PALM BEACH, Florida, April 11, 2019 /CNW/ -- Since the 1960's, all eyes have been on California (Berkley, San Francisco, etc.) when it comes to marijuana. In fashion, films, societal changes and legalized pot… California has always seemed to be in the lead. So it is no surprise to see articles looking to California to see what will be trending next year in the cannabis markets. In California, cannabis is not only legal, but you can also have it delivered to your home. And the company that did most of those deliveries issued a report based on data they collected from 450,000 buyers and about 4,000 survey respondents. The delivery company's name is Eaze and here is what their report said: "2018 was a monumental year for the cannabis industry. California, the largest cannabis market in the country, officially transitioned from medical to adult use, and new consumer markets emerged across the U.S. and North America. Baby Boomers and women continue to demonstrate remarkable market share growth and consumers are increasingly turning to cannabis as a wellness tool, with CBD the breakout star of the year. Active companies in the cannabis industry includes: CROP INFRASTRUCTURE CORP. (CSE:CROP) (OTC:CRXPF - News), HEXO Corp. (NYSE:HEXO - News) (TSX:HEXO.TO - News), Harvest Health & Recreation Inc. (CSE:HARV) (OTCQX:HRVSF - News), CannTrust Holdings Inc. (TSX:TRST.TO - News) (NYSE:CTST - News), Liberty Health Sciences Inc. (CSE:LHS.CN - News) (OTCQX:LHSIF - News).
This latest Eaze report… reveals the cannabis customer base is growing and diversifying, demonstrating a rise in popularity across all adult groups, regardless of gender or age. Consumers are also turning to cannabis to curb unhealthy habits. A majority reduced their alcohol consumption, with Millennials showing the most significant decrease, while many reduced or eliminated their need for over-the-counter and prescription pain medication. As new consumers navigate the complex world of cannabis brands, easy-to-use products gain popularity. Products that don't require paraphernalia, such as ready to use pre-rolls, edibles, and vaporizers, are gaining momentum over traditional flower purchases.
CROP INFRASTRUCTURE CORP. (CSE:CROP) (OTCPK:CRXPF - News) (Frankfurt: 2FR) BREAKING NEWS: CROP announced today that its Emerald Heights retail brand has started two additional retail applications in California.
The first application, in Chula Vista, has already been notified of passing phase 1 of the licensing process. The second, in Contra Costa, has had a letter of intent submitted with the municipality and several appropriate locations have been identified. CROP's business development team has started reviewing several existing licensed M&A opportunities in California for a flagship location.
Furthermore, CROP has confirmed with the brand product supplier that 330,000 pre-rolled cone sleeves have been shipped with custom Hempire and Evolution filters. The pre-roll equipment, located at the recently acquired NorCal distribution centre, can roll up to 10,000 cones per day with sufficient flower remaining from 2018 to fill the cones.
The current market in California for pre-rolled cones is $5.00 wholesale with an MSRP of $10.00 and infused cones are wholesaled at $12.00 with a MSRP of $18.00. "California's cannabis market is expected to soar to $5.1 billion — and it's going to be bigger than beer" Business Insider (Berke 2018)
A report from the cannabis industry research firm BDS Analytics estimates sales of cannabis to hit $3.7 billion by the end of 2018 alone, and predict that number will increase to $5.1 billion in 2019 as more dispensaries come online. 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:
HEXO Corp. (NYSE:HEXO - News) (TSX:HEXO.TO - News) has completed the first harvest in its one-million-square-foot expansion, marking an important execution milestone in the company's continuous growth.
Since early January, plants have been moving into the greenhouse and the first plants have now been harvested. The company continues to ramp up to full harvest capacity using the continuous harvest methodology, the latest step toward reaching the full annual production capacity of 108,000 kilograms of dried flower per year.
Harvest Health & Recreation Inc. (CSE:HARV) (OTCQX:HRVSF - News) a vertically integrated cannabis company with one of the largest and deepest footprints in the U.S., recently announced it has entered into a binding, definitive agreement to acquire CannaPharmacy, Inc. ("CannaPharmacy"), subject to satisfaction of customary closing conditions, including receipt of regulatory approvals in the relevant states. CannaPharmacy owns or operates (through management companies) cannabis licenses in Pennsylvania, Delaware, New Jersey, and Maryland and holds a minority interest in a pending licensee in Colombia. Harvest expects that the transaction will be accretive to Harvest's 2020 revenue and EBITDA.
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.
Liberty Health Sciences Inc. (CSE:LHS.CN - News) (OTCQX:LHSIF - News) a provider of high quality cannabis, recently announced that it will open its 13th Florida dispensary in Bonita Springs on April 5th, as the company continues to expand rapidly throughout the state. On April 1st the Company also received approval form the Florida Department of Health (DOH) for an additional use of 80,000 square feet of enclosed greenhouse space at the Liberty 360 Innovation campus in Gainesville . This brings the Company to a total of 228,880 square feet of cultivation space in the Gainesville area.
This comes on the heels of the Company receiving approval last week to become one of the first companies to provide pre-roll and whole flower smokable products to patients as a result of Governor Ron DeSantis signing a bill (SB 182) into law revoking a ban on smokable medical marijuana.
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