California Legalizes Cannabis with Canada Looming

NEW YORK, January 9, 2018 /PRNewswire/ --

According to a report by Ameri Research Inc., the global legal cannabis market was valued at $14.3 billion in 2016 and is estimated to grow at a CAGR of 21.1% between 2017 to 2024 and culminating to $63.5 billion by 2024. The market is going through a period of strong development thanks to growing legalization and decriminalization of cannabis products across North America and Europe. The report indicates that due to the complex regulatory structure at state and federal levels, the full potential of the market is not realized. In the U.S, currently 28 states have approved the use of cannabis products for medical purposes. In addition, major markets like Colorado, California, Alaska, Massachusetts and Nevada approved cannabis for recreational use. Doja Cannabis Co Ltd. (OTC: DJACF), Golden Leaf Holdings Ltd. (OTC: GLDFF), New Age Farm Inc. (OTC: NWGFF), Future Farm Technologies Inc. (OTC: FFRMF), Cannabis Wheaton Income Corp. (OTC: CBWTF)

California's new recreational cannabis laws went into effect on January 1st, 2018. While California is the largest market, Canada is projected to show strong sales as well. Deloitte's report estimates the Canadian market will be worth at least $5B in sales in 2018. Tom Adams, Editor-in-Chief at Arcview Market Research and Principal Analyst at BDS Analytics explained, "Our data shows positive indicators across the board for the legal cannabis industry, in North America and around the globe... The passage of the 2016 ballot initiatives and continued maturation of the existing Adult-Use markets are the primary drivers of the growth this year. That's nothing compared to what we can expect in 2018 and beyond from Nevada's tourism, and California and Canada planning to launch Adult-Use sales in 2018."

Doja Cannabis Co Ltd. (OTC: DJACF) also listed on the also listed on the Canadian Stock Exchange under the Ticker 'DOJA'. Just earlier today the company announced breaking news that, "closing of its previously announced non-brokered private placement of subscription receipts (the "Subscription Receipts") whereby Aphria Inc. (" Aphria ") (TSX:APH and US OTC: APHQF) and Koicha Partners LP acquired from DOJA an aggregate of 8,992,807 Subscription Receipts of the Company at a price per Subscription Receipt of $1.39 for gross proceeds of $12,500,001.73 (the " Offering ").

The financing supports the strategic positioning of Hiku Brands Company Ltd. (" Hiku "), the anticipated combined company resulting from the merger (the " Merger ") of DOJA and TS Brandco Holdings Inc. (" Tokyo Smoke "), an award-winning lifestyle brand and retail-focused cannabis company (see DOJA's press release of December 21, 2017). The merger of DOJA and Tokyo Smoke creates the first retail-focused, craft cannabis producer, and with a portfolio of highly recognizable brands, Hiku is strategically positioned to become the preeminent craft cannabis brand house in the Canadian adult-use cannabis market.

"We're thrilled to have strategic partners in Aphria and Koicha Partners," said Trent Kitsch, CEO of DOJA. "Once the merger with Tokyo Smoke goes through, this strategic investment will strengthen Hiku, financially as well as through its brand recognition and product and market reach. Expanding Hiku's retail footprint, targeting provinces allowing private cannabis retail, and building a portfolio of recognizable consumer brands and products will be key differentiators for Hiku."

Upon completion of the merger and formation of Hiku, a new Board of Advisors will be appointed, with expert leadership in retail, finance, cannabis and branding. The first such appointment is Canadian retail maven Joe Mimran . Mr. Mimran, a fashion designer and entrepreneur, has launched and ran numerous iconic fashion brands including Club Monaco and Joe Fresh.

"I strongly believe that Hiku will be the market leader in recreational cannabis, at the critical intersection of brand and retail," commented Mr. Mimran. "Their focus on quality and customer experience matched with a keen eye for aesthetic has long been the hallmark of successful retail in Canada…"

Golden Leaf Holdings Ltd. (OTCQB: GLDFF), a Canadian company with operations in Portland, Oregon, is one of the largest cannabis oil and solution providers in North America, and a leading cannabis products company built around recognized brands. Recently, the company announced that it has closed its previously announced acquisition of all of the issued and outstanding shares of Medical Marijuana Group Consulting Ltd. MMC is a medical marijuana consulting company that secures high-value medical marijuana patients and educates and refers them to Licensed Producers for their product. MMC receives an education fee from the Licensed Producers in exchange for this service. MMC is a pioneer in finding and securing insurance coverage for medical cannabis and is a leader in cannabis treatment for veterans, a segment of the market that generates strong demand, and for which funding from the Canadian Department of Veteran Affairs makes cannabis 100 percent covered.

New Age Farm Inc. (OTC: NWGFF) is an agricultural services company offering unique turnkey growing infrastructure and services for licensed growers and processors of luxury marijuana crops at three agri-campuses in Washington State. Recently, the company announced the Company's wholly owned subsidiary, We Are Kured LLC ("WAK"), has entered into the production stage. WAK has selected and executed its first production order with Native Hemp Corporation ("NHC") for an initial order of 5,000 vape pens. WAK and NHC have worked collaboratively to complete the design of the vape pens to meet WAK's branding, budget, delivery and compliance requirements and objectives. NHC will supply all labour, equipment and services at its facilities to produce the hemp-based vaporizer pens in a ready-to-use form, completing the production of finished product within 45 days of order and initial payment. NHC will also be responsible for the design of templates and sizing for label printing requirements and will warehouse and distribute/ship the finished product to be sold through WAK's online sales platform.

Future Farm Technologies Inc. (OTCQB: FFRMF) is a Canadian company with projects throughout North America including California, Florida and Maryland. The Company's business model includes developing and acquiring technologies that will position it as a leader in the evolution of Controlled Environment Agriculture (CEA) for the global production of various types of plants, with a focus on cannabis. Recently, the company announced that it has closed on the previously announced 10-acre operating greenhouse acquisition, which generated approximately $2,800,000 USD in revenue and $400,000 USD in EBITDA for 2017. The purchase price was $3,000,000 or 1.07X revenue. The closing of this acquisition represents a major milestone for the Company as it provides substantial revenue and cash flow while positioning the Company in the emerging Florida cannabis market.

Cannabis Wheaton Income Corp. (OTCQB: CBWTF) is a collective of entrepreneurs with a passion for the cannabis industry past, present and future. On December 22, 2017, the company announced that further to its previously announced interim agreement, it has entered into a definitive agreement with its streaming partner CannTx Life Sciences Inc. to fund the construction of its cannabis production facility located in Puslinch, Ontario. CannTx is a privately-owned company that has applied to become a licensed producer under the Access to Cannabis for Medical Purposes Regulations. Health Canada has confirmed that it has completed its paper-review of the Application and that CannTx needs to submit a "confirmation of readiness" to demonstrate that the Facility is eligible for licensing. In consideration for the financing, the Company will receive a minority equity interest in CannTx and an entitlement to 33% of all cannabis (or cannabis-derived products including any cannabis trim) produced at the Facility for a period of 10 years from the date of first sale at a fixed cost.

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