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Missed this over the Easter break and sneaky 10:30 RNS timing.
Cash raise as expected, albeit some attempted obfuscation about new equipment, this business is burning cash and needs more to keep the lights on.
Further dilution and value destruction for shareholders. I’m very interested to see what numbers are behind the positive narrative - my guess is still a very very long way from break even.
Headline that NL couldnt raise cash to do a merger, now its scrapped.
Developments in Medical CBD in Germany.
Germany recently passed a law reclassifying medical cannabis as a prescription medication.
Germany is one of the largest markets for Medical Cannabis.
The goal is to make obtaining a prescription for medical cannabis as unbureaucratic as possible.
The regulations aim to improve access for palliative care patients.
The reclassification streamlines the process and aligns medical cannabis with other medications and enhances patient access while ensuring safety and legal compliance.
Northern Leaf cultivates cannabis flower for pharmaceutical, health and wellbeing purposes at its £33m, 100,000sq ft facility on Jersey.
RKB
PS There were no Trades on Aquis yesterday but they decided to mark us down 12.73%!
Video of Northern Leaf Operation
On the Seedrs website, there is a video of the Northern Leaf Operation.
On the link, scroll down past the three photos and click on the 2.35 min video.
From this short video you will see the extend of the Growing & Processing Operation, in a purpose build, first class facility.
https://www.seedrs.com/businesses/voyager-cbd/sections/updates
RKB
Stock Box Media Interview
Nick talks about the reasons behind the merger with Northern Leaf.
There is actually 100,000 ft2 of “state of the art facility” in Jersey in the Channel Islands. Which is used for growing cannabis plants, mainly for medical use.
From an interview Nick gave to the Dundee Courier yesterday it was quoted that “In the UK, there are around 30,000 medical cannabis patients. In Germany, there are around 300,000 medicinal users.”
“Northern Leaf cultivates cannabis flower for pharmaceutical, health and wellbeing purposes at its £33m, 100,000sq ft facility.”
If you DYOR and satisfy yourself that Northern Leaf have spent over £30 million building their facilities and then look at what we are paying in shares, you may conclude that yet again Nick, Eric & Jill have been looking after Voyager shareholders and have managed to secure first class assets at a bargain price.
The merger is structured with the possibility of shareholders in Northern Leaf acquiring additional shares if revenue from Northern Leaf alone over the next 12 months is £5 million or more.
RKB
https://www.youtube.com/watch?v=BGTOAaogSjY
Amphora was a nothing deal. This one looks more interesting certainly, medical grade CBD has surely got to have more potential than dog treats and cups of tea with CBD drops.
Potential investors need to read between the lines as to why all these CBD related businesses, including VOY, are failing.
As always, the numbers don't lie (unless Nick is doing the maths - remember the GP% nonsense?) - so lets see how the underlying businesses are doing and what the integration plan for getting all these failing businesses to break even looks like.
One thing is for sure, two-jobs Nick is doing alright regardless of the outcome.
The Grounded Pilot
I note that you have been grounded since December last year. Three months seems a long time away, did mummy take your tablet away from you for not doing as mummy says?
When you are building a Business, you can grow organically or you can acquire other businesses.
Nick has in the past bought assets from a Businesses that went into receivership (at a bargain price)
The recently completed acquisition of Amphora Health will be earnings enhancing immediately.
Nick & the BoD did their due diligence on Northern Leaf and Voyager Life could have waited a little longer and maybe acquired the assets (plant, machines and goodwill etc) for less, but the price we are paying is a fraction of what Northern Leaf will be worth, after it is in our control (along with Frank Walker & Geoff Eyre)
After you have seen the incoming interview with Nick, explaining the rationale behind the merger and the value of the assets you will be amazed.
RKB
PS I see your Atlantic Lithium has been crashing and it appears it is going down without a parachute. Maybe its time to stock-up on VOY.
"In order to facilitate the rescue of a company that is in serious financial difficulty, the Takeover Panel has conditionally granted a waiver from the application of the Takeover Code in respect of the Merger"
"The Merger is contingent on Voyager undertaking a fundraising to provide working capital for the enlarged group"
No financial details provided on Northern Leaf so impossible to tell if this is good news or not, or who the "rescue" relates to. It was clear months ago the company needed to raise cash and it will be interesting to see who supports the fundraise given how massively far away Voyager is from "self sustaining cashflows"
Fair play to Nick for finding and negotiating a deal whilst working part time though.
