BOCA RATON, Fla., Nov. 10, 2022 (GLOBE NEWSWIRE) — Stem Holdings, Inc. (OTCQX: STMH) (CSE: STEM) (the “Company” or “Stem”), a vertically integrated cannabis operator, is pleased to announce that the Company intends to complete a private placement of a USD$250,000 unsecured promissory note (the “Note”) and 250,000 common share purchase warrants (the “Warrants”) to an arm’s length lender (the “Offering”). The Offering is expected to close on November 11, 2022.

The Note terms provide for it to become due and payable in three months, subject to extension by the Company for an additional three months upon payment of a USD$5,000 extension fee to the lender. The Note bears interest at rate of 10% per annum payable at maturity. The Company may prepay the outstanding principal amount of the Note together with all accrued and unpaid interest, without penalty, at any time prior to the maturity date of the Note. Each Warrant entitles the holder thereof to purchase one (1) common share (“Warrant Share”) at a price of USD$0.05 for a period of thirty-six (36) months after closing of the Offering. The net proceeds from the issuance will be used for working capital and for general corporate expenses. The Warrants and Warrant Shares will be subject to a hold period of four months and one day from the date of closing of the Offering in accordance with applicable Canadian securities laws.

About Stem Holdings, Inc.
Stem is a multi-state, vertically integrated, cannabis company that, through its subsidiaries and its investments, is engaged in the cultivation, processing, packaging, distribution, and branding of cannabis, hemp and their derivatives, including oils, edibles, concentrates. Additionally, the Company purchases, improves, leases, operates, and invests in properties for use in the production, distribution and sales of cannabis and cannabis-infused products licensed under the laws of the states of Oregon, Nevada, and California. As of June 30, 2022, Stem had ownership interests in 23 state issued cannabis licenses including nine (9) licenses for cannabis cultivation, three (3) licenses for cannabis processing, two (2) licenses for cannabis wholesale distribution, three (3) licenses for hemp production and (6) cannabis dispensary licenses.

Additional information about the Company can be viewed on SEDAR, the Canadian disclosure filings website at www.sedar.com.

For further information regarding the above, contact the Company using the information set forth below.

Cautionary Statements Regarding Forward-Looking Information:

CANADA

This news release includes certain “forward-looking statements” under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements with respect to the terms and conditions of the proposed Offering; the Company’s objectives, goals or future plans; the receipt of the requisite approvals with respect to the Offering and the business and operations of the Company following the completion of the Offering. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks,
uncertainties and other factors which may cause 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: general business, economic and social uncertainties; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; delay or failure to receive board or regulatory approvals; those additional risks set out in the Company’s public documents filed on SEDAR at www.sedar.com; and other matters discussed in this news release. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, the Company and Legible disclaim any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

Reader Advisory

Completion of the Offering is subject to a number of conditions, including but not limited to CSE acceptance. There can be no assurance that the Offering will be completed as proposed or at all.

UNITED STATES

Cautionary Note Regarding Forward-Looking Information

This press release contains statements that constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the management of Stem and Driven Deliveries with respect to future business activities. Forward-looking information is often identified by the words “may,” “would,” “could,” “should,” “will,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “expect” or similar expressions and includes information regarding: (i) the ability of the surviving entity to integrate the combined operations of the parties; (ii) the exchange ratio and closing date for the Amalgamation, together with expectations around the accretive nature of the Amalgamation; (iii) the expansion of the surviving entity’s market following the closing of the Amalgamation and the ability to scale operations; (iv) the expected management of the surviving entity; and (v) the expected cost savings and other efficiencies following the closing of the Amalgamation. Investors are cautioned that forward-looking information is not based on historical facts but instead reflects the management of the Company’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the surviving entity. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: changes in general economic, business and political conditions, including changes in the financial markets; the ability of the surviving entity to raise debt and equity capital in the amounts and at the costs that it expects; adverse changes in the public perception of cannabis; construction delays; decreases in the prevailing prices for cannabis and cannabis products in the markets that the surviving entity will maintain operations; adverse changes in applicable laws; adverse changes in the application or enforcement of current laws, including those related to taxation; the inability to locate and acquire suitable companies, properties and assets necessary to execute on the surviving entity’s business plans; political risk; and increasing costs of compliance with extensive government regulation. This forward-looking information may be affected by any number of risks and uncertainties affecting the business of the surviving entity and applicable market conditions.

Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the parties to the Amalgamation have attempted to (and will continue efforts) to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not assume any obligation to update this forward-looking information except as otherwise required by applicable law.

No securities regulatory authority has in any way passed upon the merits of the proposed Offerings described in this news release or has approved or disapproved of the contents of this news release.

Media Contact:
Regina Costa
Director of Public Relations
561-948-5410
[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.

CHICAGO–(BUSINESS WIRE)–Cresco Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco” or “the Company”), a vertically integrated multi-state operator and the No. 1 U.S. wholesaler of branded cannabis, and Columbia Care (NEO:CCHW) (CSE:CCHW) (OTCQX:CCHWF) (“Columbia Care”), today announced the signing of definitive agreements to divest certain New York, Illinois, and Massachusetts assets (the “Assets”) to an entity owned and controlled by Sean “Diddy” Combs (the “Transaction”). The divestiture of the Assets is required for Cresco to close its previously announced acquisition of Columbia Care (the “Columbia Care Acquisition”). The Transaction is expected to close concurrently with the closing of the Columbia Care Acquisition. Total consideration for the Transaction is an amount up to US$185,000,000 (the “Purchase Price”).

The Transaction is Combs’ first investment in cannabis, the fastest growing industry in the U.S., and upon closing, will create the country’s first minority-owned and operated, vertically integrated multi-state operator. This industry-changing transaction is rooted in Cresco’s vision to develop the most responsible, respectable and robust industry possible, and advances Combs’ mission to open new doors in emerging industries for Black entrepreneurs and other diverse founders who are underrepresented and underserved. Throughout his legendary career, Combs has solidified himself as one of the most successful business leaders and cultural icons. Establishing an unrivaled track record for breaking new ground and redefining industries, he has built a portfolio of leading global brands across music, entertainment, spirits, fashion, and media. Combs has also maintained a deep commitment to philanthropy, with a focus on empowerment through education and entrepreneurship, and community activism.

These vertically integrated New York, Illinois, and Massachusetts assets provide Combs the ability to grow and manufacture cannabis products; wholesale, and distribute those branded products to licensed dispensaries in major metropolitan areas like New York City, Boston, and Chicago; and operate retail stores in all three states.

“Today’s announcement is bigger than the Transaction – and it couldn’t come at a time of greater significance and momentum. We’ve seen executive power exercised to address matters of cannabis injustice, we’re seeing bi-partisan support for elements of federal reform, and we’re seeing some of the largest and most influential states in the country launch cannabis programs prioritizing social responsibility – this announcement adds to that momentum,” said Charles Bachtell, Cresco Labs’ CEO. “For Cresco, the transaction is a major step towards closing the Columbia Care acquisition and our leadership position in one of the largest consumer products categories of the future. For an industry in need of greater diversity of leadership and perspective, the substantial presence of a minority-owned operator in some of the most influential markets in the country being led by one of the most prolific and impactful entrepreneurs of our time is momentous…and incredibly exciting. We’re thrilled to welcome Sean and his team to the industry.”

“My mission has always been to create opportunities for Black entrepreneurs in industries where we’ve traditionally been denied access, and this acquisition provides the immediate scale and impact needed to create a more equitable future in cannabis,” said Sean “Diddy” Combs, Chairman and CEO Combs Enterprises. “Owning the entire process — from growing and manufacturing to marketing, retail, and wholesale distribution — is a historic win for the culture that will allow us to empower diverse leaders throughout the ecosystem and be bold advocates for inclusion.”

Columbia Care CEO and Co-founder, Nicholas Vita, added, “These assets offer the Combs’ team significant market presence, enabling them to make the most impact on the industry as a whole. It’s been clear to us that Sean has the right team to carry on the strong legacy of these Columbia Care and Cresco Labs facilities, and we can’t wait to see how he helps shape the cannabis industry going forward through his entrepreneurial leadership and innovation.”

Terms of Transaction

The buyer entities will purchase certain Cresco and Columbia Care assets in New York, Illinois, and Massachusetts. A portion of the Purchase Price would be payable upon closing of the Transaction, subject to adjustments contained in the definitive agreements, and will be comprised of approximately US$110,000,000 in cash and approximately US$45,000,000 of seller notes. The remaining portion of the Purchase Price would be payable post-closing upon achievement of certain short-term, objective, and market-based milestones. The following combination of Cresco (“CL”) and Columbia Care (“CC”) assets will be divested in the Transaction:

• New York: Brooklyn (CC), Manhattan (CC), New Hartford (CL), and Rochester (CC) retail assets and Rochester (CC) production asset.
• Massachusetts: Greenfield (CC), Worcester (CL), and Leicester (CL) retail assets and Leicester (CL) production asset.
• Illinois: Chicago – Jefferson Park (CC) and Villa Park (CC) retail assets and Aurora (CC) production asset.

The closing of the Transaction is subject to certain closing conditions in the definitive agreements, including the receipt of all required regulatory approvals; clearance under the Hart-Scott-Rodino Antitrust Improvements Act; and the closing of the Columbia Care Acquisition.

