BEVERLY HILLS, CA / ACCESSWIRE / February 16, 2018 / Stony Hill Corp. (OTC:STNY) ("the Company"), a diversified company focused on the legal cannabis industry, is pleased to announce that one of its portfolio companies, GemmaCert, has completed a $2.25 Million Series A-1 financing round (the "Financing").
GemmaCert, will be using proceeds from the Financing to launch their non-destructive desktop cannabis composition and potency testing solution primarily for professional and home growers, processors and dispensaries.
Chris Bridges, President of Stony Hill, commented, "As Stony Hill continues to expand its portfolio into multiple segments of the cannabis industry, this investment has fit very nicely into our strategic vision. This Series A-1 financing round represents a major step for our investee towards becoming the leading testing platform in the cannabis industry."
"GemmaCert will contribute to setting the vital quality norms which will inevitably become standard practice in the cannabis industry. This standard is already widespread across the health and nutrition world, creating a unique strategic growth opportunity in the fast-emerging cannabis market," added Bridges.
"GemmaCert helps overcome the current challenges posed by the heterogenous cannabis flower, paving the way for personalized and reliable dosing, and providing a solution for the unpredictability associated with cannabis effectiveness. The funds raised will accelerate the execution of our business development plans, boost talent recruitment and drive us to generate first revenues in 2018," said Dr. Guy Setton, Co-Founder and CEO of GemmaCert.
"Achieving a consistent dose is crucial for optimal treatment and patient safety, more so as cannabis turns increasingly popular and acceptable," said Prof. Oded Shoseyov, co-founder and Chief Scientific Officer of GemmaCert. "However, every cannabis flower is unique, differing in terms of composition and potency. That uncertainty challenges effective management for a variety of medical conditions and ailments."
The Financing, led by the Company, combined with additional seed funding, brings GemmaCert's total funding to over $3 million. The Company announced its initial investment in the Tel Aviv, Israel based testing device company on March 14, 2017.
GemmaCert (http://gemmacert.com/) has developed the world's first accurate, affordable and easy-to-use device, for the non-destructive detection, analysis and automated sorting of individual medical cannabis flowers. GemmaCert's proprietary technology combines Near Infra-Red ("NIR") spectrometry and imaging tools to provide a sensitive method to detect and quantify the active compounds of the cannabis plant and a unique spectral fingerprint for each flower. The addition of a sorter will enable automated sorting of cannabis flowers by pre-set criteria suitable for mass production. An optional attachable label generator and automated packaging unit will pack flowers individually ensuring full composition and potency traceability and tracking for each and every flower from farmer to patient.
About Stony Hill Corp.
Stony Hill Corp.(www.stonyhillcorp.com), is a diversified company focused on multiple areas of the cannabis, hemp and CBD industry. The company is focused on select investment, branding, real estate, and partnership opportunities in the recreational, health and wellness, nutraceutical, and media industries.
Stony Hill has several strategic partnerships and investments currently in place and is actively pursuing additional partnerships and strategic growth opportunities.
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Except for historical information contained herein, statements in this release may be forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "intend," and similar expressions, as they relate to Stony Hill Corp. (the "Company") or its management, identify forward-looking statements. These statements are based on current expectations, estimates and projections about the Company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties, and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and probably will, differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above and those risks discussed from time to time in the Company's filings with the Securities and Exchange Commission. Factors which could cause actual results to differ materially from these forward-looking statements include such factors as (i) the development and protection of our brands and other intellectual property, (ii) the need to raise capital to meet business requirements, (iii) significant fluctuations in marketing expenses, (iv) the ability to achieve and expand significant levels of revenues, or recognize net income, from the sale of our products and services, (v) the Company's ability to conduct the business if there are changes in laws, regulations, or government policies related to cannabis, (vi) management's ability to attract and maintain qualified personnel necessary for the development and commercialization of its planned products, and (vii) other information that may be detailed from time to time in the Company's filings with the United States Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.