It’s time for your Daily Hit of cannabis financial news for December 18, 2018.
On The Site
Tilray Canada Ltd., a subsidiary of Tilray Inc. (NASDAQ: TLRY) entered into an agreement with Sandoz AG, which is a part of the Novartis group, to increase the availability of high-quality medical cannabis products across the world. In the agreement, Sandoz AG will support the global commercialization of Tilray’s non-smokable/non-combustible medical cannabis products. Tilray and Sandoz AG may co-brand certain non-smokable/non-combustible products. Tilray may supply non-smokable/ non-combustible medical cannabis products and license rights to and from Sandoz AG in relation to such products. Both companies may also partner to leverage best-in-class knowledge to educate pharmacists and physicians about medical cannabis products.
Competition in Italy is heating up following a slew of major investments from Canadian firms seeking to expand their European cannabis footprint in a burgeoning market.
On December 6, Toronto cannabis investment vehicle Canopy Rivers pumped $17m into CanapaR Italy, an Italy-based organic hemp production and processing platform, taking its total shareholding to 49.9 percent as part of a $25m investment.
MJ is switching its existing, vertically-integrated Denver facilities, as well as enabling its new ones in Las Vegas, to a method powered by TriGrow Systems that will standardize and automate the cultivation process. A combination of custom software and specialized hardware is resulting in consistent results from plants. This customization even extends to proprietary nutrients that are blended for specific strains as well as to optimize plant growth.
In Other News
Terra Tech Corp.
Golden Leaf Holdings Ltd. (CSE: GLH) (OTCQB: GLDFF) said that it has decided not to pursue a potential transaction with Terra Tech Corp. (OTCQX: TRTC). Golden Leaf and Terra had previously announced the signing of their nonbinding letter of intent on November 5, 2018.
This follows the explosive lawsuit filed last week by a Reno, Nevada woman who is suing Terra Tech (TRTC) and claiming fraud. Loeb Hegerich became a co-owner of a Blum dispensary in midtown Reno. Loeb claims that Terra Tech’s financials weren’t audited as claimed and that funds were commingled with other joint ventures. In addition, there were numerous other claims about financial misdeeds. Loeb said she hasn’t received any money from the investment.
The lawsuit describes various financial mishaps by CEO Derek Peterson and claims that the CFO Michael James has been involved in three companies that resulted in total shareholder wipeouts.
Terra Tech issued a statement that strongly denies these allegations and said it would like to highlight that these are only allegations by a business partner which have not been proven. The company maintains that, after a full vetting of relevant facts, Terra Tech will be fully vindicated.
MJardin Group, Inc.
MJardin Group, Inc. (CSE: MJAR) announced its first medical cannabis research investment to fund two studies on the benefits of cannabinoids on epilepsy and schizophrenia. Beginning in the first quarter of 2019, the studies will be conducted in Salamanca, Spain for a period of one year, in collaboration with Salamanca University and the Institute of Neuroscience of Castilla y León – two of the leading institutions globally for the scientific research of the nervous system and its diseases.
Weekend Unlimited Inc.
Weekend Unlimited Inc. (CSE: YOLO) announced the appointment of Mr. Paul Chu to the role of President and CEO. As an Executive and Entrepreneur, Mr. Chu brings over 25 years of success across a variety of industries including CBD cannabis, technology, hardware/software, food and beverage, energy, telecommunications, hospitality, and real estate.