NEW YORK, July 20, 2018 /PRNewswire/ --
According to Grand View Research,the global legal cannabis industry was valued at USD 9.3 Billion in 2016 and is expected to grow at a CAGR of 34.6% during the forecast period from 2017 to 2025. The market is projected to be driven by the extensive legalization in numerous countries
The recent progress, from both the political and technological stand points, has helped push the market in new directions. Editor-in-Chief at Arcview Market Research and Principal Analyst at BDS Analytics, Tom Adams, explained: "Our data shows positive indicators across the board for the legal cannabis industry, in North America and around the globe. The passage of the 2016 ballot initiatives and continued maturation of the existing Adult-Use markets are the primary drivers of the growth this year. That's nothing compared to what we can expect in 2018 and beyond from Nevada's tourism, and California and Canada planning to launch Adult-Use sales in 2018."
CLS Holdings USA Inc. (OTCQB: CLSH) earlier last week has provided, "an update to the first complete year of adult use cannabis in Nevada, the first state the Company is operating in. According to the Nevada Department of Taxation, marijuana flower/bud accounted for roughly 50% of all combined medical and adult-use marijuana purchases by consumers in Nevada, followed by concentrates at about 25% and infused edibles at 13%. Oasis Cannabis announced that packaged marijuana flower/bud and pre-rolled joints represented 67% of the total sales, followed by concentrates at 20% and infused edibles at 9%.
The Co-Founder of Oasis Cannabis, Ben Sillitoe, commented on the sales mix, 'Convenience items like disposable vapor pens and pre-rolled joints are very popular with our tourist customers and together they make up about 25% of total sales at Oasis.'
Oasis Cannabis served over 127,000 customers in its 1st year of adult-use sales. About 13% of those orders and 22% of total sales were to medical patients. The average order from a medical customer was USD 73 whereas a typical recreational customer spent USD 41 per order. 'A medical patient will typically consume more cannabis than an average retail customer, so we expect to see larger average purchases from that group,' explained Sillitoe.
Home deliveries made up 5% of the total orders and 11% of total revenue, reflecting a higher average order of USD 98 versus USD 42 from in-store customers. The average delivery order from a medical customer was USD 114 and the average delivery to a recreational customer totaled about USD 87. 'Medical customers make up about 50% of total delivery sales for a couple reasons,' Sillitoe explained. 'We've been delivering to medical patients since we opened in 2015 so we've had time to build a loyal customer base in that segment. Medical patients are also more likely to be inconvenienced by a trip to the store because of various health reasons.'
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. The Company recently commenced wholesale offerings of cannabis in Nevada with the launch of its City Trees brand of cannabis concentrates and cannabis-infused products in August 2017. An expansion of its cultivation and production facility is currently underway and is expected to be completed during the second half of 2018.
Organigram Holdings Inc. (OTCQB: OGRMF) is focused on producing the highest-quality, condition-specific medical marijuana for patients in Canada. Organigram's facility is located in Moncton, New Brunswick and the Company is regulated by the Access to Cannabis for Medical Purposes Regulations. Recently, the Company announced that it has entered into a letter of intent with Hiku Brands Company Ltd. As an approved supplier to Manitoba Liquor & Lotteries, Organigram will supply Hiku with up to 1,000 kg of premium cannabis products per year for the term of the three-year agreement. Products include both dried cannabis and cannabis oils, which will be sold through designated Tokyo Smoke retail locations in Manitoba.The relationship is based on several discussions between the groups on product portfolio, strategic direction, quality and branding. A selection of brands, featuring Organigram's 2017 Canadian Cannabis Award-winning sativa Wabanaki, will be chosen to play a role in Tokyo Smoke's retail plans within the Manitoba market.
Emerald Health Therapeutics Inc. (OTCQX: EMHTF) is a Licensed Producer under Canada's Access to Cannabis for Medical Purposes Regulations and produces and sells dried cannabis and cannabis oil for medical purposes. Recently, the Company has signed a definitive agreement to acquire the remaining shares of Northern Vine Canada Inc. (Northern Vine), owned by Abattis Bioceuticals Corp. (Abattis), for USD 2 Million in cash and USD 4 Million in shares of Emerald stock. This transaction increases Emerald's ownership of Northern Vine from 65% to 100%. Northern Vine is a Licensed Dealer (LD) under the provisions of the Canadian Controlled Drugs and Substances Act. An LD is permitted to conduct certain activities that Licensed Producers (LP) are not permitted under Access to Cannabis for Medical Purposes Regulations (ACMPR), such as importing/exporting cannabis oils, as well as preparing the manipulation, formulation, dosage form, strength or package size of cannabis products, including mixtures with other additives, controlled substances, and non-controlled substances. In addition, it allows Emerald to participate in the growing market for cannabis analytical testing, which is expected to grow in conjunction with increasing cannabis production volumes in Canada.
Leafbuyer Technologies Inc. (OTCQB: LBUY) is a leading cannabis technology platform. The Company announced that sales growth has increased by over 50% from Q4 2017 to Q4 2018. This growth comes on the back of continued expansion into new markets as well as increased product offerings, such as online pre-ordering and the Company's loyalty program. "Expansion plans started 9 months ago in Oregon, Washington, California, Nevada, and Arizona, and we are capitalizing on those markets," said John Valle, Director of Sales for Leafbuyer Technologies Inc.
GB Sciences Inc. (OTCQB: GBLX) is a diverse cannabis company, focused on standardized cultivation and production methods; as well as biopharmaceutical research and development. Recently, the Company updated the progress in their efforts to identify, cultivate and extract full spectrum hemp oil from proprietary hemp strains that contain desirable ratios of CBD, cannabinoids and terpenes to provide the necessary compounds to support both the Company's medical Intellectual Properties portfolio and open a fresh revenue stream in the rapidly growing retail hemp market. The search for a full spectrum hemp oil product that matched the quality and consistency of their cannabis genetics led GB Sciences to The Colorado Hemp Project. CHP is a developer of best-in-breed genetics and recognized worldwide as a leader in the cultivation of hemp with the first legal hemp harvest in the United States.
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