PALM BEACH, Florida, Nov. 14, 2019 /PRNewswire/ -- By 2026, the global cannabis market is expected to hit $57 billion, says Adroit Market Research. In addition, according to BDS Analytics, as legalization spreads, the global market is expected to reach $40.6 billion by 2024. Granted, estimates vary, but it's very clear the cannabis has plenty of growth in store. Better, the European market is on course to grow 400% over the next four years, according to the Brightfield Group. As the global community wakes up to the cannabis opportunity, it's opening a wide range of opportunity for cannabis companies that have already established launching cannabis products including The Yield Growth Corp. (CSE:BOSS)(OTCQ:BOSQF), CannTrust Holdings Inc. (NASDAQ:CTST), Zenabis Global Inc. (OTCPK:ZBISF)(TSX:ZENA), Harborside Inc. (CSE:HBOR)(OTC:HSDEF) and Valens GoWorks Corp. (TSX-V:VGW)(OTCQX:VGWCF).
The Yield Growth Corp. (CSE:BOSS)(OTCQB:BOSQF) BREAKING NEWS:The Yield Growth Corp. just announced that pursuant to its previously announced distribution agreement with Melorganics it has shipped thousands of Urban Juve products to Greece this week, marking its first export of products to Europe. Further, Yield Growth subsidiary Urban Juve has agreed to expand the exclusive distribution territory granted to Melorganics to include Bulgaria, Romania and Serbia, in addition to Greece and Cypress. "We are impressed with the speed that Melorganics was able to get all our products approved for sale in Greece," says Yield Growth CEO Penny White, "We are excited to begin selling our Urban Juve products in pharmacies throughout Greece, Cypress, Bulgaria, Romania and Serbia as we work with Melorganics to introduce hemp products in these countries." Yield Growth subsidiary Urban Juve has received compliance certificates registering 11 of its products with the European Union. On November 10, 2019 Yield Growth subsidiary Urban Juve Provisions entered into a definitive agreement with 699598 Ontario Corp. O/A Melorganics Hellas "Melorganics" for exclusive distribution of the Urban Juve brand of hemp powered skin care products granting exclusive distribution rights to Melorganics for a 3 year term provided certain minimum annual sales are met. Pursuant to the agreement, Melorganics has agreed to place its first purchase order for these territories by December 31, 2019. As proposed legislation across the European Union continues to bring cannabis closer to the mainstream, high-end cannabis products are gaining popularity. With a total population over 508 million, the EU represents massive market potential for Urban Juve products.
Other related cannabis industry developments include:
CannTrust Holdings Inc. (NASDAQ:CTST) provided a status update in accordance with its obligations under the alternative information guidelines set out in National Policy 12-203 – Management Cease Trade Orders ("NP 12-203"), which require the Company to provide bi-weekly updates until such time as the Company is current with its filing obligations under Canadian securities laws. As previously announced, the Company is subject to a management cease trade order ("MCTO") issued by the Ontario Securities Commission. The MCTO prohibits the directors and executive officers of the Company from trading in or acquiring securities of the Company until two full business days after the Company files an interim financial report for the three and six month periods ended June 30, 2019, an interim management's discussion and analysis for the corresponding period and certifications of interim filings. The MCTO does not affect the ability of investors who are not insiders to trade in the securities of the Company. The Company advises that: (i) there have been no material changes to the information contained in the Company's August 16, 2019 news release, August 29, 2019 news release, September 12, 2019 news release, September 26, 2019 news release, October 10, 2019 news release, and October 24, 2019 news release; (ii) it intends to continue to comply with the alternative information guidelines of NP 12-203; and (iii) except as previously disclosed, there are no subsequent specified defaults (actual or anticipated) within the meaning of NP 12-203.
Zenabis Global Inc. (OTC:ZBISF)(TSX:ZENA) announced that it has entered into an agreement with Tantalus Labs Ltd., pursuant to which Zenabis will grow and harvest cannabis plants from clones provided by Tantalus Labs. The plants will be grown and harvested at Zenabis Langley. Tantalus Labs will be responsible for all drying, trimming and packaging at its own licensed facilities. The initial term of the Cultivation Agreement will be two years with the option to renew thereafter for successive two-year terms by mutual written agreement of the parties. In 2020 and 2021, Zenabis expects to grow and supply quantities of cannabis plants that will be sufficient for Tantalus Labs to produce thousands of kilograms of dried cannabis. "Tantalus is excited to leverage the proven QA systems and elite agricultural insight of Zenabis at their Langley facility. This relationship will allow Tantalus to deliver our sungrown quality promise to an expanding audience in Canada, while collaborating with some of the brightest agricultural minds in this new Canadian cannabis industry. Our team is motivated to evolve our quality standards with Zenabis for years to come." said Dan Sutton, CEO, Tantalus Labs.
Harborside Inc. (CSE:HBOR)(OTC:HSDEF) announced it will report its results for the three and nine months ending September 30, 2019 on Thursday, November 21, 2019 after the market closes. The Company will host a conference call and webcast to review its results at 11:00 a.m. Eastern Time (8:00 a.m. Pacific Time) the following day on Friday, November 22, 2019.
Valens GoWorks Corp. (TSXV:VGW)(OTCQX:VGWCF) just announced it has acquired all of the issued and outstanding shares of Southern Cliff Brands Inc. (d/b/a Pommies Cider Co.) in a cash and stock deal. The Acquisition and all planned capital expenditures are fully funded with cash on hand and current and projected cash flow from operations. "We are thrilled to add Pommies to our growing Canadian platform," said Tyler Robson, CEO of Valens. "In Canada, alcoholic beverages generated nearly C$24 billion of retail sales in 2018. At Valens, we expect that extract-based cannabis products, and infused beverages in particular, could disrupt beverage alcohol sales where monthly per capita spend is roughly 16 times higher compared to legal cannabis. We will be able to leverage our purification and formulation knowledge, as well as the SoRSETM emulsion technology to create an exciting new adult beverage category that rivals alcohol, soft drinks and water with our current and future partners. Adding the Pommies facility and team to our platform gives Valens the tools and expertise needed to bring competitive beverage alcohol substitutes to market and capitalize on this massive market opportunity."
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