PALM BEACH, Florida, July 18, 2019 /PRNewswire/ -- Projections for the Canadian cannabis markets (medical & recreational) are numerous and vary… but the one thing they all agree on is that the markets will continue to rise… substantially! In a report, Cannabis Business Plans describes the overall picture as follows: "Canadian cannabis market has been steadily growing. The country has seen an average of a 10 percent increase each month in the number of Canadian patients signed up to receive medical cannabis. The sale of dried cannabis has grown steadily at 6 percent a month, and the sale of cannabis oil has been growing by 16 percent a month. In 2017, about 4.9 million Canadians aged 15 to 64 spent an estimated $5.7 billion on cannabis for medical and non-medical purposes. This was equivalent to around $1,200 per cannabis consumer. In 2018, Canadians spent $1.6 billion on legal cannabis, more than double the amount that was spent on solely medical cannabis in 2017, according to a new report "The State of Legal Marijuana Market", released by Arcview Market Research and BDS Analytics. Active companies in the industry making moves to ready that include: Choom™ Holdings Inc. (OTCQB: CHOOF) (CSE: CHOO), Aurora Cannabis Inc. (NYSE: ACB) (TSX: ACB), Fire & Flower Holdings Corp. (TSX-V: FAF) (OTCPK: FFLWF), National Access Cannabis Corp. (TSX-V: META) (OTCPK: NACNF), Tilray, Inc. (NASDAQ: TLRY).
The federal government legalized recreational cannabis on October 17th, 2018 and sales at cannabis stores in the first three months after legalization totaled $151.5 million according to Statistics Canada. The total cannabis market in Canada, including medical and recreational cannabis products, is expected to generate up to $7.17 billion in total sales in 2019. The cannabis market is poised to have a major effect overall on Canada's economy. One study from Deloitte Private pegged the potential economic impact of legalized recreational marijuana in Canada at more than $22 billion, including transportation, licensing fees and security.
Choom™ Holdings Inc. (CSE: CHOO) (OTCQB: CHOOF) BREAKING NEWS: Choom™ is pleased to announce that an Alberta provincially approved cannabis retail licensee ("Licensee") is opening a cannabis retail store in Lloydminster, Alberta operating under the Choom brand.
"We've been anticipating the opening of this store in Lloydminster for quite some time and we're really excited to finally be able to share our unique retail experience with the local community." said Chris Bogart, President and CEO of Choom.
The Choom-branded store is set to open on Saturday, July 20th. The new store is located at 3B-5629 44 St., Lloydminster, Alberta. Opening hours are 10am – 8pm (Monday to Wednesday), 10am – 10pm (Thursday – Saturday), and 11am – 6pm (Sunday). For more information, visit choom.ca.
In addition to a licensing agreement with the Licensee, Choom has entered in a purchase agreement with the Licensee, pursuant to which, subject to receipt of approval from Alberta's regulatory bodies, Choom will acquire the Lloydminster store. Read this and more news for Choom™ at: https://www.financialnewsmedia.com/news-choo/
Additional industry related developments from around the markets:
Aurora Cannabis Inc. (NYSE: ACB) (TSX: ACB), the Canadian company defining the future of cannabis worldwide, recently announced that it has received Health Canada licenses for outdoor cultivation at two Canadian sites.
The new sites in Quebec and British Columbia will be used for cultivation research to develop new technology, genetics and intellectual property in order to drive sustainable, high-quality outdoor production. Aurora purposefully chose the outdoor sites because they represent two different growing environments. The company will conduct research on cultivation techniques to further excel at growing cannabis in varying climate conditions and will examine approaches to environmentally sustainable cannabis agriculture.
Fire & Flower Holdings Corp. (TSX-V: FAF.V) (OTCPK: FFLWF) recently announced that it has received an additional license to operate a cannabis retail store in Westlock, Alberta from the Alberta Gaming, Liquor and Cannabis Commission (the "AGLC"). Once opened, this store will be the 23rd Fire & Flower branded, licensed cannabis store and will be located at 10111 – 104 Avenue, Westlock, Alberta.
Fire & Flower recently announced its near-term rollout schedule. The receipt of the 23rd license for a cannabis retail store demonstrates Fire & Flower's commitment to its continued path to rapidly opening cannabis retail stores across Canada.
National Access Cannabis Corp. (TSX-V: META.V) (OTCPK: NACNF) recently announced that it has entered into a conditional share purchase agreement (the "Share Purchase Agreement") through Meta West Coast Ltd., a wholly-owned subsidiary of NAC, to acquire 19.9% of Sicamous Trading Company Incorporated ("STC") from the shareholders of STC (collectively, the "Vendors").
Mark Goliger, CEO of NAC commented, "We have been telling shareholders for some time that we see a significant opportunity to leverage NAC's deep operational expertise into accretive arrangements with other cannabis operators. NAC shareholders are expected to benefit from the Company's ownership stake in these innovative organizations, a high margin management fee income stream as well as incremental purchasing power as we continue to grow our leading Canadian network. I would like to personally welcome the Sicamous team to the NAC platform. Our team is excited about STC's first location in this resort town and to supporting the roll-out of additional locations."
Tilray, Inc. (NASDAQ: TLRY) recently announced that it has successfully imported Good Manufacturing Practices (GMP)-certified finished medical cannabis oral solutions into Ireland intended for nationwide distribution.
On June 26, 2019, Ireland's Department of Health enacted the Medical Cannabis Access Programme, which provides compassionate access to medical cannabis for patients in need in Ireland. This new program provides an alternative to legislation that only allows access by patients with a ministerial license, marking a significant milestone for Ireland and the global medical cannabis industry. The Medical Cannabis Access Programme is expected to allow patients to access Tilray oral solutions in the second half of this year. Patients suffering from indications not covered by the program will still have the option to obtain a ministerial license for such products.
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