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UK Financial Journalist Says SA Medicinal Cannabis Company Very Dubious Indeed

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Tony Hetherington the Financial Mail on Sunday’s investigator is not impressed and writes

And since City A.M. is a specialist financial publication, I think it is reasonable to expect staff there at least to cast an eye over anything they email to thousands of subscribers, even if they do nothing more than spot the hugely obvious red flags that flutter over Orange River Wealth’s offering.

The first red flag is that although the advertisement is headed ‘Orange River Wealth’, the offering is actually for preference shares in a separate but connected company called Orange River Capital, which is raising money to take a stake in a medicinal cannabis business in South Africa.

After this, the red flags come thick and fast. The offer document is dated March, but CityA.M. advertised it just a few weeks ago. It lists Alexander David Securities as its Financial Conduct Authority-regulated broker. Yet on April 29, the regulator imposed serious restrictions on this firm, and on July 1 – a month and a half before the CityA.M. promotion – Alexander David Securities went into liquidation.

Investors are entitled to know who they are dealing with, and the Orange River offer lists Sarah Stubbs as a director, and gives details of her business experience. Yet Sarah Stubbs quit as a director on June 14.

The company’s chief executive is Lee Farbrace, who says he is currently a director of five companies he lists. Wrong. He has forgotten one. This is EMI Wealth Limited, where he is the sole director. The company was involved in a long-running legal tussle in which an investor gave evidence that he met Farbrace in 2010 and parted with £130,000.

Read more at  https://www.thisismoney.co.uk/money/experts/article-11222023/TONY-HETHERINGTON-CityA-M-failed-weed-cannabis-investment.html



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Father of New Italian PM Meloni Was Jailed In Spain For 9 Years For Hashish Smuggling In 1990’s

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Spain based olive press reports Los jueces del caso relatan que ofrecieron a Francesco Meloni "un tratamiento penal beneficioso" si confesaba por cuenta de quién transportaba 1.500 kilos de hachís https://t.co/E8lGj8YnqE — Diario de Ibiza (@Diario_de_ibiza) September 30, 2022 Read more at  https://www.theolivepress.es/spain-news/2022/09/30/father-of-next-italian-prime-minister-giorgia-meloni-was-jailed-for-9-years-in-spain-for-trafficking-1500-kilos-of-hashish/



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Canopy Mass Sell Off Of Entire Retail Operation In Canada

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Here’s the (as usual) sanitized sounding press release which suggests to us they are really beginning to struggle

SMITHS FALLS, ON, Sept. 27, 2022 /CNW/ – Canopy Growth Corporation (“Canopy Growth” or the “Company”) (TSX: WEED) (NASDAQ: CGC) announced today that the Company has entered into agreements to divest its retail business across Canada which includes the stores operating under the Tweed and Tokyo Smoke retail banners. The announcement reinforces the Company’s focus on advancing its path to profitability as a premium brand-focused cannabis and consumer packaged goods (CPG) company.

The Company has reached an agreement (the “OEGRC Transaction”) with OEG Retail Cannabis (“OEGRC”), an existing Canopy Growth licensee partner that currently owns and operates the Company’s franchised Tokyo Smoke stores in Ontario. As part of this agreement, OEGRC has agreed to acquire all of Canopy Growth’s corporate stores outside of Alberta as well as all Tokyo Smoke-related intellectual property. The Company has also reached an agreement (the “FOUR20 Transaction”) with 420 Investments Ltd. (“FOUR20”) pursuant to which FOUR20 has agreed to acquire the ownership of five retail locations in Alberta. Closing of the OEGRC Transaction and the FOUR20 Transaction is subject to regulatory approvals and other customary closing conditions.

“We are taking the next critical step in advancing Canopy as a leading premium brand-focused CPG cannabis company while furthering the Company’s strategy of investing in product innovation and distribution to drive revenue growth in the Canadian recreational market,” said David Klein, CEO, Canopy Growth. “By realizing these agreements with organizations that possess proven cannabis retail expertise, we are providing continuity for consumers and team members. Through the best-in-class retail leadership that OEGRC and FOUR20 have demonstrated, they will continue to serve Canadian consumers with the high-quality in-store experiences that are essential for success in a new industry.”

Operational savings realized through these transactions are expected to result in Canopy’s projected selling, general, and administrative cost savings being closer to the high end of the annualized target range expected as part of the cost reduction actions announced on April 26, 2022.

Overview of the OEGRC Transaction:

  • Upon completion of the OEGRC Transaction, OEGRC will acquire ownership of 23 Tokyo Smoke and Tweed store locations across Manitoba, Saskatchewan, and Newfoundland and Labrador.
  • As part of the OEGRC Transaction, the Tokyo Smoke brand will be transferred to OEGRC and any purchased stores currently branded as Tweed will be rebranded.
  • The master franchise agreement between the Company and OEGRC pursuant to which OEGRC licenses the Tokyo Smoke brand in Ontario will be terminated on the closing of the OEGRC Transaction.

Overview of the FOUR20 Transaction:

  • FOUR20, a licensed cannabis retailer, will purchase five of the Company’s corporate stores in Alberta. Following the close of the FOUR20 Transaction, these stores will be rebranded under FOUR20’s retail banner.

All in-store team members working in the locations being acquired will see their employment continue with OEGRC and FOUR20 pending completion of these transactions.

In addition to the foregoing divestitures, the master license agreement between Canopy Growth and Alimentation Couche-Tard Inc. with respect to the use of the Tweed brand for brick-and-mortar retail stores operating in Ontario has also been terminated.

