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WeedMD Announces the Development of New Cannabis 2.0 Products Featuring Hash, Live Resin and Rosin Extracts for Adult-Use Lineup

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LAS VEGAS, January 19, 2021 – PRESS RELEASE – GreenBroz Inc., a provider of cannabis post-harvest processing technology, has announced an exclusive partnership to market, distribute and sell RollPros’ patent-pending technology featured in the Blackbird Rolling Center to the U.S. and Canadian markets.

The Blackbird Rolling Center solves the age-old problem of producing high-quality pre-rolls at scale, making it an invaluable addition to GreenBroz’ line of post-harvest processing equipment.

The first machine of its kind to offer the patent-pending “tru-roll” technology, the Blackbird Rolling Center utilizes radial compaction rather than directional packing to produce the highest-quality pre-rolls with maximum efficiency.

The Blackbird Rolling Center is a fully automated and enclosed tabletop production unit capable of producing 750-plus (0.45-0.65 gram) pre-rolls per hour with a fill accuracy range of plus or minus 0.03 grams, ensuring compliance while also regulating temperature and humidity during operation.

“When we started RollPros, we set out to completely rethink the pre-roll production process and design a solution unique to the marketplace,” said RollPros founder Kyle Loucks. “Using our patent-pending ‘tru-roll’ technology, we have implemented a radial compaction technique that produces a uniform density and consistency that is superior to anything else on the market. RollPros is proud to partner with an industry leader like GreenBroz, who will enable us to get these machines in the hands of producers as fast as possible.”

All plant-touching surfaces are food-grade materials and/or surgical stainless steel and easily cleanable, reducing the risk of product contamination. Loading the Blackbird is easy and efficient. One 2,500-meter paper roll loaded on the bobbin can produce 40,000 joints, thereby saving time by eliminating the need to stop and reload.

“GreenBroz has always focused on providing solutions that prioritize quality,” said Cullen Raichart, CEO of GreenBroz Inc. “Once we identified that pre-roll production was lacking efficient equipment that provided high-quality results, we immediately went looking for a solution. Partnering with RollPros is a natural fit, and we are excited to be the exclusive distribution partner and to bring this new technology to the market.”

For more information about the Blackbird Rolling Center, visit https://greenbroz.com/rollpros-blackbird-preroll-automation/

California Cannabis Industry Association Announces Exclusive Partnership with North Bay Credit Union

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LAS VEGAS, January 19, 2021 – PRESS RELEASE – GreenBroz Inc., a provider of cannabis post-harvest processing technology, has announced an exclusive partnership to market, distribute and sell RollPros’ patent-pending technology featured in the Blackbird Rolling Center to the U.S. and Canadian markets.

The Blackbird Rolling Center solves the age-old problem of producing high-quality pre-rolls at scale, making it an invaluable addition to GreenBroz’ line of post-harvest processing equipment.

The first machine of its kind to offer the patent-pending “tru-roll” technology, the Blackbird Rolling Center utilizes radial compaction rather than directional packing to produce the highest-quality pre-rolls with maximum efficiency.

The Blackbird Rolling Center is a fully automated and enclosed tabletop production unit capable of producing 750-plus (0.45-0.65 gram) pre-rolls per hour with a fill accuracy range of plus or minus 0.03 grams, ensuring compliance while also regulating temperature and humidity during operation.

“When we started RollPros, we set out to completely rethink the pre-roll production process and design a solution unique to the marketplace,” said RollPros founder Kyle Loucks. “Using our patent-pending ‘tru-roll’ technology, we have implemented a radial compaction technique that produces a uniform density and consistency that is superior to anything else on the market. RollPros is proud to partner with an industry leader like GreenBroz, who will enable us to get these machines in the hands of producers as fast as possible.”

All plant-touching surfaces are food-grade materials and/or surgical stainless steel and easily cleanable, reducing the risk of product contamination. Loading the Blackbird is easy and efficient. One 2,500-meter paper roll loaded on the bobbin can produce 40,000 joints, thereby saving time by eliminating the need to stop and reload.

“GreenBroz has always focused on providing solutions that prioritize quality,” said Cullen Raichart, CEO of GreenBroz Inc. “Once we identified that pre-roll production was lacking efficient equipment that provided high-quality results, we immediately went looking for a solution. Partnering with RollPros is a natural fit, and we are excited to be the exclusive distribution partner and to bring this new technology to the market.”

For more information about the Blackbird Rolling Center, visit https://greenbroz.com/rollpros-blackbird-preroll-automation/

New Trade Organization Launches: The Sustainable Cannabis Coalition

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According to a press release published today, a number of businesses in the cannabis cultivation market have announced they are launching the Sustainable Cannabis Coalition (SCC). The group’s purpose is to “measure, document and improve sustainable cannabis cultivation and manufacturing through education and proliferation of best practices.”

The SCC founding members include: ​Cohn Reznick​, ​Anderson Porter Design​, ​Valiant​, ​Wholly H2O​, ​Cloud Farming​, ​Argus Controls​, ​Conviron, Gro iQ​, ​Trulieve​, ​Byers Scientific​, ​365 Cannabis​, GMP Collective​, ​Omega Equipment and Supply​, ​Simplifya​, ​PathogenDx,​ Grow Generation​ and ​Outlaw Technology​.

