NEW YORK, March 14, 2019 /CNW/ -- In 2017, over 182 million people consumed cannabis, but data suggests that the number could grow to be as high as 238 million people worldwide, according to the United Nations' World Drug Report. Moreover, the UN's report highlights that 135 countries were involved in some form of cultivation. Those countries account for 92% of the global population. Primarily, the North American region is the biggest driver of the cannabis marketplace, and with Canada's recent legalization and the U.S.'s ongoing efforts, the two nations are seeing a proliferation of cannabis users. The North American segment itself accounts for 40 million users, or 22% of total global users, followed by Central and West Africa, which accounts for approximately 32 million users. Regions like Europe are also seeing a spur of users due to recent passages of medical cannabis legislation. Predominantly, the medical cannabis sector dominates the overall industry, however, the U.S. and Canada are expected to fuel the recreational market as well, possibly leading to a gradual shift. Furthermore, the emergence of new products such as oils, creams, tinctures, extracts, edibles, and beverages, is leading to more and more people starting to use cannabis for either recreational or medical applications. 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. Moreover, the market is projected to register a healthy CAGR of 37% during the period. Weekend Unlimited Inc. (OTC: WKULF) (CSE: POT), Terra Tech Corp. (OTC:TRTC), Medicine Man Technologies (OTC: MDCL), Cannex Capital Holdings Inc. (OTC: CNXXF) (CSE: CNNX), Capstone Turbine Corporation (NASDAQ: CPST)
The North American region accounts for 95% of the global cannabis market value while the overall cannabis industry is very heavily driven by the U.S., which itself accounts for 90% of the global market share, despite not having legalized cannabis entirely. Nonetheless, the U.S. government has given states the authority to legalize cannabis for either recreational or medical use, leaving the Federal government removed from most of the decision making. As such, states such as California, Colorado, and Washington are major factors to the overall growth of the U.S. industry. Those specific states drove in over a billion dollars of legal cannabis sales in 2017. Additionally, states such as Nevada and Michigan are expected to become billion-dollar cannabis states in the shortcoming future as well. The U.S.'s dominance in the cannabis industry could well lead other countries to legalize cannabis for the potential economic benefit. "We expect continued growth in newly established U.S. states, and more robust growth in Canada as more supply comes online and new form factors hit the market," Cowen analyst Vivien Azer wrote in a note to clients earlier this year, "With the market set to expand to include novel form factors, and with expanded retail access, we remain encouraged at the market's [Canada] potential for growth in 2019, where we expect adult use sales (at retail) to total CAD 3.1 Billion (including taxes)."
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 breaking news that, "it has established its office in New York City, USA.
'Since our growth strategy is focused on product development and sales for recreational cannabis use across USA, it is important for us to establish our base in New York City for our team to accelerate business results,' said New York City-based Weekend President and CEO, Mr. Paul Chu. 'Being located in New York City gives us access to world-class talent across multiple industries,' added Mr. Chu.
Weekend Unlimited's New York City office will serve as the company's global headquarters. Currently housed in one of the City's most well-known neighborhoods, SoHo, the office is surrounded by a mix of major retail chains, high-end brand stores, art galleries and restaurants.
'SoHo is the perfect laboratory for inspiring the design and launch of Weekend's brands," said Mr. Chu. "We have made significant strides with acquisitions in multiple states, and our leadership team is mainly located in New York City so this was a natural step for the company to take on its growth trajectory.'"
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Terra Tech Corp. (OTCQX:TRTC) operates through multiple subsidiary businesses including Blüm, IVXX Inc., Edible Garden, and MediFarm LLC. Terra Tech Corp. recently announced that it has completed the renovation of its cultivation facility located on West Grand Avenue, Oakland, in California. One of the goals of the facility will be to research and develop various cultivation techniques to optimize efficiencies and crop yields. Planting of new crops is expected to commence later this week and all cannabis cultivated at the facility will be sold under the Company's premium IVXX™ brand to California's medical and adult-use markets. Derek Peterson, Chief Executive Officer, said, "The renovation and upgrade of our cultivation facility in Oakland, California, which is located next to our Blüm, Oakland dispensary, provides expanded capacity to support sales growth of our IVXX™ cannabis products in California. This state-of-the-art cultivation facility is designed to enable us to cultivate a greater variety of cannabis strains and explore various growing styles in order to create high quality products at maximum efficiency, to make us more profitable growers."
