Saturday, May 31, 2025

Latest

Heritage Cannabis Director Resigns Just Ahead Of Year End

When we last checked in with our favorite Canadian extraction play Heritage Cannabis (CSE:CANN) in December, the company was touting a cannabis-focused DNA mapping service called Endocanna. It wasn’t clear if CANN planned to earn off of the sale of the kit itself, or if it was part of a larger sales strategy but, at the time, none of CANN’s extraction divisions were selling products directly to patients or to the rec market.

And they still aren’t, but The Heritage faithful are patiently waiting for the year end financial results to ascertain what kind of revenue and margin numbers Heritage prints in its first quarter as an operating extractor. The annual report for the year and quarter ending October 31, 2019 is due to be filed before February 28th.

The company will be reporting without the oversight of now-former director Debra Lynn Senger, who resigned yesterday with the company’s thanks. Senger will be staying on as a director of 75% owned Heritage subsidiary Voyage Cannabis Corp, whose consumer products have been “coming soon” since July of 2018, when the Falkland, BC company was issued a cultivation, processing and medical sales license.

SEDI records show that, at the time of her resignation, Senger was the beneficial owner or had discretionary control of 9.35 million shares of Heritage Cannabis, almost twice as many as CEO Clint Sharples’ 4.78 million shares, and had the option to purchase 2.25 million more shares.

9.2 million of Senger’s shares came into her posession in the October quarter for which Heritage is to report at the end of February. Following her resignation, Senger is no longer required to report any change in her stock position to SEDI.

Heritage’s revenue will depend largely on the extent to which they’ve been able to capitalize on their contract to produce extraction products from biomass served up by Cronos Group Inc. (TSX: CRON) (NASDAQ: CRON). Cronos began selling their Spinach brand vaporizers at BC Cannabis stores in January. Three flavors of half-gram vape cartridges retail for $54.99 each, 510 thread battery pack sold separately, don’t forget to add 20% PST on all vape products, then add 5% GST on top of that.

Heritage showed $13 million in cash at the end of July, and must have been getting low, because they just borrowed $6.7 million from Trichome Financial at 9.5%, and gave up an original issue discount of 4.5% to get the deal done.

Heritage Cannabis Holdings last traded at $0.26 on the CSE.


Correction: A previous version of this article identified that the annual general meeting for Heritage Cannabis was February 26, 2020. This however was incorrect, as this is the date of record for the meeting which will be held April 16, 2020.

Information for this analysis was found via Sedar and Heritage Cannabis. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.

Video Articles

How To Profit From $3300 Gold? An Inside Look At A Massive 300,000 Oz Project | Martino De Ciccio

We’re At The Start of a Great Silver Boom | Ross McElroy & Andy Bowering – Apollo Silver Corp

Equinox Gold Q1 Earnings: When Everything Goes Wrong

Recommended

ESGold Begins Concentration Tests Ahead Of First Production

Sterling Metals Hits 0.21% Copper Over 482.8 Metres In First Drilling At Soo Copper project

Related News

Raymond James: Cronos Financials A “Relative Non-Event”

On February 26th, Cronos Group (TSX: CRON) (NASDAQ: CRON) reported fourth quarter and full year...

Sunday, February 28, 2021, 01:40:00 PM

Medipharm Labs and Cronos Group Sign Second Manufacturing Agreement

Medipharm Labs (TSX: LABS) and Cronos Group (TSX: CRON) (NASDAQ: CRON) have entered into their...

Thursday, September 19, 2019, 09:23:17 AM

Cronos Group: Canaccord, PI Reiterate Ratings, Adjust Revenue Estimates

Cronos Group (TSX: CRON) (NASDAQ: CRON) reported its second quarter financials on August 6 pre-market,...

Sunday, August 9, 2020, 04:20:00 PM

Cronos Group Announces 10.5% Investment Into US Operator PharmaCann

It appears that rules pertaining to ownership of US cannabis operations are loosening at the...

Monday, June 14, 2021, 08:06:24 AM

CIBC: Cronos Group CEO Switch Up Is “Somewhat Surprising”

This past week, Cronos Group (TSX: CRON) (NASDAQ: CRON) announced that its Board of Directors...

Saturday, September 12, 2020, 01:45:00 PM