News Roundup March 2019
A monthly summary of the key events taking place in the Colombian medicinal cannabis industry
Finance and Acquisitions
Next Green Wave enters MoU with Colombian cannabis subsidiary
Next Green Wave Holdings (CSE:NGW) has entered a MoU to make a strategic investment in Organic Medical Growth. The Montreal company owns 100% of Colombian CBD producer Proymed SAS. Proymed is in the final stages of acquiring a THC cultivation license in Colombia and purchase contracts with Asomiravalle Norte Association, an association of 28 producers in the Valle del Cauca region. . The agreement is still subject to CSE approval.
Pure Harvest signs LoI to establish large scale Colombian cannabis operation Following a merger with Pure Harvest Cannabis Producers, The Pocket Shot Company (OTC:PCKK) has signed a letter of intent to establish a large scale cannabis company and joint venture in Colombia. Pure Harvest Colombian Partners Ltd, the newly formed subsidiary, will own 50% of the joint venture which covers a 200 ha site with the option to expand up to 1,800 ha.
GNCC Capital acquires Colombian BioCann Pharma
GNCC Capital (OTC:GNCP) has acquired a 100% interest in BioCann Pharma SAS for USD$120 million. BioCann Pharma is a CBD pharmaceutical grade oils producer and distributor with offices in Colombia and Burlington, Ontario. BioCann sources cannabis from Cundinamarca, Valle del Cauca and Antioquia, and processes it at a licensed laboratory in Bogotá.
Itoco enters JV with Camedco
Mining company Itoco Inc (OTC PINK:IT- MC) has signed an LoI to form a joint venture with Colombian company Camedco, to be named Itoco Biomed. The project has a facility in the Cundinamarca region, which is 90% operational and has been approved by the Ministry of Health. Partnerships with small producers provide 18 ha of land which Itoco believe will offer significant annual cannabis flower production.
PharmaCielo gets approval to list ten cannabis strains
PharmaCielo Colombia Holdings SAS, fully-owned Colombian subsidiary of PharmaCielo (TSXV:PCLO), has received approval from the national cultivar registry (ICA) to register ten unique CBD and THC strains. The company can now proceed with commercial registration in order to produce and sell its strains in Colombia and export to international markets. PharmaCielo has 20 more strains in the final stages of the registration process, accord- ing to local CEO Federico Cock-Correa.
Blueberries Medical acquires additional 15 hectares of prime land in Colombia Colombia-based cannabis producer, Blueberries Medical Corp (CSE:BBM), has completed the acquisition of a 15 ha agricultural property in Zipaquirá, in the Bogotá savannah. The land, which cost USD$1.5 million is 24 km away from the company’s cannabis greenhouse. Blue- berries is finalizing plans to build a 12 ha cannabis greenhouse facility in the Zipaquirá property, which is expected to yield 79 tons of cannabis per year once its completed.
Pideka announces partnership with Lifford Cannabis Solutions CEO Lisa Campbell
Colombian licensed producer Pideka SAS entered a strategic partnership with Canadian innovator Lisa Campbell, CEO of Lifford Cannabis Solutions, to export medicinal cannabis to the Canadian market in the near future.