NEW YORK, March 12, 2018 /PRNewswire/ --
Based on data provided by Arcview Market Research, legal cannabis sales in North America were valued $6.7 billion in 2016 and are projected to grow at a compound annual growth rate (CAGR) of 25 percent by 2021, reaching an estimated value of $20.2 billion. The demand of cannabis from legal markets is expected to increase as more states legalize either recreational or medical use. Consumers in North America spent over $53 billion in the legal and illegal cannabis markets combined in 2016. According to another report from Arcview Market Research, the licensed cannabis stores are as profitable as Starbucks stores and the recreational markets will double the size of the medical market by 2021. Marijuana Company of America, Inc. (OTC: MCOA), Aurora Cannabis Inc. (OTC: ACBFF), Vitality Biopharma Inc. (OTC: VBIO), United Cannabis Corporation (OTC: CNAB), Emerald Health Therapeutics, Inc. (OTC: EMHTF)
According to CBC, Canada is one of only two countries, together with the Netherlands - that currently exports cannabis, allowing firms in Canada to take instant benefit of recent medical cannabis legalizations in more than 20 countries. CBC reported that the, "offerings in today's Canada medical marijuana market differ little from those used recreationally - the smokable plant and, more recently, oil extracts. More than 70 companies have licenses from the federal drug regulator, Health Canada, to cultivate, produce and sell medical marijuana, with more than half those licenses granted in 2017 or 2018."
Marijuana Company of America, Inc. (OTC: MCOA) earlier today the company announced the, "official launch of Convenient Hemp Mart, LLC's "the official launch of Convenient Hemp Mart, LLC's "Benihemp" branded CBD products at ASD Market Week, one of the largest business-to-business trade shows in the world. Convenient Hemp Mart has developed a collection of Benihemp branded, sample sized products for consumers including topicals, tinctures, and edibles packaged in 1-day, 2-day, and 30-day supplies. The target markets are convenience stores, smoke shops, gas stations and similar types of retail businesses where CBD commerce has a greater likelihood of generating sales from the impulse buyer at the register.
Convenient Hemp Mart is officially launching the Benihemp product line at ASD Market Week (http://www.asdonline.com ) in Las Vegas, NV. ASD is a comprehensive business-to-business trade show for retail merchandise that annually hosts 45,000 buyers from over 90 countries, representing major department stores, convenience stores, gift shops, grocery stores, and other retail stores. Out of the 45,000 attending the show, 98% of the attendees have purchasing power, and the average buyer spends a total of $82,500 on product orders per show. Benihemp will be located in the lower south hall at booth SL2449. MCOA has invested $100,000 into Benihemp in exchange for a 25% equity stake in Convenient Hemp Mart, LLC.
Donald Steinberg CEO of MCOA stated, "Marijuana Company of America is excited for the opportunity to diversify product distribution into retail markets across the country. We believe in the Convenient Hemp Mart team and their ability to successfully launch Benihemp at ASD."
"We are eagerly looking forward to the unveiling of the Benihemp brand at this ASD Marketplace event. With the ever-growing Convenience store marketplace hitting a new record of over 140 billion dollars in annual sales last year, we believe this is the perfect place to present the first industrial Hemp derived products developed specifically for this market. Our team has worked very diligently for the launch of the Benihemp brand and are all thrilled that it has finally come to life," said Sam Girges of Benihemp."
Aurora Cannabis Inc. (OTCQB: ACBFF) is one of the world`s largest and fastest growing cannabis companies. Aurora has created a growing constellation of subsidiaries and strategic partnerships that provide differentiation in terms of geographic reach, production, technology, product offering, and execution. On March 9, 2018, the company announced that the Company has been successful in its offer for all the issued and outstanding common shares for CanniMed Therapeutics Inc. CanniMed is a Canadian-based, international plant biopharmaceutical company and a leader in the Canadian medical cannabis industry, with 17 years of pharmaceutical cannabis cultivation experience, state-of-the-art, GMP-compliant production process and world class research and development platforms with a wide range of pharmaceutical-grade cannabis products. In addition, the Company has an active plant biotechnology research and product development program focused on the production of plant-based materials for pharmaceutical, agricultural and environmental applications.
Vitality Biopharma Inc. (OTCQB: VBIO) is a cure development company, dedicated to unlocking the power of cannabinoid "prodrugs" as a means to treat serious neurological and inflammatory disorders. On January 17, 2018, the company announced it has submitted an orphan drug designation request for VITA-100 to the U.S. Food & Drug Administration (FDA). Upon approval, VITA-100 would be designated as an orphan drug for the treatment of pediatric ulcerative colitis (UC), a form of pediatric inflammatory bowel disease. The U.S. Orphan Drug Act (ODA) of January 1983 is meant to encourage development of drugs for rare diseases, and review by the FDA's Office of Orphan Products Development can expedite the evaluation and eventual market approval of products that demonstrate significant promise for the treatment of these conditions. Vitality Biopharma's gut-targeted cannabosides enable delivery of THC without psychoactivity or intoxication, which may enable more widespread use of cannabinoids for treatment of pediatric digestive disorders. The Company has already completed studies that demonstrate the efficacy of cannabosides for treatment of preclinical models of colitis. Cannabosides were able to reduce weight loss, decrease damage to the colon, and markedly improve gastrointestinal health compared to the placebo controls.
United Cannabis Corporation (OTCQB: CNAB) is a biotechnology company dedicated to the development of phyto-therapeutic based products supported by patented technologies for the pharmaceutical, medical, and industrial markets. On February 27, 2018, the company announced that it has initiated extraction services at its Colorado industrial hemp processing plant. The Company established the Facility to provide contract manufacturing to farmers working under the 2014 Federal Farm Bill and Colorado's Department of Agriculture's Industrial Hemp Program. The multi-function Facility will provide customers with the ability to create simple extracts, capsules and sublingual drops, as well as process raw hemp seed through cold press extraction. Valuable fibrous bi-products generated through the processing will also be collected for sale to a wide range of consumer product industries. The Company will also offer purification, testing and processing services, as well as packaging, fulfillment, and secure storage capabilities.
Emerald Health Therapeutics, Inc. (OTCQX: EMHTF) operates through Emerald Health Therapeutics Canada Inc., a wholly owned subsidiary and Licensed Producer under Canada's Access to Cannabis for Medical Purposes Regulations. Recently, the company and Village Farms International, Inc. announced that Health Canada has issued a Cultivation Licence for their co-owned Delta 3 greenhouse operation under Canada's Access to Cannabis for Medical Purposes Regulations. This optimally-designed 1.1 million ft2 cannabis growing facility is located in one of the best growing climates in Canada in Delta, BC, and is conservatively projected to produce 75,000 kg of quality cannabis annually at full production. Village Farms and Emerald aim for the Joint Venture to be one of the most consistent and reliable suppliers of quality cannabis products to wholesalers, distributors and retailers across Canada and internationally, with the goal to be the low-cost cannabis Canadian producer at an all-in production cost of less than $1.00 per gram at full production.
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