Bigger Space for Cultivating Medical Marijuana in Canada as IHMML Plans Purchase of 2 Cannabis Facilities With 700,000 Sq Ft of Grow Space
By Vittorio Hernandez | April 10, 2014 8:24 AM EST
Interest in the medical marijuana business continues to grow after two U.S. states and a few countries had legalised the trade. Also expected to expand as a result of that development is the physical space to legally cultivate cannabis.
Marijuana buds displayed for sale at a medical marijuana center in Denver. Reuters File
Reports said that IHMML, an over-the-counter penny stock company, is planning to purchase two facilities that would expand its medical pot growing area to almost 700,000 square feet. One would measure 393,000 sqft and the other 293,000 sqft.
In turn, Medican (MDCN), another Canadian medical marijuana company, is interested in acquiring a 50 per cent stake in IHMML, and posing a threat to Tweed (TWD), the first cannabis company to be publicly listed in Canada, since the 700,000 square feet grow area of IHMML would be four times the size of Tweed's operation.
Medican, IHL and Zenabis were recently approved for membership in the newly established Canadian National Medical Marijuana Association.
Tweed, after an impressive debut on Friday at the bourse and it became the third most traded stock in Canada, leveled off to $4.20, which Stockhouse writer Chris Parry found ironic since the digits 420 also commonly refers to marijuana.
However, one headache that Tweed and other Canadian cannabis growers would have to hurdle is the Royal Canadian Mounted Police confiscating their orders even if they have licences from Health Canada and had informed the RCMP of the arrival of the pot leaves via the Kelowna Airport.
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