Unacademy, an online learning platform, has raised $50 million Series D funding round
from Steadview Capital, Sequoia India, Nexus Venture Partners and Blume
Ventures. Aakrit Vaish, co-founder of tech firm Haptik and Sujeet
Kumar, co-founder of business-to-business online marketplace Udaan also
participated in the round, along with Unacademy founders, Gaurav Munjal and Roman Saini.
“By leveraging technology and
high-quality educators, we aim to move closer to our mission of
democratising education at all levels, starting with test prep,†said
Gaurav Munjal, co-founder and chief executive of Unacademy. “We are seeing unprecedented growth and engagement from learners in smaller towns and cities, and are also very humbled to see that top-quality educators are choosing Unacademy as their primary platform to reach out to students.â€
The company now has more than 400 top educators from
across the country taking live classes every day on Unacademy Plus.
This is available to every student, irrespective of their location said
the company.
Unacademy recently launched its Plus Subscription, and since its launch, more than 50,000 learners have
subscribed to Unacademy Plus. The firm said this service is available
for more than 20 exam categories and provides students unlimited access
to live courses by top educators across the country. Learners get
a personalised live learning experience that is augmented by
doubt-clearing sessions with the educators, interactive classes and live
test series. More than 600 live classes are conducted every day by the
educators on Plus who teach from all across the country.
“Unacademy is a very meaningful ed-tech company in the making and
Sequoia India is excited to invest signiï¬cantly in this round,” said
Shailendra Singh, managing director, Sequoia Capital (India) Singapore.
“We were thrilled with how rapidly Gaurav (Munjal) and the team
converted some of our collective product brainstorming sessions into an
amazing live-streaming product and a subscription business for the test
prep market,†said Singh.
Unacademy was founded by Gaurav Munjal, Roman Saini and Hemesh Singh
in 2015. The firm said the platform empowers educators by making it easy
for them to create high-quality educational lessons on the Educator
App, that learners access via the Learning App. The platform currently
has more than 10,000 registered educators and 13 million learners. The
company had previously raised a Series C round of $21 million in July
2018 from Sequoia India, SAIF Partners, Nexus Venture Partners, and
others. In October 2018, Unacademy acquired Jaipur-based online education and career portal Wiï¬study, one of the fastest growing education YouTube channels in the world.
The company said it has the largest distribution for educational
videos on its free platform and YouTube and Unacademy lessons have more
than 100 million monthly views across these platforms. Unacademy’s
YouTube channels currently have more than 11 million subscribers,
according to the company.
The global online education market
is projected to reach a total market size of $286.62 billion by 2023,
increasing from $159.52 billion in 2017, according to the report titled
‘Global Online Education Market.’
In March this year, another edtech company
Byju’s raised an additional funding of $31 million in a financing round
led by US-based growth equity investor General Atlantic (GA), along
with Chinese internet giant Tencent. The investment took the valuation
of Byju’s to over $5 billion, from $3.6 billion when it raised $540
million in a funding round led by South African conglomerate Naspers in
December last year.
Posted by AGORACOM-JC
at 10:27 AM on Wednesday, June 26th, 2019
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The radical idea hiding inside Facebook’s digital currency proposal
A major goal of the Libra Association, the nonprofit Facebook has created to manage the project’s development, is to use Libra to revolutionize the concept of digital identity.
Relevant passage lives near the bottom of a document meant to explain the role of the Libra Association:
“An additional goal of the association is to develop and promote an open identity standard.
Last week, after months of hype and speculation, Facebook finally revealed its plan to launch a blockchain system, called Libra. Since the launch, most of the attention has focused on Libra coin, the cryptocurrency that will run on the new blockchain.
But tucked away in one of the documents Facebook published is
something that may turn out to be just as important as the coin—if not
more so. A major goal of the Libra Association, the nonprofit Facebook
has created to manage the project’s development, is to use Libra to
revolutionize the concept of digital identity.
The relevant passage lives near the bottom of a document
meant to explain the role of the Libra Association: “An additional goal
of the association is to develop and promote an open identity standard.
We believe that decentralized and portable digital identity is a
prerequisite to financial inclusion and competition.â€
But what is a “decentralized and portable digital identity� In
theory, it provides a way to avoid having to trust a single,
centralized authority to verify and take care of our identifying
credentials. For internet users, it would mean that instead of relying
on Facebook or Google’s own log-in tool to provide our credentials to
other websites, we could own and control them ourselves. In theory, this
could better protect that information from hackers and identity
thieves, since it wouldn’t live on company servers.
The concept (sometimes called “self-sovereign identityâ€)
is something of a holy grail in the world of internet technology, and
developers have been pursuing it for years. Big companies including
Microsoft and IBM have been working on decentralized identity
applications for a while now, and so have a number of startups.
