United Cannabis (OTCQB:CNAB) reached an understanding with Herbal Biotech to create a new joint venture to support access to medical cannabis in Puerto Rico.
As quoted in the press release:
NEWCO will be equally owned by the two companies and established according to the laws of the Commonwealth of Puerto Rico.
According to the terms of the MOU, the Company will make available to NEWCO its proprietary cannabis brands, products and expertise, Prana formulations, delivery methods, software and professional network, sufficient to launch complete cannabis based business (grow, processing/manufacturing, retail and marketing for cannabis and/or hemp) for the Commonwealth of Puerto Rico; and Herbal Biotech will invest and/or make available capital, services and equipment to support and develop the operation pursuant to a business plan as agreed upon by both parties.
United Cannabis’ Chief Executive Officer, Earnest Blackmon, commented on the announcement, “Puerto Rico represents a substantial opportunity within the cannabis market, and we have been working to establish United Cannabis as a leader in that market. Patients in Puerto Rico will not be allowed to smoke medical marijuana, but can use other delivery methods, such as oral drops, pills, topical creams and salves, and our proprietary Prana line fully complies with these requirements. Cesar’s general expertise in the sector, as well as his contacts and financial resources within the Puerto Rican community, will enable us to expedite our plans to establish a comprehensive operation that will support our efforts in research, product development, production and distribution.”
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).