Public Wire has been following a story about a merger between two cannabis companies that have over 50 years experience between them as well as 20 cannabis licenses in 4 cannabis use states across USA.
Chemistree is pleased to announce that its wholly owned U.S. subsidiary, American CHM Investments Inc., has signed a letter of intent to partner with Applied Cannabis Sciences of New Jersey, also known as ACS. Source
The “Green Rush” is certainly taking place in the USA and many companies are keeping a close eye on mergers and acquisitions amongst companies taking investment opportunities. As cannabis laws are slowly being broadened to allow companies to openly transact across state borders we will see many companies partner with each other to share expertize and resources.
The legal cannabis market reached $12 billion in 2018 and expected to grow to a whopping $146 billion by 2025 does make sense that the corporate world takes notice and possibly looks at an entry into the evolving and booming cannabis industry.
Two such companies have taken the plunge, Chemistree Technology Inc (OTCQB:CHMJF) and Applied Cannabis Science, known as ACS.
Chemistree Technology Inc. US is an investment firm that is focused on the local US cannabis sector as well as the growing international market. The firm has assets in Washington State and actively looking for cultivation land in the state of California. They also own Pasha Brands in Canada and have many other assets to their name to grow their interest in cannabis.
ACS is a retail cannabis dispensary applicant that will see its licensing come to fruition in 2020 during the next round of request for applications. ACS has a team of seasoned professionals that have been involved in the legal medicinal and adult marijuana use industry.
The partnership will see both companies having additional assets in each state that allows them to increase their scope on the local cannabis market. New Jersey is home to 9 million people that are served by only 12 medicinal licensed operators in its medical program and is therefore a logical choice to expand.
“We are really happy about establishing a partnership with this experienced group and the potential to expand Chemistree’s presence outside of California and Washington state and ultimately introduce our signature brand Sugarleaf to the large New Jersey consumer base.
The state is home to over nine million people currently being served by only 12 cannabis operators in its medical program. New Jersey is a logical place for Chemistree to expand into and bring the Sugarleaf brand to the Garden State market.
I would like to specifically thank Nico Escondido, our newest board member for the introduction to this exciting opportunity and I am impressed with the impact he has already had on our company!”
Karl Kottmeier – President / CEO of Chemistree Technology Inc.
With this progressive news in cannabis partnerships we will see much more interest in the legal cannabis market.