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BC Craft Supply Co. Ltd. (CRFT.CN)

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Market Cap9.922M
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    • GlobeNewswire

      BC Craft Supply Co. Introduces New BC Grown Cultivar From Vodis Pharmaceuticals Inc.

      VANCOUVER, British Columbia, Oct. 14, 2020 (GLOBE NEWSWIRE) -- BC Craft Supply Co. Ltd. (the “Company” or “BC Craft”) (CSE:CRFT) (FSE:ZZD1) is pleased to announce a new and exciting BC cultivar into its supply chain; Meat Breath from Vodis Pharmaceuticals Inc. (“Vodis”) (CSE:VP) (OTC:VDQSF) is a rare and evenly balanced hybrid cannabis strain. This is Vodis’ first go-to-market crop which has been purchased by BC Craft and shipped to Indiva Limited (“Indiva”) (TSXV:NDVA) (OTCQX:NDVAF) for processing under a master processing agreement (“MPA”) that was announced on May 13, 2020. Under the MPA, the dried flower will be processed into Indiva’s new premium brand, Artisan Batch, and packaged in beautiful 3.5 gram jars. Artisan Batch features strains from craft and micro growers across Canada, who pride themselves on the quality, potency, and terpene profile of their strains.  Vodis is a licensed cannabis producer and processor located in Delta, BC. Their brand is Gnomestar Craft Cannabis and all dried flower products are hand-harvested, hang dried and hand trimmed for the most discerning cannabis consumer. Mark Lotz, CEO of Vodis states, “Our relationship with BC Craft marks a turning point – our first sale. Our entire team is extremely proud of this accomplishment. We are grateful to be partnered with BC Craft and we hope customers appreciate the amount of care that goes into the cultivation of our flower.” Mike Picken, Vodis’ head grower who painstakingly tended and oversaw every aspect of growing Meat Breath added, “No detail has been overlooked to ensure the consumer gets the best product possible. Adapting to the needs of the plant at every stage of its life-cycle is key to getting the utmost from these carefully selected genetics.” Meat Breath is a truly eye-catching cannabis strain and with Vodis’ testing at over 23.8% THC and 2.7% terpene profile, it’s sure to leave a lasting impression in today’s legal market. Matthew Watters, CEO of BC Craft further states, “The Vodis team have cultivated a beautiful, high-end artisanal dried flower that connoisseurs of premier cannabis are sure to enjoy in the Canadian recreational market, we cannot wait until Meat Breath is available on store shelves shortly.”ABOUT BC CRAFT SUPPLY CO.Based in Vancouver, British Columbia, BC Craft Supply Co. has aggregated the best legacy-era talent from Canada's craft cannabis industry, which boasts an international reputation. The team at BC Craft supports the most trusted cannabis cultivators in Canada to transition into their supply chain, bringing with them their unique cultivars and years of experience with the plant. In exchange for support with licensing, compliance and distribution, cultivators will sign on as a BC Craft supplier. This makes BC Craft uniquely positioned to be the premium cannabis brand in Canada.BC Craft’s subsidiary, Medcann Health Products Ltd., is a Health Canada licensed cultivator and processor with a license to sell medical cannabis products in Canada.Click here to connect with BC Craft Supply Co. on Instagram, Twitter, LinkedIn and Facebook, and click here to find more information on the Company.CONTACTMatthew Watters, Director Phone: 604-687-2038 Email: mwatters@bccraftsupplyco.comDISCLAIMER AND READER ADVISORYNeither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. BC Craft disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

    • GlobeNewswire

      BC Craft Supply Co Introduces Island Pinkhead From BC Micro Cultivator Dunn Cannabis Inc

