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As the cryptocurrency marketplace continues to become more mainstream, various industries continue to adapt and begin accepting various forms of payment.
One such industry that has just started to adapt is the bedding one, where CEOs such as Colin McIntosh of Sheets & Giggles has started to allow customers to pay with Litecoin, Bitcoin, Bitcoin Cash, and ETH.
We sat down with Colin for an exclusive Q&A to learn more about his views on cryptocurrency, why crowd-funding websites should start adapting more, and why he chose to take charge in the bedding world on …
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Sales for dried cannabis reached just over C$ 3.5 million for the three-month period, which ended on June 30, compared to a little under C$ 2 million for the same time period last year. Total revenues for the Canadian licensed producer were C$ 9 million for the second quarter.
During the quarter, CannTrust’s net selling price per gram lowered from last year to C$ 8.36.
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Eric Paul, CEO of CannTrust, said the company was pleased with its results for the second quarter and is well positioned as a developer of cannabis products for the medical market.
The company revealed its earnings took a hit from C$ 1.5 million in costs for the ramp up of its Niagara Perpetual Harvest Facility, where expansion construction started in June.
According to the report, the company held a C$ 11.7-million position in cash as of June 30.
The president of the company, Brad Rogers, added that the operation of the company’s Perpetual Harvest Facility shows the ability for CannTrust to produce high-quality yields and reduced costs.
“Operating a facility of this scale, CannTrust is well-positioned to meet the increased Canadian and global demand for cannabis,” Rogers said.
The 450,000-square-foot hydroponic facility is expected to produce 50,000 kilograms of cannabis per year, before the completion of the 600,000-square-foot expansion. CannTrust estimates the final facility will produce over 100,000 kilograms of cannabis per year.
As part of its quarterly developments, the company highlighted that of the entirety of its cannabis sales, 60 percent represented extracts. The patient count for CannTrust also grew to over 45,000 active consumers of its products.
The most recent report on CannTrust, from Derek Dlay with Canaccord Genuity, gives the company a C$ 11 share price target. The aggregate price target from TipRanks is C$ 15.50.
Following an early dip for the stock, shares for CannTrust rose 3.33 percent. The company’s closing price on Tuesday was C$ 6.83.
The increase for CannTrust represents strong support for its results, as Tuesday’s trading session brought declines across the board in the cannabis space due to Ontario’s decision to delay retail sales of cannabis until April 1, 2019.
Don’t forget to follow us @INN_Cannabis for real-time news updates!
Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.
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Maple Leaf Green World (OTCQB:MGWFF,NEO:MGW) CEO Raymond Lai believes there are vast opportunities for cannabis companies tied to the growth of the North American markets.
In the interview below, Lai discusses the company’s facilities in BC, Nevada and California, the first of which will be completed within this year. Using its experience in eco-agriculture and greenhouse management, the company’s management team plans to position Maple Leaf Green World as a key cultivator for the medicinal and recreational cannabis markets.
Below is a transcript of our interview with Maple Leaf Green World CEO Raymond Lai. It has been edited for clarity and brevity.
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Maple Leaf Green World
Investing News Network: Please give our investor audience an overview of Maple Leaf.
Maple Leaf Green World CEO Raymond Lai: Maple Leaf Green World is a North American company concentrated on the cannabis sector. Our main focus is on providing cannabis-derived oil for medical use, as well as offering safe and high-quality cannabis for adult use. We have extensive greenhouse management experience, eco-agricultural knowledge and cultivation technology that can be applied directly to the production of high-quality cannabis products.
INN: How has Maple Leaf been developing its presence in the North American cannabis industry? Does the company have plans to expand to the international market?
RL: We currently have three projects which include Telkwa, BC; Henderson, Nevada; and Riverside County, California. Construction at our BC project will be completed before year end and our Nevada facility shortly thereafter. Upon completion, we will have over 47,000 square feet under roof. Immediately following, we plan to add 10 additional greenhouses to our property in California, giving us over 80,000 square feet under roof. Once these projects are completed, we will look to expand globally by exporting to countries where medical cannabis has been legalized.
INN: What is next for Maple Leaf and how does that fit into the company’s long-term plans?
RL: The completion of our projects in BC and Nevada will be a major milestone for us. This will enable us to begin cannabis cultivation and sales. Legalization of Canada’s recreational cannabis is set to occur in October of this year. This will not only open up a huge market for us, but it will also bring a lot of attention, legitimacy and advocacy to the medical benefits of cannabis. This is going to be a major industry and we have a lot of room to grow, both geographically and as a public company.
