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November 23, 2020 ADVERTISE

Food Archives - Hemp Market Report

Tee CorleyTee CorleyJuly 30, 2020
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5min00

Company: Harbor Hemp Company

Product:

What Makes This Brand Unique: If you haven’t yet heard of Harbor Hemp Company, it’s high time you got in on this family-run health and wellness CBD brand.

Based in Connecticut, Harbor Hemp is among the most health and eco-conscious CBD purveyors in the country. Using only industrial hemp grown in the US, Harbor Hemp CBD is lab tested twice and manufactured at a Good Manufacturing Process (GMP) certified facility in Connecticut.

If you’ve read our previous reviews of Harbor Hemp, you’re familiar with the sheer variety of products this company offers. From sports creams to lab-tested tinctures, it’s no surprise they’re among the brands pioneering CBD-infused beverages.

Calm Seas CBD-Infused Seltzer Review

We had the opportunity to sample Harbor Hemp Company’s Calm Seas CBD-infused seltzer, and we were not disappointed.

This beverage came to us discreetly packaged in a perfectly-sized brown box. Sure enough, the cans themselves were professionally styled to match the running theme across all Harbor Hemp products: a red, white, and blue label depicting a stylized scenic coastline and the watchful eye of a lighthouse.

It’s no wonder that they named this seltzer Calm Seas. In line with their overall New England-style branding, this beverage is designed inside and out to elicit a total sense of mind-body harmony.

True to their mission to offer the highest quality CBD in healthful consumable forms, Harbor Hemp includes only 4 ingredients in their seltzer: water, 26mg CBD extract, natural black cherry flavor, and citric acid.

We considered this product to be a positive alternative to alcohol. After all, the 16-ounce cans and red, white, and blue color scheme do remind one of a PBR tallboy.

However, it’s so much better than that. Instead of cracking open a beer at the end of a long day, we opted for Calm Seas. The desired end result is achieved: a totally relaxing summer evening enjoying a beverage on the front porch.

The side effects of alcohol are skillfully avoided. With 0% THC, you’ll experience no intoxication or hangover. Instead, you’ll get the hydration you slacked on throughout the day.

And no offense to the diehard fans, but we are happy to announce that Calms Seas tastes worlds better than a beer.

The black cherry flavor is light with a slightly citric tang. Citric acid is a natural preservative and may aid your body in the absorption of water. There is absolutely no hemp scent or flavor to this beverage.

Overall, this beverage is an amazing alternative to an alcoholic nightcap. It’s also great to sip on throughout the day. Whenever you need to de-stress, Calm Seas will bathe you in a feeling of wellness.


Tee CorleyTee CorleyMarch 9, 2020
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6min00

Ben & Jerry’s is well known for making the grooviest ice cream, with flavors like Half Baked and Dave Matthews Band Magic Brownies. So it was no surprise when they announced that CBD-infused ice cream was coming to a freezer near you last year.

So, where’s their hemp-infused flavor?

Ben & Jerry’s announcement was just a few months ahead of a hearing conducted by the Food and Drug Administration (FDA) to discuss legalizing CBD in food and beverages. The ice cream company added a comment to the proposal in favor of legalization at the federal level and encouraged their fans to do the same.

After the 2018 Farm Bill legalized growing and selling hemp, with the stipulation that it should contain no more than 0.3% THC by weight, retailers geared up to infuse everything from eye cream to ice cream with CBD.

The same summer, the FDA approved a CBD-based drug designed to treat rare forms of epilepsy in children. The drug, called Epidiolex, was seen as a symbolic victory for CBD advocates—at first glance.

Instead, this breakthrough blurred the lines further. While advocates assumed this meant CBD would be legal, it instead tossed the cannabinoid categorically into the realm of “pharmaceuticals.”

After all, you can’t add a drug to a food.

