Financialnewsmedia.com News Commentary
PALM BEACH, Florida, July 9, 2019 /PRNewswire/ -- With the U.S. Farm Bill, hemp has seen a significant catalyst for growth. In fact, demand for CBD products has exploded, and farmers are rushing to keep pace with supply. "There's a lot of excitement in the farming community because hemp is seen as a high-return crop. There are many farmers around the country who are struggling to make ends meet and they're looking for an alternative like hemp to boost revenue," said Eric Steenstra, president of VoteHemp, as quoted by CBD Magazine. That's opening a wide range of opportunity for companies including MYM Nutraceuticals Inc., (CSE:MYM)(OTCQB:MYMMF), Canopy Growth Corporation (NYSE:CGC)(TSX:WEED), Westleaf Inc. (TSX-V:WL)(OTCQB:WSLFF), Fire & Flower Holdings Corporation (TSX-V:FAF)(OTCPK:FFLWF), and Crop Infrastructure Corp. (CSE:CROP)(OTCPK:CRXPF).
MYM Nutraceuticals Inc. (CSE:MYM)(OTCQB:MYMMF) BREAKING NEWS: MYM Nutraceuticals Inc. just announced that it and partner, BioHemp Naturals Growing & Farming Ltd. completed planting for the 2019 growing season at its CBD-rich hemp project situated on 450-acres in Saskatchewan. 3.32 million CBD-rich hemp seeds have been planted and are now sprouting on the two farms located in Saskatchewan. 50-acres have been set aside for a certified organic crop that is currently being prepped for planting. In addition to tending to the 450-acres of CBD-rich hemp now growing in the fields of Saskatchewan, the project will focus on assembling a state-of-the-art, on-site drying facility capable of quick-drying 6,000 lbs. of CBD-rich hemp biomass per hour. The industrial sized dryers provide a continuous harvesting method that can process field harvested biomass into dry material and ship the same day. This SOP method ensures compliance with all microbial testing required by Health Canada.
"Our partnership with BioHemp has successfully planted 3.32 million seeds at the Saskatchewan project that have now begun to sprout," said Howard Steinberg, CEO of MYM. "The Saskatchewan project is a key component in our strategy to create a massive CBD-rich hemp footprint around the globe with the goal of becoming one of the largest cultivators and bulk CBD isolate suppliers in the world." Based on previous crops grown on the property, MYM's 50% entitlement of the estimated production is 337,500 lbs. of biomass to be converted into 15,154 lbs. of CBD isolate generating estimated gross profit of $31.8 million for MYM by Q1 2020. Further to the announcement dated May 2, 2019, in exchange for 50% of BioHemp Naturals, MYM will pay a total of $2.5 million cash and 6,000,000 common shares of MYM. Final closing will take place this week. For more news for MYM please visit: https://www.financialnewsmedia.com/news-mym/
Other cannabis-related developments from around the markets include:
Canopy Growth Corporation (NYSE:CGC)(TSX:WEED) just announced that it has completed a transaction to acquire Saskatoon-based bio-product extractor KeyLeaf Life Sciences, related entities, and intellectual property. Canopy Growth has been working closely with KeyLeaf – formerly known as POS Bio-Sciences – as a trusted partner building out extraction processes and technology for the past year as it refines its scale extraction model for Canadian and global markets. As previously disclosed, Canopy Growth assumed control of KeyLeaf for accounting purposes in November 2018. As such, KeyLeaf's financial results were consolidated in the Company's fiscal 2019 financial statements. Through the transaction the Company is acquiring a large-scale Canadian extraction facility as well as an extraction-related facility in the United States to support the Company's U.S. CBD expansion.
Westleaf Inc. (TSX-V:WL)(OTCQB:WSLFF) just announced the completion of construction on its wholly owned cannabis extraction, processing and product formulation facility, The Plant by Westleaf Labs, which will have throughput capacity of up to 65,000 kilograms per annum in Phase I. The facility is now entering the final stages of the Health Canada licensing process. The Company expects to receive a Standard Processing license for The Plant as early as Q3 2019 and anticipates that production at the facility would commence shortly thereafter. This marks a major operational milestone for Westleaf and, once licensed, will allow the Company to produce its own branded cannabis products, as well as provide contract manufacturing and white-label opportunities to other cannabis companies. "This is a significant milestone for Westleaf, marking our transition from construction to operations and execution on our plan to build a brand focused vertically integrated cannabis company," said Scott Hurd, President and CEO. "Once licensed, this facility will produce the current suite of legal cannabis derivative products, and as we move towards additional cannabis product legalization in the fourth quarter, we will expand our product lines to include vapes, edibles and other derivative cannabis products."
Fire & Flower Holdings Corporation (TSX-V:FAF)(OTCPK:FFLWF) announced that it has received an additional license to operate a cannabis retail store in Lethbridge, Alberta from the Alberta Gaming, Liquor and Cannabis Commission (AGLC). Once opened, this store will be the 22nd Fire & Flower branded, licensed cannabis store and will be located at 2424 Fairways Plaza Road South in Lethbridge, Alberta. This announcement of an additional Alberta licensed cannabis store demonstrates Fire & Flower's commitment to its near-term rollout schedule. The Lethbridge location has been built out and is ready for opening once final inspections occur and cannabis products are received. "The rapid rate at which the AGLC is issuing cannabis retail licenses demonstrates Alberta is open for business and this province is a leader in cannabis retail," shared Trevor Fencott, Fire & Flower's Chief Executive Officer. "Our recent bought deal private placement financing of $27,000,000 ensures Fire & Flower is well positioned to capitalize on the accelerated store licensing."
Crop Infrastructure Corp. (CSE:CROP)(OTCPK:CRXPF) just announced that its Emerald Heights retail brand has secured a provisional license for a retail, delivery, and smoking lounge in Cathedral City, California, to vertically integrate its California brands. CROP has also retained a local real estate broker to find suitable locations to set up its Emerald Heights flagship location. A $30,000 USD deposit has been placed and the balance of $220,000 USD will be paid on final transfer of ownership of the license. CROP's subsidiary will be able to run delivery routes in the Bay Area, Coachella Valley, and is currently seeking a Southern California distribution partner. CROP's California extraction partner has run the first batch of material for extraction from the 2018 harvest into THC distillate oil, this first run will be used to fill 30,000 vape cartridges and combined with inventoried flower prepare 200,000 Moonrock Cones. Additional inventoried organic flower will produce ~100,000 pre-rolled joints. These products are intended to be sold in the first Emerald Heights store and have a total wholesale value of $2,860,000 USD if sold through the company's distribution company and partners and if sold at the Emerald Heights location a total retail value of over $6,000,000 USD.
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