The global legal cannabis market is projected to hit $146.4 billion by end of 2025, according to research by Grand View Research. The legal cannabis industry is gaining traction worldwide due to high demand among consumers for recreational and medical products.
Recreational cannabis spending is projected to hit $35 Billion mark, while medical cannabis spending is anticipated to hit $19.1 Billion by 2027, according to Arcview Market Research and BDS Analytics. The North American market is projected to from $9.2 Billion in 2017 to $47.3 Billion by 2027.
At Market Exclusive, we are now tracking the major cannabis players and present a daily roundup of latest developments happening in the cannabis industry.
Cannabis News
Grown Rogue International (CSE: GRIN) has secured 16,000 square feet of prime real estate in Humboldt County, the heart of California’s cannabis growers’ region. The company established GRD Cali LLC d/b/a Rogue Distribution to do business in California and received licensing approval from the City of Eureka, expecting full distribution license approval starting this month. GRD Cali will provide distribution services to support local licensed cannabis farmers and processors, as well as distribution of its own product categories produced or sourced in California.
HydRx Farms Ltd. d/b/a Scientus Pharma, which conducts research and product development for extracts and formulations related to medical cannabinoids and their derivatives, has been granted a patent by the United States Patent and Trademark Office for a decarboxylated cannabis resins method. The patent, titled Decarboxylated Cannabis Resins, Uses Thereof and Methods of Making Same, provides intellectual property protection for the company’s decarboxylation method for extraction and activation of Active Pharmaceutical Ingredient from natural cannabis plant materials.
U.S. cannabis operator Curaleaf Holdings (OTCBB: CURLF) is preparing to launch a share buyback program. The company plans to commence a normal course issuer bid to expend up to an aggregate of $50 million on the purchase of subordinated voting shares. The actual number of shares that may be purchased under the bid and the exact timing of any such purchases will be determined by the company.
Namaste Technologies (OTCMKTS: NXTTF) intends to launch a retail brand called the Namaste Café in a bid to “revolutionize the concept of the modern café.” The concept is being produced in partnership with Canadian restauranteur Jonathan Dresner (Notre-Boeuf-De-Grâce, Pigeon Espresso Bar, Kupfert & Kim). The Namaste Café will be a medical cannabis education-focused café that will center on safe use and responsible methods of consumption directed at an age-appropriate audience, Namaste said in a press statement.
U.S. cannabis branding and consulting firm Medicine Man Technologies (OTCQX: MDCL) announced that it has named co-founder Andy Williams as interim CEO. Williams has stepped down as chairperson of the board, with Paul Dickman becoming new chairperson. Williams will serve as interim CEO until a permanent CEO is named, according to Medicine Man.
Cannabis franchisor ONE Cannabis has named Mike Weinberger as chief operations officer. With nearly two decades of franchise experience, he will be responsible for leading all franchise-related efforts and overseeing day-to-day operations of the company, according to a press statement issued by ONE Cannabis.
Cannabinoid-based biopharmaceutical firm InMed Pharmaceuticals (OTCQX: IMLFF), which is developing novel therapeutics for the treatment of diseases with high unmet medical needs, has signed a contribution agreement with the National Research Council Canada Industrial Research Assistance Program to receive funding of up to C$500,000 for its research and development efforts in cannabinoid biosynthesis.
Province Brands of Canada, which is developing the world’s first beers brewed from the cannabis plant, is partnering with Ontario-based Bell City Brewing to produce craft cannabis beer. The agreement will allow Bell City Brewing to license Province Brands’ patent-pending technologies to create several product lines of non-alcoholic cannabis-brewed beer and beer infused with cannabis oil. The process will happen in Province Brands’ 123,000-square-foot facility in Grimsby, Ontario once the manufacture and sale of such products are legalized in Canada.
1933 Industries (OTCQB: TGIFF), a licensed cultivator and producer of cannabis flower and concentrates and manufacturer of hemp/CBD products, has appointed Ryan Maarschalk as chief financial officer, effective immediately. Maarschalk is a Chartered Professional Accountant and candidate for the Chartered Business Valuation designation.
U.S. cannabis company MedMen Enterprises (CSE: MMEN) has completed its previously-announced bought deal financing of 13.64 million units at C$5.50 per unit for aggregate gross proceeds of C$75.02 million. The offering was conducted by way of a short form prospectus through a syndicate of underwriters led by Canaccord Genuity, as lead underwriter, and including Eight Capital and Cormark Securities.
Toronto, Ontario-based cannabis consulting firm Cannabis Compliance is teaming up with the University of Guelph to offer cannabis workshops to industry enthusiasts and professionals, starting in March 2019. Cannabis Compliance offers subject matter expertise on licensing applications in adherence with the Cannabis Act.