In an attempt to shed some light in this murky water, the FDA held its hearing May 31st, 2019. While they received comments from massive food and drink retailers, Ben & Jerry’s among them, they also heard from scientists and medical personnel regarding the safety, guidelines, and suggested regulations of CBD in food and drink.

Ultimately, the FDA stood its ground, denying the use of CBD in food and beverages at this time.

So, if the FDA prohibits CBD food and beverage products, why are some companies still selling it?

The answer lies in the confusion.

While New York City and Los Angeles began cracking down on CBD chefs and mixologists following the FDA’s 2019 news conference, other places, like New Jersey, Pennsylvania, and the rest of California, are refusing to take action until the laws are clarified.

The FDA itself only sporadically enforces the law. While large retailers like Ben & Jerry’s and Whole Foods hold off until CBD food and beverages are federally legalized, smaller retailers are willing to take a chance.

The fact is that CBD is a booming industry. CBD products are expected to reach $16 billion in sales in the U.S. by 2025.

For small time merchants, CBD-infused products are small add-ons that add up. A fruit smoothie with a few milligrams of CBD inflates by $2.95. A CBD chocolate or CBD-infused hemp tea can cost upwards of $5.

When Can You Expect Ben & Jerry’s CBD Ice Cream?

Until CBD food and beverages are legalized at the federal level, we’ll be left spoon-in-hand. You’ll have to look to your local, smaller retailers to soothe your CBD sweet tooth.


Julie AitchesonJulie AitchesonMarch 5, 2020
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5min00

On a recent trip to my local market, picking through early spring produce and studiously avoiding my most overworked winter staples, I came across a new contender for my next vegetable serving– baby hemp leaves. Layered in a clear plastic clamshell, the distinctive emerald leaves were curated by a lengthy, laminated discourse affixed to the produce cooler on the culinary benefits of the hemp plant.

The baby hemp leaves, which came from South Mountain MicroFARM in Boonsboro, MD (and which I purchased for $6, took home, steamed, and served with a dash of apple cider vinegar and spoonful of kimchi), were advertised as having zero THC content and below 1% CBD. What the leaves did contain, according to the write-up, was a veritable smorgasbord of nutrients including folate, iron, calcium, and Vitamin C. This was preceded by language regarding the benefits of consuming greens in general for digestion, immunity, and alleviating arthritic conditions. 

I contacted South Mountain MicroFARM for comment on their baby hemp enterprise but did not receive a response. This is likely due to the spring farmer’s scramble rather than any desire to avoid scrutiny. Hemp containing no THC and less than 1% CBD lands well within Maryland State guidelines approving the sale and transport of industrial hemp not exceeding .3% THC, a law that has recently been modified to stipulate that plants be tested no more than 15 days after harvest.

Though the advent of baby hemp to the market in my home state of West Virginia was news to me, the first farmer to take hemp to the grocery aisle did so in New York state back in 2017. An article for Bloomberg News by Kate Krader profiled J.D. Farms in Eaton, NY, which specializes in organic food products and was the first agricultural operation to sell fresh hemp for culinary use.

Though co-founders Mark Justh and Dan Dolgin originally planted hemp as a cover crop, they soon found that the untapped market for culinary hemp held great potential. They marketed their hemp greens as the “new kale”, along with more tried and true hemp seed oil and hemp seeds, whose attributes have long been extolled by nutritionists and Whole Foodists alike.

Appealing adjectives like “lemony”, “minty”, and “sweet” have been used to describe the taste of hemp leaves, so I had high hopes for my culinary adventure. After receiving a recommendation from the clerk at the market (she prefers them sautéed in eggs with feta), I elected to steam the hemp in order to experience it in a relatively unadulterated form.

What resulted was something similar in texture to steamed nettles (which can be a little gritty and fuzzy-textured) and tasting, to me, like the hoppiest IPA imaginable. I could not detect anything “sweet” or “lemony” in the greens, and wished (after my addition of apple cider vinegar and kimchi failed to mask the taste) that I had taken the store clerk’s advice. Even if “baby hemp” is the new kale, I’m sticking with kale.

