PALM BEACH, Florida, October 25, 2017 /PRNewswire/ --
CBD products have proven themselves to be much more multi-functional compared to other legal marijuana applications as hemp-based CBD products and solutions are rapidly on the rise. Hemp sales reached $688 million last year, according to the Hemp Business Journal, growing at a 22% compound annual growth rate over the past five years. While personal care products hold the greatest share of the market, hemp-based cannabidiol (CBD) represents the fastest growing subset of the industry with a 53% compound annual growth rate. Active companies this week in the industry include: CNRP Mining Inc. (OTC: CRPGF) (CSE: CND), Canopy Growth Corporation (OTC: TWMJF) (TSX: WEED), Aurora Cannabis Inc. (OTC: ACBFF) (TSX: ACB), Medical Marijuana Company of America (OTC: MCOA), Medical Marijuana Inc. (OTC: MJNA).
CNRP Mining Inc. (OTCQB: CRPGF) (CSE: CND.CN) is pleased to announce that further to its press releases of July 21, 2017 and August 22, 2017 it has entered into a share exchange agreement dated October 24, 2017 (the "Definitive Agreement") to acquire all of the issued and outstanding shares of 1127466 B.C. Ltd. which holds, through a wholly owned subsidiary, a world-wide, exclusive license for X-SPRAYS - a brand of state-of-the-art life-enhancement products administered via an optimal oral spray delivery system (the "Transaction").
Pursuant to the terms of the Definitive Agreement, the Company will, upon closing of the Transaction, issue to X-SPRAYS shareholders an aggregate of 16,500,000 common shares in the capital of the Company (the "Payment Shares") at a deemed price of CAD$0.30 per Payment Share. Additionally, up to 28,000,000 CNRP shares will be issuable upon certain commercial milestones being achieved by X-SPRAYS (the "Performance Shares"). The Payment Shares and the Performance Shares will be subject to escrow conditions and/or resale restrictions as required by applicable securities laws and the policies of the Canadian Securities Exchange (the "CSE").
Read this and more news for CRPGF and its X-Sprays products at http://www.marketnewsupdates.com/news/crpgf.html
About X-SPRAYS - X-SPRAYS is comprised of dedicated scientists and product engineers who are passionate about health and creating the ultimate delivery system for optimal nutrition. The company has focused its efforts in creating a product line of oral sprays to deliver medicines, nutrients and vitamins. To date, X-SPRAYS has developed a novel line of 8 health care and life enhancement nutraceutical products focused on enhancing pain relief, awareness, sleep, libido, energy and recovery. The Company's product line is ready for commercialization with 8 novel sprays that include both hemp cannabidiol (CBD) and nutraceutical ingredients (4 with CBD and 4 nutraceutical). X-SPRAYS intends to expand its product line to include cannabis Tetrahydrocannabinol (THC) and CBD sprays.
In other industry development and happens around the market:
Canopy Growth Corporation (OTC: TWMJF) (TSX: WEED.TO) News: Announced this week, Tweed Inc., wholly owned subsidiary of Canopy Growth Corp., and DNA Holding LLC have renewed and expanded their partnership through to October, 2022. Together they are committed to bringing the best possible cannabis to Canada. Tweed and DNA's collaboration sees DNA's world-renowned cannabis genetics exclusively grown and sold in Canada by Tweed. "Tweed is going strong with DNA and we're excited to keep the momentum going into the adult-use market," said Mark Zekulin, president, Canopy Growth. "The success we've had together will only build once we can introduce the quality, care and precision of the DNA Certified product line to recreational consumers."
Aurora Cannabis Inc. (OTCQX: ACBFF) (TSX: ACB.TO) and Radient Technologies Inc. ("Radient") (RTI.V) (collectively "the Corporations"), this week announced that further to the companies' joint press release of June 5, 2017 , both parties have agreed to a 17-day extension, through November 6, 2017 , on the 140-day term under which Aurora was granted certain exclusive rights to negotiate with Radient in respect to the acquisition of certain exclusive rights to use Radient's technology and processes, as further set out in the original memorandum of understanding, dated December 13, 2016. Good progress has been made towards finalizing the agreement, and both parties have agreed that the inclusion in the negotiations of certain additional items warrants an extension to the original 140-day term.
Medical Marijuana Company of America (OTC: MCOA) closed up 1.75% on Tuesday trading over 6.3 million by the market close. This month Medical Marijuana Company of America, an innovative hemp and cannabis corporation, and Global Hemp Group, announced that they have jointly entered into a letter of intent with Space Cowboys, Inc. ("Space Cowboys") for the purposes of forming a joint venture (the "Joint Venture"). Space Cowboys is an existing fully licensed and compliant hemp-derived cannabinoid producer in Colorado. Space Cowboys is in its fourth year of operation and is in full compliance with Colorado state law and the Colorado Department of Agriculture. The business consists of both indoor and outdoor cultivation of highly concentrated CBD hemp on properties located in Longmont and Loveland, Colorado. Space Cowboys' current hemp crops will be harvested in the latter part of October and prepared for extraction of the high-value cannabinoids.
Medical Marijuana Inc. (OTC: MJNA) on Tuesday announced subsidiary HempMeds® Brazil has gained media attention in Brazilian newspapers after a Federal judge there ordered the government to subsidize payments for Real Scientific Hemp Oil™ (RSHO™) for a Brazilian citizen. According to the article, the Federal Regional Court of the 4th Region (TRF4) ordered the Union and the state of Santa Catarina to subsidize payments for RSHO™ for a Florianópolis merchant. The article states that: "The trader appealed to the court, arguing that the use of the drug is essential, that efficacy is proven in such cases and that the right to health is fundamental and guaranteed by the Constitution. The court's rapporteur, federal judge Rogerio Favreto, stated in his vote that the interference of the judiciary in drug applications, even if it is an exception, should occur if the patient's need is proven. The judge pointed out that in the case under analysis the urgency is evident and has been proven by medical expertise."
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