Cresco and Columbia Care are in the process of divesting other assets to meet regulatory requirements ahead of closing the Columbia Care Acquisition. Additional announcements regarding those divestitures will be forthcoming. The Company is working through regulatory reviews and approvals to close the Columbia Care Acquisition as soon as possible which is now expected to be around the end of the first quarter of 2023.

Tarik Brooks, who serves on Cresco’s Board of Directors (the “Board”) and as the President of Combs Enterprises, recused himself from Cresco’s review and approval of the Transaction. In accordance with the Company’s policies, the Transaction was reviewed and approved by an independent committee of the Board as well as all disinterested Board members. The Board received certain financial advisory services from A.G.P/Alliance Global Partners in connection with its consideration of the Transaction. Columbia Care’s Board of Directors also approved the Transaction.

Financial and Legal Advisors

Stoic Advisory Inc. and Solidum Capital Advisors are acting as financial advisor to Cresco Labs. Paul Hastings LLP is acting as US legal advisor to Cresco Labs.

ATB Capital Markets and Gramercy Capital Group, LLC (through INTE Securities LLC, member FINRA/SIPC), are acting as financial advisor to Columbia Care. Foley Hoag LLP is acting as US legal advisor to Columbia Care.

Evercore and Empowerment IP Capital are acting as financial advisor to Combs. Goodwin Proctor is acting as US legal advisor to Combs.

Media Kit: https://stashbox.crescolabs.com/s/f43hn3348pq8gjkfgcvn9mq

Forward-Looking Statements

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995 (collectively, “forward-looking statements”). Such forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company’s and Columbia Care’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s and Columbia Care’s control. Generally, such forward-looking statements can be identified by the use of forward-looking terminology such as, ‘may,’ ‘will,’ ‘should,’ ‘could,’ ‘would,’ ‘expects,’ ‘plans,’ ‘anticipates,’ ‘believes,’ ‘estimates,’ ‘projects,’ ‘predicts,’ ‘potential’ or ‘continue’ or the negative of those forms or other comparable terms. The Company’s forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including but not limited to those risks discussed under “Risk Factors” in the Company’s Annual Information Form for the year ended December 31, 2021, filed on March 25, 2022, in Columbia Care’s Form 10, filed on May 9, 2022, and other documents filed by the Company and Columbia Care with Canadian and U.S. securities regulatory authorities, as applicable; and other factors, many of which are beyond the control of the Company and Columbia Care. Readers are cautioned that the foregoing list of factors is not exhaustive. Because of these uncertainties, you should not place undue reliance on forward-looking statements. No assurances are given as to the future trading price or trading volumes of Cresco Labs’ or Columbia Care shares, nor as to the Company’s or Columbia Care’s financial performance in future financial periods. The Company and Columbia Care do not intend to update any of these factors or to publicly announce the result of any revisions to any of the forward-looking statements contained herein, whether as a result of new information, any future event or otherwise. Except as otherwise indicated, this press release speaks as of the date hereof. The distribution of this press release does not imply that there has been no change in the affairs of the Company or Columbia Care after the date hereof or create any duty or commitment to update or supplement any information provided in this press release or otherwise.

About Cresco Labs Inc.

Cresco Labs is one of the largest vertically integrated multi-state cannabis operators in the United States, with a mission to normalize and professionalize the cannabis industry. Employing a consumer-packaged goods (“CPG”) approach, Cresco Labs is the largest wholesaler of branded cannabis products in the U.S. Its brands are designed to meet the needs of all consumer segments and comprised of some of the most recognized and trusted national brands including Cresco, High Supply, Mindy’s Edibles, Good News, Remedi, Wonder Wellness Co. and FloraCal Farms. Sunnyside, Cresco Labs’ national dispensary brand, is a wellness-focused retailer created to build trust, education and convenience for both existing and new cannabis consumers. Recognizing that the cannabis industry is poised to become one of the leading job creators in the country, Cresco Labs operates the industry’s largest Social Equity and Educational Development initiative, SEED, which was established to ensure that all members of society have the skills, knowledge and opportunity to work and own businesses in the cannabis industry. Learn more about Cresco Labs at www.crescolabs.com.

About Sean “Diddy” Combs

Sean Combs has cemented himself as one of the most successful entrepreneurs and cultural icons of all-time. As Chairman and CEO of Combs Enterprises, he has a diverse portfolio of business and investments covering the music, fashion, fragrance, beverage, marketing, film, television and media industries. And now, adding cannabis to his list of businesses with the acquisition of a vertically integrated planned divestiture from Cresco Labs and Columbia Care in three top markets. Starting in the 1990’s, his Bad Boy Worldwide Entertainment Group successfully carved out a new niche within the hip-hop genre and this year he launched Love Records focusing on the R&B genre. Through a partnership with Diageo, Sean Combs’ wildly popular Ciroc Vodka has become the standard for premium vodka, prompting the entrepreneur to acquire luxury tequila brand DeLeón and launch the fitness and wellness water brand AQUAhydrate. In 2013, Sean Combs launched his own music television network, REVOLT, which continues to be a driving force in music and culture, engaging more than 80 million young adults along a multitude of platforms. In 2021, Combs bought back Sean John, his award-winning luxury fashion and lifestyle brand, and he launched several initiatives to help the underserved which included a financial readiness platform called Our Fair Share, a global online Black marketplace Empower Global, and an internship program with WME called the Excellence Program. Sean Combs continues to apply the same drive and entrepreneurial spirit to his philanthropic work and political activism, most recently with his partnership and funding of Capital Preparatory Schools on the East Coast.

About Columbia Care Inc.

Columbia Care is one of the largest and most experienced cultivators, manufacturers and providers of cannabis products and related services, with licenses in 18 U.S. jurisdictions. Columbia Care operates 131 facilities including 99 dispensaries and 32 cultivation and manufacturing facilities, including those under development. Columbia Care is one of the original multi-state providers of medical cannabis in the U.S. and now delivers industry-leading products and services to both the medical and adult-use markets. In 2021, the company launched Cannabist, its new retail brand, creating a national dispensary network that leverages proprietary technology platforms. The company offers products spanning flower, edibles, oils and tablets, and manufactures popular brands including Seed & Strain, Triple Seven, Hedy, gLeaf, Classix, Press, Amber and Platinum Label CBD. For more information on Columbia Care, please visit www.columbia.care.

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.

Second Quarter 2022 Revenue Growth of 52.4% YoY and 17.6% QoQ to $72.8 million

Completed NuLeaf Acquisition and Expanded Vertically Integrated Footprint in Nevada

Established Fifth Vertically Integrated State-Level Operation in Ohio with Medical Dispensary License Win

BOCA RATON, Fla., Aug. 29, 2022 (GLOBE NEWSWIRE) — Jushi Holdings Inc. (“Jushi” or the “Company”) (CSE: JUSH) (OTCQX: JUSHF), a vertically integrated, multi-state cannabis operator, announced its financial results for the second quarter 2022 (“Q2 2022”) ended June 30, 2022. The Company became a U.S. reporting company effective August 12, 2022. All financial information is provided in U.S. dollars unless otherwise indicated and are prepared under U.S. Generally Accepted Accounting Principles (“GAAP”).

Second Quarter 2022 Highlights

• Total revenue of $72.8 million, an increase of 52.4% year-over-year and 17.6% as compared to the quarter ended March 31, 2022 (“Q1 2022”)
• Retail revenue increased 16.1% to $67.3 million and wholesale revenue increased 42.1% to $5.5 million, as compared to Q1 2022
• Gross profit of $26.7 million, an increase of 17.2% year-over-year and 39.5% as compared to Q1 2022
• Adjusted gross profit of $27.8 million, an increase of 19.1% year-over-year and 12.3% as compared to Q1 2022
• Net Income of $12.1 million
• Adjusted EBITDA of $0.5 million
• Cash and cash equivalents were $43.2 million as of the quarter end

Second Quarter 2022 Operational Highlights

• Expanded the Company’s vertically integrated footprint in Nevada with the completion of the NuLeaf, Inc. (“NuLeaf”) acquisition, adding a 27,000 sq. ft. cultivation facility, a 13,000 sq. ft. processing facility, and three adult-use and medical retail dispensaries in the state
• Opened the 32^nd and 33^rd retail locations nationwide, marking the Company’s third Beyond Hello location in California and fourth dispensary in Nevada
• Awarded a provisional medical marijuana dispensary license in the Cincinnati Tri-State Area of Ohio, establishing the Company’s fifth vertically integrated state-level operation
• Debuted two new product lines in Pennsylvania under the Company’s brand The Lab, including a line of solventless live rosin extracts and a line of hydrocarbon extracts, comprised of high-quality vapes and concentrates

Recent Developments

• Transitioned from IFRS to U.S. GAAP reporting as a result of becoming a U.S. reporting issuer as of August 12, 2022
• Opened the 34^th retail location nationwide and third Beyond Hello dispensary in Alexandria, Virginia
• Opening the 35^th retail location nationwide and fourth Beyond Hello dispensary in Fairfax, Virginia on August 31, 2022

Management Commentary

“We are pleased to report solid second quarter top-line growth and improved sequential profitability, a strong indication that our strategy, capital investments and cost savings initiatives are building a strong foundation on which we can continue to execute, despite the challenging macroeconomic environment,” said Jim Cacioppo, Chief Executive Officer, Chairman and Founder of Jushi Holdings Inc. “The development of our footprint in Nevada, including the addition of NuLeaf’s high-quality assets, were meaningful contributors to our retail performance in the second quarter.”

