NEW YORK, March 19, 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 by reaching a value of $63.5 billion
Last week Forbes has reported that a bipartisan pair of California lawmakers have announced a bill which would drop the state excise tax on cannabis to from 15% to 11% for a period of three years. Beau Whitney, a senior economist at data analytics for New Frontier Data, which conducted an analysis of the bill, explained to Leafly that, "by lowering the excise tax and postponing the cultivation tax, it will lower the overall price for consumers at the register, which will also reduce the differential between illicit and legal prices… Reducing this gap is critical to making the legal market more competitive against the illicit market and more attractive for consumers."
FinCanna Capital Corp. (OTC: FNNZF) also listed on the Canadian Securities Exchange under the trading symbol (CSE: CALI). Just earlier today the company announced breaking news that, ""it has received its listing on the OTCQB under the symbol "FNNZF" and provides the following update on the interim medical cannabis extraction facility ("Extraction Facility") of Cultivation Technologies Inc. ("CTI"), FinCanna's first investment in California. As announced on January 15, 2018, CTI took over direct operations of its Extraction Facility operating at its site in Coachella, California and CTI has the rights to 100% of the production capacity. CTI is quickly advancing towards commercialization and ramping revenue at the Extraction Facility from which FinCanna is entitled to receive 50% of the profits.
This Extraction Facility can currently process an estimated 6,000 pounds of biomass per month translating to approximately 3.7 million grams of raw oil per year. CTI has the ability to add an additional extraction machine and fractional distillation and winterization equipment. This would result in additional capacity to process 3,000 pounds of biomass per month and the ability to service third-party vaporizer, winterization and distillation customers at a scale of approximately 100,000 grams of finished product weekly.
CTI's Coachella Premium Brand - CTI's own brand, Coachella Premium, recently introduced a line of medical concentrates which are now available for sale to all California licensed dispensaries. CTI is currently expanding its product line to include vaporizer cartridges, which will become available in the coming weeks. Initial market feedback gathered during the product development phase indicates that Coachella Premium's vaporizer cartridges offer a unique proposition within the vaporizer market, one of the fastest growing verticals in the cannabis market.
Manufacturing and Distribution Services - Since taking operational control at its Extraction Facility, and after obtaining state temporary licenses, CTI has acquired key accounts for contracted manufacturing and distribution. Private label services have commenced at the site, providing brands which otherwise had no legal avenue to participate in the licensed environment, a legal solution to maintain their presence in the market.
Implementation of Commercial Sales Team - To commercially advance these opportunities, CTI has hired an experienced sales team consisting of a director of sales, two full-time sales managers, and three independent sales contractors. Chip Coble, the Company's new director of sales, joined the CTI team in the beginning of March and brings with him over 25 years of channel sales and operations management, overseeing teams as big as 100 and managing multi-million-dollar budgets. He will be overseeing the sales of CTI's exclusive line of branded cannabis products: Coachella Premium TM, as well as direct B2B sales under CTI's manufacturing and distribution operations. CTI's sales organization is strategically set up to serve designated zones throughout California to ensure statewide market penetration.
Industry Developments - The state of California is taking steps to curtail the operations of the black market. Regulators have begun sending cease and desist letters to unlicensed operators, including advertising companies which have continued to support unlicensed operators. In addition, an effort to support the businesses which have invested time and capital to reach legal status has begun with the introduction of amendments to Assembly Bill (3157). The amendments propose to reduce the price disparity between legal cannabis business and black-market sources by suspending the state's cultivation tax and reducing the state's excise tax until 2021. These efforts highlight the state's support for compliant business, strengthening the value proposition and opportunity in front of compliant operators such as CTI. With the passing of Proposition 64 in November 2016 and legalization of adult use taking effect January 1, 2018, the state of California is now the world's largest regulated cannabis market and estimated to be worth $6.45 billion by 2020. More information on the effects of the changing landscape in California can be found here.
About Cultivation Technologies - Cultivation Technologies, Inc. provides infrastructure, technology, and branding to the licensed medical cannabis industry. The first major project for the company is in Coachella, California, which will span 6- acres featuring cultivation centers, extraction and manufacturing facilities, a testing lab, a distribution hub, and a centralized processing center. For more information, visit http://www.CultivationTech.com."
Zynerba Pharmaceuticals, Inc. (NASDAQ: ZYNE) is a clinical-stage specialty pharmaceutical company dedicated to developing and commercializing innovative pharmaceutically-produced transdermal cannabinoid treatments for rare or near-rare neuropsychiatric diseases with high unmet medical needs. On March 5, 2018, the company announced the results of a positive meeting held with the U.S. Food and Drug Administration (FDA) regarding its planned development strategy for ZYN002 in Fragile X syndrome (FXS). FXS is a rare genetic developmental disability that is the leading known cause of both inherited intellectual disability and autism spectrum disorder. ZYN002 is the first and only pharmaceutically-produced cannabidiol (CBD) formulated as a patent-protected permeation-enhanced transdermal gel. Zynerba has received U.S. Orphan Drug designation for the use of CBD as a treatment of FXS. Currently, there are no approved therapies to treat FXS or its most common symptoms.
General Cannabis Corp (OTCQB: CANN) is the comprehensive national resource for the highest quality service providers available to the regulated cannabis industry. On February 2, 2018, the company announced that its client, Green Leaf Medical LLC, a leading grower and supplier of medical cannabis in Maryland, has successfully harvested its first crop and has passed all state-required laboratory tests. Now producing an estimated 500-600 pounds of high-quality medical marijuana on a monthly basis, Green Leaf is one of the leading fully approved suppliers in Maryland. Green Leaf also announced that it has begun the next phase of its expansion, increasing the size of its facility to approximately 50,000 square feet, a 67 percent increase from current capacity. The expanded grow house should be completed before the end of the year, raising production totals to nearly 1,000 pounds per month.
Vitality Biopharma, Inc. (OTCQB: VBIO) is dedicated 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. 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.
Emerald Health Therapeutics, Inc. (OTCQX: EMHTF) operates through Emerald Health Therapeutics Canada Inc. ("EHTC"), a wholly owned subsidiary and Licensed Producer under Canada's Access to Cannabis for Medical Purposes Regulations. Through EHTC, Emerald is authorized to produce and sell dried cannabis and cannabis oil for medical purposes. It operates an indoor facility in Victoria, BC, and is building a 500,000 ft2greenhouse on 32 acres in Metro Vancouver, with expansion potential to 1 million ft2 to serve the anticipated legal Canadian adult-use cannabis market starting in 2018. Recently, the company and Village Farms International, Inc. announced that Health Canada has issued a Cultivation Licence for their co-owned Delta 3 greenhouse operation under Canada's Access to Cannabis for Medical Purposes Regulations ("ACMPR"). This optimally-designed 1.1 million ft2 cannabis growing facility is located in one of the best growing climates in Canada in Delta, BC, and is conservatively projected to produce 75,000 kg of quality cannabis annually at full production.
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