While Cannabis Industry Goes Through Fluctuations, CBD Infused Products Market is Still Booming

Limitless X Inc. (OTCQB: BLAB) BREAKING NEWS:  Limitless X Anticipates Strong Sales and Earnings in the Current Fiscal Year - Company provides revenue guidance in the range of $40 million and pre-tax income exceeding $10 million for fiscal year 2022 - Limitless X Inc. ("the Company"), a creative and empowering lifestyle agency, today announced that it anticipates strong preliminary sales and earnings in the current fiscal year 2022. Limitless X recently acquired public company Bio Lab Naturals, bringing together a strong management team within the health and wellness industry. The new management will be led by Chairman and Chief Executive Officer, Jas Mathur, a successful entrepreneur, investor, and venture capitalist. Mr. Mathur has strong expertise is in ecommerce and product development and has created multiple brands in the marketing, health and wellness spaces generating hundreds of millions of dollars in revenue each year. Mr. Mathur has invested approximately $5.1 million into Limitless X and has converted the loan into preferred stock to remove debt from the Company, leaving the Company with zero debt on its balance sheet. Additionally Mr. Mathur will be taking a nominal cash salary for his duties as Chairman and CEO of the Company.

As part of the Company's growth strategy, Limitless plans to generate organic growth while also seeking to target industry relevant companies for acquisitions to further expand its product line and operational footprint domestically and eventually internationally.

Limitless X's Chief Financial Officer, Benjamin Chung, with significant public company experience and formerly a partner at BDO and with prior experience at PwC and Ernst & Young, has reported that the Company anticipates net revenues in the range of $40 million for fiscal year 2022 with a strong product gross profits. The Company maintains a positive outlook for future and continued earnings.  CONTINUED…Read this full press release and more news for Limitless X at:  https://www.financialnewsmedia.com/news-blab/  

Other recent developments in the cannabis industry of note include:

Canopy Growth Corporation (NASDAQ: CGC) recently announced its financial results for the fourth quarter and fiscal year ended March 31, 2022.

David Klein, Chief Executive Officer:  "Canopy Growth is building the industry's leading portfolio of premium brands across North America. We've taken concrete steps to advance this ambition by strengthening our positioning in Canada, and further bolstering our U.S. THC ecosystem through the addition of two high performance brands in Wana Brands and Jetty Extracts. In the fiscal year ahead, we will remain focused on growing our market share in the key segments that will drive profitable growth and continuing to scale our premium brands across North America."

Judy Hong, Chief Financial Officer: "Achieving profitability is critical and we have undertaken additional initiatives to streamline and drive efficiencies for our global cannabis business.  In FY2023, we are focused on executing our path to profitability in Canada, while we continue to invest in high potential opportunities – particularly in BioSteel, and further developing our U.S. THC ecosystem, which we believe remains significantly under-appreciated by the market."

Sundial Growers Inc. (NASDAQ: SNDL) recently announced that, in the context of the initial order pursuant to the Companies' Creditors Arrangement Act (Canada) ("CCAA") pertaining to the Zenabis Group (as defined below) rendered on June 17, 2022, it entered into a purchase agreement, in the form of a "stalking horse bid" (the "Bid Agreement"), pursuant to which the shares of Zenabis Global Inc. and the business and assets of its direct and indirectly wholly-owned subsidiaries (collectively, the "Zenabis Group") would be acquired by Sundial. The Bid Agreement is subject to the approval by the Québec Superior Court supervising the CCAA Proceedings, and to potential alternative bids pursuant to bidding procedures that will follow. All amounts are denominated in Canadian dollars unless otherwise noted. Subject to the Court's approval of the Bid Agreement and of bidding procedures that will be sought on July 5, 2022, the Bid Agreement will set the floor, or minimum acceptable bid, in a sale and investment solicitation process, which is designed to achieve the highest and best offer for the Zenabis Group's business and assets and is under the supervision of Ernst & Young, acting as CCAA Monitor.

Cronos Group Inc. (NASDAQ: CRON) recently announced its 2022 first quarter business results.  "I founded Cronos because of the once-in-a-lifetime opportunity to help build and shape an industry that has the potential to improve countless lives. As CEO, I am committed to re-instilling a start-up culture with a founder's mentality across all levels of the organization," said Mike Gorenstein, Chairman, President and CEO, Cronos Group. "The strategic realignment we announced in the first quarter of 2022 reset the organization to this mindset and we are seeing the benefits show through in our performance."

"Our execution in product development, manufacturing, and go to market strategy resulted in strong growth in both net revenue and gross profit in the first quarter of 2022, proving that we are headed in the right direction. Our Spinach^® brand is one of the most sought-after brands in the Canadian adult-use market, known for bringing high quality and differentiated products to the consumer. We are also winning with branded products in Israel, with Peace Naturals^®driving significant revenue growth in the first quarter of 2022. As we execute our strategic realignment, I am encouraged with the progress we are making by increasing our market share in both Canada and Israel, and continuing to bring disruptive branded products to market. In combination with our industry leading balance sheet, our borderless products, such as SOURZ by Spinach™ winning in Canada, is one of the best ways to be prepared for legalization in the U.S."

Aurora Cannabis Inc. (NASDAQ: ACB), the Canadian company defining the future of cannabinoids worldwide, recently announced its financial and operational results for the third quarter fiscal 2022 ended March 31, 2022.

"We continue to steer our differentiated global cannabis business towards long term shareholder value creation. This is being accomplished through a sole focus on the most profitable growth opportunities, rationalization of our Canadian cost structure and disciplined use of capital. Our plan is working and we remain firmly on track to achieving a positive Adjusted EBITDA run rate by the first half of fiscal 2023. Today, we are announcing further cost savings which will enable us to increase our range of savings under our business transformation plan from $60 to $80 million to $150 to $170 million. Our balance sheet also remains among the strongest in the industry, enabling the repurchase of $141.4 million in convertible debt early, while also providing meaningful working capital to support organic growth and pursue strategic M&A, such as our recent acquisition of Thrive Cannabis," stated Miguel Martin, Chief Executive Officer of Aurora.

"During Q3, we continued focusing on our global medical cannabis business because it is both defensive and stable, with cash gross margins that exceed 60%. We were pleased to have experienced considerable top-line growth in this segment year over year, and with new international markets poised to open, our track record and ability to navigate complex regulatory environments position us ideally for a significant revenue opportunity globally. In terms of the Canadian adult-use market, we continue to adjust to current conditions, are excited for future contributions from the Thrive team, and are committed to a continuous stream of innovation, including advancing our premiumization strategy," he concluded.

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