NEW YORK, September 20, 2018 /PRNewswire/ --
According to researchpublished by New Frontier Data, the legal U.S. cannabis market was worth an estimated USD 8.3 Billion in 2017 and is projected to grow at a compound annual growth rate (CAGR) of 14.7%, reaching an estimated USD 25 Billion by 2025. The medical cannabis
Beyond the United States, Canada has legalized cannabis on a national level earlier in June and has become the first G20 nation in the world to do so. New Frontier Data Founder & CEO Giadha Aguirre de Carcer, explained, "The domestic Canadian cannabis market will reach (CAD) 9.2 Billion by 2025. Combined, the Canadian medical and adult-use markets will rival that of California - which boasts the 6th largest overall economy internationally. Canadian usage rates in the medical market are higher on average than in the U.S. When the adult-use Canadian market opens the combined domestic and international opportunities will increase dramatically and create new momentum around the world."
CLS Holdings USA Inc. (OTCQB: CLSH) earlier this week announced breaking news that, "it has executed two Letters of Intent (LOIs) to enter the rapidly growing Massachusetts market. CLS looks forward to the opportunity to enter the Massachusetts market, which has been operating as a legalized medical jurisdiction since 2015 and has approved legalized recreational use.
CLS has agreed in principle to loan $5 million to In Good Health, a licensed medical dispensary in Brockton, Massachusetts with a significant market share. Along with the loan, CLS will have an option to acquire InGood Health. InGood Health is located 25 miles south of downtown Boston and is one of the 38 licensed dispensaries in the state. The Brockton dispensary was the second licensed dispensary in the state and has been operational since September 2015, which has been medical only up until this time. In Good Health is currently servicing 17,000 registered patients and delivering to 1,700 homes with key product offerings of flower, concentrates, vapes, edibles, pre-rolls and tinctures.
CLS has also agreed in principle to form an 80/20 joint venture with CannAssist, which CLS will own 80%. CannAssist plans to build out a recreationally licensed cultivation grow facility in Leicester, Massachusetts. The planned Leicester86,000 square foot facility is in possession of its host community agreement, is awaiting state acknowledgement of its pending recreational licenses and upon completion will be the third largest cultivation grow in the state. The Leicester facility is anticipated to produce its first harvest in the fourth quarter of 2019 and be able to produce 28,000 lbs of flower along with 858,000 grams of extract once it is operating at capacity. At current pricing of $3,500 per pound of flower and $40 per gram of extract, total capacity is expected to reach $120 million in revenue. CLS anticipates generating substantial positive cash flow from the joint venture.
Massachusetts has a population of 6.9 million people as compared to 5.6 million people in Colorado. Massachusetts is also centrally located to the dense population of New England with a less than 100-mile drive from Rhode Island, Connecticut, New York, New Hampshire and Vermont. In 2017, Colorado generated $1.5 billion in legalized marijuana sales and had over 500 licensed dispensaries and over 700 licensed cultivation facilities. Massachusetts currently has issued only 39 licensees. Jeff Binder, Chief Executive Officer of CLS Holdings USA, commented, 'We are extremely excited to have the opportunity to enter the Massachusetts market. It's something we have been eyeing for a long time given the attractive characteristics and recent approval of adult use cannabis. This opportunity fits into our stated objective of entering markets that are on the cusp of implementing a robust adult use market.'
David Noble, President of InGood Health and Partner of CannAssist, commented, 'I am proud of all our team has accomplished to create a leading medical marijuana dispensary. I look forward to continuing our mission and hard work We look forward to the opportunity to be part of one of the top companies in the field. This will ensure that we can provide the highest quality products to patients and customers for many years to come.'
Jon Napoli, Managing Partner, CannAssist, stated, 'We have been working with the city of Leicester for the past 12 months on this project and are pleased to receive all necessary approvals. This will bring a number of employment opportunities to this community and we look forward to being a reliable partner and producing some of the finest quality cannabis in the state.'
About Oasis Cannabis (http://oasiscannabis.com ): Oasis Cannabis has operated a cannabis dispensary in the Las Vegas market since dispensaries first opened in Nevada in 2015 and has been recognized as one of the top marijuana retailers in the state. Its location within walking distance to the Las Vegas Strip and Downtown Las Vegas in combination with its delivery service to residents allows it to efficiently serve both locals and tourists in the Las Vegas area. In August 2017, the company commenced wholesale offerings of cannabis in Nevada with the launch of its City Trees brand of cannabis concentrates and cannabis-infused products. An expansion of its cultivation and production facility is currently underway and is expected to be completed during the first quarter of 2019."
