NEW YORK, March 7, 2019 /CNW/ –In the U.S., there are currently 10 states, including the District of Columbia, that have legalized marijuana for recreational use and Michigan became the most recent state to pass recreational cannabis legislation back in November during the midterm elections. The state now joins other major players such as California, Colorado, Nevada, and Washington. Moreover, Michigan became the first midwest state to legalize cannabis for adult-use, which is having a profound impact across the nation. Now, states such as Connecticut, Illinois, New York, and New Jersey are among several states moving to legalize cannabis for adult-use. More broadly, the U.S. accounts for the largest share of the global cannabis market because states like California and Colorado deliver over a billion dollars in revenue annually. Globally, only Canada and Uruguay have federally legalized cannabis entirely, however, many countries maintain lenient regulations regarding the plant. Countries such as Colombia, Ecuador, Belgium, the Netherlands, Spainand Switzerland allow for personal consumption of cannabis in minimal amounts. Even though cannabis is still technically federally illegal in those countries, the laid back regulations could signal a possible shift in the near future. According to data compiled by Verified Market Intelligence, the global marijuana market was valued at USD 42.20 Billion in 2017 and is projected to reach USD 466.81 Billion by 2025. Furthermore, the market is expected to register a CAGR of 35.3% from 2018 to 2025. Weekend Unlimited Inc. (OTC: WKULF) (CSE: POT), VIVO Cannabis Inc. (OTC: VVCIF) (TSX-V: VIVO), 22nd Century Group, Inc. (NYSE: XXII), WEED, Inc. (OTC: BUDZ), Auxly Cannabis Group Inc. (OTC: CBWTF) (TSX-V: XLY)
Cannabis is steadily being adoption around the world due to its beneficial medical effects. Certain countries are leveraging the plant to treat medical applications such as cancer, chronic pain, and arthritis. The larger reason why cannabis is still prohibited in many countries is down to its psychoactive effects, which result from its THC, or tetrahydrocannabinol, derivative. On the other hand, the CBD, or cannabidiol, derivative is generally more accepted because of its non-psychoactive effects. After delisting CBD from the U.S. Food and Drug Administration’s Schedule 1 drug list, the U.S. also recently passed the U.S. Farm Bill. Now, the CBD marketplace is positioned to account for a significant share in the cannabis industry. Consumers are using CBD products such as creams, oils, and tinctures for both recreational and medical use. “Some of those ingredients get re-looked at through a different lens. It becomes a little less taboo,” said Perteet Spencer, a Principal in the Brand Growth Solutions division at SPINS. “You’re seeing massive legislative shifts that are going make a lot of things that were once completely off-limits a little more acceptable.”
Weekend Unlimited Inc. (OTC: WKULF) (CSE: POT) is also listed on the Canadian Securities Exchange under the ticker (CSE: POT). Earlier this week, the Company announced that, “President & CEO, Paul Chu has issued this important update to shareholders.
Dear Weekend Unlimited Shareholder:
The Company is actively implementing its strategy as a multi-national operator, developing a brand portfolio to satisfy every segment of the recreational cannabis market in legal jurisdictions. As we build momentum, we wanted to share some of the highlights over the last month, these include:
- International recognition that came from winning the Canadian Stock Exchange’s POT Lottery
- A significant distribution deal for Canna Candys
- Closing of the R & D Pharma deal for Jamaican vertical operations
- Licensing and grand opening of Northern Lights Supply retail store in Alberta
- Expansion into the Oklahoma market
- Executive appointments in business development, operations and revenue generation
- Start of trading on the OTC QB Market
Allow me to expand on each of the above:
Building on the POT Lottery win, the Company signed a long-term distribution deal for Canna Candys, focused on growing a retail presence in the US Northeast, Midwest and Southeast regions. The strategy will begin with Canna Candy’s mixed fruit gummies, which each contain 5 mg of 99.6% hemp oil extract (0% THC and non-psychoactive). Additional products in Weekend’s candy and beverage brands are anticipated to be added to the distribution deal in the near term.