The press release says that the SCC will work with industry stakeholders to promote environmental sustainability best practices that can be implemented at scale. “The SCC will be a trusted resource providing foundational best practices to further promote economic benefits of sustainability as the industry continues to grow.”

The SCC will begin its campaign by publishing informative blog posts and podcast interviews on a biweekly basis, with plans to address each vertical in the cultivation and manufacturing supply chain, highlighting environmental sustainability best practices.

According to Peter Dougherty, CEO of Gro IQ and co-founder of the SCC, their mission is to get leaders in the industry to collaborate on promoting the best ways for businesses to become more sustainable. “We will accomplish this by having our founding members companies, which

represent every major link in the cannabis cultivation, manufacturing and distribution supply chain, provide data driven business cases for sustainability based on their area of expertise and then amplifying that content through each other’s websites and social media channels,” says Dougherty.

“With investors across the industry incorporating Environmental, Social and Governance (ESG) factors into the investment process, the creation of a coalition to address sustainability in this space is critical,” Dougherty says. “​The SCC is uniquely poised to impact the industry as it continues to rapidly evolve. As leaders in this space, it is our responsibility to provide data driven sustainability guidance to the industry while protecting both consumers and the environment.”

Their content will be available for free to anyone on their website. Dougherty says they have already received a tremendous amount of interest prior to the launch, so he expects their sphere of influence to expand rapidly.

As of now, the SCC serves as an informal coalition among businesses with no plans to expand too much beyond their current size. The primary goal is dissemination of educational content to start. However, they do encourage folks to check out their website and sign up.

GreenBroz Launches Innovative Cannabis Pre-Roll Processing Technology

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LAS VEGAS, January 19, 2021 – PRESS RELEASE – GreenBroz Inc., the global leader in cannabis post-harvest processing technology, has announced an exclusive partnership to market, distribute and sell RollPros’ patent-pending technology featured in the Blackbird Rolling Center to the U.S. and Canadian markets.

The Blackbird Rolling Center solves the age-old problem of producing high-quality pre-rolls at scale, making it an invaluable addition to GreenBroz’ line of post-harvest processing equipment.

The first machine of its kind to offer the patent-pending “tru-roll” technology, the Blackbird Rolling Center utilizes radial compaction rather than directional packing to produce the highest-quality pre-rolls with maximum efficiency.

The Blackbird Rolling Center is a fully automated and enclosed tabletop production unit capable of producing 750-plus (0.45-0.65 gram) pre-rolls per hour with a fill accuracy range of plus or minus 0.03 grams, ensuring compliance while also regulating temperature and humidity during operation.

“When we started RollPros, we set out to completely rethink the pre-roll production process and design a solution unique to the marketplace,” said RollPros founder Kyle Loucks. “Using our patent-pending ‘tru-roll’ technology, we have implemented a radial compaction technique that produces a uniform density and consistency that is superior to anything else on the market. RollPros is proud to partner with an industry leader like GreenBroz, who will enable us to get these machines in the hands of producers as fast as possible.”

All plant-touching surfaces are food-grade materials and/or surgical stainless steel and easily cleanable, reducing the risk of product contamination. Loading the Blackbird is easy and efficient. One 2,500-meter paper roll loaded on the bobbin can produce 40,000 joints, thereby saving time by eliminating the need to stop and reload.

“GreenBroz has always focused on providing solutions that prioritize quality,” said Cullen Raichart, CEO of GreenBroz Inc. “Once we identified that pre-roll production was lacking efficient equipment that provided high-quality results, we immediately went looking for a solution. Partnering with RollPros is a natural fit, and we are excited to be the exclusive distribution partner and to bring this new technology to the market.”

For more information about the Blackbird Rolling Center, visit https://greenbroz.com/rollpros-blackbird-preroll-automation/

About GreenBroz Inc.

GreenBroz Inc. provides industry-leading automated harvesting solutions to the legal cannabis industry. Veteran-owned and committed to fine American craftsmanship, top-of-the-line machine engineering and exceptional customer service, GreenBroz helps small, medium and large-scale cultivators reach their own version of the American dream. All GreenBroz equipment is American made at its Las Vegas manufacturing facility.

New Mexico Democrats Plan Cannabis Legalization Proposal

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East Fork Cultivars | eastforkcultivars.com

Joel Fischer, a co-owner of Oregon-based East Fork Cultivars, was known as the company’s Ambassador of Happiness. 

Ambassador of Happiness wasn’t just a nickname, or some informal moniker used around his inner circle of close friends and colleagues, but rather it was the official and legal title for Joel Matthew Fischer, a co-owner of Oregon-based East Fork Cultivars. For IRS purposes, he was literally the company’s Ambassador of Happiness.

Along with his fellow co-owners – Nathan Howard, Aaron Howard and Mason Walker – Fischer was part of a quartet known as the East Dorks on East Fork Ranch in Takilma, about 40 miles southeast of Medford, where their cannabis and hemp business launched in 2015. They own about 40,000 square feet of canopy along with 12 acres of craft hemp.

