Business Archives - Green Market Report

Debra BorchardtDebra BorchardtNovember 15, 2018
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4min100

MJardin Group signed a letter of intent to acquire Toronto-based cannabis company GrowForce Holdings Inc. MJardin will own 100% of the outstanding shares of GrowForce in an all-stock deal valued at approximately C$275 million. In addition to that, MJardin began trading on the Canadian Securities Exchange using the symbol MJAR.

MJardin projects that it will bring in $162 million in revenue in 2019 according to an investor presentation. The 2020 estimates are for $325 million in revenue.

“With more than ten years of professional cannabis cultivation, processing, distribution and retail, MJardin is among the world’s most experienced cannabis companies, with a proven track record of operational excellence,” said Rishi Gautam, Chairman & Chief Executive Officer of MJardin. “Listing on the Canadian Securities Exchange is a significant milestone in our evolution and a testament to our team’s dedication and focus on building a preeminent global cannabis management platform.”

Grow Force Acquisition

Once the acquisition is completed, the new MJardin Group will have 49 facilities operating or under development across North America, cultivating approximately 87,000 kg of finished product per annum and managing 23 cultivation facilities, two outdoor grows, five extraction facilities and 19 retail dispensaries across four U.S. states and four Canadian provinces.

GrowForce shareholders will receive 0.375 MJardin common shares for each GrowForce common share held. Based on MJardin’s common share price of $12.00 per share pursuant to the Company’s October subscription receipt financing, the implied consideration to GrowForce shareholders is $4.50 per share. The combined company is anticipated to have a pro forma cash balance of approximately C$65M.

“The combination of MJardin and GrowForce provides the foundation to create a preeminent global cannabis management platform with what we believe is unparalleled experience in cannabis cultivation, processing, distribution, and retail,” said Gautam. “We are excited to bring both companies together under one comprehensive platform as we enter the public markets, further invest in our business and execute on our growth strategy.”

Looking Ahead

In the U.S., MJardin said it would continue expansion by entering key-markets via acquisitions and organic growth and increase its existing footprint by developing vertically integrated networks owning the “Seed to the Shelf.” The company plans on focusing on Florida, California, Massachusetts, New York, and Arizona. In the Canadian market, MJardin plans on taking over existing Canadian Licensed Producers and retail assets.

Internationally, MJardin will focus on Spain, Italy, Germany, and Switzerland. The company is currently, forging partnerships with local players as the regulatory framework requires a country-specific strategy and approach. The company also plans on establishing contacts with Universities and pharma players to develop R&D initiatives to address the nascent European medical market.

The company will look to Latin America and Africa as focus regions to build low-cost cultivation facilities. It is currently in talks for expansion initiatives in Colombia and Uganda.


Debra BorchardtDebra BorchardtNovember 15, 2018
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5min7070

New York-based cannabis company Acreage Holdings began trading on the Canadian Securities Exchange using the symbol ACRG and pricing the shares at C$25. The company has raised $314 million prior to going public and gained a great deal of attention after naming high profile politicians to the board of directors.

Prior to trading Acreage had a $2.5 billion valuation and it is expected to pop to $2.8 billion following the opening of trading. CEO Kevin Murphy will own 20% of the company, but he will retain 80% of the voting rights.

Acreage Holdings has one of the largest footprints of the quickly expanding universe of multi-state operators. It is in 17 states and most recently during the company’s road show picked up the approval for a license in Oklahoma.

Investors that want to buy shares in Acreage will mostly be making that decision with little information on hard numbers. By doing a reverse takeover of TK, Acreage wasn’t required to disclose financial information. President George Allen confirmed that the company would not be releasing projected revenue figures. “We didn’t want to put out 2020 numbers,” he said. “We want people to invest with us based on our footprint and not projected revenues.” He felt that some companies suggest they will make huge revenues and then in order to make those numbers go on an acquisition bender to try to keep investors happy.

