The Global Marijuana Market Grows With Advances in Product Development
NEW YORK, November 6, 2018 /PRNewswire/ --
According to data compiled by Grand View Research, the global legal cannabis market is expected to reach USD 146.6 Billion by the end of 2025. The use of cannabis for medical applications, such as treatment for cancer, mental disorders, chronic pain and other conditions, has become the driving force behind the revenue growth in this sector. While demand for medical cannabis is expected to increase rapidly in the near future, several countries, including Canada and Uruguay, have legalized its use entirely. With several states shifting towards this trend, the United States is already dominating the recreational cannabis sales. The U.S. legal cannabis market value was estimated at USD 7.06 Million in 2016 and is expected to grow at a CAGR of 24.9% from 2017 to 2025. CLS Holdings, USA Inc. (OTC: CLSH), Aurora Cannabis Inc. (NYSE: ACB), Trulieve Cannabis Corporation (OTC: TCNNF)
Charlotte's Web Holdings, Inc. (OTC: CWBHF), Planet 13 Holdings Inc. (OTC: PLNHF)
As an increasing number of companies enter the legal cannabis market, the quantity and variety of products is expected to improve immensely. Advances in new product development, like cannabis oils and edibles, have enhanced effectiveness, safety, and consumer adoption. Innovation in the sector has expanded research in the cannabis industry, which has led to the discovery of new strains. "The cannabis industry is blossoming. With the upcoming legalization of cannabis for recreational use by the Federal Government, the sector is expected to grow as producers, manufacturers, and companies from across the value chain embrace opportunities in both the recreational and medical markets," said Darren Henderson, partner at PwC Canada's Technology, InfoComm, and Entertainment & Media consulting.
CLS Holdings, USA Inc. (OTCQB: CLSH) yesterday announced breaking news 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.'"
Aurora Cannabis Inc. (NYSE: ACB), headquartered in Edmonton, Alberta, Canada with funded capacity in excess of 500,000 kg per annum and sales and operations in 19 countries across five continents, is one of the world's largest and leading cannabis companies. Aurora Cannabis Inc. recently announced the official opening of its latest elite, high-tech cannabis production facility in Lachute, Quebec, known to the world as Aurora "Eau." At 48,000 sq. ft., with 11 purpose-built grow rooms, Aurora Eau will produce up to 4,500 kg of high-quality cannabis per year, all in a facility with some of the lowest electricity costs in North America. It is designed to grow niche varieties of cannabis for the premium medical and adult consumer use markets in Quebec, Canada and around the world. Eau becomes Aurora's second production facility in Quebec, the first being Aurora Vie, a 40,000 sq. ft. indoor grow facility in Pointe Claire, Quebec. "We're thrilled to officially open our latest technologically advanced facility in the Lachute Region and proud to continue to invest in Quebec," said Terry Booth, Chief Executive Officer of Aurora. "There is incredible potential at Aurora Eau. It's designed to be a place where our expert cannabis cultivators have the flexibility and control to produce some very special high-end varieties that few commercial growers are prepared to tackle. We intend to make some very rare and exciting products there."
Trulieve Cannabis Corporation (OTC: TCNNF) is a vertically integrated "seed to sale" company and is the first and largest fully licensed medical cannabis company in the State of Florida. Trulieve recently announced that it is opening the doors on its second Palm Beach location. This comes just a few short weeks after its official listing on the Canadian Securities Exchange (TRUL) and marks its fifth dispensary storefront in South Florida. In stores and online, patients will find Florida's largest selection of THC and CBD products, all available in a variety of delivery methods, including vaporizers, ground flower for vaporizing, tinctures, topical creams, concentrates, and more. Trulieve also offers home delivery statewide for patients unable to make it to a physical store, in addition to 20 other dispensaries in locations across the state from Pensacola to Miami. "With every dispensary, our main focus is creating an environment that is comfortable, safe, and reliable, and we're proud to continue cultivating those spaces in South Florida, " says Kim Rivers, Trulieve Chief Executive Officer. "With thousands of patients being added to the registry each week, bringing them safe and effective care will continue to be our focus. We want to ensure that those who need it the most, including those who have been unable to make it to a physical location before, are taken care of."
Charlotte's Web Holdings, Inc. (OTCQX: CWBHF) is the market leader in the production and distribution of innovative hemp-based cannabidiol ("CBD") wellness products. Recently, Charlotte's Web Holdings, Inc. has surpassed 3000 retail locations across the United States. At the end of 2017, Charlotte's Web products were sold in approximately 2,000 locations. The Company has recently disclosed that it surpassed its 2018 year-end goal of 3,000 locations during the 3rd quarter. With CBD gaining mainstream market momentum, Charlotte's Web, the industry pioneer and category leader in hemp-based CBD, has expanded its suite of product offerings across a wider variety of retailers, from small specialty health food stores to now including regional pharmacy and grocery chains. The Company recently added more than 40 Bartell drug stores in the North West. "Firstly, I would like to commend our incredible and committed staff who worked tirelessly to achieve this milestone," stated Charlotte's Web Chief Executive Officer Hess Moallem. "I would also like to thank our dedicated retail partners for their continued support of our mission and for valuing the trust that is closely associated with our brand name."
Planet 13 Holdings Inc. (OTCQB: PLNHF) is a vertically integrated cannabis company based in Nevada, with award-winning cultivation, production and dispensary operations in Las Vegas. Planet 13 Holdings Inc. recently celebrated the grand opening of its Planet 13 Superstore. As the world's largest cannabis dispensary, the Planet 13 Superstore offers a unique and awe-inspiring experience for visitors from around the globe. Phase 1 of the new entertainment complex features 40,000 sq. f.t of multi-faceted entertainment space featuring interactive attractions and 16,500 sq. ft. of cannabis retail space with 42 registers to serve the 2,000 customers that are forecasted to visit the Superstore on a daily basis. The forecast is based on a store with a comparable location. In phases 2 and 3, Planet 13 expects to add other unique attractions. "With Phase 1 of the project fully complete, we are proud to showcase the unparalleled interactive entertainment and product lines available for our 2,000 plus expected daily visitors," said Bob Groesbeck, Co-Chief Executive Officer, of Planet 13. "We have seen incredible demand from cannabis companies across Nevada wanting to showcase their product in the largest dispensary in the world. I don't think there is another dispensary with the breadth and quality of product we have here, nor a site with the potential for multi-year expansion this close to the Strip."
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