NEW YORK, October 3, 2018 /PRNewswire/ --
According to data publishedby Forbes, citing Brightfield Group, the global cannabis market is estimated to cross the USD 30 Billion mark by 2021. By end of 2017, the global cannabis market value was estimated at USD 7.7 Billion,
Canada had recently passed a nationwide legalization of recreational cannabis use, following Uruguay to become the second country to do so. According to CBC, Canada is one of only two countries, besides the Netherlands, that exports cannabis products, which allows companies in Canada to gain instant revenue from recent medical cannabis legalizations in more than 20 countries. CBC reported that the "offerings in today's Canada medical marijuana market differ little from those used recreationally - the smokable plant and, more recently, oil extracts. More than 70 companies have licenses from the federal drug regulator, Health Canada, to cultivate, produce and sell medical marijuana, with more than half those licenses granted in 2017 or 2018."
FinCanna Capital Corp. (OTCQB: FNNZF) is also listed on the Canadian Securities Exchange under the trading symbol (CSE: CALI). Just earlier today the company announced breaking news that, "its investee company Refined Resin Technologies Inc. ("Refined Resin") of Oakland, California has acquired its second purchase order for THC distillate in the minimum amount of US$9.6 million. Refined Resin is a cannabinoid research and refinery company that provides B2B products and services to licensed brands, dispensaries and distributors in the medical cannabis supply chain.
This purchase order was received from a prominent, large volume, California cannabis enterprise whose business interests include brands, products, and a California wide distribution network. The purchase order of US$9.6 million is specified as a minimum annual amount with the expectation that monthly volumes and associated payments would significantly increase based on consistent delivery and performance. Refined Resin continues to meet with suppliers, contractors and potential customers in support of its commercial launch expected in early 2019. Refined Resin anticipates that it will secure additional purchase orders based on advanced discussions in progress with a number of interested parties.
Refined Resin is currently retrofitting a legally zoned, state-of-the-art medical cannabis extraction laboratory, in Oakland, California. Accordingly, this purchase order is non-binding, as the company needs to complete construction and the associated licensing process required for commercial operation. The facility is targeted to be fully operational by early 2019.
"This multimillion-dollar order from an industry leading distributor illustrates the outstanding reputation and confidence in the Refined Resin team from leading players in the California market" said Andriyko Herchak, President and CEO of FinCanna Capital. "We see this trend continuing as the Refined Resin team has a deep network and a known industry standard to deliver a high-quality THC distillate."
It is Refined Resin's intention to become a premier producer of bulk quantities of THC distillate and various high value concentrates produced via hydrocarbon-based solvent extraction. The company plans to provide white-labeling services to licensed brands and infused product manufacturers.
About Refined Resin Technologies Inc. - Refined Resin Technologies, based in Oakland, California, is a cannabinoid research and refinement company focused on the medical cannabis industry to provide B2B products and services to licensed dispensaries, infused product manufacturers and numerous others in the medical cannabis supply chain.
About FinCanna Capital Corp. - FinCanna provides financing to top-tier companies in the licensed medical cannabis industry in exchange for a royalty on revenues. FinCanna, led by a team of finance and industry experts, is building its diversified portfolio of royalty investments in scalable, best-in-class projects and companies in U.S. legal states, with a focus on California."
CannaRoyalty Corp. (OTCQX: CNNRF) is a North American cannabis consumer product company currently focused on building a leading distribution business in California, the world's largest regulated cannabis market. CannaRoyalty Corp. and its subsidiary, Trichome Financial Corp. recently announced that the Company has signed a binding term sheet to acquire 100% of investee 180 Smoke and its affiliates for total consideration of USD 25 Million, as well as an additional USD 15 Million upon the completion of certain milestones. Afzal Hasan, President and General Counsel, at CannaRoyalty, commented, "180 Smoke is the Canadian cornerstone of the home we have been building to originate the global cannabis brands of the future. Our platform emanates from California, where we have fostered the growth of almost 50 cannabis brands as a manufacturer and distributor into over 450 dispensaries. Customer satisfaction and attachment are the primary determinants of success in a consumer brands business and cannabis is no exception. Looking at the Canadian market and the lack of compelling consumer offerings on the horizon even a year out, we view 180 Smoke as one of the few companies who is doing it 'right'. As a management team, we are drawn to business models that can be rapidly and profitably scaled with the addition of each new customer, brand and dollar of capital, and 180 Smoke fits this formula. The 180 Smoke management team has built a growing, profitable retail and online Vape business along with several strong in-house brands in a fragmented, competitive and highly regulated marketplace. We expect to be in a position to rapidly leverage 180 Smoke's existing platform and additional cannabis locations to drive sustainable, accretive growth in the Canadian market."
The Green Organic Dutchman Holdings Ltd. (OTCQX: TGODF) is a research & development company licensed under the Access to Cannabis for Medical Purposes Regulations ("ACMPR") to cultivate medical cannabis. The Green Organic Dutchman Holdings Ltd. recently announced that it has signed a definitive agreement to acquire 100% of the issued and outstanding shares of privately-held HemPoland in an immediately accretive cash and share transaction. "HemPoland is a key component to a number of strategic acquisitions and planned partnerships focused on expanding our global distribution network. This acquisition will significantly add to the Company's top and bottom line," said Brian Athaide, Chief Executive Officer of TGOD. "Gaining market share with CBD products now, in the EU, with over 700 locations allows TGOD to establish immediate brand awareness across all verticals including infused beverages. This is an accretive acquisition and gateway to Europe's 750 million people accelerating our plan of becoming the world's largest organic cannabis brand," continued Athaide.
Auxly Cannabis Group (OTCQX: CBWTF) is a collective of entrepreneurs with a passion for the cannabis industry past, present and future. Auxly Cannabis Group Inc. recently provided the following operational update on the Company's operations in Uruguay conducted through Inverell S.A.. Inverell, founded and operated by Dr. Raul Urbina, a world-renowned expert in large scale outdoor cultivation, micropropagation, plant breeding and extraction operations, is a federally licensed cannabis operator based in Montevideo, Uruguay. Hugo Alves, President and Director of Auxly commented: "Taking into consideration that Inverell is a key partner and contributor to the upstream segment of the Auxly platform, we could not be more pleased with the progress Dr. Urbina and his team have made in the short time since the announcement of the acquisition. The depth of Dr. Urbina's team's knowledge on plant breeding, micro-propagation, high density outdoor cultivation and extraction of high value molecules from plants is truly unmatched. For these reasons, we believe that Inverell is poised to be a dominant player in the production of CBD extract for export in South America with their world class hemp cultivation and processing assets."
Innovative Industrial Properties, Inc. (NYSE: IIPR) is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated medical-use cannabis facilities. Innovative Industrial Properties, Inc. recently announced that it closed on the acquisition of the property located at 10070 Harvest Park in Dimondale, Michigan, which is currently under development and expected to comprise approximately 56,000 sq. ft. upon completion. Concurrent with the closing of the purchase, the Company entered into a long-term, triple-net lease agreement with Green Peak, which intends to utilize the facility for medical cannabis cultivation and processing upon completion of development. The initial term of the lease is 15 years, with two options to extend the term for two additional five-year periods. The lease provides for an initial annualized aggregate base rent of 15% of the sum of the initial purchase price, Additional Purchase Price and TI Allowance, subject to three months of rent deferral at the beginning of the term. The aggregate base rent is subject to 3.5% annual increases during the term of the lease, and Green Peak is also responsible for paying the Company a property management fee equal to 1.5% of the then-existing aggregate base rent.
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