PALM BEACH, Florida, Nov. 19, 2019 /PRNewswire/ -- Pet owners are turning to CBD. In fact, according to a 2019 study in the Canadian Veterinary Journal 80% of owners said they bought cannabis products for their dogs most commonly for pain and anxiety, as highlighted by the Toronto Sun. Better, analysts at New Frontier Data note that pet and animal CBD product sales could reach $125 million by 2022. That's creating sizable opportunity for companies including Veritas Farms Inc. (OTCQB:VFRM), Aphria Inc. (NYSE:APHA)(TSX:APHA), Aurora Cannabis Inc. (NYSE:ACB)(TSX:ACB), Cronos Group Inc. (NASDAQ:CRON), and CannTrust Holdings Inc. (NASDAQ:CTST).
Veritas Farms Inc. (OTCQB:VFRM) BREAKING NEWS: Veritas Farms Inc. just announced the company unveiled its upcoming line of full spectrum hemp oil pet products at the ERCM Hemp Derived Pet Products Showcase in Cape Coral, Florida. Veritas Farms won second place for best product for its upcoming line of chewable full spectrum hemp pet products. "We are very happy with the reception our upcoming line of pet products received in Florida," explained Alexander Salgado, CEO and co-founder of Veritas Farms. He continued "It is estimated that around 10% of all hemp and CBD products will be designed for pets in the future and we believe that our full spectrum hemp oil line for pets is going to become a considerable segment of our product line." The Company also met with key decision makers from multiple national chain pet retailers with the goal of securing distribution partners for its upcoming pet line. Like Veritas Farms™ products for humans, the Company's full spectrum hemp for pet products are undergoing rigorous tests and will have the same level of transparency and quality control. As the regulations surrounding pet care products are less rigorous than those intended for human use, we believe this is a significant value proposition for the Veritas Farms™ pet care line. Over the coming months, the Company will be announcing further details about its line of full spectrum hemp products for pets and its anticipated launch dated.
Other cannabis-related developments from around the markets include:
Aphria Inc. (NYSE:APHA)(TSX:APHA) announced that all five of its medical and recreational brands, as well as its subsidiary Broken Coast Cannabis' Head Grower were recognized at the 6th Annual Canadian Cannabis Awards presented by Lift & Co (TSXV: LIFT andOTCQB: LFCOF). The Company received a total of seven awards. An expert panel of judges awarded Broken Coast's Head Grower Kevin Anderson 'Master Grower' and Aphria's Solei's CBN Renew oil 'Innovation of the Year'. Additionally, after more than 31,000 Canadians voted, the Company's adult-use brands Solei, RIFF, Good Supply, Broken Coast, and its medical brand Aphria, took home top honours in product categories. We are thrilled to have not only all five of our brands across our medical and recreational portfolios – Solei, RIFF, Good Supply, Broken Coast and Aphria – recognized by thousands of Canadians but to have our Solei Renew CBN oil win 'Innovation of the Year'," said Irwin D. Simon. "These awards speak to the quality of our products and strength of our brands, as well as our commitment to innovation and continuously setting the bar higher to deliver products we believe meet the needs of our patients and consumers."
Aurora Cannabis Inc. (NYSE:ACB)(TSX:ACB) announced its financial and operational results for the first quarter of fiscal 2020 ended September 30, 2019. "Over the past several years, Aurora has earned its place as a global leader in the cannabis industry. Despite short term distribution and regulatory headwinds in Canada that have temporarily impacted the industry, the long-term opportunity for Aurora in the global cannabis and cannabinoids market is immense," said Terry Booth, CEO, Aurora Cannabis. "Aurora has, and will continue to focus on everything in our control. Our success in doing this was demonstrated again this quarter by continued strong improvement in our core KPIs. We delivered solid operating results this quarter, exemplified by our industry-leading cash cost to produce which declined another 25% to $0.85 per gram this quarter, as well as by our industry-leading gross margins and market share." Mr. Booth added, "In order to capitalize on this global market, we recognize the need to be nimble and proactive. To enhance our financial flexibility and position us to take maximum advantage of future growth opportunities, we have also taken decisive steps to immediately strengthen our balance sheet. Specifically, these steps include: (1) the announcement of a formal plan to settle our 5.0% convertible debentures due March 2020, (2) a reduction in our capital investments over the next several quarters by over $190 million to better match near-term capacity expansion with anticipated demand, while maintaining our long-term demand outlook, and (3) raising over US$124 million in gross equity proceeds since the start of fiscal 2020 through our at-the-market ("ATM") financing program."
Cronos Group Inc. (NASDAQ:CRON) announced its financial results and business highlights for the three- and nine-months ending September 30, 2019. "As demonstrated by our progress in the third quarter, we are making great strides to advance the development and diversity of our portfolio and to expand our manufacturing capabilities," said Mike Gorenstein, CEO of Cronos Group. "We are confident that our platform strategy and focus on consumer driven innovation will continue to differentiate Cronos Group and drive growth and value creation over the long-term."
CannTrust Holdings Inc. (NASDAQ:CTST) is providing a status update in accordance with its obligations under the alternative information guidelines set out in National Policy 12-203 – Management Cease Trade Orders ("NP 12-203"), which require the Company to provide bi-weekly updates until such time as the Company is current with its filing obligations under Canadian securities laws. As previously announced, the Company is subject to a management cease trade order ("MCTO") issued by the Ontario Securities Commission. The MCTO prohibits the directors and executive officers of the Company from trading in or acquiring securities of the Company until two full business days after the Company files an interim financial report for the three and six month periods ended June 30, 2019, an interim management's discussion and analysis for the corresponding period and certifications of interim filings. The MCTO does not affect the ability of investors who are not insiders to trade in the securities of the Company. The Company advises that: (i) there have been no material changes to the information contained in the Company's August 16, 2019 news release, August 29, 2019 news release, September 12, 2019 news release, September 26, 2019 news release, October 10, 2019 news release, and October 24, 2019 news release; (ii) it intends to continue to comply with the alternative information guidelines of NP 12-203; and (iii) except as previously disclosed, there are no subsequent specified defaults (actual or anticipated) within the meaning of NP 12-203.
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