Canopy Growth Corporation (NYSE: CGC) is a world-leading diversified cannabis and hemp company, offering distinct brands and curated cannabis varieties in dried, oil and Softgel capsule forms. Canopy Growth Corporation recently announced that its Tweed Farms Inc. site has received license amendments approving all remaining greenhouse space, bringing the Company's total licensed footprint to approximately 3.2 Million sq. ft. The Company's Canadian platform is now 57% licensed with the balance under aggressive development towards the previously announced 5.6 Million sq. ft. target production footprint. This target excludes significant production capacity projects underway at Canopy Rivers' partners and supply available to Canopy Growth through third-party agreements. "We are a house of cannabis brands and that means we need production infrastructure that can grow a wide range of genetics at scale simultaneously," said Mark Zekulin, Co-Chief Executive Officer and President, Canopy Growth. "I'm proud of this most recent licence and credit our team as we continue our track record of expansion and execution."
Emblem Corp. (OTCQX: EMMBF), through its wholly-owned subsidiary Emblem Cannabis Corporation, is a fully integrated licensed producer and distributor of medical cannabis and cannabis derivatives in Canada under the Access to Cannabis for Medical Purposes Regulations (ACMPR). Emblem Corp. along with Canntab Therapeutics Limited, recently announced that they have achieved a milestone with regards to the development of a patent-pending oral extended release formulation for cannabinoids. "Emblem's strength in the medical market is further solidified by achievement of this major milestone. We believe the oral extended release formulation will be a game-changer in the medical cannabis market and that Emblem, through its license agreement with Canntab, is at the forefront of this development," said Nick Dean, Chief Executive Officer. "Precise, dose-controlled cannabis medications are critical to the acceptance of cannabis among prescribers and patients. Emblem has long been a medical-first LP and our first and foremost commitment is to our patients. Innovative cannabis products for both the medical and adult-use space are fundamental to our long-term strategy, alongside brand building and distribution."
AXIM® Biotechnologies, Inc. (OTCQB: AXIM) is an innovative biotechnology and pharmaceutical company focusing on research, development and production of cannabinoid-based pharmaceutical and nutraceutical products. The Company recently announced that it has signed a Letter of Intent ("LOI") with Impression Healthcare Limited ("Impression"), Australia's largest home dental impression company, for exclusive distribution of all AXIM® Biotech products throughout Australia and New Zealand. Per the LOI, both parties will endeavor to co-develop new products, initially for pre-clinical and phase 1 trials (among other clinical trials), including an oral rinse liquid targeted for the treatment of oral mucositis, strep throat, oral infections and gum disease. Pending initial discussions and an internal review of AXIM® Biotech and its product offerings, Impression will collaborate with the company for the licensing and distribution of its current and future cannabinoid-based therapeutic products for distribution in Australia and New Zealand. "As regulations standardize and public opinion of cannabinoid-based therapeutics becomes more widely supportive, it is essential for AXIM® to focus on capturing international markets at this stage of our company's growth," said George E. Anastassov, MD, DDS, MBA and Chief Executive Officer of AXIM® Biotech.
Aurora Cannabis Inc. (OTCQB: ACBFF) is one of the world's largest and leading cannabis companies. Earlier this month, the Company announced that it has acquired Europe's largest producer, processor and supplier of certified organic hemp and hemp products, Agropro UAB, as well as hemp processor and distributor Borela UAB. Agropro, a hemp seed contracting and processing company, and its sister company Borela UAB, a processor and distributor of organic hulled hemp seeds, hemp seed protein, hemp flour and hemp seed oil, currently has 1,600 hectares (4,000 acres) under contract, potentially yielding more than 1,000,000 kg of organic hemp with additional contracts available to expand to more than 3,000 hectares across Lithuania, Latvia, Estonia, and Poland. Post-acquisition, Aurora intends to extract, refine and productize the organic hemp biomass into a wide range of organic CBD-based wellness products to generate new and significant revenue streams in this burgeoning market. With increasing recognition of the medical and general health benefits of CBD-based products, Aurora continues executing on a CBD-focused strategy that covers the entire value chain, from supply, through genetics research and clinical trials, to product development and distribution to various domestic and international markets across five continents.
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