Compass Cannabis Clinic plans to expand retail business across Canada and raises C$2.5M
Compass Cannabis Clinic (also 10330698 Canada Ltd.) announced that they have now closed the second round of financing for its clinic and retail portfolio expansion plan. Compass Cannabis Clinic has closed an oversubscribed, non-brokered private placement at a substantial increase in valuations for its existing investor base.
The proceeds of this financing totaled C$2.5 million at 31 cents per share.
Compass Cannabis is a Canadian medical cannabis consultation firm with 39 clinics that are now opened or are signed and in development across the country. The Alberta-based company intends to further expand across Alberta, British Columbia, Ontario, and Saskatchewan.
After recreational cannabis is legalized in Canada, majority of the clinics will be converted into dispensary operations where licensing will allow. Compass Cannabis Clinic has started the application process for 37 retail locations in the province of Alberta. The applications are under Compass Cannabis Clinic’s joint venture company with leading American cannabis retailer Starbuds Colorado. This joint venture company also submitted multiple applications for Saskatchewan’s RFP process for retail.
Cannara Biotech teams up with FV Pharma to expand Quebec indoor medical cannabis production
Cannara Biotech announced that it has signed a partnership deal with FV Pharma Inc. to create the biggest indoor medical marijuana growing operation in Canada. The two companies have a combined floor area of more than 1.25 million square feet of indoor cannabis cultivation capacity.
Cannara Biotech has a new 625,000-square-foot property in Farnham that is expected to be Quebec’s largest indoor medical marijuana production facility. This site is ideally located around 45 minutes from downtown Montreal and will leverage the low electricity cost of the province to produce superior quality medical cannabis at a much lower per-gram cost.
Quebec is the second-largest province in Canada in terms of population. It is also the second-largest cannabis consumer in the country. Currently, however, there are only six medical cannabis licenses awarded in the province. This is far less than the number of licenses awarded in Ontario and British Columbia. Together, these two provinces have 71 licensed producers.
Furthermore, Quebec boasts having the lowest electricity cost among other provinces in North America.
According to Cannara Biotech President and CEO Zohar Krivorot, they will be able to produce the highest quality cannabis products at the lowest price, thanks to the benefits of growing cannabis indoors in Quebec.
With the new partnership, Ontario-based FV Pharma is planning to operate a second production facility within Cannara’s new Quebec site. The two companies intend to strategically collaborate on multiple upcoming projects. Currently, Cannara is in the process of applying for its own ACMPR license.
Aphria sends first shipment of medical cannabis products to Australian partner Althea
Ontario-based Aphria announced that it has sent its first shipment of medical marijuana to its Australian partner, Althea Company. Aphria is a producer of quality medical cannabis products that are safe, effective, and 100% greenhouse grown.
The two companies have earlier entered into a partnership deal, wherein Aphria will provide Althea with packaged co-branded dried flower and cannabis oil products for Australia’s medical cannabis market. Before shipment, the companies have been granted an import certificate by Australia’s Office of Drug Control as well as an export certificate by Health Canada.
According to Gregg Battersby, Aphria’s Vice President-Commercial Strategy, the two companies are excited that Australian patients who need medical cannabis treatment will now have access to Aphria’s pharmaceutical-grade, safe, and clean medical cannabis products.
Althea Company, which supplies high-quality medicinal cannabis to eligible Australian patients, was very recently granted a Medicinal Cannabis License by the Australian Government’s Office of Control.