The health minister has confirmed plans and is calling on neighboring countries to relax their laws.
Luxembourg has called on its EU neighbors to relax their drug laws as its health minister confirmed plans to become the first European country to legalize cannabis production and consumption.
“This drug policy we had over the last 50 years did not work,” Etienne Schneider told Politico. “Forbidding everything made it just more interesting to young people. … I’m hoping all of us will get a more open-minded attitude toward drugs.”
Medicine Man technologies will gain access to unique manufacturing and extraction methods for the production of shatters and waxes.
PRESS RELEASE - Medicine Man Technologies, Inc. has announced that the company has entered into a binding term sheet to acquire Colorado-based Dabble Extracts, an award-winning cannabis concentrate company that specializes in processing medical and recreational marijuana into premium-grade extracts.
Under the terms of the term sheet, the company will pay $3,750,000 for Dabble Extracts. The purchase price will consist of $750,000 in cash and 996,678 shares of common stock priced at $3.01/share, which is the average closing price of the company's stock for the five trading days prior to Aug. 6, 2019. The terms can also be referenced in the 8-K, which outlines the closing conditions. The obligations of the company and Dabble Extracts under the term sheet are conditioned upon the satisfaction or mutual waiver of certain conditions, including regulatory approval.
"The proposed acquisition of Dabble Extracts will further enhance our product portfolio, as it will bring the expertise and unique extraction capabilities necessary to create high-quality cannabis concentrates in the form of shatter and wax products," said Andy Williams, co-founder and chief executive officer of Medicine Man Technologies. "Josh marks the fifth industry pioneer that we have announced in the span of three months to come on board, which is a testament to our vision in bringing the best and brightest to join forces and compete in a rapidly changing market. His background and mastery as an extraction technician will help us create, produce and distribute a superior portfolio of products. As a market leader, we believe it is incumbent for the Company to offer a comprehensive and exceptional product offering in all market segments, and Dabble Extracts' award-winning product line and unique and proprietary extraction process certainly helps us meet this goal."
"We have essentially pioneered our own extraction process and have grown through a grassroots approach similar to that of Andy's experience," said Josh Hindi, founder of Dabble Extracts. "The team at Medicine Man Technologies shares our vision for the long term, and this accelerates our growth trajectory by creating a complementary approach at the forefront of the explosive opportunity in the cannabis industry. Our shatter is of the highest quality, and we are one of the top producers today for concentrates, based on the numerous awards we've received. We're excited to join the team and believe this enables us to take a huge step forward in our business as we combine our technical capabilities with the critical distribution capabilities that should allow us to go national and international in the future."
Sainte-Rose is an international senior human resource executive from Walgreens and Coca Cola.
ATLANTA, Aug. 12, 2019 /PRNewswire/ -- PRESS RELEASE -- Surterra Wellness, one of the fastest growing health and wellness companies in the United States, has announced the expansion of its leadership team with the appointment of Stevens J. Sainte-Rose as Chief Human Resources Officer (CHRO) and as a member of its Executive Leadership Team. In this role, Sainte-Rose will lead Surterra's Global Human Resources function and be responsible for developing and executing human resources (HR) strategy in support of the company's overall business plan and strategic direction. Sainte-Rose brings more than two decades of experience in international human resources roles of increasing responsibility at large, global consumer goods companies, including as CHRO at U.S. Walgreens, a division of Walgreens Boots Alliance Corporation, an $80 billion company with over 250,000 employees; as Senior Vice President of Human Resources at Coca-Cola International; and most recently leading HR at Dawn Foods.
"Stevens' U.S. and overseas HR senior leadership experience at large, consumer-focused companies with field teams in multiple states and countries will be mission critical as we expand rapidly. He's particularly suited to lead Surterra's global HR function as we enter more states, scale our operations, hire new employees at all levels, and gain a foothold outside the U.S.," said Surterra Chief Executive Officer and Chairman William "Beau" Wrigley, Jr. "As a member of Surterra's leadership team, Stevens brings expertise in leadership development, culture-building, change management and scaling field talent that aligns very well with our values, and will take us to the next level."
Prior to Dawn Foods and U.S. Walgreens, Sainte-Rose spent 10 years at Coca-Cola Company with the majority of time being with Coca-Cola International. At Coca-Cola, Sainte-Rose had a steady ascent through key HR operating roles at the global consumer packaged goods (CPG) company, including field roles in international and emerging markets where he lived in three countries including Russia, Turkey and Belgium. Earlier in his career, Stevens served in field HR leadership roles at Aramark Corporation, Pier 1 Imports, Burger King Corporation and Millennium Broadway Hotel. Stevens holds a master's degree in Organizational Development from the University of Pennsylvania and a Bachelor of Science in Industrial and Labor Relations from Cornell University.
