Debra Borchardt
Here are today’s cannabis news briefs for April 3, 2018:
MariMed Inc.
MariMed (MRMD) reported revenue of $6.1 million in 2017, compared to $3.6 million in 2016, a year-over-year increase of 70.2%, primarily a result of higher sales at MariMed managed licensed cannabis businesses which in turn produce higher income for Company from fees, rents, and consulting. Gross profits were $ 3.5 million in 2017. Gross profits rose to 58% compared to 55% in 2016. Operating Income was $1.2 million in 2017, compared to $775,000 in 2016, a year-over-year increase of 55.5%.
MPX Bioceutical Corporation
MPX Bioceutical (MPXEF) has reported that its managed Arizona assets have recorded their best revenue month in March with sales of cannabis and cannabis concentrates hitting the US$4.0 (CDN$5.2) million mark for the first time. The revenue numbers are from assets under management in Arizona only and do not include operations in Nevada or those assets currently being developed in the States of Maryland and Massachusetts.
SinglePoint Inc.
SinglePoint (SING) announced the official launch of the freshly revamped SingleSeed.com website, focused on selling cannabidiol (CBD) based products direct to consumer. SingleSeed.com is now live and taking orders. Consumers can visit SingleSeed.com and use promo code SING on orders of $50 or more to receive a complimentary two-pack of the company’s hemp-based CBD capsules. The company is sourcing all of its CBD from U.S.-based hemp farms, all of which provide analysis of the product to ensure purity. SingleSeed is looking to position itself as the trusted, quality leader in the CBD market.
North American Cannabis Holdings
North American Cannabis Holdings (USMJ) and Puration have been working together on a strategic acquisition in Canada and a second strategic acquisition in California. The two acquisitions are intended to enter USMJ and PURA into the legal recreational marijuana markets of Canada and California. Specifically, through the acquisitions, USMJ plans to establish a branded marijuana grow operation and PURA plans to establish local extraction operations and introduce new cannabis-infused beverages. At the same time, the two companies are finalizing details on the two acquisitions, their respective current operations are realizing major milestones. USMJ’s concept cannabis restaurant operations continue to grow, fast approaching a million-dollar annual revenue benchmark, and with a new flagship location opening on the horizon.
One Step Vending Corp.
One Step Vending Corp. (KOSK), a holdings company operating in the convenience, vending, and micro markets space, has been working actively on releasing a new web platform for the sale of innovative brands CBD products online. Within the next 30 days, the Company will start a pilot program into the emerging multibillion-dollar industry of CBD and hemp related products. The e-shop will showcase some of the brands CBD and Hemp infused collaborations, including hemp and avocado body moisturizer, hemp infused bar soap and exfoliates, CBD gummies as well as the exclusive “VassoVape”. One Step Vending, Corp., will release the brand identity and e-shop design under the domain www.cbdkiosks.com, which is currently under construction. The company seeks to combine the e-shop business with the actual kiosks in its current locations to provide consumers with the CBD and hemp related products.
Chalice Festival
Southern California’s massive cannabis-infused music and art festival Chalice will return for its fifth year on July 13-15, 2018 with A-list music acts, world-renowned street artists and the world’s most celebrated hash makers and glass blowers. The festival’s music lineup this summer drives that point home, featuring headliners Bassnectar, Ludacris, Sizzla, Bone Thugs-N-Harmony, and Curren$y—alongside Pharcyde, Cut Chemist and Thriftworks, with Chalice’s full musician and artist lineup to be announced soon.
New to Chalice this year: With the recent arrival of legal adult-use cannabis in California, and with recreational marijuana sales now allowed inside some state fairgrounds, attendees at Chalice 2018 will be able to purchase and consume cannabis onsite. (Entrance will be restricted to those ages 21 or over.)
