PALM BEACH, Florida, March 7, 2019 /CNW/ -- The Brightfield Group has gotten quite a lot of ink lately for their projections that the hemp derived CBD market will outpace the "Rest of the cannabis market COMBINED". FORBES too took a look back at 2018 and saw 2019 as another one to break the records, with an article titled: "For Baby Boomers, 2018 Was The Year Of CBD. Get Ready For 2019" saying: "2018 was the year CBD was on everyone's lips, thanks to plenty of media buzz and the suddenly-ubiquitous presence of an array of CBD-infused beverages, lotions and self-care products. It was also the year "CBD gummies" reached No. 3 on Google's most popular search terms. And I'm willing to go out on a limb that a significant portion of those searches were made by Baby Boomers. With the availability of new hemp strains specially bred for high CBD content, American farmers, processors and many others along the revenue stream are eager to produce and distribute as much of this lucrative substance as the fast-growing market can accommodate. And with CBD sales in the US expected to reach $22 billion by 2022, as projected by the cannabis market research company, the Brightfield Group, Congress' re-regulation of hemp has presented a good reason for many to celebrate." Active Companies from around the market with current developments this week include: MYM Nutraceuticals Inc. (CSE: MYM) (OTC: MYMMF), Terra Tech Corp. (OTC: TRTC), Choom Holdings Inc. (CSE: CHOO) (OTC: CHOOF), InMed Pharmaceuticals Inc. (TSX: IN.) (OTC: IMLFF), CannTrust Holdings Inc. (NYSE: CTST) (TSX: TRST).
Brightfield added: "All of a sudden, CBD is everywhere - it is both a trendy, new ingredient in drinks, face creams and pet treats and an answer to the prayers of so many people suffering from medical conditions ranging from epilepsy to anxiety and chronic pain. It rides the waves of so many global food and health trends, as a substitute for opioids, towards more natural health alternatives and functional ingredients. CBD is the next healthcare phenomenon. It is so effective for so many conditions, is natural, non-psychoactive and has no known serious side effects. It is the next hot, functional ingredient beauty ingredient, like collagen, shea butter or aloe."
MYM Nutraceuticals Inc. (CSE: MYM) (OTCQB: MYMMF) BREAKING NEWS: MYM Nutraceuticals is pleased to announce it has entered into an agreement with Elite Ventures Group ("Elite") to grow 120 acres of CBD-rich hemp in Nevada, USA.
Under the agreement, MYM will fund Elite with $500,000 USD in exchange for the rights to 50% of CBD rich hemp grown on a 120 acre parcel of land in Nevada. In consideration for the investment, Elite will provide all the necessary capital and consumable supplies, plant, grow and harvest the hemp. If requested, Elite will also arrange for the processing and sale of the biomass at no less favourable terms than those found in the Elite supply agreements.
Based on Elite's previous success in cultivating 120 acres of similarly situated land in August 2018, the estimated production of hemp from the MYM parcel of land is 120,000 pounds per harvest with a CBD level of 10%-19%. This represents potential revenue of over $26 million, of which MYM is entitled to 50% less processing and sales fees.
"We are delighted to have entered into this agreement with Elite Ventures," said Howard Steinberg, CEO of MYM. "This agreement signals an important step forward in our plan to be a significant cultivator of hemp to satisfy the increasing demand of biomass and CBD worldwide." Read this and more news for MYM Nutraceuticals at: https://www.financialnewsmedia.com/news-mym/
In the industry developments and happenings in the market this week include:
Terra Tech Corp. (OTCQX: TRTC), a vertically integrated cannabis-focused agriculture company, announced it has completed the renovation of its cultivation facility located on West Grand Avenue, Oakland, in California. One of the goals of the facility will be to research and develop various cultivation techniques to optimize efficiencies and crop yields. Planting of new crops is expected to commence later this week and all cannabis cultivated at the facility will be sold under the Company's premium IVXX™ brand to California's medical and adult-use markets.
The newly renovated facility features an upgraded power capacity to allow for more output and a larger vegetation room to support the cultivation of a greater variety of cannabis strains. The rooms are redesigned to incorporate better environmental controls, therefore improving the Company's ability to cool and dehumidify the rooms and minimize the risk of mold growth. The facility is equipped with a total of 112 high pressure sodium light bulbs (28 bulbs per room) capable of flowering 1,120 pounds of cannabis a year. It also has 18 LED flowering lights that allow for more efficient and environmentally sustainable cultivation. After perfecting the LED lights growing style, Terra Tech aims to convert the facility to 100% LED flowering lights.
Choom Holdings Inc. (CSE: CHOO.CN) (OTCQB: CHOOF) recently announced it has entered a definitive agreement ("Purchase Agreement") with Clarity Cannabis MD Holdings ("Clarity") and its shareholders, to acquire 30 retail locations, three of which are licensed with the Alberta Gaming, Liquor & Cannabis Commission ("AGLC"). Clarity has successfully progressed through AGLC licensing and is operating the following three stores in the legal adult use cannabis market in Alberta and is awaiting licences for the following seven cannabis retail stores.
In addition to the three licensed cannabis retail stores, the acquisition includes all 30 leases secured and applications submitted to the AGLC by Clarity. Clarity currently has 11 development permits awaiting construction, with 6 stores to commence construction, and 9 stores completed construction.
InMed Pharmaceuticals Inc. (TSX: IN.TO) (OTCQX: IMLFF), a cannabinoid-based biopharmaceutical company that leverages its proprietary platform technologies to develop novel therapeutics for the treatment of diseases with high unmet medical needs, announced the addition of Dr. Steven M. Dinh to its Scientific Advisory Board.
Dr. Dinh brings more than 30 years of pharmaceutical and biotech executive leadership to InMed, with proven success in developing and commercializing dermal pharmaceutical products by applying innovative drug delivery technologies. His accomplishments in pharmaceutical product development and drug delivery technology innovations have resulted in over 22 issued U.S. patents, 44 published patent applications, 6 NDA approvals and the successful commercialization of 9 products to serve the unmet needs of patients. Dr. Dinh currently serves on the Editorial Board of Therapeutic Delivery. In addition, Dr. Dinh is a Fellow of the American Association of Pharmaceutical Scientists, and a Fellow of the American Institute for Medical and Biological Engineering. He received his doctoral degree from the Massachusetts Institute of Technology.
CannTrust Holdings Inc. (NYSE: CTST) (TSX: TRST) On March 4, the company announced that on March 1, 2019, it filed and received a receipt for a preliminary short form base shelf prospectus (the "Shelf Prospectus") with the securities commissions in each of the provinces of Canada , except Québec, and a corresponding shelf registration statement on Form F-10 (the "Registration Statement") with the U.S. Securities and Exchange Commission (the "SEC") under the U.S./Canada Multijurisdictional Disclosure System ("MJDS").
The Shelf Prospectus and Registration Statement, when made final or effective, will allow the Company to offer up to C$700,000,000 of debt securities, warrants, subscription receipts, units or common shares, or any combination thereof, from time to time during the 25-month period that the (final) Shelf Prospectus is effective (subject to MJDS eligibility). The Company filed this Shelf Prospectus in order to maintain financial strength and flexibility going forward but has not entered into any agreements or arrangements to authorize or offer any securities at this time. The specific terms of any future offering of securities, including the use of proceeds from any offering, will be established in a prospectus supplement to the Shelf Prospectus, which supplement will be filed with the applicable Canadian securities regulatory authorities and the SEC.
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