Chemistree Technology Inc. (OTCQB:CHMJF) (CHM.CN) is looking to expand its stake in both the local and international cannabis sector, by entering into a profiting partnership.
The Investment Company owns an array of assets in Washington State through which it oversees and operates its Sugarleaf brand, as well as a first investment in the Canadian cannabis sector through Pasha Brands, and potential cannabis arable lands in and around California.
Chemistree’s pursuit for a stronger global presence, with its growing investment portfolio and assets base, has brought it great success. The Investment Company doesn’t appear to be slowing down anytime soon, as it recently announced the acquisition of an authorized letter of intent through its U.S subsidiary, American CHM Investments Inc., to enter into a partnership with Applied Cannabis Sciences (ACS) of New Jersey.
This partnership comes after Chemistree Technology’s announcement regarding the closing of its Brokered Offering, as well as Concurrent Private Placement of 10 percent unsecured debenture units of the company. This is boosting the total gross proceeds to be in the region of $10 million. It is the Company’s intent to use the net gains of the Brokered Offering and Concurrent Private Placement for brand exposure and expansion in Washington State and California, continuous developing, building and licensing of company property, as well as corporate purposes.
Newly appointed Chemistree board member Nico Escondido is also one of the founding members of Applied Cannabis Sciences.
The ACS partnership follows Chemistree’s corporate strategy, which revolves around acquiring and developing vertically-integrated cannabis assets, utilizing the extensive experience gathered over the years in the cannabis industry to operate and own licensed cultivation and retail outlets.
ACS is currently one of the medical retail dispensary applicants in the state round of applications.
The collaboration between seasoned professionals from both the recreational and legal medicinal Marijuana industry led to the establishment of ACS. Most of the team members are housed in New Jersey, where they operate from.
The partnership with Applied Cannabis Sciences is not the first that Chemistree has taken on recently. They also struck a deal with Native Ads, which will lead to better digital marketing initiatives.
Karl Kottmeier, president and CEO of Chemistree, had this to say about the new partnership with Applied Cannabis Sciences,
“We are really happy about establishing a partnership with this experienced group and the potential to expand Chemistree’s presence outside of California and Washington state and ultimately introduce our signature brand Sugarleaf to the large New Jersey consumer base.
The state is home to over nine million people currently being served by only 12 cannabis operators in its medical program. New Jersey is a logical place for Chemistree to expand into and bring the Sugarleaf brand to the Garden State market.
I would like to specifically thank Nico Escondido, our newest board member for the introduction to this exciting opportunity and I am impressed with the impact he has already had on our company!”