NEW YORK, September 17, 2018 /PRNewswire/ --
According to data provided by Grand View Research, the global legal cannabis market is expected to reach USD 146.4 Billion by the end of 2025. Based on types of use, the market is divided into medical and recreational product segments. Medical cannabis holds the largest market shares in the global market, while cannabis for recreational use is expected to grow at a faster rate. Cannabis plants contain a number of active compounds which can be used for treatment of various diseases. Based on medical applications, the medical cannabis market is segmented into four key segments, including chronic pain, mental disorders, cancers, and others. CLS Holdings USA Inc. (OTC: CLSH), Cronos Group Inc. (NASDAQ: CRON), Tilray, Inc. (NASDAQ: TLRY), GW Pharmaceuticals plc (NASDAQ: GWPH), Innovative Industrial Properties, Inc. (NYSE: IIPR)
Earlier last week, a U.S. House panel that oversees federal drug enforcement efforts approved a bill to require the Department of Justice to issue more licenses to grow cannabis for research. According to Forbes, Florida Representative Matt Gaetz said that "the federal government should not stand in the way of collaboration that can help people live better lives… This will be the first time that a cannabis reform bill will make it through the Judiciary Committee during Republican control of the Congress, ever."
CLS Holdings USA Inc. (OTCQB: CLSH) just earlier this morning, announced breaking cannabis news that, "a diversified cannabis company operating as Cannabis Life Sciences and an integrated cannabis producer and retailer in Nevada through its Oasis Cannabis subsidiaries, today announced it has executed two Letters of Intent (LOIs) to enter the rapidly growing Massachusetts market. CLS looks forward to the opportunity to enter the Massachusetts market, which has been operating as a legalized medical jurisdiction since 2015 and has approved legalized recreational use.
CLS has agreed in principle to loan $5 million to In Good Health, a licensed medical dispensary in Brockton, Massachusetts with a significant market share. Along with the loan, CLS will have an option to acquire InGood Health. InGood Health is located 25 miles south of downtown Boston and is one of the 38 licensed dispensaries in the state. The Brockton dispensary was the second licensed dispensary in the state and has been operational since September 2015, which has been medical only up until this time. In Good Health is currently servicing 17,000 registered patients and delivering to 1,700 homes with key product offerings of flower, concentrates, vapes, edibles, pre-rolls and tinctures.
CLS has also agreed in principle to form an 80/20 joint venture with CannAssist, which CLS will own 80%. CannAssist plans to build out a recreationally licensed cultivation grow facility in Leicester, Massachusetts. The planned Leicester 86,000 square foot facility is in possession of its host community agreement, is awaiting state acknowledgement of its pending recreational licenses and upon completion will be the third largest cultivation grow in the state. The Leicester facility is anticipated to produce its first harvest in the fourth quarter of 2019 and be able to produce 28,000 lbs of flower along with 858,000 grams of extract once it is operating at capacity. At current pricing of $3,500 per pound of flower and $40 per gram of extract, total capacity is expected to reach $120 million in revenue. CLS anticipates generating substantial positive cash flow from the joint venture.
Massachusetts has a population of 6.9 million people as compared to 5.6 million people in Colorado. Massachusetts is also centrally located to the dense population of New England with a less than 100-mile drive from Rhode Island, Connecticut, New York, New Hampshire and Vermont. In 2017, Colorado generated $1.5 billion in legalized marijuana sales and had over 500 licensed dispensaries and over 700 licensed cultivation facilities. Massachusetts currently has issued only 39 licensees.
Jeff Binder, Chief Executive Officer of CLS Holdings USA, commented, "We are extremely excited to have the opportunity to enter the Massachusetts market. It's something we have been eyeing for a long time given the attractive characteristics and recent approval of adult use cannabis. This opportunity fits into our stated objective of entering markets that are on the cusp of implementing a robust adult use market."
David Noble, President of InGood Health and Partner of CannAssist, commented, "I am proud of all our team has accomplished to create a leading medical marijuana dispensary. I look forward to continuing our mission and hard work We look forward to the opportunity to be part of one of the top companies in the field. This will ensure that we can provide the highest quality products to patients and customers for many years to come."
