Announcement • Oct 29
HAVN Life Sciences Inc. to Report Fiscal Year 2023 Results on Nov 10, 2023 HAVN Life Sciences Inc. announced that they will report fiscal year 2023 results on Nov 10, 2023 New Risk • Oct 21
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended January 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$2.6m free cash flow). Share price has been highly volatile over the past 3 months (44% average weekly change). Shareholders have been substantially diluted in the past year (246% increase in shares outstanding). Revenue is less than US$1m (CA$587k revenue, or US$428k). Market cap is less than US$10m (CA$532.9k market cap, or US$388.7k). Minor Risk Latest financial reports are more than 6 months old (reported January 2023 fiscal period end). Board Change • Oct 11
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Director Alexzander Samuelsson was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 06
Third quarter 2023 earnings released: CA$0.071 loss per share (vs CA$0.52 loss in 3Q 2022) Third quarter 2023 results: CA$0.071 loss per share (improved from CA$0.52 loss in 3Q 2022). Net loss: CA$691.5k (loss narrowed 68% from 3Q 2022). Board Change • Jan 31
No independent directors There are 3 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 3 new directors. No experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). Interim CFO, CEO & Chairman Tim Moore is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. Board Change • Nov 16
No independent directors There are 3 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 3 new directors. No experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). Interim CFO, CEO & Chairman Tim Moore is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. Announcement • Oct 29
HAVN Life Sciences Inc. Announces Retail Listing with Loblaws Company Ltd HAVN Life Sciences Inc. announced that it has secured a product listing with Canada's largest grocery retailer, Loblaws Company Ltd. (LCL) for the Company's line of natural health products. Havn Life previously had secured distribution in all 23 Ontario locations of Loblaws' Fortinos banner in July 2022. LCL has now approved expansion of HAVN's products across Canada. The Canadian-owned and operated supermarket chain will carry 6 of the 11 HAVN Life natural health products nationally in store banners which include Atlantic Superstore, YIG (Your Independent Grocer), Dominion, Loblaws, Zehrs and Real Canadian Superstore. The HAVN Life product line is expected to hit store shelves November 2022. Fortinos has also approved expansion of HAVN Life's offering to include the Brain Evolve series, expected on shelf also November 2022. Loblaw's is the first national grocery retail partner that HAVN Life has secured, as part of its growing national distribution strategy that includes retail, online and subscription channels to reach a broad customer base and deliver a quality product experience. In addition to Loblaws, the formulations are currently available at yourHAVNlife.com, Well.ca, and Amazon as well as numerous specialty and grocery retailers across Canada. HAVN Life extends credit for this success to its retail strategy team including Chief Operations Officer Jenna Pozar, Colin Charles, Senior Brand Architect, and its strong partnerships with their national distributor Jonluca Enterprises, Senior Broker Management Victus Retail Consulting Ltd, and Miramedia Retail. HAVN Life formulations are non-GMO, vegan, bioavailable, naturally derived from functional mushrooms and other plants and created with human optimization in mind. The natural health product line has been thoughtfully formulated with adaptogens and antioxidants to support overall brain health, with natural compounds that are proven to support memory, focus, energy, and overall cognitive function. Reported Earnings • Sep 30
First quarter 2023 earnings released: CA$0.90 loss per share (vs CA$0.75 loss in 1Q 2022) First quarter 2023 results: CA$0.90 loss per share (further deteriorated from CA$0.75 loss in 1Q 2022). Revenue: CA$67.9k (up CA$58.5k from 1Q 2022). Net loss: CA$3.90m (loss widened 31% from 1Q 2022). Announcement • Sep 30
Havn Life Sciences Inc. Announces Departure of Mr. Tim Laidler as A Director HAVN Life Sciences Inc. announced the departure of Mr. Tim Laidler as a director on the Board of the Company, effective September 29, 2022. Announcement • Jun 15
HAVN Life Sciences Inc. Announces Board Changes HAVN Life Sciences Inc. announced the departure of Messrs. Victor Neufeld and Dennis Staudt, respectively, as Directors of the Company, effective immediately. The Company announced that Tim Moore, Chief Executive Officer and Director, has been appointed Chairman of the Board, and that Gordon Clissold, the Company's Chief Financial Officer, has been appointed as a Director. Board Change • Apr 30
