Worldwide Spending on Cannabis is Set to Grow as the Global Market Develops
NEW YORK, October 23, 2018 /PRNewswire/ --
According to a report released by Arcview Market Research, in partnership with BDS Analytics, worldwide spending on legal cannabis is expected to reach USD 57 Billion by 2027, which includes USD 38.3 Billion of adult-use cannabis and USD 19.1 Billion of medical cannabis spending. Cannabis spending in North America will make up the majority of worldwide spending volume, growing from USD 9.2 Billion in 2017 to USD 47.3 Billion, while spending in the Rest of the World is anticipated to grow at a faster rate of 47% CAGR. Legal cannabis in South America will grow to USD 776 Million in 2027, led by Brazil, Argentina, Uruguay and Peru. Uruguay is the first country to legalize recreational cannabis. Biome Grow Inc. (OTC: ORTFD), Organigram Holdings Inc. (OTC: OGRMF), Neptune Wellness Solutions Inc. (NASDAQ: NEPT), Emerald Health Therapeutics, Inc. (OTC: EMHTF), Aleafia Health Inc. (OTC: ALEAF)
Recreational cannabis is now legal in 9 U.S. states and D.C. Colorado, which has legalized cannabis for recreational use since 2014, hit another milestone on cannabis sales. According to a report from Colorado Department of Revenue, Colorado cannabis sales surpassed USD 1 Billion during the first eight months in 2018, the earliest point since 2012. The state had record cannabis sales of more than USD 1.5 Billion in 2017, up from USD 684 Million in first year of legalization. During the first nine months in 2018, sales from cannabis generated more than USD 200 Million tax revenue.
Biome Grow Inc. (OTC: ORTFD) listed on the Canadian Securities Exchange under the ticker (CSE: BIO). Earlier last week, the Company announced that it, "has introduced its fifth subsidiary company and brand, Red Sands Craft Cannabis Co. Red Sands is located in Prince Edward Island and will service both the local and tourist markets in that province with locally produced and regionally grown cannabis products.
The Red Sands Craft Cannabis Co. brand reflects PEI's iconic red sand beaches and the craft goods and services that are produced locally. Visually, it balances the vibrant, energetic colours with the calm nature that PEI is known for, setting the stage for the tailored cannabis products that Red Sands will offer.
Though the smallest Canadian province both in terms of land area and population, with approximately 153,000 residents living on the island, the province has a robust tourism industry. In 2017, the province set records with more than one million overnight stays, by an estimated 1.56 million visitors, who spent approximately $447-million in the local economy. This unique combination of residents and tourism makes it an appealing and diverse market for Biome.
'By producing and selling locally made bespoke products to both PEI residents and tourists, we hope to create an experience that will enhance the tourism industry in PEI,' added Chief Executive Officer Khurram Malik. 'It is our intention to create a unique cannabis-centred ecosystem, or biome, in PEI under our Red Sands brand that currently does not exist anywhere else in the Canadian cannabis market.'
About Biome Grow Inc.
Biome has four wholly owned subsidiaries, including Highland Grow Inc., a licensed producer in Nova Scotia under Canada's Access to Cannabis for Medical Purposes Regulations (ACMPR); The Back Home Medical Cannabis Corp., a company incorporated under the laws of the Province of Newfoundland and Labrador and in the late stages of applying for a licence under the ACMPR; P-209 Inc., a company incorporated under the laws of the Province of Ontario and in the late stages of applying for a licence under the ACMPR; and Weed Virtual Retail Inc., a company incorporated under the laws of the Province of Ontario in the business of operating a new virtual reality technology platform focused exclusively on the medical and recreational cannabis markets. Biome is a Canadian-based company with national and international business interests."