But it’s more than just an internet thing. For the roughly one billion
people around the world without any kind of identifying credentials at
all, such technology could make it possible to access financial services
that they cannot today, starting with things like bank accounts and
loans.
Helping some of those people must be part of what Facebook meant when it said in the Libra white paper
that the new system is intended to “serve as an efficient medium of
exchange for billions of people around the world†and “improve access to
financial services.†In some cases the currency itself might be able to
do that, but in others it’s likely that users will need some form of
identification to access a particular service. That’s probably why
Libra’s developers call an open, portable identity standard a
“prerequisite to financial inclusion.â€
But such a digital identity could go beyond finance, too.
Sharing many kinds of sensitive data using a blockchain—for instance,
health information—might require some form of automated ID check.
Facebook itself already has experience with digital identities.
Facebook Connect lets users log in to third party sites using their
Facebook-verified credentials (you might be using it to access
technologyreview.com right now). But Facebook Connect is risky because
it relies on a central authority, argues Christopher Allen, cochair of the credentials community group
of the World Wide Web Consortium, the most important international
standards body for the web. Trusting one entity with this responsibility
is dangerous because the site could go down or the business could fail.
And Facebook can revoke accounts at will.
But it’s hard to say how decentralized Libra’s new identity
system would be, because Facebook hasn’t revealed anything about what
it’s planning.
For example, there’s the possibility that the digital identity
will only work inside the Libra network, which requires permission to
participate in. Unlike systems like Bitcoin and Ethereum, for which
anyone with the right hardware and an internet connection can join and
help validate transactions, Libra requires its validators to be
identified and approved. Nearly 30 companies have already signed up to
run network “nodes,†and Libra’s developers want to up that to 100 by
the time the platform is supposed to launch for real next year.
Facebook’s main message with the launch of Libra and the Libra
Association appears to be a response to past criticisms of how it
handled personal data. The company appears to be saying “Hey, look,
we’re trying to be more open. We don’t want to be this honey pot of
everyone’s information,†says Wayne Vaughan, co-founder of the Decentralized Identity Foundation,
a consortium of companies all working on aspects of blockchain-based
identity. But if whatever identity standard they might come up with only
works for 100 companies, says Vaughan, “that’s not decentralizedâ€â€”it’s
just a standard for 100 companies. Facebook did not respond to a request
for comment.
Either way, it’s not clear how Facebook and the Libra
Association would overcome some big technical challenges that have held
back blockchain-based identity systems. For one, blockchains are still
hard to use for many people. A problem that is particularly difficult
for identity applications is that if you lose or forget your private
keys, which aren’t easy to manage in the first place, it’s hard to
restore them, says Allen.
Another technical challenge pertains to privacy. How will the
personal identification data be kept separate from financial
transactions? This piece is particularly concerning for privacy
advocates in the context of Libra, given Facebook’s less-than-stellar
track record. And an aversion to financial surveillance fuels much of
the cryptocurrency movement.
“Where you spend your money and who you spend it with and how
much you spend is some of the most private information for people,†says
Vaughan.
On the whole, says Allen, though the technology of
decentralized identity has advanced to the point of several serious
pilot tests, it’s “not anywhere near ready†for adoption by billions of
people around the world. And given what the company has revealed so far,
“I don’t see how Facebook can do it,†he says.
Posted by AGORACOM-JC
at 8:46 AM on Wednesday, June 26th, 2019
Announced that the Company’s wholly owned subsidiary, hempSMART, Ltd., has successfully launched and generated sales from its hempSMART™ CBD product line in Scotland.
On June 22, 2019, the hempSMART UK team successfully sold out at its launch event, which led to the sign-up of numerous new marketing associates.
ESCONDIDO, Calif., June 26, 2019 – - MARIJUANA COMPANY OF AMERICA INC. (“MCOA†or the “Companyâ€) (OTCQB: MCOA), an innovative hemp and cannabis corporation, is pleased to announce that the Company’s wholly owned subsidiary, hempSMART, Ltd., has successfully launched and generated sales from its hempSMART™ CBD product line in Scotland.
On June 22, 2019, the hempSMART UK team successfully sold out at its
launch event, which led to the sign-up of numerous new marketing
associates. The Company’s launch event included an in-depth overview on
the education of the CBD industry and its hempSMART products, as well as
its marketing and compensation plans.
