medical patients’ count has almost tripled since early 2018.

TerrAscend has purchased a sixteen-acre site in Boonton Township. It commenced the construction on an area of 227,000 Sq. Ft. under the first phase to cover cultivation, support space, and processing on 80,000 Sq. Ft. The first phase will become operational in H1 2020.

TerrAscend will supply the wholesale customers and its dispensaries by sourcing the cannabis products from its scaled cultivation capacity. It also expects to meet the demand for fifteen new retail dispensaries using cannabis from the scaled cultivation facility.

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Singlepoint Inc. (OTCMKTS: SING) In A Joint Venture With Box Biosciences To Produce and Distribute Hand Sanitizers

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Singlepoint Inc. (OTCMKTS:SING) has formed a joint venture with BOX Biosciences to distribute various hand-sanitizer products produced in Carlsbad, California.

Singlepoint joint venture producing FDA-approved sanitizer

The two companies are distributing the FDA-approved sanitizer products on the west and east coast. BOX Biosciences is headquartered in Charleston, South Carolina, with distribution outlets in Raleigh, North Carolina, and Carlsbad, California. Following the coronavirus outbreak, there has been a shortage of disinfectant and sanitizer products.

Because of the urgent need to fill this shortage, the companies through the joint venture are working to ensure the US is safe by producing bulk hand sanitizers. They will also introduce disinfectants as permitted by the demand of hand sanitizers. Already the companies have on-going sales to various retail outlets, and currently, they are in discussions for potential hand sanitizer product sales.

The sanitizers the companies are manufacturing kill 99.9% of coronavirus causing germs, and they will be available to the general public and essential businesses. For now, the companies have prioritized the sanitizers to nursing homes, clinics, hospitals, government units, and home healthcare agencies. Equally essential businesses will also get prioritized in getting the bulk hand sanitizers.

Singlepoint and Box committed to offering solutions to COVID-19

Ryan Cowell, the founder of BOX Biosciences, indicated that they will focus on bulk orders of 250 gallons, 55-gallon drums, 1 gallon, 1 liter, 32oz, and 8oz totes of sanitizer. For businesses having the ability to offload bulk sanitizer from tankers, they can also order.

Singlepoint and Box’s expansion to making disinfectant and hand sanitizers shows how companies are dedicated to offering significant well-being solutions for the environment, surfaces, and people in response to the COVID-19 outbreak.

BOX’s operations manager Troy Lorenz stated there is an urge by businesses and people to clean and disinfect their work environment, and as a result, the products they are producing are important for the environment and people. The objective of Singlepoint and Box is to help authorities and people in combating the spread of COVID-19.

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Sproutly Canada Inc (OTCMKTS:SRUTF) Chalks Out A Business Strategy To Focus On Commercialization Of APP Technology

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Sproutly Canada Inc (OTCMKTS:SRUTF) has chalked out a business transformation strategy to focus on commercializing its proprietary APP technology by moving away from cannabis cultivation resources. Infusion Biosciences Inc will contribute additional funds to implement business transformation. It will also supply additional talent to support the transformation plan.

Business transformation strategy

As part of the light technology model, Sproutly will focus on generating revenues through establishing ingredient supply agreements, technology licensing, and partnership opportunities. It will scale down the cultivation of cannabis, which is capital intensive, and reduce cash burn.

Sproutly has recruited Dr. Anup Sen as Chief Executive Officer for implementing a business transformation plan. Anup is the first scientist to invent water soluble CBD in cannabis plants. Following the appointment of Dr. Anup, Keith Dolo is relinquishing the post of CEO. Keith will also step down from the board of Sproutly. He will act as an advisor to the Chairman. Keith said the company’s main target is to introduce unique products in the market by using APP Technology. Sproutly also slashed cash expenses by giving pink slips to operational and corporate staff.

Sproutly is adopting the new business strategy because of the operational challenges and headwinds in the industry. Prohibitive costs associated with cannabis cultivation have forced the company to change its business strategy.

Commercializes APP technology

Sproutly will focus on APP technology commercialization through formulation, production, and the sale of ingredients by using Bi-Natural Oils and water-soluble cannabinoids. The company will use the licensed manufacturers’ distribution networks and its existing infrastructure to realize its revised plan. Sproutly has faced bottlenecks in introducing cannabis 2.0 products because it has earmarked human resources and significant capital for cannabis cultivation.

Adopts cost-cutting measures

Sproutly has reduced the employees by 75% to reduce costs and reduce cannabis cultivation. It has eased the capital requirements for Sproutly and pursues other strategic alternatives. The company will get the support of six key personnel of Infusion Biosciences to assist in its daily operations.

Infusion Biosciences’s key executives have helped Sproutly in obtaining licenses for APP technology and in forming partnerships in the US. Sproutly also expects to expedite its commercialization efforts with the help of these executives.

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Aleafia Health Inc (OTCMKTS:ALEAF) Reports An Astonishing 2,486% Rise In Q1 2020 Revenues

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Aleafia Health Inc (OTCMKTS:ALEAF) has reported revenues of $14.59 million in Q1 2020. It is an increase of 2,486% compared to the same period last year and a 143% increase compared to the previous quarter.

Reports solid growth for the fifth consecutive quarter

Geoffrey Benic, Chief Executive Officer of Aleafia, said the company achieved a breakthrough in Q1 2020 on the backdrop of sustainable and disciplined growth. As it builds the cannabis wellness and health ecosystem, the company gives importance to the patient-centric approach. It is the fifth consecutive quarter to report solid growth.

Expects to introduce new cannabis 2.0 products in H2

Aleafia expects to introduce new cannabis 2.0 products tailored for the wellness and health consumers in H2, 2020. Its active registered patient count has surged to 10,983 as of March 31, 2020, from 10,249 as of December 31, 2019.

Key achievements in Q1 2020

Aleafia on March 26, 2020, announced plans to introduce direct-to-door medical cannabis delivery service to the registered patients. It is a contactless and safe delivery mechanism for the patients. Therefore, Aleafia eliminates the need for collecting the products from post boxes and post offices.

Achievements after Q1 2020

According to the announcement on May 1, 2020, Glenn Washer and Rhonda Lawson will be appointed to the board with effect from May 16, 2020. It is on the backdrop of the resignation of the existing directors – Bill Stewart, and Raf Souccar with effective from May 15, 2020. Julian Fantino, Chairman, has also resigned from the board.

Aleafia has temporarily shut down its physical offices of the education centers and cannabis clinics across the nation since March 16, 2020, because of the ongoing coronavirus crisis. The company is completing the patient consultations via its virtual clinics.

To maintain long term success, the company maintains a diversified portfolio of differentiated and high-quality product formats. The company will use in-house facilities to manufacture cannabis 2.0 products and satisfy the demand in the medical and adult-use cannabis markets in Canada. It will also supply cannabis 2.0 products in markets worldwide where legally permitted.

Aleafia Farms Inc, a wholly-owned subsidiary of Aleafia, has secured an amended license from Health Canada on May 12, 2020, for the outdoor cultivation at its Port Perry Facility.

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