PALM BEACH, Florida, November 14, 2017 /PRNewswire/ --
The North American Cannabis Market is surging at an unprecedented rate according to data collected throughout the young market's life. Just last year, revenues grew by an astounding 30% as the market expands throughout the United States and Canada. Canadian based Legal Marijuana/Hemp/Cannabis stocks showed a strong trading day yesterday alone reaching to new levels amid optimism over growth potential throughout the country. The high anticipation surrounding Canada's pending recreational cannabis market shows no sign of abating ahead of the planned legalization of recreational marijuana next summer. Last week the country's Department of Finance reiterated the government's stance to legalizing the marijuana for recreational use, laying out a plan to levy an excise tax on cannabis products at 1 Canadian dollar per gram (USD $0.79) or 10% of the sale price, whichever is higher. Active North American Cannabis companies today include: MYM Nutraceuticals Inc. (CSE:MYM) (OTC:MYMMF), Hempco Food and Fiber Inc. (TSX-V: HEMP.V) (OTC: HMPPF), Friday Night Inc.'s (CSE: TGIF.CN) (OTC: VPGDF), Surpreme Pharmaceuticals Inc. (TSX-V: FIRE.V) (OTC: SPRWF), Lexaria Bioscience Corp. (OTCQB: LXRP) (CSE: LXX.CN).
MYM Nutraceuticals Inc. (OTCQB: MYMMF) (CSE: MYM.CN) is pleased to announce that Puf Ventures Australia ("PVA") has completed filing of multiple applications with the Office of Drug Control in Australia for MYM's Northern Rivers Project. PVA completed its filing on November 10, 2017 with the Australia Office of Drug Control. Three applications for the following functions were submitted; Cultivation, Production and Manufacture of Cannabis in our proposed 1,200,000 square foot greenhouse and extraction facilities in New South Wales, Australia. The application if successful will allow the production of Cannabis from seed to finished products. Experts have been engaged in Australia and Canada to work with local management in support of the application. Northern Rivers is a partnership between MYM Nutraceuticals and PUF VENTURES Canada (CSE:PUF) of which MYM owns 35%. Read this and more news for MYM Nutraceuticals at:http://www.marketnewsupdates.com/news/mymmf.html
Michael Horsfall, CEO of PVA stated, "We expect our application to be successful and are moving ahead with building permits, infrastructure, and other applications to support the growth of the company. We have World Class team in Australia and Canada involved in the company who are all excited to be involved in the largest Medical Cannabis Project in the Southern Hemisphere. We have increased the overall scale of the project by about 20% as we see the demand in Australia and export of Cannabis products growing exponentially."
In other recent cannabis developments of note:
Hempco Food and Fiber Inc. (TSX-V: HEMP.V) (OTC: HMPPF) and Fiber Inc.'s disinterested shareholders resolved, at last week's special meeting of shareholders, to approve the proposed investment by Aurora Cannabis Inc. in Hempco by way of private placement, as well as approved the option whereby Aurora has the right to buy from two of Hempco's principal shareholders, additional shares that, if fully exercised and on a fully diluted basis, combined with the private placement shares, would bring Aurora's ownership of Hempco to in excess of 50 per cent. Details of the investments have been described in detail in a press release dated Sept. 18, 2017, and has been filed on SEDAR. "We are very pleased that Hempco shareholders have resolved to approve our proposed investment," said Terry Booth, Aurora's chief executive officer. "Having received approval Hempco now will have additional funds to complete its Nisku facility and aggressively pursue growth. For us the partnership brings product diversification, as well as, subject to anticipated regulation changes, a low-cost source of raw CBD material for extraction through our partnership with Radient Technologies Inc."
Friday Night Inc.'s (CSE: TGIF.CN) (OTC: VPGDF) subsidiary, the Alternative Medicine Association, has executed an agreement to provide cultivation services to another Nevada-licensed facility owned by Harvest Foundation. That facility, now under Alternative Medicine's management, is conveniently located adjacent to the company's current cultivation facility. "We have been preparing for this agreement which will now allow both companies to significantly advance their respective business plans in the area. It will effectively double the canopy space under our control and greatly increase the quantity of our extracts and oil production to supply a growing market," said Mark Zobrist, manager of Alternative Medicine. Under the agreement, Alternative Medicine will use its expertise to efficiently cultivate its own proprietary, high-yield strains in the Harvest Foundation facility. This will provide additional pounds of flower and trim to Alternative Medicine, and will provide Harvest Foundation the most economical means of meeting market demand for its products. Management believes this agreement will effectively boost revenues and profits for each company.
Surpreme Pharmaceuticals Inc. (TSX-V: FIRE.V) (OTC: SPRWF) closed up over 8% on Monday at $1.63 on over 5.5 Million shares trading on the CSE Canadian Exchange and closed up over 8% at $1.29 on the OTC Markets as well. Supreme Pharmaceuticals Inc., is a Canadian publicly traded company committed to becoming a leading cultivator and distributor of sun-grown cannabis through its wholly owned subsidiary 7Acres. 7Acres is a federally licensed producer of medical cannabis pursuant to the ACMPR (Access to Cannabis for Medical Purposes Regulations) operating inside a 342,000-square-foot hybrid greenhouse facility. The hybrid greenhouse combines the best technology of indoor production with the efficiencies and sustainability of a greenhouse, in a single large-format production footprint.
Lexaria Bioscience Corp. (OTCQB: LXRP) (CSE: LXX.CN) last week filed a new patent application with the US Patent and Trademark Office ("USPTO") utilizing the Lexaria DehydraTECHTM technology for delivery of phosphodiesterase type 5 (PDE5) inhibitors - trade names of existing well-known products include ViagraTM(sildenafil) and CialisTM (tadalafil). In its new patent application, Lexaria has named the PDE5 inhibitors from the group consisting of avanafil, lodenafil, mirodenafil, sildenafil (or analogs thereof, for example, acetildenafil, hydroxyacetildenafil, or dimethyl¬sildenafil), tadalafil, vardenafil, udenafil, acetildenafil, and thiome¬thisosildenafil. In addition, under the new patent application each of these named molecules may be combined with a cannabinoid such as cannabidiol ("CBD"), where the cannabinoid delivered in concert may provide complementary vasodilatory activity beneficial together with the PDE5 inhibitor.
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