PALM BEACH, Florida, October 19, 2017 /PRNewswire/ --
In a reportissued this year by Ameri Research Inc., they estimate Global Cannabis Industry was valued at $14.3 Billion in 2016 and is forecast to grow at a CAGR of 21.1% between 2017 and 2024, culminating in 2024 Global Sales of
MYM Nutraceuticals Inc. (OTCQB: MYMMF) (CSE: MYM.CN) announced that it has entered into a strategic partnership with PUF Ventures Inc. (CSE: PUF) (OTC: PUFXF) ("PUF") for the construction of a one million square foot greenhouse facility in northern New South Wales Australia called the Northern Rivers Project. The Northern Rivers Project is a partnership with the Richmond Valley Council-the local government in New South Wales, Australia-and PUF Ventures Australia ("PVA")-a recently formed majority-owned subsidiary of PUF-to construct a one million square foot greenhouse operation, with large-scale manufacturing, processing and office facilities for the cultivation, production and manufacture of medical cannabis and associated products. Read this and more news for MYM Nutraceuticals at: http://www.marketnewsupdates.com/news/mymmf.html
MYM will own 35% of the Northern Rivers Project, which, at full scale, will have the capacity to produce 100,000 kilograms of high quality cannabis per year, worth between C$800 million and C$1.1 billion (based on current pricing metrics in the Australian cannabis marketplace). Australia has introduced progressive medical cannabis laws in the past few years, and are essentially where Canada was four years ago. Assuming recreational cannabis becomes legal and with a population of more than 24 million people, it is estimated that the cannabis market in Australia will grow to C$9 billion over the next 7 years making it a very attractive market. Being one of the first large-scale production facilities in the Australian market, MYM and PUF could capture a significant portion of that potential revenue. By entering this market through a strategic partnership with the local land-owning government, MYM is positioning itself to become a leader in both Australian and global cannabis production.
The Northern Rivers Project includes a land purchase option agreement with the Richmond Valley Council for a 27-hectare parcel of land near the town of Casino in northern New South Wales, Australia. This is a landmark agreement whereby the council will provide the land for five years at no cost, with an option for Northern Rivers Project to purchase the parcel on favorable terms after the fifth year. The Richmond Valley Council has been extremely supportive of Northern Rivers Project's growth strategy and vision and is committed to improving local economic and employment opportunities. The purchase agreement and associated partnership with the Richmond Valley Council will allow the Northern Rivers Project to enter the cannabis market on a solid footing with the full support of the local political and governing bodies. Having the largest medical cannabis facility in the southern hemisphere in Richmond Valley is expected to draw other investments in research, education, manufacturing, tourism, and other sectors.
Vaughan Macdonald, General Manager of Richmond Valley Council, stated that they are very excited to be working together on the Northern Rivers Project with international partners and fully support the development of this important new industry which will significantly add to gross regional product, create approximately 300 direct new jobs in the local economy, and lead to other follow-on local and regional employment opportunities.
In other industry news of note:
India Globalization Capital, Inc. (NYSE: IGC) yesterday provided compelling in vitro data compiled from genetically engineered cell lines within an Alzheimer's disease model, showing that at varying concentrations of IGC-AD1 the expression of GSK3? is reduced by as much as 62%, leading in turn to a reduction in hyper phosphorylation of tau protein. "Based on this and other previously announced compelling data, we are readying IGC-AD1, brand name Hyalolex, in a liquid formulation for commercialization in early 2018," stated IGC's CEO, Ram Mukunda. We have identified Germany, Canada and certain licensed medical cannabis states in the U.S. for commercialization. The German market recently opened for imports of cannabis products that can be sold in licensed pharmacies. Our initial research indicates that there are about 7.8 million patients with AD in these combined markets.
Supreme Pharmaceuticals Inc. (TSX-V: FIRE.V) (OTC: SPRWF) announced this week that it has amended its agreement with Canaccord Genuity Corp., as lead underwriter on behalf of a syndicate of underwriters (the "Underwriters"), to increase the size of its previously announced bought deal private placement of convertible debenture units (the "Convertible Debenture Units") to $35,000,000 . Under the terms of the amending agreement, the underwriters will now have an option to acquire up to 5,250 additional Convertible Debenture Units, each having the same terms as the Convertible Debenture Units above, which option is exercisable until the Closing Date (as hereinafter defined). All other previously announced terms of the Offering (as hereinafter defined) remain unchanged. As previously announced, each convertible debenture unit will consist of $1,000 principal amount of 8 per cent senior unsecured convertible debentures and 313 common share purchase warrants of the company.
Aphria Inc. (TSX: APH.TO) (OTCQB: APHQF) last week reported its results, for the first quarter ended August 31, 2017. "In the first quarter of 2018, Aphria increased revenue and grams sold and lowered cash costs, in addition to recording our eighth consecutive quarter of positive EBITDA," said Vic Neufeld, Chief Executive Officer, Aphria. "A key driver of our continued performance has been our ability to maintain leadership as one of the lowest-cost producers in the industry. As legal recreational cannabis comes into market in 2018, low costs per gram will be a critical factor for the entire supply chain. Our proven ability to grow to scale while keeping costs low is an important competitive advantage; it positions Aphria to profitably meet projected demand for cannabis and deliver sustainable value to our shareholders." Read the full release at https://finance.yahoo.com/news/aphria-reports-strong-performance-q1-120000526.html
Medical Marijuana, Inc. (OTC: MJNA), the first-ever publicly traded cannabis company in the United States, announced yesterday that its subsidiary Kannaway® LLC is welcoming Robert "Bo" Brannin as its new Senior Director of Operations. In this position, Brannin will be responsible for managing every aspect of the company's supply chain operations from purchasing to inventory, production and shipping. He will bring his twenty years of experience in the operations and logistics field to assist the team in building a strong foundation as the company now prepares to establish international operations.
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