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 Holdings Inc. recently announced that it has, through its wholly-owned subsidiary 10870277 Canada Inc., executed an investment agreement dated as of October 10th, 2018 with alpha-cannabis(R) Pharma GmbH ("Alpha-Cannabis Germany" or "ACG") pursuant to which the Purchaser will acquire 8,333 common shares of ACG, representing a 25% stake in the capital of ACG, for aggregate proceeds of EUR 1,625,000. The closing is subject to certain formalities under German law largely of an administrative nature. As part of the investment and effective upon the closing of the investment, OGI's wholly-owned subsidiary, Organigram Inc. will enter into two supply agreements with ACG: one for the supply of cannabidiol isolate from ACG to Organigram Inc., and the other for the supply of dried cannabis flower from Organigram Inc. to ACG. Additionally, ACG and Organigram Inc. will enter into an agreement pursuant to which the companies will jointly evaluate and bid on certain licenses to supply medical cannabis to the German market. "As we continue to build the framework of our international medical business, finding the right partners in the right markets has been a priority for our company," stated Greg Engel, Chief Executive Officer at Organigram. "This relationship is a perfect example of two companies coming together towards a common goal, and we're very excited to build our business in
Neptune Wellness Solutions Inc. (NASDAQ: NEPT) is a health and wellness products company, with more than 50 years of combined experience in extraction, purification and formulation of value-added differentiated science based products. Neptune Wellness Solutions Inc. recently announced that it has received a Confirmation of Readiness letter from Health Canada in regard to its application to become a Licensed Producer under the ACMPR (Access to Cannabis for Medical Purposes Regulations). Health Canada's positive response marks another important regulatory step forward to obtaining Neptune's license to produce cannabis oil supporting the Company's timeline to commence commercialization this fiscal year. Neptune will notify Health Canada in the coming days and provide all additional required evidence to the agency to demonstrate the Corporation's readiness to commence production. Upon satisfactory review by Health Canada of any additional information submitted by Neptune, the Corporation would receive its license for cannabis extraction. "This key milestone brings us to the threshold of becoming a Licensed Producer of cannabis oil in Canada, and is a very exciting moment," said Jim Hamilton, President & Chief Executive Officer of Neptune. "Our entry into the legal cannabis industry leverages our established expertise in the development of innovative Omega3 oil products, navigating global regulatory frameworks, worldwide commercialization of wellness solutions, and production of high quality extracts, as well as our state-of-the-art Good Manufacturing Practices (GMP)-certified facility in Sherbrooke, truly providing us with a strong competitive edge to become a leading player in this burgeoning market".
Sources: http://neptunecorp.com/wp-content/uploads/2018/09/NEPT-HC-Readiness-Letter-_-FINAL.pdf
http://neptunecorp.com/wp-content/uploads/2018/09/Name-Change-ENGLISH.pdf
Emerald Health Therapeutics, Inc. (OTCQX: EMHTF) is a Licensed Producer under Canada's Access to Cannabis for Medical Purposes Regulations. Emerald Health Therapeutics, Inc. recently announced that it has filed 17 provisional U.S. patent applications covering Emerald's unique Defined Dose(TM) cannabis dosage forms and formulations. Based on proprietary Emerald research, these patent applications are contributing to Emerald's intellectual property portfolio and its intent to develop distinctive cannabis products for medical-use and improved adult-use. The products provide more precise and consistent delivery, dosage, and formulations. Defined Dose(TM) cannabis products will, when made available to the public, provide consumers with products currently not available. "We expect significant potential cannabis market growth by offering adult users and medical consumers consistent product characteristics, dosing regimens, and alternative methods of consumption, with safety enhanced through GMP-compliant production and enhanced product utility achieved through knowledge of science. Emerald's filing of these patent applications is an important step," said Chris Wagner, Chief Executive Officer of Emerald. "Our expanding research and development effort is focused on internal facilities and staff as well as forming key relationships with other cannabis research experts, such as our recently announced agreement with VivaCell Biotechnologies Espana."
Aleafia Health Inc. (OTCQX: ALEAF) is a leading, vertically integrated cannabis company with a unique focus on delivering quality patient care from "seed" to "sale." Aleafia Health Inc. recently announced that it has made a significant expansion of its medical clinic business, adding three new clinics, six new physicians and a major expansion of telemedicine services for patients. Aleafia will also add nurse practitioners (NP) to complement physician-led treatment and to meet a significant increase in patient demand. The expansion of telemedicine service is part of a broader management strategy of treating a greater number of patients at reduced cost. "New and innovative treatment methods will allow Aleafia to rapidly scale our growing medical cannabis clinics while reducing costs," said Aleafia Chief Executive Officer Geoffrey Benic. "Telemedicine treatment methods will be a major net benefit to both our patients and shareholders, as we acquire new patients who no longer have to travel to seek help."
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