- Cannabis One Holdings (CSE:CBIS) has announced a joint venture between its subsidiary, Cannabis One US, and Empire LLC
- The Diamond Ventures collaboration will produce high-purity THCa extract products for Colorado’s cannabis market
- Cannabis One expects that the venture’s first round of products will be available from retailers, starting June 2020
- In other news, the company will grant 6.93 million stock options to directors, officers, employees, and service providers
- Cannabis One Holdings (CBIS) is down 7.14 per cent and is currently trading at C$0.13 per share
Cannabis One Holdings (CSE:CBIS) has announced a joint venture between its subsidiary, Cannabis One US, and Empire LLC.
The collaboration, called Diamond Ventures, will produce high-purity THCa extract products for Colorado’s cannabis market. It will also expand Cannabis One’s offerings beyond its existing brands.
Cannabis One US Inc and Empire each own half of the joint venture. Cannabis One will provide its production capabilities and access to Colorado’s market of over 350 retail dispensaries.
Empire is bringing its licensed technology and processes to the collaboration. Using this technology, Diamond Ventures will separate acid cannabinoids from other neutral counterparts.
This will produce THCa diamonds, which are over 99 per cent pure. The diamonds will be used in a variety of retail cannabis products, including the Meteorite hybrid flower, and Space Dust. Space Dust is a high-purity THCa extract which enhances existing cannabis products by increasing its overall THC content.
Cannabis One expects that the first round of products from the venture will be available from retailers, starting June 2020.
The company’s CEO, Jeff Mascio, commented on the joint venture with Empire.
“The creation of Diamond Ventures has given Cannabis One the ability to bring new and unique high purity products to the Colorado retail cannabis market, utilizing a cost-effective structure.
“Over the next quarter, the Cannabis One team is excited to build off of this joint venture and other similar creative growth-oriented initiatives that will enhance our company and grow our cash flow positive platform in our core states of Washington, Oregon, Colorado and Nevada,” he said.
Alongside this new, the company’s board of directors has approved an annual stock option grant. This year, Cannabis One will grant an approximately 6.93 million stock options to its directors, officers, employees, and service providers.
The stock options have an exercise price of C$0.14 per share and will expire on May 27, 2025.
Cannabis One Holdings (CBIS) is down 7.14 per cent and is currently trading at C$0.13 per share at 10:46am EDT.