Most profitable pure play public cannabis company in Canada^1,2

CALGARY, AB, Aug. 17, 2023 /CNW/ – Decibel Cannabis Company Inc. (the “Company” or “Decibel”) (TSX-V: DB) (OTCQB: DBCCF), a market leader in premium cannabis and extract manufactured products, is pleased to announce its interim financial results for the three and six month periods ending June 30, 2023.

“Our strong second quarter sequential net revenue growth, driven by demand for our core products and international exports, continues to exceed our publicly-stated targets.” said Paul Wilson, CEO of Decibel. “We continue to highlight the success in our new, unique and innovative product strategy, demonstrated through clear consumer preference to our infused pre-roll strategy. In 2023, our industry leading brand, General Admission, has grown category share to 49%³ (+6% YTD³) in light of significant category competition through new competitive brands: +50 Brands³ (+56% YTD³) & New SKU’s: +156 SKU’s³ (+62% YTD³). Currently the infused pre-roll segment makes up ~34% of the Canadian pre-roll category³, in established US markets it makes up ~60% (California & Arizona YTD Sales ’23³). We continue to see tailwinds for our core business that will further reinforce our Canadian market position and international presence.”

Second Quarter Highlights

• Record National Market Share⁽⁴⁾ of 7.5% in Q2 2023 which placed Decibel as the 2^nd largest licensed producer in Canada by market share.
• Record Net Revenue of $30.9 million in the second quarter of 2023, with sequential growth of 14% over the prior quarter, and year over year growth of 66%. Net revenue improvement was driven by net Canadian recreational sales through growth in demand for vapes and infused products, increased manufacturing capacity, international sales, and the launch of the Company’s new brand Vox and General Admission Edibles near the end of the quarter.
• Gross Margin Before Fair Value Adjustments was 42% in the second quarter of 2023, compared to 49% in the prior quarter and 41% in the first quarter of 2022. The second quarter was impacted by a $754 thousand write off of aged product and increased temporary labour of $0.9 million to meet market demand as the Company is in the process of expanding manufacturing capacity.
• Record Adjusted EBITDA⁽²⁾ of $7.3 million in the second quarter of 2023, with sequential growth of 8% over the prior quarter and year over year growth of 126%.
• Positive Free Cash Flow⁽²⁾ of $0.5 million in the second quarter of 2023, with sequential decline of 75% over the prior quarter and a year over year decline of 51%. During the quarter, the Company reduced accounts payable by $4.2 from the prior quarter, which negatively impacted Free Cash Flow.
• Record Adjusted Net Income⁽²⁾ of $4.3 million in the second quarter of 2023, with sequential growth of 27% over the prior quarter and a year over year improvement of $4.2 million.
• Adjusted Earnings Per Share (“Adjusted EPS”)⁽⁵⁾: of $0.01 Adjusted EPS in the second quarter, consistent with the prior quarter and a year over year improvement of $0.01.

Year to Date Highlights

• Net Revenue of $58.0 million, an increase of 65% over 2022.
• Adjusted EBITDA⁽²⁾ of $14.1 million, an increase of 147% over 2022.
• Positive Free Cash Flow⁽²⁾ of $2.3 million, a decrease of 14% over 2022 driven by a $3.7 million reduction in accounts payable.
• Adjusted EPS⁽⁴⁾ of $0.02, an increase of $0.02 over 2022.

Link to Decibel’s Investor Presentation

Decibel’s interim financial statements for the three and six month periods ending June 30, 2023 (“Financial Statements”) and related Management’s Discussion & Analysis for three and six month periods ending June 30, 2023, are available under the Company’s profile at www.sedar.com.

As of June 30, 2023, Decibel was in compliance with all of its financial covenants under its credit facilities and expects to remain in compliance for the remainder of its twelve-month forecast period.