INN: Will the company’s primary focus be on medical or recreational cannabis?
RL: Maple Leaf’s primary focus is on medical cannabis to help patients achieve a quality of life. We are concentrated on producing high-quality cannabis and cannabis-derived oils and ultimately exporting these products to other countries that have legalized medical cannabis programs in place. However, with recreational cannabis soon to be legalized in Canada and already legalized in a number of states in the US, we also plan to launch recreational cannabis brands focused on providing a variety of products to market in both Canada and the US.
INN: How does Maple Leaf stand out within the medicinal cannabis industry?
RL: One of our advantages is our experience. We started off as an eco-agricultural company, allowing us to leverage over a decade of greenhouse management experience and cultivation technology that can be used directly for the production of high-quality cannabis products. We have also retained and are in the process of retaining a few key individuals with vast amounts of knowledge and experience in indoor cannabis cultivation. In addition, we believe we have a huge geographic advantage. Our land holdings in BC, Nevada and California have positioned the company strategically so that we can promptly respond to demand in both the medical and recreational cannabis markets in both Canada and the US.
INN: What other upcoming catalysts can investors expect for Maple Leaf?
RL: We will be making various announcements regarding the start of cultivation and production after our facilities are completed. This will include the sale of products, adding additional partners and entering into new markets to ultimately expand globally. We are really looking forward to seeing the continuous growth of our business and the rapid growth of the market.
CEO interviews are part of investor education campaigns for clients advertising on the Investing News Network. Important news is contextualized by CEOs, and the resulting interviews are disseminated to the Investing News Network audience because they have value to market watchers.
The Investing News Network interviews a CEO for an understanding of their perspective on the company, the investment potential of the company and market news related to the company. The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities.
The crypto market has been taking quite a beating these past 36 hours. Bitcoin (BTC) is currently trading around the $ 6,000 mark and currently holds 54% of the total market dominance. Many of the altcoins are suffering, especially Ethereum (ETH). We’ll also take a closer look at TRON (TRX) and IOTA (MIOTA), two other altcoins on the market that are currently suffering big.
Ethereum (ETH) News
Yesterday, the second largest cryptocurrency by market cap fell to its year-low of under $ 300. According to CoinMarketCap, ETH is trading at $ 261.46 a coin, down -15.01% in 24 hours. …
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Following the Ontario provincial government’s announcement on how recreational cannabis will be sold once it becomes legal on October 17, the cannabis industry offered a variety of reactions.
On Monday (August 13), Ontario’s Progressive Conservative government unveiled its approach to the sale of legal adult-use cannabis, saying it will offer consumers online-only service until the establishment of retail shops from private players starting in April 2019.
Minister of Finance Vic Fedeli stated that the provincial government does not intend to be in the business of owning a network of cannabis shops.
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Charles Taerk, president and CEO of Faircourt Asset Management, said the delay from the provincial government for retail shops has negative implications in the short term.
However, Taerk is optimistic in the long term thanks to the decision by the province to drop the plan of a government monopoly on cannabis shops. The executive also said there is potential for investors to strengthen their positions in companies set to experience declines due to the delay.
“There will likely be some negative trends to the names in the sector as short-term estimates on revenues and earnings are adjusted and moved out 12 months,” Taerk said. “We believe there is likely an opportunity to add to certain positions during this weakness.”
David Clement, a Toronto-based North American affairs manager at the Consumer Choice Center, said the decision by Ontario to embrace private retail is a win for consumers and smart public policy.
Clement added that not having stores with the start of legalization in Canada means consumers will continue to buy cannabis from illegal dispensaries.
“Simply put, relying solely on online sales until April 1 isn’t an accessible enough model to sway people away from the black market,” Clement said. He suggested the province should fast track the application process to allow legal cannabis shops to be available on October 17.
Canadian licensed producer Aurora Cannabis (TSX:ACB) announced on Tuesday (August 14) that it has already singled out over 100 locations for Aurora-branded cannabis retail shops in Ontario.
Through its partnership with Alcanna (TSX:CLIQ), Aurora will seek to establish its network of shops across the province once licensing applications become available. In Alberta, the duo already plans to have 37 cannabis shops following legalization.
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Toronto-based law firm Aird & Berlis said in an email newsletter that it is interested to see if Ontario will use any of the licensing restrictions planned by other provinces for retail operators.
