NEW YORK, June 27, 2018 /PRNewswire/ --
Recent data collected byGrand View Research, Inc., shows that the global legal cannabis market is expected to reach USD 146.4 Billion by end of 2025. The increasing adoption of cannabis as several medical remedies for illnesses such as cancer,
Last week Canada had passed a nationwide legalization of recreational cannabis usage, following Uruguay to become just the second nation to do so. The new laws are expected to create an innovative environment. According to a report by CBC, University of Waterloo entrepreneurship professor, Nada Basir, explained, "Where I think we're going to see a lot of startup activity around this new legislation is in activities outside the traditional growth and transaction of the product… typically, historically, this is where we see innovation really happen because it becomes the survival of the fittest, and to survive you're going to have to figure out how to scale, how you can be more efficient, how you can save costs."
WeedMD Inc. (OTC: WDDMF) is also listed on the Toronto Stock Exchange Venture under (TSX-V: WMD). Earlier this week the company announced, that the first batch of cannabis plants have been transplanted to its modern greenhouse located in Strathroy, Ontario and are scheduled for harvest by September 2018.
"Our initial crop of plants successfully entered our recently-licensed Strathroy greenhouse last week and our first 10,000 sq. ft. grow room is now fully operational," said Keith Merker, Chief Financial Officer of WeedMD. "With this hybrid, large-scale, modern greenhouse, we will be able to produce quality cannabis with maximum efficiency. This facility will be the prominent source of supply for our medical cannabis patients and for future adult-use consumers across Canada and emerging international markets. I want to acknowledge and thank our incredibly dedicated, passionate and experienced best-in-class cultivation team."
Strathroy Greenhouse Facility Update:s
For more information, access our investor presentation here and corporate video here.
Hiku Brands Company Ltd. (OTC: DJACF) is focused on building a portfolio of engaging cannabis brands, unsurpassed retail experiences and handcrafted cannabis production. Hiku's wholly-owned subsidiary, DOJA Cannabis Ltd., is federally licensed to cultivate and sell cannabis pursuant to the ACMPR, owning two production facilities in the heart of British Columbia's Okanagan Valley. Recently, the Company provided an update on the approach of retailing cannabis in Manitoba. Hiku, and its retail storefront brand, Tokyo Smoke, with participation by the founders of BOBHQ, a long time Manitoba retailer, was awarded one of only four Conditional Master Licenses to operate stores in Manitoba in conjunction with an e-commerce portal. Hiku announced that it has been granted permission for ten stores by the Province of Manitoba. Four of the stores will be located in Winnipeg and one in Brandon, all of which will be opened under the award-winning cannabis retail brand Tokyo Smoke, winner of Cannabis Brand of the Year at the 2017 Canadian Cannabis Awards.
Innovative Industrial Properties, Inc. (NYSE: IIPR) is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated medical-use cannabis facilities. Last month, the Company announced that it closed on the acquisition of the property located at Lot 1, Hopping Brook Road, Holliston, Massachusetts, and entered into a long-term lease and development agreement with a subsidiary of PharmaCann LLC for an approximately 26,000 sq. ft. industrial facility and an approximately 32,000 sq. ft. greenhouse facility on the property. The purchase price for the property was USD 3.0 Million. The PharmaCann subsidiary is also expected to construct the two buildings at the property, for which the Company has agreed to provide reimbursement of up to USD 15.5 Million. Concurrent with the closing of the purchase, the Company entered into a long-term, triple-net lease agreement with the PharmaCann subsidiary, which intends to operate the property upon completion of development as a medical-use cannabis cultivation and processing facility in accordance with Massachusetts medical-use cannabis regulations.
MedReleaf Corp. (OTC: MEDFF) is an R&D-driven company dedicated to innovation, operational excellence and the production of top-quality cannabis. Earlier this month, the Company announced financial and operating results for the fourth quarter and year end fiscal 2018 ending March 31st, 2018. Sales for the three months ended March 31st, 2018 were USD 12.0 Million and increased USD 1.7 Million or 16% compared to the three months ended March 31st, 2017 of USD 10.4 Million. Sales growth was primarily the result of increased production capacity, patient demand, yield improvements, and the continued growth of cannabis oil extracts for sale. Throughout the year ended March 31st, 2018 and 2017, the Company's Markham Facility was operating at full capacity (based on square footage). In November 2016, Health Canada approved the Company to produce and sell cannabis oil extracts.
iAnthus Capital Holdings, Inc. (OTCQB: ITHUF) owns and operates best-in-class licensed cannabis cultivation, processing and dispensary facilities throughout the United States, providing investors diversified exposure to the U.S. regulated cannabis industry. Earlier this month, the Company announced that, Mayflower Medicinals, Inc. has signed a Host Community Agreement with the City of Lowell, Massachusetts, to operate a Medical Marijuana Treatment Center located at 450 Chelmsford Street. Lowell, Massachusetts. Mayflower intends to diligently pursue a Special Permit at the site. If granted, the dispensary is expected to be one of only two operating dispensaries within the Lowell city limits. Mayflower is a non-profit Massachusetts corporation that has received two provisional licenses to operate Registered Marijuana Dispensaries in Massachusetts, with a third RMD application pending before the Massachusetts Department of Public Health. Mayflower is an affiliate of the Company's wholly-owned Massachusetts management services company, Pilgrim Rock Management, LLC, and Mayflower's financial operations are consolidated with iAnthus.
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