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. 2 experienced directors. No highly experienced directors. CEO & Director Tim Moore is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Apr 14
HAVN Life Sciences Inc. Launches the Brain Evolve Series HAVN Life Sciences Inc. announced the launch of its second line of natural health products—the Brain Evolve Series. The four new SKUs—Brain Evolve AM, Brain Evolve PM Flavoured, Brain Evolve PM Unflavoured and Brain Evolve Anti-Aging—are now available for purchase on yourHAVNlife.com, shipping across Canada and the U.S. The full line will also be available on Amazon and at GNC locations across Canada in late spring. HAVN Life’s Brain Evolve Series includes a range of natural ingredients that are known to support trauma recovery and counteract the effects of brain degeneration. Each formulation is designed to support inflammation reduction and restorative sleep, and promote increased energy and memory. Created and patented by HAVN Life’s Director of Education, Matthew Bennett, the Brain Evolve Series formulations were designed to address symptoms of concussion and traumatic brain injury, as well as support cognitive health. As an athletic therapist with expertise in concussion management, Mr. Bennett understood that the symptoms of concussion and trauma—poor sleep, fatigue and lack of clarity—are caused primarily by inflammation. With his goal to reduce inflammation in the brain and body for his clients, Bennett was able to find success in addressing symptoms of concussion and traumatic brain injury, inspiring his journey into the nutraceutical industry. Throughout his career as an athletic therapist, Matthew Bennett has helped various sports professionals to recover from trauma and brain injuries and the success of his programs led him to design the Brain Evolve Series – meant for anyone looking to support, recover and protect their cognitive health. The Brain Evolve formulations have been used by performance nutritionists and individual players across the NHL®, NFL®, NBA® and AHL® as part of their player brain health recovery regimens. The effects of trauma can last for several days, weeks, or months, taking a toll on day-to-day living and activities. Symptoms can range from headache, dizziness, brain fog and nausea to disruption in eating, sleeping and elimination habits. Scientific research has shown that there is currently limited effective pharmaceutical treatment for traumatic injury, and has pointed to a larger picture of what occurs in the body following brain injury—most notably the changes in nutrient levels within the brain and body. The Brain Evolve Series is formulated with natural ingredients that are known to support recovery, help cognitive function and promote restorative sleep: Brain Evolve AM; Brain Evolve PM (Flavoured and Unflavoured); Brain Evolve Anti-Aging. Announcement • Mar 03
HAVN Life Sciences Inc. announced that it expects to receive CAD 2 million in funding HAVN Life Sciences Inc. announced that it has entered into a securities purchase agreement with certain U.S. institutional investors for a private placement of 22,988,506 of its common shares and warrants to purchase up to an aggregate of 22,988,506 common shares at a purchase price of CAD 0.087 per common share and associated warrant, for gross proceeds of approximately CAD 2,000,000 on March 1, 2022. Each warrant will entitle the holder to purchase one common share at an exercise price of CAD 0.125 for a period of five years following the issuance date. The transaction is expected to close on or about March 3, 2022, subject to the satisfaction of customary closing conditions. Announcement • Feb 26
HAVN Life Sciences Inc., Annual General Meeting, Apr 06, 2022 HAVN Life Sciences Inc., Annual General Meeting, Apr 06, 2022. Board Change • Jan 14
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Dennis Staudt was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Dec 21
HAVN Life Sciences Inc. (CNSX:HAVN) entered into a definitive agreement to acquire Spore Life Sciences Inc for CAD 45.7 million. HAVN Life Sciences Inc. (CNSX:HAVN) entered into a definitive agreement to acquire Spore Life Sciences Inc. for CAD 45.7 million on December 20, 2021. The holders of common shares of Spore (the "Spore Shares") shall receive an aggregate of 95,000,000 common shares of the HAVN Life for the Spore Shares issued and outstanding prior to closing, following which all such Spore Shares shall be cancelled. In addition, HAVN Life has agreed to issue up to CAD 11 million worth of common shares to the former shareholders of Spore, and up to CAD 19 million worth of common shares to certain consultants that will join HAVN Life upon completion of the Acquisition as follows in the event the following milestones are achieved: CAD 10 million worth of Milestone Shares upon Spore achieving at least CAD 3 million in revenue per month for any three consecutive months within 30 months following the completion of the Amalgamation; if the Earn-Out