Data Projects the Global Cannabis Market is Projected to Reach USD 31.4 Billion by 2012
NEW YORK, September 24, 2018 /PRNewswire/ --
According to data published by Forbes, citing Brightfield Group, the global cannabis market is projected to reach USD 31.4 Billion by 2021. By end of 2017, the global cannabis market value was estimated at USD 7.7 Billion, in which the U.S. held about 90% of total sales. By 2021, the U.S. is expected to account for only 57% of global cannabis sales. Meanwhile, the global market will continue to grow at a CAGR of 60%, as countries are in the process of easing regulations, opening the door for legal sales of cannabis products for both medical and recreational purposes. The Canadian market is expected to heavily contribute to the growing market, due to its recently passed bill to legalize recreational cannabis. Canada now joins Uruguay as the only countries to legalize cannabis on a federal level. Namaste Technologies Inc. (OTC: NXTTF), Cronos Group Inc. (NASDAQ: CRON), Tilray, Inc. (NASDAQ: TLRY), Aphria Inc. (OTC: APHQF), Canopy Growth Corporation (NYSE: CGC)
The legal cannabis market has become very competitive over the course of recent years. According to Brightfield Group's official blog post, "With cannabis dispensary and product data now going back over two years, our surveys of marijuana product availability in major US state markets reveal several clear indicators that the market is growing increasingly competitive and crowded. One example of this is exhibited by the increase in the variety of branded products available at US dispensaries. Two years ago, the average US dispensary carried 94 different types of branded marijuana products. One year ago, that number had grown to 118, and by January of this year, a typical dispensary carried over 150 different branded products."
Namaste Technologies Inc. (OTCQB: NXTTF) just announced breaking cannabis news this morning that the Company's wholly-owned subsidiary, Cannmart Inc. ("Cannmart") has received its Access to Cannabis for Medical Purposes Regulations ("ACMPR") medical cannabis "sales-only" license with no cultivation (the "Sales License"), which is the first of its kind to be issued by Health Canada. The Sales License represents the most significant milestone in the history of the Company and is the final component of its strategy for Cannmart to become Canada's leading online platform for medical cannabis.
Cannmart will operate as an online marketplace for medical cannabis sourced from multiple Licensed Producers, which will offer patients a curated selection of medical cannabis strains in one location. Cannmart has secured over 13 domestic and international supply agreements and will also focus on developing arrangements with micro-cultivators who will provide high-end craft strains, subject to the upcoming regulations of the Cannabis Act. Cannmart's goal is to offer the largest and most diverse selection of medical cannabis products available in the Canadian market.
Further to the Company's September 18th news release, Cannmart will be allowed to buy pre-packaged, labelled and tested cannabis products. This development is very significant for Cannmart in that it will eliminate the need for buying in bulk, testing and packaging which will significantly reduce overhead costs for Cannmart and thus increase gross profit margins and profitability. By allowing Cannmart to purchase pre-packaged medical cannabis products it can remain focused on its areas of expertise in e-commerce and technology, and further expand on the products and services that can be provided through Cannmart.
Namaste operates the largest global online marketplace for cannabis consumption devices, with over 1.5 million customers globally. The Company has acquired and developed industry-leading technology including its e-commerce AI platform, Findify.io ("Findify") and NamasteMD ("NamasteMD.com"), which is Canada's first medical cannabis consultation app available in both the Apple and Google Play Stores. The Company plans to leverage its e-commerce technology and expertise to provide a unique user experience for each customer. Medical patients acquired through NamasteMD will be able to onboard and purchase products through Cannmart.
With Namaste's operations in over 20 countries and consumer databases established in strategic regions including the United Kingdom and Australia, the Company is well-positioned to expand on its cannabis platform in launching telemedicine and cannabis e-commerce platforms in global markets where the company maintains strong market share.
Special Edition Live 420 - Namaste hosted a special edition live-stream Namaste 420 show on Sunday September 23rd at 7PM EST to discuss Cannmart and the Company's growth strategy with management. To view the video please visit the link below:
https://www.youtube.com/watch?v=OESUiCkUSBk
Management Commentary - Sean Dollinger, President and CEO of Namaste comments: "Today marks a monumental achievement for the entire Namaste team and our shareholders. Receiving our Sales License not only validates the vision which we set forth to achieve over two years ago, but it sets the stage for Namaste to become the first fully-integrated platform of its kind. We plan to soft-launch Cannmart's website next week and look forward to feedback from our shareholders. I'd like to thank our investors for their patience and our management team including our staff at the Cannmart facility for their hard work and dedication. Namaste has never been better positioned to execute our strategy and to become the dominant global player in medical cannabis e-commerce."
