Cannabis Industry Weekly Recap 7 7 2017

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Here’s what occurred this week within the cannabis trade in case you missed it whereas celebrating the 4th of July.

Nevada’s authorized grownup use marijuana gross sales acquired off to a very good begin. The gross sales started at midnight on Friday night time with the official first day being July 1. “Based on our sales and my conversations with other businesses, I believe there were at least three to five million dollars in sales over the weekend,” mentioned Nevada Dispensary Association government director, Riana Durrett. “This aligns with our projected 30 million dollars in sales over the next six months.”

MassRoots introduced it acquired cannabis software program firm Odava Inc. for three.25 million shares and $35,000, plus bonuses of $50,000 to the founders after one 12 months. Odava is a platform expertise firm that gives point-of-sale, provide chain administration and compliance providers. According to the press launch, “Odava offers end-to-end regulatory compliance and point-of-sale software to dispensaries and cultivators in Oregon. MassRoots plans to expand Odava’s availability to the California, Nevada, Massachusetts, Colorado, Maryland and Florida cannabis markets during 2017 and 2018 through its current users and relationships.”

In addition to that, MassRoots was notified of an inquiry from the Over-The-Counter market concerning inventory promotion, of which the corporate denies information.

GB Sciences, Inc. announced that it harvested its first crop and bought 63 kilos of premium flower whereas holding again 66.5 kilos for conversion to medical grade oil. In a press release the corporate wrote, “Based on conservative estimates and production volumes, the company projects revenue of $2.8M through December 31, 2017, and will complete its full fiscal year projections (March 31, 2018) within the next few months.” GB says it has “the cleanest grow facility in the business.”

CannaKorp, the Massachusetts-based producer of a patent-pending cannabis pod-based vaporizing system, the CannaCloud, is elevating $2mm in a non-public placement for accredited buyers, in response to a Form D SEC submitting from July fifth. The firm already raised $1.6 million in early 2016 in a convertible word after which an oversubscribed $four.1 million within the fourth quarter.

Kush Bottles, Inc. reported historical financial results for its wholly-owned subsidiary CMP Wellness (“CMP”), a distributor of vaporizers, cartridges and equipment acquired by Kush Bottles on May 1, 2017, in an Eight-Okay filed with the Securities and Exchange Commission at this time, July 6, 2017. Kush wished to display how CMP will assist the corporate going ahead by wanting again at previous income. So, within the six months ending February 28, 2017, the CMP revenues elevated 277% over the prior 12 months to $four.5 million. So mix that with Kush and also you get $9.9 million for these six months.

Source: The Herb News