Data Projects that Cannabis Legalization Will Continue to Create Vast Monetary Value
NEW YORK, July 2, 2018 /PRNewswire/ —
According to data provided by the European investment bank, Bryan, Garnier & Co., the legal global cannabis market is expected to grow more than 1,000% over the next decade and could reach USD 140 Billion dollars by 2027. The market is going through a period of strong growth thanks to increasing legalization and decriminalization of cannabis products across many countries as well as throughout North America. A report by Arcview Market Research emphasized that consumer spending on legal cannabis in North America is outpacing previous estimates. Arcview also explained that, according to BDS Analytics’ GreenEdge point-of-sale tracking service, the medical cannabis market in California is as large as the combined market value of Colorado, Washington, and Oregon combined. This January 1st, California started legal sales of cannabis products for recreational use. WeedMD Inc. (OTC: WDDMF), Terra Tech Corp. (OTC: TRTC), PotNetwork Holdings Inc. (OTC: POTN), Zynerba Pharmaceuticals (NASDAQ: ZYNE), 22nd Century Group, Inc. (NYSE: XXII)
An analysis by the Arcview Group is projecting an increase in the sales of cannabis. Meanwhile, Troy Dayton, CEO of The Arcview Group, explained that, “The economic excitement around the legal cannabis industry is no longer just theory. Due to the giant impact adult-use legalization is already having in the United States, it’s vital for key stakeholders to understand the full impact of legalization, beyond just retail sales numbers.” The legalization of adult-use sales in California is projected to lead to the creation of nearly 99,000 cannabis industry jobs in the state by 2021, about a third of all cannabis jobs nationwide, and 146,000 jobs overall when indirect and induced effects are considered.
WeedMD Inc. (OTC: WDDMF) is also listed on the Toronto Stock Exchange Venture under (TSX-V: WMD). Earlier last week the Company announced, “that the first batch of cannabis plants have been transplanted to its modern greenhouse located in Strathroy, Ontario and are scheduled for harvest by September 2018.
‘Our initial crop of plants successfully entered our recently-licensed Strathroy greenhouse last week and our first 10,000 sq. ft. grow room is now fully operational,’ said Keith Merker, Chief Financial Officer of WeedMD. ‘With this hybrid, large-scale, modern greenhouse, we will be able to produce quality cannabis with maximum efficiency. This facility will be the prominent source of supply for our medical cannabis patients and for future adult-use consumers across Canada and emerging international markets. I want to acknowledge and thank our incredibly dedicated, passionate and experienced best-in-class cultivation team.’
Strathroy Greenhouse Facility Updates:
- Secured Health Canada cultivation license for the first four grow rooms at its Strathroy facility on June 11th, 2018.
- Initial harvest expected by September 2018.
- Phase I, 220,000 sq. ft. retrofit is scheduled for completion this fall, with plans to progressively bring a total of 20 grow rooms online expanding annual production to more than 21,000 kg.
- Phase II fully-funded expansion is underway with an incremental 175,000 sq. ft. conversion, representing additional potential annual yield of more than 12,000 kg, bringing the total to more than 33,000 kg by this year-end.
- Phase III involves retrofitting the remaining 215,000 sq. ft., bringing the total square footage to 610,000 sq. ft, and total annual production capacity to more than 50,000 kg.
For more information, access our investor presentation here and corporate video here.”
Terra Tech Corp. (OTCQX: TRTC) operates through multiple subsidiary businesses including Blüm, IVXX Inc., Edible Garden, and MediFarm LLC. Terra Tech recently announced that it has commenced cultivation at its new Sparks facility, following approval from the State of Nevada. Utilizing Terra Tech’s proven practices and procedures, the team has successfully begun cultivation of its first cannabis crop, planting the first seeds in early June. Terra Tech expects to distribute and sell cannabis grown at the Sparks facility from its first harvest throughout Nevada by the fourth quarter of 2018. Derek Peterson, CEO of Terra Tech, commented, “We recently received the necessary permits from the State of Nevada to commence cultivation at our brand-new cultivation facility in Sparks, Nevada and have planted our first seeds. We plan to cultivate a variety of cannabis strains for patients and consumers under our IVXX brand, including offerings with varying THC and CBD concentrations.”
PotNetwork Holdings Inc. (OTC: POTN) is a publicly traded company that acts as a holding company for its subsidiaries, First Capital Venture Co., the owner of Diamond CBD, Inc., the maker of Diamond CBD oils. Recently, PotNetwork announced that the Company is in the process of filing an amendment to its articles of incorporation with the state of Colorado for a name change from PotNetwork Holdings, Inc. to “BioTech Hemp, Inc.” This name change reflects the Company’s focus on Diamond CBD’s sales momentum and expanding product lines, which better reflects its current and future business strategy and industry scope. Following the filing with the state of Colorado, the Company plans to file for a name listing and trading symbol change with FINRA. As revenues year-to-date for 2018 already exceed USD 10 Million, The Company’s repositioning initiative is designed to signal to the market its mission to be a continually thriving, socially-responsible family of brands dedicated to strengthening its evolving leadership position in the distribution and marketing of CBD products. “This name change reflects our clear leadership position in the CBD industry as the market evolves. Demand continues to expand in every sector, and as we broaden the scope of our reach, our name will mirror who we are, the nature of the industry we serve, and what our exciting future holds,” stated Richard Goulding, M.D., PotNetwork Holdings’ CEO.
Zynerba Pharmaceuticals (NASDAQ: ZYNE) is a clinical-stage specialty pharmaceutical company dedicated to developing and commercializing innovative pharmaceutically-produced transdermal cannabinoid treatments for rare or near-rare neuropsychiatric diseases with high unmet medical needs. In May, the Company reported financial results for the first quarter ended March 31st, 2018, and provided an overview of recent operational highlights. The Company expects to enroll approximately 200 pediatric and adolescent patients in the U.S., Australia and New Zealand into a single pivotal study to support an NDA for ZYN002 in FXS. Zynerba’s ZYN002 CBD gel is the first and only pharmaceutically-produced CBD formulated as a patent-protected permeation-enhanced gel and is being studied in children with Fragile X Syndrome, adult epilepsy patients with focal seizures and osteoarthritis.
22nd Century Group, Inc. (NYSE: XXII) is a plant biotechnology company focused on technology which allows it to increase or decrease the level of nicotine in tobacco plants and the level of cannabinoids in hemp/cannabis plants through genetic engineering and plant breeding. The Company’s primary mission in hemp/cannabis is to develop proprietary hemp strains for important new medicines and agricultural crops. 22nd Century’s wholly-owned subsidiary, Botanical Genetics, LLC, entered into a worldwide license agreement with Anandia Laboratories Inc. Under the terms of the agreement, the Company was granted an exclusive sublicense in the United States and a co-exclusive sublicense in the remainder of the world, excluding Canada, to patents and patent applications relating to the cannabis plant that are required for the production of cannabinoids, the major active ingredients in the cannabis plant. The Anandia sublicense continues through the life of the last to expire patent, which is expected to be 2035.