Mr. Cacioppo continued, “In the second quarter, we completed the first phase of construction of the cultivation portion of our grower-processor facilities in Pennsylvania and Virginia. In these two very important markets for Jushi, we are focused on expanding production, improving the sell-through rate of our own-branded products at our Beyond Hello^TM stores and building-out our wholesale business. We are also focused on diversifying our product portfolio, including the introduction of many new strains, along with hydro-carbon products and Live Rosin vapes and concentrates that will allow us to differentiate our product offering, while continuing to meet consumer demand.”

“Our team has done a commendable job navigating through these challenging market conditions. I am confident that our strong foundation and cost discipline will ensure we maintain our momentum into the second half of the year. We are excited about what lies ahead for Jushi and believe we are well-positioned to capitalize on the industry opportunity and drive long-term value for our shareholders,” concluded Mr. Cacioppo.

Use of Non-GAAP Financial Information

We believe that the presentation of non-GAAP financial information provides important supplemental information to management and investors regarding financial and business trends relating to our financial condition and results of operations. For further information regarding these non-GAAP measures, including the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, please refer to the financial tables below, as well as the “Reconciliation of Non-GAAP Financial Measures” section of this press release.

Financial Results for the Second Quarter 2022

The following is a tabular summary and commentary of revenue, gross profit, adjusted gross profit, net income (loss), and net income (loss) per share for the three month periods ended June 30, 2022, March 31, 2022, and June 30, 2021.

($ in millions, except per share amounts)

Revenue in Q2 2022 increased 52.4% to $72.8 million as compared to $47.7 million in the second quarter of 2021 (“Q2 2021”), driven by the Company’s acquisitions in Nevada and Massachusetts, and new Beyond Hello store openings in Pennsylvania and Virginia. Revenue increased 17.6% to $72.8 million from $61.9 million in Q1 2022. The 17.6% increase in revenue was primarily driven by the acquisitions in Nevada in the first half of 2022, including contributions from four new state dispensaries, increased retail and wholesale activity in Massachusetts, and growth in retail sales in Illinois and Virginia.

Gross profit in Q2 2022 was $26.7 million, or 36.7% of revenue, compared to $19.1 million, or 30.9% of revenue in Q1 2022. Adjusted gross profit in Q2 2022 was $27.8 million, or 38.3% of revenue, compared to $24.8 million, or 40.0% of revenue in Q1 2022. Adjusted gross margin was negatively impacted by the under absorption of fixed costs at the Company’s grower-processor facilities as the wholesale business scales and increased promotional activity of Jushi branded products in Pennsylvania.

Operating expenses in Q2 2002 were $38.7 million, or 53.3% of revenue, compared to $37.3 million, or 60.3% of revenue in Q1 2022. The 703 basis point improvement in operating expenses as a percentage of revenue was primarily driven by managing labor and staffing expenses across the organization and lower share based compensation.

Q2 2022 net income was $12.1 million, or $0.06 per basic share and net loss of $0.15 per diluted share, compared to net income of $3.6 million, or $0.02 per basic share and net loss of $0.09 per diluted share, in Q2 2021. The net loss of $0.15 per diluted share in Q2 2022 was primarily due to the dilutive impact of the outstanding warrant derivative liability.

Adjusted EBITDA in Q2 2022 was $0.5 million, an increase of $1.4 million as compared to $(0.9) million in Q1 2022 and a decrease of $4.1 million compared to $4.6 million in Q2 2021. Adjusted EBITDA expansion was slowed by infrastructure and headcount investments at our grower processors that continue to have a transitional impact as the Company scales and slower-than-expected growth of wholesale operations.

Balance Sheet and Liquidity

As of June 30, 2022, the Company had approximately $43.2 million of cash and cash equivalents. The Company paid approximately $14 million in capital expenditures during Q2 2022. For the balance of the year, we expect capital expenditures to be in the range of $15 to 25 million, prior to any potential tenant improvement reimbursements or financings, for a total of $55 to $65 million for the full year 2022, subject to market conditions and regulatory changes. As of June 30, 2022, the Company had approximately $200 million in principal amount of total debt, excluding leases and property, plant, and equipment financing obligations. As of August 29, 2022, the Company’s Acquisition Facility had $60 million of available capacity, including the $25 million accordion feature. As of August 29, 2022, the Company’s issued and outstanding shares were 195,989,084 and its fully diluted shares outstanding were 290,921,762.

Outlook

Mr. Cacioppo commented, “Moving into the second half of the year, we are revising our fourth quarter 2022 annualized revenue to be between $320 to $350 million, with a low double digit Adjusted EBITDA margin. At the retail level, we expect to open three additional Beyond Hello stores in the next four months, including two locations in Virginia and one in Ohio. We are also moving an underperforming store in Pennsylvania. Moreover, we will continue work on adding additional operational grow rooms and expanding production at our grower-processor facilities as we look to increase the sell-through rate of our own branded products through our network of retail stores, along with pursuing wholesale opportunities.”

Mr. Cacioppo concluded, “By the end of 2022, we expect to operate 37 retail locations and approximately 330,000 sq. ft. of cultivation and processing capabilities, including 100,000 sq. ft. of canopy. As always, we are fiercely committed to generating return on investment for our shareholders, and I look forward to reporting on the meaningful strides we expect to make as we continue to strengthen our business through the remainder of 2022.”

Non-Reliance on Previously Issued First Quarter 2022 Financial Statements

In connection with the preparation of the Company’s unaudited condensed consolidated financial statements for the three and six months ended June 30, 2022, the Company’s management identified errors in its previously issued unaudited condensed balance sheet as of March 31, 2022, resulting in the understatement of certain non-current assets and associated accruals. In addition, management identified errors in the unaudited condensed consolidated statement of cash flows for three months ended March 31, 2022. Such errors resulted in the understatement of net cash flows used in operating activities, the overstatement of net cash flows used in investing activities, and the understatement of net cash flows provided by financing activities during the three months ended March 31, 2022. The Company believes such errors did not impact the cash balance as of March 31, 2022, and further believes there is no net change in cash flows during the three months then ended. The Company also believes that such errors will not materially impact the unaudited condensed consolidated financial statements as of and for the three and six months ended June 30, 2022.

As a result, the Company will be required to restate its unaudited condensed interim consolidated financial statements for the Quarter Ended March 31, 2022, filed in Canada on the System for Electronic Document Analysis and Retrieval (“SEDAR”) on May 27, 2022, as amended on June 24, 2022.

On August 28, 2022, the Company’s Audit Committee concluded, after discussion with the Company’s management and its advisors, that the Company’s previously issued unaudited condensed consolidated financial statements as of and for the three months ended March 31, 2022 (“First Quarter 2022 Interim Financial Statements “) were materially misstated due to such errors. As a result, the Company’s First Quarter 2022 Interim Financial Statements should no longer be relied upon. Similarly, any previously issued or filed reports, registration statements, press releases, earnings releases and investor presentations or other communications describing the Company’s First Quarter 2022 Interim Financial Statements should no longer be relied upon.

The Company will, as soon as practicable, make the appropriate adjustments, which will include restated consolidated financial statements and any other appropriate revisions.

Conference Call and Webcast Information

The Company will host a conference call to discuss its financial results for the second quarter 2022 at 9:00 a.m. ET today, Monday, August 29, 2022.

For interested individuals unable to join the conference call, a webcast of the call will be available for one year following the conference call and can be accessed via webcast on Jushi’s Investor Relations website.

About Jushi Holdings Inc.
We are a vertically integrated cannabis company led by an industry-leading management team. In the United States, Jushi is focused on building a multi-state portfolio of branded cannabis assets through opportunistic acquisitions, distressed workouts, and competitive applications. Jushi strives to maximize shareholder value while delivering high-quality products across all levels of the cannabis ecosystem. For more information, visit jushico.com or our social media channels, Instagram, Facebook, Twitter and LinkedIn.

Forward-Looking Information and Statements

This press release contains certain “forward-looking information” within the meaning of applicable Canadian securities legislation as well as statements that may constitute “forward-looking statements” within the meaning of within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, contained in this press release, including statements regarding our strategy, future operations, intended expansion of our retail operations and production capacity, intended expansion of our cultivation facilities, future financial position, projected costs, prospects, plans and objectives of management, including without limitation Q4 2022 annualized guidance, as well as expected filings, materiality or significance and effects of errors on current or prior period financial statements, and any anticipated conclusions of the Company, the Audit Committee or the Company’s management related thereto, are forward-looking statements. These forward-looking statements are based on Jushi’s current expectations and beliefs concerning future developments and their potential effects. As a result, actual results could differ materially from those expressed by such forward-looking statements and such statements should not be relied upon. Generally, such forward-looking information or forward-looking statements 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 may contain statements that certain actions, events or results “may,” “could,” “would,” “might” or “will be taken,” “will continue,” “will occur” or “will be achieved”. The forward-looking information and forward-looking statements contained herein may include but are not limited to, information concerning the expectations regarding Jushi, or the ability of Jushi to successfully achieve business objectives, and expectations for other economic, business, and/or competitive factors. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including risks related to the ability of Jushi to successfully and/or timely achieve business objectives, including with regulatory bodies, employees, suppliers, customers and competitors; changes in general economic, business and political conditions, including changes in the financial markets; changes in applicable laws; compliance with extensive government regulation, the risk that additional information may arise prior to the completion of restated condensed consolidated interim financial statements or other subsequent events that would require us to make additional adjustments, as well as other risks, uncertainties and other cautionary statements in the Company’s public filings with the applicable securities regulatory authorities on the SEC’s website at www.sec.gov and on SEDAR at www.sedar.com. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated, or expected.

Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice.

For further information, please contact:

Investor Relations Contact:
Michael Perlman
Executive Vice President of Investor Relations
561-281-0247
[email protected]

Media Contact:
Ellen Mellody
570-209-2947
[email protected]

The financial results contained herein are the responsibility of management and have not been reviewed by the Company’s independent registered public accounting firm, remains subject to change, and should not be considered final until the Company files its second quarter 2022 Quarterly Report on Form 10-Q.

JUSHI HOLDINGS INC.
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF OPERATIONS
AND COMPREHENSIVE INCOME (LOSS)
(in thousands of U.S. dollars, except share and per share amounts)

JUSHI HOLDINGS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands of U.S. dollars, except share amounts)

JUSHI HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands of U.S. dollars)

JUSHI HOLDINGS INC.
Reconciliation of Non-GAAP Financial Measures

EBITDA, Adjusted EBITDA and Adjusted Gross Profit

In addition to providing financial measurements based on GAAP, the Company provides additional financial metrics that are not prepared in accordance with GAAP. Management uses non-GAAP financial measures, in addition to GAAP financial measures, to understand and compare operating results across accounting periods, for financial and operational decision making, for planning and forecasting purposes and to evaluate the Company’s financial performance. These non-GAAP financial measures are EBITDA, Adjusted EBITDA and Adjusted Gross Profit (defined below). Management believes that these non-GAAP financial measures reflect the Company’s ongoing business in a manner that allows for meaningful comparisons and analysis of trends in the business, as they facilitate comparing financial results across accounting periods and to those of peer companies. As there are no standardized methods of calculating these non-GAAP measures, the Company’s methods may differ from those used by others, and accordingly, the use of these measures may not be directly comparable to similar measures used by others, thus limiting their usefulness. 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 GAAP.

EBITDA, Adjusted EBITDA and Adjusted Gross Profit are financial measures that are not defined under GAAP. Management defines EBITDA as net income (loss), or “earnings”, before interest, income taxes, depreciation and amortization. Management defines Adjusted EBITDA as EBITDA before: (i) non-cash share-based compensation expense and other one-time charges; (ii) inventory-related adjustments; (iii) fair value changes in derivatives; (iv) other income/expense items (v) transaction costs; and (vi) start-up costs. These financial measures are metrics that have been adjusted from the GAAP net income (loss) measure in an effort to provide readers with a normalized metric in making comparisons more meaningful across the cannabis industry, as well as to remove non-recurring, irregular and one-time items that may otherwise distort the GAAP net income measure. Other companies in the Corporation’s industry may calculate this measure differently, limiting their usefulness as comparative measures. Management defines Adjusted Gross Profit as gross profit, as reported, adjusted to exclude certain inventory-related adjustments and start-up costs (within cost of goods sold).

JUSHI HOLDINGS INC.
UNAUDITED RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA
(in thousands of U.S. dollars)

(1) Net income (loss) includes amounts attributable to non-controlling interests.
(2) Includes amounts that are included in cost of goods sold and in operating expenses.
(3) Includes: (i) non-cash share-based compensation expense for the period; and (ii) severance costs.(4) Includes: (i) inventory step-up on business combinations; (ii) inventory recall reserves; and (iii) reserves for discontinued products. The inventory step-up on business combinations relate to the fair value write-up on inventory acquired on the business acquisition date and then sold subsequent to the acquisition date. The inventory recall reserves relate to the estimated impact of the Pennsylvania Department of Health recall and ban of vape products containing certain cannabis concentrates. The ban was lifted in June 2022.
(5) Includes: (i) remeasurement of contingent consideration related to acquisitions; (ii) losses (gains) on investments and financial assets; and (iii) losses (gains) on legal settlements.
(6) Expansion and start-up costs incurred in order to prepare a location for its intended use. Start-up costs are expensed as incurred and are not indicative of ongoing operations of each new location.

(7) Transaction costs include: (i) registration statement costs such as professional fees and other costs relating to our SEC registration; and (ii) acquisition and deal costs.

JUSHI HOLDINGS INC.
UNAUDITED RECONCILIATION OF GROSS PROFIT TO ADJUSTED GROSS PROFIT
(in thousands of U.S. dollars)

(1) Includes: (i) inventory step-up on business combinations; (ii) inventory recall reserves; and (iii) reserves for discontinued products. The inventory step-up on business combinations relate to the fair value write-up on inventory acquired on the business acquisition date and then sold subsequent to the acquisition date. The inventory recall reserves relate to the potential impact of the Pennsylvania Department of Health recall and ban of vape products containing certain cannabis concentrates. The ban was lifted in June 2022.
(2) Expansion and start-up costs incurred in order to prepare a location for its intended use. Start-up costs are expensed as incurred and are not indicative of ongoing operations of each new location.

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.

Company recorded $7.4 million in quarterly revenues and delivers fourth consecutive quarter of positive Adjusted EBITDA while continuing to rapidly scale production capacity at the Valleyfield Facility

Completed first harvest from the Valleyfield Facility with positive market feedback consistent with the quality of products Cannara is known for

All financial results are reported in Canadian dollars, unless otherwise stated.

MONTREAL, April 27, 2022 /PRNewswire/ – Cannara Biotech Inc. (“Cannara” or the “Company“) (TSXV: LOVE) (OTCQB: LOVFF) (FRA: 8CB), a vertically integrated producer of premium-grade cannabis and derivative products with two mega facilities based in Québec spanning over 1,650,000 sq. ft., today announced its fiscal second quarter 2022 financial and operating results for the three and six-month periods ended February 28, 2022.

Fiscal Second Quarter 2022 Financial and Operational Highlights

• Posted quarterly revenues of $7.4 million, an increase of 229% from the same quarter in the previous year;
• Recorded a gross profit before fair value adjustments of $2.6 million or 36% more than the same quarter in the previous year;
• Achieved fourth consecutive quarter of positive Adjusted EBITDA while significantly expanding its production footprint within the facility located in Valleyfield, Québec (the “Valleyfield Facility”). Revenues from the Valleyfield Facility will start to be realized in the third quarter of 2022;
• Positive Adjusted EBITDA of $1 million for the first six months of 2022 while supporting over $1 million in startup expenses for the Valleyfield Facility compared to a negative Adjusted EBITDA of $(2.4) million in the same period of prior year;
• Successfully harvested its first growing zone in its newly redesigned Valleyfield Facility and has sold, subsequent to quarter-end, the finished product generated from this first harvest;
• Completed the activation of its second and third 25,000 square foot growing zones in the Valleyfield Facility, effectively increasing its overall production capacity by more than 200% when comparing to the production capacity at its Farnham Facility;
• Increased working capital to $14.8 million from a working capital of $12.4 million as at August 31, 2021;
• Invested $7.4 million in capital expenditures towards the Company’s assets in order to increase production capacity and processing capabilities;
• Granted an aggregate total of 7,710,000 stock options to certain employees and 225,000 stock options to board members at an exercise price of $0.18 per common share, subject to certain vesting conditions.

Highlights Subsequent to Quarter End

• Introduced a new genetic strain under the Tribal brand to the Quebec market: Terple. The product is available in a 3.5g can and five 0.5g pre-rolls;
• The Company completed the activation of its fourth 25,000 square foot growing zone and is currently ahead of its objective of activating 6 growing zones by August 2022;
• The Company was selected as one of only three cannabis producers by the Ontario Cannabis Store (“OCS”) to have a headlining product for their 420 event; To support this, the Company created a special edition of its Early Lemon Berry pre-rolls, offering a 12 x 0.6g joint format with innovative packaging design;
• The Company successfully harvested its second growing zone at its Valleyfield Facility;
• Granted an aggregate total of 600,000 stock options to certain employees at an exercise price of $0.18 per common share, subject to certain vesting conditions;
• Exercise of 500,000 stock options at an exercise price of $0.10 for a total proceed of $50,000.

“We are proud of the advances we made in the second quarter. We planted three 25,000 square foot growing zones and successfully harvested our first zone in February,” commented Zohar Krivorot, President & Chief Executive Officer of Cannara. “By redesigning the Valleyfield Facility and receiving consistent positive consumer feedback on our first harvest, we have successfully confirmed our ability to grow premium cannabis at scale. Our objective for the year is to turn on six growing zones by August 2022 at Valleyfield and we remain on schedule to do so”.

Nicholas Sosiak, Chief Financial Officer of Cannara commented, “While we are focused on investing into our own assets, we continue to outperform from a financial standpoint. This was our fourth consecutive quarter of positive Adjusted EBITDA while continuing to support and significantly grow our production footprint. We added over 40 new employees to help support the growth at the Valleyfield Facility yet the revenues from this Facility will only start to be realized in the third quarter of 2022. We are working extremely hard this quarter and next to expand our distribution channels and get products listed in new markets. I am looking forward to the coming quarters as we harvest and sell our products from the new operating zones at our Valleyfield Facility and expand our footprint into new markets across Canada.”

Outstanding Shares

As at the date of this report, the Company had 876,981,321 common shares and 40,645,781 stock options issued and outstanding. For further information, the complete Condensed Interim Consolidated Financial Statements and Management’s Discussion and Analysis for the three and six-month periods ended February 28, 2022 and 2021, along with additional information about the Company and all of its public filings are available at sedar.com and the Company’s investor website, investors.cannara.ca.

