Data Projects the U.S. Medical Cannabis Market to Surpass USD 19 Billion by 2024
NEW YORK, September 7, 2018 /PRNewswire/ --
FinancialBuzz.com News Commentary
On June 19th, 2018, Canada had passed a nationwide legalization of recreational cannabis usage, following Uruguay to become just the second nation to do so. Meanwhile, the U.S. had previously begun the process of cannabis legalization for the majority of the West Coast, and almost all states have medical-use legalized to an extent. According to a report published by Hexa Research, the U.S. medical cannabis market size alone was valued at USD 5.44 Billion in 2016 and is anticipated to reach USD 19.48 Billion by 2024. Additionally, the industry is likely to witness strong growth during the forecast period due to several medical benefits of cannabis products and the fast pace of legalization in the United States. CLS Holdings USA Inc. (OTC: CLSH), Organigram Holdings Inc. (OTC: OGRMF) , VIVO Cannabis Inc. (OTC: VVCIF), Vitality Biopharma, Inc. (OTC: VBIO), General Cannabis Corp. (OTC: CANN)
Currently, 28 States across the U.S. have legalized cannabis to a certain extent, while 15 others have authorized the use of CBD products. Citing a report from Deloitte, about 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) yesterday announced breaking cannabis news that, "increased sales for the month of August 2018 at its Oasis Cannabis location in Las Vegas, Nevada. August 2018 sales were up 11.8% over sales in August 2017. This meaningful growth was driven by a 400% increase in wholesale revenues under the City Trees Brand.
Ben Sillitoe, CEO of CLS Nevada, commented, 'We are extremely pleased with the growth in our City Trees brand and overall sales at Oasis. We are in the midst of layout, signage and marketing improvements which we believe will further improve our visibility, market penetration and sales growth.'
Management of CLS plans to keep shareholders and other investors updated frequently on corporate developments.
About Oasis Cannabis (http://www.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. 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 "
Organigram Holdings Inc. (OTCQX: OGRMF) is a TSX Venture Exchange listed company whose wholly owned subsidiary, Organigram Inc., is a licensed producer of cannabis and cannabis-derived products in Canada. Organigram recently announced that the Company has signed a supply agreement with Nova Scotia Liquor Corporation (NSLC) in anticipation of the launch of a legal, adult use recreational cannabis market in the province. "We are pleased to announce our supply agreement with NSLC," says Greg Engel, Organigram's Chief Executive Officer. "Our home markets have always been a key priority for Organigram and this announcement solidifies our position as the market leader here in the Maritimes. With supply arrangements in place in six provinces, we take great pride in our place as a national leader working towards a responsible, sustainable and successful adult-use recreational cannabis market."
VIVO Cannabis Inc. (OTCQB: VVCIF) is recognized for trusted, high-quality products and services. VIVO Cannabis Inc. (formerly ABcann Global Corporation) recently announced that it has closed its previously announced acquisition of 100% of the issued and outstanding shares of Canna Farms Limited. Canna Farms, located in Hope, British Columbia, is a premium Licensed Producer of medical cannabis under the Access to Cannabis for Medical Purposes Regulations, and the first Licensed Producer in British Columbia.The Transaction will be immediately accretive to VIVO. For the twelve months ended June 30th, 2018, Canna Farms generated unaudited revenue and adjusted EBITDA of USD 9.4 Million and USD 4.3 Million, respectively. For the fiscal year ended September 30th, 2017, Canna Farms generated audited revenue of USD 5.8 Million and adjusted EBITDA of USD 2.8 Million. Canna Farms' Dealers License, combined with VIVO's international partnerships and expertise, are expected to expedite the Company's expansion strategy in international markets, with a focus on Germany and Australia. "The acquisition of Canna Farms represents further progress toward our goal of becoming a leading cannabis company," said Barry Fishman, Chief Executive Officer of VIVO. "This transformational acquisition is immediately accretive to VIVO and provides significant benefits, including increased production capacity, expanded product offerings, operational synergies and a more robust financial profile to accelerate the execution of our growth strategy."
Vitality Biopharma, Inc. (OTCQB: VBIO) is dedicated to unlocking the power of cannabinoids for the treatment of serious neurological and inflammatory disorders. Vitality Biopharma, Inc. recently announced that during a recent in-vitro safety pharmacological screening study its lead drug candidate VBX-100 demonstrated no signs of adverse pharmacological effects, affirming its potential for widespread clinical use as a GI-targeted prodrug of THC. An industry standard study design was used for safety pharmacology screening of human receptor and transporter proteins, in work based upon the analysis of key drug safety targets recommended by four major pharmaceutical companies. As a GI-targeted prodrug of THC, VBX-100 is intended to be functionally inert after ingestion and until it is activated in the lower gastrointestinal tract. Once the VBX-100 prodrug releases THC, it can exert therapeutic effects and data indicates there is minimal systemic absorption. As a result, there is minimal entry of THC into the bloodstream or brain, avoiding psychoactivity, while also avoiding the adverse systemic effects of currently marketed immunosuppressants. Robert Brooke, Chief Executive Officer and Co-Founder adds that "As our team rapidly advances VBX-100 through the final stages required for first-in-human clinical studies in the U.S., these results are quite important and an early indicator that our THC prodrugs may be very well tolerated in future clinical trials."
General Cannabis Corp. (OTCQX: CANN) is the comprehensive national resource for the highest-quality service providers available to the regulated cannabis industry. As the legal cannabis industry grows throughout the United States, the industry's leading service provider, General Cannabis Corp., recently announced it is expanding its presence on the East Coast with the opening of a New York office. "Given our growing list of East Coast clients and the steps that states like Massachusetts and New Jersey have taken toward launching adult-use sales, this is the ideal time for General Cannabis to further invest and establish itself in the region," said Michael Feinsod, Executive Chairman of the Board for General Cannabis. "The growth potential for the market in this region is unparalleled. An East Coast office is perfectly suited to cater to this territory as General Cannabis continues to expand its presence nationwide. We plan on expanding our security, operations and marketing segments aggressively throughout the East Coast. In addition, we will be utilizing this office to expand and enhance our corporate, marketing and mergers and acquisitions teams."
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