PALM BEACH, Florida, July 30, 2019 /PRNewswire/ -- With the passage of the Farm Bill, hemp will see a significant catalyst for growth. It could see even more growth once the U.S. Department of Agriculture (USDA) introduces federal hemp rules in August 2019, speeding previous plans
MYM Nutraceuticals Inc. (CSE:MYM)(OTCQB:MYMMF) BREAKING NEWS: MYM Nutraceuticals just announced it has finalized the acquisition of 50% of BioHemp Naturals, a licensed hemp cultivator in the business of cultivating and distributing CBD-rich hemp biomass to licensed producers in Canada. BioHemp co-founder, Len Atkinson, has joined the MYM management team as Global Hemp Project Manager. BioHemp's founder has been growing hemp since 2015 and developed unique harvesting methods and standard operating procedures which meet all Health Canada testing requirements for hemp. BioHemp is expanding its hemp operations to cultivate 450 acres this 2019 season. Working with BioHemp, MYM is hoping to expand cultivation to 3,000 acres of CBD-rich hemp for the 2020 grow season. To date, MYM and BioHemp have purchase agreements in place totaling over $33 million.
"Finalizing the acquisition of 50% of BioHemp Naturals and engaging Mr. Atkinson as MYM's Global Hemp Project Manager is another positive move in the restructuring of MYM to become a global player in the cultivation, extraction, and distribution of CBD-rich hemp," said Howard Steinberg, CEO of MYM. In exchange for 50% of BioHemp Naturals, MYM will pay a total of $2.5 million cash (in two tranches) and 6,000,000 common shares in the capital of MYM. For more information on MYM, please visit: https://www.mym.ca/
Other cannabis-related developments from around the markets include:
OrganiGram Holdings Inc. (TSXV:OGI) (NASDAQ:OGI) just announced its financial results for the third quarter ended May 31, 2019. "We continued to report strong sales in our third quarter and now have distribution in all ten provinces. In our fiscal year to date, we have generated strong operating and financial results, placing us among the leaders in the Canadian industry. While we saw a temporary reduction in yield per plant in Q3 due to temporary changes in growing protocols, not only have our yields returned to historical levels, but we have seen a meaningful increase in average cannabinoid levels in harvests to date in Q4" said Greg Engel, Chief Executive Officer. "We have seen adult recreational cannabis sales highly correlate to the presence of physical retail stores based on a comparison of the provinces in Canada. The Canadian market is positioned to grow significantly with more retail stores opening – particularly in the two most populous provinces of Ontario and Quebec - and the upcoming legalization and availability of edibles and derivative products."
"We expect to remain a national market leader by maintaining our track record of meeting supply commitments and delivering high-quality product to our customers. Our experienced team continues to de-risk our edibles and derivative strategy in order to be ready to launch the most popular cannabis product forms upon legalization. We are very excited for fiscal 2020 which should build upon an already successful 2019. By the first half of fiscal 2020, we expect to benefit from record harvests of high-quality indoor-grown dried flower, the sale of a variety of vape pen products as well as our initial edible product forms. The Canadian market will be much more mature from a distribution and retail perspective with Ontario anticipated to have three-times the current number of stores by October 2019 and Quebec planning to more than double its retail presence by March 2020 and with Alberta continuing to grow its already leading number of retail distribution points."
Aurora Cannabis Inc. (NYSE:ACB) (TSX:ACB) just received Health Canada licenses for outdoor cultivation at two Canadian sites. The new sites in Quebec and British Columbia will be used for cultivation research to develop new technology, genetics and intellectual property in order to drive sustainable, high-quality outdoor production. Aurora purposefully chose the outdoor sites because they represent two different growing environments. The company will conduct research on cultivation techniques to further excel at growing cannabis in varying climate conditions and will examine approaches to environmentally sustainable cannabis agriculture. The newly-named Western facility will be called Aurora Valley and is a 207-acre operation in Westwold, British Columbia. The Eastern facility, a 21,000 square foot operation at the Aurora Eau facility in Lachute, is the first approved outdoor grow operation for cannabis in Quebec. Aurora Valley is expected to be planted shortly and Aurora Eau has already been planted.
The two sites are an extension of the scientific research Aurora will be conducting at its new Comox facility, which will be ready in the fall of 2019. The Comox facility consists of a 21,000 square foot indoor grow facility and a 10,500 square foot laboratory. This unique research centre will be home for Aurora's plant breeding team designed to create new cannabis cultivars with improved growing characteristics for both indoor and outdoor cultivation. "Aurora believes in innovative operations and intensive research and we're applying our approach to outdoor grown cannabis," said Aurora CEO Terry Booth. "Our team plans to use these areas to ensure we are able to consistently grow the high-quality cannabis Aurora has become known for around the world. We're proud to be a Canadian company and this is a further commitment to research and job creation in Canada."
CannTrust Holdings Inc. (TSX:TRST)(NYSE:CTST) just announced immediate senior management changes and other interim actions based on the ongoing investigation being undertaken by a special committee of its board of directors. The investigation into the Company's non-compliance with Health Canada regulations and ancillary matters uncovered new information that has resulted in a determination by the Board to terminate with cause CannTrust CEO Peter Aceto. In addition, the Board of Directors demanded the resignation of the Company's Chair Eric Paul and he complied. Effective immediately, the Board has appointed Special Committee Chair Robert Marcovitch to the role of interim CEO and he will step down as a member of the Special Committee. "Our first priority is to complete the remaining items of our investigation and bring the Company's operations into full regulatory compliance. Implementing the necessary changes is essential to the interests of our medical patients, customers, shareholders and employees," said Mr. Marcovitch. "CannTrust has a number of strengths it can draw upon to reset and rebuild, including industry-leading research, innovation and intellectual property."
PharmaCielo Ltd. (TSXV:PCLO)(OTCPK:PHCEF) announced that it has completed the necessary permitting process required to enable Colombia's first commercial export and sale of non-psychoactive (CBD) isolate. The extensive process fulfils the extensive and final regulatory obligations required, including individual approvals by the Colombian Ministries of Health and Justice, in order to commence product exportation. With this prerequisite accomplished, the Company will begin the process of confirming a series of international business relationships and configuring inaugural commercial shipments of high-grade medicinal CBD isolate, with a purity certificate of analysis (COA) of 99+% and meeting all other strict quality control standard requirements established by the Colombian government. "Enabling product delivery to customers is one of the most exciting and memorable moments for any company, and we are thrilled about this accomplishment," said David Attard, CEO of PharmaCielo Ltd. "This specific point in time not only distills the vision, hard work, dedication and commitment of our team, but also signifies the transition of PharmaCielo from a founding stage into a mature company with the infrastructure of production, distribution and sales operations that can deliver high-quality products to its clients."
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