Medicine Man Technologies (OTCQX: MDCL) is a fully integrated operator in the cannabis industry, offering consulting, retail pharma-grade products, and turnkey solutions for cannabis cultivators for over a decade. Recently, Medicine Man Technologies announced a binding agreement that is expected to lead to the near-term acquisition of the Coloradolicensee, Medicine Man Denver (MMD). MMD is one of the pioneering operators that helped establish the burgeoning cannabis industry over the past decade, with brand recognition far beyond its immediate market. Its operations include one of the largest indoor cultivations in the state of Colorado as well as four retail locations with combined sales that have kept it in the top tier of operators in the state. MDCL plans to pursue other acquisitions and partnerships with similar, mature industry leading operators, in the birth place of the legal cannabis industry and beyond. These planned and prospective transactions are helping to realize the promise of MDCL's vision to establish an industry-leading, fully-integrated cannabis company that delivers resources to entrepreneurs in the industry and soon, products to consumers. "Building upon MMT's established expertise as consultants that have helped win licenses and establish operations in 17 states with over 100 clients, these moves are keeping the promise of Medicine Man Technologies' vision to become an operator in this space," says Andy Williams, Medicine Man Technologies' Chief Executive Officer. "Once officially brought into the fold, MDCL's annual revenue run rate will exceed USD 40 Million. We couldn't be more excited about what the future holds."
Cannex Capital Holdings Inc. (OTCQX: CNXXF) (CSE: CNNX), through its wholly‐owned subsidiaries, provides a wide range of services including real estate, management, financial, branding and IP to licensed cannabis business operators domestically and internationally. Cannex Capital Holdings Inc. recently announced that, further to its press release dated November 26, 2018, it has signed a definitive agreement dated March 1, 2019 (the "Definitive Agreement") with 4Front Holdings, LLC ("4Front") with respect to the business combination (the "Transaction") whereby the former securityholders of Cannex and 4Front will become securityholders in the combined company (the "Resulting Issuer"). Cannex and 4Front are arm's length parties. In connection with the Transaction, an application will be made to list the Resulting Issuer's subordinate voting shares ("Subordinate Voting Shares") for trading on the Canadian Securities Exchange (the "CSE") initially under Cannex's symbol "CNNX", and it is expected that a new ticker symbol will be obtained in connection with the Transaction. The Transaction is subject to CSE approval, approval of the 4Front members and approval of at least 66 2/3% of the votes cast by Cannex shareholders at a special meeting expected to take place on April 18, 2019. The Transaction will create a strong operator with expertise across the cannabis value chain, including cultivation, manufacturing, workflow, packaging, distribution and retail at scale, led by a team with longstanding industry credibility and strategic M&A capabilities. Initial collaboration in Massachusetts and Illinoisalready in motion, while collectively laying groundwork in new states including Arizona, California and Michigan. "Since starting 4Front with Kris Krane in early 2011, we've focused on building a company the right way, navigating the evolving landscape and trying to work with people we respect and trust. We've known Leo since late 2016 and have great respect for what he and his team built in Washington," said Josh Rosen, Chief Executive Officer of 4Front. "I believe Cannex is the perfect match for 4Front and that our merger is representative of our belief that the industry is evolving from a game of Monopoly, where it's about the perceived value of assets, to the game of Risk, where it's about the combination of assets, strategy and execution. Cannex is all about execution and I'm already seeing the impact of the Cannex culture on our 4Front team and I look forward to closing this transaction and the full integration."
Capstone Turbine Corporation (NASDAQ: CPST) is the world's leading producer of highly efficient, low-emission, resilient microturbine energy systems. Capstone Turbine Corporation recently announced that it has received two orders for separate cannabis cultivating operations in Southern and Northern California. Cal Microturbine, Capstone's exclusive California distributor, secured the orders which are scheduled for commissioning this spring. Destined for a Northern California facility, the first order is for five C65 units and five absorption chillers. Together, the five-natural gas powered C65 units will provide 325 kilowatts (kW) of prime power plus 120-160RT cooling and 400kBTU/hr hot water for the indoor greenhouse facility. In addition to the on-site power generation, one of the C65 units includes the C65 ICHP California Air Resources Board (CARB) certified package which will also provide the added benefit of space conditioning and humidity control for the grow operation. "Cannabis grow houses require enormous amounts of energy and meticulous environmental conditions. These two orders represent an expanding niche market opportunity for our innovative low emission CHP and CCHP technology as we can help lower operating costs by reducing utility costs," said Darren Jamison, President and Chief Executive Officer of Capstone. "These orders mark the second and third grow operations that have turned to Capstone's microturbines within the past few months in California alone," added Mr. Jamison.
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