Chemistree Technology Inc (OTCMKTS:CHMJF) is looking forward to the full legalization of marijuana. The dynamic market requires preparations in advance and that is the reason the company is ramping up its operations in the US. Reports indicate that it has been channeling a lot of resources into the acquisition of cannabis assets in the US.
Acquisition efforts
In its latest statement, the business guru said that it had its priorities right. The business seeks to focus on the acquisition and development of some vertically integrated cannabis assets in the diverse marijuana sector in the United States. It is worth noting that the company will be taking full advantage of its industry expertise to move higher in the markets. It wants to own and operate several licensed cultivation and processing facilities in the US.
The Sugarleaf brand which happens to be a Washington state-based product line of top-quality flower happens to be the company’s main asset. It bought it way back in December 2018, an undertaking that cost the business about US$1.3 million.
As time progressed and the company continued its activities it achieved quite a lot. For instance, it was able to scale up its cultivation activities by about 200%. In terms of the retail distribution, it was able to hit its target of 400% that translated to about US$1.2 million in 2019.
Chemistree Technology isn’t the only company that has been acquiring assets in the US. Other companies such as CannTrust Holdings Inc (NYSE:CTST) and Cronos Group Inc (NASDAQ:CRON) have made significant steps as well. Just like Chemistree Technology, they anticipate the bright future of the cannabis sector after the legalization. They will be seeking to increase their revenue streams significantly.
A close outlook
Chemistree Technology is a prospective owner of several cannabis cultivation lands in California and it continues efforts to achieve more. It was a short while back that the company acquired Applied Cannabis Sciences. It says that the move was targeted at giving it a robust foothold in New Jersey.
Reasons behind the company’s remarkable performance
Chemistree Technology attributes its massive success to the dedicated and experienced team. A great deal of the team members have unrivaled experience in the capital markets and also in the cannabis segment.
Chief cannabis officer Sheldon Aberman is a big name in the cannabis sector. This is because he has been quite successful in the designing of a large number of grows around the world. He has designed hundreds of them according to reports.
Asides from that, Aberman has also done quite a lot in line with building a significant number of multimillion-dollar cannabis brands. Some of them include the Frost Box and the Black Label.
The other official is the company’s CEO Karl Kottmeier who has been able to raise about US$150 million to support worldwide development projects.
Chemistree Technology continues strengthening its grip in the US at a point when the cannabis sector is drifting to its tipping point. Reports show that a majority if the country’s citizens are in support of the federal legalization exercise.
By 2023, it is expected that the cannabis segment will have expanded to almost US$30 billion and that is the reason more companies are making preparation efforts early in advance.
