NEW YORK, October 5, 2018 /PRNewswire/ --
Marijuana and CBD companiesthat are focused on being sellers, cultivators and retailers continued to garner attention this week. Below are five companies in this growing industry worth researching, but first, here is why. According to data from IMARC, the legal cannabis market
Recent legislative successes for the cannabis market are projected to have a decidedly positive effect 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) announced last month 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.'"
India Globalization Capital, Inc. (NYSE: IGC) has two lines of business, a legacy infrastructure business and a cannabis pharmaceutical business that has developed a lead product for Alzheimer's patients. India Globalization Capital, Inc. recently announced that it has executed a distribution and partnership agreement for several products including a sugar free, energy drink called 'Nitro G'. IGC plans to create a branded, hemp/CBD-infused version of the formulation that addresses market demand for energy drinks with the inclusion of healthy properties derived from hemp including CBD. "According to a Grand View Research forecast, the global energy drinks market is projected to be almost USD 85 Billion by the year 2025, with non-alcoholic beverage sales expected to account for a significant portion of the market. This represents a unique opportunity for the development and commercialization of a CBD-infused, sugar free energy beverage," stated Ram Mukunda, Chief Executive Officer of IGC.
Cronos Group Inc. (NASDAQ: CRON) is a globally diversified and vertically integrated cannabis company with a presence across five continents. Aleafia Health Inc. and Cronos Group Inc. recently announced the commencement of a joint medical cannabis study to improve the management and treatment of insomnia and daytime sleepiness. The study is funded in part by Peace Naturals Project Inc., a licensed producer of medical cannabis that is wholly owned by Cronos Group. The study will be led by physicians practicing within the Canabo Medical Clinic network, which is wholly owned by Aleafia. "The negative health impacts of sleep disorders and their proper treatment must be more widely acknowledged and understood," said Mike Gorenstein, Chief Executive Officer of Cronos Group. "Cronos Group is pleased to find a partner in Aleafia that shares our commitment to addressing this overlooked public health issue."
Aurora Cannabis Inc. (OTCQX: ACBFF) is a Canadian company that's redefining the thriving cannabis space. One of Canada's leading licensed producers, Aurora Cannabis, has partnered with Elevate, Canada's Tech Week, to present a stand-out roster of panel discussions and interactive sessions with innovators and pioneers in the cannabis industry. As a gold partner of Elevate, Canada's largest tech and innovation festival, Aurora has been instrumental in shaping the Elevate Cannabis and Elevate Health tracks that will feature leading experts in research, medicine, finance and entrepreneurship in the cannabis industry. "We are thrilled to partner with Elevate this year. This conference is about showcasing Canada as a leader in technology as well as demonstrating a diverse and inclusive society. This is precisely what Aurora stands for - innovation, community, culture," says Paula Whitmore, Director, Partnerships and Events, Aurora. "The line-up of speakers and topics demonstrates our desire to work with different industries to develop innovative solutions and products in the recreational and medical environments."
Aleafia Health Inc. (OTCQX: ALEAF) is a leading, vertically integrated cannabis company with major cannabis cultivation & processing and medical cannabis clinics business operations. Aleafia Health Inc. has recently signed a supply MOU with CannTrust Holdings Inc. Under the terms of the agreement, CannTrust has the right to purchase up to 15,000 kg of cannabis from Aleafia in 2019. It is a new agreement, expanding the relationship between the two companies. Aleafia also has the ability to leverage CannTrust's processing and packaging expertise to develop Aleafia brands and products. "This major supply MOU is a testament to the sustained momentum of Aleafia's business strategy," said Aleafia Chief Executive Officer Geoffrey Benic. "Aleafia now boasts two cannabis production facilities, along with a medical cannabis clinic network that has attained 50,000 patients. The exponential growth achieved by our company will ensure we continue to provide sustained long-term value for both our patients and shareholders."
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