Exhibitor SinglePoint
Inc. to Showcase Smokable Hemp -
one of the fastest growing segments in the
industry
Point Roberts WA, Delta, BC
-- December 5, 2019 -- InvestorsHub NewsWire --
via Investorideas.com, a leading investor news resource
covering cannabis and hemp stocks releases a special report looking
at the upcoming MJBizCon event in Las Vegas, December 11th-13
and some of the many attending industry leaders and exhibitors
expectations, including SinglePoint Inc. (OTCQB:
SING), KushCo Holdings, Inc. (OTC: KSHB),
Aurora Cannabis Inc. (NYSE: ACB)
(TSX: ACB)
and Trulieve Cannabis Corp. (CSE: TRUL)
(OTC: TCNNF).
MJBizCon is an annual three-day
event where cannabis industry professionals network, listen to
premier keynote speakers and explore the more than 150 exhibiting
businesses. The event brings together many top-level individuals
and businesses that are working to advance the cannabis industry
while also increasing its visibility on a global
scale.
When asked about how this year's
event has evolved to differ from last year, Tess Woods from the
MJBiz Team commented, “Each year we produce MJBizCon, it is
important for us to highlight the advancements the industry has
made. This year, we are launching the Investor Intelligence
Conference and the MJBizDaily Awards. For the first time, we will
also surpass 35,000 attendees from more than 70
countries.”
Woods also commented on the noticed
trends and industry trajectory saying, “It’s clear if you look at
market data and consumer behavior in medicinal and adult use
markets that the industry has only begun to develop here in the
United States and the globe. Our annual Marijuana Business Industry
Factbook recently projected the enormous YOY growth rates for the
next five years. I have no reason to believe those types of
curves won’t continue to be seen far into the
future.”
While the industry may have suffered
somewhat from negative press and underwhelming financials,
companies, investors and conference attendees have renewed optimism
in the industry looking to 2020.
SinglePoint Inc.
(OTCQB: SING)
President Wil Ralston, one of the industry exhibitors said, "We are
extremely bullish on the sale of our pre-rolled hemp. We are
currently selling our 1606hemp.com and have completed our first
large purchase from a distributor. Smokable hemp is one of the
fastest growing segments in the industry and we are at the
forefront of it. Being federally legal through the passing of the
2018 Farm Bill, we are able to ship nationwide through
distributors, direct to store and direct to
consumer."
SinglePoint recently
released a recap of their successful 2019 and a look
ahead to 2020 as the company comes off its largest 3rd quarter in
history, exceeding $1,000,000 in revenue for the quarter. The
company continues to see expanded growth in two major markets, Hemp
and Solar and throughout Q4 and into 2020, SinglePoint will focus
on growing these two market segments as demand increases for both.
SinglePoint recently launched 1606 hemp which will have its major
debut at the December 11-13, 2019 MJBIZCON where thousands will
converge at the Las Vegas Convention Center to see the latest
products in the industry. SinglePoint expects the sale of 1606 to
be a large contributor in 2020 to overall company
growth.
“We are excited for the launch of
our 1606 Original Pre-rolled Hemp. We believe we can quickly scale
the sales of this product via ecommerce and retail buyers. The Hemp
Pre-rolls have a major profit margin which will support continued
organic growth,” states Wil Ralston, President of
SinglePoint.
1606 Original Hemp cigarettes are
nicotine and tobacco free. Some research suggests that smoking hemp
cigarettes could be a potential tool to replace tobacco and
nicotine addictions.
According to a Brightfield Group
survey of more than 5,000 CBD users in the US:
· 24%
have used it to help quit smoking.
·
Quitters are often replacing cigarettes with either smokable hemp
or vaping.
· 41%
of quitters have entirely replaced traditional smoking with hemp
CBD.
According to a June 2019 market
research report published by MarketsandMarkets™, the industrial
hemp market is projected to grow from $4.6 billion in 2019 to $26.6
billion by 2025, recording a compound annual growth rate of 34.0%
during the forecast period. The CBD market is on track to grow to
$23.7 billion through 2023, according to Brightfield Group. The
firm also estimated the smokable hemp market to be valued at $11.5
million in 2018, a growth of 250% from 2017.
“We have an exceptional strategic
plan in making SinglePoint one of the biggest publicly traded
companies in the Smokable hemp space. We believe we offer investors
and our current shareholders tremendous value given our leadership
position in several explosive markets including ecommerce, Hemp and
Solar. As SinglePoint continues to grow revenue and profit we
continue to strive for meeting the qualifications to apply for a
listed exchange,” states Greg Lambrecht, SinglePoint
CEO.
SinglePoint predicts growth in its
markets will continue. Support for legalization passed recently
when lawmakers in the House Judiciary Committee approved a Bill
that stands to decriminalize marijuana at the federal level. The
Marijuana Opportunity Reinvestment and Expungement Act of 2019 (the
“MORE Act”) passed by a wide margin with bipartisan support. This
bill will now head to Senate; this is just the first of many steps
but as support continues, SinglePoint believes it will only
continue to open up options for businesses to obtain legal payment
processing accounts. SinglePoint is currently growing its portfolio
of accounts and as soon as the company believes there is a viable,
stable payments option it will be able to onboard additional
clients.
As SinglePoint’s Hemp business
continues to blossom, Direct Solar of America drives additional
expansion. Direct Solar, a subsidiary of SinglePoint Inc. (SING), a
leading residential and commercial solar brokerage, continues to
exceed revenue growth targets and has been pivotal to improving the
Company’s financials.
Direct Solar of America is filling a
gap in the solar market by providing homeowners the knowledge and
comfort throughout the solar purchasing cycle. There are many
complexities when it comes to the purchases including tax credits,
leasing vs. buying, installers among other decisions to make.
Direct Solar separates itself by becoming experts in the
intricacies of solar in each market. Direct Solar has surpassed
over $900,000 in revenue in just six months of
operations.
KushCo Holdings,
Inc. (OTC: KSHB),
the premier producer of ancillary products and services to the
legal cannabis and CBD industries, will also be exhibiting at
MJBizCon after having recently reported its
financial results for its fiscal fourth quarter and full year ended
August 31, 2019.
For the Fourth Quarter the company
saw a net revenue increased 135% year-over-year to $47.0 million, a
gross profit was 20.1%, compared to 18.1% in the prior year period
on a GAAP basis and, excluding the impact of certain non-recurring
items, gross profit was approximately 22.1% on a Non-GAAP
basis.
For the Full Year the company saw a
net revenue increased 186% year-over-year to a record $149.0
million, enabling the Company to achieve its previously issued
guidance of between $145.0 million and $150.0 million, a gross
profit was 16.5%, compared to 25.6% in the prior year on a GAAP
basis and excluding the impact of certain non-recurring items,
gross profit was approximately 21.3% on a Non-GAAP
basis.
Some of the company’s recent
operational highlights included significantly expanded
CBD footprint with launch of new hemp trading business,
named Sentia Wellness as first
CBD brand partner under new Retail Services division,
completed $30.1 million
registered direct offering, providing additional capital
to execute on the Company's growth strategy and help achieve
positive adjusted EBITDA and entered exclusive
distribution agreement with global anti-counterfeiting
and authentication solutions provider De La Rue to authenticate
products throughout the supply chain.
Nick Kovacevich, Co-founder,
Chairman and Chief Executive Officer, commented: "Since we became a
public company in 2016, we have more than doubled our annual
revenue in each of the last four fiscal years, with revenue for
fiscal 2019 increasing 186% year-over-year to a record $149.0
million, helping us achieve our guidance of between $145 million
and $150 million in revenue. Substantially all of this robust
growth was organic, driven primarily by our continued success in
penetrating both new and existing markets and cross-selling deeper
into our 6,000+ strong customer base with our significantly
expanded offerings. Perhaps more importantly, we have supplemented
this solid topline growth with increasing margins, as we have
driven further improvements and efficiencies in our business. In
fact, our gross margins have been increasing every quarter since we
started fiscal 2019 from 13% in fiscal Q1 to 20% in fiscal Q4.
Given that we are continuing to gain scale and efficiency in our
core business, while launching and ramping up higher-margin service
offerings, we expect to see continued gross margin enhancement in
the near future.
"Over the past couple of months,
KushCo and the entire regulated cannabis industry has been dealing
with a vaping crisis that increasingly appears to be connected to
counterfeited, adulterated, and untested vape products being sold
in the black market, which we do not service. While we have been
seeing a slight pullback in sales for the overall vape market, it's
important to note that we service the entire regulated cannabis and
CBD sector, and as a result, benefit from some consumers
potentially shifting to other form factors, such as flower, edibles
and pre-rolls. That being said, we believe there will be some
topline softness in the first half of fiscal 2020 related to vape,
as our customers have been more cautious with their spending and
have been slowing down their vape purchasing activity to limit any
potential inventory or regulatory risk should there be additional
temporary state bans affecting vape product sales. Looking out to
the second half of fiscal 2020, we expect orders for vape products
to pick up again.
"Longer term, we believe this crisis
will drive more consumers from the illicit market to the legal
market and incentivize operators to upgrade to higher-quality,
premium and tested products-both drivers that should help our
business. However, we remain focused on gradually diversifying away
from vape, which we have been communicating and executing on for
the past several quarters, especially with the launch of newer and
higher-margin initiatives, such as our retail services, our custom
branded anti-counterfeiting and authentication labels, and most
recently our hemp trading business. These offerings not only
further diversify our business, adding incremental defensibility
and sustainability, but also drive higher margins which help us
achieve our primary goal of adjusted EBITDA profitability in the
second half of fiscal 2020.
"KushCo is one of the few companies
in the cannabis and CBD industries that has historically been
profitable, and we believe we can achieve this status again, only
now at a much higher level of scale, diversification, and customer
and market penetration. Our strategy of achieving adjusted EBITDA
profitability is centered around three main drivers: 1) continued
topline growth in our core business; 2) the successful ramp up of
our newer and higher-margin initiatives; and, 3) a healthy level of
restructuring and cost-cutting to right-size the business, enhance
margins, and improve cash flow. Already, we have made significant
inroads across each profitability driver.
