PALM BEACH, Florida, September 5, 2018 /PRNewswire/ --
MarketNewsUpdates.com News Commentary
Canada will make history on October 17th of this year on the heels of Canada's Parliament bill C-45, known as the Cannabis Act. Parliament bill C-45 has paved a path for Canada to become the first industrialized country in the world to have legalized recreational marijuana. The legal pot market is projected to expand at a compound annual growth rate of 19.75% over the next 13 years, making it one of the fastest growing areas of the global economy by a wide margin. The primary catalyst behind this recent growth is the ongoing legalization of cannabis for both medical and recreational uses in a not only Canada but also a number of countries such as Australia, Israel, Germany, as well as increasing number of states in the U.S. on some level. 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), Namaste Technologies Inc. (TSX-V: N) (OTC: NXTTF).
MYM Nutraceuticals Inc. (OTCQB:MYMMF) (CSE:MYM.CN) BREAKING NEWS: MYM Nutraceuticals is pleased to provide the following update on its, currently under construction, 1.5 million sq. ft. cannabis greenhouse production facility, located in Weedon, Quebec.
A significant portion of the property is currently cleared and de-stumped. There is now ample land to construct the first phase of greenhouses. The project has accepted delivery of the first 30,000 sq. ft. of greenhouse structure and equipment and will begin construction immediately. Phase one of the greenhouse construction is estimated to be completed in September. The equipment and control systems are scheduled to be installed in October. Following this, the virtual tour and evidence package video will be completed and delivered to Health Canada in Q4 2018.
Clearing of the land for phase two will occur concurrent with the construction of the first phase of greenhouses. The foundations and anchor points will be in place by the end of 2018. The estimated date for the project build-out is Q4 of 2019, with full production of the 1.5 million sq. ft. greenhouse facility estimated to be underway in Q2 of 2020.
Hydro Quebec's pre-engineering and planning process is in motion on the property. Their next step is to send procurement needs for the implementation of power to the greenhouse project. There is now a clear plan for delivery of the necessary power required for the site.
Environment Quebec is currently processing the project's Certificate of Authorization that allows construction to take place within the close-proximity of the property's protected wetlands. The project will continue to make every effort to ensure its building practices support environmental sustainability. The Company has recently partnered with three different institutions in the area to both widen community ties and provide an educational aspect to the project:
MYM's partnership with the University of Sherbrooke will focus on the medicinal and industrial uses of cannabis and hemp. Researchers at the University of Sherbrooke will work with an on-site coordinator to create partnerships by targeting expertise in various faculties and training centres.
The partnership agreement with Sherbrooke College (CEGEP) will see the development of a training program for the project's employees assigned to the production of cannabis. The educational curriculum will be expanded and offered as a diploma (AEC) program as part of the Sherbrooke College (CEGEP) course offerings. 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), recently announced that it has entered into a joint venture agreement with an affiliate of Agroidea SAS ("AGI"), Colombia's leading agricultural services provider with over 30 years of research, development and production operations. This partnership establishes a newly formed entity, NatuEra S.à r.l. ("NatuEra"), in Colombia that will develop, cultivate, manufacture and export cannabis-based medicinal and consumer products for the Latin American and global markets. NatuEra is a 50/50 joint venture between Cronos Group and an affiliate of AGI. It will be led by AGI's executive team, brothers Andres Nannetti and Nicolas Nannetti , who have extensive multi-generational expertise managing industrial scale horticultural operations for export from Colombia . Their experience includes the acquisition, re-structuring and management of Dole Food's Fresh-Cut Flower Division, one of the world's largest flower growing operations, with a greenhouse cultivation footprint of over 1,020 acres. Currently, AGI's sophisticated business model provides services through five business units: a micro-propagation and tissue culture laboratory, plant production services, a plant health laboratory, plant genetics improvement, and a SaaS model for delivering online agricultural management tools. AGI has a roster of global clients, from producers such as Dole, food processors like Frito-Lay (Pepsico) and McCain, to agri-suppliers such as Bayer Agriculture and BASF.
Namaste Technologies Inc. (TSX-V: N.V) (OTCQB:NXTTF) is pleased to announce that the Company has signed a veteran patient services agreement ("Patient Services Agreement") and a medical cannabis supply agreement (the "Supply Agreement") with Breton CannaPharms Ltd. ("Breton CannaPharms" or "Bretoncannabis.com"). Breton CannaPharms has a very strong presence in veteran communities across Canada and the entire management team has extensive experience in holistically servicing veterans and educating communities on the positive and misunderstood effects of medical cannabis to treat veterans suffering from both chronic pain and post-traumatic stress disorder ("PTSD"). Namaste is focused on supporting various initiatives surrounding veteran communities and on providing free access to its online patient platform, NamasteMD Inc. ("NamasteMD.com"). Under the terms of the Patient Services Agreement, Breton Farms will work exclusively with NamasteMD to target patient acquisition within veteran groups across the country. Namaste is proud to partner with Breton Cannabis to focus on acquiring veteran patients and servicing their needs through its Access to Cannabis for Medical Purposes Regulations ("ACMRP") Licensed Producer partners.
Aurora Cannabis Inc. (TSX:ACB.TO) (OTCQX:ACBFF) recently announced that it has closed its previously announced debt facility with the Bank of Montreal ("BMO"). The facility consists of a $150 million term loan and a $50 million revolving credit facility (together, the "Loans"), both of which mature in 2021. Included in the facility is an option to upsize the facility to $250 million total following the implementation of Bill C-45 on October 17, 2018 , subject to agreement by BMO and satisfaction of certain legal and business conditions. The debt facility is primarily secured by Aurora's production facilities, including Aurora Sky, Aurora Mountain , and Aurora Vie. Strategically located at Edmonton International Airport, Aurora Sky is the world's most technologically advanced cannabis facility, projected to produce in excess of 100,000 kg per year of high-quality, low-cost per gram, cannabis upon completion.
Aphria Inc. (TSX:APH.TO) (OTCQB:APHQF) this week announced that it has entered into a strategic partnership (the "Partnership") with Schroll Medical ('Schroll" or the "Danish Company"), a subsidiary of prominent European flower producer, Schroll Flowers. The Partnership will pursue the cultivation and worldwide distribution of organic, EU GMP-certified medical cannabis, and will be managed by the Company's wholly-owned subsidiary Aphria Deutschland GmbH ("Aphria Germany"). The deal accelerates Aphria's global expansion, in collaboration with an established and world-class partner, with first product expected to be available by early 2019. "Aphria continues to execute on its strategy for international expansion, and we are pleased to have joined forces with a highly-regarded, experienced grower known around the world for its quality," said Vic Neufeld , Chief Executive Officer at Aphria. "Our co-founders come from the world of commercial agriculture, including commercial flower production, so we speak the same language as Schroll and we bring to this Partnership the best-in-class know-how to produce high-quality, clean and pure medical cannabis for the worldwide market. Partnerships such as this continue to build upon Aphria's foundation for long-term sustained growth in every market in which we operate."
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