PALM BEACH, Florida, April 11, 2019 /PRNewswire/ --Most investors and executives in the CBD products industry are aware that multiple revenue projections, fueled by consumer acceptance, expect the CBD market to grow faster that they even could have hoped for… but there is one sector that is expected to show substantial growth and that is edibles. An article in an industry publication said: "There are product categories that plod along slowly for many years before suddenly catching on. Then there is CBD… Three years ago, CBD sales barely registered as a product category. Today, it is an industry that produces hundreds of millions of dollars in revenues, with most analysts forecasting many billions of dollars in sales within the next few years. But that only scratches the surface, because much of the action in the CBD movement takes place in non-grocery settings, such as stores that specialize in alternative health products or oils and tinctures. Active Companies from around the market with current developments this week include: White Label Liquid, Inc. (OTC: WLAB), Neptune Wellness Solutions Inc. (NASDAQ: NEPT), Terra Tech Corp. (OTC: TRTC), Medical Marijuana, Inc. (OTC: MJNA), mCig, Inc. (OTC: MCIG).
Forbes also chimed in on what can happen in the edibles market, in an article headlined: "Edibles Are The Next Big Thing For Pot Entrepreneurs." The article said: "As more states legalize cannabis for recreational use, edibles will become a huge market for entrepreneurs. In California alone, consumers gobbled up more than $180 million worth of marijuana-infused food and drinks last year, 10% of the state's cannabis sales, according to Archview Market Research. And it's not just California that's seeing a growing edibles market. Sales of pot-infused treats increased 121% last year in Washington state, where recreational marijuana is legal, according to cannabis analytics firm Headset Inc. And since Colorado first allowed recreational marijuana use, sales tripled from $17 million in the first quarter of 2014 to $53 million in the third quarter of 2016.
White Label Liquid, Inc. (OTCPK: WLAB) BREAKING NEWS: White Label Liquid, a leading provider of premium private-label services for the cannabis industry, reported fiscal year 2018 financial results, with the Company recording revenues of $7,006,110. That number greatly exceeded by over $5 million the revenue reported for 2017, demonstrating the Company's profitability with a 250 percent year-over-year increase in revenue earned.
The Company believes that the strong end-of-the-year results further position it to be a reliable partner to those seeking to be successful in the burgeoning CBD industry throughout 2019 and beyond.
"We had a great year, but it's only just the beginning," said White Label Liquid CEO Yaron Elkayam. "These numbers reflect not just the hard work of our partners all along our supply chain; they are also a reflection of the growing strength of the CBD industry."
White Label Liquid's expert team provides businesses looking to enter the CBD space with a variety of private label, hemp-derived CBD products to help them meet and exceed a broad range of their customer needs and desires. The Company recently announced that it had moved into a new 51,000-square-foot, all-in-one operations facility to manufacture CBD in-house, using industry standard, "good manufacturing practices" ("GMP"). White Label Liquid, Inc. offers business owners cutting-edge solutions with CBD products that are available in over 20 categories and 300 SKU's. Read this and more news for WLAB at: https://www.financialnewsmedia.com/news-wlab/
In the industry developments and happenings in the market this week include:
Neptune Wellness Solutions Inc. (NASDAQ: NEPT) recently announced that Dr. Graham Wood will be joining the Company's management team as Chief Scientific Officer (CSO) as of May 1 st, 2019. With the creation of this new position, Neptune takes a significant step further in executing on its strategy toward global leadership in the offering of value added, differentiated science-based products for the legal cannabis and nutrition consumer product markets.
Dr. Wood, holder of a Ph.D. in Neurology and Neurosurgery from McGill University, is a distinguished researcher and executive and a recognized leader in the clinical pharmacology of cannabis with experience with combustible, vaping, sublingual and oral oils and capsules formulations of cannabis. He has conducted over 400 clinical pharmacology studies with companies such as Phoenix International, MDS Pharma, Allied Research and Cetero and was CEO at Manna Research (a late phase clinical CRO).
Terra Tech Corp. (OTCQX: TRTC) a vertically integrated cannabis-focused agriculture company, recently announced it has secured a permit to manufacture cannabis for the adult use market at its 15,000 square foot extraction facility in Reno, which is 50% owned by NuLeaf, from the State of Nevada.
Terra Tech commenced IVXX® production activities for the medical market at its Reno, Nevada facility, co-owned by NuLeaf, in the late in the third quarter of 2018. Securing this permit allows it to further increase supply of its proprietary IVXX wholesale brand to meet the significant demand for cannabis products from adult users throughout Nevada.
Medical Marijuana, Inc. (OTCPK: MJNA) the first-ever publicly traded cannabis company in the United States, recently announced that its investment company AIXM® Biotechnologies ("AXIM® Biotech" or "AXIM"), a world leader in cannabinoid research and development, has entered into a Services Agreement with contract research organization ("CRO") QPS Netherlands BV, a global leader in contract research, to begin separate bio comparison studies with its two leading drug candidates, MedChew® with Dronabinol and CanChew® Rx. Both products are chewing gums containing synthetic tetrahydrocannabinol (THC) and cannabidiol (CBD) respectively, and utilize the company's patented chewing gum delivery mechanism.
mCig, Inc. (OTCQB: MCIG), a leading distributor of innovative products, customized packaging solutions, technologies, and services for the global medical cannabis industry, recently announced that its wholly owned subsidiary, CBJ Distributing, is expanding its sales reach by introducing to its clients in Nevada and California a new in-house developed product line of hemp pre rolled cigarettes and CBD vape pens with a proprietary terpene rich formula.
CBJ Distributing saw its sales increase dramatically during the last year. The company distributes its line of cannabis supply items, such as: labels, jars, child proof envelopes, vape pens, to almost all dispensaries in Nevada, while enlarging its market share in southern and central California. After carefully analyzing the CBD market, CBJ Distributing decided to expand its product line by joining this huge opportunity of selling hemp products to smoke shops and dispensaries around the Country.
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