Is HSTRF worth a look at?
General Description of the Business
VANCOUVER, British Columbia, April 05, 2019Blissco Cannabis Corp. (CSE: BLIS) (OTCQB: HSTRF) (FRA: GQ4B), (“Blissco”) or the (“Company”) is a Canadian cannabis brand based in British Columbia, a licensed processor, and producer of premium dried cannabis and cannabis oil and a licensed distributor of dried cannabis products. BlissCo is a standard cultivator and standard processor under the Cannabis Act. It is focused on cultivating, processing and distributing ultra-premium dried cannabis and cannabis related products. BlissCo earned its license to cultivate cannabis plants and to prepare dried cannabis in March 2018 and its license to produce cannabis oil in August 2018. The Company received a comprehensive sales license from Health Canada to sell bulk cannabis and pre-packaged, labeled, and tested cannabis products in November 2018 to medical patients and provinces. In December 2018, the Company submitted its application for a license amendment to sell cannabis oil.BlissCo plans to sell adult-use dried cannabis and processed products in Canadian provinces. The Company is also committed to providing exceptional service to its medical clients and plans to launch a telemedicine app to offer clients mobile access to a Nurse Practitioner for easy guidance and access to a prescription for medical cannabis products. The Company is currently developing an e-commerce website for its medical clients that will house a curated shop of premium dried cannabis, cannabis oil and related products.BlissCo provides processing, extraction and distribution services to the growing market of licensed Canadian cannabis cultivators. The Company leverages cutting-edge technology and is continuously developing its network of top-tier industry cultivators, retailers, and innovators. BlissCo is backed by an experienced team that is deeply in tune and integrated with industry partners and BlissCo’s clients.
On February 23, 2018, the Company completed its acquisition of Bliss Co Holdings Ltd. (“BCH”), a private company incorporated under the laws of Canada. BlissCo has constructed a cultivation facility with a focus on being a high- volume processor, packager and distributor of cannabis and cannabis related products.
Summary of the acquisition transaction:
- · 69,963,652 post-Consolidation shares of BlissCo were issued to the shareholders of BCH as consideration for 100% of the issued and outstanding common shares of BCH.
- · 16,245,750 warrants of BlissCo were issued to holders of BCH warrants, where each warrant entitles the holder to acquire one post-Consolidation share of the Company at an exercise price of $0.25.
- · BlissCo completed a private placement financing of 18,684,043 units of common shares on a post- consolidation basis at a price of $ 0.30 per unit for aggregate gross proceeds of $5,605,213 (the “Private Placement”). Each Unit is comprised of one common share (“Share”) and one Share purchase warrant (“Warrant”). Each Warrant entitles the holder to acquire one Share at an exercise price of $0.60 for a period of two years provided that the Company may accelerate the expiry date by providing 20 days’ notice in the event that the Shares have a volume weighted average price of $0.80 or higher for a period of 10 consecutive trading days. All securities issued under the Financing were issued on a post-consolidated basis and are subject to a four-month hold period in accordance with applicable securities laws.
- · Arm’s length finder received an aggregate of 833,333 post-Consolidation common shares of BlissCo.
- · The board of directors of BlissCo consists of five directors.
Liquidity and Capital Resources
As at October 31, 2018, the Company reported working capital of $2,903,929 as compared to working capital deficiency of $905,309 at January 31, 2018, representing an increase of $3,809,238.
Net cash and cash equivalents increased by $2,303,926 from $97,757 at January 31, 2018 to $2,401,683 at October 31, 2018 as a result of cash generated by financing activities consisting of net cash acquired on reverse takeover of $174,676 and net proceeds from issuance of shares of $6,118,318. The Company also used $2,595,524 in operating activities consisting of general and administrative expenditures and payments of trade payables, and $1,393,544 in investing activities for the purchase of property, plant and equipment and intangible assets.
Current assets excluding cash, as at October 31, 2018, consisted of receivables of $138,783 (January 31, 2018 – $129,906), comprised of sales tax credits, biological assets of $9,030 (January 31, 2018 – $nil), inventory of $697,000 (January 31, 2018 – $nil), and prepaid expenses of $44,955 (January 31, 2018 – $29,335). Current liabilities decreased by $774,785 from $1,162,307 at January 31, 2018 to $387,522 at October 31, 2018.
