CORAL GABLES, FL / ACCESSWIRE / November 7,2018 / Medical cannabis and recreational marijuana have been put in a very bright spotlight on Wednesday. The US midterm elections have brought new states online for medical, recreational, and decriminalization of marijuana. Michigan became the 10th state to legalize recreational pot sales to adults and the first to do so in the Midwest. Missouri and Utah approved medical marijuana initiatives, joining 31 other states that already allow prescription sales.
With Democrats taking control of the House, many are expecting that the discussion about federal legalization isn’t a matter of if it will happen but when it will happen. Since Canada legalized cannabis for recreational use in October, the discussion has become more frequent and companies like ICC International Cannabis Corp. (KNHBF) (WRLD), Aurora Cannabis (ACB) (ACBFF) (TSX:ACB.TO), Marimed Inc. (MRMD)
ICC International Cannabis Corp. (KNHBF) (WRLD) a has held its trading level around $0.50 for the last week and on the heels of major marijuana market developments, the company announced today that it has received an inaugural purchase order for 10,000mL of Tetrahydrocannabinol Cannabis oil, 5,000g of dried Cannabis flower and 5,000mL of Cannabidiol oil.
The initial Purchase Order is scheduled for distribution during the first quarter of 2019. International Cannabis expects to receive subsequent Purchase Orders throughout 2019. The Company will also commence a dedicated European sales campaign, with the objective of augmenting impromptu, inbound demand.
ICC International Cannabis Corp. (KNHBF) (WRLD) has also closed a non-brokered private placement consisting of 8,333,333 units for gross proceeds of $4,999,999.80 at a price of $0.60 per unit. Current levels of trading have ICC International at roughly $0.47.
Eugene Beukman, Chief Executive Officer and a director of ICC International Cannabis Corp. (KNHBF) (WRLD) stated: “The receipt of this Purchase Order is a significant milestone for ICC. The Company looks forward to fulfilling European demand for medical Cannabis, now and in the future. International Cannabis is equipped with an unparalleled ability to supply the overwhelming demand for Cannabis and Cannabis extracts in Europe. As International Cannabis prepares to fulfill this order from our own production and that of our partners, it is a clear indication of the demand, even unsolicited, that the Company will be ready for in the EU.”
Aurora Cannabis (ACB) (ACBFF) (ACB.TO) traded higher on Wednesday in line with many other cannabis companies. The company recently announced that the company and Choom Holdings Inc. have completed a non-brokered private placement of a debenture in the principal amount of $20,000,000 in Choom by Aurora, convertible into common shares of Choom at a conversion price of $1.25 per Common Share, with a four-year maturity date. Aurora has also secured the right to acquire up to 40% of the Company at $2.75 per Common Share.
Choom is an emerging adult use cannabis company that has secured one of the largest retail networks in Canada. “Choom has developed a strong brand identity that radiates throughout its developing network of retail stores, which is well aligned with Aurora’s overall adult usage strategy,” said Terry Booth, CEO of Aurora. “Through this strategic investment, Aurora further diversifies its retail strategy, with additional retail opportunities across Western Canada, and future potential opportunities in the Ontario market. We are pleased to increase our stake in Choom and support them as they execute on introducing their unique retail brand to Canadian cannabis consumers.”
Marimed Inc. (MRMD) hit highs of nearly $5 per share on Wednesday morning. The company is a multi-state cannabis operator that owns and manages cannabis facilities in six states. Today Marimed announced it has named Charles Finnie as its Chief Strategy Officer, effective immediately. Finnie, who most recently was Wall Street’s only research analyst focused solely on cannabis, will lead MariMed’s M&A, strategic investment, and investor relations strategies.
“My decision to join MariMed resulted from over a year of researching the cannabis industry,” Mr. Finnie noted. “As an analyst, I look for undervalued companies that represent major opportunities for investors. MariMed, in my view, has more upside than any cannabis company I know. As part of MariMed’s strategy moving forward, we will be looking at mergers and acquisitions, including acquisitions of client operations developed and managed by MariMed, as well as exploring opportunities on the Canadian and other stock exchanges.”