About Cannara Biotech Inc.

Cannara Biotech Inc. (TSXV: LOVE) (OTCQB: LOVFF) (FRA: 8CB) is a vertically integrated producer of premium-grade cannabis and cannabis-derivative products for the Québec and Canadian markets. Cannara owns two mega facilities based in Québec spanning over 1,650,000 sq. ft., providing the Company with 125,000kg of potential annualized cultivation output. Leveraging Québec’s low electricity costs, Cannara’s facilities produce premium-grade cannabis products at an affordable price. For more information, please visit cannara.ca.

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

Cautionary Statement Regarding “Forward-Looking” Information

This information release contains certain forward-looking information. Such information involves known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by statements herein, and therefore these statements should not be read as guarantees of future performance or results. All forward-looking statements are based on the Company’s current beliefs as well as assumptions made by and information currently available to it as well as other factors. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Due to risks and uncertainties, including the risks and uncertainties identified by the Company in its public securities filings, actual events may differ materially from current expectations. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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.

BOCA RATON, Fla., April 07, 2022 (GLOBE NEWSWIRE) — Stem Holdings, Inc. (OTCQX: STMH) (CSE: STEM) (the “Company” or “Stem”), a vertically integrated cannabis operator, is pleased to announce that the Company has completed the private placement of a USD$500,000 unsecured promissory note (the “Note”) and 500,000 common share purchase warrants (the “Warrants”) to an arm’s length lender (the “Offering”).

The Note becomes due and payable in three months, subject to extension by the Company for an additional three months upon payment of a USD$5,000 extension fee to the lender. The Note bears interest at rate of 10% per annum payable at maturity. The Company may prepay the outstanding principal amount of the Note together with all accrued and unpaid interest, without penalty, at any time prior to the maturity date of the Note. Each Warrant entitles the holder thereof to purchase one (1) common share (“Warrant Share”) at a price of USD$0.07 for a period of thirty-six (36) months after closing of the Offering. The net proceeds from the issuance will be used for working capital and for general corporate expenses. The Warrants and Warrant Shares are subject to a hold period of four months and one day from the date of closing of the Offering in accordance with applicable Canadian securities laws.

About Stem Holdings, Inc.
Stem is a multi-state, vertically integrated, cannabis company that, through its subsidiaries and its investments, is engaged in the cultivation, processing, packaging, distribution and branding of cannabis, hemp and their derivatives, including oils, edibles, concentrates. Additionally, the Company purchases, improves, leases, operates, and invests in properties for use in the production, distribution and sales of cannabis and cannabis-infused products licensed under the laws of the states of Oregon, Nevada, California, Massachusetts, and New York. As of December 31, 2021, Stem had ownership interests in 24 state-issued cannabis licenses including nine (9) licenses for cannabis cultivation, three (3) licenses for cannabis processing, two (2) licenses for cannabis wholesale distribution, three (3) licenses for hemp production and seven (7) cannabis dispensary licenses.

Forward-Looking Statements
This news release contains forward-looking statements and information (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities laws. Forward-looking statements are statements and information that are not historical facts but instead include financial projections and estimates, statements regarding plans, goals, objectives, intentions and expectations with respect to the future business, operations, expected financial position as a result of the divestiture of Driven Deliveries, and phrases containing words such as “ongoing”, “estimates”, “expects”, or the negative thereof or any other variations thereon or comparable terminology referring to future events or results, or that events or conditions “will”, “may”, “could”, or “should” occur or be achieved, or comparable terminology referring to future events or results. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry. Forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by law.

Investor Contact:
KCSA Strategic Communications
Valter Pinto, Managing Director
+1 212.896.1254
[email protected]

Media Contact:
Mauria Betts
Director of Branding and Public Relations
971.266.1908
[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.

Hero Technologies Inc. (OTC: HENC) is focused on building a vertically integrated cannabis operation in Michigan that will expand to become a multi-state operation. The company is currently in the midst of the licensing process in Michigan. In anticipation of receiving the appropriate licenses, Hero has been laying the groundwork for construction of a large cultivation facility on a 120 acre site in Pulaski, Michigan.

The operation is based on cutting edge technologies aimed at maximizing crop yield and quality while minimizing cost and waste. Hero’s majority-owned subsidiary, Blackbox Systems and Technologies, is leading the effort in Michigan and the Blackbox aeroponic cultivation system lies at the heart of the company’s strategy.

CFN sat down with Blackbox CEO and Founder Marc Kasabasic to discuss the company’s technology, the sustainable and efficient design of the facility, and Hero’s strategy to start in Michigan and branch out from there.

• What is your background and what inspired you to create Blackbox?

My background is in Engineering and Architecture, specializing in large-scale structural infrastructure testing. I have a BSCE in Civil Engineering and a BSARCH in Architecture. I then got my MSCE in Structural Engineering at Lawrence Technological University (LTU) in Southfield MI. I am currently a research project engineer at LTU in the Center for Innovation Material Research (CIMR) specializing in large-scale testing. I am responsible for 22,000 square feet of high-tech testing facilities. I have a strong background in environmental and industrial control systems. I was a carpenter for years during high-school and college years, so not only do I like to test things, I like to build them as well.

Click here to learn more about investing in Hero Technologies

In 2010, Michigan opened up for medial cannabis and my partner Hank Pielack and I co-founded the Blackbox Project. We started this as a hobby, but quickly grew into a high-tech research project to solve some industry problems. We wanted a system that was the most precise delivery system for plants. This system needed to solve the structural component issue with aeroponic systems to allow large-growing plants to thrive in an artificial environment.

We recognized a number of industry problems, including excess waste, use of pesticides, and an excessive amount of labor force required to perform simple daily tasks. The aeroponic system reduces the amount of labor needed to operate the system, thus reducing the labor staff.

Hank and I personally use the cannabis plant and would promote our clean, sustainable, and earth friendly product over any other system on the market.

• Please explain to our audience what the Blackbox aeroponics growing method is, what makes it unique, and how it is a benefit to the overall operation.

Our Blackbox system has really evolved over the past 12 years of tinkering with and improving the design. We’ve been honing the system to provide the most precise and beneficial mix of nutrients, air, and water simultaneously. In general, aeroponics technologies have come a long way, and we have customized what’s available to fit our own concepts.

The Blackbox system allows the plants to grow in air, using zero media. This in turn results in sustainable, efficient, and economic practices by eliminating a raw material. Also, by not using a media, pesticides are also eliminated due to the sterile growing environment. The system is a closed-loop system, meaning the water used is recaptured, reconditioned and sent back to the plants. BlackBox is modular for any scaled project, from acres of plants down to homegrown setups.

• What is a sun chamber, and how does it differ from a greenhouse? What are the benefits?

The Ceres SunChamber is more than a greenhouse. It is a holistic system – a completely sealed grow environment characterized by its light and warmth harvesting and climate control capabilities. It is an all inclusive design of the perfect growing environment for all components needed A-Z.

The combination of a glass ceiling that allows high light-transmittance with insulated metal walls ensure energy efficiency and maximum climate control over the growing environment. Sealed cannabis greenhouses also increase biosecurity and do not allow odors to escape or leak out. SunChambers are high-performance sealed greenhouse systems that maintain the Vapor Pressure Deficit (VPD) required to cultivate superior cannabis plants.

Cooling and heating a cannabis greenhouse can often be expensive. Blackbox leverages the technology of the Ceres EcoLoop geothermal HVAC system, a renewable energy source that utilizes the earth’s steady temperature to create precise, desired climates in each of the SunChambers.

The SunChambers also allow smaller batches of up to 500 plants at a time. Biosecurity is maintained by isolation of each SunChamber if any problems were to happen in the facility. Large open greenhouses are susceptible to infestation, wiping out the entire crop if left un-checked.

• How does your grow technology support sustainability?

Ceres SunChambers are 7 times more efficient than an indoor cultivation operation, and 3.5 times more efficient than standard greenhouses. So energy use is greatly decreased. Then the Blackbox aeroponics systems adds another layer of sustainability. Zero media waste, zero pesticides, ultra-low precise water usage… it all adds up to the most sustainable, lowest impact, most efficient design we can implement.

• Why did you choose to begin your multi-state strategy in Michigan, and what is the status of your license application there?

Michigan is the home of both of the Blackbox founders. Hank and I grew up in Dunham Hills in Hartland, Michigan. We have deep-rooted family and business ties in the construction trades throughout the region. We love it here, so why wouldn’t we start our business here?

But Michigan has a number of other things going for it as well. It is one of the largest and fastest growing legal cannabis markets in the country. The regulatory environment is very friendly to a business like ours. The Michigan Regulatory Agency (MRA) does a great job shepherding the industry in the state. And centrally-located Michigan would be an ideal spot for a national distribution operation should the US government make cannabis federally legal.

Click here to learn more about investing in Hero Technologies

Blackbox and Hero Technologies have completed and been approved by MRA through step 1 (of a 2-step process) for both recreational and medial cannabis operations. We have also completed application and been approved by the local Pulaski Township Board for 3 Class-C Medical cannabis cultivation licenses.

• Why is Pulaski a good location for your operations?

Pulaski is located in south/central Michigan and can service the entire state of Michigan with ease. Also, Pulaski Township has placed a cap on any new medical cannabis licenses which limits local competition. Add in the ideal location for a national distribution center and we really like where we are.

• Is there anything else you would like to share with potential investors?

