PALM BEACH, Florida, September 26, 2018 /PRNewswire/ --
MarketNewsUpdates.com News Commentary
Therising overall excitement building in the Cannabis markets is everywhere as many are keeping a close eye on the massive global potential of the marijuana industry as legalization is just days away in Canada. Validation
MYM Nutraceuticals Inc. (OTCQB:MYMMF) (CSE:MYM.CN) BREAKING NEWS: MYM Nutraceuticals is pleased to announce that it has entered into an agreement with Amsterdam-based Dutch Passion Seed Company for the production and distribution of Dutch Passion branded products and seed genetics in Canada. This follows the August announcements of similar agreements between Dutch Passion and MYM for production and distribution of branded products and seed genetics in Australia and Colombia. Established in 1987, Dutch Passion is the second-oldest European Cannabis seed company and for over 30 years has been a leading innovator of seed genetics. Dutch Passion has developed its own proprietary genetics and owns a seed collection of international cannabis genetics dating back to the 1970s. The company has won more than 50 Cannabis Cups for its high-THC, easy-to-grow varieties. Dutch Passion also invented feminized cannabis seeds in the 1990s and, more recently, helped pioneer the success of high-THC auto-flowering cannabis seeds. "We are thrilled to be working with Dutch Passion in Australia, Colombia and now Canada. With over 30 years' experience in the development and distribution of cannabis seeds, they are widely recognized as world leaders," said Rob Gietl, CEO of MYM. "As legal production of cannabis has been rapidly increasing worldwide, so has the demand for seed genetics. The Dutch Passion portfolio of seeds will prove to be a very valuable asset to MYM and its shareholders." Eric Siereveld, CEO of Dutch Passion commented, "There were a lot of options when we were considering working with producers in Canada. We chose to partner with MYM because of their strong network and organization in the global cannabis industry. We are confident that MYM has the best environment to maximize the potential of the genetic products we offer." Dutch Passion agrees to give MYM exclusive rights in Canada to produce and distribute under the Dutch Passion brand, all products that Dutch Passion sells currently and may sell in the future, including: clones, flowers, pre-rolled joints and other cannabis products. Dutch Passion also agrees to give MYM non-exclusive rights in Canada to produce and/or distribute cannabis seeds under the Dutch Passion brand. MYM will make Dutch Passion its flagship brand of cannabis seeds for sale in Canada and Dutch Passion will list MYM as an official distributor of products in Canada.
Dutch Passion will allow MYM and its subsidiaries access to all its seed strains for MYM's breeding and production programs and will provide Dutch Passion a 1000 square-metre section in their production facility to co-develop new genetics. Read this entire Company update and more news for MYM Nutraceuticals at: http://www.marketnewsupdates.com/news/mymmf.html
In other cannabis developments of note:
Aleafia Health Inc. (TSXV:ALEF) (OTCQX:ALEAF) has entered into a letter of intent to acquire a 51-per-cent stake in One Plant, an adult-use cannabis retail operation led by members of the Serruya family, including Aaron Serruya, the president of International Franchise Inc., which has over 4,500 franchise locations in over 50 countries. The Serruya family has also been a leading force in the cannabis industry as early investors of Aphria and the majority shareholder of Liberty Health Sciences. Together, the two parties will form a joint venture. The JV marks the first phase of a multiphase strategy that will see Aleafia enter the adult use cannabis industry and related retail operations in Canada, joining Aleafia's two existing business pillars: cannabis cultivation and medical clinic operations. Pending standard due diligence to be completed within 14 days, the execution of definitive agreements and regulatory approvals, the acquisition provides Aleafia the tools to become one of the largest national adult-use cannabis retailers.
Choom Holdings Inc. (CSE:CHOO) (OTCQB:CHOOF) has been added to the Horizons Marijuana Life Sciences ETF (TSX:HMMJ). HMMJ is the world's first and largest exchange-traded fund (ETF) offering direct exposure to North American publicly listed life sciences companies with significant business activities in the marijuana industry. "Choom's addition to the Horizons Marijuana Life Sciences ETF is recognition of our efforts to building a dominant branded cannabis company. The Choom brand was created exclusively to service the retail recreational market, ensuring curious customers and cannabis connoisseurs alike can cultivate good times," said Chris Bogart, president and chief executive officer of Choom. "Our inclusion in Horizons Marijuana Life Sciences ETF provides an excellent avenue for increased exposure to the investment community."
As part of the strategic alliance and streaming agreement previously announced on March 5, 2018, Auxly Cannabis Group Inc. (TSXV:XLY) (OTCQX:CBWTF) has completed a $7.5-million equity investment in FSD Pharma Inc. Pursuant to the transaction, Auxly has subscribed for $7.5-million of publicly traded Class B subordinate voting shares of FSD at a price of $1 per share. The purchased shares are subject to a statutory hold period expiring four months and one day from the date of issuance, on Jan. 20, 2019. Proceeds from the financing will be used to finance the continuing construction of the initial 220,000 square feet of cultivation space that Auxly and FSD are jointly developing at FSD's 620,000-square-foot facility in Cobourg, Ont., pursuant to the agreed upon construction and development budget, announced on July 3, 2018. The jointly developed cultivation space, which is currently under construction, will also include a dedicated space for large-scale extraction. Auxly retains a 49.9-per-cent stream of all cannabis and cannabis-derived products produced at the facility, under partnership with Auxly, in perpetuity.
InMed Pharmaceuticals Inc. (TSX:IN.TO) (OTCQX:IMLFF) has filed a Patent Cooperation Treaty (PCT) application pertaining to the company's INM-405 program and other unique compositions as cannabinoid-based topical therapies for the treatment of pain, which is an important step in protecting the company's intellectual and commercial property. The patent application, entitled "Methods and Composition for the Treatment of Pain with Cannabinoids" is designed to provide protection of the company's INM-405 program in over 150 different countries including the United States and claims a priority date from Sept. 22, 2017 (PCT/CA202018/051194). Dr. Eric Hsu, PhD, InMed's vice-president of preclinical research and development, commented, "While there are numerous pharmaceutical products to treat both acute and chronic pain, the increase in the number of prescriptions for the opioid class of products (oxycodone, hydrocodone, morphine, methadone, fentanyl, etc.) has led to concerns as these products can be highly addictive and have damaging side effects, including death." According to the United States Centers for Disease Control and Prevention, since 1999, the number of overdose deaths involving opioids (including prescription opioids and heroin) quadrupled, as have the number of prescriptions for opioids, yet there has been no increase in the amount of pain reported in the general population. Thus, there is a need to find alternative treatments for chronic and severe pain that are non-addictive and have limited side effects. "InMed is researching the potential of non-THC (THC is a psychoactive ingredient in cannabis) cannabinoids to treat pain using a proprietary topical formulation," Dr. Hsu continued.
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