NEW YORK, May 15, 2017 /PRNewswire/ --
A report by Arcview MarketResearch indicates that the legal cannabis industry accelerated at a remarkable pace in 2016. North American consumers spent $6.7 billion on legal cannabis products, or up 34% from 2015. In the rapidly growing cannabis industry
The report identifies despite mixed signals from Washington, D.C., the cannabis legalization venture has pushed forward across many states. Congruent states are using Colorado, Washington, and Oregon as models while expanding in to the medical or adult use space. The biggest political win of the U.S. election came in California, as voters originally failed to approve adult use in 2010, they voted overwhelmingly in 2016 legalizing in a state that represents the world's sixth-largest economy. As for Canada, last month Canadian Prime Minister, Justin Trudeau had taken the first steps in fulfilling his campaign promise in legalizing cannabis for recreational purposes in the country. The proposed legislation is called the Act to Amend the Controlled Drugs and Substances, and the goal is to implement the legislation by July 2018.
Cannabis Wheaton Income Corp. (TSX.V: CBW) announced this morning that it, "is pleased to feature its partner Broken Coast Cannabis Ltd. ("Broken Coast") and discuss the CW and Broken Coast transaction in more detail."
Dean Kauwell, Co-Founder, Director, and COO of Broken Coast commented, "Broken Coast is very enthusiastic about our new partnership with Cannabis Wheaton. As opposed to traditional VCs, the team at Cannabis Wheaton brings a lot more than money to the table. They are in it for the long term and add tremendous value in the areas of marketing, product innovation, distribution, legal, and regulatory compliance. Broken Coast is also very excited about the opportunity to participate in the dynamic marketplace that will be created by the Cannabis Wheaton platform. We are very confident that the funding provided by Cannabis Wheaton will enable our jointly-owned entities to accelerate our expansion and achieve significant scale of high grade cannabis production in a short amount of time. We appreciate the trust and confidence placed in us by the Cannabis Wheaton team and we look forward to a long, productive, and profitable relationship."
Chuck Rifici, Chairman and CEO of Cannabis Wheaton noted, "Broken Coast is widely regarded as one of the leading producers of medical cannabis in Canada and we are thrilled to have come to an agreement that will allow us to leverage each other's strengths and expand upon the world-class product and brand Broken Coast is best known for. The vote of confidence from the team at Broken Coast is extremely gratifying and I believe that it sends a strong message to the industry about the powerful platform that we have put together at Cannabis Wheaton."
Invictus MD Strategies Corp. (OTC: IVITF) (CSE: IMH.CN) is a leading cannabis company founded in Vancouver, Canada. The company represents a platform of licensed producers, under the Access to Cannabis for Medical Purposes Regulations ("ACMPR"), dedicated to providing high-quality, regulated pharma-grade cannabis for medical and recreational use. On April 26, 2017, the company announced that it has acquired 100% of the shares of Acreage Pharms Ltd. ("Acreage Pharms"), a licensed producer of Cannabis under ACMPR. Trevor Dixon has been appointed director and Chief Executive Officer of the Company and Brenda Dixon has been appointed the Chief Science Officer of the Company. Dan Kriznic will continue his leadership role as Executive Chairman of the Company.
Supreme Pharmaceuticals, Inc. (OTC: SPRWF) commits to becoming a leading supplier of affordable medical cannabis through its wholly-owned subsidiary 7 ACRES (formerly AMMCan). 7 ACRES is a federally-licensed producer of medical cannabis pursuant to the Access to Cannabis for Medical Purposes Regulations ("ACMPR") operating a 342,000 sq. ft. Hybrid Greenhouse facility. On March 10, 2017, the company announced that its wholly-owned subsidiary 7 ACRES has received a renewal of its license to cultivate cannabis pursuant to the ACMPR. Supreme also understands that Health Canada is in the final phase of its review of 7 ACRES' application for the authorization to sell bulk cannabis. The application was submitted in November 2016 followed by a site inspection in January 2017.
Emblem Corp. (OTC: EMMBF) is licensed under the Access to Cannabis for Medical Purposes Regulations (the "ACMPR") to cultivate and sell medical marijuana. On February 27, 2017, the company announced that it has entered into a non-binding memorandum of understanding with ICC International Cannabis Corporation, a licensed producer of Cannabidiol ("CBD") and other cannabis derivatives based out of Uruguay pursuant to the applicable regulatory regimes overseen by the Instituto de Regulación y Control del Cannabis ("IRCCA") and Health Canada, respectively. Emblem will work with ICC to import CBD into Canada to help fulfill the demand in the Canadian market.
Aphria Inc. (OTCQB: APHQF) is a Health Canada Licensed Producer of medical cannabis products. On April 19, 2017, the company and Tetra Bio-Pharma Inc. announced plans for the joint distribution of dried medical cannabis in the maritime provinces and Quebec. Aphria and Tetra will enter into a joint supply agreement, with Aphria supplying dried medical cannabis under its ACMPR license, and Tetra packaging the product using the manufacturing process developed for its in-progress clinical drug trial for PPP001. The formulation and packaging will be completed by Tetra, under its CDSA dealer's licence, at its New Brunswick facility.
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