Mydecine Innovations Group Files Application to list to the NASDAQ

Mydecine Innovations Group Files Application to list to the NASDAQ

DENVER, Jan. 27, 2021 (GLOBE NEWSWIRE) — Mydecine Innovations Group (CSE: MYCO) (OTC: MYCOF) (FSE: 0NFA) (“Mydecine” or the “Company’), an emerging biopharma and life sciences company committed to the research, development, and acceptance of alternative nature-sourced medicine for mainstream use, announced that it has submitted a formal application to list its common shares (“Shares”) on the NASDAQ Stock Exchange (“NASDAQ”). NASDAQ is the second largest exchange by market capitalization worldwide and is home to many of the world’s best technology companies.

In connection with its application to list on NASDAQ, Mydecine expects to, in due course, file a Form 20-F Registration Statement with the United States Securities and Exchange Commission (SEC). Acceptance for listing the Company’s shares is subject to approval based on several factors including satisfaction of minimum listing requirements for the NASDAQ Capital Market. The Company intends to satisfy all of the applicable listing requirements; however, there is no assurance that its application will be approved. During the NASDAQ review process, the Company’s common stock will continue to trade in Canada on the CSE under its current symbol, MYCO and on the OTC under the symbol, MYCOF.

“We believe the Company is entering an accelerated growth phase and the timing could not be better for listing our Shares to NASDAQ,” said Josh Bartch, CEO & Chair of Mydecine. “This listing is intended to open the investment opportunity to a larger and more diverse pool of investors and help create greater shareholder value. A listing on the NASDAQ Capital Market is a natural progression for the Company and our shareholders.”

The Company has engaged Ellenoff Grossman & Schole LLP (EGS) as its US legal counsel to oversee the process of the NASDAQ listing.

About Mydecine Innovations Group
Mydecine Innovations Group™ (CSE: MYCO) (OTC:MYCOF) (FSE:0NFA) is an emerging biotech and life sciences company dedicated to developing and commercializing innovative solutions for treating mental health problems and enhancing vitality. The company’s world-renowned medical and scientific advisory board is building out a robust R&D pipeline of nature-sourced psychedelic-assisted therapeutics, novel compounds, therapy protocols, and unique delivery systems. Mydecine has exclusive access to a full cGMP certified pharmaceutical manufacturing facility with the ability to import/export, cultivate, extract/isolate, and analyze active mushroom compounds with full government approval through Health Canada. Mydecine also operates out of a state-of-the-art mycology lab in Denver, CO to focus on genetic research for scaling commercial cultivation of rare (non-psychedelic) medicinal mushrooms.

At the heart of Mydecine’s core philosophy is that psychedelic-assisted psychotherapy will continue to gain acceptance in the medical community with many of the world’s best accredited research organizations demonstrating its remarkable clinical effectiveness. Mydecine recognizes the responsibility associated with psychedelic-assisted therapy and will continue to position itself as a long-term leader across the spectrum of clinical trials, research, technology, and global supply. Mydecine has also successfully completed multiple acquisitions since its inception.

Learn more at: https://www.mydecine.com/ and follow us on Facebook, Twitter, and Instagram.

Mydecine Innovations Group Media Contacts
Anne Donohoe / Nick Opich
KCSA Strategic Communications
adonohoe@kcsa.com / nopich@kcsa.com
212-896-1265 / 212-896-1206

On behalf of the Board of Directors:
Joshua Bartch, Chief Executive Officer
contact@mydecineinc.com 

Corp Communications:
Charles Lee, Investor Relations
corp@mydecineinc.com 
+1 720-277-9879

For further information about Mydecine Innovations Group, Inc., please visit the Company’s profile on SEDAR at www.sedar.com or visit the Company’s website at www.mydecine.com.

The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof. This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, without limitation, the ultimate approval of the Company’s listing application on the NASDAQ, the availability and continuity of financing, the ability of the Company to adequately protect and enforce its intellectual property, the Company’s ability to bring its products to commercial production, continued growth of the global adaptive pathway medicine, natural health products and digital health industries, and the risks presented by the highly regulated and competitive market concerning the development, production, sale and use of the Company’s products. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation. This news release does not constitute an offer to sell securities and the Company is not soliciting an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. This news release does not constitute an offer of securities for sale in the United States. These securities have not and will not be registered under United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to a U.S. Person unless so registered, or an exemption from registration is relied upon.
 

