Major medical cannabis firm Kanabo Group has appointed Conservative MP, Dr Dan Poulter as a non-executive director.
The former Government health minister and chairperson of the All-Party Parliamentary Group (APPG) for Global Health, Dr Poulter has a detailed knowledge of the drugs and medicines regulatory framework in the UK.
In an announcement on Tuesday 29 June, Kanabo said his experience in medical, governmental, and healthcare policy makes him ‘well positioned’ to support its mission to establish and lead a regulated medicinal cannabis market in the UK and Europe.
The company became only the second cannabis firm to list on the London Stock Exchange in February.
Its flagship product, the VapePod, is the first-ever medically certified vaporiser for cannabis oils.
Dr Poulter, a practicing NHS Psychiatrist has previously advocated for access to medical cannabis, believing that prescribed cannabis products could bring considerable health benefits to help people experiencing mental ill health and distress.
He is vice-chair of the APPG on Medical Cannabis under Prescription and a member of the advisory council for the Conservative Drug Policy Reform Group.
Dr Poulter said: “As a doctor, I am increasingly aware of the potential of cannabis-based medicines. Cannabis products are fast becoming available that could deliver significant improvements to the lives of thousands of patients suffering from conditions ranging from chronic pain to post traumatic stress disorder.”
Avihu Tamir, CEO, Kanabo Group, said: “We are delighted to welcome Dr Dan Poulter, MP as a Non-Executive Director to our board. Dan brings a wealth of knowledge and insight into the business that strengthens our team as we build a medicinal cannabis market in the UK and Europe.”
“Kanabo is an established leader in medical cannabis research and innovation. As such, the company is creating a new standard in the industry by providing better and safer access to such cannabis medications. I am pleased to be able to lend my knowledge and experience to the company’s work in this crucially important endeavour.”
Chairman of the board, David Tsur, added: “We are delighted that Dr Dan Poulter has joined us and we’d like to warmly welcome him. He brings a wealth of experience and I’m sure will be a very valuable addition to the Board. It’s an exciting period for Kanabo to execute the company’s business plan and to expand its activity and strategic partnerships.”
Tilray sees net revenue increase to $513m from last year
Tilray has a net income of $33.6m during the fourth quarter compared to net loss of $84.3m in the prior year quarter.
Cannabis leader Tilray has seen its net revenue increase to 27 per cent, totalling $513m compared to last year.
Global cannabis lifestyle and consumer packaged good company Tilray, which is a leading EU GMP-certified Medical Cannabis LP in Europe, has reported its financial results for the full fiscal year, revealing that it had net income of $33.6m during the fourth quarter compared to net loss of $84.3m in the prior year quarter.
Net revenue increased 25 per cent to $142.2m during the fourth quarter from $113.5m in the prior year quarter.
The Company says the increase was driven by 36per cent growth in net cannabis revenue to $53.7m, which included four weeks of contribution from legacy-Tilray, a 10 per cent decline in distribution revenue, net beverage alcohol revenue of $15.9m following its SweetWater acquisition on November 25, 2020, and wellness revenue of $5.8m from its Manitoba Harvest.
Tilray’s Chairman and Chief Executive Officer, Irwin Simon, said: “Early results from the new Tilray affirm that, while the global cannabis market remains in its early stages, our vision, scale, access to resources and operational excellence position us optimally to capitalise on the opportunity.
“In a very short period of time since our business combination was finalised, we transformed and strengthened Tilray, delivered solid results amid continued COVID-19 lockdowns and restrictions and achieved $35m in synergies to date – well on our way to delivering $80m in cost savings over the next 16 months.
“These are early achievements but they provide the roadmap for our strategy and priorities moving forward. Tilray is now truly leading the global cannabis industry with low cost of production, leading brands, a well-developed distribution network, and unique partnerships that we believe will drive sustainable shareholder value in the quarters to come.
“We look forward to accelerating and refining our business-level strategies and roadmaps and to ensuring unmistakable, measurable progress as we build the leading consumer-packaged goods business in the cannabis industry.”
Sales surge puts Love Hemp on road to global expansion
Love Hemp expects further growth this year amid its launch on Amazon in Q1 2022, a new subscription model and overseas expansion in the US, Europe and Japan.
UK CBD brand Love Hemp expects to at least double annual revenues to £8.6m+ this financial year after a bumper 12 months of online and High Street sales.
Love Hemp plc saw sales surge 60 per cent to £4.31m in 2020/21 driven, in part, by wider consumer recognition of its brand, maturing of online platforms and an increased presence in retail outlets.
It now expects further strong growth this year amid its launch on Amazon in Q1 2022, a new subscription model and overseas expansion in the US, Europe and Japan.
