NEW YORK, July 25, 2018 /PRNewswire/ --
A report by Energias MarketResearch predicts that the global medical cannabis market will grow significantly, from USD 8.28 Billion in 2017 to USD 28.07 Billion in 2024 and at a CAGR of 19.1% from 2018 to 2024. Factors
Recent legislative victories for the cannabis industry are expected to have a highly positive impact on the economy. "The cannabis sector currently employs an estimated 125,000 to 160,000 full-time workers," industry analyst and Editorial Vice President of MJBizDaily, Chris Walsh, explained at The Marijuana Business Conference & Expo, according to a report from Fortune. "To put this in perspective, there are potentially more full-time marijuana industry workers than there are librarians or kindergarten teachers throughout the country - and over 6 times the number of coal miners in the U.S."
CLS Holdings USA Inc. (OTCQB: CLSH) recently announced breaking news that, "an update to the first complete year of adult use cannabis in Nevada, the first state the Company is operating in. According to the Nevada Department of Taxation, marijuana flower/bud accounted for roughly 50% of all combined medical and adult-use marijuana purchases by consumers in Nevada, followed by concentrates at about 25% and infused edibles at 13%. Oasis Cannabis announced that packaged marijuana flower/bud and pre-rolled joints represented 67% of the total sales, followed by concentrates at 20% and infused edibles at 9%.
The Co-Founder of Oasis Cannabis, Ben Sillitoe, commented on the sales mix, 'Convenience items like disposable vapor pens and pre-rolled joints are very popular with our tourist customers and together they make up about 25% of total sales at Oasis.'
Oasis Cannabis served over 127,000 customers in its 1st year of adult-use sales. About 13% of those orders and 22% of total sales were to medical patients. The average order from a medical customer was USD 73 whereas a typical recreational customer spent USD 41 per order. 'A medical patient will typically consume more cannabis than an average retail customer, so we expect to see larger average purchases from that group,' explained Sillitoe.
Home deliveries made up 5% of the total orders and 11% of total revenue, reflecting a higher average order of USD 98 versus USD 42 from in-store customers. The average delivery order from a medical customer was USD 114 and the average delivery to a recreational customer totaled about USD 87. 'Medical customers make up about 50% of total delivery sales for a couple reasons,' Sillitoe explained. 'We've been delivering to medical patients since we opened in 2015 so we've had time to build a loyal customer base in that segment. Medical patients are also more likely to be inconvenienced by a trip to the store because of various health reasons.'
About Oasis Cannabis (http://oasiscannabis.com ) - Oasis Cannabis has operated a cannabis dispensary in the Las Vegas market since dispensaries first opened in Nevada in 2015 and has been recognized as one of the top marijuana retailers in the state. Its location within walking distance to the Las Vegas Strip and Downtown Las Vegas in combination with its delivery service to residents allows it to efficiently serve both locals and tourists in the Las Vegas area. The Company recently commenced wholesale offerings of cannabis in Nevada with the launch of its City Trees brand of cannabis concentrates and cannabis-infused products in August 2017. An expansion of its cultivation and production facility is currently underway and is expected to be completed during the second half of 2018."
Innovative Industrial Properties Inc. (NYSE: IIPR) is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated medical-use cannabis facilities. Earlier this month, the Company announced that it closed on the acquisition of a property located at 96 Palmer Road in Monson, Massachusetts, which comprises approximately 55,000 sq. ft. of industrial space situated on approximately 5.4 acres. The purchase price for the property was USD 12.75 Million. Concurrent with the closing of the purchase, the Company entered into a long-term, triple-net lease agreement with Holistic Industries Inc., which intends to continue to operate the property as a medical-use cannabis cultivation and processing facility in accordance with Massachusetts medical-use cannabis regulations. The initial term of the lease is 20 years, with three options to extend the term for three additional five-year periods.
iAnthus Capital Holdings Inc. (OTCQB: ITHUF) owns and operates best-in-class licensed cannabis cultivation, processing and dispensary facilities throughout the United States, providing investors diversified exposure to the U.S. regulated cannabis industry. Recently, the Company announced that its wholly-owned subsidiary, Citiva Medical, LLC, has begun construction on its 39,500 sq. ft. medical cannabis cultivation and processing facility, located at the former Mid-Orange State Correctional Facility in the Town of Warwick, New York. Citiva, one of only ten New York State licensed medical cannabis Registered Organizations, received its license to operate one cultivation/processing facility and four dispensaries on August 1st, 2017. The facility will implement high-end technology and cultivation practices to maximize efficiencies and production, including a positive pressure air system, mobile containers, desiccant dehumidification systems, acrylic glazing, and a unified program for environmental, irrigation and lighting controls. These state-of-the-art processes will enable perpetual harvesting, with an estimated yearly production of 2,400 kg of medical cannabis.
General Cannabis Corp (OTCQX: CANN) is the comprehensive national resource for the highest quality service providers available to the regulated cannabis industry. On May 14, 2018, the Company announced financial results for the quarter ended March 31, 2018. Robert Frichtel, Chief Executive Officer of General Cannabis, said: "General Cannabis announced first quarter financial results today. For the first quarter of 2018, we reported revenues of $942,482, a 31% increase over 2017 first quarter revenues of $719,105. Our existing operations in Colorado continue to prosper with Security, Marketing and Operations segments each showing strong year-over-year revenue growth. The team and infrastructure we have built allows us to scale with the continued expansion within cannabis industry."
Cannabis Sativa, Inc. (OTCQB: CBDS) announced on April 5th that PrestoDoctor®, the leading online medical marijuana recommendation service, expanded to Pennsylvania on April 20th, 2018. CBDS licenses the ''hi'' and ''White Rabbit'' brands, holds a U.S. patent on the Ecuadorian Sativa strain of Cannabis, owns patent pending and trade secret formulas and processes, offers the hi benefits discount pharmacy card, and operates subsidiaries that include: PrestoDoctor®. ''We are extremely excited to be expanding to Pennsylvania, and to help patients have easier access in obtaining a medical marijuana card,'' said PrestoDoctor® Co-Founder and CEO, Kyle Powers. ''With so many people looking for an opioid alternative, and other natural options, it's important to provide an easy, honest, and affordable service,'' he added.
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