      VANCOUVER, British Columbia, Sept. 23, 2020 (GLOBE NEWSWIRE) -- BC Craft Supply Co. Ltd. (the “Company” or “BC Craft”) (CSE:CRFT) (FSE:ZZD1) is pleased to announce a new and exciting BC cultivar into its supply chain; Island Pinkhead from newly licensed micro cultivator Dunn Cannabis Inc. (“Dunn Cannabis”). 20.5kg of Island Pinkhead has been purchased by BC Craft and shipped to Indiva Limited (“Indiva”) (TSXV:NDVA) (OTCQX:NDVAF) for processing under a master processing agreement (“MPA”) that was announced on May 13, 2020. Under the MPA, the dried flower will be processed by Indiva’s new premium brand, Artisan Batch, and packaged in beautiful 3.5 gram jars. Artisan Batch features strains from craft and micro growers across Canada, who pride themselves on the quality, potency, and terpene profile of their strains. Dunn Cannabis is one of only eighteen licensed micro cultivation facilities in BC. Dunn Cannabis is run by a legacy production team of 3 that boasts over 42 years of cannabis experience. The cultivars this facility is producing are the same strains that are popular in the illicit market, for example, the Island Pinkhead. This indica dominant hybrid is a BC phenomenon, bred and cultivated by a small group in the Fraser Valley. “It quickly gained popularity in the legacy market and distributors across Canada could not get enough of the BC gas,” says Robert Logan Dunn, owner of Dunn Cannabis. Logan and his team have refined their cultivation methods over decades to create high-grade, small-batch cannabis for both the new and experienced consumer. Utilizing methods such as cold drying, hand trimming, and never using pesticides or PGR’s (plant growth regulators), ensures each bud receives the care and attention it needs to yield a superior product.Matthew Watters, CEO of BC Craft further stated, “Dunn Cannabis epitomizes what a legacy market grower who has successfully transitioned into the legal framework looks like without compromising the care and quality that made his flower highly sought after within British Columbia. We are delighted to have partnered with Logan and his team to bring the best of BC bud to the Canadian recreational market. Dunn Cannabis’s dried flower will challenge the status quo with respect to quality and will help to define the standard that craft cultivators will aspire to.”ABOUT BC CRAFT SUPPLY CO.Based in Vancouver, British Columbia, BC Craft Supply Co. has aggregated the best legacy-era talent from Canada's craft cannabis industry, which boasts an international reputation. The team at BC Craft supports the most talented cannabis cultivators in Canada to transition into their supply chain, bringing with them their unique cultivars and years of experience with the plant. In exchange for support with licensing, compliance and distribution, cultivators will sign on as a BC Craft supplier. This makes BC Craft uniquely positioned to be the premium cannabis brand in Canada.BC Craft’s subsidiary, Medcann Health Products Ltd., is a Health Canada licensed cultivator and processor with a license to sell medical cannabis products in Canada.Click here to connect with BC Craft Supply Co. on Instagram, Twitter, LinkedIn and Facebook, and click here to find more information on the Company.CONTACTMatthew Watters, Director Phone: 604-687-2038 Email: mwatters@bccraftsupplyco.comDISCLAIMER AND READER ADVISORYNeither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. BC Craft disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

