PALM BEACH, Fla., Feb. 16, 2021 /PRNewswire/ -- Cannabis-infused foods revenues, also known as cannabis edibles, that contain cannabinoid compounds, have been growing steadily over the past few years and are projected to continue to grow over the next several years according to industry reports. The growing acceptance of cannabis is the key factor likely to drive the cannabis edibles market globally in the future. The opinion about cannabis is changing and its adoption is increasing globally, which is projected as a lucrative business opportunity for this market in the upcoming years. The legalization of cannabis in Canada is attracting an extensive range of market players. Moreover, the high popularity of cannabis for medical purpose is also anticipated to drive the cannabis edibles market globally over the estimated timeframe. For medical use, cannabis products are extensively accepted in Canada, the U.S., Spain, Israel, Chile, Australia, and Germany. The growing use of cannabis for Alzheimer's and arthritic diseases is further expected to propel the global cannabis edibles market in the upcoming years. Therefore, increased social recognition related to cannabis across various regions is likely to offer significant opportunities in the cannabis edible products market in the future. According to a report from Zion Market Research, the global cannabis edibles market was valued at approximately USD 2,376 million in 2018 and is expected to generate around USD $11,564 Million by 2025, at a CAGR of around 25.4% between 2019 and 2025. Active companies in news today include: Pure Extracts Technologies Corp. (OTCPK: PRXTF) (CSE: PULL), Sundial Growers Inc. (NASDAQ: SNDL), cbdMD, Inc. (NYSE: YCBD), The Supreme Cannabis Company, Inc. (OTCQX: SPRWF) (TSX: FIRE), Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI).
The Zion Market Research report said: "Solid edibles are estimated to hold a major share of the global cannabis edibles market in the future. Consumption of cannabis edibles includes the ability to benefit from the properties of cannabis without smoking the flower or vaporizing distillates. The high adoption of cannabis edible brownies is contributing to the high share of this segment in the global market. Moreover, gummies and mints are easy to carry and chewing them provides adequate consumption of cannabis, which, in turn, is anticipated to further increase the demand for solid cannabis edibles market globally in the future. Cancer held the major share of the global cannabis edibles market in 2018 and is expected to grow significantly over the forecast period as well. This can be attributed to the growing use of cannabis products for cancer patients to manage chronic pain and nausea."
Pure Extracts Technologies Corp. (OTCPK: PRXTF) (CSE: PULL) (PULL.CNX) BREAKING NEWS - Pure Extracts Agrees to Licensing deal with Taste-T, LLC the US manufacturer of Fireball Cannabis Gummies - Pure Extracts Technologies Corp. ("Pure Extracts" or the "Company"), a plant-based extraction company focused on cannabis, hemp and the rapidly emerging functional mushroom sector, is pleased to announce its licensing deal with U.S. based Taste-T, LLC ("Taste-T").
Taste-T utilizes a proprietary manufacturing system to produce and package branded cannabis gummies and sells them in multiple U.S. states including Nevada, Massachusetts, Michigan and Oklahoma. Their famous products include Margarita Chill and Fireball Cinnamon and come in unique blister packaging.
Pure Extracts has signed an agreement with exclusive rights for Canada and first rights to other countries around the world. Included in the agreement is the delivery to Pure Extracts' British Columbia facility of one of Taste-T's custom built gummie manufacturing machines, certified to Canadian standards. Pure Extracts will be selling these products in a Health Canada compliant format in licensed dispensaries throughout Canada under their 'Pure Chews' brand of edible products.
Pure Extracts' CEO, Ben Nikolaevsky, remarked, "Taste-T's gummy line up represents a great opportunity for our Company to leverage one of the few U.S. cannabis products that can legitimately be call a 'brand'. And of course, as a Canadian company, Pure Extracts is ideally suited to export this product to numerous countries around the world." Read more news for Pure Extracts by visiting: https://www.financialnewsmedia.com/news-pull/
In other industry news of note:
Sundial Growers Inc. (NASDAQ: SNDL) announced earlier this month that it has closed a best efforts underwritten registered offering of 60,500,000 Series A Units, each consisting of one common share and one-half Series A Warrant, with each whole Series A Warrant entitling the holder to purchase one common share, and 14,000,000 Series B Units (and together with the Series B Units, the "Units"), each consisting of one pre-funded Series B Warrant (together with the Series A Warrants, the "Warrants") to purchase one common share and one-half Series A Warrant, with each whole Series A Warrant entitling the holder to purchase one common share. Each Series A Unit was sold at a price of US$1.00 per Series A Unit and each Series B Unit was sold at a price of US$1.00 per Series B Unit, minus US$0.0001, and the remaining exercise price of each Series B Warrant is equal to US$0.0001 per common share. The Warrants are immediately exercisable and have a term of five years commencing on the date of issuance. Only whole Warrants are exercisable. The exercise price of the Series A Warrants is equal to US$1.10 per common share. All of the securities in the offering are being sold by Sundial.
