NEW YORK, April 7, 2017 /PRNewswire/ --
As legalization of cannabisproducts continue to grow around the world, the market evolved and becomes more diverse. A research report by Grand View Research, Inc. expects that the legal medical cannabis market alone will reach a value of USD 55.8 billion
The research report also points out that the regulatory framework requires every individual or the company associated with the market such as growers, retail operators, and makers of processed pot products to obtain permission along with an annual state license from 2018. An increasing number of issued licenses, especially after 2018, are also among factors driving the legal cannabis market.
GrowGeneration Corp. (OTCQB: GRWG) earlier this week reported, record financial results for its fiscal year ended December 31, 2016. Financial Highlights:
- Full-year revenues up 130% to $8.0 million
- Fourth quarter revenues up 130% to $2.4 million
- Full-year same-store sales increase 50% or $1.4 million
- Full-year net loss decreased to $431,246, inclusive of $304,123 in non-cash depreciation and stock-based compensation costs
- The Company has $1.2 million in cash as of March 31, 2017
Two days ago on April 5th, the company also announced that, "As a follow up to its recently announced financing from Merida Capital Partners, a cannabis infrastructure fund, it has entered into a strategic partnership with Merida to pursue opportunities across the infrastructure and ancillary cannabis industry. As part of the agreement:
- GrowGeneration will compensate Merida to provide advisory oversight and capital structuring for GrowGen's rapidly expanding footprint in both the cannabis equipment and cultivation technology verticals.
- Merida will also be assisting in the launch of GrowGeneration Home, "An initiative to target the home grower with an array of indoor growing products for growing plants for clean food, clean air and clean medicine, serving the organic food grower and home cannabis grower verticals simultaneously."
Cara Therapeutics Inc. (NASDAQ: CARA) is a clinical-stage biotechnology company focused on developing and commercializing new chemical entities designed to fundamentally change the way acute pain, chronic pain and pruritus are managed. Cara's most advanced Cannabinoid Receptor Agonist compound, CR701, is in preclinical development. "Cannabinoid Receptor Agonists like CR701 have the potential to provide improved pain relief for patients suffering from neuropathic pain," explained Dr. Joseph Stauffer CMO Cara Therapeutics.
General Cannabis Corp. (OTCQB: CANN) announced on March 27th that its security division, Iron Protection Group (IPG), the premier provider of protection services for the regulated cannabis industry, will begin offering its services in California. By opening an office in Sacramento, IPG will serve the largest regulated cannabis market in the world, now that the state voted to legalize the recreational use of marijuana for adults last November. "The demand for security services in California is skyrocketing," said Hunter Garth, Managing Director of IPG. "As a known security leader in Colorado, we are now seeing a dramatic rise in security and transportation requests from companies throughout the state. By opening our first office in the state capital, we plan to fulfill a vital component of the regulated cannabis industry in this substantial market."
Canopy Growth Corporation (OTC: TWMJF) has entered into an agreement to acquire rTrees Producers Limited ("rTrees"). rTrees is a late-stage ACMPR applicant based in Yorkton, Saskatchewan. Leveraging the award-winning emerging global brand, Tweed, and paying tribute to the vast prairie grasslands, rTrees will operate as Tweed Grasslands, producing high quality Western-grown products to support the Tweed brand and the new flagship Tweed Main Street online store. "Finding the right opportunity to expand our footprint to Western Canada has been an important priority for our team," said Bruce Linton, Chairman & CEO, Canopy Growth. "We are proud to bring the Tweed reputation for high quality cannabis and engaging customer care to Western Canada, partnering with some of the early pioneers in Canada's legal medical cannabis system."
Aurora Cannabis Inc. (OTCQX: ACBFF) has completed the acquisition of Peloton Pharmaceuticals Inc. ("Peloton"), a Montreal-area late-stage ACMPR-applicant. Peloton is completing construction of a state-of-the-art 40,000 square foot cannabis production facility in the City of Pointe-Claire, Québec, which received a "ready to build" letter from Health Canada in 2014. At full capacity, the facility is expected to be capable of producing up to 3,900 kg of high quality cannabis per year. Aurora management believes the Peloton facility is approximately 80% complete, and can be ready for Health Canada's pre-licensing inspection by the second half of 2017.
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