Aleafia Health Inc OTCMKTS: ALEAF Welcomes Changes to Cannabis Licensing, Completes Largest Ever Product Sale
Aleafia Health Inc OTCMKTS: ALEAF is a leading, vertically integrated cannabis health and wellness company with four primary business units: Cannabis Cultivation & Products, Health & Wellness Clinics, Cannabis Education, and Consumer Experience with ecommerce, retail distribution and provincial supply agreements.
Aleafia Health owns three major cannabis product & cultivation facilities, two of which are licensed and operational. The Company produces a diverse portfolio of commercially proven, high-margin derivative products including oils, capsules and sprays. Aleafia Health operates the largest national network of medical cannabis clinics and education centres staffed by MDs, nurse practitioners and educators.
Aleafia Health maintains a medical cannabis dataset with over 10 million data points to inform proprietary illness specific product development and treatment best practices. The Company is committed to creating sustainable shareholder value and has been named the 2019 top performing company of the year by the TSX Venture Exchange prior to graduation to the TSX.
Aleafia Health Inc OTCMKTS: ALEAF On May 09, 2019 has completed the largest adult-use cannabis order (the “Order”) in the Company’s history today. The Order is scheduled to depart from the Company’s facility today, with delivery to a Canadian provincial government for distribution to online and retail consumers. It will contain the Company’s branded Symbl oils, oral sprays and dried flower products.
The value of the Order is expected to generate proceeds from the sale of cannabis exceeding $0.7 million. In the first 38 days of Q2 2019, including the revenue to be obtained from the Order, the Company has received adult-use cannabis product orders from three Canadian provincial governments of over $1.2 million in gross revenue, representing significant growth when compared to the sale of cannabis revenues generated during 2018. Previously, in its 2018 audited financial statements, Aleafia Health recognized revenues from the sale of cannabis of $0.6 million, derived exclusively from wholesale transactions of dried flower to a Licensed Producer.
“We are extremely pleased to report the largest ever cannabis sale in our Company’s history,” said Aleafia Health CEO Geoffrey Benic. “Furthermore, with our Niagara Greenhouse and Outdoor Grow expansion in a plant-ready state, the assets are now in place to scale our cannabis health and wellness vision exponentially and build on today’s results.”
Aleafia Health is also providing comment on changes to cannabis licensing announced by Health Canada on May 8, 2019.
“Aleafia Health welcomes Health Canada’s changes to cannabis licensing announced yesterday. These changes will alleviate product shortages and application backlogs, while spurring job creation in local communities as more completed facilities become operational. We fully support these measures,” said Aleafia Health CEO Geoffrey Benic. “Additionally, by increasing supply, Health Canada will make continued progress towards eliminating the black market for cannabis, which is an important policy objective of federal and provincial governments and all responsible stakeholders.”
Aleafia Health Inc OTCMKTS: ALEAF On May 06, 2019 Board of Directors have approved an advance notice by‑law, the purpose of which is to require that advance notice be provided to the Company in circumstances in which nominations of persons for election to the Board are made by shareholders other than pursuant to the requisition of a meeting or a shareholder proposal in accordance with the Business Corporations Act (Ontario) (the “Advance Notice By-law”).
The Advance Notice By‑law fixes a deadline by which shareholders must provide notice to the Company of nominations for election to the Board, and sets out the information that a shareholder must include in the notice for it to be valid.
In the case of an annual meeting of shareholders, the notice must be delivered to the Company no fewer than 30 days prior to the date of the meeting (except that, if the meeting is to be held on a date that is fewer than 50 days after the first public filing or announcement of the date of the meeting, the notice must be delivered no more than 10 days after the date of that public filing or announcement).