Vinergy Resources Ltd. (OTCQB:VNNYF) (CSE:VIN.CN) - dually listed on the U.S. OTC markets and Canadian CSE Exchanges - in conjunction with its proposed acquisition of MJ Biopharma (announced December 14, 2016) is pleased to announce that it has signed a Letter of Intent (LOI) to acquire up to 51% of a European multinational plant breeding company ("Target"). The Target has audited annual sales in excess of CAD $14,000,000 and adjusted EBITDA of over CAD $2,000,000.
This development is a major step forward in establishing Vinergy as a leader in the global cannabis industry. The Target is a leading developer of plants and plant genetics and has been providing global customers with various commercial agriculture services for over 25 years. In 2016 they shipped over 35,000,000 plant products to the global marketplace. As part of the acquisition, Vinergy now has access to an extensive catalogue of over 2000 hemp and cannabis strains with the ability to supply those strains to customers globally. Read this and more news for Vinergy Resources at: http://marketnewsupdates.com/news/vnnyf.html
Together with Vinergy, the Target has the capacity to expand rapidly into the hemp, cannabis and cannabinoid (CBD) sectors across Europe. "CBD is revolutionizing the global chronic pain management market and we have determined we can utilize our first mover advantage to take a leading market position in multiple countries," said Mr. Kent Deuters, CEO of MJ Biopharma. "Given the current marketplace dynamics, existing customer base and technology we now have access to; we plan to immediately roll out several new hemp and CBD initiatives. Additionally, it's important for our investors to know that we are diversified and not totally dependent on the cannabis space but have multiple complimentary revenue verticals."
The global CBD market is experiencing significant growth: Europe's market potential for CBDs is estimated to be €2 billion as a treatment for chronic diseases, according to a new report by Nova-Institute and HempConsult (both of Germany). The reports reviewed the market for non-psychotropic CBD which is increasingly in demand as a food supplement and pharmaceutical. The Hemp Business Journal estimates the total U.S. CBD market will grow to a $2.1 billion market in consumer sales by 2020 with $450 million of those sales coming from hemp-based sources.
In other Cannabis/Legal Marijuana market performances and developments:
Eco Science Solutions, Inc. (OTC:ESSI) closed up over 4% on Wednesday trading over 645,000 Shares by the market close. Eco Science Solutions recently announced that it has entered into an Equity Purchase Agreement, that at current pricing would net the Company greater than $30 million for working capital and strategic acquisitions. Additionally, Company Management is providing a summary business execution framework for parties that are interested in the following along with execution of the Eco Science Solutions business plan.
Canopy Growth Corporation (OTC:TWMJF) (TSX:WEED.TO) closed up slightly on Wednesday on the U.S. Markets and on the Toronto Exchange trading over 1.3 Million shares on the Toronto side. Canopy Growth Corporation, through its subsidiaries, produces and sells medical marijuana in Canada.
mCig, Inc. (OTCQB:MCIG) closed up over 17% on Wednesday trading over 12.5 Million shares by the market close. mCig Inc., a diversified company servicing the legal cannabis, hemp, and CBD markets, announced Wednesday it has entered into legally binding subscription agreements with Paul Rosenberg, Chairman and Chief Executive Officer and Michael Hawkins, Chief Financial Officer for the issuance of 25,000 newly issued Series A Preferred shares each. Under the agreements, Mr. Rosenberg and Mr. Hawkins will subscribe for and purchase directly or through their own beneficially owned and controlled special purpose vehicle 25,000 shares of Series A Preferred stock each for a total purchase price of $200,000 ($100,000 each), or $4.00 per share, which equates to $0.40 per common share in conversion. In addition to the Series A Preferred stock, Mr. Rosenberg and Mr. Hawkins will each receive a five year warrant for an equal amount of common shares at $0.75 per share.
Aurora Cannabis Inc. (OTCQB:ACBFF) (TSX-V:ACB) and Radient Technologies ("Radient") (RTI.V) recently provided an update on their previously announced collaboration arrangements. As previously announced, the parties have entered into a memorandum of understanding ("MOU") to evaluate an exclusive partnership for the Canadian market with regard to the joint development and commercialization of superior and standardized cannabinoid extracts. In accordance with the memorandum of understanding ("MOU"), the parties, on January 4, 2017, entered into a joint venture research agreement pursuant to which Radient and Aurora are working to confirm the effectiveness of Radient's MAP™ technology for cannabis extraction. Initial work under the study is ongoing.
DISCLAIMER: MarketNewsUpdates.com (MNU) is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. MNU is NOT affiliated in any manner with any company mentioned herein. MNU and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. MNU's market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. MNU is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed MNU has been compensated three thousand nine hundred dollars for news coverage of the current press release issued by Vinergy Resources Ltd. by a non-affiliated third party. MNU HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and MNU undertakes no obligation to update such statements.
Media Contact email: firstname.lastname@example.org