NEW YORK, January 29, 2019
NEW YORK, January 29, 2019 /PRNewswire/ --
FinancialBuzz.com News Commentary
The rapidly expanding cannabis industry has introduced new segments as its growth continues. The uses for cannabis are specifically split into two sectors: medical and recreational. However, within the sectors, there are sub-segments compromised of various different markets such as oil, tinctures, flower, and consumables. According to data compiled by Grand View Research, the global legal cannabis market was valued at USD 9.3 Billion in 2016. Additionally, it is expected to witness a CAGR of 34.6% throughout the forecast period from 2018 to 2025. The market is largely growing due to the ongoing spread of legalization efforts globally for both medical and recreational uses. Weekend Unlimited Inc. (OTC: WKULF), VIVO Cannabis Inc. (OTC: VVCIF), Kaya Holdings, Inc. (OTC: KAYS), NightFood Holdings, Inc. (OTC: NGTF), United Cannabis Corporation (OTC: CNAB)
The industry is currently experiencing a high demand for cannabis in both medical and recreational applications. Products being offered to consumers are based on concentrates like THC and CBD, which are found naturally within the plants. Based on recent trends, the edibles market is among the sectors to witness significant growth in the near future. According to data compiled by ArcView Market Research, in partnership with BDS Analytics, edible sales are on track to reach more than USD 4.1 Billion by 2022. Specifically, in 2017, spending on cannabis-infused food and beverages reached USD 1 Billion in the North American region alone. The majority of the edibles sold within the U.S. were candy or chocolate, which accounted for over 60% of the overall U.S. edible market. "Established big-brand food and beverage companies are beginning to take notice of the cannabis edibles market and this is likely just the tip of the iceberg," said Troy Dayton, Chief Executive Officer of ArcView Market Research. "As the edibles business grows and regulatory fears ease, the pace of intra-industry mergers and outside acquisitions will increase as well."
Weekend Unlimited Inc. (OTC: WKULF) also listed on the Canadian Securities Exchange under the ticker (CSE: YOLO). Just announced breaking news this morning that, "Through one of its subsidiaries, Weekend Unlimited Washington LLC, is providing an update on the progress of its Orchard Heights, Boggy Boon alliance as announced in their LOI on January 22nd.
Within the first week of signing an LOI to form an alliance with the Weekend Unlimited family, Boggy Boon (Seven Hills LLC), and Orchard Heights have secured orders for delivery beginning this week. The increased capacity has allowed for accelerated processing and packaging to satisfy the demands of B2B white label accounts, which will be a key Boggy Boon target market going forward.
"With the alliance with Boggy Boon, the Weekend Unlimited Washington will have entered into strategic partnerships with two independent indoor/outdoor cultivation facilities with synergistic production and logistics capacity in Washington State. Its strategic operating tenants, Orchard Bloom and Boggy Boon, the latter of which is in the top 5% of all producers' processors in the State (based on i502 data), will seize upon the immediate capacity and resources as a result of the deal to expand product lines and distribution," explained Weekend Unlimited Inc. President and CEO, Paul Chu.
Working with the Weekend Unlimited alliance, Boggy Boon anticipates doubling its production and increasing revenue beyond 2018's $1,972,562. In the first month of 2019, Boggy Boon is on pace to achieve its largest retail sales month on record as it converts the remaining square footage of its current facility into perpetual harvest. Combining infrastructure and capabilities between Orchard Heights and Boggy Boon is adding immediate capacity for Boggy Boon which has outgrown its initial facility as demand for its top selling brands has outstripped its ability to scale.
Roy Arms, CEO of Boggy Boon added, "I'm excited to collaborate with Orchard Heights as our goals of rapid product, brand, and market expansion are aligned. Additionally, their strong leadership under Paul Chu, and global vision will allow us to continue to pave the way for commercial cannabis legalization world-wide. We are always looking for efficiencies and standardizing our workflows, and with this collaboration we can solidify a road map that can be replicated in new and existing markets," elaborated Arms.
Boggy Boon will be working with Orchard Heights's brand processor facility to fill upcoming orders, as they currently have outgrown their commercial space.
By collaborating with Orchard Heights, Boggy Boon has access to more national exposure than ever, and demand for the brand is reaching its' new peak in Washington State. Renovations on the Orchard Heights facility are underway and it is anticipated to be fully online by the end of Q1 2019. Upon completion Orchard Heights Wenatchee facility will be a nursery, processing and distribution center, with a concentrate lab for manufacturing infused and vape products.
