Cannabis and Hemp Industry Riding North America Legalization Wave
May 22, 2018, 08:40 ET
PALM BEACH, Florida, May 22, 2018 /PRNewswire/ --
MarketNewsUpdates.com News Commentary
The multi-billion dollar cannabis industry is receiving a big push from advanced legislation efforts throughout North America, especially in Canada, where the substance will be legal for recreational use within months. In the United States alone, the overall cannabis market is projected to triple to $25 billion by 2025. Cannabidiol (CBD) is one of the quickest growing subsets of the industry as companies offer a wide variety of CBD-based products. In the U.S., marijuana enthusiasts in this past April were even more at ease than usual after a U.S. senator from Colorado said President Donald Trump had committed that his administration's stated harder policies against cannabis would not affect the state's legal marijuana business. The industry will be interesting to watch over the summer as Canada approaches recreational legalization. Active Companies from around the market with current developments this week include: Marijuana Company of America, Inc. (OTC: MCOA), PotNetwork Holding Inc. (OTC: POTN), Hemp Inc. (OTC: HEMP), Medical Marijuana Inc. (OTC: MJNA), Aurora Cannabis Inc. (OTC: ACBFF) (TSX: ACB).
Marijuana Company of America, Inc. (OTC: MCOA), an innovative hemp and cannabis corporation, is pleased to provide an update on its New Brunswick Hemp Project with joint venture partner, Global Hemp Group Inc. (CSE: GHG/ OTC: GBHPF/ FRANKFURT: GHG) (the "Partners").
The Partners have hired Joan Parker-Duivenvoorden as fulltime project agrologist and field manager for the project. Ms. Parker-Duivenvoorden graduated from Guelph University in 1981 with a BSc (Agr) majoring in plant protection. She has over 15 years-experience with the Nova Scotia Dept of Agriculture and with the New Brunswick Soil and Crop Improvement Association ("NBSCIA"). While working at the NBSCA, she has developed strong ties in the farming community that will prove to be advantageous as the project expands from the initial group of four farmers to more than fifty farmers as envisioned in coming years. In addition to being responsible for the project locally, she will provide advisory services to participating farmers, will conduct on-farm research projects to properly monitor the behaviour of various hemp varieties in different environments of the region. She will also develop training materials to assist farmers who will join the project in subsequent years. One of the long-term research projects headed by Ms. Parker-Duivenvoorden will be to develop a profitable crop rotation for organic hemp, opening the way for organic CBD.
Contracts have now been signed with the initial group of four farmers, who began seeding this season's 125-acre industrial hemp crop last week. The farmers participating in the project in 2018 are located throughout the northeastern region of New Brunswick, Canada, making for a good cross section of results for research conducted on the behavior of the crop across that region. The distribution of farms will maximize the demonstration effect and will facilitate the recruitment of additional farmers in the following years. This carefully selected group of farmers will actively participate in addressing the introduction of this new crop across different regions.
A 4,000 sq. ft. facility has now been secured in Bathurst, New Brunswick for the project. The building will be used for biomass storage and to install drying equipment that will used to process the fresh material. Dried material will be stored at the facility while awaiting further processing by third party processors. Once proper licenses have been acquired for importing and manufacturing finished CBD products, the site may also serve as a distribution center for the hempSMARTTM and Benihemp line of products. Read this and more news for MCOA at http://www.marketnewsupdates.com/news/mcoa.html
In the industry developments and happenings in the market this week include:
PotNetwork Holding Inc. (OTC: POTN) recently announced that its wholly owned subsidiary, Diamond CBD, Inc. was showcased at Booth 65 at the Atlantic City Convention Center, where 25,000 samples of its most popular CBD infused assorted gummy bears, were enjoyed by an international crowd of counter-culture exhibitors, consumers, and vendors. Diamond CBD has a highly successful history of sales from these key trade shows. At this show the Company featured numerous products, drawing attention directly from prospective vendors on a global scale. Featured at the show were Diamond CBD's Vape Additives, Liquid Gold Vape Juice, Chill CBD Gummies, Diamond CBD Tinctures and Biotech Creams, the Company's most successful products.
Medical Marijuana Inc. (OTC: MJNA) recently announced it has garnered international news coverage on leading news and pop culture website BuzzFeed. A May 13, 2018, article on the BuzzFeed website entitled "What Is CBD Oil An Why Are People So Into It? A Guide" talks about the many health and wellness benefits of cannabidiol (CBD) and quotes Medical Marijuana, Inc. CEO Dr. Stuart Titus throughout on how CBD works and the research that is being done to provide evidence for its many uses. The article also quotes Dr. Titus on the legal landscape of CBD and its fluctuating prices on world markets. The top news and lifestyle website, which boasts an audience of over 18 million unique global monthly views, is targeted at millennial consumers, pop culture enthusiasts and busy professionals looking for an all-inclusive place to get their news.
Hemp Inc. (OTC: HEMP) recently announced that one of its strategic growing partners, Veteran Village Kins Community Arizona, Inc., has completed installation of the solar and wind-powered energy system for its 500-acre Veteran Village Kins Community in Golden Valley, Arizona. The Veteran Village Kins Community is designed to grow hemp and produce cannabidiol (CBD) products to benefit veterans as well as generate revenue for Hemp, Inc., the Veteran Village, and individual veterans living in the community. Bruce Perlowin, CEO of Hemp, Inc. (OTC PINK: HEMP) said, "This has been an arduous journey for everyone involved, but it has been well worth it. This solar and wind-powered energy system will even allow for high-definition cameras to capture the remaining development of the Kins Community, in real time with live streaming video. Every methodical step we have taken has put us closer to opening our doors to the country's first Veteran Village Kins Community, just north of Kingman, Arizona (and only 90 minutes from Las Vegas)."
Aurora Cannabis Inc. (OTCQX: ACBFF) (TSX: ACB.TO) recently announced it has taken control of Hempco (TSX: HEMP.V) after Aurora exercised its right under a private option agreement with Charles and Angela Holmes . Pursuant to this agreement Aurora has purchased an aggregate of 10,754,942 additional Hempco Shares (50% from Charles Holmes , 50% from Angela Holmes ). Following the transaction, Aurora's ownership interest in Hempco now stands at 52.7% (50.12% on a fully-diluted basis). "Hempco plays an important role in our strategy to secure access to low-cost raw material for the potential production of CBD extracts once new legislation is in place allowing whole (hemp) plant utilization," said Terry Booth , CEO. "Furthermore, this is a strategic partnership that also helps us develops a broader portfolio of value added products for the health supplements market. By taking control, we will be able to more closely integrate Hempco's operations with our own and drive growth."
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