NEW YORK, July 31, 2018 /PRNewswire/ --
According to data providedby Grand View Research, the global legal cannabis market is projected to reach USD 146.4 billion by end of 2025. Growing adoption of cannabis products for various medical applications such as cancer, mental disorders, chronic
Canada has legalized cannabis nationally earlier this June and the U.S. is moving gradually towards legalization. Earlier this year the state of California has legalized cannabis for recreational purposes. Canada's new laws are expected to create an innovative environment. According to a report by CBC, University of Waterloo entrepreneurship professor, Nada Basir, explained, "Where I think we're going to see a lot of startup activity around this new legislation is in activities outside the traditional growth and transaction of the product… typically, historically, this is where we see innovation really happen because it becomes the survival of the fittest, and to survive you're going to have to figure out how to scale, how you can be more efficient, how you can save costs."
CLS Holdings USA Inc. (OTCQB: CLSH) announced last week the, "appointment of Frank Tarantino as Chief Financial Officer. Mr. Tarantino brings big four public accounting and private and public company management and financial expertise, which will be extremely beneficial in leading the Company through its next phase in organic growth and acquisitions.
Mr. Tarantino stated, "I am pleased to join CLS post acquisition of Oasis Cannabis and look forward to working with the executive team in its strategic transition into vertically integrated operations, and expanding its operations in Nevada and other key markets."
Mr. Tarantino has more than 18 years of executive management experience in public and private companies and six years of experience in public accounting. Prior to joining CLS, Mr. Tarantino was the COO/CFO of Wild Things, an outdoor clothing manufacturer and retailer serving the US Military and foreign governments. Prior to Wild Things, Mr. Tarantino worked as the Vice President of Finance at Cornerstone Brands, an acquisition and holding company concentrating on high end, online and direct mail retailers. Mr. Tarantino was involved with several acquisitions and managed the company's bank syndicated credit line, which peaked at $135 million. Mr. Tarantino also worked on raising capital for both Wild Things and Cornerstone Brands. In the early stages of his career, Mr. Tarantino worked as an auditor for Coopers and Lybrand, now Pricewaterhouse Coopers, in the Boston office where he concentrated on auditing financial institutions, banks, broker dealers and institutional investors.
Mr. Tarantino earned a BS in Accounting and Finance from Babson College, Wellesley, MA and earned his Certified Public Accountant Certificate from the State of Massachusetts."
Mr. Lamadrid has elected to resign due to personal considerations. CLS Chief Executive Officer Jeff Binder stated, "We thank Mr. Lamadrid for working with us as we expanded into vertically integrated operations, and seeing us through the entire process of acquiring Oasis."
Invictus MD Strategies Corp. (OTC: IVITF) owns and operates two cannabis production facilities, both with sales licenses, under the ACMPR in Canada, with the vision of producing a variety of high quality and low-cost cannabis products to the global market, as regulations permit. Recently, the Company announced that it has entered into a binding letter of intent to acquire 100% of the issued and outstanding shares of a medical clinic and cannabis retail company that operates medical clinics in, Alberta, and is awaiting final review and approval for a retail cannabis license from the Alberta Gaming and Liquor Commission. The medical clinics' patient-first business model features educators and physicians on-site to educate patients about medical cannabis and how to access it safely in Canada. In four easy steps, patients can see a physician, access educational support, and register with a licensed producer to begin receiving product. The cannabis clinic has 3,400 patients registered under Access to Cannabis for Medical Purposes Regulations, providing a direct channel to Invictus owned Licensed Producers, fully licensed under ACMPR.
Vitality Biopharma, Inc. (OTCQB: VBIO) is dedicated to unlocking the power of cannabinoids for the treatment of serious neurological and inflammatory disorders. On June 20, 2018, the Company announced that it has received approval from both the U.S. Drug Enforcement Administration (DEA) and the State of California Research Advisory Panel which permits the Company to continue development of its novel cannabinoid pharmaceutical prodrugs. Vitality initially worked with the DEA to ensure adequate on-site measures are in place to prevent diversion of Schedule I controlled substances, the most regulated tier of controlled substances in the US. In addition, the California Research Advisory Panel, a part of the California Attorney General's Office, also approved Vitality's cannabinoid pharmaceutical development activities. Vitality Biopharma's operations are in compliance with federal controlled substance regulations and are enabling development of a novel class of cannabinoid prodrugs that avoid psychoactivity.
Lexaria Bioscience Corp. (OTCQX: LXRP) has developed and out-licenses its disruptive delivery technology that promotes healthier ingestion methods, lower overall dosing and higher effectiveness of lipophilic active molecules. Lexaria's technology provides increases in intestinal absorption rates; more rapid delivery to the bloodstream; and important taste-masking benefits, for orally administered bioactive molecules including cannabinoids, vitamins, non-steroidal anti-inflammatory drugs (NSAIDs), nicotine and other molecules. Earlier in July, the Company announced the results of the 2018 Annual General and Special Meeting. The previously announced corporate reorganization is proceeding on schedule and has been expanded. Lexaria is forming four new wholly-owned subsidiaries, one each for the pharmaceutical, nicotine, hemp, and cannabis industries. The division recognizing separate industry sectors is expected to greatly assist in their evolution and growth including but not limited to research and development and finance.
The Supreme Cannabis Company, Inc. (OTC: SPRWF) is a Canadian publicly traded company committed to providing premium brands and products that proudly reflect its consumers, people and uniquely innovative culture. The Company's portfolio includes its wholly-owned subsidiary and flagship brand 7ACRES. 7ACRES is a federally licensed producer of medical cannabis operating inside a 342,000-square-foot facility in Kincardine, Ontario. On July 11, 2018, the Company announced that its wholly owned subsidiary, 7ACRES, has entered into a memorandum of understanding ("MOU") with the British Columbia Liquor Distribution Board to supply recreational cannabis to BC's private cannabis retailers. Under the terms of the MOU, 7ACRES will supply the BCLDB with 553 kg of cannabis over a 12-month period. All 7ACRES product will be listed in the top-tier brand category in BC - consistent with other provincial supply agreements 7ACRES has signed.
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