NEW YORK, September 4, 2018 /PRNewswire/ --
According to a reportpublished by Global Market Insights, the medical cannabis market is expected to grow from USD 7 Billion in 2017 to over USD 55 Billion by 2024. Increasing demand for pain management in neurology,
Tidal Royalty Corp. (OTC: TDRYF) is also listed on the Canadian Securities Exchange under the ticker (CSE: RLTY.U). Last week the company announced breaking cannabis news that, "it has entered into a binding letter of intent ("Agreement") to acquire certain assets that are strategic to Tidal Royalty from CannaRoyalty Corp. (CSE: CRZ) (OTC: CNNRF) ("CannaRoyalty"), a leading North American cannabis products and brands company.
Pursuant to the Agreement, Tidal Royalty will acquire a royalty entitlement and equity interest in Alternative Medical Enterprises, LLC, doing business as AltMed, ("AltMed") a leading multi-state, vertically-integrated operator. The aggregate consideration for the acquisition is C$8 million, in a combination of cash and Tidal Royalty's stock.
AltMed is led by former senior pharmaceutical executives and has captured market share by implementing pharma industry standards to the development, production and dispensing of medical cannabis. AltMed has vertically-integrated operations in both Florida and Arizona, pursuant to such states' regulated cannabis programs, and currently has applications for licenses pending in Ohio. In addition to distributing its own award-winning product line (MüV™) of topicals, gels, concentrates and transdermal patches, AltMed has distribution partnerships with leading cannabis brands - including with Wana Brands, a leading producer of cannabis-infused products.
Pursuant to the Agreement, Tidal Royalty will acquire a royalty on U.S. and international sales of the MüV™ product line. Tidal Royalty will also acquire an equity interest in AltMed.
"We've been following AltMed for quite some time now and have watched them expand their footprint very strategically and methodically. They are led by an extremely entrepreneurial and capable management team and we feel that they are positioned to be a leading player in the U.S. industry. We are excited to be in this position and look forward to finding additional ways that we can support their growth plans," said Paul Rosen, CEO & Chairman of Tidal Royalty. "This transaction was really made possible by our strong synergistic relationship with CannaRoyalty, a company whom we have a great deal of respect and admiration for. We are confident that our companies will identify additional mutually-strategic opportunities in the emerging U.S. regulated cannabis industry."
"This Agreement advances our stated strategy of realizing value for shareholders on non-core assets. The gains from our successful investment in AltMed will provide CannaRoyalty with capital to continue to expand its distribution and brand network in the California market. We are confident that AltMed will be a valuable addition to Tidal Royalty's portfolio, and as CannaRoyalty continues to grow and build a solid presence in California, we look forward to opportunities to partner with the experienced team at Tidal Royalty," said Marc Lustig, Chairman and CEO of CannaRoyalty.
Closing of the transaction is subject to, among other things, the satisfactory completion of due diligence, which is currently underway, and the receipt of all corporate and regulatory approvals. With the execution of this Agreement, Tidal Royalty has now entered into letters of intent with cannabis operators in Florida, Arizona, California, Nevada, Massachusetts and Illinois. In addition, Tidal Royalty is in the process of evaluating multiple additional opportunities across the U.S., including in New York, Ohio, Pennsylvania, Texas and Michigan. Tidal Royalty intends to provide further information on those discussions when the respective parties reach an agreement and execute letters of intent.
About Tidal Royalty - Tidal Royalty provides royalty financing to the U.S. regulated cannabis industry. Led by an executive team with extensive industry experience in Canada and the U.S., Tidal Royalty provides operators with the funding they need to grow their business. Operators benefit from non-dilutive capital and investors get top-line access to a diversified portfolio of companies that will form the future of this transformative industry."
CannaRoyalty Corp. (OTCQX: CNNRF) is a North American cannabis consumer product company currently focused on building a leading distribution business in California, the world's largest regulated cannabis market. Just last week the company announced that, "The sale of our equity stake and royalty in AltMed advances our stated strategy of realizing value for shareholders on assets that are deemed non-core to our business. The substantial gains from our successful investment in AltMed will provide CannaRoyalty with capital to continue to expand its distribution and brand network in the California market, while offering CannaRoyalty shareholders a significant return on investment," said Marc Lustig, chairman and chief executive officer of CannaRoyalty.