Stick with us if you know our story, and join in if you are finding out about us for the first time! We are very excited to get the project off the ground and realize the fruits of our 12 years of research and development.

Disclaimer

The above article is sponsored content. CannabisFN.com and CFN Media, have been hired to create awareness. Please follow the link below to view our full disclosure outlining our compensation: http://www.cannabisfn.com/legal-disclaimer/

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 Robin Lefferts

Robin Lefferts has been involved in the legal cannabis industry since 2012, sometimes as an active participant and always as an interested observer.

Estimated revenue reaches over CAD$31 million (a record NIS 77 million)

Anticipates continued increases in adjusted operating profit and EBITDA

Revenue growth expected to continue throughout 2022

TORONTO and HERZLIYA, Israel, Feb. 08, 2022 (GLOBE NEWSWIRE) — InterCure Ltd. (NASDAQ: INCR) (TSX: INCR.U) (TASE: INCR) (dba Canndoc) (“InterCure” or the “Company”) today announced record preliminary financial results for the fourth quarter of 2021. All amounts are expressed in Canadian dollars ($) or New Israeli Shekels (NIS), unless otherwise noted.

Preliminary Fourth Quarter 2021 Financial Highlights and Milestones

• Record revenue estimated to be over $31 million (NIS 77 million), three times greater than the fourth quarter of 2020 and representing sequential growth of over 24%.
• Eighth consecutive quarter of high double-digit growth representing an annualized run rate of $124 million.
• Expected FY 2021 revenue of $87 million (NIS 217 million), almost 250% growth year-over-year (YOY). Revenue growth expected to continue throughout 2022.
• Company expects continued increases in operating profit, EBITDA and net profit during the fourth quarter of 2021.
• Sustained market share growth due to solid demand for Canndoc’s branded products and expansion of the Company’s medical cannabis dispensing operations.
• Announced European expansion with international cannabis brand Cookies – opening retail locations in Austria and the United Kingdom.
• Expanded pharmacy chain to 20 locations in Israel.
• Company surpassed one-ton medical cannabis products dispensed per month in the fourth quarter, representing approximately 30% market share of Israel’s medical cannabis.

“InterCure continues to execute, achieving record growth in the quarter ended December 31, 2021, with preliminary revenue anticipated to be $31 million, up by over three times from the fourth quarter of 2020,” said InterCure’s Chief Executive Officer, Alexander Rabinovitch. “We have now achieved eight consecutive quarters of double-digit revenue growth and increased profitability, while also crossing the one-ton mark in GMP medical cannabis products dispensed monthly during the fourth quarter, which is a world record in the GMP-certified cannabis markets. Going forward, we remain focused on maintaining our market-leading position in Israel’s cannabis market while continuing with our international expansion plans. By executing on our profitable growth strategy, InterCure is well positioned to build shareholder value as one of the leaders of the international cannabis industry.”

The Company plans to file its full financial results for the fourth quarter and full year 2021 on Tuesday, March 15, 2022.

About InterCure (dba Canndoc)

InterCure (dba Canndoc) (NASDAQ: INCR) (TSX: INCR.U) (TASE: INCR) is the leading, profitable, and fastest growing cannabis company outside of North America. Canndoc, a wholly owned subsidiary of InterCure, is Israel’s largest licensed cannabis producer and one of the first to offer Good Manufacturing Practices (GMP) certified and pharmaceutical-grade medical cannabis products. InterCure leverages its market leading distribution network, best in class international partnerships and a high-margin vertically integrated “seed-to-sale” model to lead the fastest growing cannabis global market outside of North America.

For more information, visit: http://www.intercure.co.

Caution Regarding Financial Estimates

The financial estimates set forth above are based on an initial review of the Company’s operations for the quarter ended December 31, 2021 and are subject to change. The Company’s independent registered public accounting firm, Somekh Chaikin (member firm of KPMG International), has not audited, reviewed or performed any procedures with respect to the accompanying financial estimates and other data, and accordingly does not express an opinion or any other form of assurance with respect thereto. They should not be viewed as a substitute for audited financial statements prepared in accordance with generally accepted accounting principles and are not necessarily indicative of the Company’s results for any future period.

Forward-Looking Statements

This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects InterCure’s current expectations regarding future events. The words “will”, “expects”, “intends” and similar expressions are often intended to identify forward-looking information, although not all forward-looking information contains these identifying words. Specific forward-looking information contained in this press release includes, but is not limited to: the Company’s Q4 2021 revenue, the success of its global expansion plans, the expected annualized revenue for 2021, its expected growth in 2022, its continued growth, the expected operations, financial results business strategy, competitive strengths, goals and expansion and growth plans, and its expansion strategy to major markets worldwide. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond InterCure’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to: changes in general economic, business and political conditions, changes in applicable laws, the Canadian regulatory landscapes and enforcement related to cannabis, changes in public opinion and perception of the cannabis industry, reliance on the expertise and judgment of senior management, as well as the factors discussed under the heading “Risk Factors” in Subversive Acquisition LP’s final long form prospectus dated March 15, 2021, which is available on SEDAR at www.sedar.com and under the heading “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the registration statement on Form 20-F, filed with the Securities Exchange Commission on July 14, 2021, as amended August 3, 2021 and August 18, 2021. InterCure undertakes no obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

Contact:

InterCure Ltd.
Amos Cohen, Chief Financial Officer
[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.

– Cultivation, Production and Processing Expansion Ongoing in Arizona and Nevada

– Unity Rd. Brand Accelerates Ramp by Signing Ten Agreements for National Cannabis Dispensary Franchise Expansion

– Management to Host Conference Call and Webcast to Discuss Key Operational and Financial Highlights Today at 2:00 p.m. ET

PHOENIX, Jan. 18, 2022 /PRNewswire/ — Item 9 Labs Corp. (OTCQX: INLB) (the “Company”)—a vertically integrated cannabis dispensary franchisor and operator that produces premium, award-winning products—today reported operating and financial results for the 12 months ended September 30, 2021, the Company’s fiscal year 2021 (“FY2021”). Item 9 Labs Corp. management will be hosting an earnings results call today, January 18, at 2:00 p.m. Eastern time (11:00 a.m. Pacific time); details are provided below.

Key Financial Highlights for FY2021 (compared with FY2020)

• Revenue increased 170% to $21.9 million
• Gross profit increased 161% to $8.6 million
• Gross margin remained flat at approximately 40%
• Operating loss of $5.6 million compared with operating loss of $5.4 million
• Operating expenses as a percentage of revenue declined to 65% from 107%
• Net loss of $10.9 million compared with net loss of $12.3 million
• Net loss included $5.3 million ($700,000 cash) of interest expense compared with $7.0 million ($450,000 cash)
• Adjusted EBITDA loss of $1.7 million (compared with adjusted EBITDA loss of $2.5 million)

Key Business Highlights During and Subsequent to FY2021

• Won Seven First Place Awards for Product Excellence in 2021: The Company’s premium cannabis product brand, Item Nine Labs, secured its first Cannabis Cup—the most prestigious milestone that cannabis brands strive for worldwide—taking home first place in the “vape pens” category with its Black and Blue Kush Broad Spectrum Cartridge and third place in the “pre-rolls” category with its Do-Si-Do strain. The elevated mainstream brand also earned two first-place awards, two second-place awards and one third-place award for its high-quality vape and concentrate products at the 710 Degree Cup and three first-place awards at the Errl Cup—Arizona’s largest and longest-running annual cannabis festivals and awards events. All told, the decorated brand has earned 23 awards in product competitions since its inception, including 14 first-place finishes.
• Secured $19 Million Construction-Financing Loan from Pelorus Equity Group for Expansion of Cultivation & Lab Sites in Arizona & Nevada: The financing is funding master site expansion in Arizona, including acquisition of the 45 acres of adjacent land next to the Company’s existing 19,200 square foot facility. Capacity of the Company’s Arizona operations, once all expansion is complete, is expected to be enhanced by 31x. Pelorus Equity Group is a leading provider of value-add bridge commercial real estate loans to cannabis businesses and owners with cannabis-related real estate.
• Executed Asset Purchase Agreement for a Colorado Dispensary Kickstarts National Growth Plan: Item 9 Labs Corp. plans to aggressively expand its dispensary franchise, Unity Rd., by acquiring and converting cannabis retail stores, training the local team and selling the business to new and existing Unity Rd. franchise partners. As the Company seeks to keep dispensary ownership local, this growth strategy offers turnkey investment opportunities for prospective cannabis entrepreneurs. In October, Item 9 Labs Corp. executed an Asset Purchase Agreement for an existing dispensary license and storefront in Adams County, Colorado. This will be the first corporate-owned shop under the Unity Rd. brand. Currently, the Company is awaiting regulatory approval by Colorado’s Marijuana Enforcement Division (the “MED”) and expects the shop to be operational in the first half of 2022. Item 9 Labs Corp. plans to operate the store for 6-18 months and utilize it for franchise partner and team training as well as tours with prospective franchise partners.
• Expanded Footprint of Unity Rd. Dispensary Franchise into New England: Item 9 Labs Corp. signed agreements with entrepreneurial groups for development in New Jersey and Virginia and is currently assisting the New Jersey groups in submitting their dispensary license applications in March. The Company also signed a lease in Maine for the state’s first Unity Rd. shop and is awaiting license approval from the state.
• Signed First Unity Rd. Agreement in South Dakota: Unity Rd. kicked off local expansion in South Dakota with the signing of an agreement that will bring the brand’s first shop to the Mount Rushmore State. The retailer has partnered with local serial entrepreneur BJ Olson and his business partner to develop at least one Unity Rd. shop and is currently guiding them through the state’s dispensary license process.
• Joined the International Franchise Association (IFA), Solidifying Position as First Cannabis Dispensary Franchise to Become Members: Utilizing the franchise business model for national development, Unity Rd. continues to blaze trails by becoming the first brand of its kind to be named an IFA member. The organization’s membership base includes more than 1,000 franchise brands across 300 industries, and Unity Rd. is currently the sole franchise model to represent the plant-touching cannabis space.
• Enhanced Board of Directors with Two Independent Appointments: Item 9 Labs Corp. recently named Eric C. Kutscher, Pharm. D., M.B.A., F.A.S.H.P., and Lawrence X. Taylor to its Board of Directors. Kutscher and Taylor bring a combined 55-plus years of experience across patient-centered healthcare, leadership, M&A and strategic planning. Their appointments demonstrate the Company’s focus on strengthening its corporate governance through more independent directors.
• Bolstered Franchise and Marketing Teams with Key Hires to Support Company Growth: Throughout the second half of 2021, Item 9 Labs Corp. made several strategic management hires to support national franchise expansion of Unity Rd. and accelerate momentum across the franchise and Item Nine Labs products: Mike Keskey II as General Counsel, Kristen Mathis as Vice President of Marketing, Tracy Timko as Director of Franchise Support, Erica Tarnowski as Franchise Development Manager, and Emily Gritti as Senior Manager of Trade Marketing & Events.