Orders from major UK retailers
Units sold in 2020/21 increased by 244 per cent year-on-year to 188,865, with third party retail representing 41 per cent of total revenue.
Its products are now sold in 198 Boots stores and 838 Holland & Barrett outlets across the UK, with distributors including Ocado, Alliance Healthcare Distribution Ltd and CLF Distribution, totalling more than 2,000 stores.
The company expects these revenue streams to evolve further as sales via online channel partners such as Amazon, which are due to come online in the first quarter of 2022, and from its online channels in line with its move to a subscription based model.
A further growth contributor is its high profile marketing campaigns in partnership with Anthony Joshua.
CEO Tony Calamita said: “The record revenue we have seen in the financial year 2021 is an endorsement of the growing strength and visibility of Love Hemp, which has grown in line with the burgeoning consumer interest in high-quality CBD products in the UK.
“This consumer demand and trust in our products is increasingly being reflected in major high-street retailers seeking to stock Love Hemp products to enrich their wellness offerings, where we have seen our shelf presence double in FY21.
“During the year, we saw a 236 per cent increase in third party retail sales and a 56 per cent increase in units sold through our high street stockists, including Boots and Holland & Barrett.
“Our multi-channel approach to sales resulted in increased online sales and consumer accounts. Our online distribution network and the revenue streams emanating from it are expected to increase significantly in FY22 as we launch new online channel partners, including Amazon.”
The company’s revenue continues to be UK centric, however, this is expected to change as it pursues its large-scale international growth strategy.
During the period, the company has raised over £10m in equity which will be invested in targeting new geographies including the US, Europe and Japan; as well as brand expansion via partnerships with the aforementioned Anthony Joshua and the Ultimate Fighting Championship.
Calamita added: “Love Hemp is well positioned to benefit from the growing consumer appetite for CBD wellness products in the UK, and we look forward to launching our first major marketing campaign ahead of Christmas in partnership with Anthony Joshua. In addition to growth in the UK market, we have spent the year preparing for our launch into new geographies, including the US.
“The US CBD market is considerably larger than the UK and will therefore be transformational for Love Hemp. Our growth strategy puts us on a trajectory to at least double our revenue in FY22.”
AssetCo acquires 63% stake in Rize ETF for £16.5m
The 63% acquisition will see a further investment of £5.25m to help fund the growth of the business
AssetCo has announced it will acquire a 63% stake in Europe’s first specialist thematic ETF, Rize ETF, for £16.5m.
Expecting to close on 27 July, 2021, the 63% AssetCo acquisition of Rize ETF, which has launched four thematic ETFs including Medical Cannabis and Life Sciences, will see a further investment of £5.25m to help fund the growth of the business.
Gordon Neilly, an adviser to AssetCo, and Gary Collins, Head of Distribution at AssetCo, will join the Rize ETF board.
A new approach to asset management
As well as medical cannabis, Rize ETF, which currently has $450m of assets under management and was recently named winner of “Best New ETF Entrant” in the ETF Express Awards 2021, specialises in Cybersecurity and Data Privacy, Educational Tech and Digital Learning, and Sustainable Future of Food. It is also anticipating the launch of four new thematic ETFs for 2021, including the launch of Environmental Impact 100 ETF later this month.
AssetCo will fund the £16.5m consideration from an equity financing by way of an accelerated bookbuild for approximately £25m.
Peter McKellar, Deputy Chairman and CEO of AssetCo, commented: “The team at Rize has built an impressive thematic ETF platform, based on an incredibly exciting ethos. It provides investors access to products that enable them to participate in new and relatable themes and benefit from strong growth led by secular trends.
“The Rize approach to product development echoes one of the fundamental principles on which AssetCo’s strategy is based: that a new approach to asset management, unbridled by legacy constraints and ways of doing things, will drive significant growth, as technology led manufacturing and distribution of investment products tap into the new, emerging trends in the way the next generation of investors choose to allocate their capital.
“Our strategy is to position AssetCo to take advantage of the structural shifts taking place within the asset and wealth management industry, such as the increasing use of technology to help individual investors and their advisers. Rize has the team, pedigree and expertise to grow significantly and to continue to deliver product innovation for investors, building a world class thematic ETF business in the process.
“We are looking forward to working with the Rize ETF team in building the business and delivering value to investors and AssetCo’s shareholders.”
Management and employees will own an effective 37% equity interest in Rize ETF following the acquisition, of which 5% is subject to certain near-term performance conditions.
- Tilray sees net revenue increase to $513m from last year
- Oxford Cannabinoid Technologies secures drug development agreements
- Paul Finnegan discusses 300 per cent growth of CBD brand Naturecan
- Supply chains urged to use authentication to protect cannabis products
- Sales surge puts Love Hemp on road to global expansion