 


Julie AitchesonJulie AitchesonFebruary 19, 2020
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6min00

Even though the FDA has expressed its displeasure at adding CBD to food, that hasn’t stopped hamburger chains from tossing in some cannabidiol to enhance their burgers. The trend was started last year when on April 20th   of 2019 (yep, that’s 4/20), Carl’s Jr. became the first fast-food chain to sell a CBD burger at one of its franchises in Denver, Colorado. The ambitiously named “Rocky Mountain High: Cheeseburger Delight” was composed of two beef patties, pickled jalapenos, pepper jack cheese, fries, and a Santa Fe sauce infused with 5mg of CBD. And the price? $4.20, of course.

The “Rocky Mountain High”, which was only available for one day, was more of a concept test than a menu change, and given that the location sold more than 100 of them within the first hour and ran out entirely by 4 pm, it was one that the CBD burger passed with flying colors. 

That has sparked Colorado-based Illegal Burger to offer what it calls its biggest differentiator, “its exclusive line of CBD products.” The chain is using the idea of CBD burgers as a way to entice new franchisees. On its website, it states, “As an Illegal Burger franchise owner, you will: Be part of the first CBD restaurant franchise in the U.S.” The company backs its decision by saying, “Cannabinoid, or CBD, is attributed to many health benefits. Recently, the FDA approved of its use to treat two forms of childhood epilepsy, and consumers report it positively impacting anxiety, sleep disorders, and even chronic pain.”

The CBD burger was good for business and, according to reporting by Mike Adams at Forbes.com, even healthier for consumers than a dose of CBD all by itself. Adams cites a study that dosed two separate groups of participants with CBD. One group was placed under fasting conditions (no breakfast), while the other group was fed a high-fat meal. Those who partook of the high-fat meal before consuming a dose of CBD appeared to have a higher absorption rate (as demonstrated by a higher concentration of CBD in their systems) than their fasting counterparts.

So will Carl’s Jr. and Illegal Burgers along with the absorption rate study lead more fast food restaurant chains to jump on the CBD bandwagon in the months and years to come? To a large extent, this depends on how far the FDA goes in doubling down on restrictions prohibiting the addition of CBD to foods and dietary supplements in interstate commerce. Food safety officials in Maine, New York City, Ohio, North Carolina, South Carolina, Florida, and Georgia have all banned the addition of CBD to food.

An April 2019, an  Inverse article on the Carl’s Jr. CBD burger reveals that the Federal Food, Drug, and Cosmetic Act prohibiting any active substance in a pharmaceutical (which, thanks to the advent of  FDA-approved anti-seizure medication Epidiolex, CBD is) from being added to food products further empowers regulators to crack down on the issue. Yet despite the fact that these laws are clearly worded with little room for interpretation, their enforcement still appears to be discretionary, as both the FDA and hemp companies scramble to definitively ensure that the CBD available to the public is pure, potent, and safe.

While private chefs and smaller-scale restaurants are still tempting fate (and upping their prices) to bring CBD and cannabis to the dining public, higher-profile establishments are taking the precautionary principle until federal regulations and law enforcement sort themselves out. Still, given that a National Restaurant Association survey identified CBD and cannabis-infused foods as the top restaurant trend in 2019, there’s still a chance that American consumers might be seeing some “special sauce” on offer at their local drive-thru. 


Julie AitchesonJulie AitchesonDecember 18, 2019
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4min00

Whether as a critique of consumer culture, out of economic necessity, or as the marker of a hipsteresque devotion to all things local and artisanal, DIY (Do It Yourself) culture is alive and thriving in the U.S., and CBD is its newly claimed territory. Recipes for products ranging from gummies to facial scrubs and beard wax to candles and personal lubricant jostle for space online. Message boards teem with recommendations, refinements, and cautionary tales for CBD consumers looking to save, or earn, a few extra bucks by taking a walk on the manufacturing side. 

