PALM BEACH, Florida, June 13, 2019 /PRNewswire/ -- With the passage of the U.S. Farm Bill, hemp is seeing sizable growth. The Bill allows for hemp cultivation and the transfer of hemp products across state lines for commercial and other purposes, notes Forbes. Along the way, it could create a $39.4 billion market, says Markets and Markets, a marked improvement from a $10.3 billion valuation in 2018. Helping, Governor Greg Abbott just signed into law Texas House Bill 1325, which effectively legalizes the cultivation of hemp and processing of hemp and hemp-derived products, including cannabidiol (CBD) in the State. Those catalysts are opening a wide range of opportunity for companies including MYM Nutraceuticals Inc., (CSE:MYM) (OTCQB:MYMMF), Village Farms International Inc. (TSX:VFF)(NASDAQ:VFF), Crop Infrastructure Corp. (CSE:CROP)(OTCPK:CRXPF), Charlotte's Web Holdings Inc. (CSE:CWEB)(OTCQX:CWBHF), and Curaleaf Holdings Inc. (CSE:CURA)(OTCQX:CURLF).
MYM Nutraceuticals Inc. (CSE:MYM)(OTCQB:MYMMF) BREAKING NEWS: MYM Nutraceuticals Inc. just provided an update on its CBD-rich hemp project situated on 120 acres in Nye County, Nevada. Further to the announcement of April 30, 2019, the 1.6 million CBD-rich hemp seeds MYM and Elite Ventures acquired have spent the last six weeks in the greenhouse germinating. The seeds have sprouted and grown into seedlings that are currently being prepped for planting. The 120-acre pivot (crop circle) has been amended and prepped, ready for cultivation. A crop of red clover has been planted to be used as a cover crop to protect the seedlings. All of the equipment, including the auto-planters, has been prepped and the project will now move to the planting stage. "The 1.6 million CBD-rich seeds we acquired in April have now sprouted and are ready to go into the ground for the 2019 growing season," said Howard Steinberg, CEO of MYM. "The Nevada project is a key component in our strategy to create a massive CBD-rich hemp footprint around the globe with the goal of becoming one of the largest cultivators and bulk CBD isolate suppliers in the world."
The Company's Nevada project is based on a CBD-rich hemp production agreement with immediate revenue-generating potential. MYM has partnered with Elite Ventures and invested USD $500,000 to grow one pivot of 120 acres of CBD-rich hemp in Nevada. Elite will plant, grow, harvest, and process the hemp into CBD isolate of which MYM is entitled to 50%. Based on previous crops grown on the property, MYM's 50% entitlement of the estimated production is 60,000 lbs. of biomass to be converted into 2,694 lbs. of CBD isolate per harvest with potential revenue of $7.1 million for the 2019 grow season. MYM's estimated profit for the 2019 grow season is $5.4 million. For more news for MYM please visit: https://www.financialnewsmedia.com/news-mym/
Other cannabis-related developments from around the markets include:
Village Farms International Inc. (TSX:VFF)(NASDAQ:VFF) announced that Governor Greg Abbott has signed into law Texas House Bill 1325, which effectively legalizes the cultivation of hemp and processing of hemp and hemp-derived products, including cannabidiol (CBD) in the State. As previously announced, in anticipation of the passage of the hemp legislation in Texas, Village Farms has begun conversion of half of its 1.3 million square foot, ultra-high-tech Permian Basin greenhouse (which utilizes the Company's proprietary GATES® technology) for cultivation of high-CBD hemp and CBD extraction. The Texas Hemp Legislation will require licenses for both the cultivation and processing of hemp and Village Farms plans to apply for the requisite licenses as soon as it is permitted to do so. No time frame has yet been provided by the State of Texas for the licensing process.
"The Governor's signing of this bill into law formalizes a significant opportunity for Village Farms as a first mover in the Texas hemp industry and will allow us to capitalize on the expected demand for premium-grade hemp grown in controlled-environment facilities for the high-end health and wellness and the pharmaceutical industries," said Michael DeGiglio, CEO, Village Farms International. "Conversion of half of Permian Basin greenhouse in West Texas for hemp production is now well underway and we look forward to commencing production as soon as possible upon Texas establishing a licensing and regulatory framework for hemp and CBD."
Crop Infrastructure Corp. (CSE:CROP)(OTCPK:CRXPF) just announced that its Park Project tenant is now at the 'self-sustaining' point as it launches its Tiff CBD cartridge line. This is the first of CROP's tenanted assets to become self-sustainable just 12 months since its acquisition. Since January 1, 2019 receivables of $642,000 USD in lease, rental and brand fees have been accrued and are owing by the tenant. The first batch of Tiff CBD has been produced and the tenant has received both cartridges and boxes for its Tiff CBD line, initially to be sold as a full spectrum product in Washington, with a no THC product to be introduced in all States where the company is present. CROP CEO, Michael Yorke said "We are excited by the launch of the full spectrum Tiff CBD line in Washington as well as a multi-state no THC Tiff CBD product. With the Park facility now self-sustainable and on the right trajectory, our bandwidth and capital can be focused on opportunities both where the company is present and as new States come online."
Charlotte's Web Holdings Inc. (CSE:CWEB)(OTCQX:CWBHF) just unveiled its newest CBD product line - hemp extract-infused CBD Gummies – made with whole-plant extract from its prized hemp genetics and featuring synergistic functional ingredients to support specific health related functions including everyday stress, sleep, and recovery from exercise or active lifestyles. Available in a variety of flavors, gummies are the latest addition to the Company's expanding line of CBD hemp-extract products. "Gummies are a very popular edible format as a result of convenience and measurable consumption," stated Kelsey Morrison, Associate Director of Product Development at Charlotte's Web. "This new delivery format from Charlotte's Web provides an easy bite-sized way to ingest full-spectrum hemp-extract CBD."
Curaleaf Holdings Inc. (CSE:CURA)(OTCQX:CURLF) announced that it completed the acquisition of the Emerald dispensary in Gilbert, Arizona, whose license is held by Absolute Healthcare, Inc., an Arizona non-profit corporation. The signing was announced earlier on May 21, 2019 and the transaction was closed on May 29, 2019. Emerald is the only dispensary licensed to operate in the Town of Gilbert which is located in the Metro Phoenix area. It is one of Arizona's largest and longest standing medical cannabis retailers, serving over 44,000 unique patients since 2014.
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