Under its current business plans, the Company has sufficient liquid assets to fund its operations for the next twelve months. In the event the Company’s plans change, its assumptions change or prove inaccurate, or its capital resources in addition to projected cash flow, if any, prove to be insufficient to fund operations, the Company may be required to seek additional financing. Although the Company has been successful in raising funds in the past, there can be no assurance that the Company will have sufficient financing to meet its future capital requirements or that additional financing will be available on terms acceptable to the Company in the future. The Company has not had a history of operations or earnings and the overall success of the Company will be affected by its current or future business activities.
BlissCo Cannabis Corp. operates as a cannabis company. The Company processes, cultivates, and distributes cannabis, as well as supplies whole flower and dried flower pre-rolls and also has a license to produce cannabis oil and operational oil extraction lab. BlissCo Cannabis serves customers in Canada.
Conscious plant derived healthcare free from the long-term effects of toxins, unnecessary chemicals and pesticides. Blissco Cannabis Corp. partners with medical experts, naturopaths, and passionate green thumbs. Whether helping your body heal, or shifting perspective, cannabis has opened doors for humanity over time.
Blissco Cannabis Corp. (BLIS)(HSTRF),a Canadian wellness cannabis brand based in British Columbia and a multi-licensed cultivator, processor, and distributor of premium cannabis, just signed a supply agreement with Alberta Gaming, Liquor and Cannabis (AGLC).
The company will now enter the Alberta recreational cannabis market, supplying the province with three strains from their whole flower collection. “Alberta has the highest cannabis retail sales in Canada, and we are excited for the opportunity to supply this growing market with our premium dried cannabis and offer cannabis extract products later in 2019,” added Damian Kettlewell, Blissco CEO.
Blissco’s list of supply agreements continues to expand as the company now has agreements to supply the British Columbia, Saskatchewan and Alberta markets domestically and the German market internationally. “We look forward to continuing to add to our customer list as we meet with more provinces as well as international partners,” said Damian Kettlewell, Blissco CEO.
Management Discussion & Analysis October 31, 2018
- Jennifer Archibald, seasoned healthcare executive, appointed as the Company’s CFO.
- Sean Dollinger, CEO of Namaste Technologies Inc., and Meena Ballantyne, former Assistant Deputy Ministerof Health Products and Food Branch at Health Canada joined BlissCo’s board.
- Dr. Hyndman, a former medical director of Qi Integrated Health, joined BlissCo’s advisory board.
- Completed a $3 million strategic equity investment with The Supreme Cannabis Company Inc. (TSXV: FIRE) giving Supreme a 10% interest in the Company at the time of purchase.
Press Release | 04/05/2019
Blissco Products Available for Sale at BC Cannabis Store and Blissco Ships Second Purchase Order to BCLDB
Not for distribution in the U.S. or to U.S. Newswires (
The Company is pleased to announce that Blissco’s premium cannabis products are now available to be purchased in British Columbia online via BC Cannabis Stores and available for wholesale purchase by provincially licensed private retailers through the BC Liquor Distribution Branch’s (BCLDB) cannabis wholesale portal. As well, Blissco is pleased to share that it has shipped its second order to the LDB.
This new order contains both whole flower and pre-rolled products that include the strains:
- AC/DC from the Blissco ‘EASE Collection’; a CBD dominant, evenly balanced Sativa and Indica hybrid pre-roll, with a Pinene and Caryophyllene terpene profile
- Green Cush, from the Blissco ‘GO Collection’; a THC dominant, Sativa hybrid whole flower and pre-roll, with a well-balanced Pinene and Caryophyllene terpene profile
- Cold Creek Kush, from the Blissco ‘EASE Collection’; a THC dominant, Indica hybrid whole flower and pre-roll, with a Pinene dominant terpene profile
“Blissco is gaining significant momentum with regards to revenue, and we are delighted to have Blissco’s premium cannabis products for sale in our home province. We will also soon be shipping products to Alberta, New Brunswick and Saskatchewan as per our supply and distribution agreements in those provinces,” said Damian Kettlewell, Blissco CEO.
Keep a close eye as the company and the marijuana laws.