A US focused cannabis operator provided its shareholders with a progress report on its development in the northern Las Vegas area.
Marapharm Ventures (CSE:MDM,OTCQX:MRPHF) issued an update on Thursday (June 14) regarding on the final inspection for its cultivation facilities in North Las Vegas in order to obtain “certificates of occupancy.”
The company is waiting to obtain the critical certificates by the city of North Las Vegas, after a successful inspection from the Public Works Department and an upcoming approval from the North Las Vegas Fire Department.
Linda Sampson, CEO of Marapharm, said the facilities of the company will be able to produce “triple organic” strains soon to debut in their dispensaries in Las Vegas.
The company also shared with investors three of its medical certificates for production and cultivation were renewed for 2018-2019, while its three recreational ones are currently in the same renewed process.
Marapharm also announced the official ordering of the early development for a planned phase 2 construction of a 65,000 square feet three-story cultivation facility. According to a market projection by Statista, the current forecast for the estimated sales of marijuana in Nevada reach US$814 million in 2025. For 2019 the research firm projected sales of cannabis reaching US$433 million.
Earlier in the year, the Associated Press reported medical and recreational sales for the month of February brought in close to US$6 million in taxes. Chief state economist Bill Anderson told the AP sales in the state have surpassed projections every month.
Following a strong initial strong reaction from the market, after the trading session ended on Thursday, Marapharm’s shares increased 1.23 percent to reach a price of C$0.41.
Marapharm raises capital in Canada through the Canadian Securities Exchange (CSE), a stock market that has enjoyed a rush of cannabis listings since it welcomes US operations despite the country’s legal status of the drug.
Barrington Miller told the Investing News Network (INN) the CSE made a conscious decision not to block US companies with cannabis assets in the country even if they were unlicensed. Now as the momentum appears to be increasing for changes in the legality of cannabis and businesses in the industry for the US, the CSE seems poised to benefit from the newfound interest in the stocks operating the US market.
Don’t forget to follow us @INN_Cannabis for real-time news updates! Stay tuned to our cannabis channel for more stories from Lift.
Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.
CanBud Distribution Corporation Closes 2M Second and Final Tranche of its Oversubscribed Private Placement Offering
CanBud Distribution Corporation (CSE: CBDX) (FSE: CD0) (“CanBud” or the “Corporation”) is pleased to announce that it has closed the final tranche of its oversubscribed non-brokered private placement for aggregate gross proceeds of approximately $4,730,000 (the “Offering”).
The Corporation issued a combined total of 39,409,346 units (each a “Unit“) at price of $0.12 per Unit, with each Unit comprised of one common share in the capital of the Corporation (each a “Common Share“) and one common share purchase warrant (each a “Warrant“). Each Warrant entitles the holder to purchase one additional Common Share at an exercise price of $0.22 within 24 months of the closing of the Offering (the “Warrant Term“), provided, however that if the closing price of the Common Shares on the Canadian Securities Exchange (the “CSE“) (or any such other stock exchange in Canada as the Common Shares may trade at the applicable time) is $0.25 or greater per Common Share for a period of five (5) consecutive trading days at any time after the closing date of the Offering, the Corporation may accelerate the Warrant Term such that the Warrants shall expire on the date which is 30 days following the date a press release is issued by the Corporation announcing the reduced warrant terms.
Thoughtful Brands Inc. (CSE:TBI)(FSE:1WZ1)(OTCQB:PEMTF) (the “Company” or “Thoughtful Brands) announces that the letter of intent with Franchise Cannabis Corp. (“FCC”), previously announced in January, has been terminated. The previously announced European joint venture with FCC will continue and allow the Company to launch and tailor its products to European consumer demands
In connection with termination of the merger transaction with FCC, the Company has agreed to pay FCC $100,000 in cash and to issue FCC 5,000,000 common shares of the Company at a deemed value of $0.05 per share. The common shares will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws.
Mergers and acquisitions (M&A) in cannabis space have helped boost the industry to new levels.
Strategic sale of non-core assets by Lobe adds non-dilutive capital and shareholder value
Lobe Sciences Ltd. (CSE: LOBE) (OTC Pink: GTSIF) (“Lobe” or the “Company”) is pleased to announce, further to its press release dated February 23, 2021, that it has completed the sale to Ionic Brands Corp. (“Ionic Brands”) of Lobe’s non-core cannabis assets relating to Washington-based Cowlitz County Cannabis Cultivation Inc. (“Cowlitz”) held by Lobe’s subsidiary vendor, Green Star Biosciences Inc. (the “Transaction”).
Seattle Area Grocery Chain Metropolitan Market to Begin Carrying KOIOS and Fit Soda on March 22, 2021
Adding to its existing presence on the west coast of the United States, all five KOIOS™ flavours and all four Fit Soda™ flavours will be carried in Metropolitan Market stores beginning on Monday, March 22, 2021. Serving the Seattle-Tacoma area (population 3.87 million), Metropolitan Market is one of five chains under its parent firm Good Food Holdings, which has a total of 51 stores in California, Oregon, and Washington State.
Koios Beverage Corp. (CSE: KBEV; OTC: KBEVF) (the “Company” or “Koios”) is pleased to announce that beginning on Monday, March 22, 2021, Koios’ entire line of canned beverage products will be sold at all locations of Metropolitan Market, an urban format supermarket chain in the Seattle-Tacoma area of Washington State. In Q1 2021, the Company announced multiple placements of its beverage products with regional grocers in markets on the west coast of the United States including Market of Choice in Oregon Jensen’s in Southern California and major natural grocery chain Sprouts Farmers Market which has a substantial west coast presence with over one third of its locations (360+ stores across 23 states) in California as well as Washington State 1 . The Company has also recently announced other developments relating to its expansion efforts being undertaken in 2021 such as an in-house beverage canning facility and distribution agreements with regional and national wholesale partners.