PALM BEACH, Florida, April 16, 2019 /PRNewswire/ -- U.S. & Canadian cannabis companies are both getting ready to beat the other in a 21st century 'gold rush' to the south one that the U.S. should eventually win due to a larger domestic consumer base. A cannabis industry news site recently turned its eyes to the south to South America and again, found itself staring north to Canada however, this bodes well for U.S. Cannabis operators. Just as most of the U.S. looks to California to see what is trending upwards on social and other scenes, American cannabis companies can follow the trail pioneered by their Canadian brethren and maybe even pass them in the race to revenues! Many South American countries have realized that they can kill two birds with one stone, by cultivating legal marijuana they are tearing down the illegal apparatus and bring revenues to the state and the people in return. According to a Forbes article Colombia and a growing number of South American countries are considered to have a favorable climate for growing marijuana year-round without the need of warehouses, high-powered sun lamps, and climate control. An ideal growing environment combined with the country's robust cut-flower industry and indigenous marijuana strains has South American operations poised to dominate the world's cannabis production. As the U.S. continues to deal with the conflict between state-legal marijuana markets and federal prohibition, Canada is clearly getting a jump on the growing international cannabis industry" but the Americans will be right behind and running fast. Active Companies from around the market with current developments this week include: Player's Network, Inc. (OTC: PNTV), Marijuana Company of America, Inc. (OTC: MCOA), MedMen Enterprises Inc. (CSE: MMEN) (OTC: MMNFF), Planet 13 Holdings Inc. (CSE: PLTH) (OTC: PLNHF), Terra Tech Corp. (OTC: TRTC).
U.S. companies will also be looking to South America and it's probable that the U.S. government will also be behind that objective since it serves not only the U.S. companies, but also hurts the illegal drug trade: "Farmers who want to be part of Colombia's medical marijuana project are required to destroy their illegal crops. Colombia alone has already issued 33 licenses and hopes to grow as much as 40.5 tons a year of medical marijuana - accounting for roughly 44 percent of licenses issued globally. In time, growers estimate that the Andean nation could capture as much as one-fifth of a global market that could be worth $40 billion a year.
Player's Network, Inc. (OTCQB: PNTV) BREAKING NEWS: Player's Network, is in the process of changing its name to Green Leaf Farms International, Inc. with the new ticker symbol to be GLFI. PNTV/GLFI is a rapidly growing company in the worldwide cannabis industry with initial operations in Nevada and currently building a medical derivatives production project in Argentina.
Growsmith was first tasked with revamping and optimizing the Company's 27,000 sq. ft indoor North Las Vegas facility which serves the Nevada market. Since Growsmith took over the company's North Las Vegas facility in January , the operation is running much more efficiently and producing a higher quality product, leading to greater revenue. The Growsmith team is now preparing next month to help train and educate local agriculture workers in Argentina to transition them into experts in the art and science of cannabis production with medical purposes.
As previously announced in its definitive agreement , the Company has entered into a joint venture with a state owned company of the government of Jujuy Province, Argentina, with the purpose of producing cannabis medical derivatives. Also as previously announced the state owned Company has received approval from the Argentine government to import cannabis seeds to begin operations to produce medical cannabis oils, distillates, isolates and related health products for the local public health system, clinical trials, medical product registration, and exportation of medical derivatives.
The first phase of the Jujuy project has already received security and health approvals , with the first 8 hectares (20 acres) of land irrigated and ready for planting, expected to take place this year in accordance with Argentinean law and federal government approvals. There is a rapidly growing worldwide demand to supply a wide range of industries including soft drink, cosmetic, pharmaceutical, nutraceutical and other health related industries with CBD-infused products and Green Leaf has positioned itself as a producer of Cannabis based commodities.
In order to manage such operations Green Leaf undertook a search for a highly experienced cultivation and production team with the experience and knowhow to produce cannabis on such a large scale. After several months of interviewing companies, management selected Growsmith. Led by its founder, Mr. Vyas, Growsmith brings an experienced team of over a dozen agricultural experts with more than 100 years of combined experience in a wide range of disciplines. Over the past eight years Growsmith has been part of the infrastructural design, environmental management and build-out of over 1 million sq. ft of cannabis growing operations in the U.S., Canada, and other countries.