About Weekend Unlimited Inc. - Weekend Unlimited is capitalizing on its vast industry relationships to establish a lifestyle brand featuring premium products and delivering life's highest moments. The company aggregates and scales small to medium brands, primarily in the categories of flower, extracts and edibles. Weekend Unlimited brands have best of class operations, distribution and strong revenue trajectories, making them ideal candidates for the deployment of capital and expertise through access to technologies, infrastructure and centralized systems. Learn more at http://www.weekendunlimited.com"
Vivo Cannabis Inc. (OTCQX: VVCIF), based in Napanee, Ontario, is recognized for trusted, high-quality products and services. - VIVO Cannabis Inc. recently announced that its wholly-owned subsidiary, Harvest Medicine Inc., one of Canada's fastest-growing specialty medical cannabis clinic networks, is launching a free telemedicine service for medical cannabis care and education via an app. The service, known as HMED Connect, will allow patients from across Canada to access Harvest Medicine's class-leading education and patient-centric model at any time, from the comfort of their homes via mobile phone, tablet or computer. "HMED has been recognized for its unique approach and dedication to providing exceptional care at its physical clinics and we are now bringing that model into the virtual telemedicine space," stated Shekhar Parmar, Chief Executive Officer of HMED. "Our belief is that HMED Connect will transform the medical cannabis experience for patients and physicians and open the door to unique partnership opportunities with pharmacies, insurance companies, primary care physicians, and other healthcare organizations."
Kaya Holdings, Inc. (OTCQB: KAYS), through subsidiaries, produces, distributes or sells legal premium medical and recreational cannabis products, including flower, concentrates and oils, and cannabis-infused foods. Kaya Holdings, Inc. recently announced that it has concluded the purchase of the Eugene, Oregon based Sunstone Farms manufacturing facility, which is licensed by the OLCC (Oregon Liquor Control Commission) for both the production (growing) of medical and recreational marijuana flower and the processing of cannabis concentrates/extracts/edibles. The purchase includes a 12,000 sq. ft. building housing an indoor grow facility, as well as equipment for growing and extraction activity. The facility can produce in excess of 800 pounds cannabis flower annually as currently outfitted. KAYS intends to utilize the processing facilities to grow their own top-shelf, connoisseur-grade marijuana flower, produce various brands of oils, edibles, concentrates and extracts, and develop medical grade laboratory facilities for the production of a proprietary Kaya Cannaceuticals™ line of both CBD and CBD/THC products for the health, skincare and medical industries.
NightFood Holdings, Inc. (OTC: NGTF), operates both NightFood, Inc. and MJ Munchies, Inc. MJ Munchies, Inc., a wholly owned subsidiary of Nightfood Holdings, Inc., recently announced that a Letter of Intent has been signed with a cannabis beverage and edibles company to license the Half-Baked brand in the state of Colorado. MJ Munchies, having registered the Half-Baked mark for federal trademark protection earlier this year, and having been granted trademark protection in the state of California, is now set to launch Half-Baked products in a second state. The final licensing agreement is expected to be completed in the coming weeks, and to include quarterly royalty payments from the Licensee, along with an option to expand the relationship into other states. There will also be the possibility for the Licensee to acquire the national rights to the Half-Baked brand if certain operational milestones are achieved within certain specified timeframes. "Edibles and beverages are clearly the future of recreational cannabis consumption," commented MJ Munchies Chief Executive Officer Sean Folkson. "With the launch of Half-Baked edibles in California next quarter, it was important to us not only to add a second geographic market, but to launch a Half-Baked beverage. For several reasons, we have agreed that a Half-Baked THC-shot, similar in format to a 5-Hour Energy shot, be the first product brought to market under this agreement."
United Cannabis Corporation (OTCQB: CNAB) is a biotechnology company dedicated to the development of phyto-therapeutic based products supported by patented technologies for the pharmaceutical, medical, and industrial markets. United Cannabis Corporation recently announced that it has launched an industrial hemp testing facility in Golden, Colorado. The Company will provide independent testing for processors and manufacturers working under the 2018 Federal Farm Bill and Colorado's Department of Agriculture's Industrial Hemp Program. The facility is currently offering potency testing services, with terpene profiling, residual solvent analysis and heavy metal testing to follow. Chad Ruby, Chief Operating Officer of United Cannabis, commented on the announcement, "We have been performing our own internal testing for the last several months and are now ready to offer our services to the entire hemp industry. Testing is an increasingly important component of any hemp-related business, for processors, manufacturers, formulators and resellers looking to ensure their end products are produced as intended."
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