Applying for licensure in the state of Michigan is CanniMed Therapeutics Inc. (TSX:CMED) subsidiary SubTerra LLC. The company announced on Wednesday the submission of applications for medical cannabis production and processing licenses to the state as part of their U.S. expansion plans. Following receipt of the licenses, CanniMed hopes to apply for FDA and DEA approval to conduct medical cannabis research.
Once approved, CanniMed plans to use the licenses with their “underground growth chamber technology,” a patented new way to grow medical cannabis. Furthermore, SubTerra intends to expand in both size and structure by 2019. The announcement comes on the heels of CanniMed’s ongoing war of words with Aurora Cannabis over the latter’s attempted hostile takeover of CanniMed.
“This application to the State of Michigan demonstrates our continuing focus and leadership towards legally producing medical cannabis in the United States,” remarked Brent Zettl, President and CEO of the company. “Our long and positive relationship with the State of Michigan includes assisting with drafting of the former medical cannabis legislation, and repurposing an exhausted mine to create the biosecure SubTerra underground facility, with its unique, patented and scalable design.”
CanniMed was down 6 percent in trading on Thursday, closing at $24.52 per share. Over a 52 Week period, the company saw a low of $7.32 and a high of 27.47.
GreenGro Goes Big
I will be holding all nominations for the Department of Justice. The people of Colorado deserve answers… Poorly-timed is GreenGro Technologies, Inc. (OTC PINK:GRNH), who announced on Thursday that favorable cannabis legislation in the U.S. prompted the execution of expansion plans. The company laid out five milestones for 2018 that it hopes to achieve to meet its goals. Number one on the list is to take advantage of the new economy in California by increasing market share.
In light of U.S. Attorney General Jeff Sessions announcement on Thursday, the statement does appear to be ill-timed at best. While California’s adult-use recreational market opened to much fanfare at the turn of the new year, cannabis stocks saw a sharp decline on Thursday following the news of the Justice Department’s new direction towards marijuana policy. Still, GreenGro works in the ancillary market, dealing in aquaponic and hydroponic systems, as well as grow rooms, so the impact from Thursday’s announcement remains to be seen.
“The new legislation passed just a few days ago was a historic moment both for the cannabis industry as well as our nation as cannabis become one step closer to being recognized as a safe household name,” said GreenGro Chairman and CEO James Haas. “These new initiatives have also set a favorable economic and legislative environment for companies such as GreenGro Technologies to flourish as the demand for the once-taboo product continues to accelerate at a pace that has astounded even some of the industry’s most optimistic pundits.”
GreenGro fell almost 29 percent in trading on Thursday, closing the day at $0.05646 per share.
American Cannabis’ California Dreams
With no prior notice to Congress, the Justice Department has trampled on the will of the voters in CO and other states… Moving into the California market is American Cannabis Company, Inc. (OTCQB:AMMJ) who announced on Thursday the signing of a contract with California City Cannabis Company. The company will provide consulting services and receive equity in California City’s proposed cannabis business park, which is still under development. To date, 25 acres are set aside to house the business park.
American Cannabis promotes itself as offering “end-to-end solutions” to cannabis businesses both new and old. The company had a quiet but successful 2017, with its most significant move being a signed distribution agreement with Earth Alive Clean Technologies. Earth Alive develops Dr. Marijane, a “microbial inoculant product” designed to help grow and cultivate cannabis plants.
“We are ecstatic to be a part of this project in California City,” said American Cannabis CEO Terry Buffalo. “We see tremendous potential in the scalability of this project and look forward to having a long-standing relationship with this client. Being equity participants in the project allows our company to focus on the long-term goals of our client and increase value to our shareholders.”
American Cannabis’ share prices fell 23 percent on Thursday, closing the day $1.11.
In either case, it's an attack on patients, and it's wrong… Pursuing blockchain technology is Glance Technologies Inc. (CSE:GET:CN), operator of smartphone technology Glance Pay. The company announced a $4 million licensing and pre-sales agreement with Cannabis Big Data Holdings Inc. Key to the deal is Fobisuite Technologies Inc., who uses blockchain technology as the foundation for its data analysis and collection platform.
“Our value prop is in merging customer purchase and basket history with social media and mobile data to create highly personalized customer journeys,” said Rob Anson, CEO of Cannabis Big Data.
This is about public health… Also joining the blockchain craze is Tauriga Sciences, Inc. (OTC PINK:TAUG) who announced on Thursday the creation of a wholly-owned subsidiary for the purpose of seeking out opportunities in the blockchain space. According to a statement, the company will use $300,000 from their cash reserves to fund the new initiative. So far, Tauriga has no specific plans for the blockchain space, though the company is actively searching out opportunities.
“The Company believes that there is a potentially significant opportunity for its shareholders in acquiring patent interests that cover certain aspects of Blockchain technology,” said company CEO, Seth M. Shaw.
News and Notes
DOJ should investigate how pharma helped create the opioid crisis, not institute policies that take marijuana-based medicines from patients… Launching a new payment system is Medical Cannabis Payment Solutions (OTC:REFG), a company which develops technology for the cannabis banking industry. The platform, called Green, hopes to become a player in the world of state-sanctioned cannabis. Medical Cannabis said in a statement that the technology is one of the most secure in the industry, allowing merchant processing to proceed with “just a few clicks.”
We will vigorously defend our state’s laws against undue federal infringement… Forming a new partnership is MyDx, Inc. (OTC:MYDX), creator of cannabis diagnostic tool MyDx. The company announced on Thursday a new joint venture with Highsmen Genetics. Together, they plan to use Highsman technology to enhance the MyDx app.
Attorney General Sessions, your unjust war against Americans who legally use marijuana is shameful… Earning a promotion is Medical Marijuana, Inc. (OTC: MJNA) President of subsidiary HempMeds Mexico Raul Elizalde, who is now the company’s President for their Latin American operations.