CANADA: Tilray, a global pioneer in cannabis research, cultivation, production and distribution, today announced it has imported medical cannabis oral solutions in bulk into the United Kingdom from its Good Manufacturing Practices (GMP)-certified facility in Canada. This export allows Tilray to provide authorized U.K. patients in need with a locally maintained supply of medical cannabis oral solutions.
In September 2018, Tilray announced the successful import of Tilray 2:100 medical cannabis oil for a pediatric patient in need in the United Kingdom. Tilray’s 2:100 cannabis oil was supplied via a government-approved special access program following the U.K. Home Secretary’s historic announcement that declared prescriptions of cannabis-derived medicines legal for patients with an exceptional clinical need.
“As demand ramps up in the U.K., Tilray is well positioned to be a leading supplier of medical cannabis products,” says Sascha Mielcarek, Managing Director of Tilray Europe. “Regulations are progressing as more and more countries across Europe are recognizing the benefits of medical cannabis and its potential to improve patients’ quality of life. We’re pleased to reaffirm our commitment to delivering medical cannabis to patients in the U.K. and look forward to offering a variety of GMP-certified, pharmaceutical-grade products in the coming months.”
Tilray has six medical cannabis products approved for medical use in the U.K. that can be made available to patients with medical cannabis prescriptions obtained through private practice or the National Health Service. Tilray anticipates supplying a variety of cannabidiol (CBD)-dominant, tetrahydrocannabinol (THC)-dominant and balanced oral solutions for patients looking to use medicines derived from cannabis.
“This bulk import of Tilray medical cannabis oral solutions provides patients in need access to a sustained supply of GMP-certified, high quality medical cannabis,” says Catherine Jacobson, Tilray’s Vice President of Medical and Regulatory Affairs. “This is an important step in improving access in the U.K. Tilray will continue to advocate for reasonable patient access to medical cannabis in the U.K. and countries around the world.”
iCAN: Israel-Cannabis CEO Saul Kaye Comments on New Israeli Cannabis Initiatives
ISRAEL: Kupat Holim Meuhedet, Israel’s third largest health maintenance organization (HMO), announced yesterday that it was opening an internal cannabis unit using a digitalized system that will allow for significantly faster medical cannabis approval for patients in need.
In the framework of the new independent unit, the family doctor will transfer the request of the Meuhedet patient with a recommendation to the unit within the fund, which will approve the request. The process will shorten the generally long wait that typifies the unit of the Ministry of Health. As a result, other health funds are considering the possibility of setting up similar units.
“We congratulate Meuchedet on their forward-thinking attitude to cannabis medicine and breaking the barriers that currently exist in Israel for patient access. For too long the HMOs have been complacent in the long and complicated process of obtaining medical cannabis in Israel. I hope to see the next news that they are covering the cost of cannabis for reimbursement as part of the medical system in Israel. Meuchedet is the most supportive Israeli health fund. They have the most doctors who understand the importance of medical cannabis treatment and have the knowledge to prescribe it,” said iCAN: Israel-Cannabis CEO Saul Kaye.
In addition, also yesterday, Israeli news organizations reported that Prime Minister Benjamin Netanyahu will support a bill tabled by Likud MK Sharren Haskel that would, in effect, legalize cannabis by allowing all Israelis to grow one cannabis plant for personal consumption. Dealing cannabis would remain illegal.
“No one should be criminalized for growing a cannabis plant and using the leaves as they see fit. This is an important step in the process of decriminalizing cannabis in Israel and I hope this legislation passes soon after the Knesset is back from its summer recess. I have worked closely with MK Haskel on all of her cannabis initiatives and wish her well in the upcoming elections as Israel’s true cannabis voice in the Government,” said Kaye.
Sproutly Announces Joint Venture With Moosehead Breweries to Launch Cannabis-Infused Beverages in Canada
CANADA: Sproutly Canada, an affiliate of Moosehead Breweries Limited, are pleased to announce that they have entered into a definitive agreement to form an exclusive joint venture to develop, produce, and market non‐alcoholic cannabis-infused beverages in Canada using Sproutly’s proprietary, naturally produced water soluble cannabinoids known as ‘Infuz2O’. Both companies will bring their respective strengths to the joint venture to develop a line of great tasting cannabis beverages featuring a rapid onset and offset effect unique to the category. Sproutly will host a conference call with Keith Dolo, CEO, Sproutly Canada and Matthew Oland, Moosehead executive and incoming CEO of the JV, at 9:30am Eastern Time on May 1, 2019.
