PALM BEACH, Florida, September 27, 2018 /PRNewswire/ --
Financialnewsmedia.com News Commentary
The medicinal cannabis space continues to be overtaken by CBD as consumers gravitate toward alternative medicines. Cannabidiol (CBD) has become a popular choice to treat issues including anxiety, inflammation and other common ailments. This rising rate of usage is pushing the overall cannabis market to new heights as Arcview Market Research estimate over $9 billion was spent in 2017. As legalization continues to advance around the globe, markets such as CBD continue to enjoy the benefit of increased consumer awareness. Revenue growth is not anticipated to slow anytime soon, especially as investment into research and development in the space continues to rise. Active cannabis companies in the markets this week include Integrated Cannabis Company, Inc. (CSE:ICAN) (OTC:ICNAF), Namaste Technologies Inc. (OTC:NXTTF) (TSX-V:N), PUF Ventures Inc. (CSE:PUF) (OTC:PUFXF), FSD Pharma Inc. (CSE:HUGE) (OTC:FSDDF), Crop Infrastructure Corp. (CSE:CROP) (OTC:CRXPF).
Integrated Cannabis Company, Inc. (CSE:ICAN) (OTCQB:ICNAF) BREAKING NEWS : Integrated Cannabis Company is pleased to announce the completion of a Letter Agreement (the "Agreement") to collaborate on X-SPRAYSTM products for the Canadian market with GTEC Holdings Ltd (TSXV: GTEC) (OTCPK:GGTTF), a Canadian License Producer under Health Canada's Access to Cannabis for Medical Purposes Regulations (ACMPR).
The Agreement allows for the co-development and marketing of novel spray products, utilizing proprietary nanotization technology containing both Cannabidiol (CBD) and/or Tetrahydrocannabinol (THC) for distribution in the Canadian medicinal and recreational markets. The Agreement is subject to the implementation of federal legislation in Canada and corresponding provincial and territorial legislation that permits the distribution and sale of certain formats of cannabis products, including without limitation sprays.
Over the coming weeks the companies will engage with their science, marketing and distribution teams to streamline the logistics of developing and ultimately introducing products to the Canadian marketplace.
"Partnering with a Canadian Licensed Producer has been a major goal of ours in order to facilitate the expansion of our product line into legal, established marketplaces. The GTEC team is an ideal partner given their status as a LP and their tenure in the cannabis industry and provide a great alliance for our innovative product line," said Mr. John Knapp, CEO of Integrated Cannabis.
"We are very excited to be working with Integrated Cannabis and their line of the X-SPRAYSTM products. As we continue to push towards positioning ourselves as a preeminent cannabis company it is critical to diversify our product offering with formulations that are both novel and offer alternative delivery methods," said Mr. Norton Singhavon, CEO of GTEC. Read this and more news for ICAN at http://www.financialnewsmedia.com/news-ican
Other recent developments in the cannabis industry include:
PUF Ventures Inc. (CSE:PUF.CN) (OTCPK:PUFXF) recently announced signed an Equity Participation and Earn-In Agreement which provides for up to $40 million in investment at a price of $2.24 per PUF share for the development of a large-scale, commercial medical cannabis cultivation operation in Delta, British Columbia . The proceeds of the subscriptions shall be used exclusively to develop the Delta propagation facility (the "Delta Facility") consisting of 2,200,000 sq. feet of illuminated greenhouse space and 1,700,000 sq. feet of "ebb and flood" irrigation space. This is an arm's length transaction and no finder's fees are to be paid. Derek Ivany, President & CEO of PUF, commented: "On behalf of our entire team, I am extremely pleased to announce the achievement of this marquee milestone for PUF. We have constantly strived to deliver shareholder value and I believe this significant financial commitment in support of our state-of-the-art greenhouse project in British Columbia demonstrates the tremendous value of this endeavour. In comparison to other existing large-scale cannabis cultivation facilities, the finalization of this project catapults PUF into the upper echelon of participants in the space." Mr. Ivany continued, "This sizeable financial commitment will provide enough capital to allow us to focus the majority of our strategy on high quality cannabis flowering while also still advancing the propagation service aspect of our business thus creating a more diversified revenue mix."
Namaste Technologies Inc. (TSX-V:N.V) (OTCQB:NXTTF) recently announced it has signed a medical supply agreement with RMMI Corp.'s subsidiary, Rocky Mountain Marijuana Inc. Namaste Technologies Inc.'s wholly-owned subsidiary Cannmart Inc. will purchase medical cannabis from Rocky Mountain to offer in its online medical-cannabis marketplace. The medical cannabis supply agreement contains standard rights and obligations by each of Cannmart and Rocky Mountain including termination rights by either party. "We are extremely pleased to have been chosen as a supplier to Cannmart. RMMI's goal of supplying the highest organic-quality cannabis products by "Blending Science with Nature" and using aeroponics cultivation systems, complements Namaste's approach to employing advanced technology to best serve its rapidly-growing customer base," said Earl Connors, President and CEO of RMMI. "RMMI looks forward to exceeding Cannmart's expectations and expanding its relationship with Namaste."
FSD Pharma Inc. (CSE:HUGE.CN) (OTCQB:FSDDF) earlier this week announced that the Company has received its first delivery of manufacturing equipment at its Cobourg plant from Canntab Therapeutics Limited (CSE: PILL) ("Canntab"), a leader in the rapidly growing cannabis pill market. The manufacturing equipment consists of a fully GMP High output Tablet press capable of pressing more than 1,500,000 tablets per day, as well as blending machinery, large scale process and drying equipment and packaging equipment. Mr. Jeffrey Renwick, Chief Executive Officer of Canntab, stated, "With this first delivery of manufacturing equipment at the Cobourg plant, we can begin the process of setting up our manufacturing space in collaboration with FSD Pharma. We expect manufacturing of our suite of novel cannabis oral dose delivery platforms, including gel capsules and tablets to begin in earnest." Zeeshan Saeed, EVP and Director of FSD Pharma, added, "We are thrilled that Canntab is moving so quickly to set up its manufacturing facility at our Company. We too are moving quickly to build out our own 220,000 square feet of additional manufacturing capacity in Cobourg in collaboration with Auxly. This is truly an exciting time at FSD Pharma."
Crop Infrastructure Corp. (CSE:CROP.CN) (OTCPK:CRXPF) recently announced its subsidiary Elite Ventures Group LLC has signed a joint venture agreement with The Hempire LLC of Nevada (the "Tenant") to purchase a 100% interest in an 1,000 acre Esmeralda County agricultural cannabis project tenanted with a suite of cannabis licenses including medical cultivation, medical production and with adult use recreational cultivation & production conditional licenses as well as an option to acquire a retail dispensary application assigned to a strategic location on highway 95 on route to Las Vegas . CROP has agreed to loan up to $4,250,000 USD over a period of the next 6 months to acquire 100% of the initial 10 acres of real estate and associated infrastructure with the additional 1,000 acres being paid for at a cost of $4,500,000 over a 20-year amortization period at 6% interest with a 3-year balloon payment. CROP will receive preferential payback on the project at a rate of 60% of the net profits from Elite. Esmerelda County is one of the only jurisdictions in Nevada where climate and zoning allows for greenhouse or outdoor growing. This will be significant for our tenant growers and brand licensee to be able to provide high quality product on a large scale at the lowest cost possible, keeping with CROP's strategy.
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