PALM BEACH, Florida, August 2, 2018 /PRNewswire/ --
MarketNewsUpdates.com News Commentary
Theglobal cannabis industry has transformed into a true economic powerhouse, generating billions in revenues and creating millions of jobs in different avenues around the world. According to European investment bank Bryan, Garnier and Co., the global legal
CROP Infrastructure Corp. (CSE:CROP) (OTCPK:CRXPF)) BREAKING NEWS: CROP Infrastructure provides the following update on the company's Joint Venture; Xhemplar hemp farm in Italy. The 25-acre property was planted less than 50 days ago, has now produced approximately 600,000 healthy hemp plants. The plants are expected to be harvested in the next 20 days. Furthermore, the joint venture has erected three drying facilities in the preparation for saleable dried hemp biomass. The company has also identified multiple locations for an extraction facility.
The Joint Venture's high CBD hemp will be sold as biomass or processed into CBD isolate for international markets. The joint venture's products will be branded under XHemplar and CROP brands Tiffany CBD and Hempire Italia.
According to Arcview Market Research and its partner, BDS Analytics, government-subsidized health care spending (worldwide market at $1.3-trillion) is expected to make Europe among the fastest growing and largest medical cannabis markets in the world. Arcview expects Italy to be the second largest cannabis market in Europe by 2027 with $1.2 billion in sales.
CROP Infrastructure Director & CEO Michael Yorke states: "The company is extremely encouraged by the fast pace of our partners at XHemplar having advanced into production in Italy. CROPs portfolio of cannabis infrastructure assets now includes cultivation properties in California, Washington State, Nevada, Italy, Jamaica. CROP also holds minority interests in West Hollywood and San Bernardino dispensary applications. Management will continue to aggressively pursue new international opportunities and expand its portfolio of tenant growers and infrastructure assets in strategic jurisdictions." XHemplar Chairman and CROP Infrastructure VP of M&A, EMEA Andrea Castiglione states: "We're looking forward to CROP building out the extraction facility and unlocking the true value of the hemp plant. In 2019 we will look to increase the scale of our operations and asset base in Italy with CROP Infrastructure." Read this full announcement and more news for CROP Infrastructure at: http://www.marketnewsupdates.com/news/crop.html Additional cannabis industry related developments from around the markets:
Canopy Growth Corp (NYSE:CGC) (TSX:WEED.TO) earlier this week announced the results of the Special Meeting of Shareholders ("Special Meeting") which took place on July 30, 2018. At the Special Meeting, Shareholders approved the Amended and Restated Omnibus Incentive Plan (the "OIP"), as described in the Corporation's management information circular dated June 13, 2018 (the "Special Meeting Circular"). The resolution authorizing the Corporation to amend the Corporation's Articles of Incorporation to divide the number of issued and outstanding common shares of the Corporation on the basis of a range between two-for one and three-for-one, at the discretion of the Board of Directors of the Corporation (the "Board"), as described in Special Meeting Circular (the "Share Split Resolution") was also approved at the Special Meetings by more than two-thirds of the votes by way of a show of hands.
Abattis Bioceuticals Corp (OTCQB:ATTBF) (CSE:ATT.CN) recently announced an update as the Company moves to a phase of building on recent investments and anticipates significant revenue growth in the fourth quarter of 2018. As a result of its recently completed over-subscribed private placements and the forthcoming sale of its remaining stake in Northern Vine Canada Inc. ("Northern Vine") to Emerald Health Therapeutics Inc., the Company will be well capitalized and in an enviable position heading into the legalization of cannabis for recreational purposes in Canada, which is expected to occur on October 17th of this year. Through its master services agreement with Northern Vine, the Company continues to have preferential access to a licensed lab, which will enable it to progress its research and development partnerships with the University of British Columbia, exploring nanoemulsified and liposomal platforms for transmucosal delivery of cannabinoid-rich hemp oil, and Faculty Brewing Company, developing hemp-infused, cannabinoid-rich, THC-free craft beer.
OrganiGram Holdings Inc (OTCQB:OGRMF) (CSE:OGI.CN) ended Wednesday up 4.08% with a volume north of 690,000. Last week, the company announced it is in the final stages of planting the remaining three of the sixteen three-tier Phase 3 cultivation rooms which have been licensed by Health Canada. In total, the Company's Phase 3 expansion has increased Organigram's target dried flower equivalent production capacity from an estimated 22,000 kg/annum (Phases 1 and 2) to 36,000 kg/annum (Phases 1, 2 and 3). Staggered harvests from Phase 3 are expected to begin in late August. The licensing of Phase 3 does not require a new sales license as this expansion is part of the existing Moncton facility. The additional capacity will help ensure product is available for sale when the adult recreational market launches. In addition, Organigram has received licensing on a second harvest room which allows the Company to automate its harvesting process. The Company has also received licensing on new automated potting and waste shredding rooms.
Newstrike Brands Ltd (OTCPK:NWKRF) (TSX-V:HIP) recently announced it has closed the transactions described in the investment agreement with Inner Spirit Holdings Ltd. ("Inner Spirit") dated May 22, 2018 (the "Investment Agreement"), the signing of which was previously announced on May 23, 2018. Pursuant to the Investment Agreement, both Newstrike and Inner Spirit have acquired equity interests in each other and have entered into a strategic alliance agreement for the retail distribution of UP Cannabis Inc. ("Up Cannabis") products, subject to applicable law, and the creation and operation of Up Cannabis-branded customer lounges or "Experiential Hubs" in Spirit Leaf stores. "The closing of this transaction signifies our commitment to the adult-use market, participating in the production, supply and retail of cannabis," said CEO and Chairman of Newstrike and Up Cannabis, Jay Wilgar. "We look forward to working with the Inner Spirit team to create quality customer experiences and supplying our product to retail in their stores across Canada."
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