A small 30ml bottle of CBD oil can cost up to $300 depending on the quality and strength per dose. Many who find previously unattainable relief with CBD for ailments from the minor to the debilitating but struggle to afford the price tag of the more potent formulations are now buying CBD hemp flower by the gram and crafting their own products at home. 

The process in most cases is not overly onerous, although the hemp flower buds must be “decarboxylated” before use, which is an intimidating term that simply refers to the process of putting the hemp buds under low heat (between 225-245 degrees Fahrenheit) for about an hour in order to activate their chemical and pharmacological effects. Afterwards, the hemp buds are ready to be used for teas, cocktails, baking, infused into oil, etc. It sounds pretty straightforward, but there is still room for frustrating and costly user error to occur. Case in point, a month ago I was gifted a gallon bag full of CBD flower (about $500 worth) from friends who lease their land to a local CBD company for hemp cultivation. I was eager to take a stab at DIY CBD oil, and felt confident enough in my herbal training that I would end up with an abundance of potent medicine. My friends had already decarboxylated the buds, so all I needed to do was borrow my parents’ crock pot (mine was far too small), add the buds and some olive oil, and set the whole thing on “low”. Unfortunately, the “low” setting on my parents’ ancient crockpot was sufficient to burn my lovely little buds to brittle black bits. The contents ended up smelling like a Thanksgiving dinner gone horribly wrong- a Thanksgiving dinner made from $500 worth of groceries. 

My own plans for consuming and gifting homemade CBD oil might be temporarily on hold, but there are still plenty of would-be makers and entrepreneurs out there eager to get into the CBD game. The abundance of articles like this Business News Daily how-to for starting one’s own online CBD business point to a burgeoning participation in this exploding market. If a recent study cited by Iris Dorbian in Forbes Magazine is accurate and the CBD market could indeed surpass $20 billion dollars by 2024, there is plenty of room for DIYers and entrepreneurs alike to work for CBD, and make CBD work for them. 

 


Julie AitchesonJulie AitchesonNovember 15, 2019
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2min00

Product: Hemptown Chew CBD Gum (Mint Flavor) by Hemptown USA

Company: Hemptown USA

Hemptown Chew CBD Gum has the look of a TUMS tablet, but softens easily in the mouth with a subtle yet strong enough mint flavor to overpower any of the musty grassiness of many CBD-infused products. As with other “natural” chewing gums using sweeteners such as sorbitol, mannitol, xylitol, and/or stevia (Hemptown Chews uses all of these), the flavor quickly dissipates while the texture becomes rubbery, making chewing laborious. However, with a stated fifteen milligrams of CBD and five milligrams of CBG (Cannabigerol, the “chemical parent” of CBD and THC) per serving, Hemptown Chews have a lot more to offer the consumer than a more supple stick of Wrigley’s.

The packaging is pleasingly minimalist, with two servings per pouch. The fact that the gum is sugar-free, gluten-free, and has zero calories appealed to my inner health nut, while the high concentration of CBD and of CBG prompted me to keep working the gum over after it had lost its flavor and initial marshmallowy texture. Within about five minutes, the familiar lassitude I associate with CBD descended with a pleasant drop of my shoulders and a loosening in my chest that signaled a switch from the fight-or-flight mode of my workday to the rest-and-digest vibe I slip into once I clock out for the evening. Unfortunately, it was only twelve-thirty.

Though the physical relaxation was pleasant, for me the effect on my cognitive function was too strong. I enjoyed the gum’s swift action and its potency (if not the mouthfeel and flavor after the first minute or so) but would restrict my use of this product to times when efficiency and laser focus are not required. While perhaps well-suited for those CBD users with a higher tolerance, for me, Hemptown Chew is a “functional gum” whose function will be purely recreational.


