NEW YORK, March 6, 2019 /PRNewswire/ -- The cannabis industry is steadily on track to become one of the global disruptive markets. The industry is experiencing strong momentum as more and more countries begin to enter into the marketplace. While only Uruguay and Canada have legalized cannabis entirely, many countries are beginning to legalize cannabis on some level. Recently, U.S. states Utah, Missouri, and Michigan passed favorable cannabis legislation, while South Korea passed a medical cannabis bill for specific conditions as well. The proliferation of legalization spreading around the globe is causing the cannabis industry to accelerate rapidly, outpacing growth rates of other major industries. According to data compiled by MarketsandMarkets research, the global cannabis market is expected to grow from USD 10.3 Billion in 2018 to USD 39.4 Billion by 2023. Furthermore, the market is expected to witness a CAGR of 30.7% during the forecast period. The primary driver for the market is the spur of countries legalizing cannabis for medicinal applications. Weekend Unlimited Inc. (OTC: WKULF) (CSE: POT), MariMed Inc. (OTC: MRMD), MedMen Enterprises Inc. (OTC: MMNFF) (CSE: MMEN), Medicine Man Technologies Inc. (OTC: MDCL), Liberty Health Sciences Inc. (OTC: LHSIF) (CSE: LHS)
Despite the growing global presence of the cannabis industry, the U.S. is a major factor in its growth. The U.S. alone accounts for a majority of the global market share and is expected to continue its dominance. However, cannabis is still federally illegal within the U.S., but the government has granted states the authority to legalize cannabis or keep its illegal status. Currently, 46 states allow some form of cannabis use, though the majority allow only medical and CBD use. Now, states such as Connecticut, New Mexico, and Illinois are all moving towards legalizing adult-use cannabis. Other states like Tennessee, Wyoming, and Nebraska have also introduced bills to potentially legalize medical cannabis. "From states on the east coast like Connecticut, where the new governor has openly advocated for legalization, to more conservative states like Kentucky, lawmakers across the nation are realizing more and more that they need to step up and take action, and if they don't, they will lose their jobs," NORML State Policies Coordinator Carly Wolf told Cannabis Business Times. "It is clear that reform is supported by the American public, regardless of where one stands on the political spectrum. Should these policies in other states have been ineffective or unfavorable, surely we would not be seeing this rapid increase in public and political support."
Weekend Unlimited Inc. (OTC: WKULF) (CSE: POT) is also listed on the Canadian Securities Exchange under the ticker (CSE: POT). Yesterday, the Company announced that, "President & CEO, Paul Chu has issued this important update to shareholders.
Dear Weekend Unlimited Shareholder:
The Company is actively implementing its strategy as a multi-national operator, developing a brand portfolio to satisfy every segment of the recreational cannabis market in legal jurisdictions. As we build momentum, we wanted to share some of the highlights over the last month, these include:
- International recognition that came from winning the Canadian Stock Exchange's POT Lottery
- A significant distribution deal for Canna Candys
- Closing of the R & D Pharma deal for Jamaican vertical operations
- Licensing and grand opening of Northern Lights Supply retail store in Alberta
- Expansion into the Oklahoma market
- Executive appointments in business development, operations and revenue generation
- Start of trading on the OTC QB Market
Allow me to expand on each of the above:
Building on the POT Lottery win, the Company signed a long-term distribution deal for Canna Candys, focused on growing a retail presence in the US Northeast, Midwest and Southeast regions. The strategy will begin with Canna Candy's mixed fruit gummies, which each contain 5 mg of 99.6% hemp oil extract (0% THC and non-psychoactive). Additional products in Weekend's candy and beverage brands are anticipated to be added to the distribution deal in the near term.
In Jamaica, closing the deal with R & D Pharma allows the Company to accelerate growth in that country's medical tourism market. Weekend will also develop consumer brands for Jamaican and international export markets, leveraging favorable cultivation economics and the stature and reputation of Jamaica's cannabis history. The overall assets include 145-acres of cultivation property, with significant yield over a 4 times per year crop rotation.
Upon receiving one of ten new Alberta retail licenses, as announced on February 5th, the retail operation received two inventory shipments and celebrated its grand opening on February 23rd, driving significant traffic, awareness and sales. The Northern Lights Supply store will serve as a launchpad for new products, customer data gathering, educational programming to the hospitality industry, and a platform for partnerships.
Oklahoma presents a geographically advantageous growth platform for Weekend. The acquisition we announced includes a 7-acre property with 20,000 ft2 of indoor facilities housing nursery/cultivation and extract production. The plans also include a 1500 ft2 retail-designated space for a concept store to be developed as Weekend's first location in Oklahoma. Additional space will be designed to produce and package Weekend's Canna Candys brands to distribute in Oklahoma. Licenses have been secured for cultivation, processing, transportation, and an application is in place for a retail license.
Our initial product focus for the Oklahoma medical market will be centred upon vape cartridges, dab rigs and candy products. The brand strategy will be scalable and expand to beverages, topicals and supplements.
Along with our listing on the OTC QB, which will make the company more accessible to USA investors, putting a strong leadership team in place has been a top priority. Over the last 30 days we have added Clint Pyatt, Director of Revenue Generation, Ese Roberts, Director of Operations, Karl Schmieder, MS/MFA, Director of Business Development, and Tom Wisniewski, VP Sales Operations.
This leadership team's experience and understanding of our vision is being put into action immediately to establish and scale best-in-class operations and distribution, creating strong revenue trajectories as the company launches its own consumer packaged brands, with hemp oil extract products being a primary focus throughout the USA.
