NEW YORK, August 1, 2018 /PRNewswire/ --
According to recent datacompiled by Research And Markets, the North American legal cannabis market value is projected to reach around USD 35 Billion by 2023, expanding at a CAGR of 27.1%. The North American legal cannabis market reached a value
In Canada, the use and purchase of cannabis has been legalized recently for people over the age of 18 years. A report by Deloitte indicates that Canadians are expected to spend as much as $7.17 billion on cannabis products in 2019. "Canada is in a unique position as the first G7 country on the cusp of legalizing recreational cannabis," said Mark Whitmore, Vice Chair and Global Leader Deloitte Private. "The move to legalize recreational cannabis has sparked a wave of innovation and entrepreneurship, similar to Canada's technology sector, which will create jobs for Canadians, new opportunities for businesses and revenues for governments."
CLS Holdings USA Inc. (OTCQB: CLSH) announced last week the, "appointment of Frank Tarantino as Chief Financial Officer. Mr. Tarantino brings big four public accounting and private and public company management and financial expertise, which will be extremely beneficial in leading the Company through its next phase in organic growth and acquisitions.
Mr. Tarantino stated, "I am pleased to join CLS post acquisition of Oasis Cannabis and look forward to working with the executive team in its strategic transition into vertically integrated operations, and expanding its operations in Nevada and other key markets."
Mr. Tarantino has more than 18 years of executive management experience in public and private companies and six years of experience in public accounting. Prior to joining CLS, Mr. Tarantino was the COO/CFO of Wild Things, an outdoor clothing manufacturer and retailer serving the US Military and foreign governments. Prior to Wild Things, Mr. Tarantino worked as the Vice President of Finance at Cornerstone Brands, an acquisition and holding company concentrating on high end, online and direct mail retailers. Mr. Tarantino was involved with several acquisitions and managed the company's bank syndicated credit line, which peaked at $135 million. Mr. Tarantino also worked on raising capital for both Wild Things and Cornerstone Brands. In the early stages of his career, Mr. Tarantino worked as an auditor for Coopers and Lybrand, now Pricewaterhouse Coopers, in the Boston office where he concentrated on auditing financial institutions, banks, broker dealers and institutional investors.
Mr. Tarantino earned a BS in Accounting and Finance from Babson College, Wellesley, MA and earned his Certified Public Accountant Certificate from the State of Massachusetts."
Mr. Lamadrid has elected to resign due to personal considerations. CLS Chief Executive Officer Jeff Binder stated, "We thank Mr. Lamadrid for working with us as we expanded into vertically integrated operations, and seeing us through the entire process of acquiring Oasis."
Zynerba Pharmaceuticals, Inc. (NASDAQ: ZYNE) is the leader in pharmaceutically-produced transdermal cannabinoid therapies for rare and near-rare neuropsychiatric disorders. Zynerba Pharmaceuticals, Inc. announced on July 9th, 2018 the initiation of a multi-national, randomized, double blind placebo controlled Clinical study of Cannabidiol (CBD) in Children and Adolescents with Fragile X (CONNECT-FX). The CONNECT-FX trial will evaluate the efficacy and safety of ZYN002 (CBD Gel) in children ages three to 17 with full mutation Fragile X syndrome (FXS). FXS is a genetic condition that causes intellectual disability, behavioral and learning challenges and is the most common known single gene cause of autism spectrum disorder. Top line results are expected in the second half of 2019. The CONNECT-FX study is a multi-national randomized, double-blind, placebo-controlled, 14-week study that will assess the efficacy and safety of ZYN002 for the treatment of children and adolescents with FXS. Approximately 200 male and female patients with Fragile X syndrome, confirmed with the full mutation of the FMR1 gene, will be enrolled at approximately 20 clinical sites in the United States, Australia, and New Zealand. "We are excited to initiate CONNECT-FX, the first-of-its-kind clinical study evaluating transdermally-delivered ZYN002 as a treatment for the debilitating behaviors associated with Fragile X syndrome," said Armando Anido, Chairman and Chief Executive Officer of Zynerba. "We look forward to demonstrating the clinical effects of ZYN002 in treating some of the most common behavioral symptoms of Fragile X syndrome. If successful, ZYN002 has the potential to become the first product indicated for the treatment of behavioral symptoms of Fragile X syndrome and help address the ongoing needs of the children and families impacted by this syndrome."
