Is Green Globe International (OTCMKTS:GGII) Stock a Buy Or Sell After The Recent News?
Leading herb and hemp CBD cigarette manufacturer, Green Globe International (OTCMKTS:GGII) on August 9, 2021, announced a signing letter of intent for acquiring a patent to manufacture the world’s first-ever paper made entirely of marijuana.
The firm is aiming at licensing the patent for cannabis companies to make wraps, rolling paper, and machine-made cigarettes all made from marijuana.
The company had confirmed a new Cannabis initiative in the year aiming to disrupt tobacco and the marijuana paper is the first such step in the direction.
GGII had filed a patent in 2015 owning the right to make paper from marijuana. It aims at licensing marijuana cigarette technology across the USA and aims at licensing the technology country-by-country, starting with Canada.
John Ostrander, the inventor of the marijuana paper technology, said that the firm is keen on working with Sandro Pianconeon launching the marijuana paper technology and also selling them. Ostrander further said that it has the resources to monetize patents in other countries including Canada, Mexico, and the EU.
Sandro Piancone, Chief Executive Officer of Green Globe, Intl said that the acquisition of the technology will give it the exclusive ability of manufacturing marijuana-made paper to provide it with a first-mover advantage and establish it as a market leader.
The firm said that it had witnessed a growth of 50% annually from $13 billion in sales in 2019 to an estimated $20 billion in 2020.
