NEW YORK, September 27, 2018 /PRNewswire/ --
According to a reportpublished by Coherent Market Insights, the global medical cannabis market was valued at USD 3.5 Billion in 2017 and is projected to grow at a compound annual growth rate (CAGR) of 24.4% to surpass USD
CLS Holdings USA Inc. (OTCQB: CLSH) recently announced breaking cannabis news this month that, "it has executed two Letters of Intent (LOIs) to enter the rapidly growing Massachusetts market. CLS looks forward to the opportunity to enter the Massachusetts market, which has been operating as a legalized medical jurisdiction since 2015 and has approved legalized recreational use.
CLS has agreed in principle to loan $5 million to In Good Health, a licensed medical dispensary in Brockton, Massachusetts with a significant market share. Along with the loan, CLS will have an option to acquire InGood Health. InGood Health is located 25 miles south of downtown Boston and is one of the 38 licensed dispensaries in the state. The Brockton dispensary was the second licensed dispensary in the state and has been operational since September 2015, which has been medical only up until this time. In Good Health is currently servicing 17,000 registered patients and delivering to 1,700 homes with key product offerings of flower, concentrates, vapes, edibles, pre-rolls and tinctures.
CLS has also agreed in principle to form an 80/20 joint venture with CannAssist, which CLS will own 80%. CannAssist plans to build out a recreationally licensed cultivation grow facility in Leicester, Massachusetts. The planned Leicester 86,000 square foot facility is in possession of its host community agreement, is awaiting state acknowledgement of its pending recreational licenses and upon completion will be the third largest cultivation grow in the state. The Leicester facility is anticipated to produce its first harvest in the fourth quarter of 2019 and be able to produce 28,000 lbs of flower along with 858,000 grams of extract once it is operating at capacity. At current pricing of $3,500 per pound of flower and $40 per gram of extract, total capacity is expected to reach $120 million in revenue. CLS anticipates generating substantial positive cash flow from the joint venture.
Massachusetts has a population of 6.9 million people as compared to 5.6 million people in Colorado. Massachusetts is also centrally located to the dense population of New England with a less than 100-mile drive from Rhode Island, Connecticut, New York, New Hampshire and Vermont. In 2017, Colorado generated $1.5 billion in legalized marijuana sales and had over 500 licensed dispensaries and over 700 licensed cultivation facilities. Massachusetts currently has issued only 39 licensees.
Jeff Binder, Chief Executive Officer of CLS Holdings USA, commented, "We are extremely excited to have the opportunity to enter the Massachusetts market. It's something we have been eyeing for a long time given the attractive characteristics and recent approval of adult use cannabis. This opportunity fits into our stated objective of entering markets that are on the cusp of implementing a robust adult use market."
David Noble, President of InGood Health and Partner of CannAssist, commented, "I am proud of all our team has accomplished to create a leading medical marijuana dispensary. I look forward to continuing our mission and hard work We look forward to the opportunity to be part of one of the top companies in the field. This will ensure that we can provide the highest quality products to patients and customers for many years to come."
Jon Napoli, Managing Partner, CannAssist, stated, "We have been working with the city of Leicester for the past 12 months on this project and are pleased to receive all necessary approvals. This will bring a number of employment opportunities to this community and we look forward to being a reliable partner and producing some of the finest quality cannabis in the state."
Forward Looking Statements - The completion of both the In Good Health and CannAssist transactions is subject to the execution of definitive agreements between the parties, the receipt of financing by CLS and the satisfaction of customary conditions.
About In Good Health - In Good Health, Inc. ("IGH") is a non profit corporation which holds a Certification of Registration to operate a registered marijuana dispensary in Massachussets. IGH was one of eleven original applicants awarded a Certificate of Registration from the Department of Public Health, and was the second to open in the state. IGH successfully operated its co-located marijuana cultivation and dispensary facility in Brockton, Massachusetts in September, 2015.
About CannAssist - CannAssist plans to build out a recreationally licensed cultivation, manufacturing and extraction facility located in Leicester, Massachusetts. The entity has received all approvals to build a facility that upon completion will have 86,000 square feet of cultivation and processing capacity making it one of the top 3 facilities in the state. The company expects to begin operations and realize its first harvest in the fourth quarter of 2019.
About Oasis Cannabis (http://oasiscannabis.com ) - Oasis Cannabis has operated a cannabis dispensary in the Las Vegas market since dispensaries first opened in Nevada in 2015 and has been recognized as one of the top marijuana retailers in the state. Its location within walking distance to the Las Vegas Strip and Downtown Las Vegas in combination with its delivery service to residents allows it to efficiently serve both locals and tourists in the Las Vegas area. In August 2017, the company commenced wholesale offerings of cannabis in Nevada with the launch of its City Trees brand of cannabis concentrates and cannabis-infused products. An expansion of its cultivation and production facility is currently underway and is expected to be completed during the first quarter of 2019.
