The medicinal side of the marijuana industry has remained wildly popular despite the recreational legalization of the substance around the U.S. and in many other countries. With so much adult use weed going throughout the market, it seems as though medicinal cannabis stocks may take a hit, but that is anything but true.
The reality is that many medicinal cannabis companies have benefitted greatly from having their market become more niche than ever. The legalization of recreational cannabis has made it so that medicinal companies can flourish in their own side of the industry.
Biome Grow Inc. (BIOIF/BIO.CN) is a company that currently operates five different subsidiaries across the various aspects of the cannabis market. The company currently works in the province of Newfoundland and Labrador, Ontario, Nova Scotia and Prince Edward Island which just goes to show how much coverage they have in Canada.
Recently, Biome Grow Inc. announced that they would be adding George Smitherman, the former Ontario Minister of Health as their new Senior Vice President of Corporate Affairs. George will be able to use his large amounts of experience in the Canadian health care sector to help bring Biome into the future of the industry throughout their various subsidiaries.
The company states that their main goal is to become a “global leader in providing our customers with quality cannabis and hemp-derived CBD products. Conscious of our roots, we embrace sustainable local ecosystems and environments. We are dedicated to education and our desire to innovate is fuelled by our curiosity and our keen adoption of new technologies and ideas.” As part of the budding CBD and medicinal cannabis industry, it seems as though they are at the frontline of what could be a large part of the healthcare sector relating to cannabis in the coming months and years.
The company also recently announced that they have put in a Memorandum of Understanding to purchase upwards of 20,000 kilograms of hemp-grown CBD extract from the industrial hemp grower CBD Acres. The goal of this is to continue pushing forward their roots in the CBD industry as they traverse through new formulas and new products overall. All in all, Biome Grow Inc. seems to have a large range of their bases covered in the marijuana industry as they approach more growth in the near future.
Cronos Group (NASDAQ:CRON) is considered to be one of the largest players in the industry overall. The company made headlines back a few months ago after Altria (NYSE:MO) put in an almost $1.8 billion investment into the company. Although the entrance of this big tobacco company may not be the best look for the cannabis industry, it does seems as though it has helped to get some new projects underway.
With the help of Altria’s advertising and distribution reach, it seems as though Cronos Group is in a solid spot to continue moving toward the top of the industry overall. All in all, Cronos Group remains an important part of the medicinal marijuana market in Canada and abroad.
Pursuant to an agreement between an affiliate of MAPH Enterprises, LLC (owners of MarijuanaStocks.com), Midam Ventures LLC and Biome Grow, Midam is being paid a total of $240,000 ($20,000 per month) for a period beginning on October 1, 2018, and ending on October 1, 2019. We own 0 shares of Biome Grow (BIO.CN). We may buy or sell additional shares of Biome Grow in the open market at any time, including before, during or after the Website and Information, to provide public dissemination of favorable Information about Biome Grow (BIO.CN).