Cannabis Legalization Spreads Across North America

Thursday, July 5, 2018 Drug News
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FinancialBuzz.com News Commentary

NEW YORK, July 5, 2018 /PRNewswire/ --

According to a recent report

published by Forbes & Brightfield Group, the data projects that the global cannabis market was worth USD 7.7 Billion in the end of 2017, and is expected to reach USD 31.4 Billion by 2021.
The United States accounts for about 90% of the whole market. However, the U.S. domination of the market is likely to decrease to approximately 57%, due to the legalization of cannabis products in other nations. California's new recreational cannabis laws went into effect on January 1st, 2018. While California is the largest market, Canada is projected to show strong sales as well. Data by Deloitte report estimates the Canadian market will be worth at least USD 5 Billion in sales in 2018. CLS Holdings USA Inc. (OTC: CLSH), Supreme Cannabis Company Inc. (OTC: SPRWF), Emerald Health Therapeutics Inc. (OTC: EMHTF), Terra Tech Corp. (OTC: TRTC), iAnthus Capital Holdings Inc. (OTC: ITHUF)

In the U.S., the potential financial benefits from legalization are important economically and politically. In a report by Benzinga, Viridian Capital President, Scott Greiper, points out that the cannabis market received USD 1.23 Billion in investments in the first five weeks of 2018, up from USD 178 Million a year earlier. Viridian Capital Advisors' Vice President, Harrison Phillips, explained, "Investments in cultivation and retail this year have been driven predominantly by the Canadian player. This has been happening pretty consistently from late 2016 through 2017. This reflects the necessity to scale cannabis businesses, to get some kind of advantage, and to explore strategic opportunities, both through acquisitions and international expansion."

CLS Holdings USA Inc. (OTCQB: CLSH) on June 28th, announced breaking news that, "the successful closing of its acquisition of Oasis Cannabis. CLS is now active in the legalized cannabis market in Las Vegas, NV, generating USD 850,000 in gross monthly revenue.

Oasis Cannabis is a fully integrated cannabis operation in Las Vegas, Nevada. Since 2017, Oasis has been involved in growing, extraction, conversion, processing and operating a dispensary. Its grow, extraction, conversion and processing facility had its best month ever last month in generating USD 200,000 in gross revenues. Due to increased demand and the additional capital that was just raised, CLS plans to triple the grow production capacity over the remainder of 2018. On the retail dispensary side, Oasis has steadily witnessed increased traffic over the past few months, is now up to 400 daily visitors, and is currently generating USD 650,000 of gross monthly revenue.

Oasis's City Trees wholesale product line recently more than doubled its number of product SKUs offered to retail dispensary customers and now covers a variety of concentrates, vape pens, and capsules, and tinctures including high CBD versions. The City Trees product line is now being sold in over 20 dispensaries in the Las Vegas and Reno markets."

CLS Chief Executive, Jeff Binder, commented, "We are thrilled to have successfully completed the acquisition of Oasis Cannabis. We are thankful to our existing long-term shareholders for their patience and our new investors who share our enthusiasm and excitement for the Nevada market with Oasis and additional expansion opportunities as they evolve. We look forward to building out a significant and diversified cannabis operation with multiple locations. We believe this is just the beginning for CLS and anticipate great things to come."

Ben Sillitoe, Co-Founder of Oasis Cannabis, commented, "This is an exciting time for the entire Oasis team. The closing of this transaction is a major milestone for our strategic growth plans. As we add new locations and expand our product manufacturing and cultivation facilities there will be more jobs created and additional opportunities for our existing team to advance in their careers. I'm personally honored by all of this. This is such a unique time in our country's history and I'm very proud to be a part of the movement to end cannabis prohibition. Now that our entire Nevada operation is a wholly owned subsidiary of a publicly-traded company there is more opportunity for people to be a part of it."

Supreme Cannabis Company Inc. (OTC: SPRWF) is a Canadian publicly traded company committed to becoming a leading cultivator and distributor of sun grown cannabis through its wholly-owned subsidiary 7ACRES. Earlier this month, the Company announced that it has entered into a definitive agreement pursuant to which Supreme Cannabis will complete a CAD 10,000,000 strategic equity investment in Medigrow. Upon completion of the Investment, Supreme Cannabis will hold an approximate 10% ownership interest in Medigrow. Supreme Cannabis expects strong demand to exceed supply for medical cannabis oil globally and believes Lesotho is well suited to produce quality cannabis oil and Medigrow possesses the expertise to meet the highest quality standards. Concurrent with the completion of the Investment, Supreme Cannabis and Medigrow have agreed to enter into a long-term global distribution partnership for medical cannabis oil. The cannabis oil will be produced by Medigrow in Lesotho and subject to all government, and international regulatory approvals, the oil will be exported to Canada and other international markets.

Emerald Health Therapeutics Inc. (OTCQX: EMHTF) is a Licensed Producer under Canada's Access to Cannabis for Medical Purposes Regulations and produces and sells dried cannabis and cannabis oil for medical purposes. Recently, the Company and Village Farms International, Inc., announced that their 50/50 joint venture for large-scale, low-cost, high-quality cannabis production, Pure Sunfarms, received an amendment to its cultivation license for its Delta 3 greenhouse in Delta, BC, from Health Canada. This amendment permits Pure Sunfarms to substantially expand its cannabis production to 225,000 sq. ft. of the 1.1-Million sq. ft. Delta 3 production facility. In mid-May, Pure Sunfarms initiated commercial-scale production on 130,000 sq. ft. at the Delta 3 greenhouse, which is now fully utilized, with harvesting expected to begin in August. Planting in the newly-licensed area will commence this week and is expected to be completed by the end of July. Pure Sunfarms expects to have the full 1.1 Million sq. ft. Delta 3 facility, one of the single largest cannabis growing facilities in the world, converted to cannabis production by year end.

Terra Tech Corp. (OTCQX: TRTC) is a vertically integrated cannabis-focused agriculture company. Earlier in June, the Company announced that it has commenced cultivation at its new Sparks facility, following approval from the State of Nevada. Utilizing Terra Tech's proven practices and procedures, the team has successfully begun cultivation of its first cannabis crop, planting the first seeds in early June. Terra Tech expects to distribute and sell cannabis grown at the Sparks facility from its first harvest throughout Nevada by the fourth quarter of 2018. Construction of the 30,000 sq. ft. cultivation facility was completed during the first quarter of 2018, in conjunction with NuLeaf Sparks. The Sparks facility was built out using LED lights to increase efficiencies and reduce the cost of production. Terra Tech's proprietary IVXX cannabis products will be grown and harvested at the Sparks facility under the safest and most beneficial conditions.

iAnthus Capital Holdings Inc. (OTCQB: ITHUF) owns and operates best-in-class licensed cannabis cultivation, processing and dispensary facilities throughout the United States, providing investors diversified exposure to the U.S. regulated cannabis industry. On June 12, 2018, the Company announced that Mayflower Medicinals Inc., has signed a Host Community Agreement with the City of Lowell, Massachusetts, to operate a Medical Marijuana Treatment Center located at 450 Chelmsford Street. Lowell, Massachusetts. Mayflower intends to diligently pursue a Special Permit at the site.  If granted, the dispensary is expected to be one of only two operating dispensaries within the Lowell city limits. Mayflower is a non-profit Massachusetts corporation that has received two provisional licenses to operate Registered Marijuana Dispensaries in Massachusetts, with a third RMD application pending before the Massachusetts Department of Public Health.

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