PALM BEACH, Florida, July 18, 2019 /PRNewswire/ -- With the passage of the U.S. Farm Bill, hemp will see a significant catalyst for growth. It's already allowing for hemp cultivation and the transfer of hemp products across state lines for commercial and other purposes, notes Forbes. Texas became the latest to legalized hemp just last month. New Hampshire recently passed a law allowing it be grown, processed, and traded in the state. That now bring the number of states with hemp laws to 46, according to Agri-Pulse. Along the way, the story could create a $39.4 billion market, says Markets and Markets, a marked improvement from a $10.3 billion valuation in 2018. That's 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), OrganiGram Holdings Inc. (TSX-V: OGI) (NASDAQ: OGI), and PharmaCielo Ltd. (OTCPK: PHCEF) (TSX-V: PCLO).
MYM Nutraceuticals Inc. (CSE: MYM)(OTCQB: MYMMF) BREAKING NEWS: MYM Nutraceuticals just announced that its joint venture company (MYM owns 50%), BioHemp Naturals Growing & Farming Ltd. has completed planting 50-acres of CBD-rich hemp in McBride, British Columbia. "Expanding into British Columbia is another step towards our stated goal of becoming a global leader in the cultivation, processing, and distribution of CBD-rich hemp biomass and isolate," said Howard Steinberg, CEO of MYM. "We are actively looking to expand our cultivation footprint and continue to look for opportunities to increase our profile in the rapidly expanding CBD market." For more information and news for MYM Nutraceuticals, please visit: https://www.mym.ca/
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) announced that Hempire has increased its ownership of Flip Distro to 51% for $100,000 in capital expenditures and product marketing at the distribution company. Increasing the ownership in Flip Distro, in concert with the recently announced acquisition of the Cathedral City dispensary, lounge and California-wide delivery provisional licenses, will empower the company to use Flip for a secondary fulfillment center for delivery logistics. CROP's Humboldt Holdings has an option to acquire 100% of Hempire's interest in Flip at any time it becomes legal and compliant to do so. Furthermore, the company is currently reviewing multiple locations in Cathedral City for the Emerald Heights flagship store, necessary to perfect and transfer the provisional licenses. The company also announces that it has applied for a retail license in Contra Costa. CROP CEO, Michael Yorke, stated: "CROP will be able to connect the Emerald Heights Southern California retail provisional license with Flip Distro's Northern California distribution license to create a secondary drop point for delivery drivers. CROP and its partners are working hard to create as much value through the supply chain as possible for shareholders."
OrganiGram Holdings Inc. (TSX-V: OGI) (NASDAQ: OGI) just announced its financial results for the third quarter ended May 31, 2019. "We continued to report strong sales in our third quarter and now have distribution in all ten provinces. In our fiscal year to date, we have generated strong operating and financial results, placing us among the leaders in the Canadian industry. While we saw a temporary reduction in yield per plant in Q3 due to temporary changes in growing protocols, not only have our yields returned to historical levels, but we have seen a meaningful increase in average cannabinoid levels in harvests to date in Q4" said Greg Engel, Chief Executive Officer. "We have seen adult recreational cannabis sales highly correlate to the presence of physical retail stores based on a comparison of the provinces in Canada. The Canadian market is positioned to grow significantly with more retail stores opening – particularly in the two most populous provinces of Ontario and Quebec - and the upcoming legalization and availability of edibles and derivative products."
"We expect to remain a national market leader by maintaining our track record of meeting supply commitments and delivering high-quality product to our customers. Our experienced team continues to de-risk our edibles and derivative strategy in order to be ready to launch the most popular cannabis product forms upon legalization. We are very excited for fiscal 2020 which should build upon an already successful 2019. By the first half of fiscal 2020, we expect to benefit from record harvests of high-quality indoor-grown dried flower, the sale of a variety of vape pen products as well as our initial edible product forms. The Canadian market will be much more mature from a distribution and retail perspective with Ontario anticipated to have three-times the current number of stores by October 2019 and Quebec planning to more than double its retail presence by March 2020 and with Alberta continuing to grow its already leading number of retail distribution points."
PharmaCielo Ltd. (OTCPK: PHCEF) (TSX-V: PCLO) just announced that it is trading on the
OTC Markets under the symbol "PHCEF." "With our recently announced acquisition agreement with Creso Pharma (ASX:CPH) there is increased attention and interest in our stock. Trading on the OTC will increase access for U.S. and international investors, providing greater liquidity and better access to capital. As we move forward building a global medicinal cannabis company, we will work to provide easy access and liquidity for investors in all jurisdictions," said David Attard, Chief Executive Officer of PharmaCielo Ltd.
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