Milestone in (a) is achieved, CAD 10 million worth of Milestone Shares upon Spore achieving at least CAD 5 million in revenue per month for any three consecutive months within 30 months following the completion of the Amalgamation; and if the Earn-Out Milestone in (b) is achieved, CAD 10 million worth of Milestone Shares upon Spore achieving at least CAD 7 million in Revenue per month for any three consecutive months within 30 months following the completion of the Amalgamation. The Consideration Shares issued to the remaining shareholders of Spore shall be locked up for a period of four months following the completion of the Amalgamation. The closing of the Acquisition is subject to a number of conditions including, without limitation: (i) receipt of all required regulatory and third-party consents, including the requisite approval of the shareholders of Spore under the Business Corporation Act (Ontario) and satisfaction of other customary closing conditions. Announcement • Jun 04
HAVN Life Launches New Line of Natural Health Products HAVN Life is announcing the launch of its first retail line of natural health products. The seven SKUs—Mind Mushroom, Bacopa Brain, Rhodiola Relief, Cordyceps Perform, Chaga Immunity, Reishi Recharge and Lion's Mane—are now available at yourHAVNlife.com and will be rolling out on Amazon and at select Nesters Market stores across British Columbia later this month. Designed to advance the company’s mission of unlocking human performance and empowering people to reach their full potential, the formulations include a range of high-quality mushroom and plant extracts that help to boost immune function and reduce inflammation. With growing need for solutions to improve productivity, combat daily stressors, and boost immune health, these formulations are naturally harvested and effective in supporting brain health and the capabilities of the mind. The launch of this retail line is part of the company’s strategy of developing natural health products in parallel with their work on the standardized extraction of psychedelic compounds as a supply chain for research and clinical applications. This work is united by a vision of helping people connect with their potential, free from the stresses and imbalances that hold back. These formulations were created by the company’s Chief Science Officer, Gary Leong, an industry veteran of 14 years who was previously Chief Scientific Officer at Jamieson Labs. Leveraging Gary's biopharma and wellness expertise, the company’s retail products offer evidence-informed, high quality natural compounds that are proven to support memory, focus, energy, and overall cognitive function: mind mushroom: a source of antioxidants to fight against free radical cell damage and to balance the immune system. This formulation is an adaptogen that increases energy and resistance to stress. (CAD 54 + tax); bacopa brain: supports brain health, improves memory and has been used for centuries in herbal medicine. Bacopa is a powerful plant extract that is clinically proven to support cognitive function and the nervous system. (CAD 27 + tax); rhodiola relief: this adaptogen provides relief from symptoms of stress, including mental fatigue. This formulation supports mental focus and stamina. (CAD 45 + tax); cordyceps perform: cordyceps mushrooms help support a healthy immune system. Used in herbal medicine, they improve lung and kidney function and are a source of antioxidants that help fight against free radical cell damage in the body. (CAD 30 + tax); chaga immunity: chaga mushrooms are the second highest antioxidant-rich food on the planet. This superfood helps support the immune system and control inflammation in the body. (CAD 36 + tax); reishi recharge: supports the immune system and is used in herbal medicine around the world for energy, stress and liver function support. This multi-purpose mushroom has also been traditionally used to strengthen the heart to reduce fatigue, insomnia and appetite as well as coughs and wheezing. (CAD 30 + tax); and lion's mane: these mushrooms are packed with antioxidants and help protect against free radical cell damage. (CAD 36 + tax). The product line uses plant-derived, non-psychoactive compounds that have been used in traditional medicine for thousands of years, and are formulated with the high standards of extraction and quality control. The medicinal and nutritional properties of mushrooms have long been understood across cultures and modern research is now showing that they also contain compounds that are specifically beneficial for cognitive function and help to support overall human health and wellness. Announcement • Mar 19
