SEATTLE, Dec. 19, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- CFN Media Group (“CFN Media”), the leading agency and financial media network dedicated to the North American cannabis industry, announces publication of an article discussing Biome Grow Inc. (CSE: BIO) (FFT: 6OTA) and its Nova Scotia-based subsidiary, Highland Grow Inc., which has received a license to sell to both consumers and other licensed producers. The move could generate new near-term revenue from commercial sales to licensed producers, open the door to synergies with its other licensed producer applicants, and enable it to generate long-term value through direct-to-consumer sales. The new amendment marks the complete transition of Biome Grow to a commercial cannabis enterprise in the Canadian market.
Canada’s cannabis industry experienced a tremendous boost following adult-use legalization in October. In fact, vendors across the country exhausted their inventory much faster than expected as licensed producers struggled to meet their commitments. This has put pressure on Health Canada to address its backlog of applications to become licensed producers—which could open the door to new investment opportunities.
In this article, we will take a closer look at the Nova Scotia market and how the new license could benefit the company’s entire portfolio.
Nova Scotia’s Market
Nova Scotia is the second smallest of Canada’s ten provinces in terms of land mass, but it’s the second most densely populated province. While there are three licensed producers with cultivation licenses in the province, none of them had sales licenses when cannabis was legalized in October, so the Nova Scotia Liquor Corporation (NSLC) placed orders from 14 external licensed producers in Ontario, New Brunswick, and Alberta.
The initial cannabis order was for 3.75 million grams, or 8,267 pounds, of cannabis, including 282 different products representing 78 different strains. These strains and amounts were based on sales data from recreational and medicinal cannabis markets in Canada and the United States, product availability, and the suppliers’ ability to provide a continuous supply. The NSLC suggested it would transition to local suppliers when they were available.
Highland Grow’s new sales license enables it to supply the market as the only local supplier. By focusing on the unique requirements of local cannabis consumers, the company is well-positioned to capitalize on this demand. The company is now completing the final distribution steps with the NSLC to get products into the hands of local consumers as quickly as possible—and generate substantial revenue for investors.
“The Highland Grow team has been working hard to achieve this important milestone,” says Frank MacMaster, President of Highland Grow. “The company is looking forward to doing its part to eliminate the current supply shortage in our home province.”
Biome’s Growing Portfolio
Highland Grow represents only a small portion of Biome Grow’s extensive portfolio of licensed producers, aspiring applicants, and ancillary businesses involved in the cannabis industry.
Biome Grow owns five subsidiaries, including:
● The Back Home Medical Cannabis Corporation: A late-stage applicant located in the province of Newfoundland and Labrador.
● Great Lakes Cannabis: A late-stage applicant located in Ontario.
● Highland Grow Inc.: A licensed producer in Nova Scotia.
● Red Sands Craft Cannabis: A company located in the province of Prince Edward Island.
● Weed Virtual Retail Inc.: A developer of virtual reality solutions for the cannabis industry located in Ontario.
These companies provide Biome’s investors with significant geographical diversification, as well as some diversification in business activity. For instance, the company’s Weed Virtual Retail provides diversification into non-cultivation business activities. There are also many potential synergies between these companies, particularly as late-stage applicants receive approvals, as they could benefit from supply from other already-approved entities.
Highland Grow’s commercial sales license enables it to provide product immediately to these other licensed producer applicants as they are approved, which could accelerate the commercialization timetable and potentially improve profitability.
“This license gives the company additional commercial sales avenues and flexibility for our high quality cannabis products and services that are ready for our customers,” says CEO Khurram Malik.
Looking Ahead
Biome Grow Inc. (CSE: BIO) (FFT: 6OTA) represents a compelling investment opportunity in Canada’s burgeoning cannabis industry. After securing this latest license, the company continues to build out its portfolio of licensed producers across the country. Investors may want to take a closer look at the stock given the new sales license and the potential to expand into many other areas of the market.
For more information, visit the company’s website at www.biomegrow.com.
Please follow the link to read the full article:
http://www.cannabisfn.com/biome-grow-secur…cotia-subsidiary/
Disclaimer
The above article is sponsored content. Emerging Growth LLC, which owns CannabisFN.com and CFN Media, has been hired to create awareness. Please follow the link below to view our full disclosure outlining our compensation: http://www.cannabisfn.com/legal-disclaimer/
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The above article is sponsored content. Emerging Growth LLC, which owns CannabisFN.com and CFN Media, has been hired to create awareness. Please follow the link below to view our full disclosure outlining our compensation: http://www.cannabisfn.com/legal-disclaimer/
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