About Decibel 

Decibel is a consumer-focused cannabis company focused on delivering products that delight customers through a commitment to robust innovation and product quality. Leading brands General Admission, Qwest, and Vox are among its portfolio sold both across Canada and beginning to extend towards new countries to create a global footprint. Decibel operates a processing and manufacturing facility in Calgary, Alberta, and two cultivation facilities in Creston, British Columbia, and Battleford, Saskatchewan.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statements 

Non-GAAP Measures 

This press release contains certain financial performance measures that are not recognized or defined under IFRS (termed “Non-GAAP Measures”). As a result, this data may not be comparable to data presented by other licensed producers and cannabis companies. For an explanation of these measures to related comparable financial information presented in the Financial Statements prepared in accordance with IFRS, refer to the discussion below. The Company believes that these Non-GAAP Measures are useful indicators of operating performance and are specifically used by management to assess the financial and operational performance of the Company. Accordingly, these Non-GAAP Measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. 

Non-GAAP Financial Measures 

Adjusted EBITDA is a non-GAAP financial measure that is calculated as net loss and comprehensive loss excluding unrealized gain on changes in fair value of biological assets, change in fair value of biological assets realized through inventory sold, depreciation and amortization expense, share-based compensation, other income, finance costs, foreign exchange loss, non-cash production costs and severance payments. Non-cash production costs relate to amortization expense allocations included in production costs. This non-GAAP financial measure should be considered together with other financial information prepared in accordance with IFRS to enable investors to evaluate the Decibel’s operating results, underlying performance and prospects in a manner similar to Decibel’s management.

Adjusted Net Income is a non-GAAP financial measure that is calculated as net loss and comprehensive loss excluding unrealized gain on changes in fair value of biological assets and change in fair value of biological assets realized through inventory sold. Adjusted EPS is a non-GAAP ratio that is calculated as net loss and comprehensive loss excluding unrealized gain on changes in fair value of biological assets and change in fair value of biological assets realized through inventory sold, divided by the weighted average common shares outstanding.  These measures intended to provide a proxy for the Company’s net income and comprehensive income and is used to compare Decibel to its competitors and derive expectations of future financial performance of the Company and should be considered together with other financial information prepared in accordance with IFRS to enable investors to evaluate the Decibel’s operating results, underlying performance and prospects in a manner similar to Decibel’s management.²

Free Cash Flow is a non-GAAP financial measure that is calculated as cash flow from operations less cash used in investing activities. This non-GAAP financial measure should be considered together with other financial information prepared in accordance with IFRS to enable investors to evaluate the Decibel’s operating results, underlying performance and prospects in a manner similar to Decibel’s management.

Supplementary Financial Measures

Retail Sales is a supplementary financial measure that is intended to provide a more accurate depiction of the revenue earned by the Company’s retail operations. Inventory transferred directly from the Company’s wholesale operations to the Company’s retail operations is removed from Retail Revenue as presented in the Financial Statements.

International Sales is a supplementary financial measure intended to provide a more accurate depiction of international sales earned by the Company’s wholesale operations.

Gross Canadian Recreational Sales is a supplementary financial measure intended to provide a more accurate depiction of gross revenue earned by the Company’s wholesale operations. Inventory transferred directly from the Company’s wholesale operations to the Company’s retail operations is added to Gross Canadian Recreational Sales as found in the Financial Statements to arrive at Gross Canadian Recreational Sales.

Net Canadian Recreational Sales is a supplementary financial measure intended to provide a more accurate depiction of net revenue earned by the Company’s wholesale operations. Inventory transferred directly from the Company’s wholesale operations to the Company’s retail operations is added to Net Canadian Recreational Sales as found in the Financial Statements to arrive at Net Canadian Recreational Sales.

Forward Looking Information

This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.

In this news release, forward-looking statements relate to, among other things: that the Company has strong momentum heading into 2023; expectations that demand for Decibel’s products will grow; the Company’s expectations for continued growth and momentum in the second half of 2023, the Company’s expectations for additional catalysts late summer and early fall and the timing and results of the same; the Company’s expectation that it will remain in compliance with all of its financial covenants under its credit facilities for the remainder of its twelve-month forecast period and its other business plans and expectations. There can be no assurance that such statements 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 the forward-looking statements and information contained in this news release. Except as required by law, the Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.

