NEW YORK, November 13, 2018 /PRNewswire/ --
According to data compiled by Mordor Intelligence, the global cannabis market was valued at USD 7.7 Billion in 2016 and is expected to reach USD 65 Billion by 2023. The market is also set to continue growing at a CAGR of 37% during the forecast period from 2018 to 2023. The rapid growth rate is attributable to the wide spread of cannabis legalization taking place globally. Recently, Canada legalized cannabis entirely, which has now led many other countries around the world to consider either recreational or medical legalization. Argentina and Australia are amongst some of the recent countries to legalize medical cannabis, while European nations like the Netherlands and Italy are beginning to explore their options within the medical market. Despite emerging interest from around the globe, the U.S. is still projected to dominate nearly 90% of the global cannabis market even though only 31 states, including the District of Columbia, have officially legalized cannabis for either medical or recreational use. Although more and more states within the U.S. are beginning to legalize recreational cannabis, the medical segment is still projected to dominate the overall market. Sproutly Canada, Inc. (OTC: SRUTF), New Age Beverages Corporation (NASDAQ: NBEV), Innovative Industrial Properties, Inc. (NYSE: IIPR), The Green Organic Dutchman Holdings Ltd. (OTC: TGODF), Organigram Holdings Inc. (OTC: OGRMF)
The medical cannabis segment holds the largest market value within the market due to its versatile use. Primarily, medical cannabis is used for chronic pain, but other key factors include appetite enhancement and eye pressure reduction, according to Mordor Intelligence. Research and development for medical cannabis are still continually evolving which is leading the market to grow at a CAGR of 17.2% during a forecast period, from 2018 to 2023. "Medical Marijuana and the path to recreational cannabis is by no means only a Canadian phenomenon. The trend towards legalization is apparent across the globe," said Jordan Waldrep, Portfolio Manager at USA Mutual Vice Funds. "As we said, medical marijuana seems to be the path by which societies have been normalizing the use of cannabis."
Sproutly Canada, Inc. (OTCQB: SRUTF) is also listed on the Canadian Securities Exchange under the ticker (CSE: SPR). Today, the Company announced that, "it has entered into a letter of intent with Global Canna Labs Limited ("Global Canna Labs"), the Caribbean's largest medical cannabis producer, to establish a joint venture for the purpose of developing, producing, distributing, marketing and selling cannabis-infused beverages, edibles and topical products derived from Sproutly's fully licensed, APP Technology (the "LOI").
"Partnering with Global Canna Labs on this joint venture allows Sproutly to expand its business outside of Canada with a leading, low cost cannabis cultivator in Jamaica that has proven distribution in across the Caribbean and soon to be European Union," said Keith Dolo, Chief Executive Officer and Director of Sproutly. 'This partnership will enable Sproutly to diversify its product portfolio and accelerate its global distribution network from a low-cost regulated jurisdiction.'
Paul Glavine, Chief Executive Officer of Global Canna Labs said, 'We are eager to roll out this partnership with Sproutly on their APP technology. We have explored a number of options regarding extraction and cannabis technology solutions for beverage and derivative products - APP Technology is in our view the superior choice for beverage formulations. With our current supply and expansion plans to over 1 million square feet of cultivation, we see this partnership with Sproutly as a step towards utilization of our large-scale production towards a finished-product strategy.'
Proposed Terms of Joint Venture: The joint venture is expected to be structured as a newly formed, jointly owned company with its own board of directors (the "JV"). Sproutly will have a 50% interest and Global Canna Labs will own the remaining ownership interest. Global Canna Labs will be responsible for cannabis biomass production and procurement and day-to-day operations of the JV. Global Canna Labs is also responsible for all costs relating to producing final products for sale, including any equipment needed to produce beverages, edibles or other cannabis derivatives and will leverage its existing production facility and staff for the JV. These costs will be decided upon by the board along with the determination of the product lines to be produced. Sproutly will be responsible for providing access to the APP Technology, supplying reagents, and beverage/product formulation capabilities (including its functional beverage formulation portfolio) for products to be formulated from Infuz20 and Bio Natural Oil. The products are expected to be sold in Jamaica and the rest of the Caribbean with potential expansion into additional European countries that allow for the import of cannabis products from Jamaica. The list of jurisdictions and product lines will be finalized and disclosed in the definitive agreement. The signing of the definitive agreement and establishment of the joint venture is expected to occur in January 2019.
