Capital Mining invests heavier into Hemp
THE ROADHOUSE PHARMACY: Capital Mining (ASX: CMY) will have to change its name sooner or later as the company continues its investment in the medical cannabis and hemp based products sector.
The company announced its proposed acquisition of United States-based Nutrawerx, a company focused on the development and production of hemp related products and cannabinoid science.
Capital Mining described Nutrawerx as a science driven, Colorado-based, corporation focused on the development and production of hemp based food, cosmetic and nutritional supplement products.
Nutrawerx is developing mainstream, pharmaceutical-grade, GMP, FDA, and ISO compliant supplements for the global market as well as promoting the therapeutic potential of cannabinoids, with a focus on cannabidiol.
“CMY has brought together an outstanding group of companies poised to take a leading position in the medical cannabis and hemp food products industries,” Capital Mining anointed incoming CEO Michael Sautman said in the company’s announcement to the Australian Securities Exchange.
“By combining the science, manufacturing, management, and marketing skills of CMY’s proposed consortium, CMY will aim to serve the best interests of patients, consumers, investors and regulators.
“I…have confidence that we will achieve broad support in the market for our medical cannabis and hemp based product lines.”
Capital Mining said that Nutrawerx has secured exclusive agreement for the development of branded hemp products via a Joint-Venture arrangement the company has entered with MMI Market Management (MMI) – the second largest food brokerage and marketing company in the United States.
The two companies claim to have conducted analysis of hundreds of hemp based products currently available on the market and have produced a range of prototypes to present to customers during the second quarter of 2015.
Product categories include:
Hulled seeds (nuts); Protein powders; Meat substitutes; Oil and butter; Non-dairy beverages; Cereals; Snack bars; Cosmetics; and Skin care items.
Website: www.capitalmining.com.au