NEW YORK, Nov. 21, 2019 /PRNewswire/ -- Successful cannabis legalization efforts have steadily attracted new consumers to the market each year. In particular, Baby Boomers have seen a large influx of users over recent years and a survey by MJ Freeway and New Frontier Data shows that U.S. sales by consumers 55 years or older have increased by 50% since 2015. These consumers alone now account for 29% of medical sales and a quarter of all sales. Currently, the U.S. represents the largest cannabis marketplace, primarily due to states that have already legalized recreational cannabis such as California and Colorado. And according to recent findings published in New Frontier Data, the overall sales within the legalized U.S. cannabis industry are expected to reach USD 13.6 Billion during 2019, increasing 32% over 2018's total worth of USD 10.3 Billion. Additionally, the total combined legal sales throughout the (33) current states with legalized medical programs and (11) legal adult-use programs are projected to grow at a compound annual growth rate (CAGR) of 14%, to reach USD 30 Billion by 2025. Overall, the illicit cannabis market remains a problem, but nevertheless, while total sales of illicit cannabis nationwide were worth an estimated USD 64.3 Billion in 2018, projections now show the market will fall by nearly USD 7 Billion (11%) by 2025. Newleaf Brands Inc. (OTC: NLBIF) (CSE: NLB), Green Thumb Industries Inc. (OTC: GTBIF) (CSE: GTII), Charlotte's Web Holdings, Inc. (CWBHF) (CWEB), Cresco Labs Inc. (OTC: CRLBF) (CSE: CL), Harvest Health & Recreation, Inc. (OTC: HRVSF) (CSE: HARV)
The Cannabis industry now plays an important economic factor in states where sale and use of such products is legalized, especially for recreational purposes. Notably, U.S. states like California, Colorado, Nevada, and Washington are collectively delivering billions of dollars in annual revenue. And as the legal industry continues to expand, the four states are expected to witnessing their sales continue to grow. For instance, just Colorado alone reported collecting a cumulative of USD 1.02 Billion from marijuana taxes, licenses and fees since the state started collecting them in 2014. And overall, there has been USD 6.5 Billion in total marijuana sales in Colorado since recreational cannabis sales began in January 2014. Additionally, earlier this June, state Governor Jared Polis explained that "Colorado's cannabis industry is thriving, but we can't rest on our laurels. We can and we must do better in the face of increased national competition. We want Colorado to be the best state for investment, innovation and development for this growing economic sector. This industry is helping grow our economy by creating jobs and generating valuable revenue that is going towards preventing youth consumption, protecting public health and safety and investing in public school construction."
Newleaf Brands Inc. (OTC: NLBIF) (CSE: NLB) is also listed on the Canadian Securities Exchange under the ticker (CSE: NLB). Earlier this week, the Company and its wholly owned subsidiary We Are Kured, LLC announced, "that it has entered into a letter of intent (the "LOI") with Denver based marijuana infused product license holder, Denver Packaging Company ("DPAC"), to enter the Colorado cannabis market in 2020. DPAC is the license holder that manufactures renowned brands such as Keef Cola, Keef Pax Pods and Oil Sticks. Under the terms of the LOI, DPAC will commit to all licensing, manufacturing and distribution of Kured products and Kured will cover the cost of all goods, as well as provide marketing and sales force and sales management on behalf of DPAC. Further, Kured will introduce an ultra-high quality THC version of its flagship 500mg custom disposable vaporizer line that includes the Eybana terpene profiles and subsequent cartridges. According to newfrontierdata.com, the legal marijuana market in the state of Colorado, USA is expected to exceed $2,000,000 in revenue in 2020.1
Joshua Bartch, CEO of NewLeaf Brands commented, 'Being a founder of one of the original and most successful dispensary and cultivation companies in Colorado, USA, I'm extremely excited to be introducing the Kured line to dispensaries and cannabis consumers throughout the state of Colorado, USA. Colorado, USA is our back yard and our team collectively is incredibly well connected in every vertical in not only the Colorado, USA marijuana market, but the Cannabis space as whole. The Kured line has already established itself as the number one CBD vape pen in Colorado, USA and has garnered great brand recognition throughout the state. I know I'm not the only one that is excited for our THC line to hit the shelves in the coming months.'
