NEW YORK, September 21, 2018 /PRNewswire/ --
According to a research report provided by Technavio, the global legal cannabis market is expected to grow at a steady CAGR of about 24% until 2021. The widespread proliferation of cannabidiol (CBD) oil products is one of the primary growth factors for the market. Generally, the medical applications of CBD, as well as the growing recognition of them as medical products, is what helped this segment of the industry witness a drastic increase in popularity in recent years. Technavio's Research analysis on the global CBD oil market indicates that CBD oil is highly recommended because it can suppress the growth of cancer cells and helps in the fight to prevent cancer. Focusing on the CBD segment, the research predicts that it will grow at a CAGR of more than 39% by 2021. Victory Square Technologies Inc. (OTC: VSQTF), Tilray, Inc. (NASDAQ: TLRY), India Globalization Capital, Inc. (NYSE: IGC), Namaste Technologies Inc. (OTC: NXTTF), The Supreme Cannabis Company (OTC: SPRWF)
Earlier this June, Canada stepped into the spotlight as the first G7 country to legalize recreational cannabis nationwide. Data provided by Deloitte projects the total cannabis market in Canada, including medical and illegal as well as legal recreational products, to generate up to USD 7.17 Billion in total sales in 2019. Legal sales are expected to contribute more than half of this total-up to USD 4.34 Billion-in the first year. "Canadians who are already consuming cannabis expect to buy nearly two-thirds of their products from legal retailers once they can. High product quality and integrity (as affirmed by quality testing) as well as a range of competitive price points will be needed to persuade current consumers to move their purchases over to legal sources. Delivering a superior customer experience will be of vital importance," Deloitte explains.
Victory Square Technologies Inc. (OTCQX: VSQTF) is also listed on the Canadian Securities Exchange under the ticker (CSE: VST). Yesterday, the Company announced that it has provided, "seed capital to establish Grow Tech Labs as a dynamic business accelerator in the cannabis sector. It will be focused on Canadian and international companies innovating in the medical and recreational cannabis industry.
This marks the latest in a series of cannabis-related investments which Victory Square has made over the past three years. In 2015-16, the Company worked with cannabis pioneers and thought leaders Tantalus Labs, which opened Canada's first closed-system greenhouse and launched a new phase of agricultural medical cannabis production in Canada (http://www.tantaluslabs.com ).
Earlier this year, Victory Square announced a strategic partnership with Cannabis Wise to establish a national cannabis certification program for Canada's post-prohibition marketplace (http://www.cannabiswise.com ).
'We're closely watching and engaged in what is a fast-moving marketplace for medical and recreational cannabis and appreciative of what innovation in the space will mean to the industry in British Columbia and across Canada,' said Shafin Diamond Tejani, CEO of Victory Square Technologies.
Tejani noted the Grow Tech Labs Accelerator will be formally launched next month, in association with the legalization of cannabis in Canada. Additional investments and project partners will be announced over the coming weeks and months.
'Grow Tech Labs will attract a new and diverse generation of cannabis sector leaders to Vancouver through world-class programs that apply innovative technology and deliver education rooted in entrepreneurship, mentorship and social responsibility,' said Tejani. 'We look forward to seeing Grow Tech Labs push the envelope of best practices in the field, from opportunities for female entrepreneurs and Indigenous companies to collaborative sector-wide partnerships.'
To help reaffirm British Columbia's status as a global cannabis capital for excellence and innovation, Grow Tech Labs will:
- Provide direct support, access to capital, mentorship and licensed space to locate innovative start-up Canadian companies in BC.
- Attract international investment to BC's cannabis sector.
- Accelerate the participation of small BC producers and processors in the legal marketplace.
- Establish dedicated programming for female-founded and Indigenous-founded/owned companies.
- Establish partnerships with community, business and education organizations.
Victory Square, is a technology accelerator that uses its experience, expertise and resources to help grow and scale its 23 portfolio companies who are working on innovative and disruptive projects in every sector of the global economy, including Finance, Health, Cannabis, Real Estate, Insurance, Entertainment and Education.
The Company provides investors with a curated portfolio of emerging technology companies focused on: Artificial Intelligence ("AI"), Blockchain, Esports, Virtual Reality ("VR"), and Augmented Reality ("AR"), with the ability to provide significant upside to shareholders through monetization strategies that include IPO's, RTO's, and M&A activity."
The Company also advises, further to its news release dated July 31, 2018, it has converted an aggregate of $805,240.47, the majority of which comprises loans advanced to the Company by Shafin Diamond Tejani, Chief Executive Officer of Victory Square, into common shares in the capital of the Company (the "Shares") at a deemed value of $1.00 per Share.
All Shares issuable to satisfy the amount payable are subject to a four-month hold period under applicable Canadian securities laws."
