Connect with us

BUSINESS

Kannaway, A Subsidiary Of Medical Marijuana Inc (OTCMKTS:MJNA), Is The Most Popular CBD MLM Company: Hemp Meds Mexico Inaugurates a New Office In Mexico

Published

on

Kannaway, a subsidiary of Medical Marijuana Inc (OTCMKTS:MJNA), has become the well known CBD MLM company in 2020. It finds a place in the HealthMJ’s list this year. Business for Home has listed Kannaway, one of the top hundred MLM companies in 2020.

Kannaway establishes quality standards

Blake Schroeder, Chief Executive Officer of Kannaway, said it is exciting to get recognition as a top player in the industry even today after becoming the first company to market the CBD products in 2014 directly. The enactment of a Farm Bill in 2018 helped the CBD industry to post remarkable growth in 2019. Kannaway played a vital role in 2019 in establishing several safety and quality standards for the market to flourish.

The US consumers learn about CBD from friends

Over 50% of the US consumers learned about cannabidiol for the first time from family and friends. The demand for hemp-based CBD in the US is expected to reach up to $2.75 billion in 2020. According to Direct Selling News, the sales of CBD related products by the direct selling companies are estimated at more than $300 million in 2018.

Dr. Stuart Titus, Chief Executive Officer of Medical Marijuana, said Kannaway is flourishing in the CBD market, which is growing at a fast pace. He further said the company is excited to get honored on HealthMJ’s list and among the top 100 MLM companies in 2020. The company also bagged several accolades that include BIG Awards for Business, Stevie Awards, and Golden Bridge Awards. It is yearning to receive more such awards this year.

HempMeds Mexico inaugurates new office

HempMeds Mexico, a subsidiary of Medical Marijuana, has inaugurated a new office in Mexico City. President of HempMeds Mexico, Raul Elizalde, said the company is pleased to establish a new office, and it helps to strengthen its footprint in the nation. It is already managing offices in Monterrey since 2017. The newly opened office will help the public with a plethora of information on CBD products being offered in Mexico.

The market for the medical cannabis market

The market for medical cannabis in Mexico in 2018 is estimated at $47.3 million. If cannabis for recreational and medical uses is legalized, the combined demand for medical and recreational use will reach over $1 billion by the year 2024.

BUSINESS

Sugarmade Inc. (OTCMKTS:SGMD) Announce Acquisition Of Budcars Cannabis Delivery Service And Expansion Plans

Published

on

Sugarmade Inc. (OTCMKTS:SGMD) has announced statements from its CEO Jimmy Chan regarding its growth strategy in the California marijuana market. This comes days after the company announced the closing of a deal for the acquisition of Budcars Cannabis Delivery Service.

Sugarmade to capitalize on growing cannabis market in California

The CEO indicated that the California cannabis marketplace is rapidly changing with new investments and opening of more opportunities as public acceptance increase. Chan added that the cannabis sector has moved past the initial growth stage following the intensification of the crackdown on the illegal operators. There is significant promise in various sectors whose prospects have looked bleak in recent months. It is these areas that Sugarmade is targeting its investment activities.

Chan confirmed that the company sees massive prospects in the delivery services, manufacturing through co-branding as well as careful genetic cultivation. Sugarmade’s growth strategy focuses on being selective as well as targeting the best opportunities in the cannabis industry going to 2020.

The company recently announced an agreement to acquire a stake in Indigo Dye Group Corp-owned Budcars Cannabis Delivery Service. Sugarmade plans to acquire a 40% stake in Budcars for around $700,00 with an option to acquire another 30% interest. This will give the company a controlling interest in the Sacramento based company.

Sugarmade’s expansion plans

With the acquisition, the company plans to expand the delivery of Budcars beyond the Sacramento metropolitan area. They will achieve this through direct expansion as well as a strategic acquisition. Equally, the company plans to acquire and invest in ownership interest in other delivery services in Northern and Southern California. According to the company’s estimates, the regions have potential revenue of between $15 million and $20 million per year.

Similarly, Sugarmade has indicated that it has identified various cultivation operations they can invest in, and it is in talks with some operators over the same. At the same time, the company has begun working with tech innovators on various cannabis products, especially those with lesser-known cannabinoids. Sugarmade will introduce innovations into the market later this year.