Joint Venture Highlights:
- Partnership with the Oldest and Largest Independent Brewery in Canada
- Over 152 years of brewing experience through six generations of family ownership
- More than 140 million cans/bottles of beer sold annually throughout Canada, the United States and in 15 other countries around the world
- Oland family’s proven ability in building, marketing and selling industry leading beers such as Moosehead Lager, Moosehead Radler, Alpine, and Hop City Barking Squirrel
- Competitive Advantage Driven by Infuz2O
- The JV beverages can deliver the cannabis effect as early as 5 minutes and last up to 90 minutes, providing an edible cannabis experience similar to traditional flower cannabis without the need to inhale smoke
- Ability to address the industry challenges of overconsumption of oil-based edibles and beverages
- Capability to produce a clear cannabis beverage that is much easier and faster to formulate than its competitors who will be using emulsifiers, encapsulation or chemical modification techniques
- Ability to deliver functional beverages that address a “need state” by producing cannabis strain specific experiences
- Natural Infuz2O process allows for a premium consumption experience and taste profile
- JV Well Positioned to Enter Cannabis Beverages Upon Legalization
- Moosehead’s beverage experience and R&D formulation capabilities will ensure that the cannabis beverages produced will be premium in quality and have a great taste profile
- Moosehead’s established operational infrastructure will allow the Joint Venture to fast track its go-to-market strategy
- Sproutly’s cultivation facility and processing license will advance the formulation work that has been completed to date as well as production scale up
- Alignment of Interests
- The Joint Venture is structured as a 50/50 equity ownership
- Matthew Oland, one of Moosehead’s senior executives and Oland Family member, to lead the Joint Venture as Chief Executive Officer
- Moosehead to provide infrastructure support such as R&D, operations, procurement, finance, and distribution
- Sproutly to provide proprietary custom compositions using Infuz2O for cannabis beverages in Canada
- JV will have exclusive rights to utilize Infuz2O for cannabis beverages for a period of 5 years with a possible 2-year extension
- Ability for the JV to enter the European market once recreational cannabis use is legalized
“With the anticipated legalization of edibles in Canada later this year, Moosehead has made the strategic decision to enter the cannabis beverage market. As one of the oldest brands in Canada and a leader in the beer category, we believe we are uniquely positioned to be a leader in the cannabis beverage category.” said Andrew Oland, Chief Executive Officer of Moosehead. “As a 152 year old company spanning six generations, we are very selective about new business opportunities. After a significant amount of due diligence on Sproutly’s APP technology and Infuz2O water soluble cannabinoids vs other competitive technologies, we are excited to announce this joint venture. With their advanced technology and our long-standing product development experience, we expect to bring to Canadian consumers cannabis beverages that address the major issues currently limiting appeal of this category in other markets; a beverage that: 1) actually tastes good; and 2) provides an immediate and controllable cannabis experience lasting up to 90 minutes.”
“Moosehead is a truly iconic brand and we are very excited to partner with a company that possesses such deep-rooted Canadian heritage and over 152 years of history in the beer industry. Partnering with a company of this caliber is a strong validation of APP Technology and Infuz20.” commented Keith Dolo, Chief Executive Officer and Director of Sproutly. “This partnership with Moosehead marks an important milestone in Sproutly’s mission of delivering a safe and consistent whole plant experience from cannabis, with a lead position in the beverage market. We have developed a relationship with Moosehead built on trust and our shared vision of creating safe, responsible and high-quality cannabis beverages and we look forward to making this a reality for Canadian consumers”, added Dolo.
“After careful analysis of the cannabis industry and the cannabis beverage opportunity in Canada, we believe that Moosehead and Sproutly together are well positioned to become a significant player in the category.” said Matthew Oland, incoming Chief Executive Officer of the Joint Venture. “The JV’s ability to leverage Moosehead’s rich history of building adult-beverage brands, and its established R&D and operational infrastructure, will enable the JV to bring great tasting cannabis beverages to Canadian consumers. The Infuz20 technology delivers a natural cannabis beverage experience, with an onset and offset time similar to traditional flower cannabis, without the need for chemical modification. We believe this will be a game changer for the sector.”
