PALM BEACH, Florida, June 11, 2019 /PRNewswire/ -- With the passage of the U.S. Farm Bill, hemp will see a significant catalyst for growth. It's already allowing for hemp cultivation and the transfer of hemp products across state lines for commercial and other purposes, notes Forbes. Along the way, It may just create a $39.4 billion market, says Markets and Markets, a marked improvement from a $10.3 billion valuation in 2018. That's opening a wide range of opportunity for companies including MYM Nutraceuticals Inc., (CSE:MYM) (OTC:MYMMF), Village Farms International Inc. (TSX:VFF)(NASDAQ:VFF), Cannabis Science Inc. (OTC:CBIS), Crop Infrastructure Corp. (CSE:CROP)(OTC:CRXPF), and Charlotte's Web Holdings Inc. (CSE:CWEB)(OTC:CWBHF).
MYM Nutraceuticals Inc. (CSE:MYM)(OTCQB:MYMMF) BREAKING NEWS: MYM Nutraceuticals Inc. just announced that it raised a total of $9.5 million which will fully fund its strategic plan through 2020. The $9.5 million is a mixture of $5.5 million of debt from Trichome Financial Corp. and $4 million of equity from Alumina Partners LLC. "MYM is encouraged to share that, after considerable due diligence, Trichome and Alumina Partners have decided to provide the company with commitments to finance up to $9.5 million," said Howard Steinberg, CEO of MYM. "The commitments are an incredible vote of confidence for our plans to become global leaders in the cultivation, extraction, and distribution of CBD-rich hemp. The capital raise is a significant milestone that allows the Company to fully fund our strategic plan through 2020."
MYM currently has three CBD-rich hemp cultivation and extraction projects, two medical cannabis cultivation projects, and three CBD isolate distribution offices in Europe, Mexico and Australia. Through 2020, the plan forecasts cultivating over 5 million pounds of CBD rich biomass that if converted into isolate, as per the plan, will produce 108,800 kilograms of CBD isolate. Visit mym.ca for more details on the 2019 Strategic Plan. "We have been thoroughly impressed with the level of expertise and sophistication that MYM's new senior leadership team has displayed as they execute a pivot towards becoming leaders in all aspects of CBD-rich hemp" said Michael Ruscetta, CEO of Trichome. "This transaction is another example of Trichome providing flexible and timely capital fully secured against all the assets and licenses of MYM, which we expect will deliver extremely attractive returns" For more news for MYM please visit: https://www.financialnewsmedia.com/news-mym/
Other cannabis-related developments from around the markets include:
Village Farms International Inc. (TSX:VFF)(NASDAQ:VFF) just announced that following the House of Representatives concurring with the Senate amendments, House Bill 1325 will become law in Texas, subject to the June 16, 2019 deadline for the Governor to veto bills – a highly unlikely proposition for a bill that passed both the House of Representatives and Senate unanimously. As a result of this legislative change, Village Farms has begun conversion of half of its 1.3 million square foot, ultra-high-tech Permian Basin greenhouse (which utilizes the Company's proprietary GATES technology) for both cultivation of high-cannabidiol (CBD) hemp and CBD extraction. The Texas Hemp Legislation will require licenses for both the cultivation and processing of hemp. Village Farms plans to apply for the requisite licenses as soon as it is permitted to do under the new legislation. No time frame has yet been provided by the State of Texas for the licensing process.
Cannabis Science Inc. (OTCPK:CBIS) just announced that it has been introduced as one of the key industry partners in the recently launched, ground-breaking International Phytomedicines Institute (IPI) at Harvard Medical School. The International Phytomedicines Institute (IPI), launched during this year's Harvard GHC Summit, is a transformative initiative by the Global Health Catalyst designed to elevate phytomedicines in global health, accelerate clinical translation and commercialization of evidence-based plant medicines/healthcare products and provide a world class core facility for research, and consultation on medicinal plants. The IPI aims to leverage the best science, technology, and education from Harvard and partner institutions such as University of Oxford, Purdue University, University of Pennsylvania, Baylor College of Medicines, Brigham Woman's Hospital, Massachusetts General Hospital, Heidelberg University, University of Massachusetts Lowell, Massachusetts Institute of Technology, the Smithsonian Institute Washington DC, and IBM, to name a few. The Harvard GHC Summit had the pleasure to announce some of its newest IPI collaborators including some of the Greatest NFL players of all time and their organizations, Nestre, Lockeroom Consulting and Primitive.3
Crop Infrastructure Corp. (CSE:CROP)(OTCPK:CRXPF) just announced that its Park Project tenant is now at the 'self-sustaining' point as it launches its Tiff CBD cartridge line. This is the first of CROP's tenanted assets to become self-sustainable just 12 months since its acquisition. Since January 1, 2019 receivables of $642,000 USD in lease, rental and brand fees have been accrued and are owing by the tenant. The first batch of Tiff CBD has been produced and the tenant has received both cartridges and boxes for its Tiff CBD line, initially to be sold as a full spectrum product in Washington, with a no THC product to be introduced in all States where the company is present. CROP CEO, Michael Yorke said "We are excited by the launch of the full spectrum Tiff CBD line in Washington as well as a multi-state no THC Tiff CBD product. With the Park facility now self-sustainable and on the right trajectory, our bandwidth and capital can be focused on opportunities both where the company is present and as new States come online."
Charlotte's Web Holdings Inc. (CSE:CWEB)(OTCQX:CWBHF) just unveiled its newest CBD product line - hemp extract-infused CBD Gummies – made with whole-plant extract from its prized hemp genetics and featuring synergistic functional ingredients to support specific health related functions including everyday stress, sleep, and recovery from exercise or active lifestyles. Available in a variety of flavors, gummies are the latest addition to the Company's expanding line of CBD hemp-extract products. They are available for purchase through Charlotte's Web online store, and begin shipping this week to retailers within the Company's growing network of more than 6000 locations across the United States. "Gummies are a very popular edible format as a result of convenience and measurable consumption," stated Kelsey Morrison, Associate Director of Product Development at Charlotte's Web. "This new delivery format from Charlotte's Web provides an easy bite-sized way to ingest full-spectrum hemp-extract CBD."
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