In Alberta, no person or entity can own more than 15 percent of the retail licenses for the province, while Saskatchewan has a fixed limit of 51 shop permits, according to the law firm.
Stocks take a dive following Ontario’s decision
During Tuesday’s trading session, most of the major cannabis stocks took took a hit from the delay in retail sales for Ontario. Canopy Growth (TSX:WEED,NYSE:CGC) closed with an 8.25-percent decline despite having a clear entry into the retail space with its acquisition of Hiku Brands (CSE:HIKU).
Other stocks like Aurora, Aphria (TSX:APH) and Cronos Group (TSX:CRON,NASDAQ:CRON) were also down 9.8, 9.54 and 3.09 percent, respectively, after the closing bell on Tuesday.
The Horizons Marijuana Growers Index ETF (NEO:HMJR), which tracks small-market-cap cannabis stocks across North America, suffered a 5.68-percent drop, according to the Aequitas Neo Exchange live tracker.
Horizon’s fellow cannabis-focused ETF, the Horizons Marijuana Life Sciences Index ETF (TSX:HMMJ), was also down 4.52 percent at market close on Tuesday. This fund holds close to 40 of the major cannabis stocks in the market.
The Canadian Index from Arcview Group’s Marijuana Index was down 22.33 percent on Tuesday. This index tracks 17 Canadian cannabis stocks like the Hydropothecary Corporation (TSX:HEXO), Organigram Holdings (TSXV:OGI) and Auxley Cannabis Group (TSXV:XLY).
Every listing of the Canadian Index was down on Tuesday, except for CannTrust Holdings (TSX:TRST), which announced its financial results for the second quarter of 2018.
Canadian Index constituents from the Arcview Group’s Marijuana Index.
According to Bloomberg, Canaccord Genuity cannabis analyst Matt Bottomley said on Tuesday that the Ontario news will result in a “long-term gain” for cannabis companies and investors.
Canadian licensed producer support group offers response
Avtar Dhillon, board chair for the Cannabis Council of Canada, a group overseeing the interests of licensed producers in Canada, said this move from Ontario will create a “truly competitive and inclusive landscape that will allow for law-abiding companies to more quickly replace the bad apples in the cannabis space.”
The executive director for the association, Allan Rewak, said it removes the cost of brick-and-mortar retail from taxpayers and instead puts it on the private sector to deliver.
Don’t forget to follow us @INN_Cannabis for real-time news updates!
Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Hiku Brands is a client of the Investing News Network. This article is not paid-for content.
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If you were planning on using Bitcoin to retire, you might want to think again. Why? Well, because the SEC has recently warned against cryptocurrency retirement funds.
Here’s why.
Cryptocurrency Retirement Funds
As people approach retirement, many are nervous about where they are sitting financially. For these reasons, people are turning to self-directed IRAs, which are savings accounts that allow for alternative investments.
When it comes to self-directed IRAs, typical investments include company stocks and precious metals. However, thanks to the crypto boom, virtual currencies have been added as an option.
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The massive Donlin gold project, owned by Barrick Gold (TSX:ABX, NYSE:ABX) and NovaGold Resources (TSX:NG, NYSEAmerican:NG), received major permits from the federal government on Tuesday (August 14).
In a joint statement, the companies announced that the US Army Corps of Engineers and Bureau of Land Management issued a joint record of decision for the project four months after the publication of the final environmental impact statement, marking the completion of the multi-year federal environmental review process.
“As one of the largest undeveloped gold deposits in the world, Donlin Gold represents exceptional optionality within our portfolio,” said Barrick executive VP for exploration and growth, Rob Krcmarov.
“Now, with key permits in hand, we can concentrate on further exploring ways of reducing initial capital and unlocking the value of this asset for all of our partners, in keeping with our deep commitment to community engagement and environmental stewardship,” he added.
Donlin gold is located in Alaska, the second-largest gold-producing state in the US. According to a feasibility study, the asset has approximately 39 million ounces of gold grading 2.24 grams per tonne in the measured and indicated resource categories.
Once in production, Donlin has the potential to produce, on average, more than one million ounces per year over a 27-year mine life on a 100-percent basis.
“The record of decision is a very detailed document, which serves as the foundation for issuance of the federal permits required for us to build a technically, environmentally, and financially responsible, as well as a socially sustainable, operation,” Novagold President and CEO Greg Lang said.