Tilray Hosts Official Ribbon-Cutting Ceremony At European Union Campus For Medical Cannabis Production and Distribution
The 250,000 square-foot facility located in Cantanhede, Portugal serves as the hub for Tilray’s cultivation, processing, distribution and research of medical cannabis products in Europe
CANADA: Tilray, a global pioneer in the research, cultivation, production and distribution of cannabis today celebrated the official opening of its European Union (EU) Campus located in Cantanhede, Portugal. Tilray CEO Brendan Kennedy, global senior leaders and the EU Campus Team welcomed guests from all over the world including international healthcare professionals, government officials and local dignitaries to celebrate the inauguration of the company’s European production and distribution centre.
For the event, which followed Tilray’s successful outdoor harvest last year and greenhouse harvest earlier this year, guests were invited to attend a ribbon-cutting ceremony and tour Tilray’s state-of-the-art facility.
Tilray’s EU Campus in Portugal is a multi-faceted production facility that includes indoor, outdoor and greenhouse cultivation sites, as well as research labs, processing, packaging and distribution sites for medical cannabis and cannabinoid-derived medical products. To date, Tilray has invested approximately €20 million in the facility, which totals approximately 250,000 square-feet with additional room to expand. Tilray’s EU Campus also serves as a hub supporting Tilray’s clinical research and product development efforts across Europe. Tilray’s EU Campus currently employs more than 100 professionals, and that number is expected to double by the end of 2019, with production ramping up and multiple harvests anticipated in the coming months.
“We’re thrilled to celebrate another milestone as we continue to expand our global presence and pioneer the future of the cannabis industry. We are grateful for the warm welcome we’ve received from Portugal and the city of Cantanhede,” says Brendan Kennedy, Tilray CEO. “We’re looking forward to utilizing Tilray’s EU Campus to serve the European Union medical cannabis markets with high-quality, pharmaceutical-grade medical cannabis products.”
Tilray announced a successful harvest from its EU Campus in February 2019 with multiple harvests expected in the coming months. Tilray looks forward to supplying patients in Europe from its EU Campus when it receives GMP certification.
FSD Pharma Receives Cannabis Sales License From Health Canada
CANADA: FSD Pharma Inc. announced that its wholly-owned subsidiary FV Pharma Inc. has received its Sale for Medical Purposes license to sell cannabis under the Cannabis Act (Canada). The license went into effect on April 18, 2019.
The license allows the current FSD facility to supply and sell cannabis products. The company anticipates receiving the amended sales license that will include the sale of dried and fresh cannabis flower in the near future.
Dr. Raza Bokhari, Executive Co-Chairman and CEO congratulated the FSD Pharma team, shareholders and stakeholders on this much anticipated achievement. Dr. Bokhari stated, “Our sales license is a key development for FSD Pharma and a huge success and step forward for our Cobourg Facility.”
“We have achieved this milestone thanks to the efforts of our dedicated team. We are exceptionally proud of this achievement and look forward to accelerating our efforts,” commented Dr. Sara May, President of FV Pharma Inc.
Zeeshan Saeed, President and Founder, added, “The granting of our sales license allows FSD to serve the growing medicinal use markets in Canada. We intend to quickly scale up production at our current facility, while continuing to build out the plant to add additional grow capacity. In addition, our sales license opens the door for our partner Canntab Therapeutics to commence sales of its suite of novel cannabis oral dose delivery platforms, including CBD and THC capsules, in Canada and global markets. We expect that this will provide an immediate benefit to both parties, since FSD is entitled to a share of Canntab’s revenue from sales as a result of the collaboration and profit sharing agreement that we entered into this past fall.”
Anthony Durkacz, Founder and Executive Co-Chairman of the board speaking on behalf of the FSD Pharma Board of Directors stated, “We are proud of the leadership at FSD Pharma. This industry is transforming very rapidly and the leadership has positioned the company well to generate top tier revenue from our medicinal grade cannabis production.”
