This week, Bill C-45 passed its second reading, Tilray is partnering up with a huge pharmaceutical company, Supreme partnered up with Medigrow to produce cannabis oil in Southern Africa and much much more.
Weekly Roundup 03/18/2018 – 03/24/2018
Legalization Plan Survives
Although Conservatives made an attempt to stop the bill, the plan to legalize cannabis is still being advanced for consideration. Luckily, the Bill C-45 passed the second reading held on Thursday evening. The Bill C-45 basically intends to legalize marijuana while still having the government involved in its control and regulation as well as how its produced, distributed, and sold.The second reading’s vote was 44-29 with the majority being in favor of the bill.
It has been agreed that the bill will be studied further till the final vote. The Senate has until June 7th to pass the bill. Due to conservatives going against the bill there may be attempts from senators to implement several amendments as the bill advances. Hopefully, moving forward, there will be enough support for the legalization of marijuana to overrule the effort to kill the bill.
Choom and ABcann Enter Into Strategic Investment and Supply Agreement
Choom and ABcann Global Corporation, a premier Canadian grower, have disclosed that the company has completed a financing of over 11 million subscription receipts for gross proceeds of $7.0 million. This includes ABcann’s $4.0 million lead order. On top of this, the company has concluded a strategic private placement of subscription receipts. This development coincides with Choom making an agreement related to the purchase of International Tungsten Inc.
Once the acquisition is final, each one of the subscription receipts will be converted into one unit (one common share of the company). This will happen automatically without any further action or additional consideration. Choom has also entered into a supply agreement with ABcann. Wherein, Upon approval, ABcann will supply Choom with quality cannabis products. ABcann fully intends to rise to the top of the cannabis industry. The company is open to opportunities and is committed to diversifying their industry presence. The company is also very pleased to be working with Choom. ABcann aims to be fully prepared for the upcoming legalization of cannabis. And these recent developments with Choom definitely support the company’s goals.
Supreme Invests in Medigrow and Enters into Global Cannabis Oil Distribution Partnership
Supreme Cannabis is going to invest a whopping $10 million in a licensed producer located in the Kingdom of Lesotho called Medigrow Lesotho. The Kingdom of Lesotho is located in southern Africa. Once the investment is complete, Supreme Cannabis will obtain a 10% ownership interest in Medigrow Lesotho.
To top it off, Medigrow and Supreme have entered into a global medical cannabis oil distribution partnership. Both companies are thrilled. Supreme believes that global demand for medical cannabis oil will largely surmount supply. Supreme Cannabis also fully trusts Medigrow Lesotho’s knowledge, aptitude, and expertise in producing high-quality cannabis oil. Upon all necessary approvals, this long-term partnership will produce cannabis oil in Lesotho and then export internationally.
Tilray to collaborate with Novartis
Tilray, a leader in medical cannabis research and production, is a licensed medical cannabis producer. Tilray has just entered into an exclusive partnership agreement with a world-renowned healthcare company. This strategic alliance aims to speed up innovation and escalate high-quality medical cannabis product availability.
Once the Letter of Intent and anticipated agreements are final, Tilray will be affiliated with Sandoz Canada Inc. an associate of Sandoz International which is a part of the Novartis Group. This recently announced collaboration is huge in the medical world because it means a medical cannabis company is collaborating with a major mainstream pharmaceutical company, which in turn poses that medical cannabis can be mainstream also.
Tilray was the first-ever medical marijuana company to be current Good Manufacturing Practice certified according to the standards of the European Medicines Agency. Another exciting fact is that Tilray currently supplies patients in ten different countries across five continents. Additionally, Tilray has also partnered with NOWEDA and Shoppers Drug Mart. Shoppers Drug Mart is Canada’s leading pharmacy chain. NOWEDA is a German leading pharmaceutical distributor. NOWEDA distributes Tilray’s medical cannabis products to over 20 thousand pharmacies throughout Germany. All these partnerships are great steps forward on the journey to legitimizing marijuana as a common medicine.
If you ask me, it’s about time medical cannabis is perceived as a conventional and fully accepted medicine worldwide. With all these super exciting developments continuously brewing, I am extremely relieved that Canada’s long-awaited plan to legalize adult-use recreational cannabis has not been overthrown. Let’s keep our fingers crossed. See you next week.