    • GlobeNewswire

      Indiva Reports Record Second Quarter Fiscal Year 2020 Results

      LONDON, Ontario, Sept. 01, 2020 (GLOBE NEWSWIRE) -- Indiva Limited (the “Company” or “Indiva”) (TSXV:NDVA) (OTCQX:NDVAF), a leading Canadian producer of cannabis edibles and other cannabis products, is pleased to announce its financial and operating results for second quarter fiscal 2020 ended June 30, 2020. All figures are reported in Canadian dollars ($), unless otherwise indicated. Indiva’s financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”). For a more comprehensive overview of the corporate and financial highlights presented in this press release, please refer to Indiva’s Management’s Discussion and Analysis of Financial Condition and Results of Operations for the Three and Six Months Ended June 30, 2020, and the Company's Condensed Consolidated Interim Financial Statements for the Three and Six Months Ended June 30, 2020 and 2019, which are filed on SEDAR and available on the Company’s website, www.indiva.com. “We are pleased to report robust sequential and year-over-year revenue growth, and improved and positive profit margin in the second quarter of 2020,” said Niel Marotta, President and Chief Executive Officer of Indiva. “We added provincial agreements with Manitoba, New Brunswick, and Yukon Territory, expanding Indiva’s distribution network to eight provinces and one territory. This quarter also saw the launch of our INDIVA™ CBD Softgels, as well as Bhang® CBD-Dominant Milk Chocolate. Bhang® products continue to be top-selling edibles and high-velocity SKUs across Canada. We also secured more than $1.1 million of initial purchase orders to date for Wana™ Sour Gummies, which are set to be available in stores across the country in September. With multiple top-tier products both in the market and on their way, we are looking forward to capitalizing on our success and earning more consumers’ loyalty by continuing to provide the highest quality cannabis products to Canadians.”HIGHLIGHTSQuarterly Performance * Gross revenue in Q2 2020 was $2,826,487 representing a 24.8% sequential increase from Q1 2020, and a 1273.7% increase year-over-year from Q2 2019. * Net revenue in Q2 2020 was $2,559,704 representing a 27.1% sequential increase from Q1 2020, and a 1375.3% increase year-over-year from Q2 2019 driven primarily by sales of Cannabis 2.0 products. * The Company realized $128,900 in tolling revenue attributable to processing and service arrangements. * Gross margin before fair value adjustments was $21,478 versus a loss of $(342,531) in Q1 2020, due to cost savings and efficiencies from capital investments. Adjusted gross margin would have been $119,873 pro-forma to reflect the new royalty agreement with Bhang®. * Operating expenses decreased by 30.9% versus Q2 2019 and declined 11% sequentially versus Q1 2020 to $1.6 million, primarily due to improved cost control and capitalization of costs related to production. * Bhang® Chocolate sales totaled $1,540,720, net of excise taxes in the quarter. * Bhang® Chocolate remained the top-selling chocolate in most major markets.   * Currently, Indiva has distribution agreements in place with eight provinces and one territory.Events Subsequent to Quarter End * More than $1.1 million of initial purchase orders were secured for Wana™ Sour Gummies. * Commercial production of Wana™ Sour Gummies began, with deliveries of the first three SKUs to provincial wholesalers expected in early September.  The initial launch will include Mango Sativa, Watermelon Hybrid, and Strawberry Lemonade 1:1 flavours. * Indiva secured an agreement with CannMart Inc., a wholly owned subsidiary of Namaste Technologies Inc., which will see INDIVA™ CBD Softgels and INDIVA™ Indica Capsules available on CannMart’s B2C distribution channel for their medical customers by the end of August, with Bhang® Chocolate and Wana™ Sour Gummies to follow later in the year. * Indiva entered into an amended license agreement with Bhang®, giving the Company the exclusive right to manufacture and sell Bhang® THC-infused chocolate products in Canada, and the non-exclusive right to export those products internationally. * Indiva made its first shipments of Artisan Batch premium cannabis to provincial wholesalers. * The Company identified upwards of $1 million of annual cost savings and efficiencies which will begin to positively impact financial results as early as Q3 2020. * On July 29, 2020, Indiva announced the extension of the maturity of its senior debt to October 31, 2021. * On August 10, 2020, Indiva announced completion of its equity financing, closing on a final tranche of $4.17 million for a total of $5.18 million. * Working capital has substantially improved as a result of the extension of the senior debt and completion of the equity financing.Company Updates and OutlookQuality First: Indiva began shipments of craft cannabis under the Artisan Batch brand. The cannabis is sourced through the Company’s partnership with BC Craft Supply Co. Ltd.  (“BC Craft”) (CSE: CRFT), finding craft and micro-cultivation gardens which pride themselves on the quality, potency and terpene profile of their strains.  