CORAL GABLES, FL / ACCESSWIRE / March 12, 2019 / Running in tandem with the rise of the marijuana stock market has been cannabis companies producing products containing cannabidiol, or CBD. CBD contains none of the psychotropic elements of cannabis despite coming from the same plant, and CBD has become known as an incredible medicinal pain reliever for post-workout regimens because of its abilities as an anti-inflammatory. Following the passing of the U.S. Farm Bill, which was enacted several months ago, cannabis companies have increased production on the production and sales of industrial hemp because manufacturers can utilize hemp-derived CBD to use for creams, tinctures, and balms. ParcelPal Technology Inc (PTNYF) (PKG), Choom Holdings Inc (CHOOF) (CHOO.CN), Emerald Health Therapeutics Inc (OTCQX:EMHTF), and Canopy Growth Corp (NYSE:CGC) represent 4 marijuana stocks on the rise on Tuesday.
ParcelPal Technology Inc (PTNYF) (PKG) is a technology-driven logistics company purposed with connecting consumers to the goods they love. The Company's executive leadership recognized a problem: people simply don't have the time to take out of their day to go shopping. What began as a creative solution has since evolved into a massively successful on-demand marketplace where ParcelPal customers can purchase whatever they need and have their orders delivered within the hour.
As we've seen over the course of the last few months, public interest in cannabis-related products has increased. ParcelPal Technology Inc (PTNYF) (PKG) predicted this would occur, and back in September 2018, the Company announced that they had signed an agreement for cannabis distribution with Vancouver-based Choom Holdings, Inc, Canada's leading cannabis retailer.
In recent news, ParcelPal Technology Inc (PTNYF) (PKG) last month announced that Brian Storseth had joined the Company as Chairman of the Board of Directors. Prior to joining the ParcelPal team, Mr. Storseth was a Member of Parliament for the electoral district of Westlock-St Paul for the Conservative Party of Canada for 9 years from 2006-2015. During his tenure as an MP, he served on committees for Aboriginal Affairs, Agriculture and Agri-food Canada.
Following the announcement, Kelly Abbot, President, and CEO of ParcelPal Technology Inc (PTNYF) (PKG), said, "Brian is an incredibly accomplished business leader and policy expert, having spent 9 years in Ottawa in the House of Commons. He is intimately familiar with ParcelPal's business, our plans for future expansion and will be an invaluable asset moving forward as we navigate multiple opportunities across various Government entities, namely within the Ontario market. We are excited to leverage his network, experience, and leadership to assist with our national expansion plans."
Choom Holdings Inc (CHOOF) (CHOO), an emerging adult and medical use cannabis company, today announced that the Company is entering the United States cannabis markets starting with the State of New Jersey. Choom through its wholly owned US subsidiary, Choom Holdings USA Inc., has signed a letter of intent to purchase an equity interest in a New Jersey-based medical retail dispensary applicant in New Jersey's upcoming Request of Applications ("RFA") that also intends to enter into recreational cannabis retail upon legalization, which is anticipated in 2020.
Chris Bogart, President, and CEO of Choom Holdings said, "this is our first step into the United States, and we are very excited for our partnership with this experienced group to have the Choom Brands in New Jersey. New Jersey is home to over 9 million people currently being served by only 12 cannabis operators in its medical program. New Jersey is an exceptional market to expand the Choom Brands."
Emerald Health Therapeutics Inc (EMHTF) yesterday announced that its 50%-owned joint venture for large-scale, low-cost, high-quality cannabis production, Pure Sunfarms Corp, received from Health Canada its seventh amendment to its cultivation license for its 1.1 million square foot greenhouse in Delta, BC. The additional approximately 206,000 square feet of growing area in the fourth and final quadrant of the greenhouse brings Pure Sunfarms' total licensed cannabis production area to approximately 1.03 million sq. ft. in 16 grow rooms.
Dr. Avtar Dhillon, President and Executive Chairman of Emerald, commented, "with Emerald's 50% stake in one of the largest fully operational cannabis production facilities in the world, we expect to realize significant economic value from Pure Sunfarms. We expect our supply agreement with Pure Sunfarms for 40% of its 2019 production, along with our Quebec and hemp operations, to support strong quarter to quarter sales growth this year."
Canopy Growth Corp (CGC) and Sequential Brand Groups Inc announced towards the end of February that Martha Stewart had joined the Company in an advisory role to assist with developing and positioning a broad new line of product offerings across multiple categories. With several clinical trials underway, Canopy Growth will be leaning on Martha's vast knowledge of consumer products while exploring the effectiveness of CBD and other cannabinoids as they relate to improving the lives of both humans and animals.
Following the announcement, Martha Stewart commented, "I am delighted to establish this partnership with Canopy Growth and share with them the knowledge I have gained after years of experience in the subject of living. I'm especially looking forward to our first collaboration together, which will offer sensible products for people's beloved pets."
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