NEW YORK, June 25, 2018 /PRNewswire/ --
FinancialBuzz.com News Commentary
According to the data compiled by Ameri Research, the global legal cannabis market is projected to be valued at USD 63.5 Billion by 2024. The market drivers are largely the new legalization laws, increasing medical usage, high taxation and rising investments. Legalization has become so prominent that now only four out of the fifty U.S. states prohibit any form of cannabis. Most states allow medical usage, while some allow both medical and recreational use. The widespread legalization has created many job opportunities in the industry for cultivators, manufacturers, retailers, dispensaries, distributors and various other positions. BLOCKStrain Technology Corp. (OTC: BKKSF), Medical Marijuana, Inc. (OTC: MJNA), Kaya Holdings Inc. (OTC: KAYS), NightFood Holdings Inc. (OTC: NGTF), New Age Farm Inc. (OTC: NWGFF)
While more and more states within the U.S. are pushing towards legalization, Canada passed a bill on June 19th, 2018, to legalize cannabis nationwide. According to CBS News, Canadian Finance Ministers want to price cannabis at a roughly USD 10 per gram, while Yukon's Minister is pushing for USD 8 per gram, to combat illicit sales. The government is looking to tax legal cannabis products at USD 1 per gram, or one-tenth the retail price, driving in strong federal and provincial tax revenue. "It's this amazing case study for countries globally to see the amazing benefits that legalizing cannabis can have on things like the economy, eradicating the black market and getting cannabis out of the hands of minors," said Matt Gray, Founder and Chief Executive of Herb, a Toronto-based news and social media platform for the cannabis industry.
BLOCKStrain Technology Corp. (OTC: BKKSF) is also listed on the TSX Venture Exchange under the ticker (TSX-V: DNAX). Earlier last week the company announced that it is, "welcoming National Green Biomed Ltd. to its software platform. Blockstrain and NG Biomed, this week signed a letter of intent for the adoption of the Blockstrain software platform at NG Biomed's production facility in British Columbia, Canada. NG Biomed is a late-stage applicant to become a licensed producer under the Access to Cannabis for Medical Purposes Regulations in Canada.
Under the letter of intent signed June 18th, 2018, the parties agree to negotiate the terms of a business relationship through which Blockstrain will integrate its core software platform into the operational infrastructure of NG Biomed in order to optimize product testing, genetic verification, supply chain visibility and management of growing operations.
Secondly, Blockstrain will use its proprietary technology to create a custom platform for NG Biomed that will empower NG Biomed's clients and partners with the ability to instantly arrange for sales, shipping, testing and analysis of NG Biomed products, as well as giving comprehensive visibility over such products throughout their entire life cycles. NG Biomed is currently launching an initial 30,000-square-foot greenhouse facility on 68 acres in the Fraser Valley region of British Columbia and has room to expand to at least 500,000 square feet of production space.
The Company is headed by former Federal Cabinet Minister Herb Dhaliwal as Chairman of the Board, and son, Justin Dhaliwal, as Chief Executive Officer.
Blockstrain CEO, Robert Galarza, says he's excited and honored to work with an experienced and well-connected management team that focuses heavily on research and development.
'Over the past several years, I've had the privilege of getting to know Herb and Justin very well, and I believe they are among the most professional and connected people I have met in the cannabis space in the U.S. or Canada,' Mr. Galarza said. 'Their integrity is second to none and it has been a true pleasure working with them to advance our technology's data-centric solution for this industry.'
NG Biomed CEO, Justin Dhaliwal, says his company chose to work with Blockstrain not just because they were impressed by the software, but because they were impressed by the Blockstrain team.
'We feel implementing smart technology allows us to be more efficient, and in terms of record management, we need to keep track of all our strains and genetics in a way that is simple, effective and enforceable,' Justin Dhaliwal, said.
"Robert is a great leader and a very insightful businessman, and their CTO Tommy Stephenson is absolutely brilliant. Tommy's experience as the former CTO at WeedMaps is also important. He's an expert in IT, absolutely, but it's more important that he really understands the industry's needs because he's lived it for so many years."
The parties to the agreement say they will be working out details of the Blockstrain software deployment over the coming weeks and finalizing the terms within a formal definitive agreement."
