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.
Valens GroWorks Corp. (OTC: MYMSF), a licensed, vertically integrated provider of cannabis products and services, says that it established an expanded research collaboration agreement with American biotechnology product development firm Thermo Fisher Scientific. As part of the collaboration, Valens will utilize Thermo Fisher’s instruments and consumables to develop and validate analytical methods for the study of cannabis. The findings of the collaboration will be co-promoted through application notes, publication of peer-reviewed articles, conference presentations, and webinars.
Pivot Naturals, a subsidiary of Pivot Pharmaceuticals (OTCQB: PVOTF), has received a temporary license from the California Department of Public Health to manufacture adult and medicinal use cannabis-infused products in its Costa Mesa facility in California. “The grant of this temporary license is a key milestone in implementing our commercialization strategy in the booming legalized California cannabis marketplace,” Pivot Naturals President Patrick Rolfes said in a statement. “With the license in hand, we are quickly moving into finalizing our Costa Mesa production facility, and preparing to have products ready to be distributed through our established California distribution channels.”
1933 Industries (OTCQB: TGIFF), a licensed cultivator and producer of cannabis flower and concentrates and manufacturer of hemp/CBD wellness products, released financial results for the fourth quarter and full-year ending July 31. Revenue for the quarter C$3.91 million, versus C$3.32 million a year ago, while its quarterly gross profit jumped C$2.01 million from C$1.46 million last year. Total revenue for the full-year 2018 was C$12.65 million, versus C$1.03 million for 2017. The company booked a loss of C$5.73 million for full-year 2018, versus a loss of C$2.74 million for 2017.
Surna (OTCQB: SRNA), a designer, engineer and manufacturer of environmental control and air sanitation systems for commercial, state- and provincial-regulated indoor cannabis cultivation facilities, has appointed Anthony McDonald as the company’s new CEO and president. Mr. McDonald succeeds Chris Bechtel, who resigned for personal reasons as CEO, president and a director.
Cannabics Pharmaceuticals (OTCQB: CNBX), which focuses on personalized cannabinoid medicine for cancer, has filed a provisional patent application with the US Patent office that covers the company’s novel drug targeting technology accustomed to deliver cannabinoid compounds. Utilizing magnetic delivery system, the innovative non-invasive approach allows external and internal systemic delivery of cannabinoids to the actual area of tumors within the patient.
Shares of vertically integrated cannabis operator Curaleaf Holdings (OTCBB: CURLF) have been approved for quotation on the OTC Bulletin Board and will trade under the symbol CURLF, effective immediately. The company also announced that it has applied to up-list its shares to the OTCQX. Headquartered in Wakefield, Massachusetts, Curaleaf operates 33 dispensaries, 12 cultivation sites and 10 processing sites.
Canadian firm TrackLoop Analytics Corp. (CSE: TOOL) has entered into the $5.1-billion California cannabis market. The company is launching its solution for the recreational and medical cannabis industry in the state, enabling licensed producers, logistics providers, and leasing companies to fully ensure the quality of cannabis products from seed to sale. The California market represents nearly a third of the entire North American cannabis market. Estimates suggest that following legalization of recreational cannabis, sales in California will reach $3.7 billion by the end of 2018, and $5.1 billion by the end of 2019.
Phyto Animal Health, a subsidiary of Medical Marijuana (OTC: MJNA) – the first-ever publicly traded cannabis company in the U.S. – has signed an agreement with national distributor Mr. Checkout to distribute its line of cannabidiol hemp oil pet products to thousands of members of the Independent Pet Retailer Association. Established in 1989, Mr. Checkout is a national group of independent direct store delivery distributors, full-line grocery distributors and wagon-jobbers, representing products at over 60 major retailers. Its distribution network services over 35,000 retailers across the U.S., Canada and parts of the Caribbean.
Resolve Digital Health, a Canada-based developer of cannabis formulations, brands and smart devices, has teamed up with medical cannabis exporter Jamaican Medical Cannabis Corporation Ltd. Under the terms of the agreement, JMCC will supply both the high-quality medicinal cannabis, and processing, packaging and distribution services for Resolve’s ecosystem of smart inhaler pods in its key markets outside of North America. The deal is expected to close by December 31.