Industrial cannabis concept enters the air outlet Hanma Grou

In the recent A-share market, the concept of industrial marijuana has entered the market, and listed companies, market capital, and investors have focused their attention on this.

Since January, Shunyu shares (002565, diagnostic stock), Chengzhi shares (000990, diagnostic stock), Kang Enbei (600572, diagnostic stock), Longjin Pharmaceutical (002750, diagnostic stock) Listed companies such as Dezhan Health (000813, Diagnostics) and Zixin Pharmaceutical (002118, Diagnostics) have successively announced their entry into the industrial cannabis field.

Securities Times·e reporter noted that at present, Hema Investment Group Co., Ltd. (hereinafter referred to as Hema Group) is the only legal investment group based on the industrial chain structure of industrial cannabis in China. Most of the A-share listed companies involved in the industrial cannabis field have chosen to cooperate with the Hanma Group. Tan Wei, chairman of the Hanma Group, accepted an interview with a reporter from the Securities Times and e Company. As a pioneer of industrial marijuana, he is happy to see the industry rise quickly.

Distinguish between industrial and recreational cannabis

According to information, cannabis can be classified into recreational cannabis and industrial cannabis according to the content of tetrahydrocannabinol (THC), fiber-type cannabis and cannabidiol. There are two kinds of (CBD) content, the latter one is mainly used in the medical field, and the value is high.

The main difference between cannabis is the content of the psychoactive ingredient tetrahydrocannabinol. Among them, tetrahydrocannabinol has certain mental activity and is classified as “narcotics” or “drugs” by the UN Convention, and it is restricted, controlled, monitored and inspected.

In recent years, for security reasons, countries have generally adopted uniform standards set by the European Union (Agriculture) Committee. According to the content of tetrahydrocannabinol, cannabis can be divided into three categories, namely industrial cannabis (tetrahydrocannabinol content;;; 0.3%, does not show psychoactive); recreational cannabis (tetrahydrocannabinol content;;; 0.5%, It has obvious mental activity and abuse tendency; it has a medicinal tendency (the content of tetrahydrocannabinol is between 0.3% and 0.5%, and its mental activity is low), and it belongs to the medical cannabis variety between industrial cannabis and recreational cannabis. .

Securities Times·e reporter also noted that according to the “Industrial Cannabis Planting and Processing Licensing Regulations” promulgated by the Yunnan Provincial Government, industrial cannabis refers to the cannabis plantations with a THC content of less than 0.3%.And extract products.

According to the brokerage research report, industrial cannabis and recreational cannabis are significantly different, industrial cannabis plants are fine (up to 6 meters), and cannabis plants are shorter; from the growth time, industrial cannabis growth cycle For 108 to 120 days, the growth cycle of recreational cannabis is 60 to 90 days. At present, China's industrial cannabis is called hemp, which is a 1-year-old herbaceous plant of the cannabis family. The flowers, leaves, seeds and stems of industrial cannabis have high economic value and are widely used in biopharmaceuticals. Food, daily necessities, textile fibers, composite materials and many other fields.

For a long time, cannabis has been banned by many countries because of the hallucinating effects of cannabis. However, in recent years, scientific research has continuously found that industrial cannabis has unique value in the fields of food, textiles, cosmetics, medical care, etc. Many countries have successively announced the legalization of industrial cannabis.

Market size 150 billion US dollars

Cannabinoid non-psychotic active ingredient cannabisdiol (CBD) has outstanding health value. In 2018, the US FDA approved the first purified drug Epidiolex (CBD) for extracting only cannabis plants. Oral solution to treat epilepsy.

Studies have found that CBD has the potential to treat a variety of diseases, including greater treatment for inflammation, Parkinson's, diabetes, obesity, autism, and skin diseases. Beverages containing CBD can be relaxed, and foods containing CBD protein can be used as a substitute for meat. The development of product types will enable industrial cannabis to enter the daily production and life of the public.

The numerous functions of cannabis such as CBD give the industrial cannabis industry a large imagination. According to data from Tianfeng Securities (601162, Diagnostics), as of January 2019, 41 countries around the world have declared medical marijuana legal, and more than 50 countries have declared the CBD legal.