Forward-looking statements and FOFI (as defined herein) are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: risks relating to delays, regulatory changes and impacts, capital requirements, construction impacts, the ability to obtain and maintain licences to retail cannabis products; review of the Company’s production facilities by Health Canada and maintenance of licences (including any amendments thereto) from Health Canada in respect thereof; future legislative and regulatory developments involving cannabis; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the labour market generally and the ability to access, hire and retain employees; general business, economic, competitive, political and social uncertainties; the risk that the Company may not be able to meet consumer demand; the risk that the Company may not improve its operational capacity when anticipated, or at all; the risk that Decibel may not remain in compliance with its financial covenants for the remainder of its twelve-month forecast period; and the delay or failure to receive board, regulatory or other approvals, including any approvals of the TSX Venture Exchange, as applicable.

With respect to forward-looking statements and FOFI contained in this press release, Decibel has made assumptions regarding, but not limited to: growth of the brand and recognition in Canada will lead to growth internationally; demand for Decibel‘s products; Decibel’s ability to enter new markets and industry verticals; Decibel’s ability to attract, develop and retain key personnel; Decibel’s ability to raise additional capital and to execute on its expansion plans; the timelines for new product launches, Decibel’s ability to continue investing in infrastructure and implement scalable controls, systems and processes to support its growth; the impact of competition; the changes and trends in Decibel’s industry or the global economy; the Company’s ability to generate sufficient cash flow from operations and obtain financing, if needed, on acceptable terms or at all; the general economic, financial market, regulatory and political conditions in which the Company operates; the ability of the Company to ship its products and maintain supply chain stability; consumer interest in the Company’s products; anticipated and unanticipated costs; government regulation of the Company’s activities and products; the timely receipt of any required regulatory approvals; the Company’s ability to conduct operations in a safe, efficient and effective manner; the Company’s construction plans and timeframe for completion of such plans; and the changes in laws, rules, regulations, and global standards.

Any financial outlook or future oriented financial information (in each case “FOFI”) contained in this news release regarding prospective financial position, including, but not limited to: anticipated revenue growth and Decibel’s expectations that it will remain in compliance with its financial covenants for the remainder of its twelve-month forecast period, is based on reasonable assumptions about future events, including those described above, based on an assessment by management of the relevant information that is currently available. The actual results will likely vary from the amounts set forth herein and such variations may be material.

Readers are cautioned that the foregoing list of assumptions and risk factors is not exhaustive. The forward-looking statements and FOFI contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements and FOFI included in this news release are made as of the date hereof and Decibel does not undertake any obligation to publicly update such forward-looking statements and FOFI to reflect new information, subsequent events or otherwise unless so required by applicable securities laws.

Notes About Comparables

This news release outline’s the Company’s performance relative to third-party issuer metrics (the “Comparables“). The Comparables were considered to be an appropriate basis for comparison with Decibel as they are publicly provided by similar pure play issuers. The information relating to the Comparables has been obtained or derived from public sources, see “Market, Independent Third Party and Industry Data”. Comparables may be affected by, among other things, the size of the business, capital structure, principal market served, historical performance and growth expectations, which can vary significantly among Decibel and the issuers providing the Comparables. In addition certain Comparables may be calculated differently by other issuers, see “Non-GAAP Measures”. Accordingly, an investment decision should not be made in reliance on the Comparables.

Market, Independent Third Party and Industry Data

Certain market, independent third party and industry data contained in this news release is based upon information from government or other independent industry publications and reports or based on estimates derived from such publications and reports. Government and industry publications and reports generally indicate that they have obtained their information from sources believed to be reliable, but Decibel has not conducted its own independent verification of such information. This news release also includes certain data derived from independent third parties. While Decibel believes this data to be reliable, market and industry data is subject to variations and cannot be verified with complete certainty due to limits on the availability and reliability of raw data, the voluntary nature of the data gathering process and other limitations and uncertainties inherent in any statistical survey. Decibel has not independently verified any of the data from independent third party sources referred to in this news release or ascertained the underlying assumptions relied upon by such sources.

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.