About Sproutly Canada, Inc: Sproutly's core mission is to become the leading supplier to the cannabis beverage and edibles market. Our Toronto based, ACMPR licensed facility was built to cultivate pharmaceutical grade cannabis to supply a technological breakthrough in producing and formulating the first natural, truly water-soluble cannabis solution. Our water-soluble ingredients and our bio-natural oils will deliver revolutionary brands to international markets that are clamouring for well-defined commercial products. Sproutly's business focus is to execute on partnerships with local and globally established consumer brands to leverage their existing customer bases, further expand brand loyalty, assist with marketing, and support distribution networks to deliver this scientific breakthrough with speed and efficiency worldwide."
New Age Beverages Corporation (NASDAQ: NBEV) is a Colorado-based healthy functional beverage company that was created over the past two years with the combination of Búcha Live Kombucha®, XingTea®, Coco-Libre®, and Marley®. New Age Beverages Corporation recently announced the debut of its portfolio of CBD-Infused beverages from its Health Sciences Division. New Age Health Sciences, a wholly-owned subsidiary of New Age Beverages Corporation that houses all of New Age's patents, cooperative research studies, and human trial information, debuted its portfolio of CBD-infused beverages in offsite meetings during the North American Convenience Store Show (NACS) held in Las Vegas on October 7th-10th, and held one-on-one meetings with major retailers and distribution partners on October 8th-10th. Some of the country's largest distributors and retailers also attended New Age's CBD launch event where they tasted the company's range of CBD-infused sparkling waters and CBD-infused relaxation teas, and received brand and product overviews, pricing, and pre-order information. Michael Cunningham, Senior Vice President of Sales for New Age commented, "The demand and interest for these products is unlike I have ever seen in my career. Customers loved the taste of New Age's CBD-infused products and many of them committed to bring in the products for sale. We invested the time and resources to get the taste and efficacy perfect on these CBD products. Retailer and distributor partner enthusiasm confirms that we got it right. Everyone knows about the full suite of New Age brands and their potential relevance in the CBD space. We intend to provide a full portfolio of offerings in this emerging growth segment, and expect the range of choices for retailers, distributors and consumers best position New Age to be the leader and authority in the sector."
Innovative Industrial Properties, Inc. (NYSE: IIPR) is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated medical-use cannabis facilities. Innovative Industrial Properties, Inc. recently announced results for the quarter ended September 30th, 2018, the seventh full quarter since the Company commenced real estate operations and completed its initial public offering in December 2016. The Company generated total revenues of approximately USD 3.9 Million and USD 10.0 Million for the three and nine months ended September 30th, 2018, respectively, and total revenues of approximately USD 1.6 Million and USD 4.1 Million for the three and nine months ended September 30th, 2017, respectively. The increases in both periods were due to the Company's acquisition of new properties and the annual escalation of base rent for two of the Company's leases. Base rent under the lease with the PharmaCann subsidiary for one of the Massachusetts properties is abated until November 30th, 2018, and base rent under the lease with GPI at the Michigan property was deferred until November 2nd, 2018.
The Green Organic Dutchman Holdings Ltd. (OTCQX: TGODF) is a research & development company licensed under the Access to Cannabis for Medical Purposes Regulations ("ACMPR") to cultivate medical cannabis. The Green Organic Dutchman Holdings Ltd. recently announced the launch of its premium, certified organic cannabis brand. This preeminent launch coincides with Canadian Organic Week, the largest annual celebration of organic food, farming and products across the country. This is a pivotal step for the Company in becoming the largest, organic cannabis brand in the world. "Organically certified cannabis is preferred by Canadian consumers, in both medical and recreational markets," said Andrew Pollock, TGOD's Vice President of Marketing. "Cannabis consumers value the safety, medical efficacy and natural terpene profiles that organic cannabis provides. Our mission is Making Life Better, and our organic cannabis products deliver on that promise. TGOD is an organic community that consumers will be proud to join."
Organigram Holdings Inc. (OTCQX: OGRMF) is a TSX Venture Exchange listed company whose wholly owned subsidiary, Organigram Inc., is a licensed producer of cannabis and cannabis-derived products in Canada. Organigram Holdings Inc. recently announced that the Company has signed a supply agreement with the Province of British Columbia. In British Columbia (BC), Organigram has signed an agreement with the BC Liquor Distribution Branch (BCLDB), the sole, wholesale distributor of non-medical cannabis for the province that will operate standalone, public retail stores and provide online sales. To date, the Company has secured cannabis distribution agreements in eight of ten provinces and is pleased to have the credentials and capabilities to offer British Columbians safe, high-quality products from its recreational portfolio of brands. "Organigram's strategic vision has always been to establish a definitive national footprint," says Greg Engel, Organigram's Chief Executive Officer. "We are proud to realize that vision and offer Canadians from coast to coast access to our growing recreational product portfolio."
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