“We are delighted to report another milestone with the opening of
hempSMART and our expansion into Scotland,†said Mr. Ian Harvey, Global
Sales Director of hempSMART, Ltd. “There is a real demand for
high-quality CBD products throughout Europe, and the success
demonstrated from our sales in Scotland has confirmed this. After
Saturday’s event, Scotland is an ideal location for the hempSMART brand,
with future events and opportunity presentations already in place. I
personally didn’t expect to ever be a part of a new company that could
generate so much success and excitement in such a short period of time.â€
“We are excited to finally offer our premium line of CBD products to
the country of Scotland,†said Mr. Don Steinberg, CEO of MCOA. “It has
always been MCOA’s goal to open sales of its hempSMART products in
multiple countries around the world. Our Company anticipates additional
expansions of our footprint into other EU countries moving into the
second half of 2019.â€
About Marijuana Company of America, Inc. MCOA is a
corporation that participates in (1) product research and development
of legal hemp-based consumer products under the brand name “hempSMART™â€
and targets general health and well-being; (2) an affiliate marketing
program to promote and sell its legal hemp-based consumer products
containing CBD; (3) leasing of real property to separate business
entities engaged in the growth and sale of cannabis in those states and
jurisdictions where cannabis has been legalized and properly regulated
for medicinal and recreational use; and (4) the expansion of its
business into ancillary areas of the legalized cannabis and hemp
industry, as the legalized markets and opportunities in this segment
mature and develop.
About Our hempSMART Products Containing CBD The
United States Food and Drug Administration (FDA) has not recognized CBD
as a safe and effective drug for any indication. Our products containing
CBD derived from industrial hemp are not marketed or sold based upon
claims that their use is safe and effective treatment for any medical
condition as drugs or dietary supplements subject to the FDA’s
jurisdiction.
Forward Looking Statements This news
release contains “forward-looking statements” that are not purely
historical and may include any statements regarding beliefs, plans,
expectations or intentions regarding the future. Such forward-looking
statements include, among other things, the development, costs and
results of new business opportunities and words such as “anticipate,”
“seek,” intend,” “believe,” “estimate,” “expect,” “project,” “plan” or
similar phrases that may be deemed “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of 1995.
Actual results could differ from those projected in any forward-looking
statements due to numerous factors. Such factors include, among others,
the inherent uncertainties associated with new projects, the future U.S.
and global economies, the impact of competition, and the Company’s
reliance on existing regulations regarding the use and development of
cannabis-based products. These forward-looking statements are made as of
the date of this news release, and we assume no obligation to update
the forward-looking statements, or to update the reasons why actual
results could differ from those projected in the forward-looking
statements. Although we believe that any beliefs, plans, expectations
and intentions contained in this press release are reasonable, there can
be no assurance that any such beliefs, plans, expectations or
intentions will prove to be accurate. Investors should consult all of
the information set forth herein and should also refer to the risk
factors disclosure outlined in our annual report on Form 10-12G, our
quarterly reports on Form 10-Q and other periodic reports filed from
time to time with the Securities and Exchange Commission. For more
information, please visit www.sec.gov.
Posted by AGORACOM-JC
at 7:39 AM on Wednesday, June 26th, 2019
Announced that, in celebration of Canada Day, it will launch its new Hemp Energy Drink line over the Canada Day long weekend, on June 29, across its existing Ontario locations, as well as its two brand new accessories stores in Niagara Falls and Pickering, set to open this weekend.
Samples will be available at all locations.
Vaughan, Ontario–(June 26, 2019) – Spyder Cannabis Inc. (TSXV: SPDR) (“Spyder Cannabis” or the “Company“) is excited to announce that, in celebration of Canada Day, it will launch its new Hemp Energy Drink line over the Canada Day long weekend, on June 29, across its existing Ontario locations, as well as its two brand new accessories stores in Niagara Falls and Pickering, set to open this weekend. Samples will be available at all locations.
As previously disclosed in the Company’s press release of June 18,
2019, Spyder Cannabis signed an exclusive agreement with Tetra Natural
Health, a subsidiary of Tetra Bio-Pharma (TSXV: TBP) (OTCQB: TBPMF), to
distribute the three flavors of its Hemp Energy Drink in cannabis
accessory stores, vape stores, and kiosks in Canada and the United
States.
“We are thrilled to launch a premium brand, the Hemp Energy Drink, to
our customers this Canada Day long weekend, starting June 29th. This is
a historic time for the Canadian hemp industry, and we are excited to
be at the forefront of the retail and wholesale distribution of
innovative new products. Our focus is on providing unique and
distinctive quality hemp derived options, specially curated to meet the
needs of all Canadians. We are looking forward to sharing our products
throughout Canada,” stated Daniel Pelchovitz, CEO and President of
Spyder.
Founded in 2014 Spyder is an established chain of three high-end vape
stores in Ontario, with stores located in Woodbridge, Scarborough and
Burlington. The Spyder brand is defined by its high-quality proprietary
line of e-juice, liquids and exclusive retail deals, dispensed in
uniquely designed stores creating the optimal customer experience.
