The Daily Hit: Today's Cannabis Briefs

mCig

mCig Inc. (MCIG) announced today that its subsidiary, NYAcres Inc. will conduct a joint venture with FarmOn! Foundation, which was just granted permission to participate in an Industrial Hemp Agricultural Research Pilot program through the New York State Department of Agriculture & Markets. The company expects that first harvests, which will be grown on an initial 40-acre plot, will yield approximately 1,000 to 1,500 plants per-acre and should generate approximately $4 million in revenue. “Our Joint Venture with FarmOn! Foundation, puts MCIG in the CBD business in a big way and opens the door for growing, researching, developing premium hemp and CBD oil,” said mCig CEO, Paul Rosenberg, in a statement.

MedReleaf

MedReleaf (LEAF) today entered into an exclusive licensing agreement with Woodstock Cannabis Company, allowing the company to utilize the famous Woodstock brand in the Canadian market. Per the agreement, the company will grow and sell cannabis strains under the Woodstock Brand. The agreement comes just in time for the 50th anniversary of the iconic Woodstock festival, which is set to take place on August 15, 2019. “Woodstock is known as one of the most significant cultural and societal events of the 20th Century…We’re thrilled to partner with Woodstock on this exciting initiative” said Darren Karasiuk, VP Strategy at MedReleaf, in a statement.

Organigram

Organigram Holdings (OGRMF) announced today that it has received approval from Health Canada for the remaining 13 grow rooms for the company’s planned Phase 2 expansion of its cannabis production facility; bringing the total number of grow rooms to 23. Harvests for the Phase 2 expansion are expected to take place in the third week of April.

Kush Bottles

KushBottles (KSHB) announced today that the company has been chosen as the exclusive distribution partner for FunkSac, LLC’s line of FunkGuard products. Under the agreement, Kush Bottles will distribute FunkGuard products across KushBottles’ national platform as well as to existing FunkSac customers. “We are pleased to be selected as FunkSac’s exclusive distribution partner and look forward to offering our customer base with an even greater range of brandable packaging and compliance solutions,” said Kush Bottles Chairman and CEO, Nicholas Kovacevich, in a statement.

CV Sciences

CV Sciences (CVSI) announced that it has paid its February and March 2018 installment obligations, as defined under its March 1, 2017, Convertible Promissory Note. Under the agreement, the company must pay the original principal of $770,000 in cash or converted shares. By paying their monthly installments in cash, the company was able to avoid stock dilution. The remaining balance of the company’s debt is $322,400.

William Sumner

William Sumner

William Sumner is a freelance writer specializing in the legal cannabis industry. You can follow William on Twitter @W_Sumner or on Medium.


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