StaffStaffOctober 30, 2019
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6min00

Big Beer and crafty entrepreneurs work to expand their reach into the next functional fad: hemp-infused beverages.

As a non-psychoactive alternative to its federally illegal counterpart known as THC, CBD has been adopted by the wellness industry in the form of lotions, tinctures, and gummies. The rapidly increasing availability of CBD products paired with the growing health trend in the US has opened minds to hemp products – and space for their sale in the beverage industry.

Renown for its health benefits, CBD enthusiasts tout the substance’s ability to reduce anxiety, aid in sleep, and alleviate pain and inflammation.

Could it be that CBD spritzers and sodas replace alcoholic drinks as a functional favorite? Not so fast. But entrepreneurs and big beer companies alike are finding opportunities in the booming CBD market.

Marcus Charles, CEO, and owner of cleen:craft, a CBD beverage startup, sees a trend. “If you look at the number of drinks sold, the next generation of folks, they just don’t drink as much,” he told SIP Northwest.

In fact, The Wall Street Journal reports that U.S. consumption of alcohol dropped by 0.7 in 2017 and an additional 0.8 percent in 2018.

Add those stats to fact that industry analysts estimate that the CBD category will grow into a $1 billion market by 2020 – $600 million of which is thanks to CBD beverages – and it becomes clear why large and small companies alike are hopping in.

Big Beer Reaches for Canna-Beverages

While soft drink companies like Coca-Cola and Pepsi are hesitant to attach their names to adult-oriented beverages, big beer companies are eagerly making their move.

Last year, Anheuser-Busch, makers of Budweiser, Busch, and a host of other alcoholic products, announced they were teaming up with Canadian medical marijuana company Tilray to research hemp-infused products. Notably, the beverages would be non-alcoholic as the mixing of the two substances is currently prohibited by law.

Citing increased demand for nonalcoholic beverages, Coors jumped at the opportunity to fill the niche. A Coors subsidiary called Apothecary Dram stocked a nonalcoholic CBD infused soda on its shelf in Denver. Dubbed Colorado’s Best Drinks (CBD for short), the beer behemoth is offering CBD-infused root beer and cherry cola flavors to start. 

Conveniently located California brewery Lagunitas upped the ante by creating a CBD and THC beverage they dubbed Hi-Fi Hops, available in its home state and Colorado, 2 out of the 10 states where recreational marijuana is legal.

And Constellation Brands, owners of Corona and Svedka, struck a $4 billion deal with Canadian hemp company Canopy Growth, which has been granted a permit to grow and produce hemp products by New York state.

Challenges Bubbling Up

As an emerging industry, the hemp-infused beverage sector is not without its challenges.

Most notably, CBD is not water-soluble, oil and water don’t mix. This means that the creation of CBD-infused beverages that are truly effective requires an extra step. Companies need to use a binding agent so ingested CBD has the same effect when consumed sublingually.

The second challenge is navigating the hazy and constantly evolving legality of CBD-infused products. The Alcohol and Tobacco Tax and Trade Bureau has recently announced a process for getting hemp-infused drink products and labeling approved. If not followed, they may face a cease and desist, as Invasive Species Brewing did when launching its craft beer infused with cannabis terpenes oil.

Author:

“Tee Corley graduated with a degree in Humanities & Culture from Hampshire College in 2012. Since then, she’s written professionally for B2B marketing agencies, online publications, and contributed articles to best-selling books. She is curious, adventurous, and ambitious. With an apparent inability to accept how people “should” behave in society, she has thru-hiked two long-distance trails and continues to travel as much as possible.”


William SumnerWilliam SumnerJanuary 23, 2018
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3min00

Bit by bit and block by block, more and more cannabis companies are moving into the cryptocurrency and blockchain market.

Today SinglePoint, Inc. (SING), a full-service mobile technology provider that services the cannabis industry through its subsidiary company SingleSeed, announced a letter of intent (LOI) to acquire Bitcoin Beyond, a software platform that allows retail merchants to accept Bitcoin payments through an existing point-of-sale device.