Tilray, Inc. (NASDAQ: TLRY) is a global pioneer in the research, cultivation, production and distribution of cannabis and cannabinoids currently serving tens of thousands of patients in eleven countries spanning five continents. Tilray Inc. recently announced that the U.S. Drug Enforcement Administration has granted approval to import a cannabinoid study drug into the United States from Canada for a clinical trial at the University of California San Diego Center for Medicinal Cannabis Research (CMCR) examining its safety, tolerability and efficacy for Essential Tremor (ET). Tilray is providing a cannabinoid formulation for the trial in capsule form, which will allow researchers to test an investigational drug product containing two active ingredients extracted from the cannabis plant, cannabidiol (CBD) and tetrahydrocannabinol (THC). Dr. Fatta Nahab, a board-certified neurologist and Director of the Functional Imaging of Neurodegenerative Disorders Lab at the UC San Diego Health's Movement Disorder Center, will serve as the principal investigator for the study. It is expected to begin in early 2019 with financial support from Tilray and the International Essential Tremor Foundation. "Tilray is proud to support this crucial research," says Dr. Catherine Jacobson, Director of Clinical Research at Tilray. "If this study can identify cannabinoids as a potential treatment for patients suffering from essential tremor, we can conduct further research and potentially provide alternative effective methods of relief for the high numbers of patients with ET."
India Globalization Capital, Inc. (NYSE: IGC) as developed a patent-pending cannabis-based combination therapy to treat endpoints of Alzheimer's including plaques, tangles, anxiety, agitation and other NPS, which it plans to market through Canadian and U.S. medical dispensaries in early 2018. India Globalization Capital, Inc. recently announced that it raised USD 1.0 Million in a private placement of restricted shares. 869,565 shares of newly issued unregistered common stock were sold at USD 1.15 per share. After fees and expenses, the net proceeds to IGC are approximately USD 1.0 Million. The net proceeds from the offering are for marketing and working capital associated with the commercialization of Hyalolextm. The sale is subject to customary closing conditions, including approval by the NYSE. "We are pleased to receive an investment from a strategic investor who shares IGC's vision and confidence in commercializing our flagship product, Hyalolextm, and our ability to drive long-term shareholder value. The investment is made by Bradbury Investment Fund limited, based in Hong Kong, through three of its Global Asset Funds. The investment is strategic as the fund can introduce the Company to potential acquisitions of global assets as more countries legalize hemp, cannabinoids, and cannabis. Further, the fund can also help the Company in introducing its products, including Hyalolextm, in foreign countries," said Ram Mukunda, Chief Executive Officer of IGC.
Namaste Technologies Inc. (OTCQB: NXTTF) is Your Everything Cannabis Store™. Namaste operates the largest global cannabis e-commerce platform with over 30 websites in 20+ countries under various brands. Namaste Technologies Inc. recently announced that the Company's wholly-owned subsidiary, Cannmart Inc., has received confirmation from Health Canada that it will be allowed to buy pre-packaged, labeled and tested cannabis products. This development is very significant for Cannmart in that it will eliminate the need for buying in bulk, testing and packaging which will significantly reduce overhead costs for Cannmart and thus increase gross profit margins. By allowing Cannmart to purchase pre-packaged medical cannabis products, the Company can remain focused on its areas of expertise in e-commerce and technology and enable the Company to further expand on the products and services that can be provided through Cannmart. The update from Health Canada is extremely positive for the Company and will further support its strategy in establishing Cannmart as Canada's leading medical cannabis online marketplace. Sean Dollinger, President and Chief Executive Officer of Namaste commented, "This is amazing news for Cannmart which will completely eliminate the need to buy bulk cannabis, test, unpack, weight and repack before it hits the shelves. We believe that this will allow us to maximize our output and profitability through Cannmart. We are thrilled to have received this update from Health Canada which only supports our business model and strategy in developing Canada's most innovative e-commerce platform to offer a curated selection medical cannabis products and the best user experience possible."
The Supreme Cannabis Company (OTCQX: SPRWF) is a Canadian publicly traded company committed to providing premium brands and products that proudly reflect its consumers, people and uniquely innovative culture. The Supreme Cannabis Company, Inc. recently announced that the Company's wholly-owned subsidiary, 7ACRES, has entered into a supply agreement to provide dried cannabis to Tilray Canada Ltd., a subsidiary of Tilray Inc., a global leader in cannabis research, cultivation, processing and distribution currently serving tens of thousands of patients in 11 countries spanning 5 continents. "We are pleased to enter into this agreement with Tilray. As one of Canada's first licensed producers, Tilray has been an industry leader in patient services and quality assurance. We believe this agreement demonstrates the quality of the 7ACRES dried flower, and the infrastructure, management and systems that support our brand positioning," said John Fowler, Chief Executive Officer of Supreme Cannabis.
Subscribe Now! Watch us report LIVE https://www.youtube.com/FinancialBuzzMedia
Follow us on Twitter for real time Financial News Updates: https://twitter.com/financialbuzz
Follow and talk to us on Instagram: https://www.instagram.com/financialbuzz
Facebook Like Us to receive live feeds: https://www.facebook.com/Financialbuzz/
FinancialBuzz.com, a leading financial news informational web portal designed to provide the latest trends in Market News, Investing News, Personal Finance, Politics, Entertainment, in-depth broadcasts on Stock News, Market Analysis and Company Interviews. A pioneer in the financially driven digital space, video production and integration of social media, FinancialBuzz.com creates 100% unique original content. FinancialBuzz.com also provides financial news PR dissemination, branding, marketing and advertising for third parties for corporate news and original content through our unique media platform that includes Newswire Delivery, Digital Advertising, Social Media Relations, Video Production, Broadcasting, and Financial Publications.
For further information:
Media Contact: email@example.com , +1-877-601-1879