PALM BEACH, Florida, April 17, 2019 /CNW/ -- The projections for the legal & CBD cannabis markets seem to get higher with every new arrival and big box and brick & mortar retailers of all sizes have taken notice. The legal marijuana and CBD markets numbers are increasingly optimistic. Legal Marijuana: "Today, the U.S. is the epicenter of the legal cannabis market and it appears it will hold that position for the foreseeable future. By 2022, legal cannabis revenue in the U.S. market is projected to hit $23.4 billion." CBD: Add in the figures for the CBD markets: "Hemp-Derived CBD Will Outpace All Other Cannabis Markets, Projected to Hit $22 Billion by 2022" and it's easy to see why retailers want 'in' on the market. The CBD market is easier right now for the big box companies to get involved especially since CBD for medical use is legal in 46 states and CBD derived from hemp rather than marijuana is legal in all states. Active companies in the cannabis industry includes: CROP INFRASTRUCTURE CORP. (CSE:CROP) (OTC:CRXPF - News), MedMen Enterprises Inc. (CSE:MMEN) (OTC:MMNFF - News), CannTrust Holdings Inc. (TSX:TRST.TO - News) (NYSE:CTST - News), The Yield Growth Corp. (CSE:BOSS) (OTC:BOSQF - News), OrganiGram Holdings Inc. (TSX-V:OGI.V - News) (OTC:OGRMF - News).
A February 2019 article on the CNN Business site, titled "America's stores are taking the leap into cannabis products" commented on this surge: "Retailers are racing to grab a piece of the booming CBD market. Stores like DSW, Neiman Marcus, and Barney's all recently began selling beauty products that feature (CBD). Barney's upped the stakes (recently) when it revealed plans for a small, cannabis-themed shop at its Beverly Hills store that showcases CBD beauty products, along with glass pipes, gold rolling papers, and grinder necklaces. "There is a demand for high-end CBD products," Kim D'Angelo, Neiman Marcus' beauty buyer, told CNN Business. "CBD products are the next big thing in beauty."
CROP INFRASTRUCTURE CORP. (CSE:CROP) (OTCPK:CRXPF - News) (Frankfurt: 2FR) BREAKING NEWS: CROP announced today that it has identified multiple Tenants for a roll out strategy to enter Oklahoma to target the Medical Cannabis market focusing on Cultivation, Extraction and Retail infrastructure. CROP will own 49% of the newly incorporated company.
The focus of the Oklahoma partnership will be to set up 20 acres of cultivation for medical cannabis and establish up to three retail locations. The 20 acres of medical Cannabis, once tenants are cultivating, is estimated to yield 30,000 lbs of dried flower per year. CROP has agreed to fund up to $500,000 USD for the initial start-up capital for the cultivation and retail locations.
In November 2018, an effort to place recreational cannabis on Oklahoma's ballot fell short by 20,000 signatures. The Secretary of State's office determined supporters of the initiative gathered only about 103,000 signatures for State Question 797. The required 123,000 signatures was not met to qualify for a public vote. Read this full announcement and more news for CROP Infrastructure at: https://www.financialnewsmedia.com/news-crop/
Additional cannabis industry related developments from around the markets:
MedMen Enterprises Inc. (CSE:MMEN.CN - News) (OTCQX:MMNFF - News) recently announced unaudited systemwide revenue for its fiscal 2019 third quarter ended March 30, 2019. Across the Company's operations in California, Nevada, New York, Arizona and Illinois, systemwide revenue was US$36.6 million (CA$48.8 million). This represents a 22% quarter-over-quarter increase over its fiscal 2019 second quarter ended December 29, 2018. Systemwide revenue, pro forma for pending acquisitions that have not yet closed, was US$54.9 million (CA$73.2 million) for the quarter. For the third quarter, gross margin across its retail operations was 51%1, compared to 53% in the previous quarter. The Company is expected to post its fiscal 2019 third quarter results in May 2019.
Subsidiary Urban Juve Provisions recently filed a Patent Co-operation Treaty ("PCT") patent application entitled "Cannabis Root Extract, Method of Manufacture, Method of Use". The application claims priority to eleven US patents filed in the last year by the company, and contains claims to a method of manufacture of cannabis root oil, as well as use of that oil as an active ingredient in various formulations for use as therapeutics and cosmetics. This PCT patent application can be used as a basis for obtaining patent protection in over 170 countries.
OrganiGram Holdings Inc. (TSX-V:OGI.V - News) (OTCQX:OGRMF - News) the parent company of Organigram Inc. (the "Company" or "Organigram"), a leading licensed producer of cannabis recently announced the recent appointment of strategy and operations consultant James Cavanagh as the Company's Chief of Staff.
Mr. Cavanagh is an experienced professional who has worked with Canadian and global clients across a variety of industries to drive top and bottom-line growth as well as organizational and operational improvements. Previously with PwC, he has overseen the design and implementation plan of global manufacturing, corporate, and sales processes designed to strategically enhance performance and revenue. Mr. Cavanagh has also facilitated digital strategy development and implementation, introducing new technology platforms in order to improve critical business processes and help achieve cost reduction.
CannTrust Holdings Inc. (TSX:TRST.TO - News) (NYSE:CTST - News) recently announced that it has launched three new cannabis extract formulations to meet the growing demand for oil-based products. The new formulations are designed to fill previously unmet needs within the Canadian medical market, identified through market research and the Company's long-standing relationships with thousands of medical cannabis patients and their healthcare practitioners.
CannTrust's three new product formulations are:High Dose CBD Capsules (25mg/capsule) – the highest dose CBD capsules currently available in Canada; High Dose CBD Drops (50mg/mL); and Low Dose 1:1 Capsules (2.5mg CBD: 2.5mg THC).
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