Global Cannabis Market set to Grow as the North American Segment Matures
NEW YORK, /PRNewswire/ --
According to a report published by Forbes, Brightfield Group indicated that the global cannabis market value had crossed the USD 7.5 Billion mark at the end of 2017 and is projected to cross the USD 30 Billion mark by 2021. Last year, California voted in favor of recreational cannabis laws, which were officially implemented at the beginning of this year. The United States currently holds the majority of the market share, accounting for about 90% of the entire market. Over time, the United States' dominance of the cannabis market is expected to decline to about 57%, partly due to the legalization of cannabis products around the world. Chemesis International Inc. (OTC: CADMF), Green Thumb Industries (OTC: GTBIF), iAnthus Capital Holdings, Inc. (OTC: ITHUF), Village Farms International, Inc. (OTC: VFFIF), Innovative Industrial Properties, Inc. (NYSE: IIPR)
While more and more states within the U.S. are pushing towards legalization, Canada passed a bill on June 19th, 2018 to legalize cannabis nationwide. Canada is considered to be one of the largest markets. A report by CNBC quotes MedMen CEO and Co-Founder, Adam Bierman, who explains the current state of the industry, "There is so much excitement now around legalization nationally coming in Canada. There is so much excitement about the fact that California, Nevada, Maine and Massachusetts all legalized recreational marijuana… The Canadian public markets offer access to a lot of capital, with a lot of certainty and a lot of speed, and there is this appetite among global investors to invest in a U.S. play. Specifically, global investors want to invest in a U.S. play that has California exposure. Now is the time where it makes the most sense."
Chemesis International Inc. (OTC: CADMF) is also listed on the Canadian Securities Exchange under the ticker (CSE: CSI). Today, the Company announced that, "it has reached a fulfillment and distribution agreement for the ultra-premium Julian Marley JuJu Royal™ brand. The packaging, fulfillment and distribution will be for all of JuJu Royal's Southern California operations. This highly sought-after brand consists of carefully crafted, quality cannabis products that will be handled in the Company's Desert Zen facility, based in Cathedral City, CA These products meet Julian Marley's demanding standards and are currently being sold in multiple states. The catalogue of products includes a variety of cannabis products and signature strains exclusive to JuJu Royal.
'The agreement for JuJu Royal is another example of Chemesis' ability to delivery consistent quality products, validating Management's business plan and growth strategy,' said CEO, Edgar Montero. 'Brands that require high quality services are recognizing our ability to consistently handle full compliance capacity for all of their high-quality products. As Chemesis gains more exposure in the market place, we anticipate the need for quality reliable services to continue to rise. Agreements such as this will ensure we are able to build stable, long term value for the Company.'
About Chemesis International Inc: Chemesis International Inc. is a vertically integrated global leader in the cannabis industry, currently operating within Puerto Rico, and California. Chemesis is developing a strong foothold in key markets, from cultivation, to manufacturing, distribution, and retail. Chemesis has facilities in both Puerto Rico and California, allowing for cost effective production and distribution of its products. In addition, Chemesis leverages exclusive brands and partnerships and uses the highest quality extraction methods, to provide consumers with quality cannabis products."
Green Thumb Industries (OTCQX: GTBIF), a national cannabis cultivator, processor and dispensary operator, is dedicated to providing dignified access to safe and effective cannabis nationwide while giving back to the communities in which it serves. Recently, Green Thumb Industries Inc. and KW Ventures Holdings LLC welcomed the community to an open house on October 2nd at RISE York to tour the facility, meet the RISE team and learn more about Pennsylvania's medical marijuana program. This event will occur before medicine is stocked at the dispensary to allow the entire community, not just patient card holders, to explore the site. RISE York will be GTI's fourth dispensary in Pennsylvania and its 14th dispensary in the nation. "We are thrilled to extend our retail footprint in Pennsylvania and to serve more patients in the state while offering additional choices for safe and effective medical marijuana," says GTI Founder & Chief Executive Officer Ben Kovler. "We believe access to medical marijuana is part of a comprehensive solution to curbing the opioid epidemic, a crisis which has affected the lives of so many in York. Unlike opioids, there is zero risk of overdose with marijuana."
iAnthus Capital Holdings, Inc. (OTCQX: ITHUF) owns and operates best-in-class licensed cannabis cultivation, processing and dispensary facilities throughout the United States, providing investors diversified exposure to the U.S. regulated cannabis industry. iAnthus Capital Holdings, Inc. recently provided the following summary of updates to inform shareholders and stakeholders of developments and achievements at GrowHealthy, the Company's Florida medical marijuana operation that was acquired earlier this year. "As we prepare to open the first of our Florida dispensaries, we have made significant investments to upgrade our Lake Wales cultivation facility to quickly scale production and meet the expected demand," said Carlos Perea, Chief Operating Officer at iAnthus. "This expansion puts GrowHealthy in an excellent position to capitalize on the explosive growth in the Florida medical marijuana market and become one of the state's preeminent providers of medicinal cannabis products."
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."
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. Innovative Industrial Properties, Inc. recently announced that it had 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. "Partnering with IIP allows us to deploy our capital into our operations and to ramp up our provisioning centers, to meet the tremendous existing demand and anticipated growth of medical cannabis for the hundreds of thousands of patients throughout the state of Michigan," said Jeff Radway, Chief Executive Officer of Green Peak. "We look forward to completing development of this property, which is being built to provide medical cannabis of the highest standards and specifications for our patients."
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Company Codes: OTC-BB:CADMF, OTC-BB:GTBIF, OTC-BB:ITHUF, OTC-BB:VFFIF, NYSE:IIPR