About NewLeaf Brands: NewLeaf Brands, Inc. is an innovative Cannabidiol ("CBD") lifestyle Company. Through the Company's wholly-owned subsidiaries We are Kured, LLC, Drink Fresh Water, LLC, ReLyfe Brand, LLC and TeaLief Brand, LLC the Company's main business activities encompass the development, marketing, and distribution of CBD products (including vaporizer pens/cartridges, hot/cold tea, softgel capsules and beverages) throughout North America, South America, and Europe. In addition, NewLeaf Brands, Inc. has extensive retail and cultivation land investments in Oregon, USA."
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Green Thumb Industries Inc. (OTCQX: GTBIF) (CSE: GTII) recently announced that it had closed on a transaction to sell its Danville, Pennsylvania cultivation and processing facility to Innovative Industrial Properties (IIP). GTI will lease back the facility via a long-term agreement and continue to operate and manage it. The purchase price for the property was USD 20.3 Million, excluding transaction costs. GTI is also expected to make certain improvements to the property that will significantly enhance production capacity, for which IIP has agreed to provide reimbursement of up to USD 19.3 Million. Assuming full reimbursement for such improvements, IIP's total investment in the property will be USD 39.6 Million. "IIP provides a flexible real estate capital solution that effectively addresses our expansion needs at the cultivation and processing facility in Danville," said GTI Founder and CEO Ben Kovler. "We plan to use the proceeds for strategic initiatives and capacity expansion projects in Pennsylvania, a high-growth medical cannabis market."
Charlotte's Web Holdings, Inc. (CWBHF) (CWEB) is the market leader in the production and distribution of innovative hemp wellness products. Charlotte's Web Holdings, Inc. recently announced that The Vitamin Shoppe, an omni-channel, specialty retailer of nutritional products, has commenced selling the new line of Charlotte's Web CBD hemp extract-infused CBD gummies in 738 stores across 45 U.S. states. This expands Charlotte's Web product offerings carried by The Vitamin Shoppe to include CBD hemp extract oil tinctures, liquid capsules, and now gummies. Charlotte's Web gummies are a popular edible format providing measurable consumption of convenient bite-sized full-spectrum CBD hemp extract. "This nationwide pickup of our popular new gummy line by The Vitamin Shoppe is very exciting to report," said Charlotte's Web Chief Executive Officer Deanie Elsner. "Working with a trusted retail partner that is dedicated to helping its customers become their best self, allows us to effectively expand our national footprint giving more Americans retail access to our leading CBD hemp extract wellness products. We are thrilled about The Vitamin Shoppe's decision to expand their offering with our new chewable gummies."
Cresco Labs Inc. (OTCQX: CRLBF) (CSE: CL), based in Chicago, is a leading U.S. cannabis company with experienced management, access to capital and a demonstrated growth strategy. Cresco Labs Inc. recently announced the results of the City of Chicago lottery for recreational cannabis dispensary locations. Cresco Labs won two of the seven available licenses in the Central District, and one of the six available licenses in the Southeast District. Following the results of the Chicago Lottery, Cresco will have one dual-purpose dispensary in the North District of Chicago, as well as the right to open two adult-use dispensaries in the Central District and one in the Southeast District. The Company also has operating Illinois medical dispensaries in Buffalo Grove, Elmwood Park, Rockford, and Champaign that have been state approved for dual-use, with the opportunity to open two additional adult-use dispensaries outside of the City of Chicago. "With the first and sixth pick in today's Lottery, we were thrilled to be the only public cannabis company to have the opportunity to pick two locations in Chicago's highly populated Central District," said Joe Caltabiano, Cresco Labs President and Co-founder.
Harvest Health & Recreation, Inc. (OTCQX: HRVSF) (CSE: HARV), headquartered in Tempe, Arizona, is a multi-state cannabis operator and vertically-integrated cannabis company. Harvest Health & Recreation, Inc. recently announced the opening of Harvest of Scranton, the third Harvest-affiliated Pennsylvania dispensary in Scranton. Since beginning operations in 2011, Harvest has become known for quality-driven retail experiences, top operational standards and unwavering commitment to serve the communities we enter. "We are thrilled to be expanding our presence in Pennsylvania," said Harvest Chief Executive Officer Steve White. "As our third Harvest-affiliated location in the state, the Scranton dispensary will bring our leading high-quality and trusted experiences to more Pennsylvanians."
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