Acreage isn’t buying other companies in order to make ambitious projected sales figures, said Allen. “We’ve always been acquisitive, so this isn’t new,” he said. By raising more capital, Allen said the company would accelerate its pace of acquisitions.

Allen said that the difference between Acreage and other multi-state operators is the scale of the operation. “It’s the team and the assets we have,” he said, “Execution will be the difference. Plus, investors like larger players.”

Acreage wouldn’t comment on a recent lawsuit in which it was named as a party. The lawsuit claimed that Acreage acquired a property and this particular investor (EPMMNY) wasn’t included in the sale. A review of the legal document shows that EPMMNY’s equity stake was never finalized and so it wasn’t included in the final application for New York Canna. Acreage ultimately ended up owning all of NY Canna, also known as Terradiol NY. The plaintiff is seeking no less than $100 million to compensate it for sustained damages as well as punitive damages of at least $300 million.

Considering that this license was awarded in May of 2017, but the party didn’t file a lawsuit until a week before Acreage looked to be going public makes it seem as if the plaintiff decided to wait until it looked like Acreage could have a deep pocket following its stock going public.

Future Markets

Allen believes there are several states that could be coming on strong. He thinks that Colorado could potentially change its laws to allow outside investors into the industry. This would unlock many companies that had been hoping to sell their operations.

He is also keenly interested in Michigan. The state recently legalized adult use cannabis. “States that began with a caregiver model that then add adult use, tend to be strong markets,” said Allen.

Acreage’s home state of New York has one of the most restrictive medical cannabis markets in the country. However, the midterm elections flipped the state to a democratic rule and there has been a lot of speculation that New York will legalize adult use. “We’ll watch the budget cycle in March and April and if the Governor is serious, we see that reflected in the budget.”

Allen actually thinks Connecticut will legalize adult use sooner. “The governor is open to cannabis and the state is having major financial difficulties,” he said. “They could use the extra revenue.”

 


William SumnerWilliam SumnerNovember 14, 2018
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3min1311

Harvest Enterprises Inc. announced that it has closed its reverse takeover (RTO) of RockBridge Resources Inc., which will now be known as Harvest Health & Recreation Inc. Harvest Enterprises is just the latest in a growing number of cannabis companies going public in Canada through a reverse takeover.

Most recently, Cresco Labs LLC went public on the Canadian Securities Exchange (CSE) through an RTO of Vancouver-based Randsburg International Gold Corp., and Acreage Holdings, one of the largest vertically integrated cannabis companies in the U.S., has also announced plans to go public through an RTO.

As part of the RTO, the company created a three-class voting structure for shareholders, taking effect on November 14, 2018. Holders of subordinate voting shares are entitled to one vote per share on all matters to be voted on by shareholders. Multiple Voting shareholders are entitled to 100 votes per share, and Super Voting shareholders are entitled to 200 votes per share.

The RTO was made possible through a series of actions; including an exchange of shares between existing shareholders of the acquired company, a share exchange between existing holders of common shares of Harvest FINCO, Inc., and an amalgamation among the Corporation, Harvest Finco Canada and 1185928 B.C. Ltd.

In conjunction with the RTO, HVST Finco (Canada) Inc. also announced that it has completed a brokered private placement offering.

Co-led by Eight Capital, Canaccord Genuity Corp. and GMP Securities L.P, the offering issued 33,305,294 subscription receipts of the company at a price of $6.65 per subscription receipt. The offering generated in total $218,149,676 in gross proceeds. Upon the closing of the offering, the subscription receipts were converted into common shares in the capital of Harvest Finco Canada and subsequently exchanged into subordinate voting shares of the company.

Harvest Health has received conditional approval from the CSE to lists its subordinate voting shares. The shares are expected to commence trading under the symbol “HARV” on November 15, 2018.


William SumnerWilliam SumnerNovember 14, 2018
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4min290

It’s time for your Daily Hit of cannabis financial news for November 14, 2018.

