Canadian Bioceutical Corporation Acquires Highly Profitable Cannabis Operations In Arizona

The Arizona Market:

Arizona has a vibrant and rapidly growing medical cannabis programme with, to date, some 100,000 registered medical cannabis users. Subsequent to the 'no' vote against legalization in November 2016, the growth rate of patient applications has risen considerably. While market dynamics point to continued growth, barriers to enter the Arizona market are substantial, with the current number of operating dispensaries at 95, and the total number of licensees permitted capped at 126.

Source: Accesswire 23 January, 2017 via Yahoo Finance
 

Well-Positioned and Highly Profitable Platform for Growth in the North American Cannabis Market; US$27 Million Fund Raising Completed to Finance the Acquisition and Further Expansion; Company to Start Trading on the Canadian Securities Exchange in Next Few Days

TORONTO, ON / ACCESSWIRE / January 23, 2017 / The Canadian Bioceutical Corporation (the "Company" or "BCC") (CSE: BCC, OTC PINK: CBICF) today announced that, together with its wholly owned subsidiary CGX Life Sciences ("CGX"), a Nevada incorporated entity, and subject to CSE approval, it has completed the acquisition of a group of companies active in the Arizona market for medical cannabis. Concurrent with the acquisition, the Company has completed a private placement for gross proceeds of US$27 million (~CA$35.5 M), and is effecting a listing of its shares on the Canadian Stock Exchange ("CSE").

 

 

Transaction Highlights:

• Arizona operations form strong platform for growth into multiple U.S. states
• Wholesale cannabis extracts brand servicing over 40% of Arizona dispensaries
• Two dispensaries in rapidly growing Phoenix Metropolitan Area with 4.6 million people
• Fully banked
• Strong revenue growth and highly profitable
• 166.5% four-year revenue CAGR - forecasted to March 31, 2017
• FY to March 31, 2016 - US$8.5 million (~CA$11.2M)
• FY to March 31, 2017(E) - $19.2 million (~CA$25.5M)
• 323% y-o-y EBITDA growth anticipated
• FY to March 31, 2016 - $1.6 million (~CA$2.1M)
• FY to March 31, 2017(E) - $6.6 million (~CA$8.8M)
• A growing share, currently at around 5.2%, of the Arizona market, which is anticipated to grow to over US$1.2 billion (~CA$1.6Bn) if adult use is legalized
• Attractively priced at US$25 million - US$15m cash + US$10m promissory note
• Considerable discount to Canadian peers, despite substantially stronger financial fundamentals, significant growth prospects and strong operational history
• Transaction includes attractive option to acquire control position in Nevada cannabis operation
• Wholesale operation with cultivation and sale of Melting Point Extracts ("MPX") and other branded cannabis products to legalized adult use market in Nevada
• Based in Las Vegas, which records 42 million visitors annually

"This transaction, we believe, makes us the most profitable cannabis company listed in Canada," stated Scott Boyes, CEO of BCC. "More than that, it creates a platform for growth in a number of very attractive U.S. markets, which are forecast to reach US$22 billion by 2020.
To create further shareholder value, we are pursuing a two-tier strategy. Firstly, we are expanding the production capacity of our Arizona operations, and will leverage the performance and strength of our brands to drive continued organic growth. We will support this growth through expanded production capacity, as well as the use of innovative technology. Secondly, we will pursue attractively priced acquisition opportunities throughout the U.S. Many operations in the U.S., though profitable, are small and undercapitalized and require a financially strong partner to pursue further growth. The strength of our balance sheet, with growing cash flow positive operations, and our proven access to capital, create the financial fire power required to implement this strategy."

Arizona Operations:

In compliance with Arizona regulations, while not cultivating or selling cannabis products themselves, pursuant to long-term management agreements the acquired entities provide material support to two not-for-profit licensees, which directly own, possess or sell marijuana and marijuana-infused products. Current production capacity of the Arizona entities is approximately 1.6 million grams of dried flower per year and approximately 60,000 grams of concentrate per year.

Under the terms of the management agreement, CGX will support two existing brands in Arizona. Under the Health for Life ("H4L") brand, two licensed dispensaries operate in the Mesa area, which is part of the rapidly growing Phoenix Metropolitan Statistical Area (MSA) with a population of 4.6 million people. The dispensaries sell dried flower and derivative cannabis product to authorized patients.

Additionally, the Company supports the Melting Point Extracts ("MPX") brand, which is focused predominantly on the sale of derivative cannabis products, such as oils, through the H4L dispensaries and through its wholesale business to other Arizona dispensaries. MPX was selected as the Best Concentrate by the Phoenix New Times in September, 2016, and in November of 2016, MPX won the Herer Cup as Nevada's best hybrid concentrate. The quality of the award winning MPX products has facilitated rapid growth of the brand's product sales. Consequently, the MPX wholesale business now supplies over 40% of Arizona dispensaries. The Company anticipates leveraging its brand strength to further penetrate the wholesale market, both in Arizona and in other states.

Having commenced commercial operations in Q1 of 2014, the acquired companies achieved profitability in Q2 2015. Management estimates that H4L and MPX combined, based on 2016 market and revenue numbers, command a market share of approximately 5%. Presently, the Company is expanding its production capacity to approximately 3.2 million grams of cannabis per annum, as well as investing in new equipment to produce extract based products to expand reach and market share of its MPX brand.

 

 

WestJet Starts Service from Calgary and Edmonton

WestJet inaugurates service to Mesa, Arizona
Angelos Restanis /
23 Jan 2017 09:17 
Service between Calgary and Phoenix-Mesa will operate three times weekly and Edmonton and Phoenix-Mesa will operate once weekly through April 29, 2017.

