Hemp is Becoming a Global Business As Market Projects Big Gains By 2024
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24 Mar, 2021, 08:50 ET
NEW YORK, March 24, 2021 /PRNewswire/ -- With CBD being found in an assortment of products, due to its sought-after relaxing properties, the demand for CBD has gone global. The use of CBD has also been a debatable topic in mainstream news these days. The cannabis and CBD food market has projected that the industry will be worth $6.6 billion by 2024, and it's obvious this is due to the growing intrigue of consumers worldwide. Cannabis has also been legalized for medical use in major countries like Australia, Canada, Germany, Italy, and parts of the United States, to name a few. Companies such as Pure Extracts Technologies Corp. (CSE:PULL) (OTCPK:PRXTF) (XFRA: A2QJAJ), Canopy Growth Corporation (NASDAQ:CGC) (TSX:WEED), Aleafia Health Inc. (TSX:AH) (OTCQX:ALEAF), OrganiGram Holdings (NASDAQ:OGI) (TSX:OGI), and Khiron Life Sciences (TSXV:KHRN) (OTCQB:KHRNF) have tapped into international markets as well, leading to a broader awareness of CBD.
Pure Extracts Advances to European Market With CBD Oil Extracts
Pure Extracts Technologies Corp. (CSE:PULL) (OTC:PRXTF) (XFRA: A2QJAJ), a plant-based extraction company, recently announced its entry into the international market after selling its first batch of cannabis oil extracts to a German-based pharmaceutical company. Pure Extracts extracted its CBD oil from Canadian grown, EU-GMP certified, dry cannabis flower resulting in 75% pure THC full spectrum oil (FSO) and 88% pure THC distillate. In the future, the FSO and distillate will be processed in Germany into an ultra-pure form of THC for medical purposes.
Pure Extracts CEO, Ben Nikolaevsky, spoke about its entry into the international market, stating, "it is gratifying to have had our concentrates selected by a German pharmaceutical company for use in their medical products. We are excited about the entire European market opportunity for our extracts."
Pure Extracts recognizes the potential of this initial sale as it paves the way for long-term supply agreements with Germany. Furthermore, this professional relationship with one of Europe's most lucrative markets offers the opportunity for future agreements with other European countries that have legalized cannabis.
Ahead for Pure Extracts is its most recent venture, which includes the innovative Cosolvent Injection System (CIS) from Vitalis Extraction Technology Inc. This advanced system is limited in quantity, and Pure Extracts will be one of the first few companies in the world to acquire this technology. With Pure Extracts and Vitalis having a long-term partnership, the use of the CIS technology was developed to enhance the Vitalis carbon dioxide extraction systems in order to produce higher-quality cannabis extracts with faster run times. Now, Pure Extracts will utilize the same technology for its own production of cannabis extracts.
CBD Excitement Leads to Innovative Products in the Expanding Market
Canopy Growth Corporation (NASDAQ:CGC) (TSX:WEED) will expand its presence in North America by introducing its innovative sparkling CBD waters in four different flavors. However, the company is looking at a launch prior to the federal legalization of cannabis in the United States. The Ontario-based cannabis company had previously launched its sparkling beverages in Canada in the fall of 2020. The drinks contain 20mg of CBD ranging from flavors such as ginger lime, cucumber mint, blueberry acai, and guava passion fruit.
Aleafia Health Inc. (TSX:AH) (OTC:ALEAF) formulated its own version of a CBD oil, which contains a high component of the cannabis plant in its oil product. Consistent with the effects of relaxation found in a majority of CBD products, the Aleafia products are being marketed as Symbl High CBD 50, and as Emblem CBD 50 for medical use. Although the CBD oils launched in December 2020, it has been noted they are currently not as widely available in Canada due its high potency levels.
OrganiGram Holdings (NASDAQ:OGI) (TSX:OGI) has also entered the international market after spending an extended period of time scoping out a strategic partnership that included consumer packaged goods, beverage, and alcohol companies. As a result, OrganiGram entered into a partnership with British American Tobacco (BAT). The agreement states the focus will initially be placed on CBD, but the overall aim is to develop the next generation of cannabis products. OrganiGram has also delved into other areas such as the production of high quality chocolates that contain CBD.
Last summer, Khiron Life Sciences (TSXV:KHRN) (OTCQB:KHRNF) announced its plans to export high-CBD medical products from Colombia, followed by importing and commercializing them in Peru. Khiron established its plan by completing all necessary licensing, importing, and distribution requirements. Khiron Colombia made an agreement with Farmacia Universal, which entailed that the CBD medical cannabis would be supplied by Khiron Colombia and then manufactured and distributed by Farmacia Universal.
As companies like Pure Extracts explore new avenues for their products, the cannabis industry seems set to continue expansion as projected for the coming years ahead.
For more information on Pure Extracts Technologies, click here.
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