"It thrills me to join Beau and Surterra's exceptional leadership team to help develop leadership and talent that will drive the larger purpose of the company and write the category playbook on building best-in-class business practices," said Sainte-Rose. "Surterra stands out in the cannabis industry because they have a long-term view of what it means to be a leading company in cannabis--and that includes the vision to build a consumer-first culture by investing in training and developing the best talent from retail to manufacturing, from across the U.S. and around the globe."
Surterra's Executive Leadership Team
Sainte-Rose joins Surterra's leadership team, which includes distinctive expertise from top companies and diverse industries:
The Canadian investment company will acquire 100 percent of the membership units of a licensed medical marijuana business.
TORONTO, Aug. 12, 2019 (GLOBE NEWSWIRE) -- PRESS RELEASE -- Nabis Holdings Inc., a Canadian investment company with specialty investments in assets across multiple divisions of the cannabis sector, has announced that it has entered into a Definitive Agreement for the acquisition of 100 percent of the membership units of a licensed medical marijuana business in the state of Arizona.
The asset, licensed under the provisions of the Arizona Medical Marijuana Act, operates a dispensary in Phoenix, Ariz. The dispensary in Phoenix has been operating since 2015 with proprietary branded products and wholesale operations, including an established distribution network serving more than 50 percent of the dispensaries in Arizona.
The audited sales for 2017 and 2018 were USD $7.4 million and $8.7 million respectively. 2019 unaudited revenue is on pace for sales of USD $9 million. The dispensary specializes in top-tier flower, vape pens, concentrates, edibles, tinctures and CBD products.
“We’re excited to sign a Definitive Agreement for this strategic acquisition of vertically integrated assets in the state of Arizona. Entering Arizona is a key milestone in our business as we leverage our early-mover advantage to capitalize on one of the strongest limited-license, medical cannabis markets in the U.S.,” said Shay Shnet, CEO and director of Nabis.
The dispensary will be rebranded as Nabis after the transaction closes. This transaction also includes a cannabis-infused edibles brand that is available in over 65 licensed retailers across the state. The company has a pipeline of new product innovations that it will continue to roll out through this distribution network once the transaction closes. The dispensary is licensed to operate in the city of Phoenix (Maricopa County), which serves more than 132,000 unique patients, per the Arizona Department of Health Services.
“Expanding the Nabis footprint, bringing industry expertise and high-quality products to Arizona is a top priority for Nabis. We are confident that, given the revenue generation history of the business’ existing assets, combined with ongoing initiatives to further expand production and distribution capabilities, Nabis will be well positioned to capitalize on the dramatic growth of the cannabis market in Arizona. We remain focused on identifying opportunities to supplement our operations in the state of Arizona, as well as other attractive limited-license states across the country,” concluded Shnet.
After passing the Arizona Medical Marijuana Act, which took effect April 14, 2011, Arizona became the fourteenth state to adopt a medical marijuana law. As of June 2019, the state had 210,430 registered card holders eligible to consume medical grade cannabis products, according to the Arizona Department of Health Services’ June 2019 Monthly Report.
Nabis will acquire 100 percent of the membership units of the asset for total consideration of USD $15 million (CAD $19.65 million) composed of USD $7 million in cash, $2 million of Nabis’ common stock, and $6 million deferred for 12 months. The Nabis common stock will be determined by the 10 day trailing volume weighted average price upon transaction closing.
Arizona continues to be a priority market for Nabis with large scale growth projections next year. This transaction will expand Nabis’ position on operating licensing rights to include a total of 10 locations for retail, cultivation and processing facilities in four states across the U.S.
The transaction is subject to customary closing and acquisition conditions, including obtaining all necessary approvals.
Cannabis products will initially be supplied by Biome’s wholly-owned subsidiary, Highland Grow Inc., which is based in Nova Scotia.
TORONTO, Aug. 12, 2019 (GLOBE NEWSWIRE) -- PRESS RELEASE -- Biome Grow Inc. has announced that it has been approved to commence retail sales of cannabis in the province of New Brunswick and has entered into a production and supply agreement with Cannabis NB Ltd. Cannabis products will initially be supplied by Biome’s wholly-owned subsidiary, Highland Grow Inc., which is based in Nova Scotia.
Biome’s CEO, Khurram Malik, commented: “We are Atlantic Canadian focused as a company and so adding New Brunswick distribution was a high priority. Our high-quality, premium flower and pre-rolls have proven very popular with discerning consumers in Nova Scotia, Newfoundland-Labrador and most recently, in Saskatchewan. We’re excited to become an approved supplier to New Brunswick enabling us to introduce our brands to cannabis connoisseurs in 'The Picture Province.'”
“We’re excited to have Biome become our latest supply partner and we look forward to successfully launching their brand in our retail network,” said Lara Wood, general manager of Cannabis NB Ltd. “We are looking forward to adding their products to our portfolio continuing to expand the options that we can offer to our customers here in New Brunswick.”
Biome continues to grow its commercial footprint since beginning commercial sales of cannabis in January 2019. Management looks forward to sharing its plans for expanding its commercial and production footprint to additional Canadian provinces in the months ahead.
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