The Global Legal Cannabis Market Continues to Expand
NEW YORK, September 11, 2018 /PRNewswire/ --
According to a report published by Grand View Research, the global legal cannabis market is expected to reach USD 146.4 Billion by the end of 2025. Based on types of use, the market is divided into medical and recreational segments. Medical cannabis holds the largest market shares in the global market, while cannabis for recreational use is expected to grow at a faster rate. Cannabis plants contain a number of active compounds which can be used for treatment of various diseases. Based on medical applications, the medical cannabis market is segmented into four key segments, including chronic pain, mental disorders, cancers, and others. Maricann Group Inc. (OTC: MRRCF), Aurora Cannabis Inc. (OTC: ACBFF), Canopy Growth Corporation (NYSE: CGC), Organigram Holdings Inc. (OTC: OGRMF), The Supreme Cannabis Company (OTC: SPRWF)
North America has dominated the global cannabis market, as legalization of recreational or medical cannabis continues to spread in various countries. Most of the U.S. states have already legalized medical cannabis and some of them also legalized cannabis for recreational use. The cannabis market in Canada is expected to grow at a compound annual growth (CAGR) of 66.8% during forecast years, as the country prepares to legalize recreational use at the federal level. Europe is also expected to become a huge market for cannabis as several countries in Europe have legalized it for medical use. Furthermore, Latin American countries are anticipated to emerge as exporters of cannabis due to their climate and affordable labor forces.
Maricann Group Inc. (OTCQB: MRRCF) is also listed on the Canadian Securities Exchange under the ticker (CSE: MARI). Earlier in August, the Company announced breaking cannabis news that, "it has entered into a non-binding term sheet to form a strategic joint venture with San Martino S.S. ("San Martino"), a large scale agricultural company in the Piedmont Region of Italy, founded by Milan businessman Umberto Signorini. Pursuant to the proposed joint venture Maricann and San Martino will develop a centre of excellence for cannabis products, in conjunction with the University of Eastern Piedmont, initially producing high CBD content for the medical market, and then ultimately THC product for the European market. The formation of the joint venture remains subject to due diligence and the negotiation and execution of definitive documentation.
Federico Riboldi, Vice President, Province of Alessandria stated, "It is a true pleasure to see the start of the collaboration of Maricann with San Martino to develop a CBD and THC project here in Italy, specifically, Alessandria province. I think we have found the best combination of people to become the first CBD and THC company in Italy."
Umberto Signorini Jr. commented, "The partnership between Maricann and the Signorini Family to develop CBD products is very exciting. There are great opportunities for the cosmetic, alimentary, veterinary, pharmaceutical, and recreational sectors."
"We're proud to partner with San Martino and the Signorini family and have received unprecedented governmental support for the initiative. Our first mover advantage in cannabis from Canada has proffered the opportunity to work with established and respected groups in Europe, and now in Italy with San Martino. We will bring our world leading technology, developed in conjunction with Rockwell Automation to automate and standardize cannabis production and subsequent products, while gaining advantage from existing infrastructure in Piemonte, including biogas electricity produced from San Martino's facilities," stated Ben Ward, CEO of Maricann.
About Maricann Group Inc. - Maricann is a vertically integrated producer and distributor of cannabis for medical purposes. The Company was founded in 2013 and is based in Burlington, Ontario, Canada and Munich, Germany, with production facilities in Langton, Ontario where it operates a medicinal cannabis cultivation, extraction, formulation and distribution business under federal licence from the Government of Canada. The Company also has production operations in Dresden, Saxony, Germany and Regensdorf, Switzerland. Maricann is currently undertaking an expansion of its cultivation and support facilities in Canada in a 942,000 sq. ft. (87,515 sq. m) and will continue to pursue new opportunities in Europe."
Aurora Cannabis Inc. (OTCQX: ACBFF), headquartered in Edmonton, Alberta, with funded capacity in excess of 570,000 kg per year and sales and operations in 14 countries across five continents, is one of the world's largest and leading cannabis companies. Aurora Cannabis Inc. recently announced its commitment to advocating for the amnesty of cannabis possession offenses through a USD 50,000 contribution to the Campaign for Cannabis Amnesty. The organization will use the funds to advocate for the expungement of criminal records for personal possession cannabis offences that will no longer be illegal after October 17th, 2018, and to educate Canadians about the injustices that currently exist as a result of the prohibition of cannabis. "Aurora strongly believes that the negative socio-economic impact of maintaining criminal records for simple possession needs to be addressed urgently," said Jonathan Zaid, Aurora's Director of Advocacy and Corporate Social Responsibility. "We look to the Canadian government to provide amnesty to these people, largely from marginalized communities, ensuring their broad exclusion from Canadian society is lifted. The work of the Campaign for Cannabis Amnesty is making a very positive contribution towards this much-needed policy change. Even through there is still a lot of work to be done to encourage justice reform in this area, Aurora is proud to support organizations like Campaign for Cannabis Amnesty that are leading the way forward."
Canopy Growth Corporation (NYSE: CGC) is a world-leading diversified cannabis company, offering distinct brands and curated cannabis varieties across the globe. Recently, the Centric Health Corporation announced that it has entered into multi-year supply and service agreements with Canopy Growth Corporation for the provision of medical cannabis. Under the agreements, Canopy Growth will be the preferred education partner and supplier of choice of medical cannabis primarily through its Spectrum Cannabis brand to Centric Health and the seniors that it serves both in long-term care and retirement residences, as well as seniors living in the community. "We believe that our partnership with Centric Health will help reduce many of the existing gaps in the continuing care space by having a trusted partner at our side who can provide education, assist in policy development and, most importantly, provide clinical pharmacist oversight of medical cannabis through medication management," said Mark Zekulin, President & Co-Chief Executive Officer, Canopy Growth. "The continuing care space is comprised of a patient population that can greatly benefit from the therapeutic effects of medical cannabis."
Organigram Holdings Inc. (OTCQB: 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 Holdings Inc., the parent company of Organigram Inc., 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."
The Supreme Cannabis Company (OTCQX: SPRWF) is a Canadian publicly traded company committed to providing premium brands and products that proudly reflect its consumers, people and uniquely innovative culture. The Company's portfolio includes its wholly-owned subsidiary and flagship brand 7ACRES. Recently, the Company announced that it has obtained Health Canada approval to commence cultivation on approximately 20,000 sq. ft. of additional flowering rooms at its 7ACRES facility. The additional flowering rooms will increase total potential flowering capacity to 90,000 sq. ft. and, assuming a current yield, will bring 7ACRES' annual production potential from 10,000 kg to 13,330 kg. Completion of flowering rooms at the 342,000-sq. ft. 7ACRES facility remains on schedule for completion in December 2018. With an annual production capacity expected to reach 50,000 kg once the 7ACRES facility is fully operational, the Company is committed to supplying premium-quality cannabis flower to the Canadian recreational market from coast-to-coast.
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