Data available reveals that California is the largest cannabis market in North America. This is so particularly after legalizing use of recreational cannabis. In this light, GreenGro Technologies, Inc. (OTCMKTS:GRNH) announced a solidification of the business in the State. In a press statement, the company lauded the move by the State calling it “historic.” The company expects a growth in demand for agricultural grow rooms. For that reason, the company expects growth in revenue.
In the statement, the company observes that the legislation could not have come at a better time. Per the statement, production is already underway for “sought-after strains of cannabis in the market today.” Through Genobreeding, the company will establish its name as “premier developers and distributors of cloned cannabis strains across the industry.”
Further, the statement revealed that it is overhauling its accounting team to bring its financial systems up to professional standards. This will facilitate the company’s intention to become a “fully-reporting SEC public entity.”
Commenting on the development, Chairman and CEO of GreenGro Technologies, Inc. (OTCMKTS: GRNH), Jim Haas said:
“We are very pleased with our ongoing progress in capturing a larger market share of the nation’s largest cannabis market following California’s latest reforms in its recreational cannabis laws. We look forward to the many opportunities that the State’s recreational market will present to us in 2018 and beyond and, as one of the first movers in the State, believe we are well-positioned to expand faster than ever in a market that is expected to grow to over $7 billion over the next few years.”
GreenGro Technologies, Inc. (OTCMKTS:GRNH) in strategic partnerships
To really exploit the benefits of the California market, the company announced partnerships with local companies. In a press statement, the partnership aims to provide “testing and quality control services” that will increase cash flow. The partnership includes D5 Partners, Inc., County Line Energy Corp., and Vertical Hydrogarden, a GreenGro Technologies, Inc. (OTCMKTS:GRNH) subsidiary. As per the statement, Vertical Hydrogarden will “acquire future distribution rights to Grow Box 5000 products.”
According to the GreenGro Technologies CEO, working with D5 Partners will help the partners reach maximum cannabis growing yields. According to the statement, D5 Partners will provide technology that will facilitate the growing yields in home environments.
Sunniva Inc (OTCMKTS:SNNVF) Clinches A Deal To Net CAD 3.2 Million From The Sale of Okanagan Falls Property
1167025 B.C. Ltd, a subsidiary of Sunniva Inc (OTCMKTS:SNNVF), entered a pact to sell its Okanagan Falls Property for CAD 6.8 million. The net proceeds of the deal for Sunniva will be CAD 3.2 million after discharging the mortgage and other related closing costs to the buyer. Sunniva expects to close the deal on or before August 10, 2020.
After the sale of the Okanagan Falls property, Sunniva will retain the ownership of 1167025 B.C. Ltd, and the assets currently exist on the site.
Sales of branded cannabis products
Sunniva engages in the sale of branded cannabis products through its subsidiaries in California and Canada. The company targets to become a vertically integrated cannabis manufacturer by developing cGMP designed greenhouses. It also scouts for expanding its retail locations and provide cannabis products, which are free from pesticides.
Valens gets CAD 40 million from the credit facility
Valens Company Inc. (OTCMKTS: VLNCF) entered a pact to mobilize funds of CAD 40 million (CAD 20 million as short term loan and another CAD 20 million as a revolving loan) from a syndicated credit facility. Canadian IBC (Imperial Bank of Commerce) and ATB Financial will act as the co-lead arrangers for the credit facility.
CEO of Valens, Tyler Robson, said the company has sufficient funds, but additional funding will help it strengthen its financial flexibility and reduce the average cost of the capital. The company will expand its product line and develop a customized production platform. It scouts for exploring opportunities in the Canadian market and provide higher returns on investment for the shareholders.
The company’s annual capacity of hemp biomass and dried cannabis is 425,000 Kg at its Kelowna, British Colombia based purpose-built facility. It initiated steps to become a GMP compliant manufacturing company.
The product line of Valens
The product portfolio of Valens includes soft gels, tinctures, vape pens, oral sprays, two-piece caps, beverages, and natural health products.
Health benefits of CBD beverages
CBD, aka cannabidiol, is derived from cannabis for medicinal use. It doesn’t comprise any psychoactive properties. Cannabis-infused drinks are gaining popularity day by day. CBD beverages are free from calories and sugar and provide health benefits like sound sleep, relief from inflammation, pain relief, and stress relief. Cannabidiol helps to manage heart diseases, cancer, and chronic pain.