East Fork Cultivars | eastforkcultivars.com

Clockwise from lower left: Nathan Howard, Aaron Howard, Joel Fischer and Mason Walker, co-owners of East Fork Cultivars, enjoy time together on their ranch a few months ago in Takilma, Ore.

Also a licensed realtor, real estate investor and personal finance coach, Fischer died unexpectedly Jan. 8, at age 37, leaving his East Fork family devastated. Fischer is survived by his wife, Tricia Chin, mother, Terry Fischer, and brothers Mike Fischer and Dave Fischer.

“His death has broken me,” Nathan Howard said in a post on social media. “When I’m able to put myself back together, I hope to do so with his spirit, love and approach to life as guideposts.”

Howard described Fischer as a “magical” person who went through life with “surreal zest” and passion that is legendary among his friends and family.

Fischer, who grew up in Portland, built and developed an ability to impact those around him through his belief that people are capable of so much more than they think.

“There’s room for everyone to be further empowered in their lives, and they really just need a mentor,” Howard said of Fischer’s ideology. “So, a cornerstone to Joel’s approach to everything was that if people believed they can do it, they can. And if people have been traumatized or beaten down or bullied or told by others that they can’t do it, it’s the worst thing if they internalize that, because that makes it all the more likely that they won’t change their lives or do what they want to do.”

East Fork Cultivars | eastforkcultivars.com

One of Joel Fischer’s “trademarks” was passing out little, blue vials of organic lavender to people he’d meet. 

In addition to empowering others to follow their passions, Fischer was big on giving away small gifts, like organic lavender that he’d buy in bulk and put in small, blue vials to keep in his pocket and hand out to people he’d meet for the first time.

Not to mention, Fischer would often help counsel others for free, whether it came to buying a house or just financial planning in general. His generosity earned him the nickname, “Patron Saint of East Fork Cultivars.”

“It was small and big stuff,” Howard said. “But the Ambassador of Happiness title was really about helping other people find more happiness in their lives.”

According to his obituary, Fischer made a point of making those around him feel loved. He was always up for an adventure and spent much of the last few years traveling the world. His presence in Oregon’s cannabis community, and in his own community, was extensive.

“The impact he’s had on people across Oregon and the world is spectacular,” Howard said. “And [it’s] only becoming more clear in his death. His accomplishments, personal and professional, are similarly striking.”

Nathan and Aaron Howard also experienced the grief of losing a loved one when their other brother, Wesley Howard, died in 2017 from complications associated with a severe case of neurofibromatosis, a genetic condition that causes tumors to form on nerve tissue such as the brain, spinal column and nerves.

Wesley’s condition is what sparked the Howards to start growing medical cannabis at their southern Oregon home, a former llama breeding ranch, in an effort to help their brother manage his pain and other ailments.

When his brother Wesley died, Nathan Howard said Fischer was there for him.

“Joel and I were together at a business meeting, working to build what’s become East Fork, when I got the call that my older brother Wesley had suddenly passed away,” Howard said. “Joel drove me to Wesley’s apartment, hugged me, stayed with me while saying goodbye to his body, and helped my family make all the post-death arrangements that we’re now making for Joel. He shared essential wisdom he had gained after losing his father far too soon.”

But Fischer didn’t leave behind just his tight-knit community of about 25 co-workers at East Fork Cultivars. On a memorial website created for Fischer, those who knew him from all walks of life shared their condolences and memories.

Before joining East Fork, Fischer, who earned his bachelor’s degree in political science from Oregon State University, spent 12 years working in Oregon politics. Oregon state Sen. Sara Gelser and former Oregon House Speaker Dave Hunt paid tribute to Fischer with their testimonials.

“My heart is broken,” Sen. Gelser said. “I began working with Joel early, early, early in my legislative career. He was always so bright and funny and cheerful and flexible and charismatic. To all who were lucky to have him be part of your regular life, please know how deeply admired he is, how loved he is and that you are wrapped in love in this time of sorrow.”

Hunt wrote on Fischer’s memorial page that they both grew up as sons of American Baptist preachers, but they really got to know each other when Fischer started his political journey on former state Rep. Chris Edwards’ legislative campaign in 2006 in Eugene.

“Although Joel and Chris were both proud Beavers, it was fun to watch him hide his ‘colors’ and find success in the heart of Duck country,” Hunt said about Fischer being an Oregon State graduate working in the same city as the University of Oregon. “His successful journey then continued in and outside the [Oregon] Capitol. He demonstrated his ultimate commitment to equity and justice at [Oregon Business Industry] in 2018.”

Hunt continued and said, “Joel and I both lost our fathers about 15 years ago. We shared many conversations since then about how much we missed our dads and struggled with their premature deaths. May God bring comfort to Joel’s wife, mom Terry Sue, family and friends during these tragic days.”

Early on in Fischer’s political career, he was the policy adviser for current Oregon House Speaker Tina Kotek, whom he helped redesign the state’s Temporary Assistance for Needy Families (TANF) program – which is designated to help low-income families with children achieve economic self-sufficiency – and guide it through the political process, according to Fischer’s LinkedIn page.

When it came to cannabis legislation, Howard said Fischer was involved in the work that led to the passing of Ballot Measure 91, which legalized adult-use cannabis in the state in 2014.

