NEW YORK, July 10, 2018 /PRNewswire/ --
A market report publishedby Arcview Market Research, in partnership with BDS Analytics, forecasts that spending on adult-use cannabis will reach USD 38.3 Billion, while medical spending will reach USD 19.1 Billion.
An analysis by the Arcview Group is projecting an increase in the sales of cannabis. Meanwhile, Troy Dayton, CEO of The Arcview Group, explained that, "The economic excitement around the legal cannabis industry is no longer just theory. Due to the giant impact adult-use legalization is already having in the United States, it's vital for key stakeholders to understand the full impact of legalization, beyond just retail sales numbers." The legalization of adult-use sales in California is projected to lead to the creation of nearly 99,000 cannabis industry jobs in the state by 2021, about a third of all cannabis jobs nationwide, and 146,000 jobs overall when indirect and induced effects are considered.
CLS Holdings USA Inc. (OTCQB: CLSH) on June 28th announced breaking news, "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."
ABcann Global Corp (OTC: 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. 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 17, 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. "Our new branding, which will be revealed this summer, is supported by extensive market research. We are confident that our customers will recognize and appreciate our product quality and consistency."
Vitality Biopharma Inc. (OTCQB: VBIO) is dedicated to unlocking the power of cannabinoids for the treatment of serious neurological and inflammatory disorders. Vitality has recently announced that it has received approval from both the U.S. Drug Enforcement Administration and the State of California Research Advisory Panel, which permits the Company to continue development of its novel cannabinoid pharmaceutical prodrugs. Vitality Biopharma's operations are in compliance with federal controlled substance regulations and are enabling development of a novel class of cannabinoid prodrugs that avoid psychoactivity. The Company's lead compound VBX-100 is a proprietary prodrug of THC that is targeted to the gastro-intestinal tract, meaning it reduces or avoids entry of THC into the bloodstream or brain. VBX-100 is produced on-site using an enzymatic biosynthesis process and will be produced according to cGMP pharmaceutical standards for use within clinical trials across the United States. Robert Brooke, Chief Executive Officer and Co-founder of Vitality Biopharma adds that, "Our team first pioneered a novel biosynthesis process for our cannabinoid prodrugs, and now they've successfully scaled it in a way that could enable widespread supply for clinical trials and even commercialization. This puts us in an enviable position within our industry, and we look forward to seeing what else can be achieved in the months and year ahead."
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. 7ACRES is a federally licensed producer of cannabis pursuant to the ACMPR operating inside a 342,000 sq. ft. hybrid facility. Supreme Cannabis announced last month that the Company's wholly-owned subsidiary, 7ACRES, has entered into a supply agreement with the Alberta Gaming, Liquor & Cannabis Commission ("AGLC") to supply recreational cannabis to Alberta's private cannabis retailers and the AGLC's online cannabis store. Under the terms of the agreement, 7ACRES will supply the AGLC with recreational cannabis upon legalization. The AGLC has communicated that they plan to evaluate product demand of the recreational market in order to inform their supply needs for the remainder of the year. "We are very excited to serve as a trusted partner to the AGLC and Albertans. Alberta offers a unique opportunity for quality-driven brands as it is one of the most sophisticated private retail markets in the country and its approach to retailing cannabis recognizes that ensuring quality and offering a selection of products are critical steps towards impacting the illicit market," said John Fowler, Chief Executive Officer of Supreme Cannabis.
PotNetwork Holdings Inc. (OTC: POTN) is a publicly traded company that acts as a holding company for its subsidiaries, First Capital Venture Co., the owner of Diamond CBD, Inc., the maker of Diamond CBD oils. The Company recently announced that on June 27th, 2018 that it filed an amendment to its Articles of Incorporation in the state to change its name from PotNetwork Holdings Inc. to "BioTech Hemp Inc." This name change reflects the Company's focus on Diamond CBD's sales momentum and expanding product lines, which better reflects its current and future business strategy and industry scope. Following the filing with the state of Colorado, the Company plans to file for a name listing and trading symbol change with FINRA. Once the Company's Form 10 filing is deemed effective by the SEC, the Company will begin the process to uplist to the OTCQB market tier.
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