President and CEO
About Weekend Unlimited Inc.: Weekend Unlimited is capitalizing on its vast industry relationships to establish a lifestyle brand featuring premium products and delivering life's highest moments. The company aggregates and scales small to medium brands, primarily in the categories of flower, extracts and edibles. Weekend Unlimited brands have best of class operations, distribution and strong revenue trajectories, making them ideal candidates for the deployment of capital and expertise through access to technologies, infrastructure and centralized systems. Learn more at www.weekendunlimited.com "
For our latest "Buzz on the Street" Show featuring Weekend Unlimited Inc. recent corporate news, please head over to: https://www.youtube.com/watch?v=PMhPeck9R08
MariMed Inc. (OTCQB: MRMD) is a multi-state cannabis company that develops, owns and operates licensed cannabis facilities and develops and distributes branded cannabis and hemp product lines. MariMed Inc. recently announced the formation of MariMed Hemp, Inc., a wholly-owned subsidiary to be entirely focused on hemp-derived CBD products. MariMed Hemp will have a dedicated executive team, proprietary brand and product lines, and distribution and marketing relationships, all separate from MariMed's core cannabis business. The subsidiary builds on MariMed's recent investment in GenCanna Global, a leader in high-quality, fully compliant hemp cultivation and processing which is acclaimed for its genetics, proprietary cultivation practices and best in class processing procedures that produce world class, GMP, quality CBD isolates and oils. GenCanna anticipates planting and processing over 10,000 acres of hemp in 2019, making it one of the nation's largest hemp producers and the key supplier of hemp CBD oil to MariMed Hemp. "With the recent signing of the U.S. Farm Bill that declared hemp fully legal at the federal level, we believe the hemp CBD industry may grow even faster than the cannabis industry," said Robert Fireman, Chief Executive Officer of MariMed. "Consumers and retailers alike seek the highest quality, trustworthy products. While many niche players may try to compete, the reality is that only a handful of suppliers can reliably deliver top-quality CBD products at scale that can serve the needs of major retailers."
MedMen Enterprises Inc. (OTCQX: MMNFF) (CSE: MMEN) is a cannabis retailer with operations across the U.S. and flagship stores in Los Angeles, Las Vegas and New York. MedMen Enterprises Inc. recently announced that it has closed its previously announced acquisition of Kannaboost Technology Inc. and CSI Solutions LLC, collectively referred to as "Level Up," two vertically-integrated operations in Arizona. The acquisition includes retail locations in Scottsdale and Tempe, as well as 25,000 sq. ft. of cultivation and production capacity in Tempe and Phoenix. The acquisition also includes a 40% stake in top-selling brand K.I.N.D. Concentrates, which is currently distributed in over 90% of the dispensaries in Arizona. The Company paid a combination of cash and stock valued at an aggregate of USD 33.5 Million. With the closing of the Acquisition and following the completion of the pending acquisition of PharmaCann, LLC, MedMen will be licensed for three medical-use cannabis dispensaries in Arizona. The flagship Level Up location in Scottsdale is one of the highest-grossing dispensaries in the state.
Medicine Man Technologies Inc. (OTCQX: MDCL) is Colorado's leading cannabis retailer with four locations across the state in Aurora, Denver, Longmont and Thornton. Medicine Man recently opened its newest retail dispensary in Longmont, Colorado, on February 20. The store opening comes after Medicine Man's January announcement of entering a binding agreement that is expected to lead to the near-term acquisition of Medicine Man by Medicine Man Technologies, a leading consulting, intellectual property licensing and products company in the cannabis industry. Located at 500 East Rogers Road, Longmont, Colorado, the new dispensary is strategically situated on "Car Row" with auto dealerships nearby, guaranteeing higher than normal foot traffic for retail sales. Medicine Man was one of four companies that were selected for a license in a highly competitive application process. "Medicine Man is one of the pioneering operators that helped establish the burgeoning cannabis industry over the past decade with brand recognition far beyond its immediate market," says Andy Williams, Medicine Man Technologies' Chief Executive Officer. "Our expansion into retail stores allows us to leverage our reputation and expertise in the market and accelerate our growth in a segment of the business that we believe is highly scalable and profitable. The opening of the fourth Medicine Man retail location in Longmont is a key asset as we enter this exciting time of transition into a vertically integrated cannabis operator."
Liberty Health Sciences Inc. (OTCQX: LHSIF) (CSE: LHS) is the cannabis provider committed to providing a trusted, high quality cannabis experience based on our genuine care for all cannabis users and a focus on operational excellence from seed to sale and beyond. Liberty Health Sciences Inc. recently announced that it opened its latest dispensary in Orange Park, Florida, on March 1, 2019 pending Florida Department of Health approvals. In supporting the growth of its dispensary openings, the Company also announced that the first phase of its construction at its Liberty 360 Innovation Campus in Gainesville, Florida has been completed, including required inspections by the DOH, which provides the Company with an additional 80,000 square feet of cultivation space. The Company also announces that it continues to work towards increasing its directors and senior executives based in the United States, to more closely align with the US geographical focus of its business, as previously announced in its press releases of February 12 and 22, 2019. "At our Orange Park dispensary, we continue to fulfill our promise to customers by offering the 1.6 million people in the Jacksonville area access to the highest quality medical marijuana in the State of Florida," Victor Mancebo, Interim Chief Executive Officer, said. "Liberty is now beginning to realize its plan of becoming one of the largest cultivators in the State of Florida with our completion of this first phase of construction. We look forward to the completing our second phase of construction at Liberty 360 to support the immense growth in our dispensaries and our sales."
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