PALM BEACH, Florida, January 24, 2019
PALM BEACH, Florida, January 24, 2019 /PRNewswire/ --
FinancialNewsMedia.com News Commentary
According to a recent Forbes article, Cannabis dispensaries are a radically new retail phenomenon, selling a commodity that is still shrouded in stigma and illegal under federal law. For a Baby Boomer whose most recent cannabis transaction may have been clandestinely copping a dime bag from their neighborhood dealer some 50 years ago, visiting a dispensary can make them feel like the proverbial kid in a candy store. Following a year of huge advancements in marijuana policy reform, experts predict that 2019 would be a "real game-changer" in terms of the conversation surrounding cannabis legalization at both the state and federal level. "In 2019, I think that we can expect to see more of the same type of change, but maybe at a more rapid pace," Jolene Forman, senior staff attorney at the Drug Policy Alliance, told Newsweek . Active cannabis stocks in the markets today include:CROP Infrastructure Corp. (CSE:CROP) (OTC:CRXPF), The Supreme Cannabis Company, Inc. (TSX-V:FIRE) (OTC:SPRWF), Canopy Growth Corporation (NYSE:CGC)(TSX:WEED), HEXO Corp. (TSX:HEXO) (OTC:HYYWF), Green Growth Brands Inc. (CSE:GGB) (OTC:GGBXF).
To our north, Canada ended nine decades of recreational marijuana prohibition with the passage of the Cannabis Act in June, and the official legalization of adult-use weed on Oct. 17. Once the industry has had some time to ramp up production, it wouldn't be surprising if Canadian legal weed companies were generating up to $5 billion in added annual sales by the early part of the next decade.
CROP Infrastructure Corp. (CSE:CROP) (OTCPK:CRXPF) BREAKING NEWS: CROP Infrastructure announced today it will, initially, be making 100,000 premium Moon Rock Cones at one of its California subsidiaries as it expands its footprint in the state. The raw material will be finished cannabis from CROP's Humboldt County farm which is trimmed, high grade flower and will be for distillate input for cartridges and pre-rolls cones that will then be dipped in kief (cannabis crystals) to make the infused Cones. The infused cones will be Hempire and Evolution branded with custom filters bearing the name. Additional equipment to fulfill the order is expected to arrive shortly.
After some initial market research, the company has established the best-selling SKUS are cones and pens. The company has instructed its toll process partner to convert equivalent material to produce approximately 50 Liters of Oil to fill 75,000 half gram cartridges and 50,000 quarter gram disposable pens as well as the company will roll and tube approximately 200,000 Hempire and evolution branded 1-gram infused cones.
The distributor has offices in Oakland and Orange County. The distribution network consists of approximately 350 licensed cannabis stores across California. The chart below has been prepared to give the break-down of inventory. The farm will shortly be taking down an additional 10,000 sq ft of canopy crop for harvest. Additionally, the company has retained local engineers to plan and permit the 2019 expansion, including a proposed 30,000 sq ft automated greenhouse facility, extra vault space and security upgrades.
CROP also announced it has made a cannabis retail application in Chula Vista, California, for its Emerald Height's brand and is working with its local partners to apply in additional municipalities. Read this full announcement and more news for CROP Infrastructure at:https://www.financialnewsmedia.com/news-crop/
Additional cannabis industry related developments from around the markets:
The Supreme Cannabis Company, Inc. (TSX-V: FIRE.V) (OTCQX: SPRWF) On January 9, 2019 the company announced that it had received conditional approval from the Toronto Stock Exchange (the "TSX") to graduate from the TSX Venture Exchange ("TSXV") and list its common shares on the TSX. "Graduating to the TSX will broaden our investment appeal and leave us well positioned to execute on our strategic imperatives for 2019, which is why we're pleased to add this milestone to our list of accomplishments for the year," said Navdeep Dhaliwal , CEO of Supreme Cannabis. "Our Company had a banner year that was headlined by our wholly-owned subsidiary, 7ACRES, generating the sixth highest revenue among Canadian licensed cannabis producers this past quarter. On a revenue basis, the first year of cannabis sales for 7ACRES was one of the best among any Canadian licensed cannabis producer, validating our belief that long-lasting value flows from foundational investments in high-end cannabis cultivation. Looking forward, we are eager to build on these accomplishments and make significant advancements by cementing 7ACRES as a leading premium flower brand, establishing export channels for Medigrow, launching jointly-developed products with Khalifa Kush Enterprises and more in 2019."
Canopy Growth Corporation (NYSE: CGC)(TSX: WEED.TO) recently, on January 21, provided an update key European progress in the UK and Poland where its medically-focused business Spectrum Cannabis continues to build a sophisticated, pan-European cannabis production and distribution network serving the needs of physicians and their patients throughout the continent. For example:United Kingdom - In the United Kingdom the Company has formed Spectrum Biomedical UK, a new company focused on providing access to cannabis-based medicinal products to UK patients with severe unmet clinical need.
Spectrum Biomedical UK was formed as a joint venture between Canada's Canopy Growth and Oxford-based research-company Beckley Canopy Therapeutics to address a groundswell of patient need for high quality, standardised cannabis-based medicinal products in the UK. Under the British government's new classification, which took effect November 1, specialist doctors in the UK can prescribe cannabis-based medicines to patients managing a wide range of symptoms - from chronic pain, chemotherapy-induced nausea and vomiting, to muscle spasticity for those with multiple sclerosis.
HEXO Corp. (TSX:HEXO.TO) (OTCPK:HYYWF) on January 21, 2019 announced that it will be filing a preliminary prospectus supplement (the "Preliminary Supplement") to its amended and restated short form base shelf prospectus dated December 14, 2018 (the "Base Shelf Prospectus") relating to a proposed marketed public offering of common shares of the Company for gross proceeds of approximately C$50 million (the "Offering"). The Offering will be priced in the context of the market with the price and total size of the Offering to be determined at the time of entering into an underwriting agreement for the Offering. The Company will also grant the underwriters for the Offering an over-allotment option to purchase up to an additional 15% of the common shares to be sold pursuant to the Offering. The over-allotment option will be exercisable for a period of 30 days after closing. The Company will use the net proceeds from the offering for general corporate purposes, including funding the Company's global growth initiatives and research and development to further advance the Company's innovation strategies.
Green Growth Brands Inc. (CSE:GGB.CN) (OTCQB:GGBXF) on January 22, 2019 announced that it has filed its Offer to Purchase and Circular and related documents with the applicable securities regulatory authorities in Canada and the United States and will formally commence its offer (the "Offer") to acquire all of the issued and outstanding common shares of Aphria Inc. on Wednesday, January 23, 2019 . The Company also announced that it has entered into a commitment letter (the "Commitment Letter") with All Js Greenspace LLC (the "Investor"), pursuant to which the Investor has agreed, subject to the terms and conditions set forth in the Commitment Letter, to subscribe for and purchase up to $150 million of Green Growth shares (the "Commitment") as a backstop to the Company's previously announced intention to complete a $300 million equity financing in connection with the completion of the Offer.
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