Spyder is building off this leading retail, distribution and branding
eCig and vapes company and expanding into the legal cannabis and hemp
derived market. Spyder has developed a scalable retail model with
aggressive expansion plan to create a significant retail footprint with
targeted and disciplined retail distribution strategy focusing on
Canadian retail and U.S. hemp kiosks in high traffic peripheral areas.
About Tetra Natural Health:
Tetra Natural Health Inc. is a subsidiary of Tetra Bio-Pharma Inc.
that focuses on identification, development and marketing of hemp or
cannabis-based natural health products, or cannabinoids-based products
authorized for sale by Health Canada. For more information, visit: www.tetranaturalhealth.com.
About Tetra Bio-Pharma:
Tetra Bio-Pharma (TSXV: TBP) (OTCQB: TBPMF) a biopharmaceutical
leader in cannabinoid-based drug discovery and development with a Health
Canada approved and FDA reviewed clinical program aimed at bringing
novel prescription drugs and treatments to patients and their healthcare
providers. Tetra Bio-Pharma has subsidiaries engaged in the development
of an advanced and growing pipeline of Bio Pharmaceuticals, Natural
Health and Veterinary Products containing cannabis and other medicinal
plant-based elements. With patients at the core of its mission, Tetra
Bio-Pharma is focused on providing rigorous scientific validation and
safety data required for inclusion into the existing bio pharma industry
by regulators, physicians and insurance companies. For more information
visit: www.tetrabiopharma.com
Cautionary Statements
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this
release.
This news release includes statements containing certain
“forward-looking information” within the meaning of applicable
securities laws (“forward-looking statements”). Forward-looking
statements are frequently characterized by words such as “plan”,
“continue”, “expect”, “project”, “intend”, “believe”, “anticipate”,
“estimate”, “may”, “will”, “potential”, “proposed” and other similar
words, or statements that certain events or conditions “may” or “will”
occur.
These statements are only predictions. Various assumptions were
used in drawing the conclusions or making the projections contained in
the forward-looking statements throughout this news release.
Forward-looking statements are based on the opinions and estimates of
management at the date the statements are made. Any number of risks and
uncertainties and other factors that could cause actual events or
results to differ materially from those projected in the forward-looking
statements.
FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
Spyder Cannabis Inc. Dan Pelchovitz President & Chief Executive Officer Telephone: (905) 265-8273 Email: [email protected]
Posted by AGORACOM-JC
at 2:19 PM on Tuesday, June 25th, 2019
In the gambling sphere, there’s barely a bookmaker now that doesn’t include esports and there’s a plethora of esports specific operators too
One thing that hasn’t quite materialized yet is betting exchanges, similar to Betfair, and this is an opportunity Esports Entertainment Group are keen to capitalize on.Â
There’s
undoubtedly been growth in esports betting over recent years.
Entertainment and betting arguably go hand-in-hand and players are
already betting on a multitude of titles ranging from Counter-Strike
through to Hearthstone. In the gambling sphere, there’s barely a
bookmaker now that doesn’t include esports and there’s a plethora of
esports specific operators too. One thing that hasn’t quite materialised
yet is betting exchanges, similar to Betfair, and this is an
opportunity Esports Entertainment Group are keen to capitalise on.
A week on from the news of a big partnership with Dignitas, we spoke to Grant Johnson, CEO of Esports Entertainment Group
about his Vie.gg exchange – what they’re trying to achieve – and how he
sees the intersection between gambling and esports developing.
Grant Johnson, Vie.gg CEO (right)
Esports
Insider: Tell us about how Vie came about. As a seasoned gambling
expert, your profile doesn’t fit the typical ‘gamer’ mold – so what
piqued your interest in this particular area?
Grant Johnson:
It all came about back in 2013 when I was doing some work with a group
who wanted to get into the sports bet casino business. They asked me
what was “newâ€. I did some research and started reading about esports. I
had the good fortune to get introduced to Alex Lim. At the time he was
the Secretary-General of the IeSF. He, in turn, introduced me to Ken
Silva, founder, and president of EsportsCanada, who invited me to the
Starcraft championship in Toronto late 2013.
I
was absolutely blown away by the excitement and energy displayed by the
fans at the event and the fact that the vast majority of the fans were
in their 20s. I spoke to several people regarding interest in wagering
and the feedback was unanimous — there was a strong interest.
Effectively that was the ah-ha!
moment for me. The group I was working with decided they were not
interested in the sector so I decided to launch my own company at the
time called VGambling, which has evolved into Esports Entertainment
Group (OTCQB:GMBL). Which in turn launched Vie.gg and the bet exchange
platform.
ESI: The
gambling industry on the esports side clearly isn’t as developed as the
traditional sports counterpart yet — why do you think this is and how
do you think this can change?
