North American Legal Cannabis Market Gains Momentum With Canadian Legalization
Published: Sep 12, 2018
NEW YORK, September 12, 2018 /PRNewswire/ -- According to data provided by IMARC, the North America legal cannabis market reached a value of more than USD 8 Billion in 2017. The market is projected to reach a value of around USD 35 Billion by 2023 while exhibiting a CAGR of 28% during 2018-2023. The report indicates that in recent years, the legal landscape of the cannabis industry has changed as decriminalization and legalization in the North American region continues to expand. In the United States, cannabis has been legalized for both medicinal and recreational uses in a number of states. In Canada, the medicinal use of the drug has been legalized since 2001, whereas, its recreational use has been legalized through a bill passed earlier this June. CLS Holdings USA Inc. (OTC: CLSH), 22nd Century Group, Inc. (NYSE: XXII), iAnthus Capital Holdings, Inc. (OTC: ITHUF), Cannabis Sativa, Inc. (OTC: CBDS), Emerald Health Therapeutics, Inc. (OTC: EMHTF)
The recent legalization in Canada helped create a business-friendly environment in an industry that has previously struggled to grow. Recently, Aurora Cannabis Inc. has reached a deal to acquire South America-focused ICC Labs Inc., a CAD 290 Million (USD 220 Million) deal. A report by Bloomberg pointed out that the buyout helped fuels cannabis stock momentum. "Pot stocks have posted significant gains since mid-August, when Canopy Growth Corp. announced a C$5 billion investment from Constellation Brands Inc. The BI Canada Cannabis Competitive Peers index has added 38 percent since Aug. 14, including a 4.3 percent intraday gain on Monday," Bloomberg wrote.
CLS Holdings USA Inc. (OTCQB: CLSH) last week announced breaking cannabis news that, "increased sales for the month of August 2018 at its Oasis Cannabis location in Las Vegas, Nevada. August 2018 sales were up 11.8% over sales in August 2017. This meaningful growth was driven by a 400% increase in wholesale revenues under the City Trees Brand.
Ben Sillitoe, CEO of CLS Nevada, commented, "We are extremely pleased with the growth in our City Trees brand and overall sales at Oasis. We are in the midst of layout, signage and marketing improvements which we believe will further improve our visibility, market penetration and sales growth."
Management of CLS plans to keep shareholders and other investors updated frequently on corporate developments.
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."
22nd Century Group, Inc. (NYSE: XXII) is a plant biotechnology company focused on technology which allows it to increase or decrease the level of nicotine in tobacco plants and the level of cannabinoids in hemp/cannabis plants through genetic engineering and plant breeding. The Company's primary mission in hemp/cannabis is to develop proprietary hemp strains for important new medicines and agricultural crops. 22nd Century Group, Inc. recently announced the Company's second quarter 2018 financial results. Net sales revenue for the second quarter of 2018 was USD 6,915,000, an increase of USD 3,018,000, or 77.4%, over net sales revenue of USD 3,897,000 for the three months ended June 30th, 2017. Net sales revenue for the six months ended June 30th, 2018 was USD 13,031,000, an increase of USD 6,902,000, or 112.6%, over net sales revenue of USD 6,129,000 for the six months ended June 30th, 2017. The increase in net sales revenue for the three and six months ended June 30th, 2018 was primarily the result of continued additional net sales revenue generated from a filtered cigar manufacturing agreement that commenced in mid-May of 2017, as compared to net sales revenue for the three and six months ended June 30th, 2017. The second quarter of 2018 net sales revenue of USD 6,915,000 was the highest quarterly net sales revenue from product sales in the Company's history.
iAnthus Capital Holdings, Inc. (OTCQB: 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."
Cannabis Sativa, Inc. (OTCQB: CBDS) is engaged in the licensing of cannabis-related intellectual property, marketing and branding for cannabis-based products and services, operation of cannabis-related technology services, and ancillary business activities. Cannabis Sativa, Inc. announced earlier this year that PrestoDoctor(R), the leading online medical marijuana recommendation service, will be expanding to Pennsylvania on April 20th, 2018. More than 3,800 people have signed up in the medical marijuana patient registry's first week, signaling strong statewide interest in the program that will give those with one of 17 specific diagnoses access to cannabis beginning next year. "We are extremely excited to be expanding to Pennsylvania, and to help patients have easier access in obtaining a medical marijuana card," said PrestoDoctor(R) Co-Founder and Chief Executive Officer, Kyle Powers. "With so many people looking for an opioid alternative, and other natural options, it's important to provide an easy, honest, and affordable service," he added.
Emerald Health Therapeutics, Inc. (OTCQX: EMHTF) is a Licensed Producer under Canada's Access to Cannabis for Medical Purposes Regulations and produces and sells dried cannabis and cannabis oil for medical purposes. Emerald Health Therapeutics, Inc. recently announced it has been selected as an authorized cannabis supplier by the Newfoundland Labrador Liquor Corporation ("NLC") to supply cannabis products to the NLC and serve the adult-use market throughout the province of Newfoundland Labrador starting October 17th. With its previously announced supply agreements with the provinces of British Columbia and Ontario, as well as its commercial production facilities quickly ramping up in British Columbia and Quebec, Emerald is prepared for the adult-use market. The Company is focused on product innovation that will command high-profit margins; differentiating its marketing strategy; and securing significant supplies of safe, quality, low-cost cannabis. "We're proud to work with the NLC as a preferred Licensed Producer to serve Newfoundland and Labrador in the upcoming legal cannabis market," said Chris Wagner, Chief Executive Officer at Emerald. "This represents the third provincial agreement for our team and we expect to share additional supply updates in the future."
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Company Codes: OTC-BB:CLSH, AMEX:XXII, OTC-BB:ITHUF, OTC-BB:CBDS, OTC-BB:EMHTF