Published at Wed, 27 Jan 2021 11:25:26 +0000

New Mexico Governor Pushes For Marijuana Legalization In State Of The State Address

New Mexico Governor Pushes For Marijuana Legalization In State Of The State Address

New Mexico Gov. Michelle Lujan Grisham (D) on Tuesday reiterated her commitment to legalizing marijuana in the state in 2021.

During a State of the State address, the governor again discussed cannabis reform as a means to generate needed tax revenue amid the coronavirus pandemic and create jobs.

“A crisis like the one we’ve experienced last year can be viewed as a loss or as an invitation to rethink the status quo—to be ambitious and creative and bold,” she said. “That kind of thinking includes, of course, recreational cannabis and the tens of thousands of jobs and hundreds of millions in new revenue it will bring to our state.”

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Published at Wed, 27 Jan 2021 15:50:55 +0000

Marijuana Policy Project Announces the Election of New Chair to Board of Directors

Marijuana Policy Project Announces the Election of New Chair to Board of Directors

In Nassim Nicholas Taleb’s fantastic book titled Antifragile: Things That Gain from Disorder, he explains the concept of gains made through volatility (negative events). For example, he describes airplane crashes as making the airline industry stronger. Each crash is studied (via its fragility) and lessons are learned and incorporated into the industry as a whole. These lessons have led to dramatic drops in airplane crashes (antifragile) over the past 50 years.

Taleb also addresses the economy head-on by showing that our political leaders consistently make decisions to smooth out every bump in the economic road, creating complacency with risk taking that allows fragility to build up in the system (think the 2008-2009 financial crash). Complacency and 100% stability can be a killer.  

How can we apply this antifragile concept to cannabis given that the cannabis industry is hyper-volatile? The intention is to create a situation where the very nature of the fragility within the cannabis industry can benefit your firm when big, negative events occur. Looking to other industries can give us valuable insights into how companies can benefit from negative events.

Here are some negative events that can affect your cannabis business:

  1. The price of cannabis flower crashes due to overproduction.
  2. The regulatory scheme in a particular state becomes more rigorous and/or expensive.
  3. A product category crisis. (The vape crisis is a good example.) 
  4. An economic crisis that results in the drying up of investment capital.
  5. A key counter-party or relationship goes kaput.  For example, the wholesaler you’ve been relying on is suddenly out of business as a result of financial mismanagement, poor execution or, as recently happened to some farms in Oregon, a fire burning your business to the ground.

These examples are enough to illustrate the potential for negative events and to use in setting up a framework to thrive from the resulting chaos. Some of this may seem counterintuitive, but stick with it and know that this article is meant to jumpstart your thinking as it relates to upping your game in cannabis business risk management.

As French philosophers like to say, knowledge is historically contingent and based on power relations at any specific time. If this is so, then your knowledge of how to be successful in cannabis is also historically contingent and may just be historically out-of-date or just plain historically irrelevant. And needless to say there is always a firm more powerful than yours trying to set the agenda.

Let’s start with the idea of two cannabis companies: Both are two years old, both are growers, but one is 10 times larger than the other. To keep things simple, let’s just say that both have an equal capacity to grow and sell at the same rate in relation to the market. Meaning, if at any time the market is growing at 10%, then each of these firms can grow at 10%. Suddenly, a downward movement in cannabis prices cuts the wholesale price level by 50%. Which grower is at higher risk of going out of business quickly? We would argue it is the larger firm.

As you gird yourself for the inevitable negative events, you should be focusing on which additions to your company can be made that will make the negative event a non-event and help you consolidate market share/power.

As an analogy, think of two owners of different apartment buildings. Owner A has an eight-unit building, and owner B has a 100-unit building. If for some reason the market vacancy for apartments jumps to 25%, owner A will have two vacancies. Owner B will have 25 vacancies. Owner A can probably reduce the rent a bit and easily fill two units. For owner B,  reducing the asking rent across the 25 vacant units will have a materially negative impact on the property’s value—probably so much so that the outstanding loan on the property will be more than the building’s value. Also, renting two units versus renting 25 units is a much quicker process. Now substitute building units with crop yields, and the idea comes into focus.