Havn Life Introduces Jenna Pozar as Chief Operating Officer HAVN Life Sciences Inc. announced that industry veteran Jenna Pozar is joining the team as Chief Operating Officer. Mrs. Pozar brings 18 years of experience working in the natural healthcare products space, and will head up Havn Retail's sales, marketing, e-commerce and logistics efforts. As the founder and owner of Pozar Health Solutions, Pozar has built Western Canada's fastest growing sales and management agency in the natural health space. Pozar Health Solutions serves a diverse roster of clients, offering premium natural health products, retail insights, and business-to-business consulting services. Mrs. Pozar has also worked for Jamieson Labs and
Body Plus, where she was responsible for growth and planning for 200+ retail store accounts and three national chains, with a portfolio of eight natural health and performance brands. Is New 90 Day High Low • Mar 06
New 90-day low: CA$0.76 The company is down 7.0% from its price of CA$0.82 on 04 December 2020. The Canadian market is up 7.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Biotechs industry, which is down 12% over the same period. Executive Departure • Feb 23
President & Director Barinder Rasode has left the company On the 17th of February, Barinder Rasode's tenure as President & Director ended after less than a year in the role. As of December 2020, Barinder personally held 4.32m shares (CA$4.2m worth at the time). Barinder is the only executive to leave the company over the last 12 months. Announcement • Feb 18
Havn Life Sciences Inc. Announces Management Changes Havn Life Sciences Inc. announced the departure of Ms. Barinder Rasode as president and as a director of the company, effective immediately. The company also announced that its Chief Executive Officer, Mr. Tim Moore, has been appointed as a director of the company. Recent Insider Transactions • Jan 09
Insider recently sold CA$149k worth of stock On the 5th of January, Susan Chapelle sold around 180k shares on-market at roughly CA$0.83 per share. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Announcement • Jan 08
HAVN Life Sciences Inc. has completed a Composite Units Offering in the amount of CAD 10.00022 million. HAVN Life Sciences Inc. has completed a Composite Units Offering in the amount of CAD 10.00022 million.
Security Name: Units
Security Type: Equity/Derivative Unit
Securities Offered: 9,346,000
Price\Range: CAD 1.07
Discount Per Security: CAD 0.0642 Announcement • Dec 18
HAVN Life Sciences Inc. Partners with Complex Biotech Discovery Ventures Havn Life Sciences Inc. announced that it is partnering with Complex Biotech Discovery Ventures (CBDV) to begin Health Canada approved analysis of psilocybin under Havn Life's section 56 exemption. CBDV is a licensed cannabis research and development firm focusing on extraction, optimization, analytical testing and chemical process development based at the Vancouver Campus at the University of British Columbia. Havn Life will be conducting a comparative study at CBDV lab that will test various methodologies of extraction to assess the merits and drawbacks of each. The results will be used to help develop Havn Life's methodology for analyzing psilocybin mushrooms and products. In addition, Havn Life will work towards the development of the very first library of psilocybin compounds and lay the foundation for future development of proprietary extraction methods. Announcement • Dec 17
HAVN Life Sciences Inc. announced that it expects to receive CAD 5.00011 million in funding HAVN Life Sciences Inc. (CNSX:HAVN) announced a private placement of 4,673,000 units at a price of CAD 1.07 per common share for gross proceeds of approximately CAD 5,000,110 on a bought deal basis on December 15, 2020. The company entered into agreement with Eight Capital. The company has granted Eight Capital an over-allotment option to purchase up to an additional 15% of the units, exercisable in whole or in part, at any time on or prior to the date that is 30 days following the closing of the offering. Each unit will consist of one common share and one warrant, with each Warrant entitling the holder thereof to purchase one additional share at an exercise price of CAD 1.34 for a period of 36 months from the date of issuance. If this option is exercised in full, an additional approximately CAD 750,000 will be raised pursuant to the offering and the aggregate proceeds will be approximately CAD 5,750,000. The transaction is expected to close on or about January 8, 2021 and is subject to receiving all necessary regulatory approvals. Is New 90 Day High Low • Dec 12
New 90-day high: CA$1.01 The company is up 53% from its price of CA$0.66 on 11 September 2020. The Canadian market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Biotechs industry, which is down 10.0% over the same period. Announcement • Dec 05
HAVN Life Sciences Inc. Partners with Westwood Institute HAVN Life Sciences Inc. announced a partnership with the Westwood Institute (the "Institute"), a veterans mental health-focused non-profit founded by Dr. Marvin Westwood. The Institute's mission is to expand on Dr. Westwood's work with veterans and empower clinicians around the world with evidence-based interventions and clinical training. Group counselling, trauma treatment and emerging therapies are key pillars of the Institute's approach. Announcement • Dec 02
