SOL Global ‘energized by their investments’ in the cannabis and hemp industries
Canada legalized cannabis for recreational use in October 2018. As of November 2018, ten US states have legalized recreational marijuana use. On December 20, 2018 the Farm Bill was signed into law, thereby removing hemp with a concentration of no more than 0.3% of tetrahydrocannabinols (THC) from the Federal controlled substances list, making <0.3% THC hemp legal.
The passing of the Farm Bill by the US congress should help boost the hemp industry which has potential to become a US$20B industry. Legal cannabis spending is projected to reach $100B in the US by 2029, and the global legal marijuana market is expected to reach US$146.4B by 2025, growing at a CAGR of 34.6%. Industry insiders are saying this is a big moment for the American cannabis movement.
SOL Global Investments Corp. (CSE: SOL | OTCQB: SOLCF) is an international cannabis company with a focus on legal U.S. states. The company has partnered with the University of Miami in a R&D program which complements its strategic investments and partnerships across cannabis cultivation, distribution, and retail.
SOL Global CEO Brady Cobb added: “We are energized by the opportunities in this still-evolving industry and look forward to updating our shareholders with our comprehensive hemp strategy in the days to come.”
SOL Global’s strategic partnership with OG DNA Genetics Inc.
On December 12, 2018 the Company provided a corporate update on its operations, strategy, and current financial position. The update included the announcement of a strategic partnership with one of the most widely recognized and acclaimed global brands in cannabis breeding and genetics, OG DNA Genetics Inc. The Company’s investment team has identified key market players and strategy in hemp cultivation that will ensure SOL maintains its leadership position as the cannabis industry continues to evolve.
SOL Chief Investment Officer Andy DeFrancesco said: “Our commitment to becoming one of the leading private equity cannabis investors globally is evidenced by our proven track record of identifying and investing in all-star teams, cutting-edge brands, and the most promising companies. The transaction with DNA Genetics is yet another strategic investment that further enhances our U.S. cannabis portfolio.”
SOL Global investment and strategic partnership with GreenLight Pharmaceuticals Ltd.
SOL Global also recently announced they are set to acquire an investment and strategic partnership in GreenLight Pharmaceuticals Ltd of Dublin, Ireland. GreenLight is a vertically-integrated medical cannabis company with a clinical research and development operation, a seed genetics program, cultivation operations, and Cannabidiol (CBD) brand and distribution operations. SOL Global will acquire a 25 percent stake in the equity of GreenLight for €1.8 million, with an option to increase its stake to 51 percent. Additionally the Company has also acquired an option to acquire a 75 percent stake in a future GreenLight subsidiary that successfully obtains a cannabis cultivation license in Ireland or Northern Ireland for an aggregate exercise price of approximately €1 million.
Brady Cobb, CEO. stated: “SOL Global is excited to partner with the clinical research team at GreenLight as they continue to develop R&D programs throughout Europe.”
SOL is motivated to create value by investing in companies with meaningful products that bring a holistic approach to health and wellness. In particular SOL Global is actively growing a base of global cannabis investments with exposure to cannabis dispensaries and cultivation. With a soon to be released hemp strategy, SOL Global should open up further opportunities in the high growth cannabis industry.