NEW YORK, September 18, 2018 /PRNewswire/ --
According to a reportreleased by Arcview Market Research, in partnership with BDS Analytics, the U.S. legal cannabis market is projected to reach USD 23.4 Billion in consumer spending by 2022, up from USD 11 Billion
Troy Dayton, CEO of the Arcview Group, said: "The end of marijuana prohibition is in sight and what that means for this market cannot be overstated. There are billions of dollars in institutional capital chomping at the bit to take advantage of this shift, but so far haven't found a major way in. This leaves a limited window for businesses to get a foothold and build value for liquidity events that might come sooner than any of us thought possible just a few months ago."
CLS Holdings USA Inc. (OTCQB: CLSH) Yesterday announced breaking news that, "it has executed two Letters of Intent (LOIs) to enter the rapidly growing Massachusetts market. CLS looks forward to the opportunity to enter the Massachusetts market, which has been operating as a legalized medical jurisdiction since 2015 and has approved legalized recreational use.
CLS has agreed in principle to loan $5 million to In Good Health, a licensed medical dispensary in Brockton, Massachusetts with a significant market share. Along with the loan, CLS will have an option to acquire InGood Health. InGood Health is located 25 miles south of downtown Boston and is one of the 38 licensed dispensaries in the state. The Brockton dispensary was the second licensed dispensary in the state and has been operational since September 2015, which has been medical only up until this time. In Good Health is currently servicing 17,000 registered patients and delivering to 1,700 homes with key product offerings of flower, concentrates, vapes, edibles, pre-rolls and tinctures.
CLS has also agreed in principle to form an 80/20 joint venture with CannAssist, which CLS will own 80%. CannAssist plans to build out a recreationally licensed cultivation grow facility in Leicester, Massachusetts. The planned Leicester 86,000 square foot facility is in possession of its host community agreement, is awaiting state acknowledgement of its pending recreational licenses and upon completion will be the third largest cultivation grow in the state. The Leicester facility is anticipated to produce its first harvest in the fourth quarter of 2019 and be able to produce 28,000 lbs of flower along with 858,000 grams of extract once it is operating at capacity. At current pricing of $3,500 per pound of flower and $40 per gram of extract, total capacity is expected to reach $120 million in revenue. CLS anticipates generating substantial positive cash flow from the joint venture.
Massachusetts has a population of 6.9 million people as compared to 5.6 million people in Colorado. Massachusetts is also centrally located to the dense population of New England with a less than 100-mile drive from Rhode Island, Connecticut, New York, New Hampshire and Vermont. In 2017, Colorado generated $1.5 billion in legalized marijuana sales and had over 500 licensed dispensaries and over 700 licensed cultivation facilities. Massachusetts currently has issued only 39 licensees. Jeff Binder, Chief Executive Officer of CLS Holdings USA, commented, "We are extremely excited to have the opportunity to enter the Massachusetts market. It's something we have been eyeing for a long time given the attractive characteristics and recent approval of adult use cannabis. This opportunity fits into our stated objective of entering markets that are on the cusp of implementing a robust adult use market."
David Noble, President of InGood Health and Partner of CannAssist, commented, "I am proud of all our team has accomplished to create a leading medical marijuana dispensary. I look forward to continuing our mission and hard work We look forward to the opportunity to be part of one of the top companies in the field. This will ensure that we can provide the highest quality products to patients and customers for many years to come."
Jon Napoli, Managing Partner, CannAssist, stated, "We have been working with the city of Leicester for the past 12 months on this project and are pleased to receive all necessary approvals. This will bring a number of employment opportunities to this community and we look forward to being a reliable partner and producing some of the finest quality cannabis in the state."
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. In August 2017, the company commenced wholesale offerings of cannabis in Nevada with the launch of its City Trees brand of cannabis concentrates and cannabis-infused products. An expansion of its cultivation and production facility is currently underway and is expected to be completed during the first quarter of 2019."
Zynerba Pharmaceuticals, Inc. (NASDAQ: ZYNE) is the leader in pharmaceutically-produced transdermal cannabinoid therapies for rare and near-rare neuropsychiatric disorders. Early in August, the Company reported financial results for the second quarter ended June 30th, 2018 and provided an overview of recent operational highlights. As of June 30th, 2018, cash and cash equivalents were USD 43.1 Million, compared to USD 52.1 Million as of March 31st, 2018. Research and development expenses for the second quarter of 2018 were USD 8.5 Million, including stock-based compensation of USD 0.8 Million. Net loss for the second quarter of 2018 was USD 12.0 Million with basic and diluted net loss per share of USD (0.89). The Company initiated and is currently enrolling patients in CONNECT-FX (Clinical study of Cannabidiol (CBD) in Children and Adolescents with Fragile X), a pivotal, multi-national, randomized, double-blind, placebo-controlled study evaluating the efficacy and safety of ZYN002 in three to 17-year old FXS patients with full mutation of the FMR1 gene. KushCo Holdings, Inc. (OTCQB: KSHB) is the parent company to a diverse group of business units that are transformative leaders in the cannabis, CBD and other related industries. Last month, the Company announced that it has opened a new warehouse facility in Worcester, Massachusetts to serve as the Company's east coast hub and to support businesses entering the industry or expanding operations within the east coast market. Strategically located outside of metro Boston, in Worcester, the new warehouse represents the largest facility operated by the Company to date. The new facility positions Kush Bottles as the market leader in providing ancillary solutions for the medical and adult-use states in the region and stands ready to scale accordingly as more states transition from medical to adult-use. With the 66,000 sq. ft. facility, Kush Bottles expects the new warehouse to minimize the time taken to receive and distribute packaging and supplies, streamline its logistics and have enough storage space for high-demand products with rapid turnover times, thereby ensuring the highest quality and service to clients in the region. Invictus MD Strategies Corp. (OTCQX: IVITF) is a global cannabis company offering a selection of products under a wide range of lifestyle brands. Recently, the Company announced that its wholly-owned subsidiary, Acreage Pharms Ltd., has been granted conditional approval to become a registered supplier with the Saskatchewan Liquor and Gaming Authority once legislation is implemented on October 17th, 2018. In the interim, and subject to any federal restrictions, Acreage Pharms is eligible to supply product to authorized provincial wholesalers and retailers in advance of October 17th. Invictus is set to gain access to the retail market in Saskatchewan through an LOI with GTEC Holdings Ltd. that provides the Company with an opportunity to fill purchase orders that GTEC is seeking from third party licensed producers for the purposes of supporting GTECs distribution channels. Vitality Biopharma, Inc. (OTCQB: VBIO) is dedicated to unlocking the power of cannabinoids for the treatment of serious neurological and inflammatory disorders. On August 21st, 2018, the Company announced that during a recent in vitro safety pharmacological screening study its lead drug candidate VBX-100 demonstrated no signs of adverse pharmacological effects, affirming its potential for widespread clinical use as a GI-targeted prodrug of THC. Vitality has filed for intellectual property protection on more than 100 different glycoside prodrugs, including VBX-100, a THC prodrug that is being developed for treatment of inflammatory bowel disease, irritable bowel syndrome, and narcotic bowel syndrome, a severe form of opiate-induced abdominal pain. VBX-100 is an oral prodrug of ?9-tetrahydrocannabinol (THC) that must be activated in the intestines to release THC in a controlled manner.
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