Source: FN Media Group May 20 2014 / Press Release
CORAL SPRINGS, Florida, May 20, 2014 /PRNewswire via COMTEX/ — CORAL SPRINGS, Florida, May 20, 2014 /PRNewswire/ —
Cannabis companies make strides to bolster presence in industry through acquisitions and continued growth: OSL Holdings OSLH -3.39% , Terra Tech Corp. TRTC -8.75% , Medical Marijuana Inc. MJNA -1.04% , GW Pharmaceuticals plc GWPH -2.11% and GreenGro Technologies, Inc. GRNH -2.17%
OSL Holdings, Inc. (otcqb:OSLH), a growth-stage public company in the business of servicing and technology development for the emerging legal cannabis industry, today announced that it has executed a definitive agreement to acquire the assets of a Los Angeles medical cannabis dispensary.
To read the full OSLH press release, please click here: http://www.fnmprofiles.com/profiles-oslh.html
Under the terms of the OSLH agreement, the acquired assets are valued at approximately $675,000, which includes intellectual and physical property, equipment leases, and software, to be paid in a combination of cash and stock at OSL’s discretion. In addition, OSL has the option to acquire additional assets at such time as the law and applicable regulations permit a public company to own these additional such assets and conduct such operations, OSL may exercise its contractual right to acquire all remaining assets and operations at any time.
Terra Tech Corp. (otcqb:TRTC) recently announced that its subsidiary, MediFarm LLC, has completed filings for the special use permit process for medical marijuana licensing in unincorporated Clark County, Nevada. In addition, on April 22, 2014, MediFarm LLC filed requisite information with the Clark County Department of Business Licensing for four medical marijuana applications; two Dispensaries, one Cultivation Facility and one Production Facility. MediFarm representatives recently met with the Clark County planning department to file Land Use applications as part of the special use permit process in unincorporated Clark County. The company anticipates that Clark County Commissioners will hear applications for these special use permits on June 5th.
Medical Marijuana Inc. MJNA -1.04% operates in the medical marijuana and industrial hemp markets. Its products range from patented and proprietary based cannabinoid products to seed and stalk or isolated high value extracts manufactured and formulated for the pharmaceutical, nutraceutical, and cosmeceutical industries. The company’s services include development of cannabinoid based health and wellness products; and development of medical grade compounds; and licensing of proprietary testing, genetics, labeling and packaging, tracking, production, and standardization methods for the medicinal herb industry. On Monday (05/19/2014), MJNA closed up 1.06% on over 2.8 million shares traded by the market close.
GW Pharmaceuticals plc GWPH -2.11% , a biopharmaceutical company focused on discovering, developing, and commercializing novel therapeutics from its proprietary cannabinoid product platform, recently announced that the Company has received confirmation from the U.S. Food and Drug Administration (FDA) that its Investigational New Drug application (IND) is now open for Epidiolex in the treatment of Dravet Syndrome, a rare and catastrophic treatment-resistant form of childhood epilepsy. GW expects to commence a Phase 2/3 clinical trial in the second half of 2014. Epidiolex has already received orphan drug designation from the FDA for the treatment of Dravet syndrome. “The acceptance of this IND by the FDA is a significant milestone for Epidiolex and for children with Dravet syndrome for whom existing anti-epileptic medicines often do not provide adequate relief,” stated Justin Gover, GW’s Chief Executive Officer. “This journey began with requests from the U.S. epilepsy physician and patient community to utilize Epidiolex and has now led to GW embarking on its own formal development program with a view to seeking market authorization from the FDA as rapidly as possible. We are committed to providing a prescription cannabidiol (CBD) medicine for children with Dravet syndrome who have exhausted all other therapeutic options.”
GreenGro Technologies, Inc. (otc pink:GRNH) recently announced that it has made initial investments in Cannabis Ventures, Inc. to support the Company in the application process with Health Canada. Greengro will also extend their expertise related to indoor and outdoor agricultural science systems and technique for the medical marijuana plant growth systems. Cannabis Ventures is currently in the process in establishing operations in British Columbia Canada to service the Medical Marijuana market. Greengro will also assist in the initial interior designs and consulting for this approval process in Canada. James Haas, CEO of Greengro Technologies, states, “Canada is in the forefront in the Medical Marijuana sector. We feel our involvement in Canada also allows Greengro to introduce products in this high demand and rapidly changing market. We have several turn-key products that will immediately benefit the groups that have received their MMPR license.”
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