In Jamaica, closing the deal with R & D Pharma allows the Company to accelerate growth in that country’s medical tourism market. Weekend will also develop consumer brands for Jamaican and international export markets, leveraging favorable cultivation economics and the stature and reputation of Jamaica’s cannabis history. The overall assets include 145-acres of cultivation property, with significant yield over a 4 times per year crop rotation.
Upon receiving one of ten new Alberta retail licenses, as announced on February 5th, the retail operation received two inventory shipments and celebrated its grand opening on February 23rd, driving significant traffic, awareness and sales. The Northern Lights Supply store will serve as a launchpad for new products, customer data gathering, educational programming to the hospitality industry, and a platform for partnerships.
Oklahoma presents a geographically advantageous growth platform for Weekend. The acquisition we announced includes a 7-acre property with 20,000 ft2 of indoor facilities housing nursery/cultivation and extract production. The plans also include a 1500 ft2 retail-designated space for a concept store to be developed as Weekend’s first location in Oklahoma. Additional space will be designed to produce and package Weekend’s Canna Candys brands to distribute in Oklahoma. Licenses have been secured for cultivation, processing, transportation, and an application is in place for a retail license.
Our initial product focus for the Oklahoma medical market will be centred upon vape cartridges, dab rigs and candy products. The brand strategy will be scalable and expand to beverages, topicals and supplements.
Along with our listing on the OTC QB, which will make the company more accessible to USA investors, putting a strong leadership team in place has been a top priority. Over the last 30 days we have added Clint Pyatt, Director of Revenue Generation, Ese Roberts, Director of Operations, Karl Schmieder, MS/MFA, Director of Business Development, and Tom Wisniewski, VP Sales Operations.
This leadership team’s experience and understanding of our vision is being put into action immediately to establish and scale best-in-class operations and distribution, creating strong revenue trajectories as the company launches its own consumer packaged brands, with hemp oil extract products being a primary focus throughout the USA.
President and CEO
About Weekend Unlimited Inc.: Weekend Unlimited is capitalizing on its vast industry relationships to establish a lifestyle brand featuring premium products and delivering life’s highest moments. The company aggregates and scales small to medium brands, primarily in the categories of flower, extracts and edibles. Weekend Unlimited brands have best of class operations, distribution and strong revenue trajectories, making them ideal candidates for the deployment of capital and expertise through access to technologies, infrastructure and centralized systems. Learn more at www.weekendunlimited.com “
For our latest “Buzz on the Street” Show featuring Weekend Unlimited Inc. recent corporate news, please head over to: https://www.youtube.com/watch?v=PMhPeck9R08
VIVO Cannabis Inc. (OTCQX:VVCIF) (TSXV:VIVO), based in Napanee, Ontario, is recognized for trusted, high-quality products and services. VIVO Cannabis Inc. recently announced the launch of Canna Farms’ integrated online medical cannabis website. This newly launched medical cannabis store creates one of the largest online platforms for medical cannabis users across Canada, with an industry-leading offering of brands and products. Combining the Beacon Medical™ and Canna Farms™ brands with those of other cultivators, the online store will provide patients across Canada with a single location to access a broad selection of medical cannabis. “Canna Farms’ integrated online store will cater to discerning medical cannabis consumers,” said Daniel Laflamme, President of Canna Farms. “In addition to offering award-winning Canna Farms and Beacon Medical brands, the site will serve as a marketplace for products from other licensed producers who share VIVO’s commitment to delivering premium products and services focused on health and wellness.”
