NEW YORK, April 2, 2019 /PRNewswire/ -- The cannabis plant has recently seen a widespread growth in popularity and even though the plant is still considered illegal in most countries, a handful are moving towards legalization. Most of these countries are legalizing cannabis for medical purposes, while some are looking to legalize it for recreational use as well. Cannabis is commonly stereotyped as a psychoactive drug, due to its tetrahydrocannabinol or THC makeup. However, as research and clinical trials have progressed over the past few decades, consumers have noticed that the plant is much more versatile and not for just getting "high." Now, researchers have been able to link cannabis to the treatment of certain medical conditions. Additionally, more and more companies and entrepreneurs are entering into the cannabis space in an effort to offer consumers medical cannabis treatments. While the use of cannabis is more readily available for medical applications, there is still a large recreational market, particularly in the U.S. and Canada. The recreational sector of the cannabis industry is still heavily regulated, but many countries have moved to decriminalize the plant, allowing its denizens consumption in moderate amounts. The shift in regulatory enforcement regarding cannabis is also influencing other countries to explore opportunities within the industry. According to data compiled by Mordor Intelligence, the global cannabis market was valued at USD 7.7 Billion in 2016 and is expected to reach USD 65 Billion by 2023. Additionally, the market is expected to register a robust CAGR of 37% during the period. Nerds On Site Inc. (OTC: NOSUF) (CSE: NERD), Weekend Unlimited Inc. (OTC: WKULF) (CSE: POT), InMed Pharmaceuticals, Inc. (OTC: IMLFF) (TSX: IN), Freedom Leaf, Inc. (OTC: FRLF), PotNetwork Holdings, Inc. (OTC: POTN)
The development of the cannabis industry has introduced various public and private sectors into the marketplace. Companies related to banking, finance, law, food, security, and even technology have expanded outward and into cannabis. In particular, the technology market has come into focus because of the large role that it can play within the industry. Now, multiple technology companies are developing e-commerce platforms for cannabis consumers, while some are integrating blockchain technology into operations. In addition, the information technology market is also beginning to play a major role in the cannabis industry as well. Information technology is often used in the cannabis industry to provide platforms such as seed-to-sale tracking for growers and retailers, ID scanning for buyers, databases for customers, and digital marketing for both businesses and consumers. Established and large marketplaces such as Colorado and California have already integrated various examples of this technology and these two states are the largest revenue drivers for the global cannabis market. The integration of technology allows dispensaries, retailers, cultivators, and distributors to keep track of their operation, allowing them to operate fluidly and effectively meet demands. "This harnessing of an information technology to track the cannabis market is key to Colorado's forceful march towards creating a thriving legal marijuana industry. Crucially, the state's ability to use tracking and Big Data could provide a reference point for other jurisdictions interested in the regulatory potential offered by tracking," according to Daniel Martinez, Dane Pflueger, Tommaso Palermo and Daniel Brown, associates at HEC Paris Insights.
Nerds On Site Inc. (OTCQB: NOSUF) (CSE: NERD) also listed on the Canadian Securities Exchange under the ticker (CSE: NERD). Earlier today, the Company announced breaking news that, "Cannabis IT in a Box, the "Go To" solution, delivered, installed and serviced for SME businesses in the cannabis industry last week, announces its first customer for the solution - Northern Lights Supply retail operation in Alberta.
Northern Lights Supply is situated in Nisku, Alberta, at the intersection to Canada's largest oilfield industrial park, along Alberta's busiest corridor, Highway 2 and opposite the Edmonton International Airport. The store provides 6,500 square feet of retail space, making it one of the largest approved retail cannabis stores in Alberta. Northern Lights Supply opened on 23 February 2019. Northern Lights Supply is a Weekend Unlimited brand (CSE: POT).
"This is an ideal solution for our start up retail operation. The Cannabis IT in a Box concept is exactly what we needed to ensure, as a small business, that we have the resources and expertise of a highly sophisticated operation when it comes to best practices and applications for our information technology," said Mr. Derek Shields, President and CEO, Northern Lights Supply.
The NERDS on Site Cannabis IT in a Box solution will provide the following services to Northern Lights Supply:
- IT support for existing systems
- Development and provision of inventory tracking and sales systems
- Security systems and video systems maintenance and monitoring (access card or fob solutions with multi-level access function, timer and alarm features)
- IT systems regulatory compliance management
- Network monitoring and management
- In store network security and ransomware protection
- Corporate and multi store network support, management, and ransomware protection
- Website development e-commerce ready, from simplest to most complex systems
- Mobile in person support if required, with back up capabilities, remote access and remote support
"Derek and his team have seized the early opportunity to work with us in prototyping and launching Cannabis IT in a Box with their solid retail operation," said Mr. Charles Regan, CEO, NERDS on Site. "Northern Lights Supply is an impressive operation, it has been designed to set the standard for cannabis retail operations and its strong customer flow in the first month of operations presents an opportunity for us to design and scale their Cannabis IT in a Box solution for the long-term success of their business."