On the Site

Canopy Growth

Canopy Growth (CGC) stock fell over 8%  to trade at roughly $35.25 in early trading after the Canadian cannabis company missed analysts estimates. Canopy Growth reported that its second-quarter fiscal 2019 revenues jumped 33% to C$23.3 million, but analysts had estimated the company should have had revenues of C$60 million. Sales and marketing expenses were $7.6 million or 43% of revenue.

AxisWire Hosts First Annual STAR Media Awards

On November 13, 2018, AxisWire held the first annual STAR Media Awards in Las Vegas, Nevada. The awards honored writers and publications for excellence in the world of cannabis journalism; an essential, yet often unrecognized part of the cannabis industry. It was a rare gathering of cannabis media giants, with almost every major cannabis industry publication in attendance.

In Other News

Veritas Pharma Inc.

Veritas Pharma Inc. (CSE: VRT) announced that it has entered into a binding share purchase agreement to sell all of its outstanding common shares of Sechelt Organic Marijuana Inc. to Leis Industries Limited for $350,000. Under the agreement, Leis will pay Veritas $180,000 in advance, and the remaining $170,000 will be paid through shares of the company, which will be released upon the receipt of an occupancy permit post-construction.

Surna Inc.

Surna Inc. today announced its financial and operating results for the three months and nine months ending on September 30, 2018. Revenue for the quarter increased by 66% to 3,325,000 and gross profit margins increased to 33%. The company’s quarterly net loss declined to $644,000; representing a 54% decrease. “While we realize that one quarter is just that and the Company still has losses, Q3 2018 was nonetheless a gratifying validation of the foundation that we have established and the operational improvements that have been implemented across every aspect of Surna’s business over the last four quarters,” commented Surna CEO Chris Bechtel.

The Supreme Cannabis Company Inc.

The Supreme Cannabis Company Inc.  announced the release of its financial results for the quarter ending on September 30, 2018. Revenue rose by 45% from $3.55 million in the previous quarter to $5.14 million. The company’s comprehensive net loss also rose from S2.18 million to $5.39 million; representing a  147% increase. “Supreme Cannabis’ results in the first quarter mark a solid beginning to a historic year in a competitive, dynamic and rapidly evolving marketplace,” said Navdeep Dhaliwal, CEO of Supreme Cannabis. “Q1 2019 results are continued validation for the successful execution of our strategy for our 7ACRES business to establish a competitive advantage in quality driven regulated cultivation at scale.”


William SumnerWilliam SumnerNovember 14, 2018
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3min510

On November 13, 2018, AxisWire held the first annual STAR Media Awards in Las Vegas, Nevada. The awards honored writers and publications for excellence in the world of cannabis journalism; an essential, yet often unrecognized part of the cannabis industry. It was a rare gathering of cannabis media giants, with almost every major cannabis industry publication in attendance.

Founded in 2018 and headquartered in Los Angeles, California, AxisWire is a technology platform aimed at connecting journalists and entrepreneurs by providing a suite of services ranging from press release writing and distribution to consulting and compliance.

The evening started off with a stirring and inspirational speech about how much cannabis publications and writers have advanced the cause of legalization. He also pointed out that with the explosive growth of the burgeoning cannabis industry, many of these companies are dependent on cannabis journalism to get the word out.

His words of gratitude towards the journalist were greatly appreciated by the audience; especially the cannabis journalists themselves, many of whom have beeen writting for years without any recognition. The event then transitioned to the awards ceremony, which was hosted by Green Market Report Co-Founder and CEO Deborah Borchardt.

