PALM BEACH, Florida, August 29, 2018 /PRNewswire/ --
MarketNewsUpdates.com News Commentary
(CBD)-Hemp market is estimated to grow by 700% by 2020, according to Forbes. In a recent report issued by New Frontier Data, the U.S. CBD industry grew by nearly 40% in 2017, reaching $367 Million
in sales across hemp-derived
and marijuana-derived markets. Astonishingly, this is first year in which sales of hemp-derived CBD products outpaced marijuana-derived products. The report also clarifies that surging demand is projected to lift both of the markets higher. Currently the current year is being view as a break-out year for CBD products, as total market expansion is expected to cross the USD 500 Million
mark in sales. The CBD industry will grow to $1.2 Billion
by 2020, and nearly $2 Billion
by 2022. Active companies in the Cannabis markets this week include Cannabis Strategic Ventures, Inc. (OTC: NUGS), Sugarmade Inc. (OTC: SGMD), Smart Cannabis Corp. (OTC: SCNA), Hemp, Inc. (OTC: HEMP), The Supreme Cannabis Company Inc. (TSX-V: FIRE) (OTC: SPRWF).
Cannabis Strategic Ventures, Inc.
(OTCPK: NUGS) BREAKING NEWS
: Cannabis Strategic Ventures announces a major common share restructuring. A total of 75.6 million shares cancelled, including 20 million from Chief Executive Officer, Simon Yu
. The share cancellations are designed to increase shareholder value for all shareholders and will allow Company managers, consultants, minority shareholders, and other key Cannabis Strategic Ventures stakeholders to increase corporate flexibility relative to future brand-oriented strategic acquisitions and partnerships.
"The share cancellations increase value for all shareholders and signals to minority shareholders on the management team's interest in building long-term value for all," commented Mr. Simon Yu
, CEO, Cannabis Strategic Ventures. Yu is cancelling 20 million shares of his personal holdings. Additionally, Cannabis Strategic Ventures consultants and associates are canceling an additional 55.6 million shares. In total, approximately 25% of the total shares are being cancelled via this action.
The Company recently announced major partnerships with, Fitamins and Asher House Pet CBD, both premium brands in the multi-million dollar CBD products market. Through the acquisitions, the Company gained access to Fitamins' network of more than 600 wholesalers that distribute products to the Asian-American market; while The Asher House Pet CBD is gaining national attention for their cross-country road show promoting Pet Adoption and Pet CBD.
Mr. Yu continued, "The future of Cannabis Strategic Ventures is all about acquiring and partnering with the best brands in the fast-growing cannabis marketplace. The streamlined share structure will continue to make our Company an attractive partner as we work toward signing other similar brands and distribution partnerships." Read this and more news for
Cannabis Strategic Ventures at:
recent developments in the
cannabis industry include:
(OTCPK: SCNA) has begun installation of greenhouse equipment at a property permitted to grow cannabis in Yolo County. The contract with CompassLeaf LLC is being fulfilled by SCNA subsidiary, Next Generation Farming, and the deposit has been received. The project involves installation and retrofitting of eight, 30'x96' (23,040 sq.ft.) pre-existing greenhouse frames and fully equipping them with an entire suite of equipment necessary for a successful cannabis cultivation site. "We were dissatisfied with the bare greenhouse structures installed by another company and their slow construction progress so we reached out to Next Generation Farming. They immediately responded with solutions to help us get our facilities up and running. Within three weeks, we've experienced a dramatic transformation in the structures, complemented by professionalism and a high level of expertise throughout the process. We are thrilled that we can finally accelerate and improve this project with Next Generation's help," stated Kyu Kim
, Co-Founder and CFO of CompassLeaf LLC.
(OTCPK: SGMD), one of the largest publicly traded hydroponics supply companies, yesterday announced the filing of a disclosure statement with the Securities & Exchange Commission concerning possible acquisitions by the Company. Sugarmade has begun formal acquisition negotiations with two companies that provide online and retail hydroponic and other agricultural cultivation supplies. Mr. Jimmy Chan
, CEO of Sugarmade, commented, "The hydroponic supply sector is still highly fragmented with many of the larger players not likely to reach public company liquidity events for the original entrepreneurial teams. We have entered into talks with at least two of these companies for acquisition, which we believe will be highly accretive for common Sugarmade shareholders and additive to our already robust top line growth rate. We wanted to publicly disclose these discussions to ensure that all shareholders have equal access to our direction, thus our recent public filing."
(OTCPK: HEMP), a global leader in the industrial hemp industry with the largest multipurpose industrial hemp processing facility in the western hemisphere, announced yesterday the company applauds Illinois
Governor Bruce Rauner
for signing Illinois'
Industrial Hemp Act on Saturday, legalizing hemp in Illinois
effective immediately. "Legalizing the farming of industrial hemp just makes good sense," Rauner said in a statement. "Roughly 38 states - including our neighbors in Wisconsin
, and Tennessee
- have allowed or are considering allowing cultivation of this crop for commercial, research or pilot programs. Our farmers should have this option as well." Illinois'
Industrial Hemp Act goes into effect immediately, and according to the governor's office, allows for its use in paper, fabric, biodegradable plastics, construction materials, and health food. The Illinois Department of Agriculture will issue licenses to farmers who want to grow hemp and regulators will establish rules for THC-level testing of industrial hemp crops. The bill passed the state House of Representatives by a 106-3 vote, and the Senate passed it unanimously. Advocates of legalization say Rauner will create hundreds of jobs and up to $100 million
in annual state revenue.
The Supreme Cannabis Company Inc.'s
(TSX-V: FIRE) (OTCPK: SPRWF) wholly owned subsidiary, 7ACRES, has entered into supply agreements with the Nova Scotia Liquor Corp. (NSLC) and the PEI Cannabis Management Corp. (PEICMC) to supply recreational cannabis to their respective retail stores beginning Oct. 17, 2018
. Nova Scotia
and PEI become Supreme Cannabis's fifth and sixth provincial recreational partners alongside Ontario
, British Columbia
. Supreme Cannabis joins a select group of leading cannabis companies that have secured supply agreements with five or more provinces to date, including: Canopy Growth, Aphria, Aurora, Tilray and Organigram.
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