Management Commentary

Item 9 Labs Corp.’s Chief Executive Officer, Andrew Bowden, stated, “Our company has never been in a better position. With Arizona’s adult-use sales going live in January 2021, our products and brand have been gaining tremendous traction. We have grown to $2 million in revenue per month and solidified our spot in Arizona as one of the top brands in every dispensary we sell through, which is more than 50% of Arizona’s dispensaries. The state’s combined adult-use and medical markets have continuously grown each month and surpassed $1 billion in annual sales in November. With expansion underway at our Arizona site that will add 45,000 square feet, we will be in a position to meet this increased demand in the second half of 2022 with our additional cultivation, production, and processing space.”

Item 9 Labs Corp.’s Chief Strategy Officer, Jeffrey Rassas, commented, “Our cannabis dispensary franchise, Unity Rd., is already gaining strong traction and our team is executing a strategic initiative to expand the brand’s footprint from coast to coast. We have a national acquisition plan to accelerate expansion and began executing a couple months ago with our first deal in Adams County, Colorado. We have a robust pipeline of opportunities across a wide range of appealing states and expect to make further announcements over the next few months. There are a tremendous amount of synergies we gained from the acquisition of Unity Rd.’s parent company, OCG Inc., including expanded business offerings and expertise, operational efficiencies, cost savings and revenue upside.”

Item 9 Labs Corp.’s Chief Financial Officer, Bobby Mikkelsen, commented, “With our 170% annual growth in revenue to $21.9 million, we have demonstrated the scalability of our business throughout fiscal year 2021 and saw growth and profitability in the second and third quarters. In the fourth quarter and through the end of December 2021, we have made additional hires, continued development of our Nevada site and began construction on our site in Arizona, which has caused our expenses to rise. While we build out our capabilities and bolster our team for future growth, we are confident in the greater demand and believe we are strengthening our position for increased business in Arizona.”

Arizona Master Cultivation Site Expansion

In November, Item 9 Labs Corp. broke ground on the initial phase of the master expansion of its Coolidge, Arizona cultivation & lab site. $13.5 million of the proceeds from the Pelorus loan will go toward this initial buildout, which more than doubles current operations space. As part of the expansion, the Company recently acquired the neighboring 45 acres of the site. At 50 acres, the site is one of the largest properties in Arizona that is zoned to grow and cultivate flower. The initial development phase is estimated to be completed in Summer 2022 and includes the construction of three steel buildings and two greenhouses – adding 9,600 square feet for indoor cultivation, 9,600 square feet of lab and packaging and a 9,600 square foot head house to support the addition of the two 18,000 square foot greenhouses.

With this initial expansion phase, the Company expects to increase output of cannabis plant material by 250-300%, with a per unit cost reduction of at least 30%. Further, the additional greenhouses will reduce reliance on third-party sourced material for lab productions by 40-50%. Expansion of the existing lab allows for the addition of more state-of-the-art equipment for all extraction processes, which will support product diversification.

Nevada Cultivation Site Expansion

The remaining proceeds from the Pelorus loan are to complete the Company’s 20,000 square foot facility in Pahrump, Nevada that is currently approximately 85% finished. The expansion includes 4,450 square feet for flower, 990 square feet of vegetation space, 400 square feet for clones, 300 square feet for dry curing and 615 square feet of space for genetics. The facility also includes more than 2,500 square feet of post-processing and lab space, along with the opportunity for a joint venture with a 1,100 square foot commercial kitchen. The remainder of the building is ancillary rooms such as water rooms, offices, locker rooms and break rooms. Item 9 Labs Corp. anticipates the Nevada facility will be operational in Spring 2022.

Financial Results for FY2021 Ended September 30, 2021

• Revenue: For the 12 months ended September 30, 2021, revenue was $21.9 million, an increase of $13.8 million, or 170%, compared with $8.1 million for the 12 months ended September 30, 2020. This growth was primarily driven by the Company investing in increased production capacity to better meet the market demand of Item Nine Labs products.
• Gross Profit: For the 12 months ended September 30, 2021, gross profit was $8.6 million, an increase of $5.3 million, or 161%, compared with $3.3 million for the 12 months ended September 30, 2020. The resulting gross margin was 39%, compared with 41% for the 12 months ended September 30, 2020. The Company experienced lower gross profit margins in the fourth quarter of 2021 due to price reductions as competition rises in Arizona. Additionally, to deepen the market penetration of Item Nine Labs products, the Company sourced plant and extract materials from third parties, the effect of which is higher gross profit, but lower gross margin.
• Total Operating Expenses: For the 12 months ended September 30, 2021, total operating expenses were $14.2 million, an increase of $5.5 million, or 63%, compared with $8.7 million for the 12 months ended September 30, 2020. The Company has invested heavily into FY2021 and 2022 to meet growing demand in Arizona as well as funding the build out of its cultivation and lab site in the Grand Canyon State. Management believes this will improve earnings and future cash position. Operating expenses as a percentage of revenue decreased to 65% from 107%, reflecting the Company’s focus on increasing revenue and scaling its platform more efficiently. Management believes this ratio will decrease going forward as it scales the business.

  Of note, $7.8 million of the Company’s operating expenses for the 12 months ended September 30, 2021 were non-cash expenses, including depreciation, amortization and stock-based compensation.

  Of note, $3.9 million of interest expense in 2021 is non-cash amortization of the debt discount.

• Operating Loss: For the 12 months ended September 30, 2021, operating loss was $5.6 million, in-line with an operating loss of $5.4 million for the 12 months ended September 30, 2020.
• Adjusted EBITDA: After adding back non-cash operating expenses, depreciation and amortization, interest and stock-based compensation, Adjusted EBITDA for the 12 months ended September 30, 2021 was $1.7 million, as compared with an Adjusted EBITDA loss of $2.5 million for the 12 months ended September 30, 2020.
• Net Loss: For the 12 months ended September 30, 2021, net loss attributable to the Company was $10.9 million, or net loss of ($0.14) per share, compared with a net loss of $12.3 million, or ($0.20) per share, for the 12 months ended September 30, 2020.
• Cash: Cash and cash equivalents totaled $1.5 million as of September 30, 2021.

Conference Call and Webcast Information – Tuesday, January 18, 2022 at 2:00 p.m. ET (11:00 a.m. PT)

Item 9 Labs Corp.’s Chief Executive Officer Andrew Bowden and Chief Financial Officer Bobby Mikkelsen will host the Company’s FY2021 results call.

• Date: Tuesday, January 18, 2022
• Time: 2:00 p.m. Eastern time (11:00 a.m. Pacific time)
• Access by Zoom: A live and archived webcast will be available via Sequire, click on this webcast link to register or access the replay.
• Access by Phone: Please call the conference telephone number 10-15 minutes prior to the start time:
• Questions: Please submit questions to [email protected] before the presentation begins. The management team will do their best to answer all questions.

About Item 9 Labs Corp.
Item 9 Labs Corp. (OTCQX: INLB) is a vertically integrated cannabis operator and dispensary franchisor delivering premium products from its large-scale cultivation and production facilities in the United States. The award-winning Item 9 Labs brand specializes in best-in-class products and user experience across several cannabis categories. The company also offers a unique dispensary franchise model through the national Unity Rd. retail brand. Easing barriers to entry, the franchise provides an opportunity for both new and existing dispensary owners to leverage the knowledge, resources, and ongoing support needed to thrive in their state compliantly and successfully. Item 9 Labs brings the best industry practices to markets nationwide through distinctive retail experience, cultivation capabilities, and product innovation. The veteran management team combines a diverse skill set with deep experience in the cannabis sector, franchising, and the capital markets to lead a new generation of public cannabis companies that provide transparency, consistency, and well-being. Headquartered in Arizona, the company is currently expanding its operations space up to 640,000+ square feet on its 50-acre site, one of the largest properties in Arizona zoned to grow and cultivate flower. For additional information, visit item9labscorp.com.