Euromonitor International data shows that the global illegal and legal cannabis market is about $150 billion in 2018, and the legal market size is about $12 billion.

Multiple provinces have been introduced

Industrial cannabis new regulations

According to the UN Food and Agriculture Organization, the global industrial cannabis planting area in 2017 totaled about 200,000 hectares (3 million mu). Currently, the world's largest industrial cannabisThe producing country is France, which accounts for 70% of the world's total production. China, South Korea and Russia are also the world's major industrial cannabis producers.

In recent years, industrial cannabis has been developed in China and production has grown rapidly. In 2003, the Yunnan Provincial Public Security Department formulated the “Interim Provisions on the Management of Industrial Cannabis in Yunnan Province”. In 2010, the Yunnan Provincial Government issued a document to clarify the legalization of industrial marijuana, and the “Yun Ma” selected by the Economic Crop Research of Yunnan Academy of Agricultural Sciences. Made the main variety of industrial cannabis in Yunnan. In 2017, the newly promulgated "Anti-Drug Regulations of Heilongjiang Province" clearly separated industrial cannabis and drug cannabis, allowed the cultivation, sale and processing of industrial cannabis, and carried out relevant management work.

In August 2018, the Jilin Provincial Public Security Bureau disclosed the "Summary of the Proposal for the Proposal of the Proposal for the Legalization of Hemp (Industrial Cannabis) in Jilin Province", stating that the content of the proposal is in line with the actual work of the province's anti-drug legislation. Next, the Jilin Provincial Public Security Department will clarify the management boundaries of drug cannabis and industrial cannabis, provide a scientific and rational legal basis for the development of industrial cannabis industry, and formulate corresponding policy norms.

As an important industrial cannabis producer, since 2010, the industrial cannabis planted area approved by relevant departments in Yunnan has exceeded 200,000 mu. At present, China's production accounts for about 25% of the world's total cannabis production. In 2009, China's industrial cannabis production was 12,000 tons, and in 2016 it reached 77,000 tons. In 2017, more than 300 patent applications for cannabis in the world were from China.

Hanma Group

Holding industrial cannabis license

Securities Times·e reporter also noted that domestic industrial cannabis is strictly regulated, industrial cannabis and drug cannabis It should be strictly distinguished, and drug cannabis is extremely harmful. In this context, only a few companies such as Hema Group and Yunnan Hanmusen have processing licenses.

At present, Hema Group now owns the “Industrial Cannabis Seed Variety Registration Certificate”, several “Industrial Cannabis Planting Permits”, “Industrial Cannabis Leaf Processing Permit”, and also possesses American cannabis seed cultivation and planting. It is based on the extraction of all licenses and has more than 90 core patents.

According to the Hema Group, in the fight against Vietnam’s self-defense, the cat’s ear holeSoldiers guarding the position, due to the humid climate, rain and sun, and the spread of bacteria, most of the soldiers were ulcerated and rotted, and they could only fight naked. The Military Equipment Research Institute of the General Logistics Department of the Chinese People's Liberation Army faced this urgent problem. By studying the special plant of industrial cannabis, it produced military equipment for soldiers to fight in harsh environments, and opened the door to the industrial cannabis industry.

However, it should be reminded that such a Hema Group, which has a full license for industrial cannabis, is not affiliated with state-owned assets. The actual controller is Zhang Ke. According to Tianyue data, Hanma Group was formally established in July 2013 with a registered capital of 101 million yuan, paid-in capital of 50 million yuan, and a staff size of less than 50 people. Its business scope is mainly project investment. Asset management, etc.

Going back, Hanzhong Enterprise Management Group Co., Ltd. (hereinafter referred to as Hanzhong Management) and Yuye Group Co., Ltd. hold 93% and 7% of the shares of Hema Group respectively. From the perspective of ownership structure, Hanzhong Management holds the absolute controlling right of Hanma Group, while Hanzhong Management is 100% affiliated to Dalian Hanbang Enterprise Management Group (hereinafter referred to as Dalian Hanbang Group), and Zhang Kehe Cheng Xi holds Dalian Hanbang Group has 70% and 30% equity.

