• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • News
  • Lifestyle
  • Wellness
  • Cuisine
  • Product Reviews
  • Subscribe
Cannabis News and Culture Magazine

Cannabis News and Culture Magazine

Cannabis News and Culture Magazine

Emerald Media News Subscription
  • Print Magazines
  • 100+ Minority-Owned Companies to Support
  • No Pipe, No Problem
  • Blunt vs. Joint
  • The Cost of Cannabis in Each State
  • Calculating Your Edibles Dosage
  • Flintts Mouthwatering Mints

CannAmerica and Invictus combine to enter hemp and CBD market in the US

January 7, 2019 by Emerald Media Group Leave a Comment

This information was provided by prnewswire

Send your Press Release here.

VANCOUVER, Jan. 7, 2019 /CNW/ – CANNAMERICA BRANDS CORP. (“CannAmerica” or the “Company”) (CSE: CANA) (OTCQB: CNNXF) is pleased to announce that it has entered into a binding letter of intent (“LOI”) to create a joint venture with Invictus MD Stategies Corp. (“Invictus”) (TSXV: GENE; OTCQX: IVITF; FRA: 8IS1) and CBDistribution Company Ltd. (“CBDC”) with the intention of acquiring hemp biomass for extraction into CBD isolate using purpose-built facilities for large scale CBD extraction.

 

In December 2018, President Trump signed the $867 billion Farm Bill which recharacterized hemp from a schedule 1 drug with high potential for abuse to the lowest-level listed drug (schedule 5) which includes small doses of medicines such as codeine. This allows for mass hemp production in the United States that is federally legal and the ability to move hemp across state lines. Hemp is defined in the United States as cannabis with less than 0.3% THC. CBD, a non-psychoactive cannabinoid found in cannabis, has had a surge in popularity over the past couple of years based on its a huge range of potential health benefits and uses.

Subject to Board approval from Invictus and completion of satisfactory due diligence, the parties intend to enter into a definitive joint venture agreement on or before January 31, 2019. Each of the parties will receive a one-third share of the joint venture in exchange for their respective contribution:

1) Invictus will contribute a line of credit (“LOC”) in the amount of $5 million CAD which will be used to acquire extraction equipment, build out infrastructure and fund working capital. The LOC will be secured by a general security agreement over the joint venture and will bear interest at a rate of 5% per annum;
2) CannAmerica is a pioneer in the science of cannabis extraction and post processing, precision dosing of product, and formulation of concentrates and oil-based vaporization products. The Company had sold more than 14 million cannabis infused gummies in the states of Colorado and Nevada, and will contribute operational expertise, will source the property, extraction equipment, staffing and manage operations; and,
3) CBDC will contribute the sourcing of Hemp Biomass procurement, branding, marketing and the commercialization of the finished product, including but not limited to CBD Isolate.

 

“We are thrilled to partner with CannAmerica and CBDC to extract and supply CBD to the US market. This partnership represents a great opportunity to continue expanding our footprint beyond Canada and capitalize on the United States’ federal legal framework that is now in place to produce and sell CBD,” said George E. Kveton, CEO of Invictus.

“This is a significant partnership for CannAmerica with world class partners. This joint venture accelerates the Company’s long planned growth into the Hemp-based CBD market following the passing of the Farm Bill, with extraordinary opportunities for expansion into new markets” said Dan Anglin, CEO and Co-Founder of CannAmerica.

Filed Under: Press Release Tagged With: Press

Reader Interactions

Leave a Reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • Facebook
  • Instagram
  • LinkedIn
  • Twitter
  • YouTube

Advertise Here

Categories

Sustainability

seaweed naturals

SeaWeed Naturals Combines the Power of Seaweed with Cannabis to Further Ocean Restoration

April 3, 2022 By Maggie Horton

fungi climate change

Research Finds Fungi Help Ease Climate Change and Benefit the Environment

March 30, 2022 By Julia Meyer

climate crisis and the pandemic

“We Can Act:” What Bending the COVID-19 Curve Teaches Us About the Climate Crisis

April 21, 2020 By Melissa Hutsell

Footer

  • Subscribe
  • About
  • Contact
  • Privacy
  • Press

Recent

  • Priscilla Vilchis and Lil Kim Launch Aphrodisiak: A Cannabis Brand Focused on Sensuality, Social Justice, and Inclusivity
  • First Latina CEO of a Cannabis Company Partners with Music Industry Trailblazer Lil Kim to Launch Aphrodisiak Brand
  • Aphrodisiak: The New Female-Led Cannabis Brand Empowering Women and Promoting Inclusivity
  • Las Vegas Welcomes Aphrodisiak
  • HighOnLove – Taking Pleasure to New Heights

Search

Copyright © 2023 · The Emerald™ · News & Lifestyle Magazine

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in settings.

Cannabis News and Culture Magazine
Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.