RESOURCES | Data Updates | Securities

CRB Monitor Securities Database Updates

During the week of February 13 - 19, 2023, CRB Monitor’s research team made several updates to securities’ information and added source documents & relevant news articles to the CRB Monitor database.

Summary of the updates for the Week of February 13 - 19, 2023:

• Removed 7 Tier 1A Securities:
  • -7 = CRB Tier Downgraded to Tier 1B: (“Canopy Growth Corporation”) – 1 Issuer with 7 Securities (1 Common, 2 Warrants, 4 Convertible Debts)
• Added 7 Tier 1B Securities:
  • +7 = CRB Tier Downgraded to Tier 1B: (“Canopy Growth Corporation”)
    • Rationale = Canopy Growth Corporation directly held 7 cannabis licenses which qualified it for Tier 1A. However, all 7 of these licenses are now inactive. There is no evidence to suggest that Canopy Growth Corporation directly holds any active cannabis licenses. Therefore, removing these licenses and downgrading to Tier 1B.
• Removed 1 Tier 2 Security:
  • -1 = CRB Tier Downgraded to Tier 3: (“Forian Inc.”)
• Added 1 Tier 3 Security & Removed 6 Tier 3 Securities:
  • +1 = CRB Tier Downgraded to Tier 3: (“Forian Inc.”)
    • Rationale = Forian Inc., through its subsidiary, previously provided software solutions for the cannabis industry. However, in February 2023 Forian announced the sale of it's cannabis software subsidiary, Bio-Tech Medical Software, Inc. (d/b/a BioTrack). "As a result of the transaction, Forian will focus on its healthcare information business and will no longer provide software solutions to the cannabis industry." Through the Transaction, the Company exited the cannabis software business. However, "Forian will retain a license to certain cannabinoid-based data to enhance its healthcare information offerings."
  • -1 = Discarded Business Record from Database: (“Eiffage SA”)
    
    • Rationale = Eiffage SA’s only connection to the cannabis industry is through the manufacture dry construction materials containing hemp. This is not their primary business and does not constitute a substantial revenue source, relative to its overall operations. CRB Monitor no longer includes companies whose only connection to the cannabis industry is through hemp-derived construction materials, unless that is its primary business and majority source of revenue. There is no evidence to suggest that this company is “plant-touching,” rather, it is supplied with pre-processed hemp fibers which are incorporated into its product(s), like companies with hemp clothing products such as Levi Strauss which CRB Monitor no longer includes. Therefore, this company no longer qualifies for inclusion.
  • -1 = Discarded Business Record from Database: (“Vicat-Ciments Vicat SA”)
    
    • Rationale = Vicat-Ciments Vicat SA’s only connection to the cannabis industry is through the manufacture of cement containing hemp. This is not their primary business and does not constitute a substantial revenue source, relative to its overall operations. CRB Monitor no longer includes companies whose only connection to the cannabis industry is through hemp-derived construction materials, unless that is its primary business and majority source of revenue. There is no evidence to suggest that this company is “plant-touching,” rather, it is supplied with pre-processed hemp fibers which are incorporated into its product(s), like companies with hemp clothing products such as Levi Strauss which CRB Monitor no longer includes. Therefore, this company no longer qualifies for inclusion.
  • -1 = Discarded Business Record from Database: (“Faurecia SA”)
    
    • Rationale = Faurecia SA’s only connection to the cannabis industry is through the manufacture of lightweight hemp-based materials primarily for the automotive industry. This is not their primary business and does not constitute a substantial revenue source, relative to its overall operations. CRB Monitor no longer includes companies whose only connection to the cannabis industry is through hemp-derived construction materials, unless that is its primary business and majority source of revenue. There is no evidence to suggest that this company is “plant-touching,” rather, it is supplied with pre-processed hemp fibers which are incorporated into its product(s), like companies with hemp clothing products such as Levi Strauss which CRB Monitor no longer includes. Therefore, this company no longer qualifies for inclusion.
  • -1 = Discarded Business Record from Database: (“Sika AG”)
    
    • Rationale = Sika AG’s only connection to the cannabis industry is through the manufacture of a hemp-based spray insulation mortar primarily for home construction. This is not their primary business and does not constitute a substantial revenue source, relative to its overall operations. CRB Monitor no longer includes companies whose only connection to the cannabis industry is through hemp-derived construction materials, unless that is its primary business and majority source of revenue. There is no evidence to suggest that this company is “plant-touching,” rather, it is supplied with pre-processed hemp fibers which are incorporated into its product(s), like companies with hemp clothing products such as Levi Strauss which CRB Monitor no longer includes. Therefore, this company no longer qualifies for inclusion.
  • -1 = Discarded Business Record from Database: (“Neenah Inc.”)
    
    • Rationale = Neenah Inc.’s only connection to the cannabis industry is through the manufacture of hemp-infused folding boards and papers. This is not their primary business and does not constitute a substantial revenue source, relative to its overall operations. CRB Monitor no longer includes companies whose only connection to the cannabis industry is through hemp-derived construction materials, unless that is its primary business and majority source of revenue. There is no evidence to suggest that this company is “plant-touching,” rather, it is supplied with pre-processed hemp fibers which are incorporated into its product(s), like companies with hemp clothing products such as Levi Strauss which CRB Monitor no longer includes. Therefore, this company no longer qualifies for inclusion.
  • -1 = Discarded Business Record from Database: (“3M Co.”)
    
    • Rationale = 3M Co.’s only connection to the cannabis industry is through the research and testing of hemp as a component in adhesive products, including for use in aerospace and transportation. This is not their primary business and does not constitute a substantial revenue source, relative to its overall operations. CRB Monitor no longer includes companies whose only connection to the cannabis industry is through hemp-derived construction materials, unless that is its primary business and majority source of revenue. There is no evidence to suggest that this company is “plant-touching,” rather, it is supplied with pre-processed hemp fibers which are incorporated into its product(s), like companies with hemp clothing products such as Levi Strauss which CRB Monitor no longer includes. Therefore, this company no longer qualifies for inclusion.

All newly-identified CRBs during the week: