NEW YORK, July 12, 2018 /PRNewswire/ --
According to research byOristep Consulting, the global medical cannabis market in 2016 was valued at USD 12.67 Billion and will reach USD 33.41 Billion by 2022, while growing at a CAGR of 17.53% during the forecast
Legalization of cannabis for medical and recreational cannabis products is currently succeeding in changing policies beyond the U.S. region. Canada has approved the nationwide legalization of recreational cannabis sales on June 19th, 2018, the second nation to do so after Uruguay. As for the United States, the process of cannabis legalization for the majority of the West Coast states has already begun, while almost all states have medical use legalized to an extent. And while California is the largest market, Canada is projected to show strong sales as well; Deloitte's report estimates that the Canadian market will reach a value of USD 5 Billion in sales by end of this year.
FinCanna Capital Corp. (OTC: FNNZF) is also listed on the Canadian Securities Exchange under the trading symbol (CSE: CALI). Today the Company announced breaking news that, "Cultivation Technologies Inc. (CTI) its first investment in California, announced today that it has executed an agreement with Phoenix Tears LLC, to be the exclusive manufacturer and distributor of official Phoenix Tears THC based products in California.
Since its inception in 2010, Phoenix Tears through its cannabis research and formulations has supported more than 200,000 individuals, and its brand and products now resonate globally.
The Phoenix Tears branded portfolio of THC based products will initially include, a full spectrum of oil dispensers, vaporizer cartridges and vaporizer kits, as well as topicals. All products will feature formulations developed by Janet Rosendahl-Sweeney, Ph.D., a co-founder of the Phoenix Tears organization and will be manufactured exclusively by CTI's state-licensed subsidiary Coachella Manufacturing. These products will be sold and distributed primarily through CTI subsidiary Coachella Distributors and potentially other strategic distributors to ensure state-wide coverage.
"This agreement represents a significant step forward for CTI as they continue to build out their manufacturing, distribution and marketing businesses of cannabis and cannabis-related products," said Andriyko Herchak, President and CEO of FinCanna Capital. "This agreement continues to validate our investment in CTI and gives our shareholders growing leverage to the burgeoning medical cannabis market in California."
"We're proud to have Phoenix Tears as part of our growing stable of trusted brands, and expect significant demand following our informal survey of the market this year," said Justin S. Beck, Chief Strategy Officer and Co-Founder of CTI. "Californians will finally be able to purchase official Phoenix Tears products through our dispensary partners. These offerings will be produced with the rigor and time-tested formulas that have made Phoenix Tears a trusted brand."
CEO and Co-Founder of Phoenix Tears, Janet Rosendahl-Sweeney, said, "The manufacturing facilities, sales force, and market knowledge certainly distinguish Cultivation Technologies in a highly-competitive, fast-moving business environment. Cultivation Technologies is a solid partner with the requisite resources and experience to help us quickly entrench our presence throughout California."
In exchange for providing formulations, production SOPs, and general assistance with marketing and demand creation, Phoenix Tears will receive a fee from Coachella Manufacturing for each product produced by the company for an initial term of six years."
Auxly Cannabis Group Inc. (OTCQX: CBWTF) is a collective of entrepreneurs with a passion for the cannabis industry past, present and future. Recently, the Company provided the following construction development update on the joint venture with FV Pharma Inc., a wholly-owned subsidiary of FSD Pharma Inc., at the former Kraft food-production facility located in Cobourg, Ontario. The Facility hosts an initial 620,000 sq. ft. of building space, a portion of which is currently licensed for cultivation pursuant to the Access to Cannabis for Medical Purposes Regulations and can support additional expansion capacity of approximately 3,800,000 sq. ft. on the existing property, pending completion of all phases of the project. Pursuant to the updated and approved construction budget, Auxly will contribute USD 55,000,000 to develop the first phase of the project. The first phase has been updated to include the build-out of an initial 220,000 sq. ft. of cultivation and ancillary space.
Tidal Royalty Corp. (CSE: RLTY.U) provides royalty financing to the U.S. regulated cannabis industry. Recently, the Company announced that it has entered into a Letter of Intent as of June 11th, 2018, with an established licensed operator based in Monterey, California to finance the expansion of the Company's operations in the state. The Monterey Cannabis Company is led by a seasoned management team with experience across cultivation, extraction and retail distribution. The Company currently operates on a 21-acre property located in Monterey County, California, consisting of 240,000 sq. ft. of commercial greenhouse space. The Monterey Cannabis Company's products are distributed through a network of dispensaries under a retail brand partnership. Pursuant to the LOI, Tidal Royalty will provide the Monterey Cannabis Company with up to USD 15.0 Million to finance the expansion of the Company's cultivation capacity and to establish a new processing facility that will enable it to bring a broader range of products to market.
CannaRoyalty Corp. (OTCQX: CNNRF) is a North American cannabis consumer product company currently focused on building a leading distribution business in California, the world's largest regulated cannabis market. Recently, the Company and Aurora Cannabis Inc. announced that they have signed a binding term sheet whereby Aurora is purchasing CannaRoyalty's exclusive Canadian license to use and commercialize pre-roll technology developed by Wagner Dimas for an aggregate consideration of CAD 7 Million in Aurora common shares. Marc Lustig, CEO of CannaRoyalty, stated, "The Agreement to transfer our Canadian license to the Wagner Dimas technology aligns with and advances our focused business strategy of building out our distribution and brand network in our core market of California."
The Green Organic Dutchman Holdings Ltd. (OTCQX: TGODF) is a research & development company licensed under the Access to Cannabis for Medical Purposes Regulations to cultivate medical cannabis. Last month, the Company announced it has signed a Letter of Intent for a 50/50 joint venture with Queen Genetics/Knud Jepsen A/S based in Hinnerup, Denmark. The JV will initially consist of 200,000 sq. ft. located within Knud Jepsen's 1.3 million sq. ft. state-of-the-art automated greenhouses in Denmark. The approximately 200,000 sq. ft. of advanced buildings to be dedicated to the JV were designed and engineered by Thomas Larssen of Aurora Larssen Projects Inc. and will provide an opportunity for TGOD to increase its total organic funded capacity by approximately 25,000 kgs. This will provide a consistent supply of high-quality organic cannabis grown in Europe, ready for the local European markets and increases TGOD's funded capacity to 195,000 kgs.
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