PALM BEACH, Fla., May 26, 2021 /PRNewswire/ -- Cannabis extracts have gained wide recognition in recent years and are expected to provide impetus to cannabis market growth. Growing legalization of cannabis in various countries, preference for cannabis oil and tinctures, and adoption of medical marijuana for treating chronic diseases like arthritis, anxiety, and Alzheimer's are the major factors propelling the growth. The global cannabis extract market size is expected to be valued at USD 28.5 billion by 2027, according to a new report published by Grand View Research, Inc. It is projected to expand at a CAGR of 16.6% over the forecast period. Based on product type, cannabis extracts are classified into oils and tinctures. The oils segment is expected to dominate the market in 2019 with a revenue of USD 4.8 billion and is anticipated to witness the fastest CAGR of 17.5%, over the forecast period. Based on extract type, the market is segmented into full spectrum cannabis extracts and cannabis isolates. The full spectrum cannabis extracts dominated the market in 2019, with a revenue of USD 4.3 billion, owing to the added advantage of the entourage effect. Various manufacturers prefer full spectrum cannabis products owing to their advantages over the isolates. Thus, the segment is expected to remain dominant over the forecast period. Active companies in news today include: Canopy Growth Corporation (NASDAQ: CGC) (TSX: WEED), Eco Innovation Group, Inc. (OTCPK: ECOX), Tilray, Inc. (NASDAQ: TLRY), Aurora Cannabis Inc. (NYSE: ACB) (TSX: ACB), Sundial Growers Inc. (NASDAQ: SNDL).
Another report from Data Bridge said that the CBD Oil Extract market will emerge rapidly from 2021 to 2027. The report said: "Out of all cannabinoids, cannabidiol is most widely used for therapeutic reasons due to the lack of psychoactive effects. In many medical applications, cannabidiol oil is used, such as anxiety and depression treatment, stress relief, diabetes prevention, pain relief, cancer symptom relief, and inflammation. Due to the increasing adoption of CBD-based products to treat ailments, the global cannabidiol market is anticipated to grow at a lucrative rate over the forecast period. Cannabidiol derived from hemp is anticipated to witness rapid growth owing to increasing demand from the pharmaceutical sector and rising awareness among consumers regarding health. Increasing consumer disposable income along with the legalization of medicinal cannabis is anticipated to have a positive impact on the demand for cannabidiol in the pharmaceutical sector. Oils, tinctures, concentrate, capsules, topical solutions such as slaves, lip balms, lotions, and edibles such as baked goods, coffee, chocolates, gums, and candies are some of the CBD products which are in high demand."
Eco Innovation Group, Inc. (OTCPK: ECOX) BREAKING NEWS - Eco Innovation Group™ Signs Definitive Agreement and Commences Manufacturing of Next-Gen Supercritical Plant Extraction Device - Eco Innovation Group, Inc. (OTCPK: ECOX) ("ECOX" or the "Company"), an innovative company aggregating investments in new technologies that promote environmental and social well-being and the advancement of green energy solutions, announced today it has signed a Definitive Agreement with Fluitron, Inc. ("Fluitron"), and has commenced production for the development and manufacturing of a fully functional prototype based on the specialized non-CO2 novel supercritical extraction technology exclusively licensed to ECOX™ by Glytech, LLC ("Glytech").
Fluitron Inc., a Pennsylvania-based advanced pressure technology manufacturing company is manufacturing the prototype of the patent-pending extraction technology for ECOX.
Unlike current technology in the marketplace, this technology utilizes a non-CO2 solvent and cofactors to extract selected bioactive compounds from plant materials. The result is an extracted fluid superior in viscosity to the output of current CO2 -based extraction methods, while streamlining time, energy, and capital costs.
According to ECOX, this technology allows for larger yields in a more affordable process. It makes extraction more efficient and more consistent. This will allow customers to get the same product every time which is not currently the case with current extraction methods in use today including super critical C02. With a more fluid solution that is created by super critical extraction, it is expected that one can automate the process. It is expected that this technology will generate lower overhead costs to manufacturers and creates better overall yields.
Julia Otey-Raudes, President and CEO of Eco Innovation Group, said, "We are extremely pleased to have achieved this important milestone and now that we have begun the manufacturing process, we're really excited to get this first one finished, and to show it to the world later this year. This has blockbuster potential and represents a huge opportunity for ECOX and businesses that move quickly to recognize this potential early to gain tremendous competitive advantage."
