Blackhawk Provides update on Its Investment in California-Based Licensed Cannabis Producer SAC Pharma Partners Inc; Announces Shares for Debt Settlement and Grants Stock Options - TheNewswire.ca | Canada News Media
Vancouver, British Columbia – TheNewswire – August 11, 2020 – Blackhawk Growth Corp. (CSE:BLR) (CNSX:BLR.CN)(Frankfurt:0JJ) US (OTC:BLRZF) (the “Company” or “Blackhawk“), is pleased to provide an update on its investment in SAC Pharma Partners Inc. (“SAC Pharma“). SAC Pharma operates a facility for the licensed production of cannabis in California. Utilizing its state of the art 15,000 square footfacility in Sacramento, SAC Pharma has been actively producing products and has provided the following information and outlook for the future.
Q1 (January – March 2020) Profit and Loss Statement
From January of 2020 to March of 2020, Sac Pharma had gross revenue of US$276,863.09 and net income of US$115,489.67. These figures are unaudited and were provided to Blackhawk by Sac Pharma’s management team.
During the first quarter, SAC Pharma was able to outfit its facility with new C02 equipment and expand on its IP and inventory assets such as cultivation equipment and clone and mother plants that will have an exponential value as SAC Pharma continues to expand.
Blackhawk Integration and Next Steps
Blackhawk is excited to deploy its industry contacts and current assets to assist in the development of SAC Pharma.
SAC Pharma is looking to realize the benefits in its optimized facility for the following quarters, seek additional opportunities to acquire second generation production facilities, and/or cultivation management contracts. SAC Pharma’s management team has been looking at additional opportunities to participate in outdoor/greenhouse projects and also potential distributor acquisitions in order to control the wholesale supply chain.
“We are extremely excited to have closed this acquisition and to be working with Fred and his team at Blackhawk” says Corey Travis, founder of SAC Pharma. “We have been working tirelessly over the past three years to get SAC to this point. The fact that all our product is spoken for and demand continues to exceed our expectation is something I am very excited about showcasing over the next year. Our team has a very aggressive and strategic go-forward plan over the next twelve months and we look forward to achieving these goals and expanding SAC into a substantial State-wide brand.”
“We are thrilled at how well Sac Pharma has integrated into Blackhawk” said Frederick Pels, CEO of Blackhawk. “We have a goal of seeking not only revenue but profitability for our shareholders and we have reached exactly that with our team at SAC Pharma. They have a top notch and in demand product. With a reasonably low cost to produce it’s only natural that we put resources into action and expand this proven and profitable business model throughout the fifth largest economy in the world. I look forward to keeping shareholders updated with the forward momentum we have with this initiative.”
Shares for Debt Settlement
Blackhawk has entered into debt settlement agreements with two arm’s-length creditors to settle an aggregate of $240,000 in debt for services provided by the creditors to the Company.
In final settlement and satisfaction of the debt in connection with the services, the Company has issued to the creditors an aggregate of 12,000,000 common shares at a deemed issue price of $0.02 per share.
All shares issued in connection with the debt settlement are subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.
Stock Option Grant
In addition, the Company has granted an aggregate of 10,000,000 incentive stock options to certain directors, officers and consultants of the Company under its incentive stock option plan. The options vest quarterly over the next twelve months and are exercisable at a price of $0.05 for a period of 24 months.
All statements in this press release, other than statements of historical fact, are “forward-looking information” with respect to the Company within the meaning of applicable securities laws, including with respect to the business activities of SAC Pharma. The Company provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited those identified and reported in the Company’s public filings under the Company’s SEDAR profile at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