POSaBIT Begins Trading On The Canadian Securities Exchange
CANADA: POSaBIT Systems Corporation, a leading financial technology company delivering unique blockchain-enabled payment processing and point-of-sale systems for cash-only businesses with a focus on the cannabis industry, today announced that following the completion of its reverse takeover transaction it has begun trading on the Canadian Securities Exchange (CSE) under the ticker “PBIT”.
“This is a significant achievement for POSaBIT and we are proud to make this important transition from the private to the public markets,” said Ryan Hamlin, co-founder and CEO of POSaBIT. “The past year has been an exciting one for the company, marked by a series of milestones. We continued to expand geographically in the California, Colorado and Washington markets, successfully completed the acquisition of DoubleBeam, and rolled-out a fully-integrated POS and payments platform that fulfills an unmet need in the cannabis industry. Our service is now in use at over 120 cannabis merchants across various US states. We are pleased with our traction in the market, as demonstrated by our strong year-to-date growth, and are very encouraged by the continued momentum we saw as we closed out 2018.”
2018 Corporate Milestones
- For the nine months ended Sept. 30, 2018, the Company generated USD $1.39 million in revenue (with cost of sales of USD $1.4 million), a 266% increase over the prior year comparable period (and an increase in cost of sales of 226% over the prior year comparable period).
- The Company expanded its footprint in California, Nevada, Oklahoma, Colorado and Washington.
- In February 2018, POSaBIT completed the acquisition of DoubleBeam, which specializes in POS payment processing for the Hospitality sector.
- The Company enhanced its payment service offering by developing incremental features to sell and accept both Litecoin and Bitcoin for purchases, as well as perform EMV card compliance on debit card transactions – helping merchants navigate complex payment requirements.
- POSaBIT designed and released a new front-end POS console that is uniquely suited for cash-only merchants such as the Cannabis industry. This entirely new console offers an array of key features, including loyalty programs, in-store digital menus, online ordering / in-store pickup, inventory management, state seed-to-sale compliance, and customizable discounts.
- POSaBIT also completed all of the necessary state requirements to support the Leaf system, a seed-sale track and trace software system used by regulators in the State of Washington.
- The Company moved its corporate headquarters to a larger location in Kirkland, WA, which will support continued growth and expansion plans.
- Pursuant to private placement financings undertaken in conjunction with the listing, POSaBIT generated gross proceeds of $1.3M.
“We believe our all-in-one payment and POS solution provides a unique and compelling offering that enables cash-only businesses, like those typical to the cannabis industry, to provide their consumers with an alternative to cash, while still satisfying retail customer experience expectations,” Hamlin added. “We believe the cannabis industry represents a large and growing opportunity for our offerings. With the successful completion of our listing on the CSE, we are pleased to have the additional capital needed to accelerate our growth in this rapidly expanding market. Our solution fills an unmet need, enables merchants to remain compliant in a highly regulated industry, and drives sales. We think this is a winning combination that will fuel our growth in 2019.”
POSaBIT was founded and incorporated in 2015 and is led by a team of executives with deep expertise across the technology space. POSaBIT Co-founder and CEO Ryan Hamlin brings over 27 years of software development, management experience, and entrepreneurship, including founding PlaceFull in 2011 and holding former leadership posts at Microsoft and MSN. Co-founder Jon Baugher heads up sales execution, revenue growth, and customer success utilizing his 28 years of global hardware and software technology sales experience. Full biographical information for the leadership is available here.
Tilray Announces Support Of Two New Clinical Research Studies In Australia And Canada
CANADA: Tilray, Inc., a global leader in cannabis research and production, today announced its support of two new clinical studies: a pilot study led by Murdoch Children’s Research Institute (MCRI) in Melbourne, to evaluate the feasibility and acceptability of a larger randomized placebo-controlled trial of cannabis extract as a form of treatment for reducing Severe Behavioral Problems (SBP) in pediatric patients with Intellectual Disabilities (ID); and a study with McGill University Health Centre’s Division of Infectious Diseases and Chronic Viral Illness, to examine the effectiveness of medical cannabis on immune activation in People Living with HIV.
