Cannabis One Holdings Inc (CSE:CBIS) has announced the formation of Diamond Ventures for the production of high purity THCa extract products to further expand its current product offerings beyond existing brands including Honu, Cheech, INDVR and Fat Face Farms.
Diamond Ventures is a new and equally owned joint venture between Cannabis One US Inc, a wholly owned subsidiary of Cannabis One, and Empire, a Colorado limited liability company.
The joint venture will utilize licensed proprietary technology and know-how that allows for the partitioning of acid cannabinoids from their neutral counterparts with high efficiency.
This technology will be used in tandem with licensed proprietary techniques to consistently achieve greater than 99% purity THCa "diamonds" for use in a wide array of new retail products.
Empire's licensed technology and processes, combined with Cannabis One's production capabilities and extensive access to the end customer in Colorado, through more than 350 retail dispensaries, has created a unique ability to bring first-to-market products such as the Meteorite hybrid flower product and Space Dust, a high purity THCa extract meant to enhance existing cannabis products by increasing overall THC content.
"The creation of Diamond Ventures has given Cannabis One the ability to bring new and unique high purity products to the Colorado retail cannabis market utilizing a cost-effective structure,” said Cannabis One CEO Jeff Mascio.
“Over the next quarter, the Cannabis One team is excited to build off of this joint venture and other similar creative growth-oriented initiatives that will enhance our company and grow our cash flow positive platform in our core states of Washington, Oregon, Colorado and Nevada."
Cannabis One said it is expected that the first products produced through the joint venture will be available in licensed cannabis retailers starting in June.
In other company news, Cannabis One’s board of directors has approved its annual stock option grant of an aggregate of 6,925,000 stock options to its directors, officers, employees and certain service providers. The stock options vest over two years, have an exercise price of $0.14 per share and will expire on May 27, 2025.
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