NEW YORK, May 19, 2017 /PRNewswire/ --
According to a report by Arcview Market Research North American consumers spent $6.7 billion on legal cannabis products in 2016, which is a 34% increase from the $5.0 billion spent in 2015. This young industry is expected to reach a value of $22.6 billion by 2021, at a 27% compound annual growth rate. California accounted for 27% of the 2016 legal market in North America, Colorado represented 20% and Washington state represented 11%. The 2016 election results in California, which now legalized cannabis for recreational use as well, will significantly help to further mature the market. Cannabis Wheaton Income Corp. (OTC: KWFLF), Canopy Growth Corporation (OTC: TWMJF), Organigram Holdings Inc. (OTC: OGRMF), Supreme Pharmaceuticals Inc. (OTC: SPRWF), Invictus MD Strategies Corp. (OTC: IVITF)
Canada plays a major role in the North American cannabis market. A report by Cision reveals the numbers showing the increasing popularity of cannabis products in Canada over the course of recent years. In 2013, the federal government instituted a free-market approach for distributing medical cannabis. Since then, 30 licensed producers grow medical cannabis at an industrial scale, selling it to more than 50,000 patients nationally. The government's own estimates, according to the report, have the number of patients growing ninefold to more than 450,000 by 2020. Earlier in April, Canadian Prime Minister, Justin Trudeau had taken the first steps in fulfilling his campaign promise in legalizing cannabis for recreational purposes across the country. The new bill is now known as The Cannabis Act, and is expected to become a law in time for Canada's 151st birthday on July 1, 2018.
Cannabis Wheaton Income Corp. (OTC: KWFLF) yesterday provided shareholders and interested parties with a link to the Canadian Broadcasting Corporation 'On the Money' program feature of Chairman and CEO Chuck Rifici discussing the industry and the company. Interested shareholders and parties please visit http://www.cbc.ca/player/play/945643075612. The segment on Cannabis Wheaton starts at 37:45. (TSX-V: CBW)
Earlier in the week Cannabis Wheaton Income Corp. (TSX-V: CBW) announced that it, "is pleased to feature its partner Broken Coast Cannabis Ltd. ('Broken Coast') and discuss the CW and Broken Coast transaction in more detail." Broken Coast is a medical cannabis producer based in British Columbia which has established itself as one of the world's leading producers of high grade cannabis products.
The clean tech production methods and systems developed at Broken Coast are delivering an industry leading ratio of yield and grade. Current average yields are optimized at 1.33 grams per watt with an all in cost of less than $1.50 per gram. More remarkable is that the yield is comprised of 90% AAA cannabis flower and only 10% trim. Broken Coast was recently awarded one of the few 18 month ACMPR licenses demonstrating its strong record of compliance.
Dean Kauwell, Co-Founder, Director and COO of Broken Coast commented, "Broken Coast is very enthusiastic about our new partnership with Cannabis Wheaton. As opposed to traditional VC's, the team at Cannabis Wheaton brings a lot more than money to the table. They are in it for the long term and add tremendous value in the areas of marketing, product innovation, distribution, legal, and regulatory compliance. Broken Coast is also very excited about the opportunity to participate in the dynamic market place that will be created by the Cannabis Wheaton platform. We are very confident that the funding provided by Cannabis Wheaton will enable our jointly owned entities to accelerate our expansion and achieve significant scale of high grade cannabis production in a short amount of time. We appreciate the trust and confidence placed on us by the Cannabis Wheaton team and we look forward to a long, productive, and profitable relationship."
Canopy Growth Corporation (OTC: TWMJF) is a world-leading diversified cannabis company, offering diverse brands and curated cannabis strain varieties in dried and oil extract forms. The company recently released further details regarding the newly formed cannabis streaming and strategic support platform, Canopy Rivers Corporation ("Canopy Rivers"). Canopy Rivers, supported by this lean and specialized group of operating partners, plans to enter agreements to purchase a portion of cannabis production in exchange for upfront capital, strategic support, and genetics materials as may be required. Canopy Rivers plans to engage in strategic transactions with both Licensed Producers ("LP's") and selected LP applicants.
Organigram Holdings Inc. (OTCQB: OGRMF) recently announced the financial results for the quarter ending February 28, 2017 and provided an update regarding its voluntary recall of cannabis products. During the quarter, Organigram made significant progress with its onsite expansion initiatives. Key developments include the closing of a $40 million dollar bought deal financing which provides sufficient capital to complete the designed onsite expansion to approximately 26,000 kg per year prior to the expected launch of recreational cannabis in Canada during the summer of 2018. The company has continued with progress towards the construction and implementation of the planned 15,000 square foot commercial scale oils and extracts manufacturing facility that will be engineered and designed in collaboration with TGS International LLC ("TGS").
Supreme Pharmaceuticals Inc. (OTC: SPRWF) committed to becoming a leading supplier of affordable medical cannabis through its wholly-owned subsidiary 7 ACRES (formerly AMMCan). 7 ACRES is a federally-licensed producer of medical cannabis pursuant to the Access to Cannabis for Medical Purposes Regulations ("ACMRP') operating a 342,000 sq. ft. Hybrid Greenhouse facility. On March 10, 2017, the company announced that 7 ACRES has received a renewal of its license to cultivate cannabis pursuant to the ACMPR. "Supreme is committed to patient safety and the quality of our cannabis," stated John Fowler, CEO. "We agree with and support Health Canada's increased rigor and its precautionary efforts relating to the Nutrients as well as the regulator's increased vigilance of our fledgling industry which we see as positive for our sector's growth."
Invictus MD Strategies Corp. (OTC: IVITF) is focused on three main verticals within the burgeoning Canadian cannabis sector: Licensed Producers under the ACMPR including investment in the fully licensed facilities operated by AB Laboratories Inc. and Acreage Pharms Ltd.; Fertilizer and Nutrients through Future Harvest Development Ltd.; and Cannabis Data and Delivery, with its wholly owned subsidiary Poda Technologies Ltd. On April 26, 2017, the company announced that it has acquired 100% of the shares of Acreage Pharms Ltd., a licensed producer of Cannabis under the Access to Cannabis for Medicinal Purposes Regulations ("ACMPR").
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