Westleaf Inc. (the “Company” or “Westleaf“) (TSX-V:WL) (OTCQB:WSLFF) is proud to announce its Prairie Records retail stores have been named top cannabis retailer in Canada at the GrowUP Conference & Expo. Singing a different tune in cannabis retail, the award win is a testament to how Prairie Records is offering Canadian’s a truly unprecedented purchasing experience.
“It is extremely gratifying to have Prairie Records be recognized at one of the industry’s largest events and to be able to stand out amongst a field of very worthy retail competitors,” says Adam Coates, Chief Commercial Officer at Westleaf and Retail Brand Strategist for Prairie Records. “We set out to make waves in a sea of sameness by creating an immersive experience like no other in the marketplace, and we are pleased and honoured to receive this, the first Grow UP Conference retail award.”
Ten companies were nominated in the Grow UP retail category at this year’s event, the first for the industry. Among the nominees were independent stores and well-known national chains. Prairie Records was recognized based on delivering an unparalleled consumer purchasing experience and creating a welcoming brand for cannabis consumers.
Westleaf has four Prairie Records stores open, three in the Saskatoon region and one in Calgary, which is hosting its grand opening tomorrow, September 14. The concept combines the tactile and immersive feel of a vinyl record store with a cannabis purchasing experience. Information about the cannabis strains and strengths are presented on album covers and the customer is enveloped in a warm and welcoming retail experience. The staff are well versed on the product offering and provide educational opportunities for both the experienced cannabis connoisseur as well as the novice consumer.
SOURCE Westleaf Inc.
Sunniva Announces Closing Of Third Tranche Of Short Term Bridge Financing For Proceeds Of Cad $325,000
Sunniva Inc. (“Sunniva”, the “Company”, “we”, “our” or “us”) (CSE:SNN) (OTCQB:SNNVF), a North American provider of cannabis products and services, is pleased to announce that it has closed the third tranche of the Company’s non-brokered private placement (the “Offering“), previously announced on August 1, 2019 of CAD $325,000 for a total of 325,000 units of the Company (“Units“). In aggregate the total gross proceeds raised by the Offering was CAD $7.57 million and 7.57 million Units issued. Each Unit consists of a principal amount of unsecured promissory notes of the Company (“Promissory Notes“) and common share purchase warrants of the Company (“Warrants“).
As previously disclosed, proceeds of the Offering will be used to provide short term working capital for operations in California, capital costs at the Sunniva California Campus and general corporate purposes.
The Units issued under the Offering have the following terms:
6 months from the closing date.
10% (annual rate).
Number of Warrants:
0.40 Warrants per Unit (each Warrant entitles the holder to acquire one common
share of the Company at the Warrant Exercise Price).
Warrant Exercise Price:
CAD $2.50 per Warrant.
24 months from closing.
A finder’s fee of 5% payable in cash will be paid to certain investment advisors for introducing certain purchasers of Units to the Company.
The Promissory Notes and Warrants have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Promissory Notes or Warrants in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.
For more information please visit: www.sunniva.com.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Sunniva Inc.
INTERCURE: CANNDOC signs strategic distribution agreement with S.L.E. of TEVA Pharmaceuticals
InterCure (TASE: INCR), announced that subsidiary Canndoc has entered into a strategic distribution agreement with Salomon, Levin, Elstein (S.L.E.,) which is owned by Teva Pharmaceuticals Industries (NYSE: and TASE: TEVA).
Under terms of the agreement, S.L.E. will distribute Canndoc’s GMP products to pharma clients, including hospitals, health maintenance organizations (HMOs) and all pharmacies in Israel, including pharmacy chains. In the future, as regulatory approvals allow, S.L.E. will provide logistics capability for exporting Canndoc’s products to countries that support regulations for the sale and distribution of cannabis products for medical use.
S.L.E. is one of Israel’s leading companies for providing health logistics services and distributes products from dozens of local and international companies. S.L.E. is licensed by the Israeli Ministry of Health, and also holds a GDP distribution license.
“Our agreement with S.L.E., Israel’s leading company in distributing medical products, creates a complete supporting platform for supplying Canndoc’s GMP products to any location in Israel and for countries with similar regulations,” said Canndoc’s Chairman Ehud Barak. “Through its S.L.E. partnership, Canndoc has aligned itself with one of the most prominent pharmaceutical companies in the world, for the distribution of cannabis-based medical treatments to countries that recognize the value of these medicines for people in need.”
S.L.E. CEO Aviad Bossi adds, “The agreement brings together our well-established pharmaceutical distribution network with Canndoc’s high quality medical cannabis industry presence and market leadership. Beyond the operations in Israel, this agreement will provide Canndoc significant logistical capabilities that can support Canndoc’s exporting operations from Israel.”
The distribution agreement is set for a 3-year term and includes a mechanism for automatic extension periods of two years each.
