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YourWay Cannabis Brands Inc. (OTCPK:YOURF) (CSE:YOUR) (FSE:HOB) provided an operational update, including initiatives being taken to address the management cease trade order, the delays in releasing the company's audited annual financial statements for the year ended December 31, 202, details of the company's newly appointed leadership team, and the company's expansion plans in Arizona.
The company is working with the auditors to finalize the 2021 annual financial statements and the related management's discussion and analysis. The company expects to release its 2021 annual financial statements by the end of 2022.
The board of directors of the company resolved to demand repayment of all amounts advanced, which total approximately $166,325 to Ionic Brands Corp. pursuant to a demand promissory note dated May 20, 2022. YourWay has provided notice to Ionic of its demand for repayment, but the funds have not yet been returned.
Leadership Changes
Throughout the year, there have been several adjustments to the leadership team and the board to oversee the strategic corporate transformation of the company. Recently, Jacob Cohen resigned as CEO of the company to focus on his operational role as president of Arizona operations.
Expansion Plans
The Arizona Department of Health Services has reported a steady decline in the Arizona medicinal market. This shift in the Arizona market has altered the focus of the company's retail customers, and YourWay's sales team is adapting to satisfy the shift from the medicinal market to the new demand for recreational cannabis products.
The company's exclusive multi-year licensing agreement to manufacture, produce, promote, distribute, and sell certain Old Pal-branded cannabis products in Arizona, including whole flower, pre-ground flower, pre-rolls, and distillate cartridges in association with the Old Pal brand, has allowed YourWay to capitalize on the shift in demand in the Arizona market.
Additionally, in February of 2022, YourWay signed an exclusive agreement with AIRO. AIRO is currently available in more than 1,300 dispensaries across the United States and Puerto Rico. Expanding the AIRO offerings is currently under consideration by the company, and under the terms of the exclusive multi-year licensing agreement entered into between YourWay and AIRO, YourWay has exclusive right and license to manufacture, produce, promote, distribute, and sell certain popular AIRO products in Arizona, including the AIROPro, AIROSport, and AIROX, featuring formulations from AIRO's Strain Series, Artisan Series, and Live Flower Series, plus additional products.
In the past, a large portion of revenue was derived from non-branded bulk distillate and extracted products. Maintaining a reasonable margin within this category has been a challenge, and most related sales have now ceased. The company will continue to monitor opportunities in the bulk category and maintains the optionality to reactivate this category should business or market conditions change.
The company's growth strategy includes expanding the Venom Extracts brand, which has been part of the Arizona cannabis market since 2017 and as such, has developed significant brand awareness and loyalty among legacy cannabis users. Plans are in place for several line extensions to the Venom Extracts brand, including pre-rolls and infused pre-rolls.
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