The smaller cannabis grower will more likely be able to ratchet down volume a bit and wait out the storm. A large firm, with higher fixed costs, is probably toast in a matter of a few months because of its lack of agility. When cannabis companies built their grow operations, it really was analogous to a genetic mutation. The bigger firm is a bigger mutation than the smaller firm. A bedrock of biological evolution is that big mutations almost always reduce survival rates.

To build antifragility into the respective growers’ situations, the smaller firm would be wise to add a small dispensary business to its portfolio, even if this means having a smaller grow than desired. In a worst-case scenario, the smaller firm will only need to sell a few pounds of flower a week through its own dispensary, even at a reduced cost, in order to survive an industry-wide glut. For the larger firm to have a similar backstop, it would need to own 10 times the dispensary capacity compared to the smaller firm. This is arguably much harder for the larger grower to execute on and much more costly.

The takeaway is that in order to build antifragility into your company, you need to include antifragility in your plan when developing your business in a vertical manner; the ratio of the parts to each other should be consistently grown in tandem. A grow should have a certain level of dispensary capacity. As the grow gets bigger, the dispensary capacity should grow in tandem. Let’s call this the vertical integration ratio model, VIRM. Not to do this causes enterprises to be too weighted toward one vertical and face extinction risk in response to a negative event.

Now, let’s say the regulatory scheme becomes much more restrictive.

This was the case in June 2018 when the state of Oregon put a de facto cap on licenses by stopping the acceptance of new license applications in June of that year. Oregon had been an unlicensed cap state; if you qualified, you got a license. Then it became a capped state with a huge pipeline of applications. What to do?

Well, if you are nimble in your thinking, you see this as a huge opportunity. Even though the licenses have been capped, plenty of firms were looking forward to becoming vertically integrated. Such firms are now left with only two choices: merge or buy a firm in another vertical. Sticking to VIRM, you need to look around for an appropriate partner to buy or merge with that pushes your plan of vertical integration one step further. The target company, being in the same boat as you, will see the wisdom of such a merger. Before there was the United States, there were 13 colonies. Same concept.

The vaping crisis caught everybody in the industry flatfooted. Anecdotally, however, if you were a grower whose business was almost entirely or entirely focused on flower production, you tended to perform well in late 2019, early 2020, because consumers and patients on a broad level temporarily shifted to flower. If you were an extraction company, you could attempt to sell your oil and distillate to other derivative product makers—gummies, brownies, chocolate, all of which are substitute products. In High Desert Flower’s case, the team bought a distillation machine from a California extraction company that was hit so hard they changed their business model. 

The overall point is that as you gird yourself for the inevitable negative events, you should be focusing on which additions to your company can be made that will make the negative event a non-event and help you consolidate market share/power.

The Bigger ‘Black Swan’

An economic crisis, whether specific to your industry or macro in nature, is a much harder “black swan” (another Taleb meme) event to deal with. The old saying that “If your neighbor is out of a job it is a recession, and if you are out of a job it is a depression” is apropos to cannabis.

The goal is never to have your cannabis business in a depression. Obviously, the first goal in an economic crisis is survival, but assuming you have designed your firm for such an event, then your radar should be on the lookout for depression-level asset opportunities in your vertical or a vertical you recently moved into or are planning to annex (see VIRM above). Equipment, machinery, real estate, and other tangible goods always come on the market when the kief hits the fan. Be on the lookout for people and licenses in the unwind process.

This is very analogous to how the mortgage banking industry operates. Mortgage banks are those private firms that constantly advertise for your mortgage business (think Quicken Loans). When the industry hits a slump, existing firms absorb other firms and increase their economies of scale. Adding capacity with the concurrent decrease in back office expense throws dollars to the bottom line.

The most interesting cataclysmic event in the aforementioned list is when a key counterparty goes kaput. We have faced this multiple times but have not been able to take advantage of it, as of yet, for our firm’s growth. The most successful version we’ve seen of this is when a friend of ours, who owns a fairly large mortgage company, was tied into a technology platform when the software company’s CEO called him and said he had a week to find another vendor because the software company was going out of business and the software was going to shut down. My friend offered him $25,000 for the software source code as long as the lead engineer also became an employee of his mortgage firm. The CEO took the deal.  Masterstroke of brilliance.