A total of six cannabis publications and six cannabis journalists were honored with awards. The first annual STAR Media Awards winners were:

Cannabis Publications

  • Best Traditional Cannabis Publication (High Times)
  • Best New Cannabis Publication (Green Entrepreneur)
  • Best Cannabis Business Publication (MJ Biz Daily)
  • Best Cannabis Print Publication (DOPE)
  • Best Cannabis Culture Publication (Civilized)
  • Best Cannabis Digital Publication (The Fresh Toast)

Cannabis Journalist

  • Best Cannabis Culture Writer – Michelle Janikian
  • Best Cannabis Cultivation Writer – Danny Danko (High Times)
  • Best Cannabis Business Writer – Javier Hasse (Benzinga)
  • Best Cannabis Main Stream Writer – Alex Halperin (The Guardian)
  • Best Cannabis Freelance Writer – Sara Brittany Somerset (Forbes/Leafly)
  • Best Social Media Impact In Cannabis – Garyn Angel (Magical Butter)

Debra BorchardtDebra BorchardtNovember 14, 2018
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5min531

Canopy Growth (CGC) stock fell over 8%  to trade at roughly $35.25 in early trading after the Canadian cannabis company missed analysts estimates. Canopy Growth reported that its second-quarter fiscal 2019 revenues jumped 33% to C$23.3 million, but analysts had estimated the company should have had revenues of C$60 million. Sales and marketing expenses were $7.6 million or 43% of revenue.

The adjusted EBITDA for the quarter was a loss of C$57.7 million versus last year’s loss of $4.8 million for the same time period in 2018. The after-tax net loss in the quarter was a whopping C$330.6 million or C$1.52 per basic share compared to last year’s net loss of $1.6 million or $0.01 per basic and diluted share.

“With extensive investments over the past year, including most notably in the second quarter, in branding and retail development, our entrance into the retail cannabis market has been a success with our SKU assortment obtaining over 30% listings market share in multi-store physical retail store networks nationwide,” said Bruce Linton, Chairman & Co-CEO. “With substantial product inventories on hand, new product formats coming to market as planned, a captive sales force driving increased demand through physical retail stores and increasing internal and channel efficiencies, we believe based on market conditions today that we will attain significant and sustainable market share of the Canadian recreational market.”

While the losses were huge,  Canopy Growth still has cash and cash equivalents of $429.4 million, representing an increase of $106.8 million from March 31, 2018. The company attributed this to the issuance of $600 million in convertible notes in the first quarter, offset by investment in the expansion of production assets, strengthening corporate capabilities, brand-related campaigns and the establishment of physical retail stores in Newfoundland& Labrador, Manitoba, and Saskatchewan.

During the quarter, the reported fair value changes in biological assets and other inventory charges combined to an expense of $40.6 million and included adjustments to the value of inventory targeted to the recreational market, reflecting wholesale pricing. The company also experienced a net write-off of approximately $16 million related to plants culled in the quarter due to timing issues with respect to having the infrastructure being ready for licensing and receiving harvested plants.

What’s Selling?

Canopy reported that it cannabis oils, including the Softgel capsules, accounted for 34% and 18%, in the respective second quarters of fiscal 2019 of the product revenue. The company sold 2,197 kilograms and kilogram equivalents at an average sale price of $9.87, up from 2,020 kilograms and kilogram equivalents at an average price of $7.99 in the prior year period, representing an increase of 9% and 24% respectively. The higher average price were attributed to changes in the mix of product sold, principally a higher percentage of Softgel sales and sales to Germany.

“With business opportunities expanding globally, we continue to make significant investments in building our international team and footprint including through multiple acquisitions in Latin America completed during the quarter. The completion of, to our knowledge, a world first Canadian export of a US federally legal DEA permitted product, and the announced acquisition of US federally legal hemp R&D specialists, ebbu, are critical stepping stones for our broader entrance into the US market when it is federally-permissible to do so,” concluded Linton.


Debra BorchardtDebra BorchardtNovember 13, 2018
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3min570

Tilray (TLRY) stock fell after the company reported third-quarter revenue of $10 million, an increase of 85% versus the same time period for last year. The company said that the average net selling price was $6.21 versus last year’s $7.53. The net loss for the quarter was $18.7 million or $0.20 per share compared to last year’s $1.8 million or C$0.02 per share.