Oregon state Sen. Michael Dembrow, whose district Fischer resided in for a long time, will be introducing a bill in the upcoming legislative session to honor Fischer’s memory, legacy and all of his political contributions on the floor of the upper chamber, Sen. Dembrow confirmed. “Joel was a great guy, much loved and respected by those he worked with at the [Oregon] Capitol,” Sen. Dembrow said.

While Fischer’s political impact extended to all corners of the state, back on the ranch at East Fork is where he found his favorite original cultivar – sour pineapple. Mentally, Fischer said in his company bio that it picked him up when he was down and settled him down when he was up. Physically, he said it is excellent for post-workout recovery and general relief. Those who also enjoy East Fork’s sour pineapple can do so with a connection to Fischer.

Since last Friday, Howard said he’s spent a lot of time with Fischer’s family and friends at Fischer’s home trying to wrap their minds around the fact that he’s gone.

“We spoke most days for the past five years,” Howard said. “Many of my favorite memories from recent life are with Joel. We didn’t say goodbye to each other when we were done hanging out or hopping off the phone – we said, ‘I love you.’”

Cannabis Science in 2020: Increase in Publication of Scientific Studies

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Scientific journals published approximately 3,500 cannabis research studies in 2020, continuing a trend that has been underway for more than a decade. These data were based on a query of studies listed by the National Library of Medicine through the PubMed.gov database.

The number of reputable cannabis studies published every year in fact has risen exponentially since 2000, according to a 2018 study.[1] Many suspect that this growth is attributable to wider access to cannabis and increased interest in the plant’s therapeutic potential.

“The results of the present study demonstrate an ongoing increase in the number of publications related to cannabis in general and to medical cannabis in particular,” the research team wrote in 2018. “The spike in medical publications on medical cannabis…is impressive and encouraging.”[1]

Their team discovered that, of all publications from 2000 to 2018, the majority of published cannabis research was related to psychiatry, neurology, and oncology. The greatest number of publications focused on cannabinoids and HIV, chronic pain, multiple sclerosis, nausea and vomiting, and epilepsy. The bulk of these studies were conducted by researchers in the US and Canada.[1]

“It is noteworthy that the significant growth in the number of publications on medical cannabis since 2013 parallels legislation permitting the use of recreational cannabis in the states of Washington and Colorado in 2012 and in Alaska and Oregon in 2014, and subsequently in many other countries around the world,” the team noted.

Interest in cannabis, particularly in its therapeutic potential, continues to rise. Although there has been a huge jump in the amount of knowledge available, there are still many questions left to be answered.

Further study may illuminate cannabis’ enormous potential for therapeutic applications.

Image Credit: Nick Youngson

Image Source: https://www.picpedia.org/post-it-note/c/cannabis.html

Reference

  1. Treister-Goltzman Y, et al. Trends in publications on medical cannabis from the year 2000. Popul Health Manag. 2019;22(4):362-368.

The FDA Conference on CBD & Gender

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A recent Food and Drug Administration (FDA) conference looked at cannabidiol (CBD) in the context of biological sex differences..

A few key insights stood out at the conference, which took place in November of last year. For starters, the FDA is not just looking at CBD, but other cannabinoids as well.

“The focus of research for many years has been on tetrahydrocannabinol (THC), and it’s left significant gaps in understanding the properties of the well over 100 cannabinoids and 120 terpenes within the cannabis plant,” said David Shurtleff, PhD, deputy director of the National Institute for Health (NIH)’s National Center for Complementary and Integrative Health.

Doctors are reluctant to even discuss CBD with patients whose curiosity has been piqued by hype surrounding the cannabinoid. This is likely attributed to lack of training or even permission to do so, which speaks to lingering stigma.

Cinnamon Bidwell, PhD, director of the Center for Research and Education Addressing Cannabis and Health at the University of Colorado, Boulder, pointed out that CBD might be more effective against anxiety than tetrahydrocannabinol (THC) in females compared to males.

Pain management was another key point of the discussion. Daniel Clauw, MD of the University of Michigan noted that CBD targets the periphery and central nervous system, which is where chronic pain stems from. Women experience 1.5-2 times more chronic pain than men, according to Dr. Clauw, and they may therefore derive more pain relief from CBD.

As for CBD during pregnancy, despite a lack of data on the matter, the general consensus for pregnant women to stay clear of CBD.

The conference also brought to light the inequality between men and women in clinical trials for cannabinoinds, which has been more focused on men, as with many other types of research.

“NIH has ratcheted up the enforcement of studying sex as a biological variable because women were not included in studies,” noted Betty Jo Salmeron, MD, staff clinician for NIH’s National Institute on Drug Abuse.

A very familiar conclusion was made at the end of the conference–we need more research on CBD in everyone. We can certainly agree with that.

Image Credit: Gerd Altmann

Image Source: https://pixabay.com/photos/equality-male-female-symbol-4070495/

Cresco Labs to Expand Into Florida Through Acquisition of Bluma Wellness Inc.

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The Company will now have meaningful operations in all 7 cannabis markets that fall within the top 10 most populated states in the U.S.

