Medical Marijuana Industry Continues Rapid Expansion As Leaders Acquire New Dispensary Sites
CORAL SPRINGS, Florida, February 5, 2014 /PRNewswire/ --
Alternative care pioneers continue to grow market with increasing demand: Zoned Properties[SM], Inc. (OTC: ZDPY), GW Pharmaceuticals plc (NASDAQ: GWPH), Growlife, Inc. (OTCBB: PHOT), Medbox, Inc. (OTC: MDBX) and Idenix Pharmaceuticals Inc. (NASDAQ: IDIX)
Zoned Properties[SM], Inc. (OTC: ZDPY) closes on site for 8th largest medical marijuana dispensary in the state of Arizona. ZDPY, a lessor of land, facilities, and equipment to the medical marijuana market in Arizona announces that it has closed on all of the real estate associated with the approved site for a medical marijuana dispensary located in Gilbert, Arizona for $1.115 million. The Town of Gilbert has already granted a conditional use permit and approved the design of the property, which is properly zoned for a medical marijuana dispensary. In the state of Arizona, only one dispensary is permitted in each community health analysis area (CHAA) and a total of 99 licenses were awarded in a lottery held in August of 2012. Only one other location for a dispensary exists in the Town of Gilbert, the 7th largest municipality in a state with a population over 6.6 million.
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Zoned Properties[SM], Inc. CEO Marc Brannigan stated, "Gilbert, Arizona adopted one of the more stringent zoning ordinances of any municipality in the entire state. We feel this is a tremendous accomplishment as our first completed commercial real estate transaction in the medical marijuana industry in the state of Arizona."
GW Pharmaceuticals plc (NASDAQ: GWPH) a biopharmaceutical company focused on discovering, developing and commercializing novel therapeutics from its proprietary cannabinoid product platform, will announce on 5 February, 2014 its first quarter financial results for the period ending 31 December, 2013. GW will also host a conference call the same day at 1:00 p.m. GMT (8:00 a.m. EST). Conference call information will be provided in the financial results press release. A replay of the call will also be available through the Company's website (http://www.gwpharm.com) shortly after the call.
Growlife, Inc. (OTCBB: PHOT) a diversified company operating in the legal cannabis industry which develops, and deploys products and services of legal cannabis and FusionPharm, Inc. (FSPM), manufacturer of the PharmPod(TM) professional cultivation system, recently announced that the Companies will expand their collaboration agreement and begin offering a co-branded line of specialized professional cultivation equipment components. The new line of professional components will be co-branded under FusionPharm's PharmPod(TM) brand name and GrowLife's Stealth Grow(TM) line of equipment. This co-branded component line will initially include a line of professional hoods/reflectors and will quickly be expanded to include a wide range of custom designed components. The first shipment of components is anticipated to be available for installation in FusionPharm's PharmPod(TM) system and to the general public through the GrowLife network of hydroponic stores and websites in February.
Medbox, Inc. (OTC: MDBX) a leader in providing industry specific consulting services and patented systems to the medical and retail industries, announced FINRA consent and issuance of a common stock dividend. The 100% stock dividend issuance will have a record date of December 18th, 2013, and a pay date of February 3rd, 2014. Management clarified that the class of shares to receive the dividend is the common shares only and not the preferred class of shares held by company executives. The shares are issued on a one-year restricted basis.
Advanced Cannabis Solutions, Inc. (OTCBB: CANN) recently signed a definitive agreement with Full Circle Capital Corporation, a closed-end investment company. The agreement provides that the investment fund will initially provide $7.5 million to the Company in the form of Senior Secured Convertible Notes, subject to certain conditions. An additional $22.5 million can be borrowed by Company with the mutual agreement of the Company and the investment company. At least 95% of the loan proceeds will be used to acquire properties which the Company, consistent with its business plan, will lease to licensed cannabis growers.
Idenix Pharmaceuticals Inc. (NASDAQ: IDIX) a biopharmaceutical company engaged in the discovery and development of drugs for the treatment of human viral diseases, announced that the United States Patent and Trademark Office Patent Trial and Appeal Board (USPTO) issued a decision in the first patent interference proceeding (No. 105,871) concerning one of the Company's patent applications (U.S. Patent Application 12/131,868) and an issued patent (U.S. Patent 7,429,572) owned by Gilead Pharmasset LLC ("Gilead") that covers certain 2'-methyl-2'-fluoro nucleoside compounds useful in the treatment of the hepatitis C virus (HCV). The USPTO determined that Idenix is not entitled to priority of invention and judgment was entered in favor of Gilead. "We intend to challenge this decision in proceedings outside the USPTO. We are confident in our patent portfolio and will continue to defend it vigorously, and this specific matter before the USPTO represents just one part of our overall effort," said Ronald Renaud, President and Chief Executive Officer at Idenix. "Idenix has several patent families that provide coverage for 2'-methyl nucleoside compounds and 2'-methyl, 2'-fluoro nucleoside compounds specifically."
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