Axim Biotechnologies Inc (OTCMKTS:AXIM) Introduces A Rapid Diagnostic Test To Neutralize Antibodies To Prevent Coronavirus Infection In Human Body
Axim Biotechnologies Inc (OTCMKTS:AXIM), an investment company of Medical Marijuana Inc (OTCMKTS:MJNA), rolled out a rapid diagnostic test to measure the levels of neutralizing antibodies and save the humans from the threat of coronavirus.
Diagnostic to overcome coronavirus
CEO Dr. Stuart Titus, CEO of Medical Marijuana, said its investment company – Axim put in significant efforts in the past few months in developing a diagnostics test for neutralizing the effects of COVID-19. Innovative diagnostic expects to nullify the coronavirus impact on humans soon and position Axim at the forefront against competitors.
A rapid 10-minute test
The 10-minute rapid diagnostic developed by Axim is the first of its kind in the world. It measures a subpopulation of the antibodies that can block the virus from attacking a human body. Other diagnostics available in the market can only detect COVID-19, but Axim diagnostic has the power to neutralize the virus. Axim diagnostic is affordable and works faster in 10 minutes.
Following the diagnostic, vaccines can improve antibodies levels in the human body. The manufacturers can use Axim diagnostic to know the effectiveness of the vaccine in the recipient’s body.
John W. Huemoeller II, CEO of Axim, said the company achieved success in developing an economical, fast-acting, and accurate diagnostic that serves as an immunity passport for vaccines’ developers. It is highly useful for vaccine manufacturers because they begin Phase 1, 2, and 3 clinical trials on a large scale.
Applies for pre-emergency use
Axim applied for the approval of pre-emergency use of its diagnostic. The company is readying the data collected from various tests conducted recently for submission to the US FDA to get EUA.
Kannaway adds a brand ambassador
Kannaway, a subsidiary of Medical Marijuana, added Carolyn Dielmann Connolly to its brand ambassador’s team. Blake Schroeder, CEO of Kannaway, said Carolyn accomplished several milestones in her previous stints. He welcomed her to the fold of Kannaway to gain new customers.
In her networking career at several companies, Carolyn built a reputation in generating more money for the company. Carolyn is a national certified trainer and a board member in a travel committee.
Sugarmade Inc. (OTCMKTS:SGMD) Report $1.01 million From BudCars Operation In July Quarter As It Focuses On Expansion
Sugarmade Inc. (OTCMKTS:SGMD) announced the publication of current information on Form 8K filed with US SEC showing details about its position in terms of investment in Indigo Dye Group Inc.
Sugarmade realizes $1.009 million from BudCars operation
Indigo conducts operations as a pot delivery service as “BudCars.” The latest 8K filing shows information regarding the “BudCars” performance, and the gross proceed received for the quarter ended June 30, 2020. Gross sales from the operation in the quarter were around $1.009 million, and the exceptional return is due to the implementation of the BudCars’ strategy of expanding operations and increasing its product lines.
The company indicated in the filing that gross margin from the business was around 50% of sales, but because of marketing and advertising expenses and increasing manpower, the operation is yet to realize a profit. Net sales for the quarter ended June 30, 2020, was around 0.953 million.
BudCars posts impressive sales in July
The BudCars Cannabis Delivery business continued to show exceptional performance in, and by mid-July, BudCars was in line with achieving the $650,000 sales target for the month. There were over 5,000 customer orders in the month, which indicated a sequential monthly growth of 30% in sales. According to the company’s management based on the performance of BudCars in the first two weeks of July, BudCars was on the track of attaining annualized sales of $11 million by the end of Q3 2020.
Sugarmade CEO Jimmy Chan stated that the BudCars Sacramento hub has continued to show significant growth, and the company is yet to ascertain the upside potential in the area. He added that they were delighted with the performance, considering BudCars has an exclusive approach in retail cannabis distribution.
Jimmy confirmed that the company focuses on regional expansion, supply chain verticalization, and organic growth to drive growth. He said that despite making progress, for now, the impact is negligible for what is possible for BudCars in the near-term, considering the growth registered so far has mainly due to organic execution.