We believe there are instances where this strategy can work in cannabis. If you do pull off this strategy we’d love to hear from you.

The big overall lesson here is not to be stuck in a linear thought process that blinds you to unorthodox growth opportunities in the midst of calamity. Look at streaming services (Netflix, Amazon), food delivery services (Uber, DoorDash), and video conferencing (Zoom) for inspiration. Granted, some were lucky, but others were heading in the right direction and the COVID-19 crisis compressed time for them. 

Loren Picard is CEO of Oregon-based High Desert Flower Inc. Alex Lee is vice president of High Desert Flower Inc. and co-founder of Oregon-based Engineered Extracts, LLC. You can reach Loren at loren@highdesertflower.com or Alex at alex.lee@engineeredextracts.com.

Published at Wed, 27 Jan 2021 18:56:00 +0000

Aurora Cannabis Closes Previously Announced Bought Deal Financing Over-Allotment Option Exercised in Full

Aurora Cannabis Closes Previously Announced Bought Deal Financing Over-Allotment Option Exercised in Full

Aurora Cannabis Inc. (the “Company” or “Aurora”) (NYSE: ACB) (TSX: ACB), the Canadian company defining the future of cannabinoids worldwide, announced today the closing of its previously announced bought deal public offering (the “Offering”) of units of the Company (the “Units”) for total gross proceeds of US$137,940,000 . The Company sold 13,200,000 Units at a price of US$10.45 per Unit, including 1,200,000 Units sold pursuant to the exercise in full of the underwriters’ over-allotment option.

Aurora Cannabis Inc. Logo (CNW Group/Aurora Cannabis Inc.)

Each Unit is comprised of one common share of the Company (a “Common Share”) and one half of one common share purchase warrant of the Company (each full common share purchase warrant, a “Warrant”). Each Warrant is exercisable to acquire one common share of the Company (a “Warrant Share”) for a period of 36 months following the closing date of the Offering at an exercise price of US$12.60 per Warrant Share, subject to adjustment in certain events.

BMO Capital Markets and ATB Capital Markets acted as the bookrunners for the Offering.

The Company plans to use the net proceeds of the Offering for general corporate purposes, which may include opportunistically reducing debt. The Company believes that the Offering fits with its broader strategy to have a strong balance sheet while maintaining maximum flexibility to invest and build towards being a leader in global cannabinoids.

In connection with the Offering, the Company filed a prospectus supplement (the “Prospectus Supplement”) to the Company’s short form base shelf prospectus dated October 28, 2020 (the “Base Shelf Prospectus”) with the securities commissions or similar securities regulatory authorities in each of the provinces of Canada , except Quebec , and with the U.S. Securities and Exchange Commission (the “SEC”) as part of the Company’s registration statement on Form F-10 (the “Registration Statement”) under the U.S./Canada Multijurisdictional Disclosure System. The Prospectus Supplement, the Base Shelf Prospectus and the Registration Statement contain important detailed information about the Company and the Offering.

Copies of the Prospectus Supplement and the Base Shelf Prospectus are available on SEDAR at www.sedar.com and copies of the Prospectus Supplement and the Registration Statement are available on EDGAR at www.sec.gov . Copies of the Prospectus Supplement, the Base Shelf Prospectus and the Registration Statement may also be obtained from BMO Capital Markets by contacting BMO Capital Markets, Brampton Distribution Centre C/O The Data Group of Companies, 9195 Torbram Road, Brampton, Ontario , L6S 6H2 or by telephone at (905) 791-3151 Ext 431 or by email attorbramwarehouse@datagroup.ca or from BMO Capital Markets Corp., Attn: Equity Syndicate Department, 3 Times Square, 25th Floor, New York, NY 10036 (Attn: Equity Syndicate), or by telephone at (800) 414-3627 or by email at bmoprospectus@bmo.com . Copies of such documents may also be obtained from ATB Capital Markets Inc., Attn: Gail O’Connor , 410-585 8th Ave SW, Calgary, Alberta , T2P 1G1, (403) 539-8629 or by email from atbcm_dealflow@atb.com .

