NEW YORK, April 23, 2018 /PRNewswire/ --
Data provided by EnergiasMarket Research indicates that the global medical cannabis market is estimated to grow from USD 8.28 billion in 2017 to USD 28.07 billion in 2024 and at a CAGR of 19.1%. Factors driving the
Starting January 1st, California the nation's most populous state has started legal sales of recreational cannabis. While sales are ramping up, there are concerns that supply will fall short of demand. According to a report by the Chicago Tribune, Charles Boldwyn, chief compliance officer of ShowGrow in Santa Ana, explained, "We're looking at … hundreds of licensed cultivators and manufacturers coming out of an environment where we literally had thousands of people who were cultivating and manufacturing… So the red tape is a bit of a bottleneck in the supply chain." Despite the concerns, the market in California is expected to witness strong growth. Data published by New Frontier Data projects that legal cannabis sales in California will reach $2.8 billion in 2017 and $6.6 billion by 2025.
High Hampton Hldgs Corp. (OTC: HHPHF) also listed on the Canadian Securities Exchange under the Ticker (CSE: HC). Yesterday the company announced breaking news that it, "has entered into a binding Letter of Intent (the "LOI") with California Gold Inc. ("CALIGOLD") with the objective to acquire 100% of all outstanding shares of CALIGOLD as an all-share transaction (the "Transaction"). CALIGOLD brings to High Hampton a well-established and recognized edibles brand, currently selling 7 multi-strain flavour, award-winning chocolate bars in dispensaries across California generating revenues of approx. $2M in 2016/2017, as well as, adding 18 years of combined experience to the Company's management team between Co-founders Daniel Hood and Jonathan Schwartz.
In consideration for all the issued shares of CALIGOLD, the shareholders will receive 7,200,000 shares in the capital of High Hampton (the "High Hampton Shares") with shares being subject to escrow and released on certain dates or conditions (the "Share Exchange"). In connection with the signing of the LOI, High Hampton has agreed to commit at least US$2.6 million towards CALIGOLD's product development, marketing and sales and working capital for the first 12 months.
High Hampton and CALIGOLD expect to complete the Transaction on or before April 30, 2018 subject to a number of conditions, including, but not limited to: completion of the Share Exchange, approval of the Canadian Securities Exchange, and approval of the boards of directors of both High Hampton and CALIGOLD, as well as, completion of due diligence investigations to the satisfaction of each party, the execution of a Definitive Agreement, and there being no material adverse change in the business of High Hampton or CALIGOLD prior to completion of the Transaction.
David E. Argudo, CEO of High Hampton, commented: "Acquiring CALIGOLD represents a strategic move in our mission of consolidating the California Cannabis market. We are pleased to welcome the CALIGOLD Team to High Hampton's Corporate Family and look forward to bringing their well-established, high quality, award-winning brand of Cannabis-infused chocolate bars, CALIGOLD vape pens, and other assortment of products to High Hampton. Through this acquisition not only do we begin to establish presence throughout California by accessing a substantial distribution network with CALIGOLD, but, just as important, we begin generating revenues during our aggressive growth cycle."
Daniel Hood, Co-Founder of CALIGOLD, added: "CALIGOLD is very excited to be a part of High Hampton Holdings. This is the culmination of several years of establishing a market presence. We foresee a great future in helping to build a global Cannabis brand. The real work starts now, as we ramp up product development and focus on a global strategy."”
Kush Bottles, Inc. (OTCQB: KSHB) is a dynamic sales platform that provides unique products and services for both businesses and consumers in the cannabis industry. Founded in 2010 as a packaging and supplies company for dispensaries and growers, Kush Bottles has sold more than 1 billion units and now regularly services more than 5,000 legally operated medical and adult-use dispensaries, growers, and producers across North America, South America, and Europe. On April 11, 2018, the company reported financial results for its second quarter of 2018, for the period ended February 28, 2018. Revenue was up 249% Year-over-Year to $10.36 million. Gross margins were 28.1%, compared with 35.6% in the prior year period, which is attributed to increased business in the lower margin vaporizer and cartridge product segment(s).
Cannabis Sativa, Inc. (OTCQB: CBDS) is engaged in the licensing of cannabis related intellectual property, marketing and branding for cannabis based products and services, operation of cannabis related technology services, and ancillary business activities. Earlier this month, the company announced that PrestoDoctor®, the leading online medical marijuana recommendation service, will be expanding to Pennsylvania on April 20th, 2018. More than 3,800 people have signed up in the medical marijuana patient registry's first week, signaling strong statewide interest in the program that will give those with one of 17 specific diagnoses access to cannabis beginning next year. The new data on patient registrations follows last week's announcement that just 109 doctors - out of 57,670 physicians with active licenses statewide - have finished the four hours of training required to certify that patients qualify to buy medical marijuana.
AXIM Biotechnologies, Inc. (OTCQB: AXIM) focuses on the research, development and production of cannabis-based pharmaceutical, nutraceutical and cosmetic products. Recently, the company announced that the European Patent Office (EPO) has published a patent application owned by the Company for an invention entitled "Anti-Microbial Composition Comprising Cannabinoids," The patent application, which relates to the formulation of cannabinoid-based products using various delivery methods including spray, cream, liquid and powder form, covers many cannabinoids. The anti-bacterial and anti-fungal compositions comprise cannabinoids, for example cannabidiol, cannabigerol, tetrahydrocannabinol, tetracannabidivarin, and/or cannabidivarin for anti-bacterial and anti-fungal activities. Cannabinoids may be used to manufacture anti-bacterial and anti-fungal compositions for treating toe nail fungus, MRSA infection, herpes virus infection, tinea pedis, burn wound infections, sun burns, diabetic infections, eczema, impetigo, dermatophytosis, psoriasis, itchy skin, atopic dermatitis, dandruff, and general topical infections.
Organigram Holdings Inc. (OTCQB: OGRMF) is a company whose wholly owned subsidiary, Organigram Inc., is a licensed producer of medical marijuana in Canada. Organigram is focused on producing the highest quality, condition specific medical marijuana for patients in Canada. Organigram's facility is located in Moncton, New Brunswick and the Company is regulated by the Access to Cannabis for Medical Purposes Regulations. Last month, the company announced the appointment of Guillermo Delmonte as the President, of its new international division. A proven leader in the international cannabis and CBD marketplace, Mr. Delmonte joins the Organigram team following two and a half years as Chief Executive Officer at ICC Labs Inc., a leading international hemp and cannabis producer.
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