22nd Century Group, Inc. (NYSE: XXII) is a plant biotechnology company focused on technology which allows the increase or decrease in the level of nicotine in tobacco plants and the level of cannabinoids in hemp/cannabis plants through genetic engineering and plant breeding. 22nd Century Group, Inc. recently announced that the 2018 Farm Bill will greatly enhance the Company’s research activities around low-THC Cannabis sativa L. Recently, President Trump signed into law the 2018 Farm Bill, including an important provision to legalize hemp, defined as Cannabis sativa L. containing not more than 0.3% THC (the compound in cannabis responsible for psychotropic effects). Cannabis plants with higher levels of THC (i.e. marijuana) remain illegal under federal law. As a Research Partner of the State of New York Department of Agriculture and Markets, and with extensive experience in plant biotechnology and genetics, 22nd Century scientists are uniquely capable of exploiting cannabis DNA. The new law will allow 22nd Century to expand the Company’s research activities, to add to the Company’s cannabis intellectual property portfolio, and to increase the Company’s cannabis germplasm library through the legal interstate commerce of proprietary low-THC Cannabis sativa L. plants. “In ending the legal uncertainty that low-THC cannabis research has entailed, and by opening the door for legal sales of hemp across state lines, the 2018 Farm Bill will result in a vibrant and growing marketplace for 22nd Century’s unique varieties,” explained Dr. Paul Rushton, Vice President of Biotechnology at 22nd Century Group. “With a sizeable head-start in low-THC Cannabis sativa research in collaboration with the Company’s fully licensed and accredited partners, 22nd Century is poised to take advantage of hemp’s new legal status and to develop and commercialize new hemp/cannabis varieties for the medical and agricultural fields.”
WEED, Inc. (OTCQB: BUDZ) along with its subsidiary, Sangro AT, LLC, is an early-stage cannabis holding company, which focuses on the development and application of cannabis-derived compounds for the treatment of human disease with a goal of identifying, collecting, and archiving a collection of medicinal cannabis strains. WEED, Inc. recently announced that it has acquired the rights to two trademark registrations directed to the name of the company, WEED. The purchases are part of a broader effort by WEED, Inc. to expand its Intellectual Property (IP) Brands Division into a variety of goods and services outside of those offered as part of its core goods and services, namely, the development of cannabis–derived healthcare & adult use Cannabis products. Among other measures, WEED, Inc. has sought to expand WEED™ and other associated brands including WEED RULES!™ to goods and services that include cosmetics and cleaning preparations, paper goods and printed matter, and natural agricultural products in addition to others through the filing of multiple trademark applications in the United States Patent and Trademark Office. “We are hopeful that such actions to protect existing rights and acquire future intellectual property rights will fortify WEED, Inc.’s position as a leader in the cannabis industry, creating shareholder value above and beyond the value created by the company’s core business,” comments WEED, Inc. President/CEO Glenn E. Martin. “We believe the majority of discoveries in Cannabis are yet to be found. I believe these exciting times will not only change global health but the penetrate many markets worldwide! WEED’S leading scientists are already working on new breeding programs, genetic modifications, formulations and drug delivery systems for both humans and pets.”
Auxly Cannabis Group Inc. (OTCQX: CBWTF) (TSX-V: XLY) is a vertically integrated cannabis company with diverse operations across Canada and Uruguay. Auxly Cannabis Group Inc. recently announced that, further to its previous releases, it has completed the acquisition of 80% of the outstanding common shares of Inverell S.A. The Transaction positions the Company as a leader in the global CBD economy with a highly efficient, low-cost source of cannabinoids for international distribution, including through the Company’s strategic partnership with ICC International Cannabis Corporation Inc. (CSE: WRLD) which provides the Company with access to 16 markets through a network of 35,000 pharmacies. Importantly, the low cost, high purity CBD produced by Inverell gives the Company a long-term and stable supply of CBD to support the research, development and manufacturing of cannabis-derived products at Dosecann Inc., the Company’s wholly-owned Licensed Processor facility located in Prince Edward Island, Canada. Hugo Alves, President and Director of Auxly Cannabis Group, commented: “We are incredibly pleased with progress that Inverell has made on the cultivation of its 2019 crop of CBD-rich hemp and on the broader development of the business as a stand-alone entity in the Auxly platform. In a very short period, Inverell has exceeded its 2018 planting target of 150 hectares of hemp plants and has made significant strides forward on the development of its world-class extraction facility located in the Parque de las Ciencias. We continue to believe that the low cost and high volume access to CBD molecules, through our ownership in Inverell, positions Auxly to be a leader in the global value-added cannabinoid-based product markets.”
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Original Press Release: newswire.ca