Tilray has a $10 billion valuation and the company has limited the number of shares available to trade. This has caused the stock to experience volatile swings as demand outstripped availability.

“The cannabis industry remains very robust and we are pleased with our revenue momentum and strategic achievements in the third quarter,” said Brendan Kennedy, President and Chief Executive Officer of Tilray. “We are in the early stages of achieving our growth potential and our team continues to strategically execute on disciplined operational initiatives and investments to support Tilray’s long-term, sustainable growth as the pace of legalization continues to accelerate around the world. Going forward, the demand for our products is strong and we remain committed to expanding our leadership in the global medical and adult-use cannabis markets.”

Following the end of the quarter, Tilray priced $475 (C$610.6) million of Convertible Senior Notes due in 2023 in a private placement. The company said it intends to use the net proceeds for working capital, future acquisitions, and general corporate purposes, and to repay existing mortgage related to its facility in Nanaimo, British Columbia.

Not included in this quarter’s earnings are sales from the adult-use market which didn’t begin until October 17th. Tilray didn’t sign supply agreements with all of the provinces and the company gave no indications in its earnings release how these sales were going. Other companies have given some indication of sales, but Tilray did not.  This lack of an update could be a cause for concern.


William SumnerWilliam SumnerNovember 13, 2018
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6min510

It’s time for your Daily Hit of cannabis financial news for November 13, 2018.

On the Site

Cronos Group

Cronos Group (CRON) reported a 186% increase in third quarter revenues to $3.8 million versus last years $1.3 million for the same time period. Gross profits were essentially flat with C$2.09 million for this past quarter versus C$2.0 million for the previous year. The net loss increased to C$7.2 million for the quarter over last year’s net income of C$1.0 million. The net loss per diluted share was four cents versus last year’s net income per diluted share of one cent.

Cannabis Company President Applies Tech Boom Lessons to Cannabis Industry

Editors Note: This content was contributed by Strainprint Technologies. “It doesn’t matter if you’re selling pickaxes and dynamite to panhandlers during the gold rush or selling market research and patient engagement software during the green rush,” said David Berg, Chief Technology Officer of Strainprint. “The lessons are universal.” Berg finds that when it comes to business, everything that is old is new again.

In Other News

Valens GroWorks Corp.

Valens GroWorks Corp. (CSE: VGW), a vertically integrated provider of cannabis-related products and services, announced today that it has begun trading on the OTCQB market. The company will continue to trade on the Candian Securities Exchange under the symbol VGV. “We are excited to have finalized our new listing on the OTCQB® Marketplace.  This new listing, combined with the current work underway to finalize the Company’s DTC eligibility, will increase Valens’ presence with United States investors, providing increased liquidity to the Company’s growing shareholder base,” commented Tyler Robson, Valens CEO.

Green Thumb Industries

Green Thumb Industries (CSE: GTII) announced that it has signed a definitive agreement to acquire Integral Associates. Included in the acquisition is the retail brand Essence, which operates in the Las Vegas Valley; Desert Grown Farms, a cannabis cultivation facility which is home to a genetic library of 100+ cannabis strains; and Cannabiotix NV, a cultivation facility that has won several High Times Cannabis Cups. “We are thrilled to expand GTI’s production, distribution and retail footprint in one of the most popular tourist destinations in the world,” said Ben Kovler, GTI Founder and CEO. “This acquisition is immediately accretive and an important milestone as we position GTI to scale in one of the only limited license adult use markets.”

MJardin Group

MJardin Group today completed its reverse takeover (RTO) of Sumtra Diversified Inc. Sumtra has changed its name to MJardin Group, Inc. and has delisted its shares from the TSX Venture Exchange. The company has received preliminary approval to lists its shares on the Canadian Securities Exchange and will commence trading on November 15, 2018 under the symbol “MJAR.”

Sproutly Canada Inc.