Jon Napoli, Managing Partner, CannAssist, stated, "We have been working with the city of Leicester for the past 12 months on this project and are pleased to receive all necessary approvals. This will bring a number of employment opportunities to this community and we look forward to being a reliable partner and producing some of the finest quality cannabis in the state."
About Oasis Cannabis (http://oasiscannabis.com): Oasis Cannabis has operated a cannabis dispensary in the Las Vegas market since dispensaries first opened in Nevada in 2015 and has been recognized as one of the top marijuana retailers in the state. Its location within walking distance to the Las Vegas Strip and Downtown Las Vegas in combination with its delivery service to residents allows it to efficiently serve both locals and tourists in the Las Vegas area.
In August 2017, the company commenced wholesale offerings of cannabis in Nevada with the launch of its City Trees brand of cannabis concentrates and cannabis-infused products. An expansion of its cultivation and production facility is currently underway and is expected to be completed during the first quarter of 2019.
About CLS Holdings USA, Inc. is a diversified cannabis company that, subject to receipt of certain anticipated regulatory approvals, acts as an integrated cannabis producer and retailer through its Oasis Cannabis subsidiaries in Nevada, and plans to expand to other states. CLS stands for "Cannabis Life Sciences," in recognition of the Company's patented proprietary method of extracting various cannabinoids from the marijuana plant and converting them into products with a higher level of quality and consistency. The Company's business model includes licensing operations, processing operations, processing facilities, sale of products, brand creation and consulting services. For additional information, please visit: http://www.clsholdingsinc.com …"
Cronos Group Inc. (NASDAQ: CRON) is a globally diversified and vertically integrated cannabis company with a presence across four continents. Recently, the Company announced the launch of its second cannabis brand for the domestic recreational market, Spinach™. Spinach™ is focused on offering Farm-To-Bowl™ products that bring friends together and make experiences more enjoyable. Spinach™ has selected some of the most popular strains from Cronos Group's genetic library because when you're having fun, you should never have to worry about the quality of your Spinach™. Harmful additives don't have a place in good Spinach™, which is why quality control is the only think we take seriously. Spinach™ is the second brand launched by Cronos Group for the domestic recreational market, following its premium brand COVE™. COVE™ products are high quality, hand-trimmed, terpene-rich, and never irradiated.
Tilray, Inc. (NASDAQ: TLRY) is a global pioneer in the research, cultivation, production and distribution of medical cannabis and cannabinoids currently serving tens of thousands of patients in eleven countries spanning five continents. Recently, the Company announced that it has received necessary regulatory permits in Canada and Germanyto export medical cannabis flower for distribution to German patients. Tilray previously announced the first-ever export of medical cannabis oil to Germany for nationwide distribution in pharmacies. Tilray's full-spectrum cannabis extracts became available in German pharmacies nationwide through partnerships with leading German pharmaceutical wholesalers NOWEDA, GEHE, Alliance Healthcare, Pharma Privat and Phoenix in cooperation with pharma logistics partner Paesel + Lorei. The export of Tilray's whole flower medical cannabis products will make Tilray the first and only medical cannabis company with a differentiated product offering of both full-spectrum oils and whole flower, including some of the highest potency products available in the German medical market.
GW Pharmaceuticals plc (NASDAQ: GWPH) is the world leader in the development and commercialization of cannabinoid prescription medicines. The Company's lead product, EPIDIOLEX® (cannabidiol) oral solution, received U.S. FDA approval in June 2018 and is under review by European regulators. Last month, the Company announced financial results for the third quarter ended June 30th, 2018. Revenue for the nine months ended June 30th, 2018 was GBP 10.7 Million (USD 14.2 Million) compared to GBP 6.1 Million for the nine months ended June 30th, 2018. During the quarter, the Company expanded access program and open label extension over 2,000 patients now have been exposed to Epidiolex treatment life-cycle management.
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. Earlier in August, the Company announced that it closed on the acquisition of the property located at 10070 Harvest Park in Dimondale, Michigan, which is currently under development and expected to comprise approximately 56,000 sq. ft. upon completion. Concurrent with the closing of the purchase, the Company entered into a long-term, triple-net lease agreement with Green Peak, which intends to utilize the facility for medical cannabis cultivation and processing upon completion of development. The initial term of the lease is 15 years, with two options to extend the term for two additional five-year periods.
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