It was a huge reminder of how much more work organizations like the New Federalism Fundof which I am a proud member, have left to do in our efforts to secure fair tax policy for the legal cannabis industry. Section E, which prevents state-legal marijuana companies from deducting otherwise ordinary business expenses from their total income, is one of the biggest obstacles cannabis entrepreneurs run up against. To many, this may seem like a mere inconvenience or minor setback. But I can assure you, it is not.
A1C4WM announced that the Company will be filing a dissident circular, and will be soliciting votes against the resolution of CanniMed Therapeutics Inc. Aurora has analyzed all public disclosure on Newstrike and the proposed acquisition of Newstrike by CanniMed, and has concluded that the proposed transaction offers significantly inferior value to CanniMed shareholders in comparison to Aurora's own offer to acquire CanniMed.
A detailed discussion of why the proposed CanniMed-Newstrike transaction would be unfavourable to CanniMed's shareholders will be provided in the Aurora dissident circular, to be filed on www. Newstrike has no revenues, no sales license and no patients, with a significant portion of its capacity unfunded.
CanniMed is Newstrike's Last Lifeline. CanniMed is bailing out Newstrike, paying a significant premium for this, and is asking its shareholders to approve the issuance of additional shares, representing Newstrike will need significant capital to fund its stated expansion plans. Based on Aurora's operating experience, the Company expects the yield efficiencies required by Newstrike to meet its claimed production targets to be highly challenging for a company with no operational track record and Aurora therefore anticipates further dilution for CanniMed shareholders will be required to fund Newstrike's ongoing operations.
Unrealistic Perception of Newstrike's Brand Value. Newstrike has no operational or execution track record, and has never sold a gram of product. It is ridiculous for CanniMed management to claim that Newstrike has a "premier recreational brand".
CanniMed management has provided no clarity of what the "near-term opportunities for significant synergies" or "significant financial returns" of their proposed transaction could be.
CanniMed shareholders have every right to expect that details of these supposed benefits would be available — if, as claimed by CanniMed management, negotiations with Newstrike have been ongoing for five months. Newstrike has no operations outside of Ontarionor does it have any future international growth plans.
Aurora has appointed PI Financial as its financial advisor specifically to assist in the assessment of the proposed CanniMed-Newstrike transaction. Transaction Evaluation by PI Financial The opinion provided by PI Financial on the proposed CanniMed-Newstrike transaction, which will be appended to the Aurora dissident circular, unambiguously states that this transaction would be "wholly inadequate" to CanniMed shareholders.
Management Commentary "We reviewed all disclosed and public information on Newstrike and on CanniMed management's proposed acquisition, and in our opinion it's a terrible deal for CanniMed shareholders," said Terry BoothCEO of Aurora.
We therefore ask CanniMed shareholders to vote against the issuance proposal, and accept our offer, which not only pays a very significant premium, but also offers the opportunity to continue participating in the growth of the cannabis industry as part of Aurora, the most dynamic company in the sector.
The Company operates a 55, square foot, state-of-the-art production facility in Mountain View County, Albertaknown as "Aurora Mountain", a second 40, square foot high-technology production facility known as "Aurora Vie" in Pointe-Claire, Quebec on Montreal's West Island, and is currently constructing ansquare foot production facility, known as "Aurora Sky", at the Edmonton International Airport, as well as is completing a fourth facility in Lachute, Quebec through its wholly owned subsidiary Aurora Larssen Projects Ltd.
In addition, the Company holds approximately Furthermore, Aurora is the cornerstone investor with a Aurora also owns Pedanios, a leading wholesale importer, exporter, and distributor of medical cannabis in the European Union, based in Germany.
On behalf of the Boards of Directors, Story Continues Terry Booth CEO This news release includes statements containing certain "forward-looking information" within the meaning of applicable securities law "forward-looking statements".
Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur.
These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release.
Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements.
The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
Neither TSX nor its Regulation Services Provider as that term is defined in the policies of Toronto Stock Exchange accepts responsibility for the adequacy or accuracy of this release.California Insurance Commissioner Dave Jones has approved the first Cannabis Business Owners Policy in the State of California.
The American Association of Insurance Services designed the new. In this Feb. 19, file photo Hope, left, and Mike Reilly of Pueblo, Colo., attend a news conference in reaction to the announcement that a federal lawsuit is being filed on behalf of the.
Cannabis samples undergoing laboratory testing as required by California law are failing to pass inspection, according to a published report. One . Medical Marijuana Certificate Process The Division of Licensing and Regulatory Services (DLRS) within the Maine Department of Health and Human Services (DHHS) has launched a custom online service to allow licensed medical providers to certify patients for the use of medical marijuana on January 5, Aug 28, · unlicensed cannabis retail location, Church of Peace and Glory, located at the block of Enforcement Online Services.
Once the user clicks File a Complaint, they will be prompted to select a license type, or they can simply report on unlicensed activity. Twitter and Instagram for daily news and updates. A poster at the Cleveland School of Cannabis shows various parts of the growing process.
it's mainly due to the lack of adequate access to banking services," said Haren. News 5. iPhone.