Medical Marijuana, Inc. (OTC: MJNA) aims is to be the premier cannabis and hemp industry innovators, leveraging its team of professionals to source, evaluate and purchase value-added companies and products. The Company recently announced that it has signed a non-binding Letter of Intent with Salvation Botanicals, Ltd., to bring its internationally recognized cannabis products to the quickly growing Canadian cannabis market. According to Deloitte, the legal cannabis industry in Canada has the potential to generate over USD 4 Billion in recreational sales within its first year. It's also been estimated that total estimated consumer spend could surge by as much as 58% and regular cannabis users will increase purchases by 22% under the new legislation. Salvation Botanicals is a leader in the evolving cannabis market. The company was founded on a commitment to the science of standardization and consumer protection through analytical testing and the development of stringent production processes. "We're excited to announce this collaboration with a company that is known for dedication to the production of trustworthy and reliable cannabis-based products," said Medical Marijuana, Inc. CEO Stuart Titus. "We feel confident that the company's analytics and science focus will provide us with the best products available in Canada."
Kaya Holdings Inc. (OTCQB: KAYS), through subsidiaries, produces, distributes or sells legal premium medical and recreational cannabis products, including flower, concentrates and oils, and cannabis-infused foods. The Company recently announced that it will be filing an appeal against the denial of its Kaya Farms™ AG. Facility Site Plan application by the Linn County, Oregon Planning Commission. As previously reported, KAYS acquired a 26-acre property in Lebanon, Oregon, on which it intends to develop its Kaya Farms™ Marijuana Grow and Manufacturing Complex and had filed necessary zoning and permit applications with respect thereto. "While the decision is disappointing it was not unexpected," commented Kaya Holdings CEO Craig Frank. "We clearly demonstrated our compliance with code and our ability to meet the 12 standards set for approval. Our land is zoned Exclusive Farm Use... We have conferred with our Oregon Counsel and intend to vigorously apply for relief with the County Commissioners, the Land Use Board of Appeals and Oregon State Courts as appropriate."
NightFood Holdings Inc. (OTC: NGTF) operates both NightFood, Inc. and MJ Munchies, Inc. NightFood, Inc, "The Nighttime Snack Company", is a snack food company dedicated to providing consumers with delicious, better-for-you, sleep-friendly choices for evening snacking. NightFood Holdings recently announced that the first production run of Half-Baked™ branded products has been successfully completed under license in the State of California. The Half-Baked brand THC-infused cookies each contain 10mg of THC and will retail for approximately USD 5. As originally announced on April 20, 2018, the product is on track to be available at retail before the end of May. The Company is currently engaged in talks with additional prospective Half-Baked licensees in both Colorado and Washington State. "This is the birth of a leading national edibles brand in the marijuana space. That's how we view this initial production run and pilot launch," commented CEO Sean Folkson. "As more states continue to follow suit and pass marijuana legislation, we see an increase in the value of the opportunity and in the value of the Half-Baked intellectual property."
New Age Farm Inc. (OTC: NWGFF) is an agricultural services company offering unique turnkey growing infrastructure and services for licensed growers and processors of luxury marijuana crops at its agri-campuses in Washington State. The Company recently announced that its subsidiary facility in Denver, Colorado, We Are Kured LLC., has officially launched its new website at http://wearekured.com . After a brief test period, WAK has launched a fully operational retail website where its first product, an ergonomically designed hemp-based vaporizer pen in a ready-to-use form, is now available for purchase online. Each vape pen is filled with 250mg of the highest quality, Terpene infused, CBD oil in the user's choice of one of three specific terpene flavor profiles. The three variations are Moonlight, an Indica blend infused with OG Kush Terpenes; Daylight, a Sativa blend infused with Pineapple Express Terpenes; and Allday, a Hybrid blend infused with Strawberry Diesel Terpenes. Mr. Carman Parente, President and CEO of New Age Farm commented, "We can see that the WAK team are on to something. Since joining New Age Farm last December they have consistently met goals and expectations and have launched this first product effectively and in excellent time. The vape pens are selling well, and we look forward to more lifestyle products from this talented group."
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