Canndoc is one of the first licensed producers, with its GMP-approved medical cannabis Rx products being sold in pharmacies. The engagement in this distribution agreement will broaden Canndoc’s ability to distribute GMP products to its patients within the S.L.E. pharmacy network throughout Israel. In addition, S.L.E. will provide Canndoc significant logistical capabilities in the future supporting Canndoc’s ability to export its products to countries with consistent regulation for the sale and distribution of cannabis products for medical use.
Lawsuit Filed by Michel & Associates Against Terra Tech on Behalf of Alleged Former Partner Forced Out of Santa Ana Cannabis Shops
Santa Ana cannabis businessman Wojciech Smolenski, through his counsel at Michel & Associates, PC, has filed a complaint in a Santa Ana court against his former employer, Terra Tech Corp., and alleged former partners contending that Terra Tech and other defendants defrauded him of profits from development of Santa Ana cannabis businesses. Terra Tech, a publicly-traded company specializing in cannabis operations, entered the Orange County cannabis market in 2017 when it acquired The Reserve retail cannabis store in Santa Ana and rebranded it as a Blüm store. Terra Tech later acquired an ownership stake in another Santa Ana cannabis operation, The Healing Tree Collective.
In addition to Terra Tech, Smolenski’s suit names affiliated companies and officers of Terra Tech as defendants. Smolenski claims that Terra Tech and two company officers used false promises of a partnership in developing several Santa Ana properties into cannabis businesses to induce him to allow Terra Tech to take over lucrative real estate deals on those properties to which Smolenski had exclusive rights.
Smolenski’s July 20, 2019 cross-complaint claims that Terra Tech fêted him to join Terra Tech and several others as a partner in developing Santa Ana cannabis businesses. Terra Tech brought him on board as a company executive. Smolenski then alleges in his lawsuit that once Terra Tech gained his trust, Terra Tech and its officers terminated his employment and forced him out of their partnership in two other cannabis businesses. Smolenski’s complaint against Terra Tech, its subsidiaries Medifarm So Cal and 55 OC Collective, and Terra Tech officers Michael Nahass and Derek Peterson, alleges causes of action for fraud, contractual breaches, and employment law violations.
According to Smolenski’s complaint, Terra Tech sought to expand its cannabis business into Orange County in 2017 by purchasing an existing cannabis business in Santa Ana with which Smolenski was affiliated, The Reserve. Smolenski’s suit alleges that after Terra Tech acquired The Reserve, Nahass and Peterson then began actively recruiting Smolenski to partner with them and Terra Tech to grow the acquired California operations as well as develop new retail, manufacturing, and cultivation businesses at other Santa Ana properties. Smolenski claims that in exchange for partnering with Terra Tech on developing new businesses at Santa Ana “Green Zone” locations Smolenski was already in escrow to purchase, Peterson and Nahass agreed that Terra Tech would front capital costs on the businesses and share profits from those businesses with Smolenski. Smolenski claims they also agreed to employ him with a lucrative salary and benefits as a high-level employee of Terra Tech.
Smolenski claims that these promises were shams to get control of the two Green Zone properties Smolenski was already in the process of purchasing. Specifically, his lawsuit alleges that once Smolenski transferred the purchase rights over to Terra Tech, and secured city cannabis licenses for the properties, Peterson and Nahass came up with pretextual reasons to fire Smolenski from his Terra Tech job and repudiate the existence of the partnership. Smolenski also claims that Terra Tech failed to provide him stock options and pay bonuses he had earned at the time of his termination from his employment.
Smolenski’s complaint also claims that Terra Tech has a practice of going into new markets, finding investors or local cannabis operations, and then purporting to partner with them only to later force them out. Smolenski’s claims are similar to claims in a lawsuit settled earlier this year between Terra Tech and a Nevada investor. In November 2018, Terra Tech and other affiliated companies and officers, including Nahass and Peterson, were sued in a Reno court in Medifarm I, LLC, v. Terra Tech, Inc.
That lawsuit claimed that local Reno businesswoman Heidi Loeb Hegerich was solicited by Nahass, Peterson, and others to contribute capital and other assets to a joint venture with Terra Tech to open Reno-area cannabis businesses. That lawsuit alleged that after Hegerich contributed capital and joined the venture, Terra Tech and other partners improperly diverted assets from the venture, attempted to lock Hegerich out of the operations and the books, and began working with a competing cannabis business.
That lawsuit was settled within three months after it was filed, with Terra Tech paying the plaintiffs $6.3 million but disclaiming liability. Terra Tech has recently decided to sell the Reno dispensary that was part of that lawsuit—Blüm Reno—for $15 million.
Smolenski’s complaint comes in response to Terra Tech’s own lawsuit against Smolenski, Smolenki’s wife, and an affiliated company that was filed earlier this year. Among the allegations in that complaint, Terra Tech claims that Smolenski stole money from the company, damaged a company computer, and sold cannabis products for Terra Tech but failed to remit the proceeds to Terra Tech. Smolenski filed an answer to Terra Tech’s lawsuit in July denying the claims. Terra Tech has not yet answered Smolenski’s suit.
SOURCE Michel & Associates, PC
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