NEW YORK, July 16, 2018 /PRNewswire/ --
According to a report publishedby Ameri Research Inc., the global legal cannabis industry was valued at USD 14.3 Billion in 2016 and is estimated to grow at a CAGR of 21.1% between 2017 to 2024. The industry is expected to cross the USD 63 Billion value mark by 2024. The legal cannabis
A report by CNBC quotes MedMen CEO and Co-Founder, Adam Bierman, who explains the current state of the industry, "There is so much excitement now around legalization nationally coming in Canada. There is so much excitement about the fact that California, Nevada, Maine and Massachusetts all legalized recreational marijuana… The Canadian public markets offer access to a lot of capital, with a lot of certainty and a lot of speed, and there is this appetite among global investors to invest in a U.S. play. Specifically, global investors want to invest in a U.S. play that has California exposure. Now is the time where it makes the most sense."
Crop Infrastructure Corp. (OTC: CRXPF) is also listed on the Canadian Securities Exchange under the ticker (CSE: CROP). Earlier last week, the Company announced breaking news that, "tenant grower, The Hempire Company LLC, has been issued a formal Nevada hemp licence covering all 240 pivoted acres of Crop's farm in Nye county, Nevada. Planting has been completed on 120 acres and is now underway on an additional 120 acres, consisting of only approved organic and natural materials in agriculture production in order to be deemed an Organic operation.
The Nye County agricultural Hemp farm is located in central Nevada and was selected for its temperate climate which is ideal for greenhouse and outdoor growing. The property totals over 315 acres and includes 300 acres of private water rights, with 240 acres under automatic irrigation pivots that also have automatic fertilizer injection systems installed.
The genetics selected, BaOx and Cherry BaOX have a THC content of 15%. It is estimated that the 240 acre pivots will yield 240,000 pounds of hemp flower. Cost of production is not expected to exceed USD 700,000. The first harvest is expected in early Q4 this year.
Nevada hemp growers surveyed by Marijuana Business Daily report that the market is fetching:
CROP Infrastructure Director and CEO, Michael Yorke, stated, "Our licensed tenant Hempire has doubled the planned hemp growing acreage from 120 acres to 240 acres for the last crop of the 2018 season. This is great news for our fourth quarter projections; we are now expecting Q3 & Q4 tenant harvest in all 4 jurisdictions where the company is present: California, Nevada, Washington State and Italy."
MariMed Inc. (OTCQB: MRMD) designs, develops, finances, and optimizes the success of medical cannabis cultivation, production, and dispensary facilities. MariMed and Cannabis Venture Partners LLC, developers of Sprout, an innovative CRM and marketing software platform for the cannabis industry, recently announced that MariMed has signed a Letter of Intent (LOI) to make a strategic investment in Cannabis Venture Partners. Through its partnership with MariMed, Cannabis Venture Partners will continue to develop and expand the Sprout platform and launch new technologies, data and content that are consumer-centric and help dispensaries and cannabis brands increase sales, improve customer loyalty and reach more customers. CVP's flagship technology, Sprout, is an all-in-one CRM and marketing software designed for dispensaries and cannabis brands. "We are excited about the growth potential of this investment and partnership opportunity with CVP as they transform the way cannabis businesses engage and market to the consumer," said MariMed CEO, Robert Fireman.
Terra Tech Corp. (OTCQX: TRTC) a vertically integrated cannabis-focused agriculture company. Terra Tech recently 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. Terra Tech's proprietary IVXX cannabis products will be grown and harvested at the Sparks facility under the safest and most beneficial conditions. All products will be thoughtfully produced, rigorously tested and certified to the highest standards of potency and purity. "This is just latest milestone in our expansion strategy and we are excited to ramp our production of premium quality cannabis for the medical and adult-use markets," according to Derek Peterson, CEO of Terra Tech.
ABcann Global Corporation (OTCQB: ABCCF) is recognized for high-quality, trusted products and services. It holds production and sales licenses from Health Canada, and its flagship indoor cultivation facility in Napanee, Ontario contains proprietary plant-growing technology, centered on its specially designed, environmentally-controlled growing chambers. Earlier this month, the Company announced that it has completed an agreement with the Alberta Gaming, Liquor & Cannabis Commission ("AGLC") to supply the province with high-quality cannabis products. Under the terms of the agreement, ABcann will supply the Alberta market with cannabis to meet demand in the adult-use recreational cannabis market, which is set to open on October 17th, 2018. "Signing the supply agreement with ABcann will enable the AGLC to ensure that adult-use customers in Alberta will have access to ABcann's premium branded cannabis products,'' said Barry Fishman, CEO, ABcann Global.
THC BioMed Intl Ltd. (OTCQB: THCBF) is an ACMPR Licensed Producer and Canada's largest supplier of legal Cannabis Genetics. that it has been selected by the province to supply British Columbians with adult-use cannabis. The Company recently announced that it has entered into an agreement through its wholly-owned subsidiary, THC BioMed Ltd., to supply non-medical cannabis to the B.C. Liquor Distribution Branch following legalization. "This supply agreement cements our entry into the adult-use recreational market. For THC it brings a fundamental change as we now begin to exhibit our true strengths, allowing the business to grow organically," said John Miller, President and CEO of THC. "We look forward to providing adult Canadians with an exceptional product."
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