These are the cannabis news briefs for April 12, 2018:
On The Site
Industrial hemp may soon be legal in the United States. On April 12, 2018, United States Senate Majority Leader Mitch McConnell introduced the Industrial Hemp Act of 2018, a bill legalizing industrial hemp nationwide.
Under the proposed legislation, hemp would become legal in the United States and would no longer be listed as a controlled substance. This would allow hemp farmers to have access certain services and rights that they were previously blocked from. For example, hemp farmers would gain access to banking services, waters rights, and would be able to apply for flood insurance. Individual states would be able to self-regulate hemp production so long as they develop a program to monitor its production.
MM Enterprises USA, better known as MedMen Enterprises, announced its intentions to purchase OutdoorPartner Media Corporation in a reverse takeover, with the combined company becoming publicly traded in Canada. MedMen says it will exercise a “reverse takeover,” (RTO), in which shareholders of a private corporation purchase a public company. What is interesting about MedMen’s proposed transaction is RTO’s usually coincide with the company that is being acquired to be listed on an exchange. Currently, OutdoorPartner Media is not listed on any exchange, but it is public.
In Other News
MedReleaf Corp. (MEDFF) announced that it closed its previously announced agreement to acquire 1 million square feet of existing greenhouse infrastructure on a 69 acre-property in Exeter, Ontario and 95 acres of adjacent land. The total purchase price for the transaction is approximately $26 million, consisting of $21.5 million in cash and 225,083 common shares of MedReleaf.
Nutritional High International Inc.
Nutritional High International Inc. (SPLIF) announced the approval of its conditional use permit application by the City of Sacramento, for a 9,000 square foot property located in Sacramento that is being leased by the company. The CUP approval sets out the conditions of using the Sacramento Property to manufacture cannabis products using non-volatile solvents, which brings the company closer to being licensed to manufacture cannabis products in-house, rather than relying on contract manufacturing partners.
Bahamas Development Corporation
Bahamas Development Corporation (BDCI) subsidiary company Cannabis Consortium, Inc. and its partners are acquiring an exclusive license to manufacture and distribute in California the entire range of THC and CBD products belonging to an award-winning Edible Infused Candy Company. The Edible Company currently has distribution in approximately 400 retail outlets and generated approximately $2 million in revenue over the prior 12-month period. The Edible Company gives Cannabis an instant and expanded network to distribute its non-competing products in CA while working with its current Cannabis Distillate partners’ distribution channels in California and Oregon.
National Access Cannabis Corp.
National Access Cannabis Corp.(TSX VENTURE: NAC) and The Second Cup Ltd. (SCU.TO), Canada’s second-largest retailer of specialty coffee, announced that they have established a strategic alliance to develop and operate a network of NAC-branded recreational cannabis dispensaries initially across Western Canada, expanding to include additional provinces where legally permissible. NAC will apply for licenses to dispense cannabis products and upon receipt, work with Second Cup and applicable franchisees to leverage Second Cup’s extensive Canadian retail footprint to construct retail stores carrying leading cannabis products, including products supplied by CannaRoyalty Corp. (CNNRF).