Global Cannabis Market Picking up Steam; North America Leading With Dominate Sales
01 Aug, 2018, 08:55 ET
PALM BEACH, Florida, August 1, 2018 /PRNewswire/ --
MarketNewsUpdates.com News Commentary
The recent activities in the booming cannabis industry leading to impressive global growth are clearly being fueled by current expansion, new partnerships and acquisitions as well the introduction of the newest products and services. In a recent article published this year on Forbes, ArcView Research and BDS Analytics project spending in the space will approach $60 billion in the next decade, including considerable growth in international markets. Much of this growth is influenced by continual legalization and legislative action, allowing the industry to progress and grow in the United States, North America and abroad. As the powerhouse and young sector develops, there is an increasing push for investors to get involved in the space, including officials pushing Wall Street banks to work with the cannabis industry to solve the cash-only issues currently plaguing the industry. Active Cannabis companies today include: MYM Nutraceuticals Inc. (CSE:MYM) (OTC:MYMMF), Medmen Enterprises Inc (OTC:MMNFF) (CSE:MMEN), Abattis Bioceuticals Corp (OTC:ATTBF) (CSE:ATT), Cronos Group Inc (NASDAQ:CRON) (TSX:CRON), CV Sciences Inc (OTC:CVSI),
MYM Nutraceuticals Inc. (OTCQB:MYMMF) (CSE:MYM.CN) BREAKING NEWS: MYM Nutraceuticals is pleased to announce it has entered into a two-year agreement with Amsterdam-based Dutch Passion for the production and distribution of Dutch Passion branded products and seed genetics in Australia.
Established in 1987 Dutch Passion is the second oldest European Cannabis seed company and for over 30 years has been a leading innovator of seed genetics. Dutch Passion has developed its own proprietary genetics and owns a seed collection of international cannabis genetics dating back to the 1970s. Since Dutch Passion was established in 1987, the company has won more than 50 Cannabis Cups for its high-THC, easy-to-grow varieties. Dutch Passion also invented feminized cannabis seeds in the 1990s and, more recently, helped pioneer the success of high-THC auto-flowering cannabis seeds.
"We are thrilled to be working with Dutch Passion in Australia. With over 30 years-experience in the development and distribution of cannabis seeds, they are considered to be world leaders," said Rob Gietl, CEO of MYM. "As legal production of cannabis has been rapidly increasing worldwide, so has the demand for seed genetics. The Dutch Passion portfolio of seeds will prove to be a very valuable asset to the shareholders of MYM."
Eric Siereveld, CEO of Dutch Passion Seed Company commented, "There were a lot of options when we were considering working with producers in Australia. We chose to partner with MYM because of their strong network and organization in the global cannabis industry. We are confident that MYM has the best environment to maximize the potential of the genetic products we offer."
Dutch Passion agreed to give MYM exclusive rights in Australia to produce and distribute under the Dutch Passion brand, all products that Dutch Passion sells currently and may sell in the future, including: clones, flowers, pre-rolled joints and other cannabis products. Australia is poised to be one of the worlds leading exporters of Cannabis products due to its favorable growing environment and low production costs. Dutch Passion also agreed to give MYM non-exclusive rights in Australia to produce and/or distribute cannabis seeds under the Dutch Passion brand. Read this entire Company update and more news for MYM Nutraceuticals at: http://www.marketnewsupdates.com/news/mymmf.html
In other cannabis developments of note:
Medmen Enterprises Inc (OTCQB:MMNFF) (CSE:MMEN.CN) recently announced the New York Department of Health has approved MedMen's request to manufacture and sell cannabis-infused lotions and topical pain-alleviating sprays for qualified medical marijuana patients. MedMen's four stores in New York currently offer vaporizer pens, tinctures and gel caps in five different formulations. Earlier this year, the state also approved MedMen adding ground flower in the form of metered pods to its product selection. MedMen is one of only 10 companies licensed to manufacture and sell medical marijuana in New York. In April, MedMen opened its flagship store on Fifth Avenue, only one of three licensed dispensaries in Manhattan.
Abattis Bioceuticals Corp (OTCQB:ATTBF) (CSE:ATT.CN) recently announced an update as the Company moves to a phase of building on recent investments and anticipates significant revenue growth in the fourth quarter of 2018. As a result of its recently completed over-subscribed private placements and the forthcoming sale of its remaining stake in Northern Vine Canada Inc. ("Northern Vine") to Emerald Health Therapeutics Inc., the Company will be well capitalized and in an enviable position heading into the legalization of cannabis for recreational purposes in Canada, which is expected to occur on October 17th of this year. Through its master services agreement with Northern Vine, the Company continues to have preferential access to a licensed lab, which will enable it to progress its research and development partnerships with the University of British Columbia, exploring nanoemulsified and liposomal platforms for transmucosal delivery of cannabinoid-rich hemp oil, and Faculty Brewing Company, developing hemp-infused, cannabinoid-rich, THC-free craft beer.
Cronos Group Inc (NASDAQ:CRON) (TSX:CRON) recently announced it has entered into a joint venture partnership with a group of investors led by Bert Mucci (the "Greenhouse Partners"), one of Canada's most sophisticated greenhouse operators and builders. This partnership will function through a newly formed entity, Cronos Growing Company Inc. ("Cronos GrowCo"), which will develop, construct and operate a state-of-the-art purpose-built greenhouse for cannabis production in Kingsville, Ontario. Cronos GrowCo is a 50/50 partnership between the Company and the Greenhouse Partners. It will leverage over three decades of Bert Mucci's experience in designing, building and operating sophisticated large-scale greenhouses. Bert Mucci, has a long history of greenhouse growing experience and will bring a wealth of knowledge and expertise to this collaboration.
CV Sciences Inc (OTCQB:CVSI) recently announced unaudited second quarter 2018 revenue and selected business highlights for the quarter ended June 30, 2018. Second quarter 2018 revenue is expected to be $12.3 million, up 203% compared to the second quarter of 2017, and a 53% sequential increase over Q1 2018. Company increased retail store count to 1,968 natural and organic health food stores as of June 30, 2018, representing an 11.1% sequential increase over the Company's retail store count for the first quarter of 2018. Read the full report here: https://finance.yahoo.com/news/cv-sciences-inc-pre-announces-124500180.html
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