Aurora Cannabis Inc. (OTCQX: ACBFF), headquartered in Edmonton, Alberta, with funded capacity in excess of 570,000 kg per year and sales and operations in 14 countries across five continents, is one of the world's largest and leading cannabis companies. Aurora Cannabis Inc. ("Aurora" or the "Company") announced on July 23rd, 2018 that it has obtained a Health Canada Dealer's License ("Dealer's License") under the Controlled Drugs and Substances Act for its EU GMP certified Aurora Mountain facility in Alberta. The new license will allow Aurora additional opportunities to produce, assemble, and sell cannabis oils and future novel, derivative products from Aurora Mountain, Furthermore, the license provides additional opportunities to transport cannabis products for import from and export to international markets, subject to applicable regulations. A dealer's license is also critical for expanding research and development capacity as it provides the potential for working with cannabinoids and their derivatives not covered under an ACMPR license. This will enable Aurora and its subsidiaries to drive innovation in the form of marketable intellectual property, and new value-added products. "Aurora Mountain is our third facility to be granted a Dealer's License by Health Canada, and this milestone is fundamental to bolstering our supply chain across Canada and around the world," said Terry Booth, Chief Executive Officer of Aurora. "Being able to more freely transport and export cannabis oils, derivatives and concentrates allows us to develop new products that respond to market demand in a variety of regulatory frameworks in different countries."\
Terra Tech Corp. (OTCQX:TRTC) operates through multiple subsidiary businesses including: Blüm, IVXX Inc., Edible Garden, and MediFarm LLC. Terra Tech Corp. ("Terra Tech" or the "Company"), a vertically integrated cannabis-focused agriculture company, announced on July 26th, 2018 that it has secured a 25% ownership stake in The Healing Tree Collective, Inc., a cannabis dispensary operator based in California. On July 23, 2018, The Healing Tree Collective was awarded a retail permit associated with a facility on W. Pendleton Ave, Santa Ana, by the City of Santa Ana. The remaining 75% of The Healing Tree Collective, and therefore the associated permit, is held by other members of the collective, with whom Terra Tech partnered in order to complete the permit application process. Under the terms of the agreement between Terra Tech and the other members of The Healing Tree Collective, Inc, Terra Tech covered the costs of the permit application and Terra Tech's wholly-owned subsidiary, Black Oak Gallery, will be responsible for managing all of the facility's operations, including hiring decisions. The facility is located at 3222 W. Pendleton Ave, Santa Ana, California, an area of Santa Ana in which Terra Tech did not previously have a presence. Derek Peterson, Chief Executive Officer of Terra Tech, commented, "We are pleased to have leveraged our know-how and experience in the Santa Ana market to secure this retail permit with The Healing Tree Collective, without needing to expend significant time or resources to do so. As the cannabis market continues to mature we expect these permits to become more valuable. We believe that maximizing our first mover advantage by securing a stake in this permit may lead to additional revenue opportunities in the medium and longer term."
Auxly Cannabis Group Inc. (OTCQX: CBWTF) is a collective of entrepreneurs with a passion for the cannabis industry past, present and future. Auxly Cannabis Group Inc. ("Auxly" or the "Company") announced July 23rd, 2018 that its wholly-owned subsidiary, Kolab Project Inc. ("Kolab" or "Kolab Project"), has received its sales licence from Health Canada, pursuant to the Access to Cannabis for Medical Purposes Regulations. Kolab will source the best cannabis products from the entire Auxly cultivation platform and through partnerships with acclaimed growers from around the world. Among these will be Kolab's facility in Carleton Place, Ontario, where the second phase of construction has been completed and is expected to be commissioned for cultivation in the coming months. Once phase three is completed, the facility will total 20,000 sq. ft., have over 20 local employees and be a centre of excellence for the production of medical-grade cannabis. "The sales licence marks a significant milestone in Kolab's development of a different kind of company - one that rethinks the patient experience," said Andrew Rock, Chief Operating Officer of Kolab. "As a craft grower, we are passionate about our product and take our commitment as a licensed producer seriously. Through our focus on research and development, we will produce the highest quality medical-grade cannabis. I am grateful to our team for the dedication and hard work that got us here and look forward to building a community that enriches the health and wellness of Canadian patients."
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