NEW YORK, Aug. 18, 2020 /PRNewswire/ -- The skin care and beauty markets are looking good and are expected to get even better looking for years to come, according to a number of industry reports and projections. For example, a report from Million Insights projected that the global CBD skin care market is expected to reach USD 1.7 billion by 2025, registering a 32.9% CAGR over the forecast period, from 2019 to 2025. They said that the increasing awareness related to the healing properties of CBD infused beauty products is majorly driving the market growth. Yet another report, this from Allied Market Research, upped the projection saying that the global CBD skin care market size was valued at $633.6 million in 2018 and is anticipated to reach $3.48 billion by 2026, with a CAGR of 24.80% during the forecast period. Active companies in the Cannabis market this week include CanaFarma Hemp Products Corp. (CSE: CNFA), iAnthus Capital Holdings, Inc. (CSE: IAN) (OTCQX: ITHUF), Aphria Inc. (TSX: APHA) (NASDAQ: APHA), Canopy Growth Corporation (TSX: WEED) (NYSE: CGC), Fire & Flower Inc. (TSX: FAF) (OTCQX: FFLWF).
The Million Insights report continued: "The CBD infused beauty products can be used for all types of skin, as it is very effective and safe. The people who are facing acne, dryness, inflammation, and sensitivity problems will greatly benefit from these products as CBD based beauty products help to heal the breakouts and eczema flare-ups. This product has an anti-oxidant property which helps to reduce the pain of inflammatory skin and also helps to prevent aging signs problems. EU cosmetic ingredient database projected that hemp-infused oil can be used as a surfactant cleanser, emollient, and skin conditioning agent. Hemp molecules are easy to absorb in the skin and give healthy results, thereby, expected to drive the CBD skin care market growth during the forecast period.
CanaFarma Hemp Products Corp. (CSE: CNFA.CN) BREAKING NEWS: CANAFARMA HEMP PRODUCTS CORP. OUTLINES IMMEDIATE PLANS FOR INNOVATIVE HEMP OIL-INFUSED ANTI-AGING SKIN CARE LINE - CanaFarma Hemp Products Corp. (the "Company" or "CanaFarma") is pleased to announce the launch of its comprehensive and innovative hemp oil-infused Anti-Aging skin care line to market.
Formulated for every-day use on the face and neck, our Anti-Aging Line consists of a Day Cream Repair, Night Cream Repair, Eye Serum, Men's Cream, along with a high-end Toner and Cleanser.
Clinical studies of people ages 25 to 65 demonstrated the Day Cream visibly affected the length and depth of wrinkles, brightens skin noticeably and takes years off the skin's appearance. CanaFarma's special formulation of sesame protein, together with phytocompounds, is targeted to reduce inflammation and restore collagen and elastins in the dermis. The combination of proteins and natural restorative ingredients like honey extract and grape seed oil are designed to prevent future damage by creating a defensive bed on the dermis layer. Our formulation includes a patent-pending, ingredient base of proteins from oak bark extract, which when formulated properly, is expected to tighten the skin, moisturize the epidermal and dermal layers and plump sagging skin, making the face glow and look younger. CanaFarma's peptides allow for the restoration of collagen and add plump elastins to the skin, restoring its youthful appearance. The addition of full-spectrum hemp is included to help reduce inflammation in the skin, which is expected to restore skin and shield it from external consequences of damage. Read this and more CFNA news at: https://www.financialnewsmedia.com/news-cnfa/
Other recent developments and major influences in the cannabis industry include:
iAnthus Capital Holdings, Inc. (CSE: IAN) (OTCQX: ITHUF), which owns, operates, and partners with regulated cannabis operations across the United States, recently reported its financial results for the first quarter ended March 31, 2020. The Company's condensed interim financial statements for the first quarter ended March 31, 2020.