According to the joint statement released by Barrick and NovaGold, current activities at Donlin are focused on optimization work and community outreach. Looking ahead, the companies expect to provide further details in the fourth quarter on the path forward to update the project’s feasibility study.
However, the government’s decision was opposed by a group representing Yukon and Kuskokwim region leaders.
“Donlin would be the largest gold mine in the world. The social and environmental impacts could be devastating to our subsistence region and traditional Yup’ik way of life where we have less opportunity for cash income but lots of subsistence foods from the land to keep our communities and families healthy,” said Mary Matthias, Natural Resources Director for Orutsararmiut Native Council.
On Tuesday, shares of Barrick closed down 1.24 percent in Toronto at C$ 13.59. Meanwhile, shares of NovaGold were up 1.06 percent, closing at C$ 5.72.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.
Vancouver-based Lithium Americas (TSX:LAC,NYSE:LAC) has signed a strategic deal with Ganfeng Lithium (SZSE:002460) to further develop its Cauchari-Olaroz brine project in Argentina, the company announced on Monday (August 13).
Under the deal, the top Chinese lithium producer will purchase SQM’s (NYSE:SQM) 50-percent interest in the project for US$ 87.5 million in cash plus a deferred payment of US$ 50 million after the project reaches production and certain agreed-upon milestones.
The agreement will see the Canadian miner increase its interest in Cauchari-Olaroz from 50 percent to 62.5 percent, with Ganfeng holding the remaining 37.5 percent. The Chinese lithium miner will also provide Lithium Americas with a US$ 100-million loan, which Lithium Americas will use to pay its part in initial capital expenditures.
“We share Lithium Americas’ goal to advance Caucharí-Olaroz to production as quickly as possible to further diversify and reduce the cost profile of our lithium resource portfolio,” said Ganfeng Lithium’s vice chairman, Wang Xiaoshen.
“We believe many opportunities exist to enhance and grow the project for the mutual benefit of all stakeholders, including the local communities in Jujuy, Argentina, and look forward to working more closely with Lithium Americas going forward,” he added.
The deal comes at time when demand for lithium for electric car batteries continues to grow and as Chinese companies look to invest in quality projects. In March, another Chinese top lithium producer, Tianqi Lithium (SZSE:002466), purchased a minority stake in SQM for US$ 4.07 billion.
“I think the deal looks like a good strategic move for all parties,” Benchmark Mineral Intelligence Senior Analyst Andrew Miller said.
“For SQM, it has been less critical to diversify their brine assets since resolving the situation with CORFO, and their focus will now be on expanding output in Chile and developing the joint venture (JV) with Kidman Resources (ASX:KDR),” he explained.
Similarly, lithium expert Joe Lowry said the Ganfeng/Lithium Americas/SQM deal is a win-win-win agreement and a good deal for the industry as a whole.
“LAC gets a great JV partner in Ganfeng who has deep financial pockets and the broadest lithium-processing ability in the industry, having worked with all the old ‘Big 3’ and many others,” Lowry said.
“They converted brine from the Atacama into battery-quality lithium chemicals for over a decade in China. Of course, they have a long history processing hard rock from Talison and now converting spodumene from their own partly owned mine at Mount Marion into a variety of battery-quality chemicals,” the expert explained.
In addition, “they have historically taken by-product streams from other lithium producers and cathode makers and recycled them,” said Lowry, adding that Albemarle (NYSE:ALB) and FMC (NYSE:FMC) have sold Ganfeng processed product for years on an OEM basis, which is not well known. “Already an industry leader in metal and hydroxide, this deal cements Ganfeng’s long-term carbonate position.”
For his part, Miller also said Ganfeng already has significant interest in hard-rock resources. “This diversifies their resources further into South American brine and gives them a holding in a high-quality asset,” he added.
Meanwhile, analysts at VSA Capital Research in London said Ganfeng’s purchase is a vote of confidence in the lithium market. “The fact that Ganfeng Lithium is acquiring additional top tier lithium projects highlights to us that the demand outlook from China is far stronger than in the West and that lithium stocks are due a re-rating,” they said.
The Cauchari-Olaroz brine project, which is located in Jujuy province, is still on track to start production in 2020. The stage-one development contemplates a production capacity of 25,000 metric tonnes per annum of lithium carbonate.
“From a Lithium Americas perspective this partnership will help them accelerate their developments in Argentina and ensures they continue to have a strong partner with experience in conversion,” Miller said.