Proposed merger with Northern Leaf
The Merger would value the enlarged group at in excess of £5 million
Based in Jersey, Channel Islands, Northern Leaf is a cultivator and processor of pharmaceutical-grade medical cannabis flower. The Merger will be effected through the acquisition of the entire issued capital of Northern Leaf in consideration by the issue of new Voyager ordinary shares ("New Voyager Shares"). The transaction will create the first vertically integrated cannabis company in the British Isles with both pharmaceutical and health & wellness operations. From its two bases in Scotland and Jersey, the enlarged group will have multiple revenue streams and will comprise:
100,000 square feet of state-of-the-art indoor growing facilities
GACP and GMP accredited facility
Pharmaceutical customers in the UK and overseas
VoyagerCann's manufacturing facility - both Voyager products and white label
Three consumer brands - Voyager, Ascend Skincare and Infused Amphora
Retail through online portals and Voyager's three own stores
Wholesale of health & wellness products throughout the UK
The fine detail of the exact merger terms are in the RNS and they expect revenue generated no later than 31st March 2025 of between £2 million and £5 million and the terms are structured so as to achieve £5 million.
DYOR
RKB
Completion of Amphora Health Ltd
Nick gave an interview recently about the completion of the Amphora Health Ltd.
This acquisition adds two major things to the Voyager Portfolio.
Vapes
23 Products on the Novel Foods List.
The Vapes are not disposable and having 23 Products listed on the Novel Food List, really expands our product range.
The acquisition cost was £50,000 in shares but we are receiving about £50,000 worth of inventory (which we can sell immediately)
All the Amphora products will be manufactured in our premises in Perth Scotland within a few months.
In the Interview, Nick mentioned that they were recently at the “White Label Expo” and Voyager Life were inundated with enquiries over the two days.
Last week, Voyager Life were at Crufts a 4-day event selling our “Pet Range”.
RKB
https://www.youtube.com/watch?v=-4uQSv4FqBY
Acquisition of Amphora Health Ltd Completed
It has been confirmed that Voyager Life has completed the acquisition of Amphora Health Ltd today.
This purchase, in my opinion was a bargain and it brings a valuable asset into our Company.
“Over the coming months, Voyager expects to commence manufacturing of Amphora branded products, primarily its range of CBD oils and vapour products. The CBD oils are validated on the FSA's novel foods list and vapour products represents a new product listing for Voyager. As previously announced in respect of forthcoming changes in UK legislation, Amphora vapour products are not disposable but are currently sold in cartridges for use with a rechargeable battery. Furthermore, Voyager intends to supply the formula as an e-liquid for customers to refill their preferred vapour products themselves.”
RKB
StockBoxMedia Interview
Nick talks about the reasons behind today’s acquisition of Amphora Health Ltd
https://twitter.com/StockBoxMedia
RKB
Acquisition of Amphora Health Ltd
Voyager, the health and wellness group formulating, manufacturing and supplying high-quality Cannabidiol (CBD), hemp seed oil and hemp-related products, is pleased to announce that it has acquired Amphora Health Ltd (“Amphora”), owner of the Amphora and Infused Amphora brands which comprise a range of CBD oils, vapour products and accessories.
The consideration payable for Amphora will be satisfied through the issue of 416,666 new ordinary shares of £0.01 each in Voyager at a price of 12 pence per share (approximately £50,000) in aggregate to Amphora’s shareholders. In addition, a further 416,666 new ordinary shares at a price of 12 pence per share may be issued in the event, inter alia, that sales of Amphora or Infused Amphora branded products exceed £100,000 over the 24 month period from completion.
Nick Tulloch, Chief Executive Officer and Founder of Voyager, said: “We are delighted to be adding into the Voyager group the well respected Amphora brands. A 4.7 (excellent) rating on Trustpilot is testament to the quality of the products. This acquisition achieves two objectives for us. Importantly, it provides us with 23 products validated on the FSA’s novel foods list, thereby further opening up the UK market for our ingestible CBD products. Just as significantly, it brings us into the potentially lucrative vape market with four established formulations.
“In both cases, we will aim to bring manufacturing of Amphora products into our VoyagerCann manufacturing facility, thereby lowering the cost of production and enhancing margins. “It is also important to note, as has been the case with many of our operations, this acquisition has been achieved at very low cost. Several of our competitors have spent considerable sums on novel foods compliance and product development. The opportunity to combine Amphora’s business with ours at a modest price is expected to be beneficial for all shareholders.”
RKB
Sales only up 22% but margin down from 43/44% to 39%, so net impact on Gross Profit is less than 10% improvement. Improvement yet, but nowhere near the growth required to cover overheads that I mentioned previously so the position is perilous.
Helpful clarity on overheads and cash position makes it CLEAR to shareholders that now would be a good time to exit (if there is any liquidity in the stock).
To do the maths: £75k overheads, minus £11k Gross Profit (average for 6 month period) = £64k net cash burn per month. Cash reserves £362k at 6 Dec. Cash therefore running out in 6 months, perhaps could be eked out by a few months if there is similar revenue growth over the next 6 months and Nick slashes his headcount.
PS was that RKB mentioned in dispatches by the chairman?
Interim Results
Today’s Interim Results confirm the continuing improvement of Voyager Life’s Business Model.
Our Revenue increased by 22% to £165,000.
Inventory £101,000
Gross Margin continues to be 39%
Cash Balance at 30th September 2023 £551,000
No Debt.