This next generational technology is ideal for extraction technology for high-value plant-based products including licensed cannabis extraction products, and active compounds for the pharmaceutical, cosmetic, nutraceutical and other markets. Read more about ECOX by visiting: https://www.ecoig.com/
In other industry news of note:
Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC), a world-leading diversified cannabis, CBD and vaporization device company, recently announced the appointment of Martha Stewart as the company's official strategic advisor. In this new role, Martha will expand upon her existing relationship with the company, leveraging her vast knowledge of product development and branding expertise, to provide the company with dedicated counsel ranging from product innovation to format development and strategic partnerships.
Martha's appointment comes on the heels of the successful launch of Martha Stewart CBD in partnership with Marquee Brands and Canopy Growth. Launched in Fall 2020, the product line offers high-quality, CBD wellness supplements including gummies, softgels, and oil drops with flavor profiles inspired by some of Martha's most popular recipes. Martha Stewart CBD for Pet also launched earlier this year and includes oil drops and soft-baked chews in three gourmet flavor combinations and formulas designed to support pet mental and physical well-being.
Tilray, Inc. (NASDAQ:TLRY) and Aphria Inc. recently announced the completion of the previously announced business combination, ushering in a new era in the global cannabis industry. The combined company, which will operate as Tilray (the "Company"), brings together two highly complementary businesses to create the leading cannabis-focused consumer packaged goods ("CPG") company with the largest global geographic footprint in the industry. The combined company had a market cap of approximately US$8.2 billion based on the closing stock prices on April 30, 2021.
The Company's class 2 common stock ("Tilray Shares") will continue to trade on the Nasdaq Global Select Exchange under the ticker symbol "TLRY" and will commence trading on the Toronto Stock Exchange under the ticker symbol "TLRY" on May 5, 2021. As previously announced, each Aphria shareholder received 0.8381 of a Tilray Share for each Aphria common share (each an "Aphria Share") held on April 30, 2021, the effective time of the transaction. Holders of Tilray Shares prior to the completion of the transaction continue to hold their Tilray Shares with no adjustment as a result of the transaction. An early warning report in respect of the Company's acquisition of all of the outstanding Aphria Shares pursuant to the transaction will be filed on SEDAR and will be available under Aphria's issuer profile at www.sedar.com.
Aurora Germany GmbH, a subsidiary of Aurora Cannabis Inc. (NYSE: ACB) (TSX: ACB), the Canadian company defining the future of cannabinoids worldwide, and Grow Group PLC ("Grow"), a biopharmaceutical company focused on improving access to cannabis-based medicines in the United Kingdom ("UK"), recently announced the extension of their long-standing strategic relationship by signing a two-year market access services agreement for the UK. Aurora was one of the first companies to enter into a strategic relationship with Grow in August 2019 and since then, both companies have become leaders in the rapidly growing medical cannabis market in the UK.
"We are delighted to extend our existing strategic relationship with Grow," stated Miguel Martin, Chief Executive Officer of Aurora Cannabis. "We have worked successfully with Grow and their joint venture partner, IPS, since entering the UK market. Renewing this agreement will help to broaden access for patients by leveraging Grow's work educating physicians and creating awareness of medical cannabis options. Aurora is committed to providing access to legally produced high-quality pharmaceutical-grade medical cannabis to address the needs of the growing European medical cannabis market, made possible with our EU GMP facility, Aurora Nordic."
Sundial Growers Inc. (NASDAQ: SNDL) and Inner Spirit Holdings Ltd. recently announced that they have entered into an arrangement agreement (the "Agreement") pursuant to which Sundial will acquire all of the issued and outstanding common shares of Inner Spirit for total consideration of approximately $131 million (the "Transaction"). The combined company will continue to focus on providing quality cannabis to consumers through a responsible and disciplined approach while creating enduring value for shareholders.
Under the terms of the Agreement, Inner Spirit's shareholders will receive, for each Inner Spirit common share held, (i) $0.30 in cash and (ii) 0.0835 of a Sundial common share (representing $0.09 per Inner Spirit common share based on the 10-day volume-weighted average price ("VWAP") of Sundial common shares on the Nasdaq Capital Market), for total consideration of $0.39 per Inner Spirit common share. The purchase price of $0.39 per Inner Spirit common share represents a premium of 54.8% to the 10-day VWAP of Inner Spirit common shares on the Canadian Securities Exchange (the "CSE") and a premium of 62.5% to the closing price of Inner Spirit common shares on the CSE on May 4, 2021. The Transaction has been unanimously approved by the Boards of Directors of Sundial and Inner Spirit and is expected to close early in the third quarter of 2021.
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