PALM BEACH, Florida, July 12, 2017 /PRNewswire/ --
As the legalcannabis market continues to mature and develop across North America, both the private and public sectors entrenched in the industry are enjoying the benefits of growing revenues. Legal cannabis and marijuana industry
Glance Technologies Inc. (OTCQB: GLNNF) (CSE: GET.CN) today announced financial results for the second quarter ended May 31, 2017. "We are pleased to report a significant increase in revenues this quarter as we begin to further monetize our technology and open up new markets for our technology including the legal cannabis industry," says Glance CEO, Desmond Griffin, "We are also excited about the potential of our new products coming to market, including enhancements to our Glance Pay Anywhere product to expand its reach and applicability. We believe we are well positioned to take advantage of what we believe is an acceleration in the adoption of mobile payments worldwide, with China already estimated to conduct $5.5 trillion USD in mobile payments and major shifts occurring in the North American mobile payments space." Read the full release and more news for Glance Technologies at http://www.marketnewsupdates.com/news/glnnf.html.
Highlights from the Glance Technologies results include for the second quarter ended May 31, 2017:
• Gross revenue increased by 664% to $126,527 from $16,564 in the first quarter of fiscal 2017.
• Management fees decreased 25% to $8,465 from $11,250 in the first quarter of fiscal 2017.
• Office expenditures decreased 25% from $186,376 in the first quarter of fiscal 2017 to $139,714 in the second quarter.
• Software development costs decreased by 3% to $129,502 from $133,369 in the first quarter of fiscal 2017.
• Marketing expenses increased 21% to $571,021 up from $470,299 in the first quarter of fiscal 2017 as a result of the implementation of strategic campaigns to increase exposure in Canada and the US.
• Finance expenditures increased by 1,439% to $302,184 from $19,638 in the first quarter of fiscal 2017 related to Glance's successful rights offering financing.
• Net loss increased 25% to $1,203,839 up from $964,258 in the first quarter of fiscal 2017 and net loss per share remained at $0.02.
In other industry developments and market activity of note:
MassRoots, Inc. (OTCQB: MSRT) closed up over 16% at $0.585 on Tuesday with over 820,000 shares traded on the day. The company recently released a shareholder update. Last week, MassRoots entered into an agreement and plan of merger with Odava, Inc., a leading compliance and point-of-sale system for cannabis-related businesses. The closing of the merger is subject to various closing conditions as we have detailed in our Current Report on Form 8-K filing, dated July 5, 2017. Upon effectiveness of the merger, MassRoots can offer clients a complete set of solutions to operate their business: advertising to cannabis consumers, reporting to state regulatory systems, and streamlined management of their supply chain.
Aurora Cannabis Inc. (OTCQX: ACBFF) (TSX-V: ACB.V) finished the day up 1.60% with over 200,000 shares traded on Tuesday. The company recently announced it has received conditional approval from the Toronto Stock Exchange (the "TSX") to graduate from the TSX Venture Exchange and list its common shares on the TSX. Upon receiving final approval, the common shares will continue to trade under the symbol "ACB". In conjunction with listing on the TSX, the common shares will be voluntarily delisted from the TSX Venture Exchange prior to the commencement of trading on the TSX.
Canopy Growth Corporation (OTC: TWMJF) (TSX: WEED.TO) Canopy Growth Corporation announced on July 6th, The Canadian AIDS Society announced a first of its kind research program funded by Canopy Growth Corporation. The program is designed to provide up-to-date information on the current state of evidence and research pertaining to the use of cannabis for medical purposes and to build tools for healthcare professionals to allow them to confidently assess and prescribe cannabis to appropriate patients. Funded over two years at $100,000 per year by Canopy Growth Corporation - and guided by a newly created Cannabis Research Task Force of experts in the field of cannabinoid medicine - the project aims to develop guidelines and recommendations regarding the medical use of cannabis for optimal wellness, quality of life and pain management.
United Cannabis Corporation (OTCQB: CNAB) recently announced that Jamaica's Ministry of Health has registered its Prana P5 Hemp Bio Nutrient Capsules, Aromatherapy Roll-On and Sublingual Drops, and approved a Jamaican bilateral partner of the Company, Caribbean Research & Development Limited ("CRD"), to begin production in Jamaica. Through CRD, the Company now has approval in a legal market to research, cultivate, manufacture, and distribute its CBD-based products in Jamaica and reciprocal countries, giving United Cannabis and CRD immediate means to revenue. The Company has begun to secure facilities, hire and train staff and establish necessary contacts. The Company expects to commence production within 90 days.
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This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and MNU undertakes no obligation to update such statements.
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