About CLS Holdings USA, Inc. - CLS Holdings USA, Inc. (CLSH) is a diversified cannabis company that, subject to receipt of certain anticipated regulatory approvals, acts as an integrated cannabis producer and retailer through its Oasis Cannabis subsidiaries in Nevada, and plans to expand to other states. CLS stands for "Cannabis Life Sciences," in recognition of the Company's patented proprietary method of extracting various cannabinoids from the marijuana plant and converting them into products with a higher level of quality and consistency. The Company's business model includes licensing operations, processing operations, processing facilities, sale of products, brand creation and consulting services. For additional information, please visit: http://www.clsholdingsinc.com "
Terra Tech Corp. (OTCQX: TRTC) operates through multiple subsidiary businesses including: Blüm, IVXX Inc., Edible Garden, and MediFarm LLC. Terra Tech Corp. recently announced that it has partnered with the Valiente Group, a beverage production company that specializes in cannabis infusion, to produce a line of cannabis-infused beverages under the IVXX brand. The Company, through the partnership, is currently developing a range of non-alcoholic, cannabis-infused beverages, including 'champagne', 'apple cider', lemonade 'margarita' mix, zero calorie lemon lime soda and cherry lime sparkling water. The infusion technology will be powered by SORSE branded technology, a product of Tarukino Holdings, a patent pending Emulsion process which leaves beverages without oily residues and without cannabis flavor. The Company is simultaneously developing a single shot flavorless, odorless 5 milligram and 10 milligram shot that can be added to any beverage or craft cocktail for at-home infusion. "Our relationship with the Valiente Group will enable our initial entrance into the cannabis-infused, non-alcoholic beverage market, which is among the least crowded segments in the adult-use cannabis industry and presents a tremendous first mover opportunity for Terra Tech," Derek Peterson, Chief Executive Officer of Terra Tech, stated. "The build out of our Dyer Road facility will serve the growing demand for cannabis-infused beverages in the California Market and, in the future, we expect it to enable distribution to other markets, including Nevada."
New Age Beverages Corporation (NASDAQ: NBEV) is a Colorado-based healthy functional beverage company that was created over the past two years with the combination of Búcha Live Kombucha®, XingTea®, Coco-Libre®, and Marley®, to create a one-stop-shop solution for retailers and distributors providing healthier beverages in the disruptive growth segments of the USD 1 Trillion-dollar non-alcoholic beverage industry. New Age Beverages Corporation recently announced that it intends to debut its portfolio of CBD infused beverages at the upcoming North American Convenience Store show (NACS) to be held at the Las Vegas Convention Center on October 7-10th, 2018. Zach Ross, Marley Marketing Manager at New Age commented, "We believe we have developed unique consumer insights and accessed superior technology in CBD-infused beverages over the past year, and we are excited to share those insights with key retail partners. We believe we are in a position to bring national leadership to this emerging growth segment, and intend to launch the most efficacious and safe CBD-infused products for consumers, with the most responsible marketing and education to a segment that has potential to be transformative to healthy functional beverages." https://finance.yahoo.com/news/age-beverages-corporation-set-debut-142000473.html
Neptune Wellness Solutions Inc. (NASDAQ: NEPT) is a health and wellness products company, with more than 50 years of combined experience in extraction, purification and formulation of value-added differentiated science-based products. Neptune Technologies & Bioressources Inc. recently announced that it has received a Confirmation of Readiness letter from Health Canada in regard to its application to become a Licensed Producer under the ACMPR (Access to Cannabis for Medical Purposes Regulations). "This key milestone brings us to the threshold of becoming a Licensed Producer of cannabis oil in Canada, and is a very exciting moment," said Jim Hamilton, President & Chief Executive Officer of Neptune. "Our entry into the legal cannabis industry leverages our established expertise in the development of innovative Omega3 oil products, navigating global regulatory frameworks, worldwide commercialization of wellness solutions, and production of high-quality extracts, as well as our state-of-the-art Good Manufacturing Practices (GMP)-certified facility in Sherbrooke, truly providing us with a strong competitive edge to become a leading player in this burgeoning market".
Level Brands, Inc. (NYSE: LEVB) is an innovative marketing and licensing company that provides bold, unconventional, and socially responsible branding for leading businesses. Level Brands, Inc. recently announced through its licensing agreement with Isodiol International, Inc., the online launch of five new cannabidiol (CBD) products under the kathy ireland® Health & Wellness brand. "It's very exciting to be at the forefront of the CBD industry, as we educate families about the power of CBD without THC," states Kathy Ireland, Chairman Emeritus and Chief Brand Strategist of Level Brands. "We continue to believe that the CBD industry will see enormous growth over the next decade on a global scale. Recently, the Brightfield Group reported that the global market for CBD could top USD 22 Billion in the next four years. If passed, the 2018 Farm Bill which includes the Hemp Farming Act of 2018, will remove hemp as a designated controlled substance thereby legalizing the crop under federal law, which will allow CBD to be legally sold in all 50 states. The passage of the 2018 Farm Bill, which would replace the 2017 Farm Bill which expires on September 30th, 2018, would be a significant positive development for the industry," adds Ms. Ireland, who is named one of the most influential women in licensing by License Global Magazine.
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