Edward Record Transitioning to Non-Executive Board Director

LOS ANGELES, July 05, 2023–(BUSINESS WIRE)–MedMen Enterprises Inc. (“MedMen” or the “Company”) (CSE: MMEN) (OTCQX: MMNFF), a premier cannabis company with operations across the United States, today announced the appointments of Ellen Deutsch as Chief Executive Officer, effective immediately, and Amit Pandey as Chief Financial Officer, effective July 24th. Deutsch succeeds Interim CEO Edward Record, who will now continue as a non-executive member of MedMen’s Board of Directors. Deutsch has also been appointed to the Company’s Board of Directors, increasing the size of the Board of Directors to six.

“We thank Ed for his tenure as Interim CEO and success initiating MedMen’s turnaround and returning the Company to positive Adjusted EBITDA. We look forward to his continued presence as a member of our Board of Directors,” said Michael Serruya, MedMen’s Chairman. “Ellen’s leadership and strong operational experience in the public cannabis sector will prove invaluable as we complete our restructuring plan and transition into a new phase of growth for the Company.”

Deutsch brings deep operational, marketing, and financial experience and expertise in the cannabis and CPG industries, having most recently served as Senior Vice President of Market Development and Shared Services at Acreage Holdings (OTC: ACRHF), a vertically integrated, multi-state operator of cannabis cultivation and retailing facilities in the U.S. Before joining Acreage, Deutsch served as Executive Vice President/Chief Operating Officer at Stem Holdings, Inc (OTC: STMH), a vertically integrated cannabis branded products and technology company, following two decades in the C-suite of Hain Celestial (Nasdaq: Hain), predominantly as its Senior Vice President/Chief Growth Officer among other leadership roles.

“MedMen is one of the most recognizable brand names in cannabis and has a loyal base of consumers who trust it to deliver excellence in product and customer experience,” said Deutsch. “It is an exciting challenge to lead its team of dedicated professionals to deliver value for all stakeholders as we enter a new phase of the Company’s strategic vision and implement plans to strengthen our core.”

Pandey joins MedMen with a lengthy financial background in private and public markets spanning cannabis, consumer packaged goods (CPG), and fintech. He previously served as Executive Vice President and Interim Chief Financial Officer of Finance at Clever Leaves International, Inc (NASDAQ: CLVR), a global medical cannabis company with one of the world’s largest cultivation and extraction capacities, which he joined in its early stages and led to the public listing on NASDAQ. Prior to Clever Leaves International, Pandey served as the Chief Financial Officer of PayCommerce, LLC, a private-equity-backed B2B global cross-border platform fintech SAAS firm.

“Amit’s considerable background and experience in both the public and private capital markets in cannabis and CPG sectors will be critical to MedMen’s short-term restructuring and long-term growth,” said Serruya. “With the addition of Ellen and Amit, MedMen has completed the buildout of its go-forward management team.”

ABOUT MEDMEN:

MedMen is a premier American cannabis company with operations across the United States, in California, Nevada, Illinois, Arizona, Massachusetts, and New York. Known for its leading MedMen and LuxLyte brands, MedMen curates the best products for its retail operations and drives consumer loyalty with reward programs and convenience including home-delivery and curbside pickup. MedMen believes that a world where cannabis is legal and regulated is safer, healthier and happier.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230705616141/en/

Contacts

Lisa Weser
Trailblaze
MedMen@Trailblaze.co

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.

Canonic’s second generation products are characterized by high levels of THC, the primary psychoactive ingredient in cannabis, at 23% and above; the highest THC percentage allowed in Israel being 24.4%. The six new products released into the market in Israel are named: Synergy (THC 24%), Combo (THC 24%), Mosaic (THC 23%), Two Stars (THC 24.2%), Mash Kush (THC 24.4%) and Blend Kush (THC 23.8%).

The new products were developed through breeding programs carried out by Canonic in parallel to the release in 2021 of Canonic’s first-generation two products: G200 (THC 19%) & G150 (THC 18%). The second-generation products were developed using proprietary sets of novel genetic markers developed in collaboration with Evogene, using its GeneRator AI tech-engine, specifically looking for a higher level of THCs and particular terpene characteristics. The use of novel genetic markers directed and accelerated the breeding process towards the unique cannabis lines with desired characteristics, based on market feedback. This made the entire product development process faster and more accurate in achieving the right characteristics in the designed variety.