"We were early to identify the long-term potential in AltMed and MuV as vital players in the North American cannabis value chain and are confident that the businesses will be valuable additions to Tidal Royalty's diverse portfolio. As CannaRoyalty continues to grow and build a solid presence in California, we look forward to partnering with the experienced team at Tidal Royalty," Mr. Lustig added. The aggregate consideration of $8-million will be in a combination of cash and Tidal Royalty's stock. Closing of the transaction is subject to, among other things, the satisfactory completion of due diligence, which is currently under way, and the receipt of all corporate and regulatory approvals."
MPX Bioceutical Corp. (OTCQB: MPXEF), through its wholly-owned subsidiaries in the U.S., provides substantial management, staffing, procurement, advisory, financial, real estate rental, logistics and administrative services to three medicinal cannabis enterprises in Arizona operating under the Health for Life (dispensaries) and the award-winning Melting Point Extracts (high-margin concentrates wholesale) brands. MPX Bioceutical Corporation recently announced the opening of its first Health for Life dispensary in Maryland, located in downtown Bethesda. Residents of Bethesda and the surrounding areas will now have access to legal medical cannabis for the first time. Maryland patients with a medical cannabis commission ID card, and a strong interest in health and wellness, will now be able to obtain the medicine they need to live healthy and productive lives. "The people who live and work in and around downtown Bethesda are some of the most educated in the U.S. They have been treated by world-class doctors at some of the nation's best medical facilities including Walter Reed National Military Medical Center and NIH Clinical Center. Now they will have access to Maryland's best medical cannabis dispensary from a product and experience perspective," said Julie Winter Senior Vice President of East Coast Operations, MPX.
Sugarmade, Inc. (OTC: SGMD) is a product and brand marketing company investing in products and brands with disruptive potential. Sugarmade, Inc. recently announces a new corporate initiative in the booming hemp market. Sugarmade is committing up to USD 1,0000,000 in capital over the next twelve months to invest in Hempistry, Inc. a privately held Nevada corporation, which has begun planting an ultra-high cannabidiol (CBD) industrial hemp strain in the U.S. State of Kentucky. Additionally, Sugarmade expects to sign an agreement with Hempistry for hemp cultivation supplies. Hempistry has already begun planting and has signed an agreement reserving up to 23,000 acres of prime Kentucky farmland for its exclusive use for hemp cultivation. Additionally, Sugarmade's Chief Executive Officer, Jimmy Chan, announces he has become an advisor to and a shareholder in Hempistry, Inc. Jimmy Chan said, "Demand for industrial hemp and products derived from hemp is soaring with no let up in sight. We expect our direct investment into Hempistry to be accretive to common shareholders and our supply agreement to be lucrative. All of us at Sugarmade see a tremendous opportunity to become a supplier to this fast-growing sector, thus we are today launching our first in a series of activities within the hemp markets. We plan to provide additional details relative to these hemp initiatives over the coming weeks."
Golden Leaf Holdings Ltd. (OTCQB: GLDFF) is a Canadian company operating in multiple jurisdictions, including Canada, Oregon, Nevada, and California, with cultivation, production and retail operations built around recognized brands. Golden Leaf Holdings Ltd. recently announced that it signed a definitive agreement to acquire a combined cultivation, production and retail license in Northern California, dubbed a "Sweet 16" license. It is one of only 16 licenses of its kind issued by the City of San Jose that allows the holder to operate in a vertically integrated fashion. "We are excited to introduce our brands and competencies to the 5th largest economy in the world. This is a natural progression given that we operate in the neighboring states of Oregon and Nevada. As part of an announcement we made August 13th, 2018, we launched into the California market with our signing of the definitive agreement to purchase the assets of Tahoe Hydroponics Company, LLC and 11T Corp., which involves the acquisition of a ~28,800 ft 2 facility under development in Sacramento, California. Adding production and retail licenses complements our entry into California in a meaningful way. The approval of this single, multi-faceted license is expected to swiftly position us for this market. In anticipation of this development, my team has been working diligently on a wholesale and retail deployment plan, supported by investments in production and supply chain that we expect will generate revenues in a relatively short period of time from the date of closing," said William Simpson, Chief Executive Officer of Golden Leaf.
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