Data Shows the Cannabis Industry Could Create Over 467,000 Jobs by 2022
NEW YORK, /PRNewswire/ --According to recently provided data by Arcview Market Research, in partnership with BDS Analytics, the United States' legal cannabis market is projected to reach USD 11 Billion in consumer spending in 2018 and more than USD 23 Billion by 2022. This growth has the potential to generate more than 467,000 full-time equivalent jobs by 2022. The report indicates that despite the federal prohibition that is currently in place, the U.S. legal cannabis industry experienced a 31% growth in 2017 to reach USD 8.5 Billion. Now, Arcview forecasts that the ongoing state-by-state legalization of medical-use programs and the adult-use legalizations will bring nationwide spending in the U.S. to USD 23.4 Billion by 2022, while growing at a 22% compound annual growth rate (CAGR) over the five-year forecast period. CLS Holdings USA Inc. (OTC: CLSH), Innovative Industrial Properties Inc. (NYSE: IIPR), Tilray Inc. (NASDAQ: TLRY), Aphria Inc. (OTC: APHQF), Zynerba Pharmaceuticals, Inc. (NASDAQ: ZYNE)
The data also shows that about one in four adults in legal states choose to use cannabis. The portion of adults, ages 21 and over, who report that they have consumed or used cannabis in the past 6 months range from 23% of California adults to 35% of Oregon adults in 2017. "The end of marijuana prohibition is in sight and what that means for this market cannot be overstated," said Troy Dayton, CEO of the Arcview Group. "There are billions of dollars in institutional capital chomping at the bit to take advantage of this shift, but so far haven't found a major way in. This leaves a limited window for businesses to get a foothold and build value for liquidity events that might come sooner than any of us thought possible just a few months ago."
CLS Holdings USA Inc. (OTCQB: CLSH) earlier last week, announced breaking news that, "Matthew Janz has joined the Company as VP of Marketing and Director of Operations at Oasis Cannabis. Mr. Janz, previously the Regional Marketing Manager at Apothecarium, will lead the new marketing initiative programs at Oasis Cannabis, with a focus in digital marketing and social media engagement, and with attention to creative tact. He will orchestrate and implement all SEO, SEM, E-mail, Social, and AdWord work.
Matthew Ganz, VP of Marketing and Director of Operations at Oasis Cannabis, stated, 'I am excited to be a part of the Oasis Cannabis team. My expertise of creating innovative marketing solutions has been very successful in the cannabis industry with consistent conversions and building long-term growth. I'm looking forward to continuing that work with Oasis and helping improve their visibility, awareness and market penetration in the Las Vegas market.'
Jeff Binder, Chief Executive Officer of CLS, commented, 'I am pleased to welcome Matt to our CLS and Oasis team. Given his previous success at Apothecarium, we are confident in his marketing abilities and believe he will make key improvements in our marketing strategy. We look forward to the increased visibility for Oasis as we look to expand the growth opportunities for Oasis and CLS.'
About Oasis Cannabis (https://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. The company recently commenced wholesale offerings of cannabis in Nevada with the launch of its City Trees brand of cannabis concentrates and cannabis-infused products in August 2017. An expansion of its cultivation and production facility is currently underway and is expected to be completed during the fourth quarter of 2018."
Innovative Industrial Properties Inc. (NYSE: IIPR) is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated medical-use cannabis facilities. Earlier this month, the Company announced that it closed on the acquisition of the property located at 10070 Harvest Park in Dimondale, Michigan, which is currently under development and expected to comprise approximately 56,000 sq. ft. upon completion. Concurrent with the closing of the purchase, the Company entered into a long-term, triple-net lease agreement with Green Peak, which intends to utilize the facility for medical cannabis cultivation and processing upon completion of development. The initial term of the lease is 15 years, with two options to extend the term for two additional five-year periods. Paul Smithers, President and Chief Executive Officer of the Company, said, "With this acquisition, we have acquired nine properties across seven states, continuing our diversification and growth, while remaining focused on executing in line with our rigorous underwriting standards."
Tilray Inc. (NASDAQ: TLRY) is a global pioneer in cannabis research, cultivation, processing and distribution currently serving tens of thousands of patients in eleven countries spanning five continents. Recently, Tilray Canada Ltd., a wholly owned subsidiary of Tilray Inc., announced that it has been selected by the Nova Scotia Liquor Corporation to receive an initial purchase order for adult-use cannabis. The purchase order would allow Tilray, one of fourteen cannabis producers selected by NSLC, to supply the province of Nova Scotia with a diverse array of cannabis products in anticipation of the launch of the adult-use market on October 17th, 2018. Tilray intends to fulfill NSLC purchase orders through its affiliate High Park Holdings Ltd., DBA High Park Company(TM), which was formed to produce and distribute a broad-based portfolio of adult-use cannabis brands and products.
Aphria Inc. (OTCQB: APHQF) is a leading global cannabis company driven by an unrelenting commitment to our people, product quality and innovation. Recently, the Company announced that it has entered in a supply agreement with the Ontario Cannabis Store to provide high-quality, branded cannabis products for sale online in Ontario's adult-use market. Adult-use consumers will have an extensive selection of Ontario and B.C.-grown cannabis from across the Company's portfolio of adult-use brands. Under the terms of the Agreement, the Company will supply 59 SKUS of cannabis and cannabis derivative products in the first year of the agreement. The range of products will be available for sale online through the OCS.
Zynerba Pharmaceuticals, Inc. (NASDAQ: ZYNE) is the leader in pharmaceutically-produced transdermal cannabinoid therapies for rare and near-rare neuropsychiatric disorders. Earlier this month, the Company reported financial results for the second quarter ended June 30th, 2018 and provided an overview of recent operational highlights. The Company initiated and is currently enrolling patients in CONNECT-FX (Clinical study of Cannabidiol (CBD) in Children and Adolescents with Fragile X), a pivotal, multi-national, randomized, double-blind, placebo-controlled study evaluating the efficacy and safety of ZYN002 in three to 17-year old FXS patients with full mutation of the FMR1 gene. The study will enroll approximately 200 male and female patients from approximately 20 clinical sites in the U.S., Australia, and New Zealand. The primary endpoint is the change from baseline to the end of the treatment period in the Aberrant Behavior Checklist-Community FXS Specific (ABC-CFXS) Social Avoidance subscale.
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Company Codes: OTC-BB:CLSH, NYSE:IIPR, NASDAQ-NMS:TLRY, OTC-BB:APHQF, NASDAQ-NMS:ZYNE