NEW YORK, August 24, 2018 /PRNewswire/ --
According to a researchreport published by Mordor Intelligence, the global cannabis market was valued at USD 7.7 Billion in the year 2016 and is expected to reach USD 65 Billion by the year 2023 while maintaining
A major sector of the cannabis market is made up of cannabis edibles, also known as cannabis-infused foods. A market research by Technavio projects that the edible products market will witness considerable growth during the period 2018-2022 at a CAGR of over 25% by the end of the period. Edible products are used for both medical and recreational purposes, depending on its cannabinoid compounds. The recent trend of legalization for recreational purposes helps to increase the popularity of such products. Cannabis is now widely accepted in countries such as the U.S., Canada, Spain, Chile, Israel, Germany, and Australia.
Tidal Royalty Corp. (OTC: TDRYF) is also listed on the Canadian Securities Exchange under the ticker (CSE: RLTY.U). Earlier this month, 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."
For recent video news footage on Tidal Royalty Corp., see Chairman and CEO Paul Rosen Interviewed on the Floor of NYSE by Cheddar TV at https://cheddar.com/videos/tidal-royalty-ceo-u-s-marijuana-market-looks-like-canada-4-5-years-ago.
Solis Tek Inc. (OTCQB: SLTK) is a vertically integrated technology innovator, developer, manufacturer and distributor focused on bringing products and solutions to commercial cannabis growers in both the medical and recreational space in legal markets across the U.S. The Company recently provided an update on its previously announced acquisition from May 11th, 2018. The cannabis cultivation and processing facility build-out is progressing on schedule and Solis Tek expects operations to begin in the first half of 2019. Solis Tek plans to develop the facility into a technologically advanced cultivation and processing facility in Arizona. The 70,000-square foot facility, located in Phoenix, Arizona has advanced to the design phase, which is expected to be completed by October 2018. Production and oil extraction is in the process of build-out with equipment estimated to be purchased in the third quarter of this year. Solis Tek is working with the local municipalities and power companies to ensure the proper power feeds are available for its facility. Solis Tek Chief Executive Officer, Alan Lien, commented, "We remain excited about this opportunity in Arizona and its growth and profitability potential. We are pleased with the progress to-date and the work of our partners on the project. We look forward to commencing operations at this facility in the first half of 2019."
Freedom Leaf Inc. (OTCQB: FRLF) is a group of diversified, international, vertically-integrated hemp businesses and cannabis media companies. Freedom Leaf Inc. is a fully-reporting and audited publicly-traded company. Earlier this year, the Company announced that it had consummated its previously-announced acquisition of the Irie CBD Product Line, including virtually all: assets, trademarks, formulating equipment, formulas and products. Irie is a California-based CBD, "Cannabidiol", a product line that, and has been operating since 2015, it formulates, manufactures and distributes CBD tinctures, CBD edibles, CBD topicals and CBD concentrates to retail markets across the country. Irie boasts a large inventory of more than 25 different products and recorded approximately USD 1.5 Million of revenue in 2017and net profits in excess of USD 200,000. Irie also leases a full manufacturing and processing facility in Oakland, California. Clifford Perry, CEO and Co-Founder of Freedom Leaf, commented, "The acquisition of the Irie CBD product lines adds another level of integration to our already vertically-integrated business model - increasing our revenues and margins. Freedom Leaf already has commenced providing Irie CBD with the raw material from our Leafceuticals extractions."
Abattis Bioceuticals Corp. (OTC: ATTBF) is a leading diversified cannabis company, with interests in operations engaged in growing, extraction, testing, propagation and retail distribution. The Company recently announced that it has completed the sale of its 35% interest in Northern Vine Canada Inc. to Emerald Health Therapeutics Inc., in exchange for USD 2 Million in cash and USD 4 Million in common shares of Emerald, 50% of which are free trading and 50% of which may be sold in 30 days. The share purchase agreement governing the Disposition also provides that, upon Northern Vine and/or Emerald earning gross revenues of USD 10 Million from the sale of products or provision of services to customers introduced by Abattis, Emerald will issue Abattis an additional USD 4 Million in common shares of Emerald. "The sale of Northern Vine is a great achievement for Abattis," stated Abattis President and CEO, Rob Abenante. "We learned several valuable lessons setting up this pilot lab, which will prove to be of tremendous value as we launch our second industrial-scale lab in Ontario with Xlabs."
Future Farm Technologies Inc. (OTCQX: FFRMF) is a Canadian company with holdings throughout North America including California, Massachusetts, Florida, Maine, Puerto Rico and Newfoundland. Future Farm recently announced that it has completed its acquisition of a 50% interest in CEPG Consulting and Design Inc. of St. John's, Newfoundland. CEPG will participate in the cannabis and hemp breeding program under the previously announced joint venture between Future Farm and Rahan Meristem Ltd., a world-renowned global agro-biotechnology company based in Israel. The joint venture will operate out of both an existing building to be transferred to CEPG by Snellen Holdings Co. Ltd. and 6,000 sq. ft. of newly constructed laboratories. CEPG will apply for a dealer license from Health Canada, which will enable research and development to begin on the growth of cannabis plants. Once licensed, the R&D facility will use state-of-the-art controlled environment equipment and techniques to create a research hub for the Rahan and Future Farm JV, which is expected to create valuable IP to be sold or licensed worldwide.
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