HAVN Life Sciences Inc. Appoints David King to the Advisory Board HAVN Life Sciences Inc. announced that David King, director of research for CDPRG, has joined the Havn Life advisory board. King has co-authored several CDPRG white papers including 'The UK Review of Medicinal Cannabis: The Needs of a Nation' and 'The Medicinal Use of Psilocybin: A call for reform.’ He is also a founder of the Breaking Convention and was a founding director of the Breaking Convention charity from 2010 to 2019. Recent Insider Transactions Derivative • Nov 27
Independent Chairman of the Board exercised options to buy CA$656k worth of stock. On the 19th of November, Victor Neufeld exercised options to buy 800.00k shares at a strike price of around CA$0.50, costing a total of CA$400k. This transaction amounted to 100% of their direct individual holding at the time of the trade. Since September 2020, Victor has owned 800.00k shares directly. This was the only transaction from an insider over the last 12 months. Announcement • Oct 20
Havn Life Sciences Inc. Names Dennis Staudt to Its Board of Directors Havn Life Sciences Inc. announced that Mr. Dennis Staudt has joined the Company's Board of Directors. Mr. Staudt has over 35 years' experience providing sophisticated business advice, having spent most of his career with PricewaterhouseCoopers LLP ("PwC"), including 22 years as a partner in PwC's Audit and Assurance Group. Following his retirement from PwC in 2012, Mr. Staudt joined the board of directors of Aphria Inc., where he served from July 2014 to September 2018. Mr. Staudt is currently the Vice-President of Staudt Farms Limited. The Company is also announced that it has reorganized its senior management structure to best utilize the significant strengths its senior officers bring to the Company. With immediate effect, Tim Moore has been appointed Chief Executive Officer, Barinder Rasode has been appointed President and Susan Chapelle has been appointed Executive Vice-President, Research and Development. Announcement • Oct 06
HAVN Life Sciences Inc. Announces Executive Changes HAVN Life Sciences Inc. announced that Mr. Vic Neufeld has been appointed as the Chairman of the Board of Directors of the Company (the “Board”). Mr. Neufeld brings a wealth of knowledge and experience in the Natural Health Food industry, having served as the Chief Executive Officer of Jamieson Laboratories. Mr. Neufeld is also the former President and Chief Executive Officer of Aphria Inc. The Company further announced that Mr. Rick Brar has been appointed as the Vice Chairman of the Board. Mr. Brar has international expertise in emerging market sectors, having incubated and grown several companies over his career. He is experienced in sales and marketing, with a track record of success in corporate sales growth, new market penetration, new product development, and long-range planning. Mr. Brar is also experienced in team building, strategic planning, new market development and the implementation of tactical sales and marketing initiatives. Mr. Brar was previously the Chief Executive Officer of Atlas Supply Company Limited, where he led one of the herb companies in North America for nine years. Mr. Brar was also previously the Chief Executive Officer of Zenabis Global Inc. Mr. Brar is currently the Chief Executive Officer & Chairman of Brains Bioceutical Corp. Announcement • Sep 24
Havn Life Sciences Inc. Submits Formulations for its Natural Health Products to Health Canada Havn Life Sciences Inc. announced that it has submitted formulations for its natural health products to Health Canada. The Centre for Addiction and Mental Health reports that COVID-19 is having a negative impact on Canadians' mental health, noting many have seen their stress levels double since the onset of the global pandemic. In an Angus Reid poll earlier this year, 50% of those surveyed reported their mental health declining since the pandemic began, with one in ten respondents saying it "worsened a lot." Havn Life has submitted a range of supplement formulations including a mushroom mix that addresses cognitive function and regulation, human performance and immunity. With the submission to Health Canada, the company currently remains on track to launch a line of retail products by early 2021, and is currently formulating another range of unique products that will be submitted to Health Canada that are also expected to launch in 2021. Announcement • Sep 12
HAVN Life Sciences Inc. Auditor Raises 'Going Concern' Doubt HAVN Life Sciences Inc. filed its Annual on Jun 09, 2020 for the period ending Apr 30, 2020. In this report its auditor, De Visser Gray, gave an unqualified opinion expressing doubt that the company can continue as a going concern. 