The Cannabis IT division of NERDS delivers the most experienced and agile IT solutions company, serving small and medium sized businesses, to new and existing operators in the Cannabis space. The turn key Cannabis IT in a Box solution is designed to get businesses up and running efficiently, in full compliance, and with instant access to the information they need to serve customers."
For our latest "Buzz on the Street" Show featuring Nerds On Site Inc. recent corporate news, please head over to: https://www.youtube.com/watch?v=rFuEBDOjsqU
Weekend Unlimited Inc. (OTCQB: WKULF) (CSE: POT) is capitalizing on its vast industry relationships to establish a lifestyle brand featuring premium products and delivering life's highest moments. Weekend Unlimited Inc. recently announced that Northern Lights Supply, for which Weekend Unlimited has previously announced an arms-length agreement to acquire 49% of, has celebrated its grand opening on Saturday, February 23rd, less than three weeks after receiving one of 10 new licenses in Alberta. Northern Lights Supply is situated in Nisku, Alberta, at the intersection to Canada's largest oilfield industrial park, along Alberta's busiest corridor, Highway 2 and opposite the Edmonton International Airport. The store provides 6,500 sq. ft. of retail space, making it one of the largest approved retail cannabis stores in Alberta. Northern Lights Supply was designed to take advantage of the upcoming edible and infused cannabis products, scheduled to be legal in the fall of 2019. "The initial customer response confirmed we hit a home run with not only our store design and selection but just as important, our team's commitment to cannabis education," said Northern Lights Supply President, Derek Shields. "With very little promotion our grand opening achieved sales of USD 27,000 (approximately 35% margin) and our customers provided terrific feedback, mainly that they appreciated an education focused experience in the store, something we see as our number one priority," added Mr. Shields.
InMed Pharmaceuticals, Inc. (OTCQB: IMLFF) (TSX: IN) is a biopharmaceutical company developing a proprietary biosynthesis system for the manufacturing of pharmaceutical-grade cannabinoids, as well as a pipeline of cannabinoid-based medications that target diseases with high unmet medical needs. InMed Pharmaceuticals Inc. recently provided an update on its drug development program for the treatment of Epidermolysis Bullosa. The Company has determined that the clinical development path forward with its investigational drug candidate for the treatment of EB, previously referred to as INM-750, will be optimized by transitioning to an alternative formulation, now designated as INM-755. INM-755 is formulated based on one of the two cannabinoids that comprised INM-750. Alexandra D.J. Mancini, MSc, InMed's Senior Vice President, Clinical and Regulatory Affairs, commented, "Our decision to move forward in clinical development with INM-755 is data-driven. Moreover, we believe that pursuing a single-agent formulation, rather than a combination product, will ultimately improve the probability of development and regulatory success in this complex and rare disease," Ms. Mancini continued, "INM-755 will be developed based on its potential to provide symptomatic benefit for all EB patients, and possibly improve skin integrity in a subset of EB Simplex patients through keratin up-regulation."
Freedom Leaf, Inc. (OTCQB: FRLF) is a diversified, global leader in plant-based care providing premium Hemp CBD health products across advanced care, consumer and pet markets to promote greater health, wellness and longevity. Freedom Leaf, Inc. and Pura Naturals, Inc. (OTC: PNAT) recently jointly announced a Strategic Alliance Agreement between the companies. On December 20, 2018, Pura and Freedom Leaf entered into a Strategic Alliance Agreement where Freedom Leaf will supply CBD to Pura as part of Pura's health and beauty line of products that contain CBD. The Pura Health and Beauty Line will feature "IrieCBD Inside" with Freedom Leaf, Inc. receiving a royalty. Freedom Leaf will also assist with marketing, distribution and sales of Pura's products and receive a fee for this work. Clifford J Perry, C.E.O. and Member of the Board of Directors of Freedom Leaf said, "Freedom Leaf is happy to provide our CO2 extracted CBD to Pura Naturals for inclusion in their new health and beauty line of products. We are always looking for methods of increasing the reach of our IrieCBD brand."
PotNetwork Holdings, Inc. (OTC: POTN) is a publicly traded company that acts as a holding company for its principal subsidiaries, First Capital Venture Co., the owner of Diamond CBD, Inc., the maker of Diamond CBD products. Diamond CBD Inc. recently announced that it is presenting its popular line of Diamond CBD oils, edibles, and creams to several large pharmacy chains. Recently passed federal legislation that legalizes industrial hemp production in the United States has generated increased mainstream acceptance of CBD-based products and drawn interest from retailers looking to capitalize on the public's desire for products that reduce stress and anxiety. "Our array of CBD products already play an active role in the wellness routine of thousands of Americans," said Kevin Hagen, Chief Executive Officer of Diamond CBD parent company PotNetwork Holdings, Inc. "That's why we are happy to present the benefits of CBD and our popular oils, edibles and beauty products to several large pharmacy chains in the days ahead."
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