GJ: Yes,
I do believe it will change and it’s already happening. I believe the
fan base has to become comfortable with betting. Clearly, some already
are and that number is growing rapidly. As I did my research,
transparency and Player vs Player options were a constant theme in the
feedback we were getting. Hence the bet exchange platform which is
specifically suited for the PvP wagering.
We
went the route of being a publicly traded company so that the fans,
players, and bettors could see with full transparency who was behind the
platform. Generally, it is almost impossible to tell with traditional
betting operators who the people really are behind it.
ESI:
Vie.gg is one of the only exchanges currently in esports. How important
are exchanges in a betting ecosystem and do you envisage the space
developing in the future?
GJ: Clearly
by virtue of the fact we elected to go this way. We are strong
believers in the bet exchange system. Esports is all about competing
against your friends, and here the bet itself becomes a competition of
knowledge which our research has told us is key to the fans of esports.
The players can bet directly against each other and not have to deal
with the house taking a position against them as it is in traditional
betting.
“I
was absolutely blown away by the excitement and energy displayed by the
fans at the event and the fact that the vast majority of the fans were
in their 20sâ€
As
the esports community becomes more comfortable with placing a bet and
they come to understand that bet exchange is a more transparent option
for them, we feel in the end a significant portion of the market will
prefer the exchange model. At this stage, it’s all about educating the
fan base about the player versus player bet experience and that is where
our main focus lies right now.
ESI: The
esports market has been fragmented and regulation is fast improving
with more traditional sports betting operators coming in and positioning
themselves in the market. What do you see the landscape looking like
five years from now? How is Vie positioned differently to these
traditional sportsbook brands?
GJ: I
agree that there is a great deal of change and educating taking place.
The traditional sports books are offering esports in the general belief
that their sportsbook player base will cross over to do some esports
betting. I do think in certain titles there is some crossover, however,
we think that percentage is fairly small.
We
believe a focussed effort on the esports fan specifically is key. I
agree with the financial experts that the esports betting space will see
explosive growth in the next five years. And I believe I have read that
esports gambling could, in fact, eclipse the current size of the
esports ecosystem itself. That offers huge potential.
I
believe in our position as the first mover with the exchange and the
transparency that comes with being public. We also believe in partnering
with the esports brands that the fan base trusts and follows. Our new
and exciting partnership with Dignitas will put us in a strong position
to be a major beneficiary of this growth.
ESI: Vie.gg
are involved with teams like Dignitas and Epsilon and other esports
teams with collaborative sponsor agreements amongst other streamers and
influencers. How do you leverage the relationships these offer and what
can fans expect to see from these partnerships in the future?
GJ: Clearly,
influencers like teams and streamers have a great deal of social
exposure and connection with their followers. By aligning ourselves with
these teams and brands such as Epsilon and our newest partners
Dignitas, both of which have loyal long term fan bases, we are in a
position to offer our product to the fans in partnership with the
brands.
“I
believe I have read that esports gambling could, in fact, eclipse the
current size of the esports ecosystem itself. That offers huge
potentialâ€
It
is a continuation of our belief in transparency and dedication to the
esports industry and we feel that in the long run, it will give us an
option to offer the fans a way to have confidence in and feel
comfortable using Vie.gg for placing wagers when they chose to do so.
Posted by AGORACOM-JC
at 12:14 PM on Tuesday, June 25th, 2019
Entered into a binding letter of intent, effective June 23, 2019, to acquire all of the issued and outstanding securities of Nevada Botanical Science, Inc.
Transaction valued at USD$7Â million
Located in Reno, Nevada
Medical and adult use licenses for cultivation extraction and distribution.
NBS currently operates a 5,000 sq. ft. indoor cultivation facility and have been approved for expansion of up to 100,000 sq. ft.
TORONTO, June 25, 2019 — North Bud Farms Inc. (CSE: NBUD) (OTCQB: NOBDF) (“NORTHBUD” or the “Company”) is pleased to announce that it has entered into a binding letter of intent (“LOIâ€), effective June 23, 2019, to acquire all of the issued and outstanding securities of Nevada Botanical Science, Inc. (“NBSâ€) in a transaction valued at USD$7 million.    Â
Nevada Botanical Science is located in Reno, Nevada. They hold
medical and adult use licenses for cultivation extraction and
distribution. NBS’ operation is located on 3.2 acres of land within the
Reno green zone industrial park. NBS currently operates a 5,000 sq. ft.
indoor cultivation facility and have been approved for expansion of up
to 100,000 sq. ft. The property also houses an extraction facility and
commercial kitchen capable of manufacturing beverages and edibles.