S. Vyas President of Growsmith states, "We are thrilled to be chosen by Green Leaf Farms to spearhead the cultivation and production operations for both their North Las Vegas and Argentinian projects. This relationship is the culmination of over a year of due diligence on behalf of both our groups. We are excited for the opportunity to showcase the many skills and resources our team has developed, as well as sharing this knowledge through the development of educational programs" Read this entire press release and more news for PNTV at: https://www.financialnewsmedia.com/news-pntv/
In the industry developments and happenings in the market this week include:
Marijuana Company of America, Inc. (OTCQB: MCOA) a vertically integrated hemp and cannabis corporation, recently announced its financial results for the year ended Dec. 31, 2018, as reported in its annual report on Form 10-K. "I could not be prouder of the growth and accomplishments our company and team members achieved in 2018," said Don Steinberg, founder, chairman and CEO of Marijuana Company of America. "Our industry experienced unprecedented legislative developments, including Canada going full adult use and the Farm Bill passing in the U.S. We are now better positioned than ever to be a leader in the cannabis industry. Not only did we expand our team, but we also launched our hempSMART sales in Europe. We expect to complete and announce our acquisition of a California marijuana manufacturing and distribution license shortly. Upon completion, this acquisition will allow us to capture additional market share, implementing a fully integrated cannabis model that includes cultivation of hemp, distribution and manufacturing of cannabis, and the retail delivery of our new Viva Buds brand."
MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF) recently announced unaudited systemwide revenue for its fiscal 2019 third quarter ended March 30, 2019. Across the Company's operations in California, Nevada, New York, Arizona and Illinois, systemwide revenue was US$36.6 million (CA$48.8 million). This represents a 22% quarter-over-quarter increase over its fiscal 2019 second quarter ended December 29, 2018. Systemwide revenue, pro forma for pending acquisitions that have not yet closed, was US$54.9 million (CA$73.2 million) for the quarter. For the third quarter, gross margin across its retail operations was 51%1, compared to 53% in the previous quarter. The Company is expected to post its fiscal 2019 third quarter results in May 2019.
Systemwide retail revenue for the quarter, including revenue from pending announced acquisitions, is based on 32 retail stores that were operational at the end of the quarter. This includes the MedMen San Jose location which rebranded in January through the closing of the Buddy's acquisition, the MedMen Oak Park location in Illinois which rebranded through the closing of the Seven Point acquisition as well as MedMen's North Scottsdale and Tempe locations in Arizona which rebranded through the closing of Level Up in February. The operational retail locations, including pending acquisitions, represent 39% of the 82 total stores that the Company is licensed for across 12 states.
Planet 13 Holdings Inc. (CSE: PLTH) (OTCQB: PLNHF) a leading vertically-integrated Nevada cannabis company recently announced that it plans to release its financial results for the fourth quarter and full year ended December 31th, 2018 on Tuesday, April 30th, 2019 at 6:30 a.m. EST.
Planet 13 Holdings will host a conference call on Tuesday, April 30th, 2019 at 8:30 a.m. EST to discuss its fourth quarter and full year financial results and provide investors with key business highlights. The call will be chaired by Bob Groesbeck, Co-CEO, Larry Scheffler, Co-CEO, and Dennis Logan, CFO.
CONFERENCE CALL DETAILS
Date: April 30th, 2019 | Time: 8:30 a.m. EST
Participant Dial-in: 416-764-8688 or 1-888-390-0546
Replay Dial-in: 416-764-8677 or 1-888-390-0541
(Available for 2 weeks)
Reference Number: 025599
Terra Tech Corp. (OTCQX: TRTC), a vertically integrated cannabis-focused agriculture company, recently announced it had secured a permit to manufacture cannabis for the adult use market at its 15,000 square foot extraction facility in Reno, which is 50% owned by NuLeaf, from the State of Nevada.
Terra Tech commenced IVXX® production activities for the medical market at its Reno, Nevada facility, co-owned by NuLeaf, in the late in the third quarter of 2018. Securing this permit allows it to further increase supply of its proprietary IVXX wholesale brand to meet the significant demand for cannabis products from adult users throughout Nevada.
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