Canopy Growth will continue to own and operate the Tweed brand, including a vast portfolio of mainstream flower, pre-rolled, and ready-to-enjoy options, as the Company looks towards providing Canadians with new ways to engage with one of the industry’s highest impact brands.

 

Here’s the reality

OEG Retail Cannabis to Acquire Retail Stores, Tokyo Smoke Brand From Canopy Growth in Cross-Country Expansion

Tokyo Smoke Positioned to Become Canada’s Number One Retail Cannabis Brand

TORONTO, Sept. 27, 2022 (GLOBE NEWSWIRE) — As the next chapter in its story of rapid growth, expansion and Canadian market leadership, OEG Retail Cannabis (OEGRC) is acquiring 23 Tweed and Tokyo Smoke stores from Canopy Growth Corporation (CGC) in Manitoba, Saskatchewan, and Newfoundland and Labrador. In addition to the retail locations, OEGRC is also acquiring the Tokyo Smoke brand from Canopy Growth as it continues to lead in customer experience, product quality, choice, value and loyalty programs.

Following the close of this acquisition, OEGRC will be the sole owner of the Tokyo Smoke brand and trademark and all Tweed retail stores acquired as part of this transaction will be rebranded.

“We believe this is the start of something special for the retail cannabis industry,” said Jürgen Schreiber, CEO, OEG Inc. “With this acquisition, OEG Retail Cannabis and the Tokyo Smoke brand are positioned as outright leaders in Canadian retail cannabis and we are committed to doing everything we can to lead in customer experience, product quality and safety for years to come as the country’s cannabis industry continues to evolve and mature.”

OEGRC is excited to welcome all current customer-facing retail employees from the newly acquired stores to continue providing a differentiated brand and customer experience.

“OEG Retail Cannabis and Canopy Growth have been partners for many years now and we are committed to a smooth transition for employees and customers of the newly acquired stores as we await final regulatory approval in the coming months,” added Schreiber. “This agreement is a prime example of the continued advancement of the Canadian cannabis industry, with each respective organization focusing on its strengths and expertise. For OEG Retail Cannabis, this includes significantly expanding its retail footprint nationally, leveraging a long history of retail excellence in Canada. For Canopy Growth, the focus is driving forward a leading premium-focused brand and product portfolio for consumers.”

Google search for Tweed gives this sort of result

 

 

Ganjapreneur report

Canopy Growth Divests Its Retail Businesses Throughout Canada

 

MJ Biz report

https://mjbizdaily.com/canopy-growth-quits-canadian-cannabis-retail-business/



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USA: National Craft Cannabis Coalition Forms to Promote Policies That Support Small Cannabis Producers

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Press Release

Six state-level organizations from CA, OR, WA, VT, ME, and MA form coalition to support DTC sales for small, independent cannabis producers

Legally recognizing cannabis farming as agriculture and allowing craft producers to sell directly to consumers is essential to small operators, consumers, and patients across the U.S.”

— Mark Barnett, Policy Director at the Maine Craft Cannabis Association

SANTA ROSA, CA, UNITED STATES, September 20, 2022 /EINPresswire.com/ — The National Craft Cannabis Coalition (NCCC), a coalition of six organizations representing 1,000 small and independent cannabis producers across the United States, announced its formation today.

Established by cannabis trade associations, advocacy groups, and cooperatives across the country—including Origins Council (CA), F.A.R.M.S. Inc. (OR), Washington Sun & Craft Growers Association (WA), Vermont Growers Association (VT), Maine Craft Cannabis Association (ME), and Farm Bug Co-Op (MA)—the NCCC’s purpose is to promote state and federal policies that support small cannabis producers, and to support a business ecosystem that supports craft cannabis cultivation and production.

“Across the United States, thousands of small cannabis farmers and manufacturers have received licenses to operate under state-legal cannabis frameworks with many others seeking to enter the legal market,” said Amanda Metzler, President of F.A.R.M.S. Inc., Oregon’s Cannabis Farm Advocates. “These producers operate on a much smaller scale than traditional agriculture with many cultivating less than an acre of total canopy. With federal legalization on the horizon, it’s critical that craft cannabis producers organize across state lines to ensure that federal policy includes a level playing field for small and independent businesses.”

Upon its formation, the NCCC announced its strong support for the SHIP Act, which was introduced on Sept. 14, 2022 by Rep. Jared Huffman (D-CA). The SHIP Act would ensure that small cannabis producers have the ability to ship their products directly to consumers across the United States, mirroring existing efforts in other craft agricultural industries such as America’s world-renowned artisanal wine industry, where the ability to ship products directly to consumers has been the cornerstone of ensuring market access for small producers.

“An equitable federal cannabis legalization framework must prioritize a diverse marketplace, consumer and patient access, and low barriers to entry into the legal market from day one,” said Mark Barnett, Policy Director at the Maine Craft Cannabis Association. “Legally recognizing cannabis farming as agriculture, and allowing craft cannabis producers to sell directly to consumers, are essential to build a framework that can meet the needs of small operators, consumers, and patients across the U.S. as cannabis becomes federally legal.”

About NCCC
The NCCC is a coalition of state-level advocacy organizations representing over 1,000 small and independent commercial cannabis producers across the United States. NCCC formed in 2022 to advance state and federal policies that support small cannabis producers and the development of a differentiated market for regulated, small-batch craft cannabis products. www.craftcannabiscoalition.org

Gretchen Giles
G2 Comms
email us here
+1 7075707887



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