After the news, Eight Capital analysts reiterated their “buy” recommendation for Lithium Americas.
“We view these events as highly positive: both Lithium Americas and Ganfeng are wholly committed to the project and now LAC takes majority control of the project, while removing SQM’s foot dragging from the equation,” they added.
The transaction is expected to be completed in the fourth quarter of the year.
As of 1:00 p.m. EST on Tuesday (August 14), shares of Lithium Americas were up 19.1 percent in New York at US$ 4.24. Meanwhile, the company’s share price was up 18.8 percent in Toronto at C$ 5.56.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.
Square just announced that with its Square Cash app, all users are now able to buy Bitcoin in all 50 US states.
Red, white, and bitcoin. Now you can use Cash App to buy bitcoin in all 50 states. pic.twitter.com/D4fhVRz7WL
— Cash App (@CashApp) August 13, 2018
Square Ahead of the Competition
Square was originally founded by Twitter’s CEO, Jack Dorsey. The Cash App initially rolled out its Bitcoin services months ago but had to go state-by-state to get approval.
Recently, it was reported that Square also secured the so-called …
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This year’s Lithium Supply and Markets conference in Las Vegas had plenty of presentations, panel discussions and experts willing to share their knowledge with an eager audience.
The Investing News Network (INN) kept busy at the event, which ran from June 26 to 28, engaging with companies, attending panel discussions and of course interviewing industry experts.
For everything you need to know on investing in the lithium space, here is INN’s full recap of the Lithium Supply and Markets conference 2018.
“Whether it’s a car maker or a big battery materials company, there is insatiable demand [for lithium],” said Ken Brinsden, managing director of Pilbara Minerals (ASX:PLS). Brinsden also talked about the next milestones for Pilbara, which recently produced its first concentrate at its Pilgangoora project.
Simon Moores, managing director at Benchmark Mineral Intelligence, shares his thoughts on the lithium market, including the opportunities and challenges ahead.
Speaking about the current state of demand, Benchmark Mineral Intelligence Senior Analyst Miller said demand growth in China had been a bit slower in the first half of the year, something he expects to improve in the second half.
Howard Klein, founder of RK Equity and author of the Lithium-ion Bull newsletter, talked about the current trends in the lithium space. “A lot of the lithium forecasts have been focus on 2025 and that started about two or three years ago, but now we’re getting closer to 2030. And I think that’s important because the real inflection point and the uplift will happen post 2025,” he said.
Speaking about whether lithium carbonate and hydroxide prices will converge in the near future, Andy Leyland, Benchmark Mineral Intelligence Head of Forecasting, said that from a production cost point of view, in the long-term, some convergence in the market is expected. “However, what you’re seeing at the moment is a lot more demand for lithium hydroxide in the immediate future,” he added.
Benchmark Mineral Intelligence analyst Albert Li, who is focused on market research, price assessments and trends in China, said there are political and economical factors that could impact the market in the Asian country.
Speaking about cobalt supply, Anthony Milewski, CEO of Cobalt 27 (TSXV:KBLT) said he expects a number of cobalt projects to come on stream in the next few years, which will help supply the demand from the electric car sector.
Don’t forget to follow us at @INN_Resource for real-time news updates!
Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in contributed article. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Cryptocurrency has become worldwide famous among the people. Many believe that investing in cryptocurrency will generate more revenue this year.
Many people have internet access today, which is one of the reasons why investing in cryptocurrency is increasing day by day.
Virtual Coins
Virtual coins are known as a dispersing electronic form of currency that does not have any presence in physical form. Virtual coins are a specific form of digital currency/money that uses an encryption method to make the transaction secure and control forming new units.
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Pure Global Cannabis Inc. (TSX.V: PURE) (OTC: PRCNF) (the “Company” or “Pure Global” or “PURE”), a vertically-integrated, growth-oriented life sciences cannabis company, is pleased to announce that its wholly-owned subsidiary, PureSinse Inc. (“PureSinse”), has agreed to purchase from The Supreme Cannabis Company Inc (TSXV:FIRE) an additional 210kg of medical cannabis for resale.
PURE’s President & CEO Malay Panchal stated: “We are very pleased to secure a significant volume of additional product that meets our standards of quality from our great partner, Supreme. With this order, our company will have ample cannabis inventory to go to market within the next few months, in addition to enabling us to launch several clinical studies in specific therapeutic areas.”