Our Business has four revenue streams:
Online Sales
Sales through our three own stores in St Andrews, Dundee and Edinburgh
Sales through third party stores
White label and private label manufacturing for third parties (VoyagerCann)
Going Forward:
The Company's primary focus is on revenue generation and objectives in the coming months for our business lines are:
A) Online sales. We have seen an increase of our own brand sales online of more than three times since the summer of 2023 and we expect to build on this by increasing our focus on social media-led marketing strategies.
B) Own stores. It has been widely reported that high street sales in the UK have been under pressure and, to an extent, we have experienced this. However, a combination of attainable pricing strategies, new initiatives and attendance at local markets and fairs has kept revenue in this division broadly flat for the first four months of the period before August and September 2023 saw some shortfall. We have reduced staffing in this division to maintain margins.
C) Trade sales. As noted above, our successes with Pets at Home and Jollyes underpin our operations here and importantly demonstrate to counterparties that we are capable of servicing large contracts across multiple locations.
D) Contract manufacturing. VoyagerCann's website generates a steady flow of enquiries but we have recently updated it to showcase our widening capabilities. Larger contracts and repeat contracts endorse our commitment to quality and customer service and our push for more accreditations and food manufacturing approval, we believe, will add to appeal to both new and existing customers.
RKB
Winner of the Scottish Enterprise Awards
Voyager Life received an award for “Natural Pet Products Supplier of the Year 2023”.
Congratulations to Voyager Life on their award for their Pet Products. A well-deserved award for a dedicated team in Perth, Scotland for their hard work and dedication.
With the recent announcement of our Pet Products being listed on-line at Pets at Home, this award will hopefully expediate our products being listed in Pet at Home 450+ stores soon.
RKB
https://www.sme-news.co.uk/winners/voyager-2/
CEO Interview
Nick Tulloch talks about our Products being on-line with Pets at Home.
Some interesting information for shareholders and potential shareholders (DYOR)
Pets at Home after trialling 4 of our Pet Range Products online, they may decide to stock some of our Pet Range in their 450+ stores.
RKB
https://www.youtube.com/watch?v=Q_28rt3uZIs
https://www.petsathome.com/shop/en/pets/searchterm?searchTerm=hemp&pageSize=24&resultType=1
Now stocked in Pets at Home
Four products from the Company's award-winning pet range are available to purchase from Pets at Home's website (www.petsathome.com) making Voyager the brand with the widest range of hemp seed oil based products on that site. If initial sales progress satisfactorily, it is Voyager's expectation that its products will also be stocked in store.
Pets at Home is the UK's leading pet care business with 457 pet care centres, 339 grooming salons and 444 veterinary practices.
RKB
StockBox Media Interview
CEO Nick Tulloch talks to Mark about Retail Sales Agreements.
Manufacturing for one of the UK’s well known CBD Brands.
Goal medium term to be cash-flow positive which with margins more than 40% it is possible in my opinion.
RKB
https://www.youtube.com/watch?v=KWjKjJYmjlM
Buildanestegg.. Strangely you talk and ask questions just like RKBEEKEEPER..How weird is that ? Doh !!!
Com Truise
Are you someone who has been resurrected. Did you used to perform major tricks on the boards pumping companies and then Hey PRESTO you would disappear....
I look forward to your reply.
RBK Funny how you picked the 8th september to compare Atlantic Lithiums share price to today..what you failed to mention was that when you first made your entrance onto the ALL board it was the 6th sept with a strong sell recommendation and the price at the time was circa 20.9 very similar to today so it is a little bit rich of you to cherry pick your facts and then complain about ComTruise making the same assertions about your beloved boss of Voy..perhaps you have over dabbled in some of their products ? Anyway having made your strong sell blurb the price then went up 30% ..it may have come back down but ALL has very serious potential to be a big player in the lithium space and make investors very happy along the way..you can post what carp you like but personally think you are going to make yourself look very silly and I will be very happy to remind you of that !
I feel like I've been scammed by this co.
The Polish deal was all but signed when I invested and was going really really well (from video interview at the time) then suddenly it just fell apart but never mind three of the four contracts that were said to be equal to last years revenue apiece (£300K ish) weren't reliant on the Polish facility, one was signed believe another was imminent. Where are they?
Wondering now (as I can't even sell this past 5 months on IG) if you can complain to the FSA that you've been "missold" an investment in the market?
Hey Ray, it's a free world. If you have relevant insight for Atlantic shareholders then fire away but I think you've already found out they're an educated and plentiful bunch. Exec snouts in the trough is the hot topic of the day there, bit like 'two jobs' Nick here.
Good Morning ComTruise
You obviously have an issue with a Company that is going places.
Are you still in Atlantic Lithium?
Do you want me to visit Atlantic Lithium again and save all their shareholders? What was their share-price on the 8th September 2023? You probably have forgotten, it was about 26p what is it today? Around 21p that’s a fall of about 20%.
If you continue to Troll here, I will visit Atlantic Lithium and save their shareholders.
Enjoy your day.
RKB