This morning, Cannabis One Holdings (CSE: CBIS) provided an operational update at the request of IIROC, wherein the company confirmed that no material changes have occurred.
The equity had a rough week last week wherein it set new 52 week lows on minimal volume. The stock hit a low of $1.91 on Friday, and managed to close at $1.98, down from $3.25 at the start of the week.
Cannabis One also provided a quick operational update, wherein it confirmed the progress the company has made since the RTO took place.
- On March 6, 2019, the Company signed a three-year, multi-state territorial licensing and royalty agreement for the exclusive rights to produce, market, and distribute a variety of specific cannabis products under the Cheech’s Private Stash (“CPS“) brand.
- On March 13, 2019, the Company announced its intent to enter the California cannabis market through an executed LOI for a majority ownership in a California license holder, which operates Green Leaf Wellness, a dispensary located in the Coachella Valley of California, from Liht Cannabis Corp.
- On April 16, 2019, the Company completed the acquisition of certain assets of Colorado-based JBC Enterprises LLC, which operates the premium, branded cannabis cultivation facility “Fat Face Farms“, located in Denver, Colorado.
- On April 22, 2019, the Company announced that it entered into definitive agreements to acquire certain assets of Nevada-based Evergreen Organix, which has established manufacturing and distribution relationships for the production of its signature suite of brands across six states: Nevada, California, Colorado, Washington, Oregon, and Montana. In connection with the acquisition of Evergreen Organix, the Company will acquire Nevada State-issued cannabis cultivation & manufacturing licenses, and related infrastructure, subject to the approval of Nevada State regulators, in addition to the popular flower brand “Fleur” and the award-winning, cannabis-infused product brands, “Evergreen Organix” and “EG.O“, among others.
- On April 25, 2019, the Company entered into a letter agreement with industry consulting firm Itachi Advisory Group LLC (“Itachi“), to pursue acquisitions related to cannabis retail, cultivation, and manufacturing operations from certain entities advised by Itachi which the Company believes will provide a substantial growth catalyst for the expansion of Cannabis One’s retail brand, The JointTM, which the Company projects will include up to twenty five (25) retail locations across five (5) states: Colorado, Washington, California, Nevada, and Oregon, through fiscal 2019.
- On May 6, 2019, the Company completed the acquisition of Honu Enterprises, a cannabis-infused products brand that includes industry-leading concentrates, a range of popular edible products, and traditional cannabis dried flower, along with the Honu Naturals line of cannabis-infused topicals, which boast a variety of infused creams, lotions, massage oils, bath products, and lip balms.
- On May 14, 2019, the Company announced that it is expanding its multi-state footprint for both CBD and THC infused products with the leasing of two manufacturing and processing facilities, totaling over 21,000 ft2, located near Portland, Oregon. The Company also announced that it was launching its new “Herah” product line, consisting of CBD-wellness products, inspired by cannabis industry pioneer, Herah Osborne, that will incorporate sought-after botanical ingredients into topical and tincture applications, including eye repair serums, body lotions, and facial creams.
Cannabis One also reiterated that it remains committed to becoming a ‘House of Brands’ within North America, which it intends to do so through further acquisitions in the space.
FULL DISCLOSURE: Cannabis One Holdings is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover Cannabis One Holdings on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.