Sproutly Canada Inc. (CSE: SPR) announced that it has entered into a letter of intent to form a joint venture with Global Canna Labs Limited. Global Canna Labs is the largest medical cannabis provider in the Caribbean. Under the agreement, the companies will develop, produce, distribute, and market cannabis infused beverages, edibles and topical products from Sproutly’s fully licensed, APP Technology. “Partnering with Global Canna Labs on this joint venture allows Sproutly to expand its business outside of Canada with a leading, low cost cannabis cultivator in Jamaica that has proven distribution across the Caribbean and expanding into the European Union,” said Keith Dolo, Sproutly President and CEO. “This partnership will enable Sproutly to diversify its product portfolio and accelerate its global distribution network from a low-cost regulated jurisdiction.”


Debra BorchardtDebra BorchardtNovember 13, 2018
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3min760

Cronos Group (CRON) reported a 186% increase in third quarter revenues to $3.8 million versus last years $1.3 million for the same time period. Gross profits were essentially flat with C$2.09 million for this past quarter versus C$2.0 million for the previous year.

The net loss increased to C$7.2 million for the quarter over last year’s net income of C$1.0 million. The net loss per diluted share was four cents versus last year’s net income per diluted share of one cent.

“We are encouraged with our third quarter results, which reflect the meaningful progress we are making on our strategic initiatives. In the quarter, we announced a number of landmark partnerships to expand our reach beyond the flower and beyond Canada and launched our second differentiated recreational cannabis brand,” said Mike Gorenstein, CEO of Cronos Group. “The recent legalization of cannabis sales for adult recreational use in Canada was a watershed moment for our industry and our Company.”

The company sold 514 kilograms of cannabis in the quarter, a 213% increase over last years 164 kilograms. The company said that the main drivers associated with the increase in revenues and the increase in kilograms sold were the increased production capacity and increased volumes sold through the domestic medical and international channels, as well as initial shipments into the domestic adult-use recreational market.

Cronos said it continues to see strong growth in cannabis oil sales, which represented 29% of total revenue in the third quarter of 2018.

Since The Quarter Ended

On October 17, legal adult use cannabis sales began in Canada. Cronos is currently selling dried cannabis, pre-rolls and cannabis oils to Ontario, British Columbia, Nova Scotia and Prince Edward Island, which collectively represent over 50% of the Canadian population.

Also in October, Cronos entered into a sponsored research agreement with the Technion Research and Development Foundation of the Technion – Israel Institute of Technology to explore the use of cannabinoids and their role in regulating skin health and skin disorders. The preclinical studies will be conducted by Technion over a three-year period and will focus on three skin conditions: acne, psoriasis and wound healing.

 


StrainprintStrainprintNovember 13, 2018
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11min1240

Editors Note: This content was contributed by Strainprint Technologies.

“It doesn’t matter if you’re selling pickaxes and dynamite to panhandlers during the gold rush or selling market research and patient engagement software during the green rush,” said David Berg, Chief Technology Officer of Strainprint. “The lessons are universal.”

Berg finds that when it comes to business, everything that is old is new again.

“Throughout history, we’ve seen recurring behavioural, technological and business themes. The key is identifying these themes and not ignoring their calling.” He continued by applying his technology experience to his work in the cannabis industry.

Lessons Learned in the Y2K Bubble Burst

Berg has more than two decades of experience  in the technology industry, where he helped build large infrastructure and security projects for Fortune 500 companies, defense and aerospace contractors, educational institutions and government organizations. He describes the moment he met Strainprint founder Stephanie Karasick and CEO Andrew Muroff as serendipitous, leading him to dedicate his career to developing Strainprint, a cannabis intelligence company that generates user data about medical cannabis strain efficacy for medical and research purposes through a free patient app and data and analytics tool. Most recently, they launched Strainprint Community, a real-time, online platform that provides education and support for the growing cannabis community

“When I entered the workforce, it was the end of the nineties, right at the peak of the boom.” Berg recalls. “It was a unique time in history – and as we all know everything came to a massive halt after the Y2K bubble burst. While an extraordinary amount of technology was developed during this time frame, there was also a lot of waste and a general sense of inflated value that ultimately hurt and undermined the capabilities of software companies who had been thriving. I saw a lot of companies fall as fast as they rose, which was unfortunate but ultimately and learned a lot from their experiences.” He carried over these lessons to his work at Strainprint.

