NEW YORK, October 17, 2018 /PRNewswire/ --
According to a report released by Marijuana Business Daily, legal sales of cannabis in 2018 are expected to increase by about 50% from 2017 to reach USD 8 Billion to USD 10 Billion by the end of year. The report also projects that retail cannabis sales could reach USD 20 Billion per year by 2022, representing a 200% increase from 2017. The U.S. economy could benefit from the booming cannabis market, as sales of cannabis products are anticipated to generate an estimated USD 75 Billion in economic impact annually by 2022 and create as many as 340,000 full-time jobs by the same year. Victory Square Technologies Inc. (OTC: VSQTF), The Supreme Cannabis Company (OTC: SPRWF), Leafbuyer Technologies, Inc. (OTC: LBUY), Invictus MD Strategies Corp. (OTC: IVITF), AXIM® Biotechnologies, Inc. (OTC: AXIM)
Technological innovation in the cultivation and processing sectors of the cannabis industry is one of the key factors that drives the growth of the cannabis market. Many companies offer specific products to target the cannabis industry. The report states: "For ancillary companies serving the cannabis industry, rapid growth in the space means a boom in revenue for marijuana-related products and services. Even ancillary groups that were founded to serve different industries are gravitating toward becoming cannabis exclusive as demand for specialized products and services grows."
Victory Square Technologies Inc. (OTCQX: VSQTF) is also listed on the Canadian Securities Exchange under the ticker (CSE: VST). Earlier this month, the Company announced that, "its newly established cannabis accelerator Grow Tech Labs (the "GTL") (http://www.growtechlabs.com) is joining with Launch Academy (http://www.launchacademy.ca) to develop cannabis innovation, entrepreneurship and investment.
'This is the kind of partnership that demonstrates why Vancouver is a growing technology center,' said Shafin Diamond Tejani, CEO of Victory Square Technologies. 'Vancouver will continue to be a leader in cannabis innovation and development. This latest partnership with Launch Academy and Barinder Rasode at the helm of cannabis innovation at GTL, start-up ventures and entrepreneurial teams will have access to Victory Square's world-leading acceleration program. Victory Square is incredibly excited to add exposure to the growing cannabis sector for our shareholders to partake in its incredible growth. These new opportunities will continue to focus on being on the cutting-edge of innovation.'
By combining forces with Launch Academy, newly established Grow Tech Labs has a foundation to welcome budding cannabis innovators to Vancouver as legalization is announced. GTL was established to drive cannabis innovation by attracting ambitious entrepreneurs from across Canada and around the world to Vancouver. This initiative will aid in extending British Columbia's international reputation as a leader in recreational and medicinal cannabis innovation and development.
'I am excited to work with this next wave of entrepreneurs, innovators and leaders who have been brought here by their desire join the innovation that is occurring in Vancouver's cannabis sector,' said Ray Walia, founder and CEO of Launch Academy. 'GTL's cannabis accelerator is a perfect fit with our philosophy of execution and traction, and I'm looking forward to working with Barinder and helping to guide innovation in this area.'
'Ray and Launch Academy have a reputation for driving development and innovation in Vancouver. We will work together to drive cannabis innovation in Vancouver using the methods and training Launch Academy has perfected over the last six years,' said Barinder Rasode, CEO of Grow Tech Labs. 'Being located in downtown Vancouver with access to a vibrant tech community and easy access to over 80 technology accelerators around the world through Launch Academy, is the kind of advantage I'm excited to extend to entrepreneurs from across Canada and around the world who have ideas for innovation in cannabis.'
GTL will expand BC's global status as a leading cannabis innovator in the following ways:
- Providing direct support, access to capital, mentorship and licensed space to locate innovative start-up companies in British Columbia, Canada
- Delivering world-class programs in innovation, entrepreneurship and mentorship created by successful innovators and entrepreneurs
- Providing a platform for attracting international investment
- Accelerating the participation of small BC producers and processors in the legal marketplace
- Establishing programs dedicated to companies founded and owned by women and Indigenous Peoples
- Establishing partnerships with community, government, business and education organizations
- Developing a culture of corporate social responsibility."
The Supreme Cannabis Company (OTCQX: SPRWF) is a Canadian publicly traded company committed to providing premium brands and products that proudly reflect its consumers, people and uniquely innovative culture. The Supreme Cannabis Company, Inc. recently announced that the Company's wholly owned subsidiary, 7ACRES, has entered into a supply agreement to provide dried cannabis to Tilray Canada Ltd., a subsidiary of Tilray Inc.®, a global leader in cannabis research, cultivation, processing and distribution currently serving tens of thousands of patients in 12 countries spanning 5 continents. "We are excited to be entering into this agreement with Tilray, an organization - like Supreme Cannabis - that focuses on the end user and demands leading quality assurance standards," said John Fowler, President of The Supreme Cannabis Company. "Tilray has built an industry-leading global medical distribution platform, which has resulted in robust demand for high quality cannabis products. We are happy to provide 7ACRES premium products alongside Tilray's well-regarded and existing lineup to support medical patients around the world."
Leafbuyer Technologies, Inc. (OTCQB: LBUY) is one of the most comprehensive online sources for cannabis deals and information. Leafbuyer Technologies, Inc. recently announced that yearly sales rose 42% in the fiscal year ending June 30th, 2018. The increase reflects the cash sales booked in the year versus the previous year. The company reported that sales in new markets have been steadily increasing as marketing efforts have taken hold and sales staff have been put in place. "Our overall strategy of broadening our platform to become a true comprehensive marketing solution has allowed us to attract many new customers and upsell current ones. The average monthly spend for new customers has increased more than 50% in the last six months as we continue to offer a wider basket of solutions. We have also been investing heavily in development (online ordering, loyalty and block chain) and are starting to see the results in sales numbers." said Kurt Rossner, Chairman and Chief Executive Officer
Invictus MD Strategies Corp. (OTCQX: IVITF) is a global cannabis company offering a selection of products under a wide range of lifestyle brands. Invictus MD Strategies Corp. recently announced that OptionCo's Delta Facility, located in British Columbia, has received its license to cultivate cannabis under the Access to Cannabis for Medical Purposes Regulations ("ACMPR"), effective October 12th, 2018. OptionCo has a cannabis production and research facility located in Delta, British Columbia, and an additional property located in Mission, British Columbia that is currently awaiting construction of a 350,000 sq. ft. purpose-built indoor facility, which will be built in multiple phases. The Mission Location is located on 32-acres of buildable land. The property is eligible for wholesale energy costs with 38 MG Watt service at the property line, and access to an ample water supply from underground aquifers.
AXIM® Biotechnologies, Inc. (OTCQB: AXIM) is an innovative biotechnology and pharmaceutical company focusing on research, development and production of cannabinoid-based pharmaceutical and nutraceutical products. AXIM® Biotechnologies, Inc. recently announced that it has received a manufacturing license from the Dutch Ministry of Health, Welfare and Sports for the production, according to Good Manufacturing Practices ("GMP"), of the company's pharmaceutical products to be used in clinical trials. Effective Oct. 1st, 2018, the license allows AXIM to produce its cannabinoid-based pharmaceutical drug candidates for use in human clinical trials for multiple indications. "It is a significant accomplishment for AXIM to receive a GMP license from the Dutch Ministry of Health, which will help propel our clinical product pipeline forward," said George E. Anastassov, MD, DDS, MBA and Chief Executive Officer of AXIM® Biotech. "This GMP license illustrates our commitment to high-quality production of cannabinoid-based pharmaceutical products. AXIM has been working in the Netherlands for many years and considers the country to be a leader in cannabinoid research."
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