Operated by healthcare professionals, NBS has been primarily focused on
the cultivation and manufacturing of medical cannabis products. NBS
currently manufactures and sells award winning* (Jack Herer Cup 2018)
topical pain creams, balms and lotions under the Trichomic brand.
“We are very excited to have the opportunity to enter the Nevada
market,†said Ryan Brown, CEO of NORTHBUD. “The Nevada market is
considered one of the best markets in America with recreational sales of
USD$580 million in the first full year of legalization* (2017 Nevada
Dept. of Taxation). Assuming the successful closing of the proposed
transaction with NBS and our previously announced transactions with
Eureka Vapor and Tanforan Ventures, we are building an excellent
platform in the 3 largest markets in the United States on which to build
our brand focused strategy.â€
“The NBS team is pleased to be entering into this agreement with
NORTHBUD, as we believe that NORTHBUD and its brands will be a perfect
addition to our existing medical business and allow us to capitalize on
the Nevada recreational market,†said Robert Dalrymple, MD., CEO of
Nevada Botanical Science.
Transaction Terms The
proposed transaction (the “Transactionâ€) is currently structured as a
share purchase agreement whereby in exchange for the purchase of all of
the securities of NBS, NORTHBUD will pay USD$6M in cash and issue USD$1M
in common shares (“Common Sharesâ€) to the shareholders of Nevada
Botanical Science (the “NBS Shareholdersâ€) with the price per Common
Share to be determined based on a formula of the higher of (a) CAD$0.35
per Common Share and (b) the 30-day volume weighted average price
(“VWAPâ€) calculated on the closing date (the “Closing Dateâ€) of a
definitive agreement in respect of the Transaction (the “Definitive
Agreementâ€). In addition, NORTHBUD has agreed to loan up to USD$500,000
under a promissory note to NBS while the companies work towards a
definitive agreement. Specific terms of the promissory note are not yet
determined, however any amounts loaned to NBS under the promissory note
will be fully refundable and may be converted into equity in NBS, at the
option of NORTHBUD, in the event that the transaction is not completed.
NORTHBUD and NBS Shareholders expect to enter into the Definitive
Agreement on or before October 1, 2019.
The Transaction is a significant acquisition but will not result in a
“Fundamental Change†pursuant to the policies of the Canadian
Securities Exchange (“CSEâ€). Financial information on NBS will be
disclosed following receipt of audited financial statements in
connection with the Company’s due diligence. NORTHBUD will be preparing
the necessary corporate and securities filings in order to secure the
required approvals for the Transaction.
NORTHBUD has agreed to pay up USD$280,000 in broker/finder fees to
arm’s length parties in connection with the closing of the Transaction.
The closing of the Transaction is conditional on the receipt by the
parties of applicable corporate and regulatory approvals including that
of the CSE.
While the proposed transactions involving NBS, Tanforan Ventures and
Eureka Vapor are complementary, they are independent and the Company may
ultimately proceed to close one, two, all or none of the proposed
transactions, depending on market conditions and regulatory
requirements.
About Nevada Botanical Science, Inc. Founded by a
group of northern Nevada physicians and healthcare professionals who
believe in the promise of medical cannabis, Nevada Botanical Science has
developed a world class cannabis production, research and development
facility in Reno’s Washoe County. Its work and commitment are fully in
compliance with the Hippocratic Oath as well as Nevada statute. Nevada
Botanical Science is dedicated to ensuring the highest measure of
safety, governance and stewardship for its patients, employees and the
community it serves.
About North Bud Farms Inc. North Bud Farms Inc.,
through its wholly owned subsidiary GrowPros MMP Inc., is pursuing a
licence under The Cannabis Act. The Company is constructing a
state-of-the-art purpose-built cannabis production facility located on
95 acres of Agricultural Land in Low, Quebec. North Bud Farms Inc. has
entered into agreements to acquire assets in California, Colorado and
Nevada.
Neither the Canadian Securities Exchange (the “CSEâ€) nor its
Regulation Services Provider (as that term is defined in the policies of
the CSE) accepts responsibility for the adequacy or accuracy of this
release.
Forward-looking statements Certain statements
included in this press release constitute forward-looking information or
statements (collectively, “forward-looking statementsâ€), including
those identified by the expressions “anticipateâ€, “believeâ€, “planâ€,
“estimateâ€, “expectâ€, “intendâ€, “mayâ€, “should†and similar expressions
to the extent they relate to the Company or its management. The
forward-looking statements are not historical facts but reflect current
expectations regarding future results or events. This press release
contains forward- looking statements including those relating to the
entering into of the Definitive Agreement, closing of the Transaction
and associated approvals, Nevada Botanical Science’s ability to achieve
milestones under the Definitive Agreement and associated Common Share
issuances. These forward-looking statements are based on current
expectations and various estimates, factors and assumptions and involve
known and unknown risks, uncertainties and other factors. Such risks and
uncertainties include, among others, the risk factors included in North
Bud Farms Inc.’s final long form prospectus dated August 21, 2018 which
is available under the issuer’s SEDAR profile at www.sedar.com.
