CLS Holdings USA (CSE:CLSH,OTCQB:CLSH) has completed a “major milestone,” in the eyes of one analyst, by securing a recreational marijuana state license holder in Massachusetts.

CLS has an option to acquire the license holder, In Good Health, a local medical dispensary based in Brockton. It received its recreational license for the state last Tuesday (September 17).


According to CLS, In Good Health currently serves over 25,000 enrolled patients and its entire operation could generate US$60 million in revenue a year, with gross profits of US$35 million.

US Election 2020 and Cannabis

 
Investing in cannabis? Read what experts have to say about cannabis and the US Election!
 

In a statement, Jeff Binder, chairman and CEO of the public firm, said the license was one of the first to be handed out in the state. The executive added that he expects only 27 recreational licenses for retailers in Massachusetts, including the one for In Good Health.

The New England state launched sales of adult-use marijuana in November 2018.

CLS plans to roll out the sale of recreational cannabis products “in the coming weeks.” 

“…We expect that In Good Health will quickly build a large and loyal customer base in the recreational cannabis market and become one of the larger recreational use dispensaries in the state,” Andrew Glashow, president and COO of CLS, said in a statement.

In a research note to investors, Canaccord Genuity praised the deal for CLS. However, the note indicates that the firm will most likely still need financial support to complete the acquisition of In Good Health.

Canaccord Genuity has a one year price target of C$1.50 for CLS. Shares of the US company opened on Monday (September 23) at a price of C$0.32.

The public firm expects to complete its acquisition of the cannabis company in January 2020.

According to data from Marijuana Business Daily, as of May, sales of recreational marijuana in the state had reached just under US$140 million in the aggregate since legalization.

Don’t forget to follow us @INN_Cannabis for real-time news updates!

Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.

PharmaTher Inc., a wholly-owned subsidiary of Newscope Capital Corporation (“PharmaTher”) (CSE: PHRM) and a specialty life sciences company focused on the research and development of psychedelic pharmaceuticals, is pleased to provide a corporate update on its psychedelic pharmaceuticals program. Since its inception, the Company has built a unique product pipeline for novel uses of ketamine, psilocybin and undisclosed psychedelics. PharmaTher is positioning itself to partner its psilocybin program and panaceAI™, and focus on advancing its novel ketamine product pipeline in Parkinson’s disease, depression and pain via the U.S. Food and Drug Administration (“FDA”) regulatory pathway.

“We have made tremendous progress over the last several months that saw our product pipeline evolve to focus on the massive opportunity and potential of ketamine, an FDA approved drug with a known safety profile, to treat significant unmet medical needs for Parkinson’s disease, depression and pain,” said Fabio Chianelli, CEO of PharmaTher. “With our focus on ketamine through repurposing, combining it with an FDA approved drug and delivering it with our novel microneedle delivery system, we are now positioned to expedite our clinical development objectives by taking advantage of the FDA’s 505(b)(2) regulatory pathway and commercializing disruptive ketamine treatments for mental health and pain disorders.”

Keep reading... Show less

Progressive Planet Solutions Inc. (TSXV: PLAN) (“PLAN” or “Progressive Planet”), an emerging leader in reducing the carbon footprint of cement products using natural pozzolans, is pleased to announce it has sold and optioned a combined total of 10 million of its 10.5 million shares of Snow Lake Resources.

The sale and option agreements were made with two arms-length purchasers. The first sale was for 1,700,000 shares at $0.04 per share for a total of $68,000 and includes an option granted by PLAN entitling the same party to purchase an additional 4,966,666 shares at $0.04 per share until May 11, 2021 . The second sale was for 1,250,000 shares at $0.04 per share for a total of $50,000 and includes an option granted by PLAN to such party to purchase an additional 2,083,334 shares until August 14, 2021 . As at the date of this news release, PLAN has received $116,000 and will receive another $284,000 if the remaining shares are purchased under the option agreements.

Keep reading... Show less

First Products to Hit California Shelves in Q2 2021

 4Front Ventures Corp. (CSE: FFNT) (OTCQX: FFNTF) (” 4Front ” or the ” Company “) is pleased to announce that its fully funded state of the art 185,000 square foot production facility in Commerce, California is nearing completion and will be ready to serve the $3b California cannabis market in Q2 2021. The project is on target to be completed in April 2021 with the Company planning for the first of its full line of edibles, tinctures and vape products to be on California retail shelves by May.

Keep reading... Show less

MustGrow Biologics Corp. (CSE: MGRO) (OTCQB: MGROF) (FSE: 0C0) (the “Company”, “MustGrow”) is pleased to announce its upcoming investor awareness initiatives. MustGrow continues to actively engage its key stakeholders – potential industry partners, shareholders and prospective investors – by increasing awareness of its remarkable natural mustard-derived crop protection products.

TODAY: The Future of Food Investment Conference – SnowCap Ventures
Tuesday, Nov. 24th at 1:50 pm ET
Investors Register Here

Keep reading... Show less

Sales to Commence Immediately at The Apothecarium Phillipsburg

 TerrAscend Corp. (“TerrAscend”) (CSE: TER) (OTCQX: TRSSF), a leading North American cannabis operator, today announced that it has received the final permit from the NJ Department of Health (“NJ DOH”) to dispense medical cannabis from its first dispensary in New Jersey . The 3,500 square-foot dispensary, located at 55 South Main Street in downtown Phillipsburg is situated in the historic Phillipsburg National Bank & Trust building and is the first Alternative Treatment Center (“ATC”) in Warren County .

Keep reading... Show less