Berg describes the importance of building strong foundations for any company. “Form follows function,” he said as he recounts Strainprint’s early days. “When we set out to build Strainprint we spent a year in stealth mode. During  this time we built out a lot of core scalable infrastructure that would be the key to the growth of our company.” The result was a technology infrastructure designed to empower cannabis users, medical professionals and researchers with more than 38 million data points collected on cannabis chemovar (strain) efficacy for more than  350 medical conditions with 60 associated symptoms.

Personal Motivations for a Foray into Cannabis

Like many people, Berg’s personal journey with cannabis began with recreational use as a teenager, but with the birth of his second son, the concept of cannabis as medicine began to take on new meaning.

Living with Crohn’s disease, an inflammatory bowel disease, Berg’s son relies on expensive IV infused biological drugs to help control his disease. While in remission, the long-term use of his medications could lead to lymphoma, a risk Berg and his family aren’t willing to take.

While developing Strainprint, Berg began to recognize the potential of cannabis therapies for diseases like Crohn’s.

“Over the past five years, I’ve had numerous conversations with my son’s pediatric gastroenterologist, and have not been successful in convincing the physician to

endorse a CBD-backed therapy,” he explained, “Each time I brought up the topic, I was told that there was not enough clinical or empirical research to prove cannabis as a reasonable therapy, let alone that a physician would feel comfortable prescribing to a child.”

“As a business, community, and the world’s largest longitudinal medical cannabis study, Strainprint seeks to change this “We are a company founded by patients, for patients,” said Berg. “We’re here to drive the key research and answer questions for patients, physicians, and the research community.”

A Bright Future for Cannabis and Technology

“The technology industry has a strong foundation of building and establishing infrastructure,” he continued.“Strainprint allows us to use technology to discover the way the human condition interacts with cannabis.”

As Berg describes it, Strainprint is about building a series of tools that people enjoy using because they’re improving their quality of life, helping to use cannabis in a way that represents being mindfully medicated. User feedback is key for Berg, who leads the roll-out of updates for theapp based on user feedback every two weeks.

Strainprint’s work is a fine balance of building and retaining a community of users. At a growing at a rate of 20 per cent new users per month, the team continues to manage partnerships and relationships with medical professionals, researchers, labs, licensed producers, processors and customers alike to ensure that Strainprint’s data is utilized to drive research on cannabis.

“Our job is to build an understanding of the ways the human body and its endocannabinoid system reacts to various chemovars and composition,” Berg explained.“As we continue to track patient interaction over the coming years, in line with the Access to Cannabis for Medical Purposes program, we will identify core areas that will drive medical discovery and research.”

Berg is particularly excited about the recent launch of Strainprint Community, a place where the canna-curious and experienced patients can co-exist and discuss any cannabis or treatment-oriented topic.

The community, which is directly integrated with the Strainprint mobile app, provides a foundation for education, support and expanded information based on the most up-to-date data findings.

So what’s next for Strainprint? “We will continue to study product use and user interaction so that we can guide the next generation of medical discovery and drug development.”

In addition, Berg’s technology and programming team has been hard at work developing new tools surrounding cannabis use data. “We have four new products that will be launching into the market over the next three months and we’ll be announcing some groundbreaking academic and industry-led research studies along with findings.”

When asked what he loves about his work, Berg said, “I feel very blessed to be able to combine my past experience with the meaningful and pioneering work I’m doing now. It has a very personal implication for me and my family, what else could I possibly ask for?”



About Us

The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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