All eyes are to Canada as it commences legalized recreational use. Global Cannabis stocks maintain their high historical levels underpinned by the bull run of Canadian LP’s. With the US Farm Bill on hold, interest shifts to the next World Health Organisation Expert Committee on Drug Dependence (ECDD) to be held November 12-16 where the recommendation for lowering the scheduling cannabis is to be reviewed.
Canadian-based producer, Wayland Group, has entered into an agreement to supply German pharma distribution company Cannamedical Pharma GmbH, a minimum of 9,000 kilograms of EU-GMP certified cannabis flowers over a three year term. The companies have completed mandatory quality assurance and control audits and have scheduled the first shipment in December of 2018.. Read press release here
Organigram Holdings Inc. (TSX VENTURE: OGI) (OTCQX: OGRMF), a leading Canadian licensed producer of medical marijuana, acquires a 25% stake in German API development company, alpha-cannabis® Pharma GmbH for €1,625,000. As part of the investment OGI will enter into two supply agreements with ACG: one for the supply of cannabidiol isolate from ACG to OCI and the other for the supply of dried cannabis flower. Additionally, ACG and OGI will enter into an agreement pursuant to which the companies will jointly evaluate and bid on certain licenses to supply medical cannabis to the German market. Read press release here
Californian regulator announced changes to the proposed cannabis regulations published to the California Regulatory Notice Register on July 13, 2018. These proposed changes mark the next step in the formal rulemaking process toward adopting non-emergency regulations and the beginning of a 15-day public comment period related to the proposed changes. If adopted the proposed changes would be significant, directly affecting third party delivery companies and impose increased transparency regarding cannabis businesses ownership structures. Read full announcement here
The State of Michigan LARA Bureau of Medical Marihuana Licensing Board granted Green Peak Innovations (GPI) its first two class C medical cannabis cultivation licenses. The company expects approval of its remaining licenses in the near future, making it one of the State’s largest fully vertical medical cannabis providers. Read full story here
Chicago-based Cresco labs announced the closing of Series D funding round securing $100 million (US), making it the second largest private funding round in U.S. cannabis history. These funds provide Cresco Labs with the capital they need as they continue to expand the footprint to produce and dispense their full brand suite of medically-focused and adult-use cannabis products. Read full press release here
Los Angeles based Cannabis Strategic Ventures (OTC Pink: NUGS) has acquired the Fitamins CBD brand. Under the agreement, Fitamins will distribute hemp-derived CBD products and vitamins through their network of more than 600 wholesalers, which cater to the Asian American market. Fitamins will produce a proprietary CBD product for Cannabis Strategic and initially distribute it throughout the United States. Read the full press release here
Toronto based private investment fund, Green Acre Capital ("GAC"), makes first investment from its Fund II, focused on the medical and recreational cannabis industry. GAC will commit $10 million into a partnership with Toronto's The Friendly Stranger to allow for an aggressive cannabis retail expansion plan, leveraging the brand equity of the longstanding Queen Street West Cannabis Culture Shop. The stores will carry a wide range of cannabis products, as well as a vast selection of high-quality accessories the brand is currently known for.Read full press release here