FOR ADDITIONAL INFORMATION, PLEASE CONTACT: North Bud Farms Inc. Edward Miller VP, IR & Communications Office: (855) 628-3420 ext. 3 [email protected]
Posted by AGORACOM-JC
at 10:52 AM on Tuesday, June 25th, 2019
SPONSOR: New Age Metals Inc. The company’s Lithium Division has already made significant acquisitions in Canada and the USA. The company also owns one of North America’s largest primary platinum group metals deposit in Sudbury, Canada. Updated NI 43-101 Mineral Resource Estimate 2,867,000 PdEq Measured and Indicated Ounces, with an additional 1,059,000 PdEq Ounces in the Inferred. Learn More.
NAM: TSX-V
———————
China’s breaking up the EV battery monopoly it carefully created
As China phases out subsidies
for electric vehicles next year, it’s also ending a related policy that
effectively shut out foreign battery makers, creating the domestic
monopoly we see today.
China’s Ministry of Industry and Information Technology (MIIT) announced yesterday
(June 25, link in Chinese) it is dropping its practice of publishing
lists of battery makers that met technical standards. The policy, put in
place in 2015, was meant to help develop the industry. Supplying the
information to get on the list was supposedly voluntary
(link in Chinese), but in reality, using the batteries on the
ministry’s lists made it more likely car makers would qualify for
government subsidies. As of 2016, the last time the list was updated, it
included a total of 57 companies—none of them foreign firms.
As a result, the top 10 battery makers powering the world’s largest EV market are all Chinese
(link in Chinese), according to 2018 data from the China Battery
Industry Association. That means China dominates the value-added chain
for domestically made electric vehicles, since batteries contribute 40%
of the cost of an EV—quite a contrast to the value added when China assembles an iPhone.
Financial newspaper Economic Observer noted
(link in Chinese) in April last year that Chinese car makers made their
component decisions from the lists, while local governments and
investment firms also consulted them. “Associated with subsidies, these
became known as the ‘white lists,’†the newspaper said.
The lists included CATL, the world’s largest EV battery maker
(Quartz membership), which supplies Chinese and foreign carmakers that
include state-owned BJEV, one of the country’s biggest manufacturers,
Volkswagen, Daimler, BMW, Honda, and Shanghai-based startu NIO.
The world’s biggest EV manufacturer, BYD, is also the country’s
second-biggest battery supplier, since it makes the batteries for its
own electric cars—last year it sold some 100,000 of them. Both BYD and CATL could supply batteries to Toyota cars soon. In third place is Guoxuan High Tech, a major supplier to state-owned carmaker BAIC Motor, the parent company of BJEV.
Taking away the lists could benefit established foreign battery
makers. “It’s a gesture of China opening up, along with pressure from
G20 and trade,†says Qiu Kaijun, who runs an EV news blog
(Quartz membership). Chinese president Xi Jinping is set to discuss
US-China trade tensions with US president Donald Trump on the sidelines
of the G20 meeting of leaders of top economies, which begins in Japan
Friday.
Before the policy was put in place, when China’s EV market was starting to take off, foreign firms like LG and fellow South Korean major Samsung were about to expand
(link in Chinese) in China. In 2015, LG had opened a battery factory in
China’s eastern city Nanjing that could supply to more than 100,000 EVs (link in Chinese), yet it never got on the white list and the factory ended up being sold to Zhejiang-based carmaker Geely in 2017 (link in Chinese).
“Earlier, all the subsidies went to those using Chinese EV
batteries—if you use LG and Samsung, you won’t get subsidies,†said
Angus Chan, a Shanghai-based auto analyst at Bocom International, “When
2020 comes, it will be free-market competition. It’s straightforward for
carmakers—energy density, safety, and price… Everybody is on the same
racing starting point in the post-subsidy era.â€
China began reducing its massive subsidies two years ago, and will move to a credit system next year.
The scrapping of the battery lists comes at a time when China has
rolled out the welcome mat for foreign EV firms in other ways. China last year said it would phase out
foreign investment limits for car manufacturing, a rule that earlier
made it impossible for foreign car makers to set up shop in China
without a local partner. That reform began with manufacturers of
electric vehicles, allowing Tesla to become the first foreign car maker
with a wholly-owned plant in China. Located in Shanghai, it is taking
orders for the first made-in-China Teslas, which are expected to roll out in the next six months.
