PALM BEACH, Florida, July 11, 2019 /PRNewswire/ -- Hemp has a strong future thanks to the U.S. Farm Bill. In fact, farmers across the U.S. have been rushing for a piece of the hemp market ever since President Trump signed the Farm Bill, which removed hemp from the government's controlled-drug category, triggering a surge in demand. However, farmers could see even more demand, as the U.S. Department of Agriculture (USDA) prepares to introduce federal hemp rules in August 2019, speeding previous plans to roll out the guidelines by 2020. The USDA noted regulations would address land usage, standards for testing, disposal, law enforcement compliance, inspections, and certification for both products and industry workers. That's opening a wide range of opportunity for companies including MYM Nutraceuticals Inc., (CSE:MYM)(OTCQB:MYMMF), Charlotte's Web Holdings Inc. (CSE:CWEB) (OTC:CWBHF), Cannabis Science Inc. (OTCPK:CBIS), Village Farms International Inc. (TSX:VFF) (NASDAQ:VFF), 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 signed a purchase agreement for 163,000 lbs. of an estimated 675,000 lbs. of CBD-rich hemp biomass currently being grown at the Saskatchewan project. Under the terms of the agreement, the biomass is to be delivered in multiple shipments from the 2019 harvest with final delivery no later than Dec. 31, 2019. A deposit of $650,000 CAD has been received with all remaining payments to be made at the time of delivery. "We are delighted BioHemp has completed its first sale of CBD-rich hemp biomass that is currently being cultivated at the Saskatchewan project", said Howard Steinberg, CEO of MYM. "We are currently in discussions to sell the balance of the estimated 500,000 lbs. of biomass with the hopes that it will all be sold by the end of July." For more information and news for MYM Nutraceuticals, please visit: https://www.mym.ca/
Other cannabis-related developments from around the markets include:
Charlotte's Web Holdings Inc. (CSE:CWEB) (OTCQX:CWBHF) reported final hemp planting for its 2019 growing season. In order to meet growing demand from consumer and retail channel partners, total acres planted for 2019 has been increased to 862, an 187% increase from 300 acres planted in 2018. In 2016, 2017 and 2018, the Company produced 41,000 lbs., 63,000 lbs. and 675,000 lbs., respectively, of dried hemp biomass. "Interest and demand for our products has been exceptional and growing rapidly. Our 2019 planting strategy ensures we will have the required raw materials to deliver on production targets for Charlotte's Web products through 2020 and into 2021," stated Deanie Elsner, CEO of Charlotte's Web. "Our leading CBD hemp varieties under cultivation today are the foundation of our 2020 production plan. Tens of thousands of Americans have come to rely on Charlotte's Web products daily making it essential that our products are always available, efficacious and consistent day-to-day, bottle-to-bottle, year-to-year."
Cannabis Science Inc. (OTCPK:CBIS) just announced that Raymond C. Dabney, Founder and CEO of Cannabis Science, Inc. is completing a negotiated majority control acquisition of another U.S. public company. Mr. Dabney intends to acquire majority control of CBIS with this new U.S. public company. The acquisitions are designed to provide Cannabis Science, its partners, and its successful initiatives direct access to expansion capital to help fast-track the Company's growth globally. Under Mr. Dabney's leadership, Cannabis Science's first mandate to complete the acquisition is to bring Cannabis Science's fully-reporting status current and bring its required FINRA/SEC filings and financials up to date.
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."
PharmaCielo Ltd. (TSX-V:PCLO)(OTCPK:PHCEF) just announced that it has entered into a scheme implementation agreement pursuant to which PharmaCielo has agreed to acquire all of the issued and outstanding shares and listed options of Creso Pharma Ltd. for an aggregate purchase price of approximately A$122 million. Creso Pharma is a global medicinal cannabis company that specializes in research, development and production of therapeutic, nutraceutical and animal health products. PharmaCielo will pay A$0.63 per Creso Pharma share, representing a premium of 50% over the closing trading price of the Creso Pharma shares on May 31, 2019. The purchase price for the Creso Pharma shares will be satisfied by the issuance of PharmaCielo common shares priced at CAD$7.6166 per PharmaCielo Share being the 3-day volume weighted average trading price for the PharmaCielo Shares representing an exchange ratio of a 0.0775 PharmaCielo Shares per each Creso Pharma share.
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