About Namaste Technologies Inc. - Namaste Technologies is Your Everything Cannabis Store(TM). Namaste operates the largest global cannabis e-commerce platform with over 30 websites in 20+ countries under various brands. Namaste's product offering through its subsidiaries includes vaporizers, glassware, accessories, CBD products, and the company will soon be selling medical cannabis through its wholly owned subsidiary CannMart in the Canadian market. Namaste has developed and acquired innovative technology platforms including NamasteMD.com, and in May 2018 the Company acquired a leading e-commerce AI and Machine Learning Company, Findify AB. Findify uses artificial intelligence algorithms to optimize and personalize a consumer's on-site buying experience. Namaste is focused on leveraging its cutting-edge technology to enhance the user experience throughout its platforms. Namaste will continue to develop and acquire innovative technologies which will provide value to the Company and to its shareholders as well as to the broader cannabis market.
Cronos Group Inc. (NASDAQ: CRON) is a globally diversified and vertically integrated cannabis company with a presence across four continents. Recently, the Company announced the launch of its second cannabis brand for the domestic recreational market, Spinach(TM). Spinach(TM) is focused on offering Farm-To-Bowl(TM) products that bring friends together and make experiences more enjoyable. Spinach(TM) has selected some of the most popular strains from Cronos Group's genetic library because when you're having fun, you should never have to worry about the quality of your Spinach(TM). Harmful additives don't have a place in good Spinach(TM), which is why quality control is the only think we take seriously. Spinach(TM) is the second brand launched by Cronos Group for the domestic recreational market, following its premium brand COVE(TM). COVE(TM) products are high quality, hand-trimmed, terpene-rich, and never irradiated.
Tilray, Inc. (NASDAQ: TLRY) is a global pioneer in the research, cultivation, production and distribution of medical cannabis and cannabinoids currently serving tens of thousands of patients in eleven countries spanning five continents. Recently, the Company announced that it has received necessary regulatory permits in Canada and Germanyto export medical cannabis flower for distribution to German patients. Tilray previously announced the first-ever export of medical cannabis oil to Germany for nationwide distribution in pharmacies. Tilray's full-spectrum cannabis extracts became available in German pharmacies nationwide through partnerships with leading German pharmaceutical wholesalers NOWEDA, GEHE, Alliance Healthcare, Pharma Privat and Phoenix in cooperation with pharma logistics partner Paesel + Lorei. The export of Tilray's whole flower medical cannabis products will make Tilray the first and only medical cannabis company with a differentiated product offering of both full-spectrum oils and whole flower, including some of the highest potency products available in the German medical market.
Aphria Inc. (OTCQB: APHQF) is a leading global cannabis company driven by an unrelenting commitment to its people, product quality and innovation. Recently, the Company announced that it has signed a Manufacturer's Representative agreement with We Grow BC Ltd., a Vancouver-based licensed producer of premium cannabis, to become We Grow's exclusive sales representative across Canada. The Agreement adds a second brand of premium B.C.-bud to be sold alongside Aphria's expanding portfolio of adult-use brands, which includes celebrated B.C.-bud from Broken Coast Cannabis, through the Company's coast-to-coast sales distribution network. Aphria's sales team is supported by Great North Distributors, a subsidiary of Southern Glazer's Wine & Spirits, which was previously announced as Aphria's exclusive cannabis representative in Canada, providing the Company with 100% coverage of all cannabis retailers, whether provincially or privately operated, from the first day of legal adult-use sales.
Canopy Growth Corporation (NYSE: CGC) is a world-leading diversified cannabis and hemp company, offering distinct brands and curated cannabis varieties in dried, oil and Softgel capsule forms. Canopy Growth Corporation recently announced that its Tweed Farms Inc. site has received license amendments approving all remaining greenhouse space, bringing the Company's total licensed footprint to approximately 3.2 Million sq. ft. The Company's Canadian platform is now 57% licensed with the balance under aggressive development towards the previously announced 5.6 Million sq. ft. target production footprint. This target excludes significant production capacity projects underway at Canopy Rivers' partners and supply available to Canopy Growth through third-party agreements. "We are a house of cannabis brands and that means we need production infrastructure that can grow a wide range of genetics at scale simultaneously," said Mark Zekulin, Co-Chief Executive Officer and President, Canopy Growth. "I'm proud of this most recent licence and credit our team as we continue our track record of expansion and execution."
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