NEW YORK, January 23, 2018 /PRNewswire/ --
According to a reportby New Frontier Data, the legal cannabis market was worth $6.6 billion in 2016 and is forecast to grow to $24.1 billion by 2025, registering a compound annual growth rate of 16 percent. By segment, the medical cannabis market was worth $4.7 billion in
California's new recreational cannabis laws were officially implemented on January 1st, 2018. New Frontier Data CEO, Giadha Aguirre De Carcer, commented on California's potential market growth, "California offers the perfect example of why it is so important to understand trends in consumer behavior. The state's legal (cannabis) industry is forecast to grow from $2.8 billion in 2017 to $5.6 billion in 2020. That spending will be increasingly directed at products and retailers who understand and serve the market's evolving tastes and preferences. The market is changing, and the most successful operators will be those who adapt most quickly to the change."
iAnthus Capital Holdings Inc (OTCQB: ITHUF) also listed on the Canadian Securities Exchange under the trading symbol "IAN". Last week the company announced breaking news, "that it has acquired through merger and acquisition transactions substantially all of the assets of GrowHealthy Holdings, LLC ("GrowHealthy") and certain related subsidiaries (all transactions together, the "Acquisition", and all assets of GrowHealthy and its subsidiaries collectively, the "Business"). The Acquisition completes iAnthus' full-scale entry into the rapidly expanding Florida medical cannabis market, which is projected by Arcview Market Research to grow into a US$1 billion market by 2020 and which has seen a 300% increase in the number of registered patients over the past six (6) months. iAnthus previously acquired approximately six percent (6%) of GrowHealthy in a preferred share purchase in October, 2017.
GrowHealthy and its affiliate, McCrory's Sunny Hill Nursery, LLC ("McCrory's") comprise one of just thirteen (13) current Florida Medical Marijuana Treatment Centers ("MMTCs") licensed to provide medical cannabis under Florida's medical marijuana law. The Acquisition includes GHIAA Management, Inc., a wholly-owned subsidiary of GrowHealthy that holds an exclusive 40-year management contract to operate the medical cannabis business associated with the MMTC license issued to McCrory's (the "License"), together with an option to acquire 100% of McCrory's for a nominal consideration, pending approval of the Florida Department of Health
"As one of the largest states in the U.S. with a population of nearly 21 million people and favorable demographics, Florida and its medical cannabis market provide a tremendous opportunity for iAnthus and its shareholders. The state's population includes a large percentage of older adults who can derive significant benefits from medical cannabis, and the Florida program has witnessed a rapid rise in its registered patient base since passage of the law," said Randy Maslow, President of iAnthus.
"GrowHealthy in particular boasts a state-of-the-art 200,000 square foot cultivation and processing facility in Lake Wales, a flagship dispensary location in a densely populated area of Palm Beach County, and the opportunity to open up to 25 dispensaries in Florida currently and more in the future," Mr. Maslow continued. "The GrowHealthy cultivation and operations team has already established itself as a leader in Florida's medical cannabis market, and we look forward to contributing iAnthus' capital and operational resources to fully build out GrowHealthy's infrastructure and capitalize on the enormous opportunity provided by Florida's medical cannabis market."
Pursuant to the Florida medical marijuana statute and regulations, GrowHealthy is permitted to immediately begin delivery of finished products and to open and operate up to twenty-five (25) dispensaries, a number which will be increased with every 100,000 patients that are added to the state medical marijuana registry. Construction on GrowHealthy's flagship Palm Beach County dispensary is expected to be completed during Q2 2018 and the 4,500 square foot facility is expected to open in July 2018. Additional dispensary locations in Palm Beach County and elsewhere around the state have been identified and are the subject of lease negotiations, and dispensary openings in the Tampa and Orlando areas are planned for Q3 2018 and Q4 2018, respectively. GrowHealthy has already commenced sales through product delivery, and will continue to expand its delivery capabilities throughout the year."
Terra Tech Corp. (OTCQX: TRTC) is a vertically integrated cannabis-focused agriculture company. On January 1, 2018, the company announced that it has received State of California Temporary Authorization to distribute and retail cannabis, and expects to receive authorizations to cultivate and manufacture cannabis for California's adult-use and medical markets, effective January 1, 2018. Terra Tech plans to commence adult-use cannabis sales to the California market immediately through its Blüm retail dispensaries located in Oakland and Santa Ana. Terra Tech first started selling medical cannabis products to patients in California through its Blüm dispensary in Oakland. In anticipation of adult-use sales, the Company opened a second Blüm retail location in Santa Ana, California in September, 2017 and is currently constructing a Blüm dispensary in San Leandro, which is expected to open to the public in early 2018. The Company is also expanding its cultivation facilities through its 'Craft Cultivation' model, and has signed two craft cultivators, based in Honeydew and Salinas, to ramp production of the Company's brand of premium cannabis.
Liberty Health Sciences Inc. (OTCQX: LHSIF) is an investor and operator in the medical cannabis market, capitalizing on new and existing opportunities in U.S. states where medical cannabis is legal. Recently, the company announced that it has signed a licensing agreement with Colorado-based MC Brands LLC d/b/a incredibles, a leading producer of cannabis edibles, wellness products and extracts, to provide a complementary suite of medical cannabis products to patients in Florida. Under the terms of the agreement, Liberty will be the exclusive producer and provider of incredibles cannabis products in Florida, subject to receipt of all required approvals from the Florida Department of Health, Office of Medical Marijuana Use. The incredibles, incredible Extracts and incredible Wellness products will be available exclusively for sale through Liberty's Cannabis Education Centers. This exciting new product line will complement Liberty's current lineup of brands to be offered to Florida patients, including Aphria and Mary's Medicinals.
Aphria Inc. (OTCQB: APHQF), one of Canada's lowest cost producers, produces, supplies and sells medical cannabis. On January 15, 2018, the company announced that it has signed a supply agreement with Australian-based Althea Company Pty Ltd. and invested $2.5 million in Althea in exchange for 25% shareholdings in the Company. The investment increases Aphria's presence in the emerging Australian cannabis market. As part of the supply agreement, Aphria will provide Althea with packaged co-branded cannabis oil and dried flower products for the Australian medical cannabis market, further expanding Aphria brand's footprint globally. Althea has already received import permits from the Australian Government's Office of Drug Control (ODC) and Aphria is expected to export the first shipment this month, subject to regulatory approvals by Health Canada.
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 two medicinal cannabis enterprises in Arizona operating under the Health for Life (dispensaries) and the award-winning Melting Point Extracts (high-margin concentrates wholesale) brands. On January 15, 2018, the company announced that further to its press release dated August 22, 2017, it has entered into a definitive agreement with Panaxia Pharmaceutical Industries Ltd. through its wholly-owned subsidiary Salus BioPharma Corporation, a company engaged in the business of development and production of pharma grade cannabidiol medicinal products, medicinal preparations and medicinal accessories (the "CBD Products"). Panaxia will provide the capital and equipment to build out and equip the manufacturing facility and will supply the non-active ingredients and compounds for formulation and packaging. The CBD Products will be produced at MPX-operated locations under licenses owned or managed by the Company or a subsidiary thereof.
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