Micron Waste Technologies Inc. (“Micron” or the “Company”) (CSE:MWM, OTC:MICWF, Frankfurt:7FM2), announced that it has suspended development of the Cannavore™ waste digester system in light of changing market conditions. While Micron has made rapid progress in completing the alpha prototype development and demonstrated its capability to process cannabis waste and clean dischargeable water, a longer product development pathway was required to reach commercialization stage. The cannabis industry is not currently funding new technologies and this has resulted in a lower outlook on the commercial viability of the Cannavore™ system.
The Company will continue to focus on developing its Organivore™ organic food waste digester and effluent treatment systems, led by Micron founder and director, Dr. Bob Bhushan. The Board has taken this decision to refocus the company consistent with the Board’s commitment to act in the best interests of the Company and its shareholders and stakeholders. Information on the Company’s Organivore™ system can be found here: https://micronwaste.com/technology/organivore/.
Concurrently, the Board will actively seek to leverage the Company’s approximately $3M working capital and 2.5M shares of Palladium One Mining Inc. to review potential value-enhancing strategic acquisitions.
Intellectual Property Update
Micron is pleased to announce that it has filed preliminary trademark protection for the Pharmavore™ system, covering the treatment of waste containing drugs, pharmaceuticals, and illicit substances that are seized in transit by law enforcement. The Company is in the process of assembling a prototype Pharmavore™ unit for feasibility studies that will commence in Q1 of 2020.
The Company also announced today the resignations of Alfred Wong as President and Chief Executive Officer, and Cam Battley as Chair of the Audit Committee and as a member of the Board. The Company would like to thank Mr. Wong and Mr. Battley for their leadership and guidance during their tenure and wish them well. Effective January 2, 2020, Kal Malhi, the Chairman of the Board, will assume the position of interim President and Chief Executive Officer of the Company until a permanent replacement is appointed.
The Company is also pleased to announce the appointment of Michael Malana to the Board of Directors and Chair of the Audit Committee, effective immediately. Mr. Malana has over 15 years of experience in public markets overseeing administration, accounting, and financial services. Mr. Malana is currently CFO of Growmax Resources Corp (TSXV:GRO).
On behalf of the Board,
About Micron Waste Technologies Inc.
Micron is a leading green technology company that manufactures organic waste treatment and water reclamation systems. Micron focuses on developing solutions for organic waste and specialized waste streams including cannabis cultivation waste. Micron’s patented aerobic bio-process substantially reduces the volume of organic waste, minimizes greenhouse gas emissions generated from trucking and landfilling, and produces clean water that meets municipal effluent discharge standards. Please visit www.micronwaste.com for further information.
The Canadian Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.
FORWARD LOOKING STATEMENTS:
The forward-looking information contained in this press release is made as of the date of this press release and, except as required by applicable law, the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise, except as may be required by law. By its very nature, such forward-looking information requires the Company to make assumptions that may not materialize or that may not be accurate. This forward-looking information is subject to known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such information.
American cannabis sales hit US$17.5 billion in 2020, a research group’s new study shows.
Meanwhile, a Canadian cannabis producer began offering CBD beverages in the US, another move that shows how interested Canadians are in the overall US cannabis market at the moment.
Some pretty important news out of health and wellness; beverage and natural products company BevCanna Enterprises Inc. (CSE:BEV, Q:BVNNF, FSE:7BC) this week. For those of you following the Company with us, stay tuned.
As investors continue to prioritize cannabis opportunities in the US, market watchers expect mergers and acquisitions (M&A) to play a role in the future for Canadian companies.
A consolidation trend has been expected in the Canadian cannabis space for some time now based on the size of the market compared to the number of operations in the country.
BioHarvest Sciences Inc. Unveils the Unique Polyphenolic Content of Its Upcoming Olive-Based Nutraceutical
The product will include polyphenols known to have significant health benefits.
BioHarvest Sciences Inc. (CSE: BHSC) (“BioHarvest” or the “Company”) has reached an important milestone in its development program of additional Nutraceuticals. The olive-based Nutraceutical product scheduled for market availability in the second half of 2022 will contain the following unique matrix of polyphenols: hydroxytyrosol, trosol, and verbascoside. These compounds are the major polyphenols in naturally grown olives and are responsible for the high antioxidant activity of olives and olive oil. Importantly, the BioHarvest olive-based Nutraceutical product will provide all the benefits of olives and olive oil with a low calorie count per serving.
Cresco Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco” or the “Company”), one of the largest vertically integrated multistate cannabis operators in the United States, announced today that it will report financial results for the fourth quarter and full year ended December 31 st , 2020 on Thursday March 25 th , 2021 before the market opens.
The Company will host a conference call and webcast to discuss its financial results and provide investors with key business highlights on Thursday March 25 th , 2021 at 8:30am Eastern Time (7:30am Central Time).