Far Reaching Legalization Efforts Will Grow the Cannabis Industry
NEW YORK, July 24, 2018 /PRNewswire/ --
According to a research report published by Ameri Research Inc., the global legal cannabis market was valued at USD 14.3 Billion in 2016 and is projected to grow at a CAGR of 21.1% between 2017 and 2024, while reaching a value of USD 63.5 Billion by 2024. The cannabis industry is currently growing at a strong rate, as legalization and decriminalization of cannabis products across North America are spreading. The report also indicates that the legalization trends are moving beyond the U.S. region. Data by Arcview Market Research shows that the growth of the legal cannabis industry is expected to re-accelerate in 2018, particularly as adult-use sales ramp up in Canada, California, and Massachusetts, along with first-time medical sales in Florida. CLS Holdings USA Inc. (OTC: CLSH), Zynerba Pharmaceuticals (NASDAQ: ZYNE), Aphria Inc. (OTC: APHQF), CV Sciences Inc. (OTC: CVSI), Terra Tech Corp. (OTC: TRTC)
Citing another report from Deloitte, nearly two-thirds of current cannabis consumers are likely to buy cannabis products from a legal channel. Jennifer Lee, Partner, Cannabis National Leader, and Consumer Advisory and Analytics Practice National Leader, said, "Most current and likely cannabis consumers want a variety of products offered at reasonable prices from suppliers who can vouch for the safety and origin of those products. Cannabis companies will need to have secure supply chains to protect the quality and integrity of their products, and retailers will need to meet consumer expectations, including providing a positive, engaging retailing experience and protecting the privacy of their customers, especially online."
CLS Holdings USA Inc. (OTCQB: CLSH) recently announced breaking news that, "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."
Zynerba Pharmaceuticals (NASDAQ: ZYNE) is the leader in pharmaceutically-produced transdermal cannabinoid therapies for rare and near-rare neuropsychiatric disorders. Zynerba recently reported new open-label clinical data in an oral presentation at the 16th NFXF (National Fragile X Foundation) International Fragile X Conference. The data demonstrate that treatment with ZYN002 improved core behavioral symptoms of Fragile X syndrome with statistical significance versus baseline across multiple measures of efficacy at week 12, and these improvements were sustained through 38 weeks of treatment. ZYN002 was well tolerated; no serious adverse events were reported, and no clinically meaningful trends in vital signs, ECG, or clinical safety laboratories, including liver function tests (LFTs), were observed. "These data are consistent and compelling and suggest that ZYN002 may have a clinically meaningful and durable effect on the most common observable behaviors associated with childhood and adolescent Fragile X syndrome," said Honey Heussler, FRACP, DM, Associate Professor, University of Queensland and Medical Director Child Development, Children's Health Queensland, and lead investigator in the FAB-C study.
Aphria Inc. (OTCQB: APHQF) is a leading global cannabis company driven by an unrelenting commitment to our people, product quality and innovation. The Company recently announced its first planned expansion into Latin America and the Caribbean with the proposed acquisition of industry-leading companies in Colombia, Argentina, Jamaica and a right of first offer and refusal in respect of Brazil through a definitive share purchase agreement with Scythian Biosciences Inc. Aphria will acquire 100% of the issued and outstanding common shares of LATAM Holdings Inc., a direct, wholly-owned subsidiary of Scythian. "Aphria is proud with this initiative to create a true leader in medical cannabis across LATAM and extend our leadership in the global industry," said Vic Neufeld, Chief Executive Officer at Aphria. "We have spent a considerable amount of time and resources evaluating opportunities in Latin America and the Caribbean and we are confident in the long-term strategic opportunity and the value it will bring to our shareholders."
CV Sciences Inc. (OTCQB: CVSI) operates two distinct business segments: a drug development division focused on developing and commercializing novel therapeutics utilizing synthetic CBD; and, a consumer product division focused on manufacturing, marketing and selling plant-based CBD products to a range of market sectors. The Company recently announced that its flagship brand, PlusCBD Oil,(TM) continues to expand its distribution in the natural, healthy, and organic industry. The Company announced on July 17th, 2018 that its brand of #1 selling hemp CBD products (according to SPINS(R) scan data) are currently available in 1968 natural and organic health food stores as of June 30th, 2018. This represents an 11.1% sequential increase over the Company's retail store count as of March 31st, 2018. "We continue to expand distribution in the natural/organic health food store sales channel with an 11.1% increase in store count when compared to Q1 2018," stated Joseph Dowling, Chief Executive Officer at CV Sciences. "Our retail channel expansion, along with increased industry forecasts of hemp CBD products, are positive indicators for Company growth."
Terra Tech Corp. (OTCQX: TRTC) is a vertically integrated cannabis-focused agriculture company. Terra agreed to sell 100% of the assets of its cannabis dispensary located at 1921 Western Avenue in Las Vegas, to Exhale Brands Nevada, for a total consideration of USD 6,250,000. Located adjacent to the Las Vegas Strip, the 3,900 sq. ft. facility for the Western Avenue dispensary was initially opened by Terra Tech in April of 2015. Terra Tech is confident that a sale is the best way to realize value for shareholders, given the significant increase in value the property has seen since it was purchased by the Company. As owners of medical and adult-use cannabis business licenses in Las Vegas associated with these dispensaries, the Company has the ability to apply for additional licenses based on its grandfather status. The Company will be pursuing additional permits in new locations with better proximity to major tourist attractions in Las Vegas. Derek Peterson, Chief Executive Officer of Terra Tech, commented, "The valuation of the Bluem Western Avenue location has increased significantly since the store opened, driven primarily by our ability to secure a business license that enables it to operate as a cannabis dispensary."
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