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Home 🌿 Marijuana Business News 🌿 Goodbye metals, hello marijuana: Mining firms are switching as the lure of commodities fades 🌿

Goodbye metals, hello marijuana: Mining firms are switching as the lure of commodities fades

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Submitted by Marijuana News on Mon, 08/24/2015 - 09:43

Economic turmoil in China, the world’s second-largest economy andtop consumer of industrial metals, has hit commodity prices hard. For the smaller players in the mining industry, that’s made business difficult, and the future uncertain. The solution for some? Enter a booming field that’s relatively unaffected by China and has plenty of upside: marijuana. A recent Reuters report lists a number of companies that have made the switch:

  • Supreme Pharmaceuticals, which was a copper and gold explorer with projects in western Canada, is now seeking a license to grow medical marijuana in Canada and has bought a greenhouse facility in Ontario;
  • Australia’s Erin Resources, which was previously exploring for gold in Senegal, has ventured into the medical marijuana business;
  • International Goldfields, listed in Australia, has also moved away from mining and is now investing in medical marijuana assets overseas;
  • Chlormet Technologies, formerly Newton Gold, now has a pending license to grow medical
    • ...
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