NEW YORK, July 18, 2018 /PRNewswire/ --
According to research publishedby New Frontier Data, the legal cannabis market was worth an estimated USD 8.3 Billion in 2017 and is projected to grow at a compound annual growth rate (CAGR) of 14.7% and reach an estimated USD 25
The legal cannabis market in the United States has undergone a significant transformation in recent years. Nine states as well as Washington, DC, have legalized cannabis for recreational use for adults over the age of 21, and Oklahoma became the 30th state to legalize medical marijuana earlier in June. New Frontier Data Founder & CEO, Giadha Aguirre de Carcer, explained, "Across the globe, we have seen massive expansion as more than 50 countries are legalizing or decriminalizing cannabis. However, the United States continues to lead the way in cannabis consumption in legal medical and adult use markets. With a number of states expected to advance cannabis legalization measures in the next 24 months, more Americans will be able to access legal cannabis in the years to come, making this a watershed 4/20."
CLS Holdings USA Inc. (OTCQB: CLSH) earlier last week has provided, "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."
CV Sciences Inc. (OTCQB: CVSI) operates two distinct business segments: a drug development division focused on developing and commercializing novel therapeutics utilizing synthetic CBD; and, a consumer product division focused on manufacturing, marketing and selling plant-based CBD products to a range of market sectors. CV Sciences, Inc. has primary offices and facilities in Las Vegas, Nevada and San Diego, California. CV Sciences, Inc. preeminent supplier and manufacturer of hemp-derived phytocannabinoids including cannabidiol (CBD) oil and developer of specialty pharmaceutical therapeutics, announced that its flagship brand, PlusCBD Oil™ continues to expand its distribution in the natural, healthy, and organic industry. The Company recently announced that its brand of #1 selling hemp CBD products are currently available in 1968 natural and organic health food stores as of June 30, 2018. This represents an 11.1% sequential increase over the Company's retail store count as of March 31st, 2018. "We continue to expand distribution in the natural/organic health food store sales channel with an 11.1% increase in store count when compared to Q1 2018," stated Joseph Dowling, Chief Executive Officer at CV Sciences. "Our retail channel expansion, along with increased industry forecasts of hemp CBD products, are positive indicators for Company growth."
Lexaria Bioscience Corp. (OTCQX: LXRP) has developed and out-licenses its disruptive delivery technology that promotes healthier ingestion methods, lower overall dosing and higher effectiveness of lipophilic active molecules. Lexaria recently announced that it has filed an important new patent application with the United States Patent and Trademark Office for innovation in treatment options related to central nervous system disease or disorders including viral infection, cancer, neurodegenerative disorders, ADHD, anxiety, depression, OCD, schizophrenia, Alzheimer's, Huntington's, Parkinson's, neuropathic pain and more. In recent laboratory testing, Lexaria's breakthrough discovery evidenced greatly enhanced drug delivery to brain tissue. Nicotine in-vivo (animal) studies showed that up to 560% more nicotine was delivered to brain tissue utilizing DehydraTECHTM than concentration-matched controls lacking DehydraTECHTM enhancements. Lexaria's application requests patent protection for the delivery of cannabinoids, terpenes and terpenoids, non-steroidal anti-inflammatory drugs (i.e., NSAIDs), vitamins, nicotine, phosphodiesterase type 5 (PDE5) inhibitors, estrogen, progestin, testosterone, scopolamine and more, utilizing Lexaria's already-patented DehydraTECHTM methodology combined with any of a wide variety of emulsifiers, starches, oils, flavorings and foods.
Invictus MD Strategies Corp. (OTC: IVITF) owns and operates two cannabis production facilities, both with sales licenses, under the ACMPR in Canada, with the vision of producing a variety of high quality and low-cost cannabis products to the global market, as regulations permit. The Company recently announced that it has signed a Memorandum of Understanding with the BC Liquor Distribution Branch to supply the province with a selection of premium cannabis products for the upcoming recreational marketplace. Invictus' portfolio includes award-winning strains, supplied by our wholly-owned subsidiary, Acreage Pharms Ltd., located in Alberta. "As a company with operations in BC, Invictus is immensely proud to have been selected to provide the LDB with quality cannabis products ahead of legalization on October 17th, 2018," said Dan Kriznic, Chairman and Chief Executive Officer of Invictus. "We are looking forward to a partnership that will work to achieve our mutual objectives of building a safer marketplace for cannabis, while spurring economic activity here at home." Beyond supply agreements, Invictus is working to develop and implement a strategic patient acquisition program aimed at winning market share for medical cannabis sales, in addition to its ambitions retail plan that involves establishing dispensaries across Western Canada. At the same time, Invictus is taking measured steps to expand our cultivation space and strain profile, as demand in the adult recreational market continues to grow.
Auxly Cannabis Group Inc. (OTCQX: CBWTF) is a collective of entrepreneurs with a passion for the cannabis industry past, present and future. The Company, along with FV Pharma Inc., a wholly-owned subsidiary of FSD Pharma Inc., provided information on the joint venture at the former Kraft food-production facility located in Cobourg, Ontario. The Facility hosts an initial 620,000 sq. ft. of building space, a portion of which is currently licensed for cultivation pursuant to the Access to Cannabis for Medical Purposes Regulations and can support additional expansion capacity of approximately 3,800,000 sq. ft. on the existing property, pending completion of all phases of the project. Pursuant to the updated and approved construction budget, Auxly will contribute USD 55,000,000 to develop the first phase of the project. The first phase has been updated to include the build-out of an initial 220,000 sq. ft. of cultivation and ancillary space which includes a research and development lab focused on advancements in LED lighting, nutrient testing, breeding and genetics research. The first phase will also contain a dedicated space for large-scale extraction capabilities. The Company anticipates that the first phase of construction will be complete and ready for Health Canada approval by the end of December 2018. Pending regulatory approval, the company expects to plant the first harvest in the first phase by the end of January 2019.
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