Eyal Ronen, Chief Executive Officer of Canonic, commented, “Utilizing Canonic’s and Evogene’s advanced technologies for selecting novel genetic markers, allowed us to accelerate & direct the development of our advanced cannabis varieties. We are very proud to have completed the launch of six new products in the Israeli market, and we expect sales growth in 2023. Looking ahead, we will continue the development of our third-generation products, particularly with selecting new and unique terpenes. Furthermore, we intend to sell our products to broader markets starting with Europe.”

About Canonic Ltd.:

Canonic is a subsidiary of Evogene Ltd. (Nasdaq: EVGN, TASE: EVGN), developing medical cannabis products utilizing Evogene’s proprietary GeneRator AI engine. The Company’s development products aim to improve active compounds, genetic stability, and cannabis varieties for specific medical effects. In addition, the Company’s strategy includes the development of cannabis varieties to commercialize medical cannabis products independently or through collaborations. Canonic has exclusive access to Evogene’s genomic assets and technology for the development of medical cannabis products.

About Evogene Ltd.:

Evogene (Nasdaq: EVGN, TASE: EVGN) is a computational biology company aiming to revolutionize the development of life-science based products by utilizing cutting edge technologies to increase the probability of success while reducing development time and cost. Evogene established three unique technological engines – MicroBoost AI, ChemPass AI, and GeneRator AI – leveraging Big Data and Artificial Intelligence and incorporating a deep multidisciplinary understanding of life sciences. Each technological engine is focused on the discovery and development of products based on one of the following core components: microbes (MicroBoost AI), small molecules (ChemPass AI), and genetic elements (GeneRator AI). Evogene uses its technological engines to develop products through subsidiaries and strategic partners. Evogene’s main subsidiaries currently utilize the technological engines to develop human microbiome-based therapeutics by Biomica Ltd., medical cannabis products by Canonic Ltd., ag-chemicals by AgPlenus Ltd., and ag-biologicals by Lavie Bio Ltd.

Forward Looking Statements:

This press release contains “forward-looking statements” relating to future events. These statements may be identified by words such as “may”, “could”, “expects”, “intends”, “anticipates”, “plans”, “believes”, “scheduled”, “estimates”, “demonstrates”, or words of similar meaning. For example, Evogene and Canonic are using forward-looking statements in this press release when they discuss the sales growth in 2023, development of third-generation products, sale to broader markets including Europe. Such statements are based on current expectations, estimates, projections and assumptions, describe opinions about future events, and involve certain risks and uncertainties which are difficult to predict and are not guarantees of future performance. Therefore, actual future results, performance or achievements of Evogene and its subsidiaries may differ materially from what is expressed or implied by such forward-looking statements due to a variety of factors, many of which are beyond the control of Evogene and its subsidiaries, including, without limitation, those risk factors contained in Evogene’s reports filed with applicable securities authorities. Evogene and its subsidiaries disclaim any obligation or commitment to update these forward-looking statements to reflect future events or developments or changes in expectations, estimates, projections and assumptions.

NORWOOD, Mass., Feb. 07, 2022 (GLOBE NEWSWIRE) — MariMed, Inc. (OTCQX: MRMD) (“MariMed” or the “Company”), a leading multi-state cannabis operator focused on improving lives every day, today announced that its award-winning cannabis brands and products are now available in Delaware. As a result of new regulations in the Delaware Medical Marijuana program, MariMed has expanded its licensing agreement with First State Compassion Center (“FSC”), a leading Delaware vertically integrated cannabis operator, to produce and distribute its branded cannabis edibles.

First State Compassion will have exclusive rights to produce and distribute MariMed’s Betty’s Eddies® infused fruit chews, Bubby’s Baked soft and chewy, full-spectrum cannabis baked bites, and k FUSION chewable micro-dose mints. MariMed and FSC have a longstanding advisory relationship. FSC currently licenses MariMed’s Nature’s Heritage® premium flower and concentrates brand.

“FSC is delighted to provide these fantastic products designed to meet the needs of the patients in the Delaware Medical Cannabis program,” said Mark Lally, CEO of First State Compassion. “We are proud that MariMed has trusted our team to produce its valued brands to the required quality levels.”