Other new rules limiting the number of new factories in a province
mean Tesla’s factory has put a spanner in the works for local
manufacturers who were also hoping to set up near one of the country’s
most important cities for EV sales. It’s clear China’s EV industry is
going to put under greater pressure as a result of these moves—which
could improve their technologies, or kill off some of the weaker firms.
“What happens after the typhoon passes?†asked Zeng Yuqun, CATL’s founder, in an internal email (link in Chinese) in 2017. “Can a pig really fly?â€
He was referring to a Chinese allegory—“When the typhoon comes, the
pig will flyâ€â€”comparing the government subsidies to strong winds lifting
the company’s fortunes, and warning of a possible heavy landing once
those winds die down.
Looking for more in-depth coverage? Sign up to become a member and read more in-depth coverage of China’s electric-car boom in our field guide.
Posted by AGORACOM-JC
at 9:00 PM on Monday, June 24th, 2019
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Ontario cannabis sales more than doubled after stores started to open
Under the online system, sales ranged between $7 million and $8 million a month.
With even a few stores opening, that number quickly soared, reaching $19.6 million for April.
Legal cannabis sales more than doubled in Ontario in April, after stores started to open, data released Friday by Statistics Canada shows.
Ontario was the only province to only offer online cannabis sales until April 1, when a handful of stores opened.
Under the online system, sales ranged between $7 million and $8
million a month. With even a few stores opening, that number quickly
soared, reaching $19.6 million for April.
On a per capita basis, Ontarians spent between 50 and 60 cents a
month on legal cannabis from December through March, but $1.36 in April.
That still puts Ontario’s per capita cannabis sales at the
second-lowest in Canada (in terms of dollars spent, Ontario sales are
now Canada’s highest, passing Quebec and Alberta in April).
Ontario had a much slower rollout of legal stores than other
provinces. The previous Liberal government had planned for a network of
government-run stores similar to the province’s liquor store network.
That plan had made some progress before an incoming PC government
changed plans to one based on privately owned stores with the owners
selected by lottery.
The first of a group of 25 stores opened in April, though not all of
those who won the lottery were in a position to open on April 1.
Experts we talked to
said it’s important to people to be able to see and smell the product.
And new or returning users may want to get advice and information from a
real person at a store.
“People want to be able to understand, from people they can
trust, how this is going to taste and feel, and how it will make them
feel.†said Deepak Anand, CEO of Materia Ventures, a cannabis supply and
distribution company.
But one of the most important things was the ability to use cash.
“You have to share your ID in a store, but one you’ve done
that, there’s no record of you having been there,†said Brock University
business professor Michael Armstrong. “You could pay in cash and walk
out the door with your plain paper bag.â€
“The personal information of cannabis users is … very
sensitive,†the statement said. “For example, some countries may deny
entry to individuals if they know they have purchased cannabis, even
lawfully.â€
Edtech companies to draw in $500 million in VC, PE funding in 2019
Educational technology companies are likely to attract $500 million in venture capital and private equity funding this year, experts say, as the untapped market for online learning gives enough room for these companies to scale up.
Educational technology companies are likely to attract $500 million
in venture capital and private equity funding this year, experts say, as
the untapped market for online learning gives enough room for these
companies to scale up.
Ed-tech companies, dominated by players such as Byju’s, Upgrad,
Toppr, Extramarks and Simplilearn, have attracted more than $1billion in
investment over the last two years.
These companies, along with Unacademy, CueMath, Meritnation,
Imarticus and Vedantu, have not only made significant headway in
expanding footprint in India but are also eyeing the overseas market. A
bunch of companies from this list is further looking to raise more
investments from VCs and PEs.
“Almost $1billion was invested in 2018 alone, with Byju’s taking the
lion’s share of about $500 million, followed by Embibe receiving about
$180 million,†said Amitabh Jhingan, partner, EY-Parthenon. “Based on
the observed flow in edtech, we can expect $0.5-0.75 billion to be
invested in the coming year.â€
Byju’s, one of the big ones in this space, is also hungry for more
capital. “We will raise more funds, if needed, for expansion,†said
Mrinal Mohit, ITS chief operating officer, adding that Byju’s is looking
to become a leading ed-tech player globally. Vedantu received
$11million in its last round from Accel Partners, Tiger Global, Omidyar
Networks and TAL. “We will be using the funds to scale our business and
are open to funding,†CEO Vamsi Krishna said.
The ed-tech industry is expected to touch about $2 billion in India
by 2021, industry trackers said. “PE/VC funds continue to be interested
across sub-segments of the space (K-12, reskilling and upskilling, test
preps, etc). India is an underpenetrated market in the ed-tech space and
is ripe for disruption,†said Ankur Pahwa, Partner and National Leader,
e-commerce and consumer internet, EY India. “India is no doubt set to
be one of the leading players in the global ed-tech space with
innovation taking centre-stage.
