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.
iAnthus Capital Holdings (OTCQB: ITHUF), which owns and operates licensed cannabis operations throughout the United States, reported its financial and operating results for the third quarter of 2018. The company showed significant revenue growth during the quarter, with consolidated revenues jumping 101% quarter-over-quarter to $1.07 million. The net loss for the three months ended September 30 was approximately $10.0 million, while adjusted net loss was approximately $4.9 million for the quarter.
Indiva Ltd. (TSX: NDVA), a licensed producer of medical-grade cannabis, has launched an e-commerce store for accessories. “We couldn’t be more thrilled to announce that our e-store is open for business,” Indiva CEO Niel Marotta said in a press statement. “The response that we have received from our customers so far has been overwhelming. They are delighted with the variety and selection of our high-quality, carefully-curated accessories, as well as the ease with which they can browse and shop.”
Newstrike Brands Ltd. (TSX-V: HIP) has entered into an agreement with Neal Brothers to create a co-branded specialty food products company that will develop, market and sell cannabis edibles. The joint venture partners will conceive and develop innovative edible cannabis products at Newstrike’s fully-licensed Niagara operations, where an in-house research and development facility is being constructed. The agreement is subject to customary conditions precedent, including receipt of all applicable regulatory and third-party approvals.
Chicago-based Green Thumb Industries (OTCQX: GTBIF), a cannabis consumer packaged goods company and owner-operator of the high growth national retail chain RISE, reported its financial results for the third quarter ended September 30, 2018. The company posted a 344% year-over-year increase in revenues to $17.2 million whereas quarter-over-quarter revenues jumped 26%. The company had a net loss of $3.3 million, versus net income of $0.4 million in the second quarter of 2018. Green Thumb Industries expects to more than double the RISE retail footprint over the next twelve months.