CHICAGO – Jan. 14, 2021 – Cresco Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco Labs” or “the Company”), one of the largest vertically integrated, multistate cannabis operators in the United States, and Bluma Wellness Inc. (CSE: BWEL.U) (OTCQX:BMWLF) (“Bluma”), a vertically integrated operator in Florida, announced today they have entered into a definitive agreement (the “Agreement”) pursuant to which Cresco Labs will acquire all of the issued and outstanding shares of Bluma (“Bluma Shares”) in an all-share transaction that values Bluma at an equity value of US $213 million (the “Transaction”).

“Our strategy at Cresco Labs is to build the most strategic geographic footprint possible and achieve material market positions in each of our states. With Florida, we will have a meaningful presence in all 7 of the 10 most populated states in the country with cannabis programs – an incredibly strategic and valuable footprint by any definition. We recognize the importance of the Florida market and the importance of entering Florida in a thoughtful way – we identified Bluma as having the right tools and key advantages for growth. Bluma is known for having best-in-class cultivation in the state of Florida, a differentiated retail experience and omnichannel offering with effective delivery, a clear pathway to scale and an incredible management team. We have a proven track record of integrating assets in strategic states, improving fundamentals, and amplifying operations to take share in the most competitive cannabis markets,” said Charles Bachtell, CEO of Cresco Labs. “In 2020, we demonstrated the growth and leverage that can be created by focusing only on the most strategic markets, executing high-quality cultivation at scale, and marrying it with a targeted, consumer-focused model of high-volume retail. In 2021, it’s rinse and repeat. We’re using the same playbook to go deeper in strategic states, including Florida – we look forward to bringing our Cresco Labs brands and our Sunnyside stores to the Sunshine State!”

“Bluma’s high-quality cultivation operations, scaled delivery platform, and strategic retail investments combined with Cresco Labs’ track record of execution and capital allocation creates the best path forward to accelerate growth for our business in Florida,” said Brady Cobb, CEO of Bluma. “Our vision for Bluma and One Plant Florida has always been to cultivate remarkable experiences through exceptional cannabis. Our management team took the responsibility to seriously assess potential partners and we’re thrilled to be joining an organization that aligns operationally and shares our passion for creating quality cannabis products.”

Bluma Highlights:

  • Bluma Wellness, under its operating subsidiary “One Plant Florida”, has 7 strategically located dispensaries with 8 more locations under legal control and planned to open.
  • One Plant stores rank 2nd highest in per-store sales of smokable flower in Florida.
  • One Plant stores derive 15% of revenue from home delivery (among the highest in Florida).
  • 54,000 sq. ft. of cultivation space (with planned expansion of cultivation capacity, processing lab, and edibles kitchen).
  • One Plant dispensaries act as delivery hubs supporting the fleet of 15 delivery vehicles offering 24-48 hour statewide service.

Florida Market Highlights:

  • 3rd most populous state in the U.S. with 21.7 million people1.
  • 2nd largest growth of state residents in the U.S. in 20201.
  • Over 450,000 registered patients in the medical program2.
  • A regulatory environment that offers a margin profile through forced vertical integration that is immediately accretive to Cresco Labs’ overall business.
  • Significant future growth potential once adult use and/or wholesale sales are introduced.

Financial and Legal Advisors

Cowen is acting as financial advisor to Cresco Labs and provided a fairness opinion to the Company’s board of directors. Bennett Jones LLP is acting as legal advisor to Cresco Labs.

Clarus Securities Inc. and INFOR Financial Inc. are acting as financial advisors to Bluma and each provided a fairness opinion to the board of directors of Bluma. Gowling WLG (Canada) LLP is acting as legal advisor to Bluma.

Terms

Under the terms of the Transaction, shareholders of Bluma will receive 0.0859 of a subordinate voting share of Cresco Labs (“Cresco Shares”) for each Bluma Share held (the “Exchange Ratio”), subject to adjustment as described below. The Exchange Ratio implies a price per Bluma Share of approximately US $1.12, representing a premium of approximately 29% based on the closing price of Bluma Shares on the CSE as of January 13, 2021. The Transaction will be completed by way of plan of arrangement under the Business Corporations Act (British Columbia). The Exchange Ratio is subject to adjustment in the following circumstances: (i) if the 5-day volume weighted average price of Cresco Shares immediately preceding the 2nd business day prior to the closing of the Transaction (the “Cresco Closing Price”) is below US$9.99 but greater than US$7.00, the Exchange Ratio per Bluma Share will be calculated as US$0.86 divided by the Cresco Closing Price; and (ii) if the Cresco Closing Price is less than or equal to US$7.00, the Exchange Ratio will be fixed at 0.1229 Cresco Shares for each Bluma Share.

The Transaction is subject to, among other things, the approval of Bluma shareholders at a special meeting (the “Special Meeting”), and receipt of all required CSE, regulatory and court approvals, including clearance under the Hart-Scott-Rodino Antitrust Improvements Act. Additional details of the Transaction will be provided to Bluma shareholders in an information circular to be mailed in connection with the Special Meeting. It is currently anticipated that, subject to receipt of all required approvals, the Transaction will be completed by the start of the second quarter of 2021.

