PALM BEACH, Florida, November 29, 2016 /PRNewswire/ --
As the legal marijuana industry continues to see high levels of competition within the marketplace, Cannabis operators in the sector are executing strategies by developing innovative services and products as well as acquiring resources and other assets to leverage the substance's momentum behind increased legalization after the recent election season. Active, dually listed companies in the cannabis sector this week include: Marapharm Ventures Inc. (CSE: MDM.CN), GoldenLeaf Holdings, Inc. (GLH.CN), Cronos Group (TSX-V: MJN), Supreme Pharmaceuticals Inc (CSE: SL.CN) and OrganiGram Holdings Inc. (TSX-V: OGI).
Marapharm Ventures Inc. (CSE: MDM.CN) (OTCQB: MRPHF) announces the purchase of the remaining 25% equity interest in EcoNevada, LLC, ("EcoNevada"), a private company based in Las Vegas, Nevada, such that Marapharm now owns 100% of the issued and outstanding shares of EcoNevada. EcoNevada has provisional marijuana licenses and special use permits over 204,000 square feet of cultivation and 16,000 square feet of production. Read this full Press Releases and recent news for Marapharm at http://marketnewsupdates.com/news/mrphf.html
"We have now completed the deal which was made a year ago, when we purchased control of EcoNevada. The price for the minority position of 25% was 100,000 shares of Marapharm, as agreed to in the original transaction, to suit the needs of the sellers for tax and other reasons. Since recreational use of marijuana has been legalized in the state of Nevada, EcoNevada has increased in value to Marapharm, both as an asset and as a main vehicle to drive revenue in Nevada." said Linda Sampson, CEO of Marapharm.
"We just bought the adjoining 1.1 acres to the 5.9 acres we acquired, in order to accommodate parking requirements from the City of North Las Vegas to allow for the three licenses to be consolidated on one property," added Linda Sampson. In addition, further to its November 23, 2016, news release, Marapharm reports it is in advanced discussions with several large casinos in Las Vegas for the placement of automated cannabis machines (ACMs) in casinos. It is proposed that the ACMs will stock and only sell Marapharm products from its 380,000-square-foot facility located in Las Vegas. There is no guarantee that such discussions will result in any agreements or be fruitful or beneficial to Marapharm.
Marijuana/Cannabis sector performances of note yesterday include:
GoldenLeaf Holdings, Inc. (CSE: GLH) (OTCQB: GLDFF) closed up over 6% on Monday on the CSE at $0.48 trading over 3.66 Million shares by the market close. Golden Leaf Holdings is one of the largest cannabis oil and solution providers in North America, and the leading cannabis company in Oregon.
Cronos Group (TSX-V: MJN) (PRMCF) closed up over 5% on Monday on the TSX-V at $1.63 by the market close. Cronos Group, formerly known as PharmaCan Capital Corp., is a principal investment firm. The firm seeks to invest in companies either licensed, or actively seeking a license, to produce medical marijuana pursuant to Canada’s Marihuana for Medical Purposes Regulations (MMPR).
Supreme Pharmaceuticals Inc (CSE: SL) (OTC: SPRWF) closed up just under 3% on Monday at $1.75 on the CSE trading just over 1 Million shares by the market close. Supreme Pharmaceuticals Inc., a development stage company, engages in the production of medical marijuana in Canada. The company was formerly known as Supreme Resources Ltd. and changed its name to Supreme Pharmaceuticals Inc. in February 2014.
OrganiGram Holdings Inc. (TSX-V: OGI) (OTCQB: OGRMF) closed up on Monday on the TSX-V at $3.24 trading just over 1.56 Million shares by the market close. OrganiGram Holdings Inc., through its subsidiary, Organigram Inc., produces and sells medical marijuana in Canada.
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