Applying for licensure in the state of Michigan is CanniMed Therapeutics Inc. (TSX:CMED) subsidiary SubTerra LLC. The company announced on Wednesday the submission of applications for medical cannabis production and processing licenses to the state as part of their U.S. expansion plans. Following receipt of the licenses, CanniMed hopes to apply for FDA and DEA approval to conduct medical cannabis research.
Once approved, CanniMed plans to use the licenses with their “underground growth chamber technology,” a patented new way to grow medical cannabis. Furthermore, SubTerra intends to expand in both size and structure by 2019. The announcement comes on the heels of CanniMed’s ongoing war of words with Aurora Cannabis over the latter’s attempted hostile takeover of CanniMed.
“This application to the State of Michigan demonstrates our continuing focus and leadership towards legally producing medical cannabis in the United States,” remarked Brent Zettl, President and CEO of the company. “Our long and positive relationship with the State of Michigan includes assisting with drafting of the former medical cannabis legislation, and repurposing an exhausted mine to create the biosecure SubTerra underground facility, with its unique, patented and scalable design.”
CanniMed was down 6 percent in trading on Thursday, closing at $24.52 per share. Over a 52 Week period, the company saw a low of $7.32 and a high of 27.47.
GreenGro Goes Big
I will be holding all nominations for the Department of Justice. The people of Colorado deserve answers… Poorly-timed is GreenGro Technologies, Inc. (OTC PINK:GRNH), who announced on Thursday that favorable cannabis legislation in the U.S. prompted the execution of expansion plans. The company laid out five milestones for 2018 that it hopes to achieve to meet its goals. Number one on the list is to take advantage of the new economy in California by increasing market share.