“We are thrilled to bring our popular portfolio of edibles brands to Delaware,” said Bob Fireman, Chief Executive Officer of MariMed. “We have enjoyed a tremendous working relationship with First State Compassion and know that it will produce our products with the same consistency, great taste, and great experience that our brands deliver in many other markets.”

With the addition of Delaware, MariMed’s brands will now be available in six states plus Puerto Rico with more to come in the future.

For more information on MariMed and its brands, please visit www.marimedinc.com.

About MariMed

MariMed Inc., a multi-state cannabis operator, is dedicated to improving lives every day through its high-quality products, its actions, and its values. The Company develops, owns, and manages seed to sale state-licensed cannabis facilities, which are models of excellence in horticultural principles, cannabis cultivation, cannabis-infused products, and dispensary operations. MariMed has an experienced management team that has produced consistent growth and success for the Company and its managed business units. Proprietary formulations created by the Company’s technicians are embedded in its top-selling and award-winning products and brands, including Betty’s Eddies®, Nature’s Heritage®, Bubby’s Baked, k FUSION, and Kalm FUSION®. For additional information, visit www.marimedinc.com.

Investor Relations Contact:
Steve West
Vice President, Investor Relations
Email: [email protected]

Media Contact:
Trailblaze PR
Email: [email protected]

Company Contact:
Howard Schacter
Chief Communications Officer
Email: [email protected]

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.

About Entourage Health Corp.

Entourage Health Corp. (formerly WeedMD Inc.) is the publicly traded parent company of WeedMD RX Inc. and CannTx Life Sciences Inc., licence holders producing and distributing cannabis products for both the medical and adult-use markets. The Company owns and operates a 158-acre state-of-the-art greenhouse, outdoor and processing facility located in Strathroy, ON as well as a fully licensed 26,000 sq. ft. Aylmer, ON processing facility, specializing in cannabis extraction. With the addition of Starseed Medicinal, a medical-centric brand, Entourage has expanded its multi-channeled distribution strategy. Starseed’s industry-first, exclusive partnership with LiUNA, the largest construction union in Canada, along with employers and union groups complements Entourage’s direct sales to medical patients. In October 2021, Entourage closed the acquisition of craft cultivator CannTx Life Sciences Inc. which operates out of its state-of-the-art micropropagation and specialty extraction facility in Guelph, Ontario. Craft brand Royal City Cannabis was added to Entourage’s elite product portfolio that includes adult-use brands Color Cannabis and Saturday Cannabis – sold across eight provincial distribution agencies. The Company also maintains strategic relationships in the seniors’ market and supply agreements with Shoppers Drug Mart. It is the exclusive Canadian producer and distributor of award-winning U.S.-based wellness brand Mary’s Medicinals sold in both medical and adult-use channels. Entourage recently announced an exclusive collaboration with The Boston Beer Company subsidiary to launch cannabis-infused beverages in Canada.

Follow Entourage and its brands on LinkedIn

Twitter: Entourage, Color Cannabis, Saturday Cannabis, Starseed & Royal City Cannabis Co.

Instagram: Entourage, Color Cannabis, Saturday Cannabis, Starseed & Royal City Cannabis Co.  

For further information, please contact:

For Investor Enquiries:
Valter Pinto
Managing Director
KCSA Strategic Communications
1-212-896-1254
[email protected]

For Media Enquiries:
Marianella delaBarrera
SVP, Communications & Corporate Affairs
416-897-6644
[email protected]

Forward Looking Information

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation which are based upon Entourage’s current internal expectations, estimates, projections, assumptions and beliefs and views of future events. Forward-looking information can be identified by the use of forward-looking terminology such as “expect”, “likely”, “may”, “will”, “should”, “intend”, “anticipate”, “potential”, “proposed”, “estimate” and other similar words, including negative and grammatical variations thereof, or statements that certain events or conditions “may”, “would” or “will” happen, or by discussions of strategy.