Use of Non-GAAP Financial Measures
To supplement the Company’s financial statements presented on a GAAP basis, Item 9 Labs Corp. provides Adjusted EBITDA as a supplemental measure of its performance. To provide investors with additional insight and allow for a more comprehensive understanding of the information used by management in its financial and decision-making surrounding pro forma operations, Item 9 Labs Corp. supplements its consolidated financial statements presented on a basis consistent with U.S. generally accepted accounting principles, or GAAP, with Adjusted EBITDA as a non-GAAP financial measure of earnings. Adjusted EBITDA represents EBITDA plus stock-based compensation and acquisition related expenses. Item 9 Labs Corp. management uses Adjusted EBITDA as a financial measure to evaluate the profitability and efficiency of the business model. The Company uses these non-GAAP financial measures to assess the strength of the underlying operations of the business. These adjustments, and the non-GAAP financial measures that are derived from them, provide supplemental information to analyze its operations between periods and over time. Item 9 Labs Corp. finds this especially useful when reviewing pro forma results of operations, which include large non-cash amortizations of intangible assets from acquisitions and stock-based compensation. Investors should consider its non-GAAP financial measures in addition to, and not as a substitute for, financial measures prepared in accordance with GAAP.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties, including, but not limited to, risks and effects of legal and administrative proceedings and governmental regulation, especially in a foreign country, future financial and operational results, competition, general economic conditions, proposed transactions that are not legally binding obligations of the company and the ability to manage and continue growth. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this news release include the introduction of new technology, market conditions and those set forth in reports or documents we file from time to time with the SEC. We undertake no obligation to revise or update such statements to reflect current events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Media Contact:
Item 9 Labs Corp.
Jayne Levy, VP of Communications
Email: [email protected]

Investor Contact:
Item 9 Labs Corp.
800-403-1140
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.

Names Eric C. Kutscher and Lawrence X. Taylor to Board of Directors; Adds a Combined 55-Plus Years of Experience Across Patient-Centered Healthcare, Leadership, M&A and Strategic Planning

PHOENIX, Jan. 4, 2022 /PRNewswire/ — Item 9 Labs Corp. (OTCQX: INLB) (the “Company”)—a vertically integrated cannabis dispensary franchisor and operator that produces premium, award-winning products—announced today that Eric C. Kutscher, Pharm. D., M.B.A., F.A.S.H.P., and Lawrence X. Taylor have been appointed to its Board of Directors.

“Eric and Lawrence have vastly different backgrounds that will enrich our foundation across several core growth areas of the company,” says Andrew Bowden, CEO of Item 9 Labs Corp.

Currently, the Company’s cannabis dispensary franchise brand, Unity Rd., has a franchisee-owned shop operating in Boulder, Colorado, as well as a corporate-owned shop opening soon in Adams County, Colorado, and agreements signed with nearly 20 partners who are in various stages of opening their Unity Rd. shops across Maine, Michigan, New Jersey, and Virginia, among other states. Item 9 Labs is the most in demand brand at more than 54% of Arizona’s dispensaries, according to LeafLink, and has earned more than 20 podium finishes in Arizona marijuana competitions. The Company is near completing development of its cultivation site in Nevada, recently started phase one of its master cultivation site development in Arizona and is seeking dispensary acquisitions to accelerate national growth.

Bowden added, “As we look ahead to expanding our products and franchise brands nationally, their depths of expertise will be a tremendous value.”

Kutscher and Taylor’s appointments demonstrate the Company’s focus on strengthening its corporate governance through more independent directors.

About Eric C. Kutscher:

Kutscher has 25-plus years of experience leading high-performing teams and is a thought leader in the delivery of patient-centered healthcare, research, academia, and leadership. He started his career in academic psychiatry and pharmacology and progressed to full clinical professor positions at three universities.

In 2013, Kutscher retired from his academic role to pursue healthcare executive opportunities and consulting. He has consulted with well-known companies such as SpotRx/MedAvail, MeMD, UAMC, UArizona/SinfroniaRx, TribalEM/Tribal Health, San Carlos Apache Healthcare, Pill Nurse, Walgreens, Connections Health Solutions, and various legal firms. Kutscher is currently the Senior Director for Clinical Operations and Pharmacy Services for Arizona Oncology Associates, the largest privately held Oncology practice in the state of Arizona, where he was hired to provide change leadership.

“What attracted me to Item 9 Labs Corp. was their vision and focus to bring credibility to the industry with very high-quality products as well as service to help people understand cannabis and all the potential therapeutic benefits beyond just a recreational high,” said Kutscher, noting that Unity Rd. appeals to consumers in both new and mature markets, leading with an education-first approach to guide individuals to the right products. “We have an opportunity to create industry standards and help people feel comfortable exploring cannabis as medicine.”

About Lawrence X. Taylor:

Taylor brings a diverse perspective to the boardroom, combining deep financial expertise, strategy, and governance to deliver thoughtful questions and insights that help drive informed decisions. As a C-level executive, advisor, and board member with more than 30 years of business experience, he has guided organizations through complex restructurings, acquisitions, corporate development activities and capital transactions totaling more than $15 billion. He possesses an extensive knowledge of finance, strategy and operations and has developed strategic, financial, operating and turnaround strategies across multiple industries including casino gaming, hospitality, manufacturing, aviation, real estate, and retail operations.

Lawrence currently serves on the boards of Barrie House Coffee and CLP Holdings III, LLC. At Barrie House Coffee, he chairs the M&A committee and serves on the Strategic Planning Committee. Previously, he served on the boards and committees (M&A, Strategic Planning, Restructuring, Finance and Compensation) of multiple companies. He has also served as a Board Member and Treasurer on the Finance and Compensation Committees for Sojourner Center and as a Board Member and Treasurer for E Tabs Manufacturing.

“Item 9 Labs Corp. is transforming the cannabis industry by utilizing the franchise model to drive retail growth and bring their products to new markets,” Taylor said. “It’s been exciting to watch their development and I’m honored to work with their leadership team to help bolster continued success.”

For more information on Item 9 Labs Corp. and its brands, visit https://investors.item9labscorp.com/.

About Item 9 Labs Corp.
Item 9 Labs Corp. (OTCQX: INLB) is a vertically integrated cannabis operator and dispensary franchisor delivering premium products from its large-scale cultivation and production facilities in the United States. The award-winning Item 9 Labs brand specializes in best-in-class products and user experience across several cannabis categories. The company also offers a unique dispensary franchise model through the national Unity Rd. retail brand. Easing barriers to entry, the franchise provides an opportunity for both new and existing dispensary owners to leverage the knowledge, resources, and ongoing support needed to thrive in their state compliantly and successfully. Item 9 Labs brings the best industry practices to markets nationwide through distinctive retail experience, cultivation capabilities, and product innovation. The veteran management team combines a diverse skill set with deep experience in the cannabis sector, franchising, and the capital markets to lead a new generation of public cannabis companies that provide transparency, consistency, and well-being. Headquartered in Arizona, the company is currently expanding its operations space up to 640,000+ square feet on its 50-acre site, one of the largest properties in Arizona zoned to grow and cultivate flower. For additional information, visit item9labscorp.com.

Media Contact:
Item 9 Labs
Jayne Levy, VP of Communications
[email protected]

Investor Contact:
Item 9 Labs Corp.
[email protected]
800-403-1140

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.

AWH received final approval to invest into MedMen’s New York subsidiary and is requesting to close the transaction imminently

NEW YORK, Dec. 30, 2021 /CNW/ – Ascend Wellness Holdings, Inc. (“AWH” or the “Company”) (CSE: AAWH.U) (OTCQX: AAWH), a multi-state, vertically integrated cannabis operator focused on bettering lives through cannabis, announced it has received final approval from the New York Cannabis Control Board (the “CCB”) and the Office of Cannabis Management of the CCB for its previously announced definitive investment agreement (the “Investment Agreement”) with MedMen NY Inc., the New York subsidiary of MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF) (“MedMen”). AWH has given notice to MedMen of its intent to close the transactions contemplated by the Investment Agreement imminently.

About AWH:
AWH is a vertically integrated operator with assets in Illinois, Michigan, Ohio, Massachusetts and New Jersey. AWH owns and operates state-of-the-art cultivation facilities, growing award winning strains and producing a curated selection of products. AWH produces and distributes Ozone branded products. For more information, visit www.awholdings.com.

Forward-Looking Statements
This news release includes forward-looking information and statements, which may include, but are not limited to, information and statements regarding the plans, intentions, expectations, estimates, and beliefs of the Company. Words such as “expects”, “continue”, “will”, “anticipates” and “intends” or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on the Company’s current projections and expectations about future events and financial trends, and on certain assumptions and analysis made by the Company in light of experience and perception of historical trends, current conditions and expected future developments and other factors management believes are appropriate.

Forward-looking information and statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking information and statements herein. Such factors include, among others: the risks and uncertainties identified in the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, and in the Company’s other reports and filings with the applicable Canadian securities regulators and the U.S. Securities and Exchange Commission. Although the Company believes that any forward-looking information and statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such information and statements, there can be no assurance that any such forward-looking information and statements will prove to be accurate, and accordingly readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward-looking information and statements. Any forward-looking information and statements herein are made as of the date hereof, and except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking information and statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward looking information and statements herein, whether as a result of new information, future events or results, or otherwise, except as required by applicable laws.

The CSE has not reviewed, approved or disapproved the content of this news release.

SOURCE Ascend Wellness Holdings, LLC

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.