No securities regulatory authority has either approved or disapproved of the contents of this press release. This press release is for information purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Aurora

Aurora is a global leader in the cannabis industry serving both the medical and consumer markets. Headquartered in Edmonton, Alberta , Aurora is a pioneer in global cannabis dedicated to helping people improve their lives. The Company’s brand portfolio includes Aurora, Aurora Drift, San Rafael ’71, Daily Special, AltaVie, MedReleaf, CanniMed, Whistler, and Reliva CBD. Providing customers with innovative, high-quality cannabis products, Aurora’s brands continue to break through as industry leaders in the medical, performance, wellness and recreational markets wherever they are launched. For more information, please visit our website at www.auroramj.com .

Aurora’s common shares trade on the TSX and NYSE under the symbol “ACB”, and is a constituent of the S&P/TSX Composite Index.

Forward Looking Statements

This news release includes statements containing certain “forward-looking information” within the meaning of applicable securities law (” forward-looking statements “). Forward-looking statements are frequently characterized by words such as “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements made in this news release include statements regarding the expected use of proceeds of the Offering. These forward-looking statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward looking statements are based on the opinions, estimates and assumptions of management in light of management’s experience and perception of historical trends, current conditions and expected developments at the date the statements are made, such as current and future market conditions, the ability to maintain SG&A costs in line with current expectations, the ability to achieve high margin revenues in the Canadian consumer market, the current and future regulatory environment and future approvals and permits. Forward-looking statements are subject to a variety of risks, uncertainties and other factors that management believes to be relevant and reasonable in the circumstances could cause actual events, results, level of activity, performance, prospects, opportunities or achievements to differ materially from those projected in the forward-looking statements, including the risks associated with: entering the U.S. market, the ability to realize the anticipated benefits associated with the acquisition of Reliva, achievement of Aurora’s business transformation plan, general business and economic conditions, changes in laws and regulations, product demand, changes in prices of required commodities, competition, the effects of and responses to the COVID-19 pandemic and other risks, uncertainties and factors set out under the heading “Risk Factors” in the Company’s annual information form dated September 24, 2020 (the “AIF “) and filed with Canadian securities regulators available on the Company’s issuer profile on SEDAR at www.sedar.com and filed with and available on the SEC’s website at www.sec.gov , any of which could cause the Company to change its use of proceeds from the Offering. The Company cautions that the list of risks, uncertainties and other factors described in the AIF is not exhaustive and other factors could also adversely affect its results. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such information. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.

Cision

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SOURCE Aurora Cannabis Inc.

Published at Tue, 26 Jan 2021 15:21:31 +0000

The first-ever psychedelics ETF will launch next week, backed by a Canadian fund manager

The first-ever psychedelics ETF will launch next week, backed by a Canadian fund manager

The first-ever psychedelics ETF will begin trading on the Canadian NEO exchange next Wednesday, giving investors exposure to publicly-traded companies focused on the development of therapeutic solutions that utilize psychedelics. 

Canada-based Horizons ETF Management announced Friday that it filed its final prospectus to launch the Horizons Psychedelic Stock Index ETF (PSYK).

“PSYK will be the world’s first exchange traded fund (“ETF”) focused on the emerging psychedelics opportunity led by life science and pharmaceutical companies,” Horizons ETFs said Friday. 

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Published at Mon, 25 Jan 2021 15:40:18 +0000

2 Marijuana Stocks To Watch This Week That May Pick Up More Momentum

2 Marijuana Stocks To Watch This Week That May Pick Up More Momentum




2 Marijuana Stocks To Watch This Week That May Pick Up More Momentum | Marijuana Stocks | Cannabis Investments and News. Roots of a Budding Industry.™

























Published at Sun, 24 Jan 2021 17:43:29 +0000

Psyched Wellness Announces C$3M Bought Deal Private Placement Led by Canaccord Genuity

Psyched Wellness Announces C$3M Bought Deal Private Placement Led by Canaccord Genuity

TORONTO, Jan. 21, 2021 /CNW/ – Psyched Wellness Ltd. (CSE: PSYC) (OTCQB: PSYCF) (FRANKFURT: 5U9) (the “Company” or “Psyched”) a life sciences company focused on the production and distribution of artisanal functional and psychedelic mushrooms, is pleased to announce that it has entered into an agreement with Canaccord Genuity Corp., on behalf of a syndicate of underwriters (collectively the “Underwriters”), pursuant to which the Underwriters have agreed to purchase on a bought deal private placement basis, 9,700,000 units of the Company (“Units”) at a price of C$0.31 per Unit (the “Issue Price”), for aggregate gross proceeds of C$3,007,000 (the “Offering”).