First Quarter 2020 Financial Updates were: Reported revenues of $30.4 million, up 12% from the prior quarter; Gross margin for the quarter was 49.2%, down from 56.4% in the prior quarter; Net loss of $237.3 million, or a loss of $1.38 per share, which included a $199.4 million impairment loss; and Due to liquidity constraints experienced by the Company, the Company did not make applicable interest payments due on its Secured Notes (as defined below) and Unsecured Debentures (as defined below) due on March 31, 2020. This non-payment of interest triggered an event of default with respect to these components of the Company's long-term debt, consisting of principal amounts at face value of $97.5 million and $60.0 million and accrued interest amounts at March 31, 2020 of $3.2 million and $1.2 million on the Secured Notes and Unsecured Debentures, respectively. In addition, as a result of the default, the Company has accrued additional fees and interest of $12.5 million in excess of the aforementioned amounts that are further detailed in the Company's Financial Statements. iAnthus owns and operates licensed cannabis cultivation, processing and dispensary facilities throughout the United States, providing investors diversified exposure to the U.S. regulated cannabis industry
Aphria Inc. (TSX: APHA) (NASDAQ: APHA), a leading global cannabis company, announced it has entered into a Strategic Supply Agreement (the "Agreement") with Canndoc Ltd. ("Canndoc"), a subsidiary of InterCure Ltd, one of Israel'slargest and most established medical cannabis producers.
Under the terms of the Agreement, Aphria will supply Canndoc with dried bulk flower over a two-year period, with the option to extend for two additional terms of two years each, and an option for an additional year after that if the parties agree to terms. During the first two-year term and each additional term, if applicable, the Company will provide Canndoc with 3,000 kgs. of bulk dried flower, which will be processed into finished product, co-branded under the Aphria and Canndoc brand names, and sold exclusively within the Israeli market.
Canopy Growth Corporation (TSX: WEED) (NYSE: CGC) recently announced its financial results for the first quarter fiscal 2021 ended June 30, 2020. All financial information in this press release is reported in millions of Canadian dollars, unless otherwise indicated. "We're proud of our strong first-quarter performance, despite unprecedented volatility and uncertainty in the market and across the globe," said David Klein, CEO. "We grew our revenue year-over-year and are seeing market share improvement, notably achieving number one market share in cannabis-infused beverages in the Canadian market. We are implementing a renewed corporate strategy with the appointment of a new leadership team which will focus on delivering quality products to our consumers, positioning our business for continued growth. The proposed retooled Acreage announcement refocuses our entry for the evolving U.S. market, where we are seeing increased momentum."
"Following our previously announced restructuring actions, we have substantially reduced our expense and cash burn in this quarter in addition to reducing headcount by over 18% since beginning of this calendar year. Our marketing and R&D investments are being re-allocated to programs with high-return potential in order to drive sales," added Mike Lee, CFO. "Our gross margins in the quarter came in below our expectations due to under-utilization of our large-scale infrastructure. We've already proven we can deliver 40%-plus gross margin and are confident that we can return to that level as we work toward higher capacity utilization across our facilities as demand for our cannabis products continue to grow. In the meantime, we are focused on further optimizing our operating footprint through a full end-to-end strategy that looks at people, process, technology, and infrastructure that we believe will lead to best in class margins over time."
Fire & Flower Inc. (TSX: FAF) (OTCQX: FFLWF) announced an agreement with WeedMD who will manufacture, package and ship the retailer's Revity CBD™ product line, expected to be available at Fire & Flower stores in the province of Saskatchewan as of August 14, 2020. Products manufactured through this partnership will be produced at WeedMD's state-of-the-art extraction hub CX Industries, utilizing the Company's own input biomass.
"We're proud to be selected by Fire & Flower as the producer of its Revity CBD product line. As our first Canadian commercial extraction arrangement, we are looking forward to working with this award-winning retail-leader as it looks to expand into new product formats and strategic markets," said Angelo Tsebelis, CEO of WeedMD. "With our CX extraction business focused on developing high-grade concentrates from trichome-rich biomass, we anticipate a fruitful and long-term relationship with Fire & Flower."
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