Palm Beach, FL –August 1, 2019 – When the state of California decides to lead the way on an issue… it goes all the way… Hollywood style. B-I-G. (Sorry Texas). So when California opened the gates for big and small and in-between companies to get in on the ride of the cannabis market tsunami… everybody wanted in. It seemed like the whole state applied for temporary permits with the plan to eventually turn them into an annual licenses, and they would be ‘off to the races’. Well, it seems like there was a thunderstorm just as they got out of the gate… and everything is going much slower than expected. In fact, many of the thousands of temporary cannabis business licenses across the state could expire before provisional annual licenses can be issued or extensions can be implemented, according to state regulatory data and industry experts. Active cannabis companies in the markets this week include: Sugarmade, Inc. (OTCQB: SGMD), Medical Marijuana, Inc. (OTCPK: MJNA), Kona Gold Solutions, Inc. (OTCPK: KGKG), CBD Unlimited, Inc. (OTCPK: EDXC), MariMed Inc. (OTCQB: MRMD).
An article in the Sonoma News added: “An influx of around 9,000 applications in December took regulators by surprise, particularly those at the California Department of Food and Agriculture, which issues permits to cannabis growers, Drayton said. “Towards mid to late 2018 there was a real rush of folks filling out their temporary applications and to get those in before January first of 2019,” which was the deadline to apply for temporary licenses, Drayton added. The department lists 4,925 active temporary permits on its website. Of those, it lists 1,806 of them as about the expire, meaning the permits will terminate in March or April. The health department’s website showed 1,209 active temporary licenses of which 770 were set to expire in March or April. The department also listed 20 annual licenses currently issued.”
Sugarmade, Inc. (OTCQB: SGMD) BREAKING NEWS: Sugarmade a major supplier to the growing hydroponic cultivation and hemp sectors, today announces commencement of hemp cultivation in conjunction with Hempistry, Inc., of Madisonville, Kentucky. Sugarmade recently announced it had begun to exercise its investment option in the Kentucky hemp cultivator. The hemp being cultivated this year by Hempistry is a fast growing strain that is especially rich in cannabidiol (CBD). The farm is located in Madison County, Kentucky.
Sugaramade is not only directly investing in the Hempistry operation, but it is also increasing its commitment to become a leading supplier to hemp cultivators across the country. Nowhere is this commitment stronger than within the state of Kentucky, which now leads the nation in the number of acres under cultivation. A major component of this expanding commitment is the pending acquisition of leading cultivation supplier BZRTH. Sugarmade announced earlier this week that BZRTH had completed its audits for previous financial periods, which was a major requirement for acquisition closure.
“Our investment in Hempistry, our commencement to the state of Kentucky and our pending acquisition of BZRTH provide Sugarmade with multiple options for growth, while our recently effective S-1 filing expands our ability to finance the many initiatives in front of the Company,” commented Company CEO, Jimmy Chan. “We wish Hempistry well in their efforts this season.” Read this and more news for Sugarmade at: https://financialnewsmedia.com/news-sgmd/
Other recent developments in the cannabis/cbd/hemp industries:
Medical Marijuana, Inc. (OTCPK: MJNA) recently announced that the Company has begun manufacturing operations under an industrial hemp processor license. This processor license will allow Medical Marijuana, Inc. to freely store, handle and convert industrial hemp into a marketable form. This will enable the company to continue implementing its soil to sale plan, including processing its own raw material and manufacturing finished goods within the new facility.
“Operating under this license is a big step for our Company and a great sign for the future of our domestic operations,” said Medical Marijuana, Inc. CEO Dr. Stuart Titus. “The 2018 Farm Bill has allowed us to grow our processing and manufacturing capabilities as well as drive the global supply chain of high-quality hemp.”
Kona Gold Solutions, Inc. (OTCPK: KGKG) recently announced that the Company has expanded distribution into 4 new states, Alabama, Arizona, Iowa, and Utah where its popular Kona Gold Hemp Energy Drinks and HighDrate CBD Energy Waters will now be sold at local retail locations. Kona Gold has partnered with 14 new distributors within the last 30 days in a total of 12 states across the United States; Alabama, Arizona, California, Florida, Indiana, Iowa, New Mexico, North Carolina, South Carolina, Texas, Utah, and Wisconsin. Kona Gold currently has distribution partners in 35 states.
Kona Gold is now focusing on key markets in the western United States. This is evident with 6 of the Company’s new distribution partners being located in Arizona, California, New Mexico, and Utah. As the Company expands westward, plans are in place to hire a West Coast Sales Manager and lease warehouse space for its west coast distribution center, similar to the Company’s new 30,000 sq ft distribution center in Greer, SC.
CBD Unlimited, Inc. (OTCPK: EDXC) recently announced an accelerated convenience store launch program. Upon a successful launch in the first 300 stores, the company plans to roll out its products to 1,000 stores per month for a 6 month period. Following the rollout, CBD Unlimited’s products will be widely available in roughly 24,000 convenience stores.
“As we continue to expand our product reach, we are looking to add new channels to reach the everyday consumer,” commented Mr. Todd Davis, CEO & Chairman of CBD Unlimited. “Upon the completion of the pilot program, the long-term plan is to reach over 100,000 convenience stores by 2023. Our focus in this space is to provide single serving, 1 week and 2-week supply products that have immediate impact for the consumer. “
MariMed Inc. (OTCQB: MRMD) recently announced a licensing agreement with Denver-based Binske, which offers an innovative range of diverse cannabis products. Under the terms of the agreements, MariMed is licensed to manufacture and distribute the Binske portfolio of products in seven states: Illinois, Ohio, Massachusetts, Rhode Island, Maryland, Delaware, and Maine, adding substantially to the availability of Binske brands, which are currently licensed in Colorado, Nevada, Florida, and California. The Binske brands include a variety of consumer options, including concentrates, edibles, vaporizers, and topicals.
Ryan Crandall, MariMed’s Chief Product Officer and SVP Sales, stated, “Binske is a popular brand in Colorado and Nevada, and we are enthusiastic about the potential of its products in the markets where we operate. Binske will be an exciting addition to the diverse portfolio of seven brands MariMed currently owns and licenses, such as Betty’s Eddies™, Nature’s Heritage™ and Kalm Fusion™, among others. Binske conforms to MariMed’s standards of high quality and expert formulation that our customers rely on. We expect to have Binske products available during the fourth quarter of 2019.”
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