Recommendation of Bluma Board

The board of directors of Bluma formed a special committee of independent members (the “Special Committee”) to review and recommend the approval of the Transaction by the board of directors. The Special Committee obtained fairness opinions from each of INFOR Financial Inc. and Clarus Securities Inc. stating that, as of the date of the opinions and subject to the assumptions and limitations contained in such opinions, the consideration to be received by holders of Bluma Shares pursuant to the Transaction is fair, from a financial point of view, to the holders of Bluma Shares. Based on the advice and recommendation of the Special Committee, the board of directors of Bluma determined that the Transaction is fair to the shareholders of Bluma, that the Transaction is in the best interests of Bluma and unanimously recommends that Bluma shareholders vote in favor of the resolution to approve the Transaction at the Special Meeting. Shareholders of Bluma holding approximately 40% in aggregate of Bluma Shares have executed voting and support agreements in favor of the Transaction. Certain Bluma shareholders will also agree not to transfer a portion of their resulting Cresco Shares for up to an eight-month period following closing of the Transaction.

About Cresco Labs

Cresco Labs is one of the largest vertically integrated, multistate cannabis operators in the United States, with a mission to normalize and professionalize the cannabis industry. Employing a consumer-packaged goods (“CPG”) approach, Cresco Labs is the largest wholesaler of branded cannabis products in the U.S. Its brands are designed to meet the needs of all consumer segments and comprised of some of the most recognized and trusted brands including Cresco, Remedi, High Supply, Cresco Reserve, Good News, Wonder Wellness, FloraCal Farms and Mindy’s Chef Led Artisanal Edibles created by James Beard Award-winning chef Mindy Segal. Sunnyside, Cresco Labs’ national dispensary brand, is a wellness-focused retailer created to build trust, education and convenience for both existing and new cannabis consumers. Recognizing that the cannabis industry is poised to become one of the leading job creators in the country, Cresco Labs operates the industry’s largest Social Equity and Educational Development initiative, SEED, which was established to ensure that all members of society have the skills, knowledge and opportunity to work and own businesses in the cannabis industry. Learn more about Cresco Labs at CrescoLabs.com.

About Bluma Wellness Inc.

Bluma Wellness Inc. owns and operates a vertically-integrated, licensed medical cannabis company in the State of Florida doing business as “One Plant Florida.” One Plant Florida cultivates, processes, dispenses and retails medical cannabis to qualified patients in the State of Florida through multiple retail dispensaries and an innovative next-day door-to-door e-commerce home delivery service, thereby offering convenient access for its customers and meeting the demands of an evolving retail landscape. Bluma Wellness plans to continue expanding its cultivation and distribution operations as the Florida market grows and may enter into other US states where the production, distribution and use of cannabis is permitted under state law.

Forward-Looking Statements

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company’s and Bluma’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the control of the Company and Bluma. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as, ‘may,’ ‘will,’ ‘should,’ ‘could,’ ‘would,’ ‘expects,’ ‘plans,’ ‘anticipates,’ ‘believes,’ ‘estimates,’ ‘projects,’ ‘predicts,’ ‘potential’ or ‘continue’ or the negative of those forms or other comparable terms.

The forward-looking information and forward-looking statements in this press release includes statements about: the timing and completion of the Transaction and the acquisition of all of the issued and outstanding Bluma Shares, the timing and anticipated receipt of required regulatory, court and shareholder approvals for the Transaction and other customary closing conditions; the anticipated benefits of the Transaction, including the corporate, operational and financial benefits, the parties’ strategic plans and expansion and expectations regarding the growth of the Florida cannabis market.

Developing forward-looking information and forward-looking statements involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to the Company and Bluma and others that apply to the industry generally. Such assumptions include but are not limited to the ability of the combined entity to execute its business plan, the continued growth of the cannabis market in those U.S. states where the cultivation, distribution and use of medical or recreational cannabis is legal and in particular, in the State of Florida, that any changes in US federal or state laws will not adversely affect the businesses or operations of the parties and the ability of the Company to successfully integrate Bluma into its operations.

The forward-looking information and forward-looking statements are subject to known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information and statements. Such factors include, but are not limited to:

  • the ability of the Company and Bluma to receive, in a timely manner, the necessary regulatory, court, shareholder, stock exchange and other third-party approvals to consummate the Transaction;
  • the ability of the Company and Bluma to satisfy, in a timely manner, the other conditions to the closing of the Transaction;
  • the ability to complete the Transaction on the terms contemplated by the definitive arrangement agreement and other agreements, including the support agreements, or at all;
  • the ability of the Company to realize the anticipated benefits of the Transaction and the timing thereof;
  • the consequences of not completing the Transaction, including the volatility of the share prices of the Company and Bluma;
  • negative reactions from the investment community and the required payment of certain costs related to the Transaction;
  • actions taken by government entities or others seeking to prevent or alter the terms of the Transaction;
  • potential undisclosed liabilities unidentified during the due diligence process;
  • the interpretation of the Transaction by tax authorities;
  • the focus of management’s time and attention of both the Company and Bluma on the Transaction and other disruptions arising from the Transaction;
  • a resurgence in cases of COVID-19, which has occurred in certain locations and the possibility of which in other locations remains high and creates ongoing uncertainty that could result in restrictions to contain the virus being re-imposed or imposed on a more strict basis, including restrictions on movement and businesses;
  • the success of new COVID-19 workplace policies and the ability of people to return to workplaces;
  • risks relating to cannabis being illegal under US federal law and risks of US federal enforcement actions related to cannabis activities;
  • negative changes in the political environment or in the regulation of medical cannabis in the State of Florida;
  • negative shifts in public opinion and perception of the cannabis industry and cannabis consumption;
  • risks of product liability and other safety-related liability as a result of usage of the Company’s or Bluma’s cannabis products;
  • the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses;
  • crop failures;
  • litigation;
  • currency fluctuations;
  • increasing competition; and
  • loss of key management and/or employees.

Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking information and forward-looking statements contained in this press release are made as of the date hereof. Except as required by applicable securities law, the Company and Bluma undertake no obligation to update publicly or otherwise revise any forward-looking information or forward-looking statements or the foregoing lists of factors affecting those statements, whether as a result of new information, future events or changed circumstances.

This news release constitutes a “designated news release” for the purposes of the Company’s prospectus supplement dated December 3, 2019 to its short form base shelf prospectus dated July 25, 2019.

1 https://www.census.gov/programs-surveys/popest/technical-documentation/research/evaluation-estimates.html
2 https://s27415.pcdn.co/wp-content/uploads/ommu_updates/2021/010821-OMMU-Weekly-Update.pdf

CBD/Hemp Market: Analysis of COVID-19 Impact

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COVID-19 has left no industry untouched. And looking back as 2020 has closed, the effects of on the hemp and cannabidiol (CBD) industry have been both direct and indirect. That said, the industry continues to march on, and many businesses are optimistic about the future.

Industrial Hemp Farmers

One of the biggest impacts the virus has had on the many farm operations out there is how work gets done. Front Range Biosciences, a group of farmers, researchers, and scientists that produces cannabis, coffee, and other desirable crops, has put emergency measures in place to combat the spread of COVID-19 while they continue operations. These measures include enhanced sanitary protocols, staggering shifts, and the strict use of masks.

Another effect the virus has had on cultivation efforts is limiting hemp cultivation equipment and supplies. Many of these necessary products come from China, which saw a closing of its ports in early 2020. This led to months-long delays in the shipping and receiving of these important agricultural products.

Product Distribution

When COVID-19 began spreading around the world, many feared that product distribution routes would be negatively affected and supplies would be limited. These fears were indeed realized, and there was a slowing of CBD shipments and other hemp products around the world initially. Due to demand for products made of industrial hemp, there was a rather quick uptick in shipments after the initial drops earlier in the year, according to Sarah Roberts, CEO of CBD logistics company SovereignPort.

Retail Sales

COVID-19 has negatively affected the buying power of millions of Americans, and this has led to a decrease in the purchase of retail hemp/CBD-derived products. However, many online businesses have enjoyed robust sales, as many consumers have taken to stockpiling hemp-derived CBD products.

Given the importance and desirability of hemp-derived products, many players in the industrial hemp farming sector remain optimistic they will not only weather the effects of the virus but also thrive as time goes on.

Image Credit: Erin Stone

Image Source: https://pixabay.com/photos/cannabis-weed-pot-ganja-hemp-5330975/

Virginia Governor Unveils Cannabis Legalization Proposal, Mexico Publishes Medical Cannabis Regulations: Week in Review

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East Fork Cultivars | eastforkcultivars.com

Joel Fischer, a co-owner of Oregon-based East Fork Cultivars, was known as the company’s Ambassador of Happiness. 

Ambassador of Happiness wasn’t just a nickname, or some informal moniker used around his inner circle of close friends and colleagues, but rather it was the official and legal title for Joel Matthew Fischer, a co-owner of Oregon-based East Fork Cultivars. For IRS purposes, he was literally the company’s Ambassador of Happiness.

Along with his fellow co-owners – Nathan Howard, Aaron Howard and Mason Walker – Fischer was part of a quartet known as the East Dorks on East Fork Ranch in Takilma, about 40 miles southeast of Medford, where their cannabis and hemp business launched in 2015. They own about 40,000 square feet of canopy along with 12 acres of craft hemp.

East Fork Cultivars | eastforkcultivars.com

Clockwise from lower left: Nathan Howard, Aaron Howard, Joel Fischer and Mason Walker, co-owners of East Fork Cultivars, enjoy time together on their ranch a few months ago in Takilma, Ore.

Also a licensed realtor, real estate investor and personal finance coach, Fischer died unexpectedly Jan. 8, at age 37, leaving his East Fork family devastated. Fischer is survived by his wife, Tricia Chin, mother, Terry Fischer, and brothers Mike Fischer and Dave Fischer.

“His death has broken me,” Nathan Howard said in a post on social media. “When I’m able to put myself back together, I hope to do so with his spirit, love and approach to life as guideposts.”

Howard described Fischer as a “magical” person who went through life with “surreal zest” and passion that is legendary among his friends and family.

Fischer, who grew up in Portland, built and developed an ability to impact those around him through his belief that people are capable of so much more than they think.

“There’s room for everyone to be further empowered in their lives, and they really just need a mentor,” Howard said of Fischer’s ideology. “So, a cornerstone to Joel’s approach to everything was that if people believed they can do it, they can. And if people have been traumatized or beaten down or bullied or told by others that they can’t do it, it’s the worst thing if they internalize that, because that makes it all the more likely that they won’t change their lives or do what they want to do.”

