Joining the blockchain craze this week was India Globalization Capital, Inc. (NYSE:IGC), a heavy-equipment rental and real-estate-management firm that dabbles in medical marijuana. According to a statement, the company hopes to address one-of-a-kind issues faced by the cannabis industry. Specifically, IGC plans to explore blockchain use in the area of product identification assurance (PIA), citing studies showing that over 70 percent of cannabidiol products purchased over the internet have the wrong label.
The company’s top product is a cannabis-based Alzheimer’s drug called Hyalolex. Currently, IGC hopes to receive both FDA approval for the drug, as well as licensure to distribute it as a Complimentary and Alternative Medicine in marijuana dispensaries throughout the country. Initial plans are to distribute the product in dispensaries throughout D.C. and Maryland and then to expand from that point outward.
“We understand the unique challenges facing the cannabis industry and believe that our team has the expertise to be the first to create meaningful solutions to address these issues using distributed ledgers inherent in blockchain technology,” remarked company CEO Ram Mukunda. “As we work to develop blockchain in the rollout of Hyalolex, our goal would be to establish a universal cannabis platform applicable to solving multiple industry challenges facing dispensaries and consumers. “
IGC expects that Hyalolex will be available to Alzheimer's patients sometime in 2018.
Future Farms Florida Project
My parents didn't want to move to Florida, but they turned sixty and that's the law… On Wednesday Future Farm Technologies Inc. (CSE:FFT) (OTCQB:FFRMF) announced they would close on their previously announced 10-acre operating greenhouse on January 4, 2018. In 2017 the greenhouse generated $2.6 million in revenue and another $400,000 in EBITDA. The move is part of the company’s plan to expand into the Florida cannabis market, which, according to a statement they believe will generate an estimated $1 billion by 2020.
In addition to the greenhouse news, Future Farms announced that the company secured a $4 million private placement from Yorkville Advisors Global, LP. As per a statement released by the company, the placement is their most considerable investment to date. Money from the placement will be used to finalize the aforementioned greenhouse deal.
“Although the Florida acquisition has taken longer than anticipated, we see the Yorkville financing and the revenue-generating acquisition in Florida as major milestones for Future Farm and its shareholders since it puts us in one of the fastest growing cannabis and hemp markets in the country,” commented William Gildea, CEO and Chairman of Future Farms. “We expect that this acquisition will bring Future Farm $2,600,000 USD in revenue and $400,000 USD in EBITDA, which positions the Company for tremendous growth in 2018 and for years to come.”
USEI Trains Staff On Cannabis Extraction Equipment
You load sixteen tons, what do you get… In preparation for the opening of California’s recreational marijuana market US Energy Initiatives Corporation, Inc. (OTC PINK:USEI) acquired an MRX 20L Super-critical CO2 Botanical Extraction Unit. On Tuesday the company announced that a team of five employees traveled to Camby, Oregon to learn how to use the machine. The machine extracts oil from cannabis plants, which the company considers to be the most profitable sector of the industry.
An energy firm by trade, U.S. Energy Initiatives Corporation has a wholly-owned subsidiary, USEI Cannabis which deals in all areas of the cannabis industry. The company markets vapor pens and accessories, topical ointments, cannabis oils and tinctures under the brand name Ultimate Cure and Real McCoy Genuine Products. Long-term goals for the company include expansion into legalized western states and wherever cannabis is legal.
“Our business plan includes cannabis extractions using all available techniques, so collectively, we intend to produce a wide range of products,” said company CEO Anthony Miller. “We also have a plan (announcing in the coming days) designed to fund our future growth and allow us to procure a significant amount of post-production equipment to grow this business. We believe that our business plan will produce significant revenue for USEI in 2018, adding significant value to our shareholders.”
Mergers and Acquisitions
The street is a room by agreement… Before the holiday ancillary cannabis company Med-X, Inc. announced that they have entered into a definitive merger and acquisition agreement with Pacific Shore Holdings, Inc. Together, the two companies will combine to develop “integrated pest management services and pain management solutions,” as well as commercial and consumer products. The agreement calls for Pacific Shore shareholders to offer two shares of common stock in return for one share of common stock from Med-X.
“With its international and domestic distribution partnerships in place, PSH aligns with and enhances the Med-X cannabis platform and further positions all of our business divisions for global growth,” said Med-X CEO Dr. David E. Toomey.
Money is made by sitting, not trading… The NEO Exchange announced last week that Cannabis Strategies Acquisition Corp. would begin trading using the symbol CSA.UN following approval by the exchange for the company to list its shares. The company recently completed its initial public offering of $125 million and intends to use the funds to acquire cannabis manufacturing and distribution businesses. According to a statement released by the NEO, Cannabis Strategies is the cannabis industry’s first special purpose acquisition corporation.
“It was important for us to select an exchange partner with whom we know exactly where we stand as a company looking to enter the cannabis sector,” said Cannabis Strategies CEO Jonathan Sandelman.
News and Notes
The conditions in the pure air of the Colorado Mountains proved extremely favorable for my experiments… EVIO, Inc. (OTCQB:EVIO) announced on Tuesday that ISO 17025 accreditation had been approved for its Colorado Licensee, PhytaTech CO. Calibration and testing laboratories consider it to be the highest standard, one that labs only receive if they consistently produce precise and accurate tests. “As one of only a few Colorado Cannabis Testing labs that have achieved ISO 17025 accreditation, PhytaTech is at the leading edge of testing in the state,” said PhytaTech’s Laboratory Director Stephen Goldman.
The two most powerful warriors are patience and time… Vapor Group, Inc. (OTC PINK:VPOR) has pushed back the closing date for sale of its subsidiary, Simple Cork, Inc.'s intellectual property to after the new year.
More often than not, a C.E.O is merely a puppet whose strings are pulled by a board of directors... CannaRoyalty Corp. (CSE:CRZ) (OTCQX:CNNRF) announced on Thursday that the company added Oskar Lewnowski and Peter Kampian to their board of directors.