Cannabis Market Value Set for Growth as New Recreational Markets Open
NEW YORK, August 23, 2018 /PRNewswire/ --
FinancialBuzz.com News Commentary
According to a report provided by Energias Market Research, the global medical cannabis market is projected to increase in value from USD 8.28 Billion in 2017 to USD 28.07 Billion in 2024 and at a CAGR of 19.1% from 2018 to 2024. There are numerous important factors that help boost the growth of the market, like the increasing acknowledgment of medicinal benefits, higher demand for cannabis in the treatment of various diseases, as well as growing research and development investments. The data also shows that sales of cannabis products for recreational uses are also likely to rise, as California's new laws regarding recreational cannabis sales went into effect earlier this year. CLS Holdings USA Inc. (OTC: CLSH), Emblem Corp. (OTC: EMMBF), India Globalization Capital Inc. (NYSE: IGC), Golden Leaf Holdings Ltd. (OTC: GLDFF), United Cannabis Corporation (OTC: CNAB)
On June 19th, Canada had legalized cannabis on a national level and has become the first G20 country to do so. A research by PwC specifies that more than 100 licensed producers (LPs) are already in use in Canada's cannabis industry, with hundreds more awaiting government approval. Most LPs are in startup mode, despite being operational for a few years. Darren Henderson, Partner at PwC Canada's Technology, InfoComm, and Entertainment & Media consulting explained, "The cannabis industry is blossoming. With the upcoming legalization of cannabis for recreational use by the Federal Government, the sector is expected to grow as producers, manufacturers, and companies from across the value chain embrace opportunities in both the recreational and medical markets."
CLS Holdings USA Inc. (OTCQB: CLSH) earlier this week announced breaking news that, "Matthew Janz has joined the Company as VP of Marketing and Director of Operations at Oasis Cannabis.
Mr. Janz, previously the Regional Marketing Manager at Apothecarium, will lead the new marketing initiative programs at Oasis Cannabis, with a focus in digital marketing and social media engagement, and with attention to creative tact. He will orchestrate and implement all SEO, SEM, E-mail, Social, and AdWord work.
Matthew Ganz, VP of Marketing and Director of Operations at Oasis Cannabis, stated, 'I am excited to be a part of the Oasis Cannabis team. My expertise of creating innovative marketing solutions has been very successful in the cannabis industry with consistent conversions and building long-term growth. I'm looking forward to continuing that work with Oasis and helping improve their visibility, awareness and market penetration in the Las Vegas market.'
Jeff Binder, Chief Executive Officer of CLS, commented, 'I am pleased to welcome Matt to our CLS and Oasis team. Given his previous success at Apothecarium, we are confident in his marketing abilities and believe he will make key improvements in our marketing strategy. We look forward to the increased visibility for Oasis as we look to expand the growth opportunities for Oasis and CLS.'
About Oasis Cannabis (https://oasiscannabis.com): Oasis Cannabis has operated a cannabis dispensary in the Las Vegasmarket 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 fourth quarter of 2018."
Emblem Corp. (OTC: EMMBF) is a fully integrated licensed producer and distributor of medical cannabis and cannabis derivatives in Canada under the Access to Cannabis for Medical Purposes Regulations (ACMPR). Emblem has recently announced that its wholly-owned subsidiary, Emblem Cannabis Corporation, one of Canada's leading licensed producers of medical cannabis, has entered into an agreement with the operator of the Ontario Cannabis Store ("OCS") to supply the province with locally-grown, premium cannabis products under Emblem's adult-use brand, Symbl. Upon the legalization of recreational cannabis, which is expected to be effective on October 17th, 2018, a curated range of dried flower strains under the Symbl brand will be available via the OCS website, and in private retail stores once a legislative framework is in place and such stores are open for business - anticipated for April 2019. Symbl is the first of several brands that Emblem intends to create to target a number of diverse consumer segments.
India Globalization Capital Inc. (NYSE: IGC) has two lines of business, a legacy infrastructure business and a cannabis pharmaceutical business that has developed a lead product for Alzheimer's patients. The Company recently announced that it has designated California as a priority market for Hyalolex, its lead cannabis-based supplement for treating and managing Alzheimer's patients. IGC's management team has been actively meeting with California-based manufacturers and distributors to assemble the requisite combination of partners to efficiently bring Hyalolex to dispensaries, patients and caregivers in California. "The cannabis market is showing explosive growth and we are aggressively moving forward with our vision of owning and marketing the leading brands for large medical indications such as Alzheimer's, Parkinson's, PTSD, pain, veterinary medicine and cancer. With 8 patents filed, IGC has made significant strides towards achieving these goals and building value for our shareholders as a NYSE American listed company," stated Ram Mukunda, CEO of IGC.
Golden Leaf Holdings Ltd. (OTCQB: GLDFF) is a Canadian company operating in multiple jurisdictions, including Canada, Oregon, Nevada, and California, with cultivation, production and retail operations built around recognized brands. Golden Leaf has recently announced that it signed a definitive agreement to acquire a combined cultivation, production and retail license in Northern California, dubbed a "Sweet 16" license. It is one of only 16 licenses of its kind issued by the City of San Jose that allows the holder to operate in a vertically integrated fashion. Following closing, Golden Leaf will lease the seller's facility to produce and distribute its branded products to 3rd party dispensaries and other wholesale sales channels in the State of California, as well as retrofit the section of the facility that currently operates as a retail outlet, into another branded, Chalice Farms store. The production facility will support additional Chalice Farms retail locations that may be opened in California in the future, aligning with the Company's go-to-market strategy.
United Cannabis Corporation (OTCQB: CNAB) is a biotechnology company dedicated to the development of phyto-therapeutic based products supported by patented technologies for the pharmaceutical, medical, and industrial markets. Earlier this month, United Cannabis announced that it has initiated clinical trials on its Prana Bio Nutrient Medicinals P1 Capsules for the treatment of chronic pain at Jamaica's University of the West Indies. The study, titled, "An Open Label, Phase 1, 2-Way crossover study evaluating the pharmacokinetics of Prana P1 THC activated capsules," is be conducted in conjunction with Cannabinoid Research & Development ("CRD"), the Company's Jamaican subsidiary, at the Centre For Cannabis Research at the University's Mona Campus. Earnest Blackmon, Chief Executive Officer of United Cannabis, commented on the announcement, "We are very proud to announce the commencement of our clinical trials; we have been working toward this goal since we started the Company. The Prana products represent the culmination of years of research and development, and I am confident that the results will confirm the anecdotal evidence we have seen with patients since first introducing our Prana product line six years ago."
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