“Tilray is at the forefront of clinical research in the medical cannabis field and we’re very proud to support two groundbreaking studies that have potential to identify more indications in which medical cannabis can benefit patients in-need,” says Philippe Lucas, VP of Global Patient Research and Access, Tilray. “We are committed to advancing cannabinoid-based science to further understand the potential benefits of medical cannabis as a treatment option among these critical patient populations. There is a serious need for more clinical data in our field, and we are proud to support research like this around the world.”
Murdoch Children’s Research Institute in Australia:
Over 50,000 youth in Australia today have Intellectual Disability with Severe Behavioral Problems such as irritability, aggression, and self-injury. Anti-psychotic and other psychotropic medications are prescribed for half of these patients in Australia, despite limited evidence for their efficacy and a high risk of serious side-effects, including weight gain, metabolic syndrome and extrapyramidal movement disorders. Polypharmacy and off-label prescribing are common in these patients, and drugs are sometimes added to treat side effects. Novel interventions are urgently needed for this highly vulnerable patient group.
The American Academy of Pediatrics and the Royal Australasian College of Physicians have highlighted the need for further research into the therapeutic uses of cannabinoids in youth. There is intense interest from parents and physicians in medical cannabis as a treatment for SBP in youth with ID. Research to date suggests that CBD and other cannabis extracts, have had fewer reported side-effects than anti-psychotic medications; however, there is currently insufficient evidence to inform its use in treating SBP. MCRI is among the first institutions to conduct research specifically testing the effectiveness of CBD on patients with intellectual disabilities to reduce severe behavioral problems.
“We are committed to increasing the scientific understanding of cannabinoid-based medicine as treatment for pediatric patients with intellectual disability and associated severe behavioral problems through this study.” says Associate Professor Daryl Efron, senior researcher at MCRI and pediatrician.
The single site, double-blind, parallel group, randomized, placebo-controlled pilot study of 10 participants, compares CBD with a placebo in reducing Severe Behavioral Problems in pediatric patients aged eight to 16 years of age with Intellectual Disability. Participants are randomized 1:1 to receive either Tilray C100 oral solution or the placebo.
Tilray supplied the medical cannabis products used for this trial, which were successfully exported from Tilray’s Good Manufacturing Practices (GMP) certified facility in Nanaimo, British, Columbia, Canada to Australia in early 2019, with the trial commencing shortly thereafter.
The results from this trial are expected to be published by 2020.
iCAN Secures Financing Through A Convertible Loan Of CAD $4 million (US $3 million)
ISRAEL: iCAN: Israel-Cannabis has announced that it has issued a secured convertible loan in the amount of CAD $4,000,000 to a group of investors led by Plaza Capital.
The principal amount of each Convertible Security, plus accrued interest shall be convertible, for no additional consideration, into common shares of the Company at the option of the holders at any time following the completion of a subsequent Qualified Financing and prior to the close of business on the Maturity Date, at a conversion price equal to the price per share based on a valuation of US $20M. The Convertible Securities shall bear interest at a rate of 8.0% per annum from the date of issue and shall be accrued into the note.
Saul Kaye, CEO of iCAN: Israel-Cannabis, stated: “We are excited at the opportunities this financing round will create for iCAN and proud to have Plaza Capital join our solid investor base. With the success of CannaTech Davos and Panama so far in 2019, we are now well positioned to take our premier events to even more countries and continue to push the medicalization of cannabis around the world, with Cape Town already planned for late 2019. Our flagship event in Tel Aviv this week, once again sold out, and brought together the best Cannabis minds from around the world, showcasing Israel’s leadership in research and technology. iCAN’s unique position at the forefront of this exploding industry creates a wave of opportunities and this strategic financing will grow our iCAN:Serve and iCAN:Incubate portfolios.
Jesse Kaplan and Sruli Weinreb, Managing Partners at Plaza Capital added: “We were hugely impressed with iCAN’s performance and leadership at the recent CannaTech Panama event and see immense opportunity in their global positioning and pipeline of new technologies. Saul Kaye is front and center of the global cannabis economy and we are thrilled to support him and iCAN.”
The investment funds will be used to acquire and incubate cannabis-related businesses and anchor iCAN Incubate with a broad portfolio of new cannabis technologies. The funds will also provide an injection into iCAN’s conference platform CannaTech to continue to expand the pipeline of opportunities and extend the global cannabis footprint.
