Metrospaces Inc (OTCMKTS:MSPC) has taken over a licensed and profitable cannabis facility based in California. The company will manage the facility as a Joint Venture in alliance with LBCC Group. Executive President of Metrospaces Inc., Mr. Oscar Brito said the company has taken a decision to focus on prospective Cannabis sector. Its main aim is to leverage the real estate and development experience to form a JV partnership and run the cannabis facility. Metrospaces Inc has agreed to finance the deal with $20 million equity. The company will own a 75% stake in the JV whereas LBCC Group retains 10% stake subject to accomplishing certain financial criteria.
The annual revenues of the proposed 12,000 sq ft facility in California are estimated at $7.2 million. The monthly production capacity of the facility is estimated at 300 lbs. The annual operating profit of the facility is forecasted at $4.5 million.
Altria Group Inc (NYSE:MO) Clinches a Stake of 45% in Cronos Group Inc (NASDAQ:CRON), the Profitable Cannabis Manufacturer, for $2.4 Billion
The cannabis space is attracting a lot of buzzes nowadays. Altria Group Inc (NYSE:MO) is betting big on the cannabis sector by pumping in $2.4 billion to take over 45% stake in the Cannabis Producer Cronos Group Inc (NASDAQ:CRON). The company is intending to cash in on the burgeoning growth in the Cannabis sector following the move of proposed legalization of cannabis for recreational use in Canada.
The deal gives a big a boost to Altria Group since the cigarette business is declining gradually in the US. The company is also contemplating to acquire a stake of up to 40% in Juul Labs Inc., a cigarette manufacturer.
Tilray Inc (NASDAQ:TLRY) Inks a Research Pact with Anheuser-Busch InBev SA, a Budweiser Maker, To Focus on Weed Drinks
Tilray Inc (NASDAQ:TLRY) has announced the signing of a research agreement with Anheuser-Busch InBev SA. The joint venture will involve Labatt Breweries of Canada, a subsidiary of Anheuser-Busch InBev SA., to focus on beverages infused with cannabidiol and THC. Both the companies will invest up to $50 million in the facility. According to Tilray, the deal is limited to Canada and both the firms will take a decision to develop their own products in the future based on the outcome of the research.
The cannabis sector is witnessing a lot of activity following the legalization of Hemp Farm 2018 Bill in the US and legalization of recreational cannabis in Canada. Investors are rushing in to cash in on the growing demand for cannabis worldwide.