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Body and Mind Inc. (OTCMKTS:BMMJ) On an Expansion Drive

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In mid-June 2019, Body and Mind Inc. (OTCMKTS:BMMJ) announced the expansion into California. NMG Cathedral City, a subsidiary of the company, entered an agreement with Satellites Dip whereby NMG will oversee day-to-day operations of the manufacturing facility under SD’s control.

A tremendous milestone

The cannabis manufacturing facility takes up to 7,800 sq. ft. It is custom built to produce wholesale concentrates and it is designed to produce large volumes of cannabis. Further, the facility’s distillation equipment are state of the art and can produce BHO and ethanol.

Body and Mind (BaM) will be able to produce cannabis oils, wax, shatters, ambrosia and live badder from this facility. The facility has the capability to churn out edibles like Gummies and Pretzel Bites which will expand the product range of the company.

Commenting on the development, Robert Hasman, the President of NMG exuded confidence on the potential for the facility to fuel a rapid expansion of the company. He noted that the agreement offers a tremendous opportunity for BaM to take over the California cannabis market by storm.

This is the first fully licensed facility for NMG and the company hopes to leverage its expertise and top notch formulations to create revenue without having to incur heavy costs of construction of new facilities and licensing. Hasman expects the agreement to result in higher production efficiency and increased output of the company.

Operationalization of the facility is already underway

In an update to shareholders, BaM reiterated its commitment to expansion in the California market. Already, the company has kicked off the operationalization of the facility. Experienced extraction personnel were hired and extraction material which is fully tested has been sourced. The company is now just working on the modalities of the commercial arrangements between SD and other potential partners like cannabis brand owners.

As part of the agreement, SD will license select intellectual property and trademarks to NMG for commercial exploitation. Also, NMG will receive a management fee which will be equal to 30% of the net profit generated by the facility. On its part, NMG will service equipment and extend a loan to SD whose maturity date is June 6, 2020.

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iAnthus Capital Holdings Inc (OTCMKTS:ITHUF) Subsidiary Citiva Medical Making Progress On Warwick Cannabis Facility

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iAnthus Capital Holdings Inc (OTCMKTS:ITHUF)’s wholly-owned subsidiary, Citiva Medical, LLC has launched the construction of the 39,500 sq. ft. medical marijuana cultivation and processing plant, which is located in Warwick, New York. iAnthus Capital Holdings is a leading cannabis company with operations in New York. The company is among the few that are licensed to operate in the state.

Implementing innovative technologies

Following the launch, the company says it will embark on implementing cutting-edge technology and sustainable cultivation practices so as to ensure optimal productivity and efficiency. Some of the components to be installed include acrylic glazing, desiccant dehumidification systems, mobile containers, a positive pressure air system and a separate system that will be used to control lighting, irrigation and environmental elements. The company says it is banking on these state-of-the-art features to mount a full-year cultivation cycle. iAnthus Capital is projecting production capacity of 2,400kg every year.

In a comment, iAnthus Capital CEO Hadley Ford said that they are happy with the progress made adding that the new facility will be the company’s first step towards building a comprehensive and robust medical cannabis program in New York. He said that the two teams from Citiva and iAnthus have worked very hard to take the project to where it currently stands.

According to Ford their success in the ongoing project will lay a firm foundation for the initiation and implementation of other projects. He said that company is committed to expanding its operations throughout the state in a bid to spread its market reach as well as meet the needs of as many patients as possible.

iAnthus’ partner opens dispensary in Boston

iAnthus’ partner, Mayflower Medicinals, Inc has unvesiled a flagship cannabis dispensary in Boston. The dispensary is situated Allston and will allow patients to access medical cannabis products. These products will be the form of vaporizer, oils, concentrates, tinctures and flowers. Following this launch, Mayflower becomes the second cannabis operator to open a dispensary in Boston. The new dispensary makes 34, the number cannabis dispensaries that have operations in Massachusetts. The state is home to around 6.7 million people.

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Glance Technologies Inc (OTCMKTS:GLNNF) Reports Second Quarter 2018 Results

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Glance Technologies Inc (OTCMKTS:GLNNF) has released its financial report for the second quarter ended May 31, 2018.

The second quarter was a difficult one for the company

In a statement, Desmond Griffin, the CEO of Glance said the second quarter came with a very difficult proxy content, but he thanked the shareholders for being patient and allowing the company to come out of the difficult moment. He added that the company came out of the contest in a much stronger position and is currently focusing on its long-term strategy. The strategy involves building capacity by improving its technologies. The company is also investing in growing an ecosystem of engaged users and merchants. Recently, the company instituted changes in its management as it focuses on embracing cost-effective and result-oriented business practices.

Financial results

During the second quarter, the company reported $229,000 in revenue compared to $127,000 that was reported in the second quarter of 2017. Out of the total revenue, application and service fees was $153,000, marketing revenue was $25,000 and licensing revenue was $51,000. The company has been reporting big fluctuations in its licensing revenue in the last few quarters. This is because a number of licensing agreements quoted large initial payments. These fluctuations are expected to continue in the future as new agreements are signed.

Operating expenses amounted to $3.9 million in Q2 2018, a big improvement from the $1.3 million that was reported in the Q2 2017. The increase in expense is a reflection of improved business in the last one year.

The company incurred $745,000 in software development cost in Q2 2018. This is a rise from the $130,000 in Q2 2017. The increase in the cost was as a result of expansion of software development team as well as the company’s move into the blockchain industry.

Other expenses in Q2 2018 were investor media and corporate communication expenses which amounted to $347,000. This is a big increase from the $150,000 that was reported in Q2 2017. It is however a drop compared to the $2.4 million that was reported in Q1 2018. The company had earlier indicated that it intends to reduce spending in that category.

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SMART CANNABIS/SH SH (OTCMKTS:SCNA) Installs 18 Greenhouses With Smart Application

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SMART CANNABIS/SH SH (OTCMKTS:SCNA) is installing a smart app in 18 greenhouses. The company reported that it is currently installing its SMART automation technology in the said greenhouses which are based in Northern California.

Smart Cannabis is also fitting its SMART system in a 50,000 square feet greenhouse that has been recently modified by Next Generation Farming. The company expects the project to be fully complete by the end of this week.

Additional contract

Since the project is huge, Smart Cannabis has also been hired for the subscription services of the entire project. The whole project entails automation units, cameras, servers, software, and subscriptions costing almost $300,000. According to the contract, fees for the subscription services will be paid on a monthly basis.

Smart Cannabis is a public funded corporation that focuses on the agriculture as well as the cannabis sector. It is fond of forming alliances strategically and buying off other companies as a growth strategy. In addition to completely owning Next Generation Farming, it boasts of holding proprietary intellectual property.

The company offers turnkey projects of systems for commercial greenhouses that are fully automated. Smart Cannabis claims that its automated systems deliver increased production while lowering the consumption of water for both organic food producers as well as marijuana growers.

Automating old greenhouses

Smart Cannabis reported in June, that it finished modifying 10 greenhouses which were in Monterey County. The said greenhouses were built far back in 1974. However, the corporation improved them by automating the greenhouse to cost reducing control systems. It also revealed then, that it was scheduled to start on greenhouses project in Salinas.

At the same time, Smart Cannabis disclosed that it had launched a communication initiative for its shareholders. This move is meant to clarify the plans of the company and updates of its SMART application. It will also help shed light on how the corporation is expanding its markets and delivering its products and services.

The move came as a result of the increased rate at which shareholders were enquiring about the company. Additionally, the company wishes to be more transparent.

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