NEW YORK, December 22, 2017 /PRNewswire/ --
New data published by Verify Markets states that the wholesale legal cannabis market in the U.S was valued at $210.7 million in 2016. The increased legalization efforts in the November 2016 elections resulted in more states approving cannabis legislation in some form, i.e., medical or recreational. Recreational initiatives were approved in California, Massachusetts, Nevada, and Maine while medical cannabis was legalized in Arkansas, Florida, and North Dakota. The Reno Gazette Journal reported that according to Marijuana Business Daily estimates, Nevada's recreational market alone could generate $75 million or more in sales this year and $450 million to $550 million annually down the road. Body and Mind Inc. (OTC: BMMJ), Friday Night Inc. (OTC: TGIFF), Aphria Inc. (OTC: APHQF), MYM Nutraceuticals Inc. (OTC: MYMMF), Cannabis Sativa, Inc. (OTC: CBDS)
A research report published by New Frontier Data shows how the pharmaceutical market will be influenced by medical cannabis in the USA. Giadha Aguirre De Carcer, CEO & Founder of New Frontier Data said, "The United States constitutes 35% of the global pharmaceutical market, the largest market in the world, and a major driver of the U.S. economy. It is one of many industries that will be impacted by the growth of the legal cannabis market and we are already starting to see that trend in legal medical states where use of key prescription drugs is down by 11%. If cannabis were to be adopted nationally, we would begin to see a trend of patients turning to medical cannabis as a substitute or complement to pharmaceuticals."
Body and Mind Inc. (OTC: BMMJ) also listed on the Canadian Securities Exchange under the Ticker 'BAMM'. Yesterday the company provided a clarification, "due to a number of inquiries from shareholders, of the implied value for the Company as it relates to the Letter of Intent ("LOI") signed with Friday Night Inc. ("TGIF"). The Company's common shares issued and outstanding at the date of signing the LOI was 47,704,269. On December 20, 2017, the date the LOI was executed, the closing share price of Friday Night Inc. was CAD $1.00 per share. The LOI contemplates TGIF issuing 115,000,000 common shares to the BAM shareholders plus such additional shares as may be issuable upon exercise of currently issued convertible securities of the Company. Based on the above, the implied value of the transaction equates to approximately 2.4 TGIF shares or CAD $2.40 per common share of BAM, based on yesterday's closing prices of both issuers."
Friday Night Inc. (OTCQB: TGIFF) together with Body and Mind Inc. announce an all-stock acquisition valuing BAM at approximately CAD $115,000,000 based on the recent closing price of Friday Night. Transaction highlights:
Merger is expected to be immediately accretive to cash flow; - With approximately 130,000 square feet of facility projects under development, will make Mergeco among the largest cultivation and production companies in Nevada; -Per unit costs to become among the lowest in Nevada due to economies of scale; -Enhanced product lines will better service clientele; - Increased product volumes will warrant investment that drives efficiencies such as packaging systems, extraction, dosing, testing, distribution and marketing; and Purchase price represents an approximate 50% premium over BAM's recent closing price, on a fully diluted basis."
Aphria Inc. (OTCQB: APHQF), one of Canada's lowest cost producers, produces, supplies and sells medical cannabis. On December 4, 2017, the company announced that it has entered into an agreement to become a medical cannabis supplier to Shoppers Drug Mart. Subject to Health Canada's approval of Shoppers Drug Mart's application to be a licensed producer, under the terms of the agreement the Company will supply Shoppers Drug Mart with Aphria-branded medical cannabis products. It is expected the products will be sold online, as Canadian regulations currently restrict the sale of medical cannabis in retail pharmacies.
MYM Nutraceuticals Inc. (OTCQB: MYMMF) is an innovative company focused on acquiring Health Canada licenses to produce and sell high-end organic medicinal cannabis supplements and topical products. Recently, the company announced that applications for a medicinal cannabis license for the Northern Rivers Project in Australia, for both cultivation and production, cannabis research license and manufacturing license have been accepted by the Office of Drug Control (ODC). The applications have now progressed to the assessment phase, all associated fees have been paid. The company would like to announce that the it will begin operating under a new corporate name and will be known as Solaris Nutraceuticals Pty Ltd.
Cannabis Sativa, Inc. (OTCQB: CBDS) is engaged in the licensing of cannabis related intellectual property, marketing and branding for cannabis based products and services, operation of cannabis related technology services, and ancillary business activities. On December 4, 2017, the company announced that its subsidiary, PrestoDoctor, is expanding its online medical marijuana recommendation services into New York. PrestoDoctor currently serves patients via both their online platform and with dispensary kiosks operating in California and Nevada and will now extend their online services to patients located in the State of New York.
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