NEW YORK, July 2, 2018 /PRNewswire/ --
According to research publishedby Oristep Consulting, the global medical cannabis market was valued at USD 12.67 Billion in 2016 and will reach USD 33.41 Billion by 2022, while growing at a CAGR of 17.53% during the forecast
Meanwhile, States enjoy the benefits from the new growing market. Fortune reported that, "in order to collect USD 1 Billion a year in taxes, the state will need to reach a projected USD 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 USD 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."
CLS Holdings USA, Inc. (OTCQB: CLSH) last week 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."
Lexaria Bioscience Corp. (OTCQX: LXRP) has developed and out-licenses its disruptive delivery technology that promotes healthier ingestion methods, lower overall dosing and higher effectiveness of lipophilic active molecules. In April, the Company announced a major new licensing agreement with Nuka Enterprises LLC, maker of 1906 brand cannabis chocolates and other edible products. The deal renews Nuka's DehydraTECH™ license rights for use in its 1906 brand of cannabis chocolates, recognized for their fast onset times, efficacy, amazing taste and unique formulations. Nuka has been utilizing Lexaria's technology within its award-winning 1906 brand chocolates for nearly two years, during which time 1906 entered the cannabis market; advanced from a start-up to Colorado's number-three cannabis chocolate brand available in over 150 locations; and has been touted by media, industry watchers and consumers as one of the most innovative brands in the cannabis space.
Namaste Technologies Inc. (OTCQB: NXTTF) is a global leader in the sale of medical cannabis consumption devices. Namaste has nine offices with multiple distribution centers around the globe and operates over 30 websites under various brands. Recently, the Company announced the signing of a Master Services Agreement with YPB Group Ltd., an Australian based product verification and customer engagement company. Namaste has identified the need for its global customers to have confidence in the products they are purchasing, and for vendors to have access to granular data on their end-users. As such, Namaste plans to introduce YPB's solutions across its network of manufacturers and to Canadian Licensed Producers to bring certainty of authenticity and supply chain transparency to the entire legal cannabis industry globally. This coalition furthers Namaste's agenda in providing leading technology platforms for its global marketplace and in enhancing the user's experience for its customers.
CV Sciences Inc. (OTCQB: CVSI) operates two distinct business segments: a drug development division focused on developing and commercializing novel therapeutics utilizing synthetic CBD; and, a consumer product division focused on manufacturing, marketing and selling plant-based CBD products to a range of market sectors. Last month, the Company announced the June 7th, 2018 publication of the toxicology and safety results of an extract from the base raw materials used in its market-leading PlusCBD Oil™ consumer products. The Company contracted respected scientific and regulatory consulting firm, AIBMR Life Sciences, Inc., to conduct the battery of toxicological studies to investigate the safety of oral consumption of the Company's hemp cannabidiol (CBD) oil and to support a Generally Recognized as Safe (GRAS) Independent Conclusion.
Leafbuyer Technologies Inc. (OTCQB: LBUY) is one of the most comprehensive online sources for cannabis deals and information. Recently, the Company announced that it has reported annual website traffic growth to Leafbuyer.com of 375%. Leafbuyer's new session numbers also grew nearly 30% from March 2018. The growth comes after the Company rolled out its new product directory and added major search functionality to its industry-leading cannabis deals database. Mark Breen, COO at Leafbuyer, attributes the momentum to expanded product offerings and the increased brand recognition in new markets. "We are seeing an increase in consumers using the site as we add more functionality and features."
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