CALGARY - With the arrival of flight 1518 on January 19th, WestJet officially inaugurates the start of service to Phoenix-Mesa Gateway Airport from Calgary. Inaugural service from Edmonton began January 21."WestJet is providing our guests in Calgary and Edmonton even more options when travelling to this very popular sun destination," said Brian Znotins, WestJet Vice-President, Network Planning. "The Phoenix-Mesa market is very robust and WestJet continues to add new service to meet demand. These new non-stop flights connect Albertans to a highly desirable leisure market and offer convenience to those looking to fly directly into Mesa. We are proud to have Mesa as our 28th U.S. destination."

This winter, the airline has a total of 60 weekly flights to Arizona including a recently added second flight on Tuesdays from Edmonton to Phoenix.
Edmonton now has a total of 12 weekly flights to Arizona while Calgary has a total of 22.
Flights will be operated on WestJet's Boeing 737 aircraft featuring the enhanced Plus product and WestJet Connect, WestJet's inflight entertainment system accessed directly through smartphones, tablets or computers. Almost 75 per cent of WestJet's Boeing fleet is now equipped with WestJet Connect.
All flights allow WestJet Rewards members the opportunity to earn WestJet dollars to be used towards the payment of a WestJet-marketed flight or a WestJet Vacations package (excluding taxes, fees and charges).

About the author

---

Angelos Restanis

News Editor

Angelos is the news editor for TravelDailyNews Media Network (traveldailynews.gr, traveldailynews.com and traveldailynews.asia). His role includes to monitor the hundrends of news sources of TravelDailyNews Media Network and skim the most important according to our strategy. He currently studies Communication, Media & Culture in Panteion University of Political & Social Studies of Athens.

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First Time: Chicago Cubs 2017 Spring Training in Arizona To Get Televised

Cubs will have every spring training game on TV or radio for the first time in 2017

Posted 1:44 PM, January 23, 2017, by Larry Hawley,

Updated at 02:09PM, January 23, 2017

Source:  WGN TV

 

Sloan Park Mesa AZ

On Monday the team announced that every game during their 2017 Spring Training in Arizona will either be televised, broadcast on radio or streamed online.
This is the first time in team history that each game in the spring will be broadcast in some form or fashion.
WGN-TV will have the first of these games on Saturday, February 25th when the Cubs host the Atheltics in a split-squad game. The other contest against the Giants that day will be streamed on Cubs.com.

Other spring training games that will be broadcast on WGN-TV include:

• Saturday, March 4 at 2 p.m. vs. Dodgers
• Sunday, March 26 at 3 p.m. at Reds
• Thursday, March 30 at 7 p.m. at Astros

Both Cubs-White Sox games during spring training – Monday, February 27th and Friday, March 17th – will be streamed on Cubs.com.
Here is the full broadcast schedule for spring training:

 

Insane Clown President: Matt Taibbi Chronicles Election of "Billionaire ...

Published on Jan 17, 2017

Views: 77,498

http://democracynow.org - As a new study by Oxfam finds the world’s eight richest men control as much wealth as the poorest half of humanity, the group says it is concerned that wealth inequality will continue to grow following the election of Donald Trump, whose Cabinet members have a combined wealth of nearly $11 billion. We look at the rise of Trump, and those joining his administration, with award-winning Rolling Stone journalist Matt Taibbi. His new book comes out today, titled "Insane Clown President: Dispatches from the 2016 Circus."

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CIty Council Meeting - 1/23/2017

Views: 12

With few exceptions faith ministers have not showed up to give the invocations - a moment of silence is observed instead.
David Luna chosen as Vice Mayor.
Kevin Christopher reads the Consent Agenda - as usual no questions or discussions on items to be acted on

Council Study Session - 1/23/2017

Published Jan 23, 2017
Views: 2

"Review" went fast
Luna reports on an event he aattended
Giles makes a quick summary of U.S. Conference of Mayor's
Luna mentions West Jet
Freeman mentions MLK Day Breakfast and Parade

Next Study Session on Thu AT 7:30 AM

Action To Be Taken Tonight To Approve a $1.24M Renovation @ Kleinman Park in District 4

It's taken 5 years to get this project in-the-works and through the design-and-approval process to bring this item up in front of the Mesa City Council to take action on approval.
It is item 5-i on the Consent Agenda for Tonight's meeting that starts at 5:45 pm.

17-0033 Kleinman Park Renovation - Construction Manager at Risk (District 4)

 

Way back in 2012, Mesa voters approved a Parks Bond Program. 
Included in this bond program was the Kleinman Park Renovation Project.

Through community outreach, the project was programmed to include:

• the removal of the existing tennis concession building
• removal and replacement of three existing tennis courts due to extensive concrete cracking
• 4 new pickle ball courts
• replacement of perimeter court fencing
• replacement of the existing asphaltic wheels court with a new lighted turf area
• light emitting diode (LED) lighting upgrades
• Americans with Disabilities Act (ADA) parking upgrades
• ADA restroom renovation
• new drinking fountain
• new ballfield backstop and dugout fencing
• ADA concrete pavement improvements.  

Staff recommends awarding the contract for this project to D.L. Withers Construction in the amount of $1,243,748.10, based upon a Guaranteed Maximum Price of $1,184,522, plus an additional $59,226.10 (5%) as a change order allowance. 

This allowance will only be utilized for approved change orders.
Funding is available from the 2012 Parks Bond Program.

*5-i