The forward-looking information in this news release is based upon the expectations, estimates, projections, assumptions and views of future events which management believes to be reasonable in the circumstances. Forward-looking information includes estimates, plans, expectations, opinions, forecasts, projections, targets, guidance or other statements that are not statements of fact. Forward-looking information necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; loss of markets; future legislative and regulatory developments; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the cannabis industry in Canada generally; the ability of Entourage to implement its business strategies; the COVID-19 pandemic; competition; crop failure; and other risks.

Any forward-looking information speaks only as of the date on which it is made, and, except as required by law, Entourage does not undertake any obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for Entourage to predict all such factors. When considering this forward-looking information, readers should keep in mind the risk factors and other cautionary statements in Entourage’s disclosure documents filed with the applicable Canadian securities regulatory authorities on SEDAR at www.sedar.com. The risk factors and other factors noted in the disclosure documents could cause actual events or results to differ materially from those described in any forward-looking information.

LOS ANGELES, CA / ACCESSWIRE / June 10, 2021 / Cannabis Global Inc. (OTC PINK:CBGL), the majority owner of licensed cannabis manufacturer Natural Plant Extract (NPE) and Northern Light Distribution, a licensed cannabis distribution company, today provides a business update regarding upcoming product launches.

NPE, based in Lynwood, California, has completed its first round of compliance testing and is preparing for the June introduction and shipment of several new products. The products will include super premium, THC-A Diamond, Live Resin-infused cannabis pre-rolls, a new line of vegan, stevia-enhanced cannabis candy products, and top-shelf cannabis flower products based on indoor grown strains.

“In crowded, highly competitive Southern California, we need to have unique products, and that is exactly what we have created,” commented Cannabis Global CEO Arman Tabatabaei. “Among other products on deck, our premium diamond-infused pre-roll product will be a leader in potency with our first introduction topping 45% levels of THC (tetrahydrocannabinol). With a unique infusion manufacturing process and a hand-finish that allows for even concentrate distribution throughout the pre-roll, we are able to achieve both ultra-high potency and an ultra-smooth smoking experience. ”

The Company will also introduce its all-natural, vegan, cannabis-infused Pate de Fruits candy line designed to compete at the premium end of the cannabis edibles market. Pate de Fruits is made from real fruit purées, a stevia-based sweetener blend, and other “best available anywhere” ingredients. Its heat-resistant design is expected to be especially attractive to cannabis delivery companies, which often struggle with melting of edible products during the warmer months of the year.

“We are confident that cannabis consumers and our investors will be impressed with our new products,” Tabatabaei continued. “We have undoubtedly taken a product track toward ultra-premium products, as we believe this underserved area shows increasing consumer interest. We have also significantly increased our distribution business via our Northern Lights distribution company, which is co-located at our Lynwood, California, facility. Additionally, we are diligently working to complete our volatile extraction laboratory in conjunction with our project investment partner, Marijuana Company of America (OTC PINK:MCOA).”

About Cannabis Global, Inc.
Cannabis Global, Inc. is a Los Angeles-based, fully audited and reporting Company with the U.S. Securities & Exchange Commission, trading under the stock symbol CBGL. We are an emerging force in the cannabis marketplace with a growing product and proprietary intellectual property portfolio. We are marketing and producing Comply Bag, an innovative solution for cannabis storage, transport and tracking, and are the developer and marketer of the Hemp You Can Feel brand. Our subsidiary, Natural Plant Extract (NPE), is a Southern California licensed cannabis manufacturer and distributor which licenses our technologies to produce edibles for the cannabis marketplace. Cannabis Global has filed three non-provisional and multiple provisional patents for cannabis infusion and nanoparticle technologies and continues an active research & development program.

Forward-Looking Statements
This news release contains “forward-looking statements” which are not purely historical and may include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities and words such as “anticipate,” “seek,” intend,” “believe,” “estimate,” “expect,” “project,” “plan,” or similar phrases may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects, the future U.S. and global economies, the impact of competition, and the Company’s reliance on existing regulations regarding the use and development of cannabis-based products. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission. For more information, please visit www.sec.gov.

Contact:
Arman Tabatabaei
[email protected]
+1 (310)-986-4929

IR Contact:
Stuart Smith
https://www.SmallCapVoice.com/
[email protected]

SOURCE: Cannabis Global, Inc.

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.

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