PureSinse is one of the first Licensed Producers to receive a cultivation license prior to building out growing systems. Instead, the company focused its initial efforts and resources on R&D, and establishing sales, IT, and operational systems. This uniquely positions the company to generate sales more quickly and with less upfront capital outlay than its peers.
PURE is positioning itself to be a dominant player in the cannabis pharma, health & wellness, and consumer goods sectors by committing itself to creating unique cannabinoid-based delivery systems and formulations with sustainable packaging. The company will soon begin selling dried flower and cannabis oils, followed by capsules, sublingual sprays, edibles, vape pens, and ultimately a full range of premium quality CBD and cannabis-based consumer goods for medical and adult-legal sales. The company is also on track to obtain EU Good Manufacturing Practice (GMP) and ISO certifications in early 2019 for expanding its sales to international markets.
About Pure Global Cannabis
Pure Global Cannabis Inc. (TSX.V:PURE; OTC: PRCNF) is a vertically-integrated, growth-oriented life sciences cannabis company led by experienced pharma-industry, horticultural, consumer packaged goods (CPG), and supply chain experts. The Company’s wholly owned subsidiary, PureSinse Inc., is a licensed producer under the Access to Cannabis for Medical Purposes Regulations (ACMPR) focused on producing cannabis products for medical, wellness, health & beauty, and nutraceutical future legal adult use markets.
About Supreme Cannabis
The Supreme Cannabis Company Inc. (TSXV: FIRE) is a Canadian publicly traded company committed to providing premium brands and products that proudly reflect its consumers, people and uniquely innovative culture. The Company’s portfolio includes its wholly-owned subsidiary and flagship brand 7ACRES.
7ACRES is a federally licensed producer of medical cannabis operating inside a 342,000-square-foot facility in Kincardine, Ontario. 7ACRES is dedicated to providing consumers with a premium-quality product that recognizes its customers are informed, discerning and value a brand and culture that aligns with their principles. 7ACRES brand success has been reflected in provincial supply agreements, where 7ACRES’ product is consistently listed in the highest brand category available to recreational consumers.
This news release contains certain forward-looking statements, including, but not limited to, statements about Pure Global’s future plans and intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Pure Global cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and Pure Global assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Largo Resources (TSX: LGO,OTCQX:LGORF) is very pleased to report record net income of C$ 90.7 million (C$ 0.17 per share) and cash flows provided before non-cash working capital items of C$ 77.7 million on revenues of C$ 103.3 million in the three-month period ended June 30, 2018.
Toronto-based Largo Resources, is a strategic mineral company focused on the production of vanadium flake, high purity vanadium flake and high purity vanadium powder at the Maracás Menchen mine in Brazil.
As quoted from the press release:
Q2 2018 Highlights
Net income of C$ 90.7 million and earnings per share of C$ 0.17 after a deferred income tax recovery of C$ 45.6 million
Revenues of C$ 103.3 million in Q2 2018, a 189 percent increase over Q2 2017 and a 13 percent increase over Q1 2018
Cash provided before non-cash working capital items of C$ 77.7 million in Q2 2018, an increase of C$ 66.7 million over Q2 2017
Total production of 2,458 tonnes of V2O5 in Q2 2018, a 13 percent increase over Q2 2017 and an 11 percent increase over Q1 2018
Average Vanadium Pentoxide (V2O5) price of ~US$ 15.44/lb V2O5 in Q2 2018
Cash balance at June 30, 2018 of C$ 84.2 million (excluding restricted cash of C$ 201.2 million)
“We are extremely pleased with our financial and overall operational performance during the second quarter of 2018. In continuing the success of Q1 2018, Largo recognized revenues of C$ 103.3 million during the quarter and achieved net income of $ 90.7 million, including a non-cash deferred income tax recovery of C$ 45.6 million. Importantly, because of this ongoing strong performance, our net debt level as at June 30, 2018 was approximately C$ 115 million, or approximately US$ 87 million,” said Mark Smith, President and CEO for Largo.
Bitcoin Price Watch: Yesterday saw Bitcoin (BTC) price fall to almost below $ 6,000. But what about today?
First, let’s recap the last month.
Bitcoin Price Watch: The Past Month
Mid-July was looking promising for the coin as it began a sudden bull-run which saw Bitcoin climb to a peak of around $ 8,450.
But typically reflective of this volatile marketplace, the highs did not last long and BTC has been on a steady downward climb since hitting the peak. Once August kicked in, it seemed any progress made in those impressive …
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