NEW YORK, February 16, 2018 /PRNewswire/ --
According to a researchby Ameri Research Inc., the global legal cannabis market was valued at $14.3 billion in 2016 and is estimated to grow at a CAGR of 21.1% between 2017 to 2024, while reaching a value of $63.5 billion
California's new recreational cannabis laws went into effect earlier this year. New Frontier Data CEO, Giadha Aguirre de Carcer explained, "Significant changes are already underway in California for medical cannabis and adult use laws, which we see will have major implications for the cannabis industry, including ecommerce and delivery services in the state… As the largest state in the country - and the largest potential market for cannabis products - the implications for the growth of the industry because of California's adult use market cannot be overstated."
Cannabis Wheaton Income Corp. (OTC: CBWTF) is also listed on the TSX Venture Exchange under the ticker symbol 'CBW'. The company just announced breaking news that, "has entered into a joint venture with Peter Quiring, one of Canada's largest greenhouse builders and operators, via a newly formed subsidiary ( "GreenhouseCo"), to develop, construct and operate a state-of-the-art purpose-built greenhouse for cannabis cultivation in Leamington, Ontario with Mr. Quiring acting as Chief Executive Officer of GreenhouseCo (collectively, the "Transaction"). As the founder and owner of 4 vertically-integrated companies, all of which have greatly influenced the North American greenhouse ecosystem, Peter has over 25 years of experience designing, fabricating, building and operating greenhouses across North America. He has developed over 2,000 acres of greenhouses and currently owns and operates 175 acres of computer-controlled, state-of-the-art greenhouses with over 600 employees in Southern Ontario. Operating one of the largest bell pepper and tomato greenhouses in North America, he is currently growing over 15 million kilograms of peppers and 25 million kilograms of tomatoes each year that are shipped across Canada and the United States. In addition, his fabrication company South Essex Fabricating constructed the Double Diamond Farms facility which is currently being converted for cannabis cultivation.
Pursuant to the Transaction, GreenhouseCo initially plans to develop 1.4 million square feet of greenhouse ("Phase I") on 102 acres of fully owned land located in Leamington, Ontario (the "Facility"). The Facility will be constructed by South Essex Fabricating and will be built on a fully serviced site with access to approximately 27 megawatts of electricity. The Facility will be purpose-built with state-of-the-art automation and operate under a 100% closed-loop water recycling system.
The Company estimates that the Phase I build-out will result in approximately 120,000,000 grams of cannabis per annum and believes there is further potential to increase the Facility's output with additional technological improvements that will be adapted from Mr. Quiring's existing greenhouses. GreenhouseCo also has the ability for additional expansion up to a total of 2.8 million square feet of greenhouse cultivation. The Company will assist GreenhouseCo in obtaining its ACMPR license for the cultivation and sale of cannabis (the "License") through its Wheaton Licensing Program by providing GreenhouseCo with all of the resources and expertise necessary to achieve the License. Mr. Quiring and the Company have also agreed to jointly pursue international cannabis-related greenhouse cultivation opportunities for joint development and opportunities to license GreenhouseCo's intellectual property relating to facility design and operation know-how.
Hugo Alves, President and Director of Cannabis Wheaton, stated "This is a huge milestone for the Cannabis Wheaton story and we couldn't be happier to pursue this venture by partnering with Peter. In getting to know Peter during this transaction it has become clear that he possesses exceptional greenhouse and operational knowledge and his track-record as one of North America's most accomplished greenhouse builders and operators speaks for itself. We believe that our leading cannabis industry expertise and platform combined with Peter's proven capabilities will be a recipe for success. This joint venture is another example of the quality of partners and breadth of production diversification that Cannabis Wheaton is building out for its upstream production platform. This is an exciting project both in terms of its scale and technological sophistication and we are honoured to be partnering with the best in the business to ensure that this facility becomes one of the largest and best run greenhouse cultivation facilities in the country.
Peter Quiring, Founder and President of NatureFresh and South Essex commented, "Over the past 25 years I have had the pleasure of building four integrated companies, including NatureFresh™ Farms, and South Essex Fabricating. These four companies have been founded on driving innovation and utilizing new technology, but I have learned that empowering people and building strong relationships is the most valuable part of being a leader. Today, I am pleased to announce my new exciting joint venture with Cannabis Wheaton and have full confidence in the management and teams that we have built together within my existing companies. I know that these teams will continue to perform beyond my expectations and serve our community and customers with the same exceptional quality. I look forward to bringing my experience and values to this new partnership with Chuck, Hugo and their team at Cannabis Wheaton."
Innovative Industrial Properties Inc. (NYSE: IIPR) acquires freestanding properties that are used for growing licensed medical-use cannabis and operated by state licensed growers. The properties are then leased back to the growers under long-term, net lease agreements. On December 18, 2017, the company announced that it closed on the previously announced acquisition of the property located at 5900 West Greenhouse Drive in Willcox, Arizona, which comprises approximately 358,000 square feet of greenhouse and industrial space. The Pharm is one of the largest wholesalers of medical grade cannabis in the state of Arizona and serves 45 of Arizona's 104 retail dispensaries. The Pharm is focused on cultivating the highest quality, organically grown cannabis and cannabis-based derivative products tailored for the treatment of specified medical conditions.
Aphria Inc. (OTCQB: APHQF), one of Canada's lowest cost producers, produces, supplies and sells medical cannabis. Recently, the company announced that it has signed a Letter of Intent with the Société des alcools du Québec to guarantee a supply of high-quality, safe and clean cannabis products for sale in the Quebec adult-use market through their retail outlets and e-commerce platform. Under the terms of the agreement, the Company will supply the Quebec market with up to 12,000 kg of branded cannabis products in the first year of the agreement, including cannabis oils and other derivative products and several strains of high-quality Ontario- and B.C.-grown dried cannabis flower.
GW Pharmaceuticals plc (NASDAQ: GWPH) is the global leader in developing cannabinoid-based medicines. The company's lead product candidate, Epidiolex® (cannabidiol) is in development to treat rare and catastrophic forms of childhood-onset epilepsy, potentially offering relief to patients for conditions that previously had few treatment options. On Feburay 5, 2018, the company announced financial results for the first quarter ended 31 December 2017. Revenue for the three months ended 31 December 2017 of £5.7 million ($7.7 million) compared to £2.1 million for the three months ended 31 December 2016. Cash and cash equivalents at 31 December 2017 of £414.8 million ($559.2 million) compared to £241.2 million as at 30 September 2017.
Vitality Biopharma, Inc. (OTCQB: VBIO) is a corporation dedicated to the development of cannabinoid prodrug pharmaceuticals, and to unlocking the power of cannabinoids for the treatment of serious neurological and inflammatory disorders. On January 17, 2018, the company announced it has submitted an orphan drug designation request for VITA-100 to the U.S. Food & Drug Administration (FDA). Upon approval, VITA-100 would be designated as an orphan drug for the treatment of pediatric ulcerative colitis (UC), a form of pediatric inflammatory bowel disease. Vitality Biopharma's gut-targeted cannabosides enable delivery of THC without psychoactivity or intoxication, which may enable more widespread use of cannabinoids for treatment of pediatric digestive disorders. The Company has already completed studies that demonstrate the efficacy of cannabosides for treatment of preclinical models of colitis. Cannabosides were able to reduce weight loss, decrease damage to the colon, and markedly improve gastrointestinal health compared to the placebo controls.
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