Proactive Investors - Run By Investors For Investors

Chemistree Technology shares advance as it sets to partner with Applied Cannabis Sciences of New Jersey

Its US subsidiary, American CHM Investments Inc, has signed a letter of intent (LOI) to partner with Applied Cannabis Sciences of New Jersey (ACS)
Handshake
Subsidiary American CHM Investments Inc is set to partner with Applied Cannabis Sciences of New Jersey (ACS)

Chemistree Technology Inc (CSE:CHM) (OTCMKTS:CHMJF), the cannabis-focused investment group, saw shares advance on Monday as it announced a partnership to potentially expand its presence outside California and Washington state.

Its US subsidiary, American CHM Investments Inc, has signed a letter of intent (LOI) to partner with Applied Cannabis Sciences of New Jersey (ACS).

READ: Chemistree Technology names Sheldon Aberman its first chief cannabis officer

The latter is a medical retail dispensary applicant in the upcoming New Jersey round of applications, anticipated next year (2020).

Its application, if successful, will provide ACS with a cultivation, manufacturing/processing and retail sales license in the state of New Jersey, home to over 9 million people and where there are only 12 issued licenses.

"We are excited about partnering with ACS, a highly experienced group recognized in the medical and recreational cannabis space that bring a track record of innovation and success," said Karl Kottmeier, President of Chemistree.

"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 by partnering with ACS is consistent with our growth strategy."

Logical place

He added: "New Jersey is a logical place for Chemistree to expand into and bring the Sugarleaf brand to the New Jersey 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 significant impact he is already clearly having on our company."

ACS was established by a team of seasoned professionals from the legal medicinal and adult-use marijuana industry, whose collective experience exceeds 50 years and includes over 20 cultivation, processing, and manufacturing licenses across four states.

Recently appointed Chemistree board member Escondido is a founding member of the ACS team.

Chemistree shares added 6.8% to stand at $0.63 in Toronto.

Contact Giles at [email protected]

Follow him on Twitter@Gile74

Join Proactive’s Crypto, Blockchain and Cannabis Telegram group here
View full CHM profile View Profile

Chemistree Technology Inc. Timeline

Related Articles

Cannabis leaf
November 19 2018
With the legalisation of recreational cannabis in Canada in October, and the US expected to follow suit, the company has its sights set on building up the very best in the industry
A visual representation of a drug candidate working in a dog
January 28 2019
The company has reaffirmed its upcoming milestones as it confirmed December quarter achievements.
A cannabis facility
December 02 2018
The Vancouver-based medicinal cannabis grower’s Queensland facility will be the world's largest greenhouse cannabis operation, covering a 99-acre site
Copyright © Proactiveinvestors.com, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use