PALM BEACH, Florida, August 16, 2017 /PRNewswire/ --
With momentum continuing to rapidly rise in the medicinal and recreational cannabis and legal marijuana industry, a select number of North American companies are investing capital in infrastructure and plant assets in order to expand operations, to develop and introduce the newest product and capitalize on the intensifying market conditions. Active companies with recent developments and notable market performance this week include: MYM Nutraceuticals Inc., (OTC: MYMMF) (CSE: MYM), Medical Marijuana Inc. (OTC: MJNA), Abattis Bioceuticals Corp. (OTC: ATTBF) (CSE: ATT), Aphria Inc. (TSX: APHO) (OTC: APHQF) and OWC Pharmaceutical Research Corp. (OTC: OWCP)
MYM Nutraceuticals Inc., (OTCQB: MYMMF) (CSE: MYM.CN) is pleased to announce the City of Laval, QC has approved the building permits to begin construction on the Laval project. MYM has commenced phase one construction of the Laval production facility which is capable of producing 1000kg of medical cannabis annually, approximately seven million dollars in gross revenue for the Company. The estimated date of completion for phase one construction will be Q4 of 2017. MYM has engaged ICORE Construction, one of Quebec's most reputable contractors, to oversee and execute the construction. Read this and more news for MYM Nutraceuticals at:http://www.marketnewsupdates.com/news/mymmf.html
"With the approved permits, architectural drawings and security plans already in place, MYM has commenced construction of the Laval QC project," said Rob Gietl, CEO of MYM. "We are building within our existing warehouse building which accelerates our construction timeline to approximately 90 days."
Phase two of the Laval project will consist of building an additional 16,000 square foot facility for the growing and manufacturing of medical cannabis products which is capable of producing 1,800 kg of medical cannabis annually, an increase of approximately 13 million dollars in gross revenue for the Company. Phase two application permits will be ready for submission within 60 days with a construction completion date of 3rd quarter 2018.
In other industry news of note:
Medical Marijuana Inc. (OTC: MJNA) closed up slightly on over 4.4 million shares traded by the market close on Tuesday. The company recently announced that its subsidiary HempMeds® Brasil is holding a sold-out doctor symposium in Sao Paulo, Brazil, dedicated to providing the Brazilian medical community with information about the medical value of cannabidiol (CBD), how to legally import CBD into the country and prescribe it for patients and present CBD clinical study results. The symposium, which will take place at the Renaissance Hotel in Sao Paulo on August 15, is part of the Company's goal to educate health professionals on the therapeutic uses of cannabis and will feature renowned medical experts and pioneers in the field like Dr. Saul Garza Morales, pediatric researcher and neurologist in Mexico, and Dr. Stuart Titus, Chief Executive Officer of Medical Marijuana, Inc.
Abattis Bioceuticals Corp. (OTCQB: ATTBF) (CSE: ATT.CN) is pleased to provide an update on its wholly-owned subsidiary, Vergence Visionary Bioceuticals ("Vergence"), which is a nutraceutical marketing and brand specialist firm focused on bringing innovative health products to market. New Brand Partnerships - Vergence has recently signed an agreement to distribute Jonny Hetherington Essentials, a line of all-natural hot sauce and ketchup products. Made entirely from ingredients sourced from British Columbia, Jonny Hetherington Essentials' products are currently sold in over 70 retailers. Vergence plans to announce new brand partners and products for sales and distribution in local and international markets over the next quarter. In accordance with its business strategy, Vergence will act as sales agent for, and collect commission on, sales of its represented roster of natural health products, paving the way for sales of products formulated in-house by Abattis and its affiliates.
Aphria Inc. (TSX: APH.TO) (OTCQB: APHQF) announced this week that it invested $11.5 million in HydRx Farms, Ltd. (o/a Scientus Pharma) ("Scientus Pharma") by way of a senior, secured convertible debenture ("Debenture"). The Debenture has a two-year term, bears interest at the rate of 8%, paid semi-annually, is convertible into the common shares of Scientus Pharma at the rate of $2.75 a share and is secured by a first charge on all of the current and future assets of Scientus Pharma. Scientus Pharma is a vertically-integrated biopharmaceutical company focused on the development of drugs that target the endocannabinoid receptors throughout the body for the treatment of diseases of the brain, organs, connective tissues, etc. Scientus Pharma is raising the bar of cannabinoid products from medical-grade to pharmaceutical-grade. Leveraging its proprietary, patent-pending formulation and processing technologies, Scientus Pharma is committed to leading the medical cannabis market towards pharmaceutical standards in manufacturing, formulations and dosing.
OWC Pharmaceutical Research Corp. (OTCQB: OWCP) closed up just under 3% on Tuesday at $0.32 with over 700,000 shares traded by the market close. OWC Pharmaceutical Research Corp., through its subsidiary, One World Cannabis Ltd., conducts medical research and clinical trials to develop cannabis-based pharmaceuticals and treatments for conditions including multiple myeloma, psoriasis, fibromyalgia, PTSD, and migraines. OWCP is also developing unique delivery systems for the effective delivery and dosage of medical cannabis. All OWCP research is conducted at leading Israeli hospitals and scientific institutions and led by internationally renowned investigators. The Company's Research Division is focused on pursuing clinical trials evaluating the effectiveness of cannabinoids and cannabis-based products for the treatment of various medical conditions, while its Consulting Division is dedicated to helping governments and companies navigate complex international cannabis regulatory frameworks.
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