Cannabis company Sugarmade, Inc. SGMD signed a binding letter of intent with GenCann, Inc. a licensor for a set of cannabis chemovars particularly rich in cannabinoid tetrahydrocannabivarin (THC-V).
Under the deal, Sugarmade and its licensed marijuana cultivator partners will obtain a 5-year license to grow among the highest THC-V-containing strains. The two companies will start clone production immediately upon signing the final agreement with a cultivation program beginning in Lake County, California this spring.
“While THC-V is sometimes referred to as a ‘rare cannabinoid,’ we believe the term no longer applies relative to our planned cultivation effort using GenCann’s Chemovars,” Jimmy Chan, CEO of Sugarmade stated. “The test results from certified California laboratories of these chemovars are certainly impressive, with THC-V yields in flower of up to 8%. We think the GenCann Chemovars are a game-changer in the cannabinoid space. Sugarmade plans to make a substantial commitment to bring products based on THC-V to the California market and perhaps to other states in the future. Stay tuned for our upcoming product plan announcements.”
The GenCann chemovars are covered by multiple issued U.S. patents.
Sugarmade plans to utilize the THC-V rich biomass in a series of products it plans to introduce to the licensed California marketplace. The first of these will be THC-V-rich smokeable flower and THC-V-rich gummy candies. In the future, Sugarmade plans to also produce distillate and isolate products based on its cultivated biomass.
“The THC-V smoking and edibles consumption experience is very different compared to traditional cannabis. Where legacy cannabis strains often produce a sedating effect, consumption of THC-V rich products produces a pleasant and uplifting effect. It’s a remarkable experience and we believe consumers will gravitate to it,” Chan concluded.
More recent news from Sugarmade:
Sugarmade Snags Licenses For 3 New Cannabis Delivery Hubs In L.A.
Sugarmade Acquires Los Angeles Property To Serve As New Nug Avenue Cannabis Delivery Hub
Price Action
Sugarmade shares were trading flat at $0.0009 per share at the time of writing Monday.
Photo: Courtesy of Diyahna Lewis on Unsplash
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Cannabis is evolving – don’t get left behind!
Curious about what’s next for the industry and how to leverage California’s unique market?
Join top executives, policymakers, and investors at the Benzinga Cannabis Market Spotlight in Anaheim, CA, at the House of Blues on November 12. Dive deep into the latest strategies, investment trends, and brand insights that are shaping the future of cannabis!
Get your tickets now to secure your spot and avoid last-minute price hikes.