Continue Reading

BUSINESS

Supreme Cannabis Company Inc (OTCMKTS:SPRWF) Reports Revenues Of $9.059 Million In Q2 2020

Published

on

Supreme Cannabis Company Inc (OTCMKTS:SPRWF) has reported revenues of $9.059 million in Q2 2020. It is an increase of 17% when compared to the same period last year. However, its revenues declined from $11.433 million in Q1 2020 because of its transition from a wholesale business to recreational sales. The recreational sales accounted for $5.7 million in Q2 2020.

Implements a new operating structure

Supreme Cannabis has put into operation a new structure that includes a reduction in staff to improve growth and efficiency, profits in the long term. It moves forward to become a premium cannabis CPG company and drives the growth in the near term with its high-quality products and brands in different price segments. The company’s innovative sales model supports the consumer facing-brand portfolio. It distributes products across Canada.

Chief Executive Officer, interim president, and Director of Supreme Cannabis, Colin Moore said the company realigns its structure as well as the expectations considering the current state of the industry. He strongly believes that Supreme Cannabis can drive growth in the near term, derive long term growth and improve profits using its high-quality products and brands in every price segment.

Proud of the progress

Colin is proud of the progress of its team and focuses on revenue drivers in the near term. Supreme Cannabis is well-positioned to expedite CPG focused transition with its proven high-value brands in the recreational market and in-house processing capabilities. It is a licensed producer with cultivation infrastructure.

Supreme Cannabis is successful in Q2 2020 on the backdrop of introducing pre-rolls under the Sugarleaf brand addressing the mid-tier price point. The company will introduce more products soon to provide accessible and convenient experience to the customers. It will enhance its brand portfolio in the remainder of the year to add more revenues and capture market share. Supreme Cannabis achieves revenue growth using its recreational brands. The products introduced under the Sugarleaf and premium 7Acres brands will improve the sales volume.

Expands distribution of 7ACRES Brand

In Q2 2020, Supreme Cannabis has expanded the 7ACRES brand distribution in all the provinces in Canada. It is leveraging the partnership with Humble & Fume Inc and retail sales strategy to address the national revenues.

Continue Reading

BUSINESS

Canopy Rivers, A Subsidiary Of Canopy Rivers Inc (OTCMKTS:CNPOF), Subscribes To 2.38 Million Units Of James E Wagner Cultivation Corp (OTCMKTS:JWCAF)

Published

on

Canopy Rivers Inc (OTCMKTS:CNPOF) has announced that Canopy Rivers Corporation (Canopy Rivers) subscribed to 2.38 million units of James E Wagner Cultivation Corp (OTCMKTS:JWCAF). The issue price for each unit is $0.21. Canopy Rivers invested $500,000 in James E Wagner through a private placement. Each unit comprises one-half of one Common Share purchase warrant and one common share in the capital of James E Wagner. Canopy Rivers can acquire one common share using the warrant at $0.275 per share on or before February 6, 2023.

Canopy Rivers holds 16.241 million shares and warrants

Canopy Rivers holds 16.241 million shares and warrants after the completion of the offering. Before this offering, the company held 13.86 million shares and warrants. The subscription is purely on investment basis. However, its decision may change at a later date.

Several developments at portfolio companies

The portfolio companies of Canopy Rivers have made several announcements recently. Chief Executive Officer and President of Canopy Rivers, Narbe Alexandrian, is appointed to the board of directors of National Cannabis Industry Association (NCA), the biggest cannabis trade organization in the US. He will hold the position of Director in NCA until 2022.

High Beauty Inc establishes presence in Canada

On January 30, 2020, High Beauty Inc has established its retail footprint in Canada. The company exhibited its skin care products to a group of influencers, professionals and the media in the beauty and fashion industries at Hudson’s Bay flagship store.

TerrAscend Corp’s two subsidiaries have received the nod for processing and cultivation of cannabis in the US. Also, TerrAscend NJ, LLC received a license in January 2020 from the Department of Health in NJ for the cultivation of cannabis. It is the second company in New Jersey to obtain cultivation permit. The company will extend medical marijuana in the state to meet the growing needs of the patients.

The Utah Department of Agriculture and Food has awarded Medical Cannabis Processor License to TerrAscend Utah, LLC on January 29, 2020. The company will inaugurate a processing facility in Utah.

Canopy Rivers has amended the terms of the $10 million loan to TerrAscend Canada Inc.

Continue Reading



Trending Stories