Each Unit will consist of one common share of the Company (a “Common Share”) and one common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder thereof to purchase one Common Share at an exercise price of C$0.43 for a period of 36 months from the Closing Date, subject to a Warrant acceleration right exercisable by the Company if, at any time following the date that is four months and one day from the Closing Date, the daily volume weighted average trading price of the Company’s common shares on the Canadian Securities Exchange is greater than C$0.70 for the preceding 5 consecutive trading days.

The use of proceed will be to fully fund the pre-clinical trials of our Amanita Muscaria extract, AME-1 and to continue our scientific research of AME-1 and its potential benefits for people suffering from serious mental and physical health issues.

The Offering is scheduled to close on or about February 12, 2021 (the “Closing Date”), and is subject to certain conditions customary for transactions of this nature, including, but not limited to, the receipt of all necessary approvals, including the approval of the Canadian Securities Exchange.

The securities issued under the Offering will be subject to a statutory hold period of four months and one day following the Closing Date.
The securities to be offered pursuant to the Offering have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Neither the Canadian Securities Exchange nor its Regulation Services Provider have reviewed or accept responsibility for the adequacy or accuracy of this release.

About Psyched Wellness Ltd.:

Psyched Wellness Ltd. is a Canadian-based health supplements company dedicated to the distribution of mushroom-derived products and associated consumer packaged goods. The Company’s objective is to create premium mushroom-derived products that have the potential to become a leading North American brand in the emerging functional food category.  The Company is in the process of developing a line of Amanita muscaria-derived water-based extracts, teas and capsules designed to help with three health objectives: promote stress relief, relaxation and assist with restful sleeping. 

Cautionary Note Regarding Forward-looking Information

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the Offering and use of proceeds of the offering. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

SOURCE Psyched Wellness Ltd.
For further information: Jeffrey Stevens, Chief Executive Officer, Psyched Wellness Ltd., Tel: 647-400-8494, Email: jstevens@psyched-wellness.com, Website: http://www.psyched-wellness.com
 

Published at Fri, 22 Jan 2021 16:56:30 +0000

Aurora Cannabis Inc. Announces US$125 Million Bought Deal Financing

Aurora Cannabis Inc. Announces US$125 Million Bought Deal Financing

Aurora Cannabis Inc. (“Aurora” or the “Company”) has announced today that it has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets and ATB Capital Markets, under which the underwriters have agreed to buy on bought deal basis 12,000,000 units of the Company (the “Units”), at a price of US$10.45 per Unit for gross proceeds of approximately US$125 million (the “Offering”). Each Unit will be comprised of one common share of the Company (a “Common Share”) and one half of one common share purchase warrant of the Company (each full common share purchase warrant, a “Warrant”). Each Warrant will be exercisable to acquire one common share of the Company (a “Warrant Share”) for a period of 36 months following the closing date of the Offering at an exercise price of US$12.60 per Warrant Share, subject to adjustment in certain events.

The Company has granted the Underwriters an option, exercisable at the offering price for a period of 30 days following the closing of the Offering, to purchase up to an additional 10% of the Offering to cover over-allotments, if any. This option may be exercised by the Underwriters for additional Units, Common Shares, Warrants or any combination of such securities.

The net proceeds of the offering will be used for general corporate purposes, which may include opportunistically reducing debt. The Company believes that the Offering fits with its broader strategy to have a strong balance sheet while maintaining maximum flexibility to invest and build towards being a leader in global cannabinoids.

The closing of the Offering is expected to take place on or about January 26, 2021 and will be subject to customary conditions, including approvals of the Toronto Stock Exchange and the New York Stock Exchange.