East Fork Cultivars | eastforkcultivars.com

One of Joel Fischer’s “trademarks” was passing out little, blue vials of organic lavender to people he’d meet. 

In addition to empowering others to follow their passions, Fischer was big on giving away small gifts, like organic lavender that he’d buy in bulk and put in small, blue vials to keep in his pocket and hand out to people he’d meet for the first time.

Not to mention, Fischer would often help counsel others for free, whether it came to buying a house or just financial planning in general. His generosity earned him the nickname, “Patron Saint of East Fork Cultivars.”

“It was small and big stuff,” Howard said. “But the Ambassador of Happiness title was really about helping other people find more happiness in their lives.”

According to his obituary, Fischer made a point of making those around him feel loved. He was always up for an adventure and spent much of the last few years traveling the world. His presence in Oregon’s cannabis community, and in his own community, was extensive.

“The impact he’s had on people across Oregon and the world is spectacular,” Howard said. “And [it’s] only becoming more clear in his death. His accomplishments, personal and professional, are similarly striking.”

Nathan and Aaron Howard also experienced the grief of losing a loved one when their other brother, Wesley Howard, died in 2017 from complications associated with a severe case of neurofibromatosis, a genetic condition that causes tumors to form on nerve tissue such as the brain, spinal column and nerves.

Wesley’s condition is what sparked the Howards to start growing medical cannabis at their southern Oregon home, a former llama breeding ranch, in an effort to help their brother manage his pain and other ailments.

When his brother Wesley died, Nathan Howard said Fischer was there for him.

“Joel and I were together at a business meeting, working to build what’s become East Fork, when I got the call that my older brother Wesley had suddenly passed away,” Howard said. “Joel drove me to Wesley’s apartment, hugged me, stayed with me while saying goodbye to his body, and helped my family make all the post-death arrangements that we’re now making for Joel. He shared essential wisdom he had gained after losing his father far too soon.”

But Fischer didn’t leave behind just his tight-knit community of about 25 co-workers at East Fork Cultivars. On a memorial website created for Fischer, those who knew him from all walks of life shared their condolences and memories.

Before joining East Fork, Fischer, who earned his bachelor’s degree in political science from Oregon State University, spent 12 years working in Oregon politics. Oregon state Sen. Sara Gelser and former Oregon House Speaker Dave Hunt paid tribute to Fischer with their testimonials.

“My heart is broken,” Sen. Gelser said. “I began working with Joel early, early, early in my legislative career. He was always so bright and funny and cheerful and flexible and charismatic. To all who were lucky to have him be part of your regular life, please know how deeply admired he is, how loved he is and that you are wrapped in love in this time of sorrow.”

Hunt wrote on Fischer’s memorial page that they both grew up as sons of American Baptist preachers, but they really got to know each other when Fischer started his political journey on former state Rep. Chris Edwards’ legislative campaign in 2006 in Eugene.

“Although Joel and Chris were both proud Beavers, it was fun to watch him hide his ‘colors’ and find success in the heart of Duck country,” Hunt said about Fischer being an Oregon State graduate working in the same city as the University of Oregon. “His successful journey then continued in and outside the [Oregon] Capitol. He demonstrated his ultimate commitment to equity and justice at [Oregon Business Industry] in 2018.”

Hunt continued and said, “Joel and I both lost our fathers about 15 years ago. We shared many conversations since then about how much we missed our dads and struggled with their premature deaths. May God bring comfort to Joel’s wife, mom Terry Sue, family and friends during these tragic days.”

Early on in Fischer’s political career, he was the policy adviser for current Oregon House Speaker Tina Kotek, whom he helped redesign the state’s Temporary Assistance for Needy Families (TANF) program – which is designated to help low-income families with children achieve economic self-sufficiency – and guide it through the political process, according to Fischer’s LinkedIn page.

When it came to cannabis legislation, Howard said Fischer was involved in the work that led to the passing of Ballot Measure 91, which legalized adult-use cannabis in the state in 2014.

Oregon state Sen. Michael Dembrow, whose district Fischer resided in for a long time, will be introducing a bill in the upcoming legislative session to honor Fischer’s memory, legacy and all of his political contributions on the floor of the upper chamber, Sen. Dembrow confirmed. “Joel was a great guy, much loved and respected by those he worked with at the [Oregon] Capitol,” Sen. Dembrow said.

While Fischer’s political impact extended to all corners of the state, back on the ranch at East Fork is where he found his favorite original cultivar – sour pineapple. Mentally, Fischer said in his company bio that it picked him up when he was down and settled him down when he was up. Physically, he said it is excellent for post-workout recovery and general relief. Those who also enjoy East Fork’s sour pineapple can do so with a connection to Fischer.

Since last Friday, Howard said he’s spent a lot of time with Fischer’s family and friends at Fischer’s home trying to wrap their minds around the fact that he’s gone.

“We spoke most days for the past five years,” Howard said. “Many of my favorite memories from recent life are with Joel. We didn’t say goodbye to each other when we were done hanging out or hopping off the phone – we said, ‘I love you.’”