Shwergold Aharonson & Co. acted as sole legal advisory to iCAN while Plaza Capital was advised by Garfinkle Biderman in Canada and Yigal Arnon & Co. in Israel
Adoption Of Innovative Materials Or Manufacturing Bioplastic Packaging To Boost Growth Of Global Bioplastic Packaging Market 2019-2023 –
UNITED KINGDOM: The global bioplastic packaging market is expected to post a CAGR of over 18% during the period 2019-2023, according to the latest market research report by Technavio.
Factors such as increasing environmental concerns are leading to higher consumer preference for biodegradable packaging materials. To cater to the consumer demands, many end-users such as retailers and food processing companies are focusing on offering products in bioplastic packaging. Therefore, the rise in adoption of bioplastic packaging by various end-users will fuel market growth during the forecast period.
As per Technavio, the adoption of innovative materials for manufacturing bioplastic packaging will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global bioplastic packaging market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing
Global bioplastic packaging market: Adoption of innovative materials for manufacturing bioplastic packaging
The demand for bioplastic packaging is growing rapidly, owing to the rising need for eco-friendly and sustainable packaging from various end-user industries. There has been a rise in the adoption of various plant-based raw materials such as fruit skins, hemp, and sugarcane for manufacturing bioplastic packaging. Hemp is being adopted as a useful raw material for producing bioplastic. Furthermore, bioplastic polymers such as polyhydroxyalkanoate are being derived from microorganisms that feed on seaweed as well. Thus, the use of such eco-friendly raw materials for manufacturing bioplastic packaging is likely to drive the market during the forecast period.
“Apart from the adoption of innovative materials for manufacturing bioplastic packaging, the continuous development of new products, advances in nano-reinforcement of bioplastic packaging, government initiatives, and the rising awareness of sustainable packaging solutions are factors that will boost the growth of the global market,” says a senior analyst at Technavio.
Global bioplastic packaging market: Segmentation analysis
This market research report segments the global bioplastic packaging market by type (rigid and flexible) and geographical regions (Europe, North America, APAC, South America, MEA).
The European region led the market in 2018, followed by North America, APAC, South America, and MEA respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to the significant increase in the use of bioplastic packaging for pharmaceutical applications.
Tilray Announces Successful Medical Cannabis Harvest In Portugal; Provides Update On European Operations
CANADA: Tilray, a global leader in cannabis research, cultivation, production and distribution, announced that its wholly-owned subsidiary Tilray Portugal Unipessoal Lda. has completed a successful harvest of medical cannabis at the Company’s European Union (EU) Campus in Portugal.
Tilray’s EU Campus in Portugal is a multi-faceted production facility that includes indoor, outdoor and greenhouse cultivation sites, as well as research labs, processing, packaging and distribution sites for medical cannabis and cannabinoid-derived medical products. To date, Tilray has invested approximately €20 million in the facility, which totals nearly 250,000 square-feet with additional room to expand. Tilray’s EU Campus also serves as a hub supporting Tilray’s clinical research and product development efforts across Europe. Tilray’s EU Campus currently employs 100 people, and that number is expected to double by the end of 2019, with production ramping up and multiple harvests anticipated in the coming months.
“Our harvest in Portugal is an exciting milestone for the company as we continue to build our multinational supply chain of high-quality medical cannabis,” said Sascha Mielcarek, Managing Director, Europe. “We look forward to utilizing the capacity of Tilray Portugal to supply the medical cannabis market in Europe as we expand our operations.”
Tilray was the first licensed medical cannabis producer to successfully import medical cannabis products into the EU and the first licensed medical cannabis producer in North America to obtain Good Manufacturing Practice (GMP) certification in accordance with the European Medicines Agency’s (EMA) standards. Tilray has established sales and distribution arrangements to distribute medical cannabis through major pharmaceutical distribution channels throughout Germany and the European Union. The Company has also formed a global alliance with Sandoz AG, a worldwide leader in generic pharmaceuticals and biosimilars and a part of Novartis group, to increase availability of high quality medical cannabis products around the world in jurisdictions where regulations permit.
In addition to its EU Campus in Portugal, Tilray currently operates multiple state-of-the-art production and processing facilities in Canada. Tilray looks forward to hosting an official ribbon-cutting event at its EU Campus in Portugal later this spring.
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