NEW YORK, January 2, 2018 /PRNewswire/ --
According to a researchreport by Arcview Market Research, the legal cannabis market is estimated to grow from $6.7 billion in consumer spending in 2016 to $22.6 billion in 2021. The report also indicates that the
California's new recreational cannabis laws went into effect on January 1st, 2018. A report by Fortune indicates that, "in order to collect $1 billion a year in taxes, the state will need to reach a projected $7 billion in annual legal recreational cannabis sales. At that rate, California would easily be the country's largest legal marijuana market, as the entire legal cannabis industry in the U.S. is expected to pull in roughly $10 billion in total sales for 2017. That number would almost certainly get a boost in the coming years, as legal markets grow in California and other states, such as Nevada and Massachusetts."
FinCanna Capital Corp. (CSE: CALI) listed on the Canadian Securities Exchange under the trading symbol "CALI". On December 29th the company announced breaking news that, "FinCanna is supporting the greater medical use of cannabis while benefitting from the growth in the market by investing in top-tier licensed medical cannabis companies in California. In exchange for financing, FinCanna will receive royalties from these licensed medical cannabis and related operations.
To date, FinCanna has completed approximately $14M CDN in financing to support its flagship investment in Cultivation Technologies ("CTI"). Based in Irvine, California, CTI is developing a very significant, state-of-the-art medical cannabis project and has already secured permits to construct a fully-entitled, 111,500 sf. permitted medical cannabis facility on a six-acre property in Coachella, Southern California.
Andriyko Herchak, CEO & Director, states, "We are very excited to apart of the growing industry of medicinal cannabis and our public listing offers investors increasing access to growing cannabis operations in the United States, particularly California. While the legalization of recreational Cannabis is highly anticipated in California, we remain focused on our core competency of sourcing and financing ethical, medicinal and regulated cannabis businesses to leverage the paradigm shift in the industry."
FinCanna is initially focused on California since it is the sixth largest economy in the world and the largest medical cannabis market in North America. Analysts estimate the State's legal cannabis industry will grow at a 21.1% CAGR to $6.5 billion by 2020, and generate upwards of $1 billion in tax revenue. New laws that come into effect in January 2018are expected to significantly change existing supply and demand dynamics."
Canopy Growth Corporation (OTC: TWMJF) is a world-leading diversified cannabis and hemp company, offering distinct brands and curated cannabis varieties in dried, oil and Softgel capsule forms. On December 18, 2017, the company and Canopy Rivers Corporation announced a definitive joint venture agreement to form a new company, Les Serres Vert Cannabis Inc., together with Les Serres Stéphane Bertrand Inc., a largescale tomato greenhouse operator in Mirabel, Quebec. Bertrand currently produces tomatoes and other vegetables under 700,000 sq. ft. of modern greenhouse, most of which was built in 2015. The entire greenhouse will be upgraded and retrofitted for cannabis production by April 2018. With the assistance and guidance of Canopy Growth, the application for this site has been submitted; and subject to Health Canada and other standard regulatory approvals, the Company anticipates being ready to begin production by May 2018. Aurora Cannabis Inc. (OTCQX: ACBFF) is one of 35 licensed producers across Canada and the only one located in Alberta. On December 19, 2017, the company Micron Waste Technologies Inc., a developer of proprietary digester solutions for the treatment of organic waste, announced that the companies have signed a non-binding term sheet for Aurora to make a strategic investment in Micron, and for both companies to collaborate on the optimization of Micron's technology for the treatment of organic waste generated in the cultivation and production of cannabis products. Micron has developed a new technology, based on aerobic digestion and subsequent treatment that converts organic waste into clean water that meets municipal effluent discharge standards. The effluent from currently available digester-based treatment systems of organic waste does not meet municipal discharge standards and requires costly further treatment. MedReleaf Corp. (OTC: MEDFF) sets The Medical Grade Standard™ for cannabis in Canada and around the world. On December 21, 2017, the company announced that it has entered into an agreement to become a medical cannabis supplier to Shoppers Drug Mart. Subject to Health Canada's approval of Shoppers Drug Mart's application to be a licensed producer, under the terms of the agreement the Company will supply Shoppers Drug Mart with MedReleaf branded medical cannabis products. It is expected the products will be sold online, as Canadian regulations currently restrict the sale of medical cannabis in retail pharmacies. Aphria Inc. (OTCQB: APHQF), one of Canada's lowest cost producers, produces, supplies and sells medical cannabis. Located in Leamington, Ontario, the greenhouse capital of Canada. Aphria is truly powered by sunlight, allowing for the most natural growing conditions available. On December 21, 2017, the company announced that it has committed to make a $10 million equity investment in the combined company, which is expected to be renamed Hiku Brand Company Ltd. The combination of Tokyo Smoke and British Columbia based DOJA would bring together two premium lifestyle brands to serve the anticipated recreational cannabis market. Aphria's investment represents an advancement of the Company's strategy to be a leader in the recreational market, once legalized in Canada.
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