Recently, Tan Ma, Chairman of the Hanma Group, accepted an interview with the Securities Times·e company reporter. In 2010, due to the demand for industrial hemp fiber, the province issued a policy to support the development of industrial cannabis industry, China's industry. Cannabis initiates the path of legal cultivation. In 2013, Hema Group invested in the industrial cannabis industry to develop industrial applications, pharmaceutical applications and FMCG applications for industrial cannabis, and targeted the development of cannabinoid medical applications.

Tan Wei pointed out that the domestic pharmaceutical industry has joined hands to jointly invest in the development of industrial cannabis drugs, especially the development of cannabidiol drugs. For example, a child who has 300 epilepsy per month controls the number of seizures four times a month by taking industrial marijuana. On June 26, 2018, the US Food and Drug Administration (FDA) approved the world's first cannabisdiol drug for the treatment of childhood epilepsy on International Anti-Drug Day, but opened the tip of the industrial cannabis medical iceberg.

Faced with the hot trend of industrial cannabis, Tan Wei believes that as a pioneer of industrial cannabis, it is natural to see the line.The industry is fast. However, in the process of developing industrial cannabis industry, safety should be placed in an important position. The state should have unified planning and deployment of the industry. The food and drug supervision department should also accelerate the standard research of cannabinoids such as cannabidiol in food and drug applications. China's industrial cannabis industry is on the rise in global competition.

A-share companies have hand in hand hanma

The relationship between industrial marijuana and A-shares dates back to 2017, and in May of that year, Galaxy Bio (000806, diagnostic stocks) issued an announcement. The company and the Hanma Group signed the "Cooperation Letter of Intent".

At that time, Galaxy Biotech planned to acquire a 90% stake in Hansu Bio, a wholly-owned subsidiary of the Hanma Group, and enter the industrial marijuana R&D and production sector. Securities Times·e reporter noted that the transferor Hanma Group made relevant performance commitments to the target, and the audited net profit of Hansu Bio in the next three years (2017~2019) is not less than 50 million yuan and 62.5 million yuan respectively. 78 million yuan. However, the above mergers and acquisitions failed to land until April 2018, Galaxy Bio announced that it plans to acquire 5.55% of Hansu Biotech for 30 million yuan.

Galaxy Bio said that according to the company's audit and evaluation, Hansei's performance has not reached the expected level, but it still maintains a high growth rate, and has become a benchmark for the cannabisdiol (CBD) extraction industry. At the same time, Hansu Bio's overseas business expanded smoothly and participated in a 35% stake in the Kentucky Cannabis Processing and License Company.

Since the beginning of 2019, A-share listed companies have been intensively involved in the layout of industrial cannabis, while the capital market has been continually overweight and speculated as industrial cannabis concept stocks.

On January 16, Shunyi Co., Ltd. announced that its wholly-owned subsidiary, Yunnan Green, received the “Yunnan Industrial Cannabis Planting Permit” issued by the Qujing Municipal Public Security Bureau, and obtained the processing of cannabis leaf project. The application was approved, and Yunnan Green has the cultivation qualification of industrial cannabis Yunma No. 7. On February 19, the company's holding subsidiary quickly signed the “Cooperation Agreement” with Hanma Group and Hansu Bio, and plans to jointly invest in the establishment of a new company to further expand the company's coordinated development in e-cigarette and industrial cannabis-related businesses.

On March 12, Chengzhi Co., Ltd. announced that the company had signed an equity transfer agreement with Hansu Bio.The municipal company or its subsidiary company plans to acquire a 37.14% stake in Yunnan Hanmeng held by Hansu Bio in the amount of RMB 130 million. At the same time, Chengzhi shares did not exceed RMB 100 million in Yunnan Hanmeng. After the completion of the capital increase, Chengzhi Shares or its subsidiaries became the controlling shareholders of Yunnan Hanmeng.

In contrast, Dezhan Health is more direct. The announcement on March 9 revealed that the listed company plans to spend 400 million yuan to hold the Hema Group and carry out in-depth cooperation on the cannabis health industry. In addition to the above-mentioned enterprises, A-share listed companies such as Zixin Pharmaceutical, Kangenbei and Longjin Pharmaceutical also intensively disclosed the layout of the industrial cannabis industry chain in the past two months.

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