A prospectus supplement (the “Prospectus Supplement”) to the Company’s short form base shelf prospectus dated October 28, 2020 (the “Base Shelf Prospectus”) will be filed with the securities commissions or securities regulatory authorities in each of the provinces of Canada, except Quebec, and with the U.S. Securities and Exchange Commission (the “SEC”) as part of the Company’s registration statement on Form F-10 (the “Registration Statement”) under the U.S./Canada Multijurisdictional Disclosure System. The Prospectus Supplement, the Base Shelf Prospectus and the Registration Statement contain important detailed information about the Company and the proposed Offering. Prospective investors should read the Prospectus Supplement, the Base Shelf Prospectus and the Registration Statement and the other documents the Company has filed for more complete information about the Company and this Offering before making an investment decision.

Copies of the Prospectus Supplement, following filing thereof, and the Base Shelf Prospectus will be available on SEDAR at www.sedar.com and copies of the Prospectus Supplement and the Registration Statement will be available on EDGAR at www.sec.gov . Copies of the Prospectus Supplement, following filing thereof, the Base Shelf Prospectus and the Registration Statement may also be obtained from BMO Capital Markets by contacting BMO Capital Markets, Brampton Distribution Centre C/O The Data Group of Companies, 9195 Torbram Road, Brampton, Ontario, L6S 6H2 or by telephone at (905) 791-3151 Ext 431 or by email at torbramwarehouse@datagroup.ca or from BMO Capital Markets Corp., Attn: Equity Syndicate Department, 3 Times Square, 25th Floor, New York, NY 10036 (Attn: Equity Syndicate), or by telephone at (800) 414-3627 or by email atbmoprospectus@bmo.com . Copies of such documents may also be obtained from ATB Capital Markets Inc., Attn: Gail O’Connor, 410-585 8th Ave SW, Calgary, Alberta, T2P 1G1, (403) 539-8629 or by email from atbcm_dealflow@atb.com .

No securities regulatory authority has either approved or disapproved of the contents of this press release. This press release is for information purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Aurora

Aurora is a global leader in the cannabis industry serving both the medical and consumer markets. Headquartered in Edmonton, Alberta, Aurora is a pioneer in global cannabis dedicated to helping people improve their lives. The Company’s brand portfolio includes Aurora, Aurora Drift, San Rafael ‘71, Daily Special, AltaVie, MedReleaf, CanniMed, Whistler, and Reliva CBD. Providing customers with innovative, high-quality cannabis products, Aurora’s brands continue to break through as industry leaders in the medical, performance, wellness and recreational markets wherever they are launched. For more information, please visit our website at www.auroramj.com .

Aurora’s common shares trade on the TSX and NYSE under the symbol “ACB”, and is a constituent of the S&P/TSX Composite Index.

Further Information

For Media:For Investors:
Michelle LeflerICR, Inc.
VP, Communications & PRInvestor Relations
media@auroramj.comaurora@icrinc.com

Forward Looking Statements

This news release includes statements containing certain “forward-looking information” within the meaning of applicable securities law (“forward-looking statements “). Forward-looking statements are frequently characterized by words such as “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements made in this news release include statements regarding: the timing and completion of the Offering and the expected use of proceeds of the Offering. These forward-looking statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward looking statements are based on the opinions, estimates and assumptions of management in light of management’s experience and perception of historical trends, current conditions and expected developments at the date the statements are made, such as current and future market conditions, the ability to maintain SG&A costs in line with current expectations, the ability to achieve high margin revenues in the Canadian consumer market, the current and future regulatory environment and future approvals and permits. Forward-looking statements are subject to a variety of risks, uncertainties and other factors that management believes to be relevant and reasonable in the circumstances could cause actual events, results, level of activity, performance, prospects, opportunities or achievements to differ materially from those projected in the forward-looking statements, including the risks associated with: entering the U.S. market, the ability to realize the anticipated benefits associated with the acquisition of Reliva, achievement of Aurora’s business transformation plan, general business and economic conditions, changes in laws and regulations, product demand, changes in prices of required commodities, competition, the effects of and responses to the COVID-19 pandemic and other risks, uncertainties and factors set out under the heading “Risk Factors” in the Company’s annual information form dated September 24, 2020 (the “ AIF ”) and filed with Canadian securities regulators available on the Company’s issuer profile on SEDAR at www.sedar.com and filed with and available on the SEC’s website at www.edgar.gov. The Company cautions that the list of risks, uncertainties and other factors described in the AIF is not exhaustive and other factors could also adversely affect its results. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such information. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.


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Published at Thu, 21 Jan 2021 21:25:55 +0000