cbdMD, Inc. (NYSE American: YCBD), one of the nation's leading and most highly trusted and recognized cannabidiol (CBD) brands, recently announced its financial results for its first quarter ended December 31, 2020.
Financial Highlights for the Quarter Ended December 31, 2020: Our net sales for the first quarter of fiscal 2021 increased by 22% year-over-year to a record of $12.3 million from $10.1 million from the prior year's quarter; Our gross profit margin for the quarter increased to 72.2% from 63.5% in the prior year's quarter; We reported record quarterly E-commerce, direct-to-consumer, net sales of $9.7 million, an increase of $2.8 million, or 41%, from the prior year's quarter and 13% sequential quarterly growth; Our CBD pet brand, Paw CBD, reported in net sales in quarter increased 83%, to $1.5 million compared to $820,000 from the prior year's quarter; Our quarterly operating expenses decreased by 15% YOY to $10.7 million from $12.6 million from the prior year's quarter, a sequential quarterly decrease of 2%.; and At December 31, 2020, we had working capital of approximately $30.6 million and cash on hand of approximately $28.8 million as compared to working capital of approximately $16.0 million and cash on hand of approximately $14.8 million at September, 2020. Our working capital position was bolstered during the quarter following our receipt of approximately $15.8 million in net proceeds from our December 2020 sale of shares of our 8.0% Series A Cumulative Convertible Preferred Stock in a firm commitment underwritten public offering.
The Supreme Cannabis Company, Inc. (TSX: FIRE) (OTCQX: SPRWF) recently announced its financial and operating results for the three months ended December 31, 2020. Supreme Cannabis' Management Discussion & Analysis ("MD&A") and condensed interim consolidated financial statements ("Financial Statements") for the three and six months ended December 31, 2020 ("Q2 2021"), along with all previous public filings of the Company may be found on SEDAR. All figures are in Canadian dollars.
Beena Goldenberg, President and CEO of Supreme Cannabis, commented: "Supreme Cannabis continued to execute on its strategy of accelerating revenue and controlling our costs in the second quarter of fiscal 2021, which resulted in record revenue and EBITDA performance. Consolidated net revenue grew by 54% compared to Q1 to $18.3 million, while recreational net revenue – which is a significant area of focus for the Company – grew by 70% compared to last quarter to $12.7 million. Our revenue growth was attributable to distribution gains, improved fulfilment and an overall strengthening of our internal processes. We continued to exercise disciplined cost control across the business, resulting in Supreme Cannabis generating positive Adjusted EBITDA of $3.6 million, up from $0.3 million in the first quarter of fiscal 2021."
Organigram Holdings Inc. (TSX: OGI) (NASDAQ: OGI) announced earlier this month Matt Rogers, Senior Vice President, Operations, will be leaving Organigram at the end of May 2021 to pursue other interests. Organigram would like to thank Matt for his efforts helping Organigram grow from a licensed producer of medical cannabis to one of the country's leading producers of both medical and adult use recreational products.
One of Organigram's earliest employees, "Matt has embraced the challenges and opportunities of the cannabis industry. His insights and creativity have been instrumental as we have worked to develop a state-of-the-art production facility," says Greg Engel, CEO, Organigram.
Mr. Rogers has made many foundational contributions to the organization and has been a key team member during Organigram's rapid growth. During his tenure, he led and oversaw initiatives including the construction of the Company's recently completed edibles and derivative facility and the Company's operational strategy related to the Company's "Rec 2.0" products. "We would like to thank Matt for his commitment to a seamless transition and wish him well in his future endeavours" said Greg Engel, CEO.
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