PALM BEACH, Florida, June 21, 2018 /PRNewswire/ --
MarketNewsUpdates.com News Commentary
Big news to the north as Canada has become the second nation in the world to legalize marijuana. After the Senate passed a "historic" bill on Tuesday recreational marijuana use will soon be legal in the country. The Canadian Bill C-45, also known as the Cannabis Act, originates from a campaign promise by Prime Minister Trudeau to keep marijuana away from underage users and reduce related crime. The Prime Minister announced on Wednesday that Canadians will be able to consume marijuana recreationally without criminal penalties starting on Oct. 17, 2018 - many months later than the government's initial target date. With sales beginning soon the economic impact will likely be quite significant. Canada's cannabis market will pass $7 billion by 2019 and legal sales will make up more than half that amount, according to a report this month by Deloitte. Active Cannabis companies today include: MYM Nutraceuticals Inc. (CSE: MYM) (OTC: MYMMF), Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON), Aphria Inc. (OTC: APHQF) (TSX: APH), Aurora Cannabis Inc. (OTC: ACBFF) (TSX: ACB), The Supreme Cannabis Company, Inc. (OTC: SPRWF) (TSX-V: FIRE).
MYM Nutraceuticals Inc. (OTCQB: MYMMF) (CSE: MYM.CN) BREAKING NEWS: MYM Nutraceuticals is pleased to announce that, together with the Mayor of Weedon, Mr. Richard Tanguay, have officially broken ground on the construction of its 1.5 million square foot greenhouse project in Weedon, Quebec. Work has started on clearing the land and constructing two buildings, including an initial greenhouse that will be used to support the request for certification to Health Canada which is part of the current license application. This phase will be completed by the end of 2018. Photos of the event can be found at http://www.mym.ca/weedon-quebec
The Weedon mayor expressed his elation to see that construction has finally began. "The municipality of Weedon will become one of the most important production sites for medical cannabis in the world. Thinking of all the new jobs and businesses that the facility will bring to the region fills me with hope. I couldn't be happier than today."
The Chairman of the Board for MYM Nutraceuticals, Mr. Erick Factor, was delighted to see the project taking shape. "Since the announcement of this project in June 2017, we have spared no effort to achieve this goal as quickly as possible. Today we take the first step in helping Quebec get its fair share of cannabis production in Canada. We will emerge as a powerful engine for economic development in the region by creating 400 new direct jobs while generating significant tax revenues for the government of Quebec and Canada. We are proud to be here in Quebec and Weedon, the hospitality of the Eastern Townships has been incredible. A heartfelt thank you to everyone involved."
MYM's CEO, Rob Gietl, added that "MYM Nutraceuticals is currently building three large scale production facilities in Canada and Australia. Once completed, these three projects will provide the company with 2.7 million square feet of production surface." Mr. Gietl also mentioned very impressive numbers from an MYM commissioned Deloitte study, "Over 1900 fulltime equivalent jobs will be created in Quebec, with 400 direct jobs at the greenhouses here in Weedon alone. For Québec, the economic impact over a fifteen-year period is estimated at $2.2 billion in addition to the construction costs."
Mr. Gietl explained that the Quebec and Canadian governments will receive significant tax revenues. Over 15 years, these projects will generate tax revenues of $495 million for the Quebec government and of $280 million for the Canadian government. Read this entire Company update and more news for MYM Nutraceuticals at: http://www.marketnewsupdates.com/news/mymmf.html
In other cannabis developments of note:
Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON.TO) is pleased to announce this week that Cronos Australia Pty Ltd. ("Cronos Australia") has been granted a medicinal cannabis Manufacture License by the Australian Office of Drug Control. This license permits manufacturing of cannabinoid based products in Australia and is required for all forms of extraction, refining, concentration and transformation of the cannabis plant. "We are thrilled that Cronos Australia was granted the Manufacture License, circling out the licenses for domestic production which include the medicinal cannabis Cultivation License and Research License," said Mike Gorenstein, CEO of Cronos Group. "This is a key step for expanding our research and product development while also allowing us to produce the full scope of cannabis products for the region."
Aphria Inc. (OTCQB: APHQF) (TSX: APH) has provided the following statement in response to the passage of Bill C-45, the Cannabis Act. Vic Neufeld, chief executive officer of Aphria, said: "This is a historic milestone for our industry and for our country that will reverberate around the world as Canada solidifies its progressive leadership on cannabis. We are pleased to now have a regulatory framework for adult-use cannabis in place that sets the groundwork for the continuing evolution of this rapidly expanding industry. We applaud the government's consistent and conscientious efforts to protect public health and safety, restrict access to youth, and eliminate the black market. "Today also represents an important milestone for our business, for which all of us at Aphria have been eagerly awaiting," said Mr. Neufeld. "Thanks to the dedication of our incredible team, and our focus on innovation, R&D, and our unmatched ability to grow high-quality, clean and safe cannabis to scale, we are ready to hit the ground running. Backed by our annualized production capacity of 255,000 kilograms by early next year, we are well prepared to the meet the anticipated demand in the adult-use market while continuing to serve the ongoing needs of our medical cannabis patients. We look forward to continuing to work with the government as a long-term partner to evolve the industry in Canada and further its global success story.
Aurora Cannabis Inc. (OTCQX: ACBFF) (TSX: ACB) has filed its management information circular and related voting materials under its profile on SEDAR. The meeting materials will be mailed to Aurora shareholders in connection with the special meeting to be held on July 18, 2018. The company recommends shareholders vote in favour of the resolution to approve the issuance of Aurora common shares forming the consideration to be issued to Medreleaf Corp. securityholders pursuant to the transaction (defined below). Management believes this combination will establish the world's pre-eminent cannabis company positioned for accelerated growth.
The Supreme Cannabis Company, Inc. (OTCPK: SPRWF) (TSXV: FIRE) is a Canadian publicly traded company, engaged into cultivation and distribution of sun-grown cannabis through its wholly-owned subsidiary 7ACRES. 7ACRES is a federally licensed producer of medical cannabis pursuant to the ACMPR operating inside a 342,000-sq. ft. Hybrid Greenhouse facility. In the recent past, according to Traders News Source, the company's operating and market profile has substantially benefited due to lucrative and growing Canadian cannabis market. Supreme focuses on executing on its B2B strategy in the cannabis space and intends to position 7ACRES as Canada's leading brand for premium cannabis flower and leverage its perceived quality advantage by working with multiple re-sellers to capture the premium market segment..
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