The global legal cannabis market is projected to hit $146.4 billion by the 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 the $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 go 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 the latest developments happening in the cannabis industry.
Namaste Technologies (OTCMKTS: NXTTF) announced that its subsidiary Cannmart inked a product acquisition agreement to purchase medical cannabis from Weed Me. Under the agreement, Cannmart will buy a variety of pre-rolled products in several strains, according to a press statement. Cannmart offers medical patients cannabis products through a single platform. Namaste Technologies operates the largest global cannabis e-commerce platform with more than 30 websites in 20+ countries under various brands. Ontario-based Weed Me is engaged in developing formulations and cannabis strains that meet the needs of recreational and medical users.
In more Cannmart news, the Namaste Technologies subsidiary announced a delivery agreement to launch same-day delivery service in the Greater Toronto Area through Pineapple Express Delivery for its medical cannabis products.
CannTrust Holdings (TSX: TRST), a licensed producer of cannabis based in Vaughan, Ontario, says that it shipped its standardized CBD oil capsules to Australia’s Gold Coast University Hospital for a clinical trial. The capsules will be used in a study to determine the efficacy of the capsules in slowing the disease progression in patients with Amyotrophic Lateral Sclerosis (ALS) and Motor Neuron Disease.
New York City-based Acreage Holdings (CSE: ACRG.U) agreed to acquire the real estate assets of Michigan-based Blue Tire Holdings to bring cannabis products to Michigan residents throughout the state. Blue Tire and Acreage will work together to acquire licenses to operate in the cannabis business in Michigan. Acreage will invest financial capital in Michigan to build existing operations and hopes to acquire additional dispensary operations over the next few years.
Medical Marijuana (OTC: MJNA) announced that its subsidiary HempMeds Mexico received five new permits from the Mexican Federal Commission for Protection Against Sanitary Risks to import its cannabidiol products. HempMeds Mexico is one of the first companies in Mexico to receive these permits just shortly after the commission issued new importation guidelines last month. Shares of the company were trading up 2.02% in the morning session.
In addition, Medical Marijuana reported its largest-ever quarterly sales revenue in the company’s history for the third quarter of 2018. Its Q3 revenue exceeded $16.8 million, up more than 116% compared to the same quarter of 2017. Revenue for the nine-month period ending September 30 exceeded $42.1 million, an increase of 146% over the prior year nine-month period. Gross profit rose nearly 140% year-over-year.
Israeli investment firm Merchavia Holdings and Investments (TASE: MRHL) announced that it is investing in another Israel-based company that is developing a medical device to enable measured and precise consumption of medical cannabis according to a pre-defined dosage and without the need of heating. Merchavia will invest a total of $400,000 in exchange for shares of an undisclosed medical cannabis firm.
Alberta, Canada-based Aurora Cannabis (NYSE: ACB) says it completed its first shipment of medical cannabis products to the Czech Republic. The products are shipped to Czech Medical Herbs s.r.o., a Czech pharmaceutical wholesaler and a distributor of medicinal products with a specialization in cannabis for medical use and medicinal products based on cannabinoids.