Started with the vision to create a broad-based company with full spectrum participation in the cannabis sector, Chemistree Technology Inc. (CA: CHM – $0.40 & US: CHMJF – $0.27 & GER: CM1 – €0.26) has rapidly advanced through its early growth phase with an ambitious investment plan. Although the Company is headquartered in Vancouver, Canada, the appeal of the much larger United States market has placed emphasis on targeting acquisitions the land of Uncle Sam. This week, Chemistree announced that its partner Applied Cannabis Sciences (ACS) of New Jersey took a big step to become a vertically integrated cannabis business in the foreseeable future.
The core competency of Chemistree’s management has already been demonstrated through the initial investment to acquire the assets of cannabis producer Sugarleaf Farms, located in Washington State. Amongst the assets were the global brand and marketing rights to the Sugarleaf brand. The deal was completed at a relatively low price and shortly thereafter the team at Chemistree was able to turn operations around and begin profitable operations.
A subsequent investment to acquire a 9.55 acre parcel of land in California, currently the largest market in the world for cannabis, has added another layer of diversification. The Company’s design team is currently in the process of finalizing plans for two 64,000 square foot greenhouses and a 40,000 square foot manufacturing and distribution facility. Thereafter, a collaboration agreement with a service provider in the cannabis industry built further inroads to the Californian market.