North American Medical Marijuana Market Continues to Grow as Investments Pour In
NEW YORK, November 5, 2018 /PRNewswire/ --
According to a new report published by IMARC Group, the global medical cannabis market was valued at more than USD 11 Billion in 2017 and is expected to reach about USD 37 Billion by 2023. The market is also projected to register a compound annual growth rate of 22% during the forecast years. The report indicates that inflating disposable incomes, urbanization, and high investment in clinical trials, as well as the research and development activities within the cannabis industry, are the factors that drive the growth of the market. The aging population is another factor that boosts the market as the demand for medical cannabis in the treatment of chronic pain continues to increase. CLS Holdings, USA Inc. (OTC: CLSH), Youngevity International, Inc. (NASDAQ: YGYI), Curaleaf, Inc. (OTC: LDVTF), Village Farms International, Inc. (OTC: VFFIF), MariMed Inc. (OTC: MRMD)
The development of edible cannabis product also fuels the growth of the medical cannabis market. The forms of medical cannabis range from cannabis-infused mints and candies to baked goods and beverages. Based on derivatives, the medical cannabis market is segmented into Cannabidiol (CBD), Tetrahydrocannabinol (THC) and others. CBD is more widely used for medical purposes due to its non-psychotic effects. North America is expected to dominate the medical cannabis market due to the recent legalization of cannabis for both recreational and medical purposes in U.S. states and Canada.
CLS Holdings, USA Inc. (OTCQB: CLSH) just announced breaking cannabis news this morning that, "it has loaned $5 million to In Good Health, a licensed medical dispensary in Brockton, Massachusetts with a significant market share. CLS continues with its plans and looks forward to the opportunity to enter the rapidly growing Massachusetts market, which has been operating as a legalized medical jurisdiction since 2015 and has approved legalized recreational use.
In Good Health is located 25 miles south of downtown Boston and is one of the 38 licensed dispensaries in the state. The Brockton dispensary was the second licensed dispensary in the state and has been operational since September 2015, which has been medical only up until this time. In Good Health is currently servicing 17,000 registered patients and delivering to 1,700 homes with key product offerings of flower, concentrates, vapes, edibles, pre-rolls and tinctures. Massachusetts has a population of 6.9 million people as compared to 5.6 million people in Colorado. Massachusetts is also centrally located to the dense population of New England with a less than 100-mile drive from Rhode Island, Connecticut, New York, New Hampshire and Vermont. In 2017, Colorado generated $1.5 billion in legalized marijuana sales and had over 500 licensed dispensaries and over 700 licensed cultivation facilities. Massachusetts currently has issued only 39 licensees.
Jeff Binder, Chief Executive Officer of CLS Holdings USA, commented, "We are pleased to have continued to move forward with In Good Health in a timely manner and are extremely excited to have the opportunity to enter the Massachusetts market. This opportunity fits into our stated objective of entering markets that have attractive characteristics and are on the cusp of implementing a robust adult use market."
About In Good Health - In Good Health, Inc. ("IGH") is a non profit corporation which holds a Certification of Registration to operate a registered marijuana dispensary in Massachussets. IGH was one of eleven original applicants awarded a Certificate of Registration from the Department of Public Health, and was the second to open in the state. IGH successfully operated its co-located marijuana cultivation and dispensary facility in Brockton, Massachusetts in September, 2015.
About Oasis Cannabis (http://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. - CLS Holdings USA, Inc. (CLSH) 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.
Youngevity International, Inc. (NASDAQ: YGYI), is a leading omni-direct lifestyle company offering a hybrid of the direct selling business model, that also offers e-commerce and the power of social selling. YGYI, Inc. recently announced that its hemp-derived cannabidiol (CBD) Hemp FX products are now available for purchase online at the fully transactional website https://www.hempfx.com. For 21 years, Youngevity has been committed to developing the highest-quality nutritional products, which are backed by extensive research. In keeping with this philosophy, Hemp FX products combine an exclusive source of organically grown, hemp-derived cannabinoids with Youngevity's signature nutrients. "Hemp FX is an ideal representation of our plant-based approach to product development. These select products are being offered in this initial launch, and we expect the Hemp FX line will continue to grow, with more products becoming available in the near future," says Youngevity Chief Executive Officer Steve Wallach. "As such, we're extremely excited to announce that these products can now be purchased easily and conveniently online."
Curaleaf, Inc. (OTC: LDVTF) is a leading vertically integrated cannabis operator in the United States. Curaleaf, Inc. recently announced that the company has opened North Miami's first medical marijuana dispensary. The new dispensary provides northern Miami-Dade county and southern Broward county patients with access to Curaleaf's premium quality medical marijuana products. This is Curaleaf's 14th dispensary in the state of Florida. "Curaleaf remains committed to ensuring that its safe, reliable and premium quality medical marijuana products and educational resources are accessible to South Florida's patients," said Lindsay Jones, Curaleaf Florida President. "Located off of the Golden Glades Interchange, our newest dispensary in North Miami is just minutes away from several communities, such as Miami Lakes, Hialeah, Miami Gardens, Aventura, Pembroke Pines and Hollywood - all communities that currently do not offer patients a full dispensary experience."
Village Farms International, Inc. (OTCQX: VFFIF) is one of the largest and longest-operating vertically integrated greenhouse growers in North America and the only publicly traded greenhouse produce company in Canada. Village Farms International, Inc. recently announced that it has been accepted as a member of the board of the U.S. Hemp Roundtable, a coalition of dozens of companies and major national grassroots organizations advocating for the full and permanent legalization of hemp in the United States. Village Farms is one of the first large agricultural companies and the first greenhouse grower to join the U.S. Hemp Roundtable. "Village Farms has been at the leading edge of new agricultural opportunities that can more profitably leverage our decades of experience as a vertically integrated greenhouse grower coupled with the scale and excellence of our North America greenhouse operations," said Stephen C. Ruffini, Chief Financial Officer of Village Farms International. "We look forward to making a meaningful contribution to the U.S. Hemp Roundtable's pursuit of establishing hemp as a legal agricultural commodity."
MariMed Inc. (OTCQB: MRMD) provides turnkey solutions to cannabis cultivators, producers, and dispensaries. We specialize in solutions for securing and operating facilities, manufacturing and processing, dispensary, layouts, and designs, merchandising and sales. MariMed Inc. recently announced that it has finalized the acquisition of BSC Group, a highly respected cannabis firm headquartered in New Jersey that over the last three years has been engaged in competitive licensing, consulting and operations management across the country. BSC founders and managing partners, Brian Staffa and Amber Staffa, will join the MariMed leadership team, bringing under the MariMed umbrella their extensive cannabis expertise, resources, intellectual property and a vast network of highly specialized affiliates spanning regulated fields of commercial cannabis, food and beverage, commercial agriculture, pharmaceuticals, regulatory compliance, consumer psychology, and the applied sciences. "Our team has worked with BSC Group on various projects in the past, and their laser focus made them an ideal partner to help fuel MariMed's forward momentum," said MariMed Chief Executive Officer Bob Fireman. "We are excited to bring on Amber and Brian, who have seasoned cannabis operations, corporate strategy, branding and marketing expertise. An organization is only as good as the people in it. The Staffas share our vision and work ethic and will be a great addition to our team."
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