Indiva intends to follow up this launch with further high-potency flower SKUs to be sold nationally under the INDIVA™ brand, representing the best of Canadian cannabis.Sweet, Salty, and Sour: Indiva is set to release Ruby® Cannabis Sugar and Sapphire™ Cannabis Salt as early as Q4 2020, adding to its market-leading portfolio of edibles. Ruby® and Sapphire™ use Crystal Fusion Technology™, which mechanically fuses cannabinoids within the crystal structures of sugar and salt. Indiva also intends to introduce Jewels sweet-and-sour candies. Jewels combine Ruby® Cannabis Sugar with real fruit to create a delightful candy. In addition, Indiva will be delivering further Wana™ Sour Gummies SKUs, which are vegan and gluten-free. Wana™ gummies lead the United States edibles market in dollars sold. These new products will help position Indiva as one of Canada’s most innovative cannabis companies.Big Bhang: Bhang® Chocolate remains the leader in the edibles category in multiple provinces, and the release of Bhang® Caramel Dark Chocolate THC/CBD 1:1 will help hold this position in the market. Indiva’s strategy to partner with trusted and proven brands is backed up by Bhang®’s market-leading performance.On a Roll: Indiva completed installation of an automated pre-roll line at its production facility in London. This addition will allow the Company to increase output of Indiva’s pre-rolls and introduce additional SKUs, as well as improve efficiency and profitability.OPERATING AND FINANCIAL RESULTS FOR THE THREE MONTHS ENDED JUNE 30, 2020Summary Financial Data  3 months ended June 30, 2020 6 months ended June 30, 2020 (in thousands of $, except per share figures)2020201920202019 Gross revenue2,826.4 205.8 5,091.3 492.4  Net revenue2,559.7 173.5 4,573.0 414.9  Net loss and comprehensive loss(2,528.7)(2,302.5)(4,966.8)(5,931.0) Adjusted EBITDA1(1,247.8)(1,804.9)(2,911.5)(4,859.4) Net loss per share – basic and diluted(0.03)(0.03)(0.06)(0.07) Comprehensive loss per share – basic and diluted(0.03)(0.03)(0.06)(0.07)           1 The Company calculates Adjusted EBITDA as a sum of net revenue, other income, cost of inventory sold, production salaries and wages, production supplies and expense, general and administrative expense, and sales and marketing expense, as determined by management. Adjusted license fee eliminates 50% of the fee which is equivalent to the Company’s share of the joint venture company to which the license fee is paid. Adjusted EBITDA is provided to assist readers in determining the ability of the Company to generate cash from operations and to cover financial charges.Operating Expenses  3 months ended March 31, 20206 months ended June 30, 2020 (in thousands of $)2020201920202019 General and administrative1,178.91,437.32,666.23,815.9 Marketing and sales229.9413.8510.1925.8 Research and development1.149.32.994.7 Share-based compensation115.5228.4111.6367.0 Depreciation of property, plant and equipment61.4161.788.8290.4 Amortization of intangible assets0.17.60.219.5 Total operating expenses1,586.92,298.13,379.95,513.3       Quarterly Results (in thousands of $, except per share figures)Q2 2020Q1 2020Q4 2019Q3 2019Q2 2019 Net revenue2,559.7 2,013.3 323.5 185.5 173.5  Comprehensive net loss(2,528.7)(2,438.1)(2,840.2)(2,626.7)(2,302.5) Basic and diluted loss per share(0.03)(0.03)(0.04)(0.03)(0.03)             COVID-19 Government and private entities are still assessing the present and future effects of the COVID-19 pandemic. Indiva has continued to operate with enhanced health and safety protocols in place to protect its employees. The Company continues to assess the customer, supply chain, and staffing implications of COVID-19 and is committed to making continuous adjustments to minimize disruption and impact. Indiva will remain proactive in its response to the pandemic and compliant with any and all provincial and/or federal policy enacted to protect Canadians.ABOUT INDIVAIndiva sets the standard for quality and innovation in cannabis. As a Canadian licensed producer, Indiva creates premium pre-rolls, flower, capsules, and edible products and provides production and manufacturing services to peer entities. In Canada, Indiva produces and distributes the award-winning Bhang® Chocolate, Wana™ Sour Gummies, Ruby® Cannabis Sugar, Sapphire™ Cannabis Salt, Artisan Batch, and other Powered by INDIVA™ products through license agreements, partnerships, and joint ventures. Click here to connect with Indiva on LinkedIn, Instagram, Twitter and Facebook, and here to find more information on the Company and its products.CONTACTS MEDIA CONTACT Meagan Kelly, Marketing and Communications Specialist  Phone: 613-979-6347 Email: mkelly@indiva.comINVESTOR CONTACT Anthony Simone Phone: 416-881-5154 Email: ir@indiva.comSteve Low Phone: 647-620-5101 Email: stevelow@indiva.comDISCLAIMER AND READER ADVISORYNeither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has in any way passed upon the merits of the contents of this press release and neither of the foregoing entities accepts responsibility for the adequacy or accuracy of this release or has in any way approved or disapproved of the contents of this press release. Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the parties’ current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the Company's future operations, future product offerings and compliance with applicable regulations. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the parties. The material factors and assumptions include the parties being able to maintain the necessary regulatory and other third parties’ approvals and licensing and other risks associated with regulated entities in the cannabis industry. The forward-looking information contained in this release is made as of the date hereof and the parties are not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward looking information. The foregoing statements expressly qualify any forward-looking information contained herein.This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. Securities laws.