Going Cali’ this 420 is mCig, Inc. (MCIG) who announced on Friday an exclusive three-year management contract with a client in Sacramento, CA through their subsidiary Grow Contractors. According to a statement released earlier, the project is already 50 percent complete. Grow Contractors assisted the client in obtaining proper permits and licensing from city authorities.
Having already provided consulting, engineering and design work for the production and extraction facility, Grow Contractors will net ten percent of profits, expected to be up to $12 million annually. In a bit of superhero fun, the project will use lighting from Asgard Concepts, known as the Thor 1000W HPS. According to a statement revenues from the first quarter of this year were $200,000.
“This facility is the third in our plan to create a network of manufacturers and cultivators that are able to produce better product at a more competitive price,” commented Rob Kressa, CEO of Grow Contractors Inc. “We are incredibly busy getting our clients online, but the end result will be an unstoppable group of extraction labs and cultivators that are united in creating products such as distillate and other extracts. The facilities will be able to complement each other and work together when it comes to filling large orders in the California recreational market.”
Tweed’s Socially Responsible 420
Combining 420 with social responsibility is Tweed Inc., who announced on Friday the launch of the Tweed Collective, which, according to a statement, is “an initiative founded on the principles of progress, growth, and community development.” Over the next four years, the company will invest $20 million (420) in social responsibility initiatives, though details are short on what those will be. The company claims to have already invested in their community in unspecified ways.
"Through the Tweed Collective, we are honoring the legacy of advocacy, progress, and community building that this important day in the cannabis community represents," said Mark Zekulin of Tweed in a statement. "We started at home by supporting the local theatre and the community garden in Smiths Falls. With Tweed expanding across the country with new production sites and retail stores, home now stretches coast to coast and our contribution has to expand along with it."
Isodiol Acquires Compass, Scores Exclusive CBD DIstribution Rights
Stealing the market this 420 is Isodiol International Inc. (CSE:ISOL) (OTC:ISOLF) who announced on Thursday a deal to acquire 19.9 percent of Compass Cannabis Clinic a leading in British-Columbia. The company will gain exclusive rights to distribute its brand of CBD throughout the Compass distribution network. With 39 locations, Compass is one of Canada’s largest medical marijuana networks.
“Compass has put together an excellent business plan to capitalize on the upcoming medical and retail opportunities in select provinces and to establish itself as one of Canada's largest and most trusted cannabis clinic operations,” said CEO of Isodiol, Marcos Agramont in a statement. “Compass differentiates itself in the marketplace by offering prime locations, free appointments and most importantly exceptional patient education, care and support, which align well with our values.”
Congressman Earl Blumenauer Gives “Cannabis State of the Union 2018”
Just in time for 420, Representative Earl Blumenauer (D-Oregon) delivered his “Cannabis State of The Union 2018” speech. The speech delves into his views on the state of cannabis in America today. Watch the full speech below:
*Photo Credit: By Alan Turkus from Hopewell, New Jersey, USA (420) [CC BY 2.0 (https://creativecommons.org/licenses/by/2.0)], via Wikimedia Commons