NEW YORK, July 20, 2018 /PRNewswire/ --
A recent report by ArcviewMarket Research specifies that consumer spending on legal cannabis products in North America is outpacing previous estimates. The report emphasizes that retail cannabis sales will grow 33% from 2016, to about USD
While California is the largest cannabis market, Canada is projected to show strong sales as well. Deloitte's report projects 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."
WeedMD Inc. (OTC: WDDMF) is also listed on the Toronto Stock Exchange Venture under (TSX-V: WMD). Earlier this week, the Company announced, "the results of its annual meeting of shareholders and to provide a corporate update detailing its recently accomplished milestones and current growth initiatives.
'As a trusted and proven LP in the cannabis industry, WeedMD has a reputation for pursuing complimentary business and corporate development initiatives in the emerging cannabis market,' said Keith Merker, CEO of WeedMD. 'We have a strong balance sheet which allows us to comfortably execute our expansion plans as well as provides us with the flexibility to continue pursuing strategic relationships and partnerships in Canada and internationally. We remain committed to our expanding medical business as well as capitalizing on the upcoming adult-use market opportunity.'
Go Forward Plan: WeedMD is focused on delivering shareholder value through disciplined execution of its core strategy: a differentiated medical platform, focused on long-term care and seniors market; product innovation, led by industry-leading genetics, a leading cultivation program, and research and development capabilities; and a multi-channel distribution strategy, with institutional supply agreements for both medical and adult-use markets. With more than USD 50 Million in treasury, all of WeedMD's operational and expansion commitments are fully funded.
Funded Capacity: WeedMD is fully funded for more than 640,000 sq. ft. of indoor and greenhouse production. The Company's recently licensed state-of-the-art greenhouse, in Strathroy, Ontario is now operational, with two 10,000 sq. ft. grow rooms in cultivation and a further sixteen 10,000 sq. ft. flowering rooms coming online by year-end. Furthermore, the Company has begun retrofitting an additional seven acres of greenhouse onsite, expected to commence cultivation in early 2019. An additional 50 acres of land is also available on the property for low-cost outdoor cultivation, pending regulations.
Quality Product & World Class Genetics: WeedMD has a comprehensive catalogue of leading genetics which has contributed to the cultivation of quality production for both its medical patients and future adult-use consumers. In addition, by selling clones and starting materials to more than 20% of licensed producers, WeedMD has established an ancillary business with recurring revenue and high margins.
Multiple Distribution Channels: WeedMD has experience and execution in the long-term care and seniors care markets as demonstrated by its multiple established supply contracts covering more than 3,400 beds. In addition, WeedMD has also secured a supply agreement with Shoppers Drug Mart. For the upcoming adult-use market, the Company has negotiated supply agreements with both Alberta Gaming, Liquor, & Cannabis Commission (AGLC) and British Columbia Liquor Distribution Branch (LDB) to date, with additional supply agreements expected to be announced soon.
Production Innovation: WeedMD continues to pursue research, development and formulation for both medical and for adult-use products. In medical, six products selling through three brands have been established. For adult-use and future natural health product (NHP) markets, the Company has pursued infused beverages with a best-in-class partner in Phivida Holdings Inc. (CSE: VIDA) and is working jointly with Revive Therapeutics Ltd. (TSX-V: RVV) for CBD-based therapeutics.
Branded Product Strategy: WeedMD has an established brand portfolio covering a wide product spectrum across the medical market. The Company anticipates adding more brands as the medicinal market evolves but will start with WeedMD (medical), Axis (oil for long-term care and seniors), Entourage (oil for ACMPR patients) and Phivida (infused beverages).
Annual Shareholder Meeting: WeedMD is pleased to report that all matters were approved at the Company's annual and special shareholder's meeting held on July 11th, 2018. The shareholders re-elected Keith Merker, Michael Kraft, Bruce Dawson-Scully, Gail Paech, Kevin McGovern and Rick Moscone as Directors of the Company to hold office until successors are duly elected or appointed.
In addition, in accordance with the rules and policies of the TSX Venture Exchange, the Company's shareholders re-approved WeedMD's "rolling" incentive stock option plan. The Company's shareholders also re-appointed RSM Canada LLP, as the Company's auditor to hold office until the next annual meeting of shareholders or until its successor is duly appointed, and the directors of the Company were authorized by shareholders to fix the auditor's remuneration."
Terra Tech Corp. (OTCQX: TRTC) is a vertically integrated cannabis-focused agriculture company. Terra recently announced that it has agreed to sell 100% of the assets of its cannabis dispensary located at 1921 Western Avenue in Las Vegas, to Exhale Brands Nevada, for a total consideration of USD 6,250,000. Located adjacent to the Las Vegas Strip, the 3,900 sq. ft. facility for the Western Avenue dispensary was initially opened by Terra Tech in April of 2015. The Company also recently opened a new, 30,000 sq. ft. cultivation facility in Sparks, Nevada and is awaiting State approval for a 15,000 sq. ft. extraction lab in Reno, Nevada, both of which it owns 50%, which is expected to drive a ramp in production of its premium quality cannabis for the medical and adult-use markets. As owners of medical and adult-use cannabis business licenses in Las Vegas associated with these dispensaries, the Company has the ability to apply for additional licenses based on its grandfather status. The company will be pursuing additional permits in new locations with better proximity to major tourist attractions in Las Vegas.
Lexaria Bioscience Corp. (OTCQX: LXRP) has developed and out-licenses its proprietary technology for improved taste, rapidity, and delivery of bioactive compounds. The Company recently announced that it has entered a Letter of Intent with Hill Street Beverage Co. to license DehydraTECHTM, on a semi-exclusive basis to produce a line of cannabis-infused alcohol-free beers and wines for Canadian distribution, following regulatory approval. Lexaria has already lab-tested Hill Street's alcohol-free red and white wines to formulate CBD wines from multi-spectrum hemp oil, and such tests show virtually zero unwanted cannabis taste or odor. Although DehydraTECH™ functions well with cannabis isolates and distillates, Lexaria's technology particularly excels with multi-spectrum oil inputs for more original experiences. Lexaria's beverage formulation adaptations use patented technology to act quickly, taste great, and deliver predictable experiences that dissipate more quickly than many other cannabinoid edible products.
Cannabis Sativa Inc. (OTCQB: CBDS) is a fully reporting company with an experienced management team. The Company recently announced that it entered into an agreement to acquire the intellectual property for the White Rabbit brand of cannabis sprays and cannabis mints. The acquisition will include the exclusive and proprietary product formulations, product mixes, manufacturing methods and branding. The White Rabbit product line currently consists of fast acting low dose cannabis oral sprays and popular low dose cannabis mints. Both the spray and the mints are formulated as CBD only, THC only and CBD/THC blends. Upon closing, the Company will look to license the Cannabis Sativa White Rabbit products for use in states where medical marijuana is legal.
CV Sciences Inc. (OTCQB: CVSI) is a preeminent supplier and manufacturer of hemp-derived phytocannabinoids including cannabidiol (CBD) oil and developer of specialty pharmaceutical therapeutics. The Company recently announced that its flagship brand, PlusCBD Oil™ continues to expand its distribution in the natural, healthy, and organic industry. Furthermore, the Company announced that its brand of #1 selling hemp CBD products (according to SPINS® scan data) are currently available in 1968 natural and organic health food stores as of June 30th, 2018. This represents an 11.1% sequential increase over the Company's retail store count as of March 31at, 2018. "Our retail channel expansion, along with increased industry forecasts of hemp CBD products, are positive indicators for Company growth," stated Joseph Dowling, Chief Executive Officer at CV Sciences.
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