NEW YORK, May 2, 2018 /PRNewswire/ --
According to data providedby European investment bank, Bryan, Garnier & Co., the legal global cannabis market is poised for growth of more than 1,000% over the next decade and could reach $140 billion dollars by 2027. The market is going through
In the U.S., the potential financial benefits from legalization are important economically and politically. Fortune reported that, "in order to collect $1 billion a year in taxes, the state will need to reach a projected $7 billion in annual legal recreational cannabis sales. At that rate, California would easily be the country's largest legal marijuana market, as the entire legal cannabis industry in the U.S. is expected to pull in roughly $10 billion in total sales for 2017. That number would almost certainly get a boost in the coming years, as legal markets grow in California and other states, such as Nevada and Massachusetts."
High Hampton Hldgs Corp. (OTC: HHPHF) also listed on the Canadian Securities Exchange under the Ticker (CSE: HC). Earlier today the company announced breaking news that, "it has entered into a binding term sheet with 8 Points Management LLC ("8 Points") and its subsidiary Bravo Distro ("Bravo") to acquire 100% of all of the issued and outstanding shares of both 8 Points and Bravo as an all-share transaction. Bravo is a fast-growing California cannabis distributor founded by the same team who served as the brainchild for River Distributing Co., the first company in California to receive a permit for medical cannabis wholesale logistics, distribution and transportation.
This acquisition will
The term sheet stipulates the exchange of 100% of 8 Points' issued and outstanding shares in exchange for 4,200,000 common shares of High Hampton (the "Share Exchange") with the shares being subject to escrow and certain milestone conditions triggering a staggered share release within 24 months following the closing date of June 6th, 2018. In consideration of the Share Exchange, High Hampton will commit up to $2,000,000 US Dollars to 8 Points for past debt, product development, marketing, sales and working capital.
High Hampton and 8 Points expect to complete a definitive agreement on or before June 6th, 2018 subject to a number of conditions, including, but not limited to: completion of the Share Exchange, approval of the Canadian Securities Exchange, approval of the High Hampton Board of Directors, as well as, completion of due diligence investigations to the satisfaction of each party, there being no material adverse change in the business of High Hampton or 8 Points prior to completion of the Transaction and other customary closing conditions."
David E. Argudo, CEO of High Hampton, commented: "Securing distribution is a crucial if not the most important component of a successful business model for the California cannabis market. In 8 Points we have found a well-positioned operator that offers a full-service distribution model for our industry and has established access to major distribution hubs in strategic locations throughout California including a prominent location in West Sacramento. Their team is renowned for already starting and operating another highly successful cannabis distribution outlet, and together, we are poised to succeed in building a leading cannabis distributor in California."
Vitality Biopharma, Inc. (OTCQB: VBIO) is dedicated to unlocking the power of cannabinoids for the treatment of serious neurological and inflammatory disorders. Earlier in April, the company announced the pending formation of a wholly-owned Canadian subsidiary, Vitality Genetics, Ltd., which will focus on and enable the performance of a wide variety of cannabinoid genetics research and development programs. Vitality Biopharma's current operations are in California where it develops cannabinoid pharmaceuticals in a federally-compliant manner, after having received approvals from the California Dept. of Justice and the Drug Enforcement Administration. The Company is now planning limited operations in Canada in order to benefit from Health Canada regulations regarding medical cannabis and the federal commitment to nationwide approval for adult use of cannabis.
AXIM Biotechnologies, Inc. (OTCQB: AXIM) focuses on the research, development and production of cannabis-based pharmaceutical, nutraceutical and cosmetic products. On April 23, 2018, the company announced that the company has secured additional funding needed to further its clinical development program through S-3 stock purchases. The two-year Stock Purchase Agreement, which was reached on April 16, 2018, allows the company to sell shares of its common stock Registered on Form S-3 for up to an aggregate purchase price up to $50 million where the number of shares sold shall not exceed 12,000,000. AXIM's flagship pharmaceutical product MedChew Rx is the world's first patented cannabinoid controlled-release chewing gum.
United Cannabis Corporation (OTCQB: CNAB) has long advocated the application of cannabinoids for medical applications and is building a platform for designing targeted therapies to increase the quality of life for patients around the world. On March 15, 2018, the company announced that Jamaica's University of the West Indies' Ethics Committee has reviewed and approved its proposal to conduct clinical trials on its Prana Bio Nutrient Medicinals P1 Capsules for the treatment of chronic pain. The study, titled, "An Open-Label, Phase 1, 2-Way crossover study evaluating the pharmacokinetics of Prana P1 THC activated capsules," will be conducted in conjunction with Cannabinoid Research & Development ("CRD"), the Company's Jamaican subsidiary, at the Centre For Cannabis Research at the University Of West Indies, Mona Campus, in Jamaica. Cannabinoid Research & Development (CRD), a subsidiary of United Cannabis, is a Jamaican based corporation pursuing local licensing to advance the use of medical cannabis therapies through biomedical research and development for the nutraceutical industry.
Namaste Technologies Inc. (OTCQB: NXTTF) is the largest online retailer for medical cannabis delivery systems globally. Recently, the company announced the filing of its unaudited quarterly financial statements, management's discussion and analysis and certification of the quarterly filings for the second quarter of fiscal 2018. The Company's sales for the second quarter of 2018 were $5.6M, representing a $3.7M or 195% increase quarter-over-quarter. Gross profit for the second quarter of 2018 was $1.9M, representing a $1.2M or 150% increase quarter-on-quarter. For the first six months of the year, the Company had sales of $10.6M, representing a $6.6M or 165% increase year-on-year. Gross profit for the first six months of 2018 was $3.6M, representing a $2.1M or 140% increase year-over-year. The gross profit increase relates primarily to the growth in revenue outside the United States. The Company has been focused on launching many new initiatives, the most significant of which is the addition of medical cannabis sales through the Company's wholly-owned subsidiary, Cannmart Inc.
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