Bitcoin Beyond was primarily developed to service the legal cannabis industry. With adequate banking services in short supply as well as United State Attorney General Jeff Sessions’ renewed pledge to crack down on the industry, many cannabis business owners are seeking alternative forms of payment, such as Bitcoin and other forms of cryptocurrency, to protect themselves from federal interference and the vagaries of everyday crime.

SinglePoint expects the acquisition, which is valued at $1 million, will help allow the company to provide business owners and consumers a full end-to-end retail experience. Built on a popular technology stack with encrypted merchant data and best security practices in mind, Bitcoin Beyond has been designed to easily integrate with existing POS frameworks and allows merchants to add means of payment like Bitcoin or SinglePoint’s own investment property Weedcoin.

“We are thrilled with this opportunity. Acquiring Bitcoin Beyond put us ahead of what we believe merchants have access to now. This platform has by far the easiest user interface we have seen in the market, and we are confident merchants will be quick to adopt this solution as it stands as the sole alternative to traditional options offered to the cannabis industry,” staid SinglePoint President Wil Ralston in a statement.

SinglePoint hopes to continue to expand into the blockchain market and is currently in negotiations to acquire another, yet unnamed, blockchain centric company.

SinglePoint Partners with “Shark” Kevin Harrington

Earlier this month, SinglePoint began expanding its cryptocurrency footprint when the company announced a partnership with serial entrepreneur and original Shark Tank “Shark” Kevin Harrington.

As part of the deal, Harrington will work with SinglePoint’s cryptocurrency division to promote SinglePoint’s bitcoin exchange and bitcoin payment platform. Harrington will also serve as the public face of the company’s national television campaign, which recently began production last week and is now in editing and post-production. The television ad campaign is set to air on major financial and news networks, such as CNN and Fox News.


Debra BorchardtDebra BorchardtJanuary 16, 2018
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3min00

Cannabis packaging company Kush Bottles, Inc. (KSHB) reported rising revenue and net income for its first fiscal quarter of 2018, for the period ending November 30, 2017. Revenue rose 258% to $8.85 million over last year’s $2.4 million and net income was $94,615 versus last year’s net loss of $161,000. Gross margins fell from 34% to 30% as business increased in the lower margin vaporizer category.

“We entered fiscal 2018 with excellent momentum as we saw the impact of the strategic initiatives implemented throughout 2017 start to take hold,” said Nick Kovacevich CEO of Kush Bottles. “This strength in the business led to net profits of $94,615 in fiscal Q1 2018.  We also saw our cash balance increase to $5.5 million, which we plan to invest towards inventory purchasing, development of proprietary products, and other strategic initiatives.”

The company’s gross profits rose to $2.6 million in the quarter over last year’s $834,643. Total operating expenses also increased to $2.5 million over last year’s $971,624.

Kovacevich added, “During the first fiscal quarter of 2018, we saw the release of California’s new temporary regulations for medical and adult-use cannabis sales, which took effect on January 1, 2018. California is not only the U.S.’s largest cannabis market but also our home market where we have already extensively invested in sales, marketing, and infrastructure. We consider the legalization of adult-use cannabis sales to be a major opportunity to scale the business throughout 2018 and beyond, and we have made significant headway to establish the Company as a leader in this market. Many of our clients have been granted temporary licenses and we are working with them closely during this hectic transition period as California finalizes its permanent regulations over the next 6 to 12 months.”

Last week, the company announced management changes. Ben Wu, who has served as Chief Operating Officer since 2014 was stepping down and  Jim McCormick will assume the role of Chief Operating Officer in addition to continuing to serve in his current capacity as Chief Financial Officer.

The company will host a conference call after the market closes on Tuesday. The stock was lately trading at $6.70 for a year high, quite a nice move over the 52-week low of $1.61.

