It’s time for your Daily Hit of cannabis financial news for May 21, 2018.
On The Site
Alliance One International, Inc.
Alliance One International, Inc. (AOI) said that its Canadian Prince Edward Island-based indirect subsidiary, Canada’s Island Garden, will undergo a significant expansion to support the growth of its Canadian cannabis line. Canada’s Island Garden is Prince Edward Island’s only federally licensed producer of cannabis. This expansion will increase Canada’s Island Garden’s production capacity to an excess of 35,000 kilograms.
In Other News
Cannabis testing company EVIO Inc. (EVIO), announced that it has executed a long-term lease for a 2,700 square foot facility in Los Angeles, California to provide its accredited analytical testing services to the Southern California cannabis market.
Located in the heart of Los Angeles in the Mission Junction District, the new facility is strategically positioned to serve the largest marketplace in the United States. According to Forbes, Los Angeles was accountable for over 40% of the state’s medical cannabis revenue. With about over 10 million people in Los Angeles County, the market potential for medical and recreational cannabis can surpass entire states like Colorado and Washington. Due to California’s July 1st testing deadline mandating licensed retailers to sell the only lab tested product, the company is expecting a significant uptick in the need for testing services. There is a high concentration of distributors planned to operate in the city. This would make L.A. home to the greatest number of legal MMJ and adult-use cannabis businesses of any municipality in the country.
Invictus MD Strategies Corp.
Invictus MD Strategies (IVITF) announced that Acreage Pharms Ltd. has received its sales license from Health Canada pursuant to the Access to Cannabis for Medical Purposes Regulations (ACMPR) effective May 18, 2018.
Dan Kriznic, Invictus Chairman, and CEO commented, “We are thrilled to have obtained our sales license from Health Canada. This is the crowning milestone in our licensing journey for Invictus, as we march towards fulfilling capacity goals during this historic and important year for Canada’s cannabis industry. We started this company in 2014 with the intention of becoming Canada’s Cannabis Company. With the granting of Acreage Pharms’ sales license and the completion of the Phase 2 structure at Acreage Pharms, two key milestones in the drive towards that intent now have been achieved. This dramatically advances our timeline for increasing our annual run-rate production capacity at our current 39,600 square foot facilities and construction plan for the 80,000 square foot Phase 3 to be completed by September 2018 in time for the adult-use market.”
Cannabis software company NuvusGro Corp. (NUVG), announced that it has been contracted by Infrax Systems (IFXY) to develop and manufacture Mobile Mining Unit (MOMU) using its Grow.Droid Enterprise Technology to mine Bitcoin, Ether, BCH, and Altcoins. Grow.Droid technology has been used to develop and manufacture sophisticated container based grow systems.
MoMu is a mobile container-based computer mining operation that can be easily transported from site to site. Just plug into power, connect to the internet via satellite and start mining cryptos. A completely self-contained unit ready to house and operate 128 to 164 GPUs or Asics. The Nuvus Mobile Mining Unit is constructed from a 20-foot shipping container and comes attached to a sturdy trailer base which can be towed via most pickup trucks and larger SUVs. This self-contained unit has everything needed to start mining operations, just add preferred mining computers and equipment.
GrowGeneration Corp. (GRWG) hired Yoshi Sakashita to the position of Vice-President of GrowGen Management Corp. GrowGen is focused exclusively on providing product driven solutions, that lower costs and increases the efficiencies for large commercial cultivation operations.
Cannidex Brands signed an exclusive license agreement with Alternative Solutions, Washington, DC’s premier cannabis cultivator. The agreement allows Alternative Solutions to manufacture CANNIDEX+ and distribute the product to all licensed Washington, DC dispensaries.
“We couldn’t be more excited to be working with the exceptional team at Alternative Solutions,” said Scott Gerhardt with Cannidex Brands. “We had the incredible opportunity to come to Washington and tour several dispensaries, and are pleased to be collaborating with Alternative Solutions to bring CANNIDEX+ to this wonderful and thriving community.”