NEW YORK, August 17, 2018 /PRNewswire/ --
According to the data publishedby Energias Market Research, the global medical cannabis market is projected to grow from USD 8.28 Billion in 2017 to USD 28.07 Billion in 2024 and at a CAGR of 19.1% from 2018 to 2024. There
While California is the largest cannabis market, Canada is projected to show strong sales as well. Deloitte's report projects that the Canadian market will be valued at about USD 5 Billion in sales this year. According to the New York Times, Tony Dean, the Senator who sponsored the bill in the Chamber, said that, "We've just witnessed a historic vote for Canada, the end of 90 years of prohibition. Now we can start to tackle some of the harms of cannabis." Mr. Dean continued, "We can start to be proactive in public education. We'll see the end of criminalization and we can start addressing Canada's USD 7 Billion illegal markets."
Tidal Royalty Corp. (OTC: TDRYF) is also listed on the Canadian Securities Exchange under the ticker (CSE: RLTY.U). Earlier this week, the Company announced breaking news that it has, "entered into a letter of intent (LOI) with an established licensed operator in Illinois to finance the expansion of the Illinois cannabis company's operations and strategic acquisitions.
The Illinois cannabis company LOI: The Illinois cannabis company is led by a seasoned management team with years of cannabis industry experience. The Illinois cannabis company currently operates a state-of-the-art 75,000-sq. ft. facility that uses highly advanced plant monitoring technologies to precisely track plant inputs and other critical control factors in order to achieve optimal production yield and consistency. The Illinois cannabis company will use proceeds from the financing to expand its existing cultivation and manufacturing facility, as well as pursue acquisition of additional strategic assets that will increase market share.
Pursuant to the LOI, Tidal Royalty will provide the Illinois cannabis company with up to USD 41-Million, in the form of both a royalty financing and equity investment. The royalty financing and equity investment will be staged over specific milestones set by Tidal Royalty management:
'As Tidal Royalty looks forward to where the U.S. cannabis market is headed, we are excited to broaden our investment strategy,' said Paul Rosen, chief executive officer and chairman of Tidal Royalty. 'We are very excited to count the Illinois cannabis company among our portfolio constituents. Between the near-term cash flow generated by their existing operations, management's vision and drive to grow their market share, and the ability to accelerate their growth with Tidal Royalty capital, we feel this is going to be the beginning of a great long-term relationship between our companies.'
Illinois is the sixth-most populous state in the United States with nearly 13 Million residents. According to Marijuana Business Daily, the state's medical market is expected to grow to USD 150-Million by the end of 2018 with significant opportunity for upside as the market develops.
The LOI includes an exclusivity period during which the Illinois cannabis company will not negotiate with any other party. Closing of the transaction contemplated by the LOI is subject to, among other things, the satisfactory completion of Tidal Royalty's diligence investigation, which is currently underway. Tidal Royalty expects to announce further details in respect to the contemplated transaction with the Illinois cannabis company upon the execution of a definitive agreement between the parties and the receipt of all necessary regulatory approvals.
With the execution of this LOI, Tidal Royalty has now entered into letters of intent for expansion projects in California, Nevada, Massachusetts and Illinois. In addition, Tidal Royalty is in the process of evaluating multiple additional opportunities across the United States, including in Florida, New York, Arizona, Ohio and Michigan. Tidal Royalty intends to provide further information on those discussions when the parties reach an agreement and execute respective letters of intent."
InMed Pharmaceuticals Inc. (OTCQX: IMLFF) is a pre-clinical stage biopharmaceutical company that specializes in developing novel therapies through the research and development into the extensive pharmacology of cannabinoids coupled with innovative drug delivery systems. Recently, the Company announced it has filed a Patent Cooperation Treaty application for INM-085 as a cannabinoid-based topical therapy for glaucoma, which includes protection of its technology in about 150 different countries including the United States and claims a priority date from May 8th, 2018. The PCT filing, which is a conversion from the provisional patent filed in May 2017, is an important step in providing intellectual and commercial protection for this therapy. United Cannabis Corporation (OTCQB: CNAB) is a biotechnology company dedicated to the development of phyto-therapeutic based products supported by patented technologies for the pharmaceutical, medical, and industrial markets. Earlier this month, the Company announced that it has initiated clinical trials on its Prana Bio Nutrient Medicinals P1 Capsules for the treatment of chronic pain at Jamaica's University of the West Indies. The study, titled, "An Open Label, Phase 1, 2-Way crossover study evaluating the pharmacokinetics of Prana P1 THC activated capsules," is be conducted in conjunction with Cannabinoid Research & Development ("CRD"), the Company's Jamaican subsidiary, at the Centre For Cannabis Research at the University's Mona Campus. MPX Bioceutical Corporation (OTCQB: MPXEF), through its wholly-owned subsidiaries in the U.S., provides substantial management, staffing, procurement, advisory, financial, real estate rental, logistics and administrative services to three medicinal cannabis enterprises in Arizona operating under the Health for Life (dispensaries) and the award-winning Melting Point Extracts (high-margin concentrates wholesale) brands. Earlier this month, the Company reports financial results for its fiscal year ended March 31st, 2018 and provides a general business update. Total revenues of USD 8.0 Million for Q4 2018 (vs. USD 4.4 Million for Q4 2017). The Company expanded Arizona footprint through the acquisition of The Holistic Center ("THC") dispensary, bringing the Company's total number of dispensaries in the state to four, doubling its cultivation capacity and adding the Black Label and Timeless concentrate brands to its product offerings. The Company also entered into a management agreement through the Company's indirect wholly-owned subsidiary, S8 Management, LLC, with GreenMart of Maryland, LLC, which is authorized to operate a dispensary and sell medical cannabis products in Maryland Surna Inc. (OTCQB: SRNA) designs, engineers and manufactures application-specific environmental control and air sanitation systems for commercial, state- and provincial-regulated indoor cannabis cultivation facilities in the U.S. and Canada. Recently, the Company announced operating and financial results for the three and six months ended June 30th , 2018. Surna Inc. designs, engineers and manufactures application-specific environmental control and air sanitation systems for commercial, state- and provincial-regulated indoor cannabis cultivation facilities in the U.S. and Canada. Revenue for the three months ended June 30th, 2018 was USD 2,008,000 compared to USD 1,742,000 for the three months ended June 30th, 2017, an increase of USD 266,000, or 15%. For 2018, the Company are pursuing customers seeking to build larger indoor cannabis cultivation facilities in all regulated markets, with special focus in California and Canada.
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