BLUE DIAMOND VENTURES ORD (OTCMKTS:BLDV) and Cann10 North America have announced plans to merge into one stronger entity. According to the two companies, the move is part of the initial share purchase agreement that they signed in December last year.
This will be the first deal to form a single operating OTC PK company
The deal, once finalized, will be one of the pioneer mergers that combine two companies into an operating OTC PK company in the cannabis industry. Although the deal seem complicated due to Non-Reporting Pink Sheet, the “Triple Package” of Foreign ownership and Marijuana, Cann10 will open channels for biotech access hence making it worth.
In a statement, BLDV CEO Josh Alper said that it has been a year since they entered into the cannabis industry following a partnership with AMS. He added that the partnership with Cann10 will allow BLDV to deliver a sustainable and competitive advantage to AMS as well as other companies using in the Cann10 Alliance.
Through the Alliance, Israeli Cannabis Technology and Innovation, which is currently concentrated in Israel, will be able to expand its operations to North America. Alper has said that the partnership with AMS has been very instrumental in facilitating the export of Israeli Cannabis Technology and Innovation products to North America.
The new product line
Cann10 recently launched a new product line called “Cannareet” in Israel. The new products were developed in the Cann10 Labs and are representation of the latest integration of GMP manufacturing and the strict approvals that exist in Israel. The products will soon be made available in the global market.
Application of Dharma Pharmaceuticals LLC
In other news, Blue Diamond Consulting, a wholly owned subsidiary of BLDV has announced that it will soon be filing an application of Dharma Pharmaceuticals LLC, which is applying to have one of the 5 licenses in Virginia. The license is for development of a Pharmaceutical Grade Cannabis Oil Processor. While commenting on the application, Alper said that they have been planning to develop such a type of pharma grade facility for a long time.