Chemistree expands CBD portfolio with strategic investment into physician-led cannabis company

Chemistree Technology Inc () (OTCMKTS:CHMJF) has entered into a funding agreement with hemp pain management company The Physician’s Choice CBD LLC, giving the company exposure to the medicinal cannabidiol (CBD) market.

Based in Arizona, The Physician’s Choice CBD is a medical doctor-led company with a portfolio of nine hemp-derived CBD products that target pain management and wellness supplements. The company’s principals, Dr Julian Grove and Dr Peter Kubitz are board-certified practicing physicians, with training at Harvard and the Mayo Clinic, specializing in pain management.

The financial terms of the deal were not available at the time of writing.

READ: Chemistree Technology updates on Washington state and California; Desert Hot Springs slated for completion in 1Q, 2020

"This investment in The Physician's Choice CBD is a great opportunity for Chemistree,” said Karl Kottmeier, Chemistree’s president, in a statement. “Their collective education and practical experience are industry-leading and their commitment to the health of their patients and to developing real solutions to pain management with cannabidiol-based supplements is truly inspiring.”

The investment gives Chemistree exposure to an entirely new industry, said Kottmeier. “We are excited to assist wherever we can to see PCCBD continue to grow its sales and product offerings into a multi-state success.”

Vancouver-based Chemistree is an investment company that makes strategic investments into the US cannabis sector.

Last month, the firm closed a previously announced offering and concurrent private placement for a total of C$10.8 million, aiming to use the funds to expand its facilities in Washington State, as well as launch the Sugarleaf brand in California.

Shares of Chemistree jumped 3% at C$0.69 on Monday afternoon.

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