"Overall, fiscal 2019 was a major
leap forward for KushCo, as we once again drove significant topline
growth, enhanced our margins, expanded our offerings, and further
penetrated our deep customer base. Now, with industry conditions
becoming more challenging, we have our sights set on further
expanding the business, but doing so in a more efficient and
profitable manner. Our recent capital raise of $30.1 million, along
with our revolving credit facility with Monroe Capital for up to
$50 million, should give us enough sprint capacity to execute on
this strategy, achieve our goal of becoming financially
self-sufficient, and put ourselves in a much stronger position to
power the global cannabis ecosystem. We believe this will
ultimately drive the highest returns for our
shareholders."
Looking forward KushCo expects
annual net revenue for fiscal 2020 to be between $230 million and
$250 million. Included in this financial guidance is the Company's
expectation that net revenue from its newly launched hemp trading
business will total at least $25 million for the fiscal
year.
Aurora Cannabis
Inc. (NYSE: ACB)
(TSX: ACB)
who recently
opened its flagship retail store in The West Edmonton
Mall, the largest mall in North America, will also be exhibiting at
MJBizCon this year.
The roughly 11,000-sq.-ft. Aurora’s
flagship store will offer different products and events. The retail
cannabis store will offer “a safe, age-gated retail experience in
full compliance with all relevant federal and provincial
regulations,” according to a company statement.
Designed by Bruce Mau Design and GMC
Architects, the flagship store will host world-class researchers,
creators and culture makers to lead sessions with artists, chefs,
local innovators and experts in the emerging world of cannabis. The
cannabis store will offer visitors access to over 42 different
cannabis products from the Aurora family of
brands.
“Aurora is proud to call Edmonton
home. It’s here where we established our roots and built our
business. There’s no better place for us to open the doors to our
flagship store and to welcome consumers from all over the world to
join us in celebrating how far the cannabis movement has come and
how quickly it continues to grow,” Aurora CEO, Terry Booth
stated.
The company also recently
announced that one of its oil products has obtained
approval for use under Ireland’s new Medical Cannabis Access
Programme.
The company’s high CBD Oil Drops
have been added to a regulatory schedule by the Irish Minister of
Health, allowing the importation and prescribing of the oil. It's
one of two products to receive such an approval, Aurora
said.
Ireland’s Medical Cannabis Access
Programme allows for a consultant to prescribe medical cannabis to
patients suffering from spasticity related to multiple sclerosis,
difficult nausea and vomiting connected to chemotherapy and severe
refractory epilepsy. The program was approved in June by Irish
Minister of Health, Simon Harris and is set to last for five
years.
"Aurora is pleased to be able to
assist patients who are seeking treatment with high quality EU-GMP
(good manufacturing practice) certified pharmaceutical-grade
medical cannabis in Ireland,” Dr. Shane Morris, Aurora's Chief
Product Officer, said in a statement.
“We are very proud to be one of the
first approved suppliers of medical cannabis under the MCAP.
We want to acknowledge the efforts made by many people, especially
the patients and doctors who have campaigned for access to these
medicines."
Trulieve Cannabis
Corp. (CSE: TRUL)
(OTC: TCNNF),
a leading and top-performing cannabis company in the United States,
will also be attending this year’s MJBIzCon after having recently
announced that CEO Kim Rivers was featured on a
presenting panel Multi-State Operators take on Medicinal Cannabis
speaking with other leading cannabis executives in the healthcare
sector at Piper Jaffray's 31st Annual Healthcare
Conference on December 3rd, 2019.
Ms. Rivers is scheduled to speak on
the Licensing: Ins and Outs – Ensuring Continued Compliance in a
Changing Regulatory Landscape panel at the MJBiz Conference at
10:30 a.m. PST on Thursday, December 12th, 2019 in Las
Vegas.
CEO Kim Rivers was also recently
among the 50 most influential women to be recognized
across the cannabis industry at the High Times Female
50.
Trulieve Cannabis Corp., like many
of the other above listed exhibitors also released its
financial results for the third quarter of 2019 ended September 30,
2019.
"Our third quarter results reflect
our continued customer loyalty, growth, and leadership position.
Trulieve's strong brand, wide-ranging access to stores, and
authentic customer experience have resonated with our customers and
patients," stated Kim Rivers, Trulieve CEO. "The third quarter was
also successful in further strengthening our position in our
existing markets as well as preparing for new market entry. We
continue to build operational efficiencies and financial discipline
to ensure a solid foundation, cash reserves, and the right tools at
our disposal to expand our footprint. Looking ahead, this is an
exciting time as we execute on our strategic vision to be one of
the top performing cannabis companies in North
America."
This year’s MJBizCon kicks off next
week on December 11th and it seems many of the exhibitors are
looking to use this event, filled with industry professionals and
investors, to help reinvigorate the industry and update the
cannabis market on their recent developments. Reflecting,
2019 may not have been all we hoped for when looking at the hemp
and cannabis sector but it seems 2020 is inciting many companies to
be optimistic as we start to see real revenue generation and an
improved regulatory environment.
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