 


Debra BorchardtDebra BorchardtDecember 19, 2017
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6min00

Canadian company Aurora Cannabis (ACBFF) is making a strategic investment in Micron Waste Technologies and in return will receive a cut of the gross revenues. Micron Waste (MICWF) is a developer of a proprietary digester solution that treats organic waste which can be used for the waste generated from the cultivation and production of cannabis products. Aurora produces and distributes medical marijuana in Canada.

Terms Of The Agreement

Micron Waste will pay Aurora a royalty equal to 4% of gross revenues generated by Micron, but Micron will keep all intellectual property pertaining to its digestion system. Aurora will have the right to subscribe for up to 6,000,000 shares of Micron at a subscription price of $0.34 per share for aggregate subscription proceeds of $2,040,000 million which represents a 9% interest in Micron on a non-diluted basis immediately post-investment. Upon the first successful sale of a digester within the cannabis industry, Micron will give 2 million shares to Aurora.

New Technology

According to the company statement, Micron has developed a new technology, based on aerobic digestion and subsequent treatment, that converts organic waste into clean water that meets municipal effluent discharge standards. The effluent from currently available digester-based treatment systems of organic waste does not meet municipal discharge standards and requires costly further treatment. Many generators of the organic waste elect, instead, to use municipal landfill sites for their organic waste, which is costly and has a negative impact on the environment. The merits of Micron’s technology have been successfully demonstrated with a grocery supermarket chain located in British Columbia, Canada, and Micron has entered into a Memorandum of Understanding with the group to plan for additional installation of Micron’s organic waste digester units at other locations in BC.

Management Comments

“The treatment and disposal of organic waste in the cannabis industry is a time consuming and costly exercise that is subject to strict regulation by Health Canada,” said Terry Booth, CEO of Aurora. “Micron’s solution promises to be a very elegant, highly efficient and low-cost alternative that will also have a positive impact on the environment. In making this investment, we anticipate benefiting not only from the positive impact on our operations, but also by being exposed to the upside potential of Micron’s commercial development. We look forward to collaborating with Micron in furthering the market reach of this very promising technology.”

“Aurora’s investment provides additional funds to accelerate diversification into other sectors, such as supermarkets, quick-serve restaurants, agricultural operations, and hotels, which are all faced with high organic waste disposal costs,” said Rav Mlait, CEO of Micron. “While our goal has always been to deliver solutions that have a positive impact on the environment, the only way to truly make a difference is by having a value proposition that provides a strong commercial rationale for adoption.”

The Battle With CanniMed Continues

While Aurora is making deals with Micron, the company does not want its potential new acquisition CanniMed (CMMDF) to make any of their own deals. On Monday, Aurora filed a dissident circular against CanniMed’s planned acquisition of Newstrike Resources. Aurora believes that the Newstrike deal is inferior to their own offer to acquire CanniMed.

Booth said, “It doesn’t take a genius to see that a company with no revenues, no sales license, no patients, no intellectual property of significant value, no track record, and not enough funds to continue operating and funding its own expansion, should not be worth giving 35% of CanniMed away to Newstrike shareholders.”

CanniMed has been fighting a hostile takeover by Aurora Cannabis. A hearing is set for December 20 with the Ontario Securities Commission regarding the takeover and whether Aurora proceeded improperly. In the meantime, CanniMed has been putting several poison pills in place to fight the potential acquisition.

 Performance

Aurora Cannabis was lately trading at $5.46, down slightly from its 52-week high of $6.86. Micron Waste shares were lately trading at 43 cents, jumping 12% on the news. CanniMed was lately trading at $15.23, also down from its 52-week high of $17.15, but up dramatically from its year low of $5.66.



About Us

The Hemp Market Report will target news from the fast growing worlds of cannabidiol (CBD) and hemp. As a sister site to the Green Market Report, HMR will cover financial stories, but also take a look at lifestyle news as well. The Hemp Market Report will also publish sponsored content as we seek to expand our content offerings.


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