Growing Optimism Spreads Quickly Through Marijuana Industry on Sessions Resignation
Palm Beach, FL – (November 8, 2018) – Big news took place late yesterday as Jeff Sessions, U.S. Attorney General for Department of Justice resigned. Cannabis stocks therefore rallied Wednesday after Sessions quit at President Donald Trump’s request, to be replaced by his chief of staff, Matthew G. Whitaker, on an interim basis. Additionally Marijuana focused companies were also making headlines yesterday after Michigan voters chose to legalize recreational marijuana. Michigan became the 10th U.S. state to legalize recreational cannabis, joining Washington, Oregon, California, Nevada, Colorado, Maine, Vermont, Massachusetts and Alaska. The District of Columbia also has legalized recreational marijuana use. Medical-marijuana legalization also passed in Utah and Missouri, adding those states to the list of 31 others that allow for medicinal cannabis use. Robert Fagan, an analyst at GMP Securities, said Democratic control of the House represented a “fundamental shift in the U.S. legislative landscape which could usher in a period of positive cannabis reforms.” Active cannabis companies in the markets this week include PotNetwork Holdings, Inc. (OTC:POTN), Tilray, Inc. (NASDAQ:TLRY), KushCo Holdings, Inc. (OTC:KSHB), Cannex Capital Holdings Inc. (OTC:CNXXF) (CSE:CNNX), Medical Marijuana, Inc. (OTC:MJNA).
PotNetwork Holdings, Inc. (OTCPK:POTN) BREAKING NEWS: PotNetwork Holdings announced today that its Diamond CBD is launching a new program to raise mainstream consumer awareness on the potential health benefits of CBD Products, while significantly enhancing its distribution footprint through a new and diverse segment of the rapidly growing market. To view a detailed presentation on the new program, click here.
Kevin Hagen, CEO of the Company, stated, “As everyone knows, millions of people frequent their local malls each week. We perceived this as an opportunity to simultaneously broaden our distribution footprint, and spike consumer brand awareness and preference. As a result, we are embarking on a program to rollout early next year, where dedicated kiosks and merchandising carts can be placed within major malls across America, starting in our own backyard of South Florida.” He added, “This is going to be an exciting program because our goal is to, not only sell product, but to educate consumers on the benefits of CBD products in general, and our brand in particular. The program includes product sampling of many of our lines of edibles, that we believe will result in sales to an entirety new customer base. We believe that there is a significant segment of American consumers who will be delighted to see what our growing and loyal consumer base has been so excited about.”
Diamond CBD distributes premium quality products, and has established a successful, continually broadening distribution footprint. Diamond CBD’s products are taking advantage of the popularity of hemp-derived CBD. Diamond’s hemp-derived CBD products do not contain any THC and are tested for purity. Read this and more news for POTN at: https://financialnewsmedia.com/news-potn
Other recent developments in the cannabis industry include and companies on watch:
Tilray, Inc. (NASDAQ:TLRY) closed up over 30% on Wednesday trading over 9.8 Million shares by the market close. IntelGenx Corp. (IGX.V) (IGXT), a leading oral drug delivery company, this week announced the execution of a definitive license, development and supply agreement (the “Agreement”) with Tilray, Inc. Pursuant to the Agreement, the two companies will co-develop and commercialize oral film products infused with adult-use and medical cannabis (“cannabis-infused VersaFilm™”), in anticipation of amended cannabis regulations that would allow adult-use consumers to purchase edible products in Canada. Under the Agreement, IntelGenx and Tilray® will each fund 20% and 80% of the costs associated with the development of the cannabis-infused Versafilm™ products, respectively. IntelGenx will have the exclusive right to manufacture and supply the co-developed products to Tilray®, and will also receive a fixed single-digit royalty on net product sales. Tilray® will have the exclusive, worldwide marketing and distribution rights for the co-developed products.
KushCo Holdings, Inc. (OTCQB:KSHB), the parent company of innovative industry leaders such as Kush Supply Co., Kush Energy, The Hybrid Creative, and Koleto Packaging Solutions, which provide a range of services and products for a variety of industries including the regulated cannabis and CBD industries, this week announced it has formed a new Advisory Board to provide strategic advice and expertise to help accelerate growth, manage risk and enhance operational performance. Its first three appointments are Matthew Morgan, an entrepreneur and business consultant with leadership experience in the cannabis and other CPG industries, Eric Smith, an industry veteran in the Liquefied Petroleum Gas industry, and Ali Jahangiri, a digital publishing pioneer who has established and grown several businesses.
Cannex Capital Holdings Inc. (OTCQX:CNXXF) (CSE:CNNX) has acquired a 10-per-cent founding ownership interest for $750,000 (U.S.) in Soma Group Holdings Inc., a New Zealand-based cannabis start-up. Soma have an innovative science-based cannabinoid research and development (R&D) and production platform and represent an important first step in Cannex’s international intellectual property development strategy. As a part of the Soma initiative, Greg Marshall has stepped down from the Cannex Capital board to join Soma as a founding director. He will work closely with Soma’s chief executive officer Mike Healy, a 25-year veteran of the global life sciences industry who was, for the past nine years, chief financial officer of Apotex Australia and Asia Pacific. Cannex thanks Mr. Marshall for his efforts during the company’s formative stages and welcomes the opportunity to work with him in his new role at Soma and as an adviser to the Cannex board.
Medical Marijuana, Inc. (OTCPK:MJNA), the first publicly traded cannabis company in the United States, this week announced that its subsidiary HempMeds® will be exhibiting its line of cannabidiol (CBD) hemp oil products at SupplySide West, taking place in Las Vegas at the Mandalay Bay Resort on Nov. 7-10. SupplySide West brings together thousands of ingredient buyers and suppliers from the dietary supplement, beverage, personal care, nutrition and cannabis industries. This year’s event will include over 1,300 exhibitors and 16,000 attendees. “We are delighted to exhibit our line of our award-winning CBD products at this year’s conference,” said HempMeds® President Todd Morrow. “We are committed to supplying the highest quality CBD to retailers and wholesalers throughout the U.S. and this event will offer invaluable opportunities to network and expand our reach.”
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