NEW YORK, March 28, 2019
NEW YORK, March 28, 2019 /PRNewswire/ -- The cannabis industry is among one of the fastest emerging industries in the U.S. and the rapid growth of the market has caught the attention of many financial institutions, who have begun to cover the industry. Investment banks such as Piper Jaffray, RBC Capitals, and Cowen have all backed the industry by covering public companies involved in the cannabis marketplace. For instance, RBC Capitals analyst Nik Modi believes that cannabis is the next up and coming global industry. Modi expects the legal U.S. cannabis market to grow at a projected CAGR of 17% and reach as much as USD 47 Billion within the next decade. The medical cannabis sector accounts for the majority of the overall market's shares due to its reach around the globe. Yet, Modi suggests that the recreational sector will overtake the medical sector as the industry continues to mature, even though cannabis remains heavily hindered by federal regulatory laws which restrict the recreational side of the cannabis market. Nevertheless, the market is still in its infancy stage, considering only two countries have legalized the plant entirely: Canada and Uruguay. In the U.S., only 10 states and the District of Columbia that have legalized cannabis entirely, but states like California, Colorado, Nevada, and Washington contribute billions of dollars collectively to the overall industry. As more states and countries move to legalize cannabis for either medical or recreational use, more regions and countries may decide to explore opportunities within the industry as well. Biome Grow Inc. (OTC: BIOIF) (CSE: BIO), Cannabis Sativa, Inc. (OTC: CBDS), 22nd Century Group, Inc. (NYSE: XXII), Terra Tech Corp. (OTC: TRTC), Isodiol International Inc. (OTC: ISOLF) (CSE: ISOL)
Furthermore, Modi believes that the recreational sector will witness significant growth in the shortcoming years, due to the projected growth rate of cannabis concentrates and edibles. The two segments are seeing large amounts of investments pour in, particularly from the beverage and tobacco industry, as major corporations in that industry enter into the cannabis industry due to their own declining sales. The Centers for Disease Control and Prevention recently reported that 14% of adults smoke cigarettes, which is an all-time low since the CDC began collecting data in 1965. Furthermore, data compiled by The Wall Street Journal showed that alcohol volumes dropped by 0.8% in 2018 due to consumer trend shifts. "Driving the growth is recreational use of the product, particularly concentrates and edibles. Estimates already suggest that the US category alone is USD 50 Billion, which compares to spirits USD 58 Billion, wine USD 65 Billion, and beer USD 117 Billion," said Modi, "We think this is exactly the type of move that more companies should be making (not in cannabis necessarily, but having the foresight to invest in future revenue streams, especially at a time when the core business is performing)," Modi concluded.
Biome Grow Inc. (OTCQB: BIOIF) (CSE: BIO) also listed on the Canadian Securities Exchange under the ticker (CSE: BIO). Earlier this month, the Company announced that, "Mr. George Smitherman has joined Biome Grow's executive management as Senior Vice President of Corporate Affairs. In this role, George will be leveraging his experience and knowledge in the Canadian health care sector to accelerate Biome's growth in new operating verticals. His portfolio of responsibilities will include clinical infrastructure in Canada and international markets, domestic retail operations, and international regulatory development work in jurisdictions that are looking to launch medical cannabis programs.
George has served as a Member of the Ontario Legislature for a 10-year period in both opposition and government, where he was appointed Deputy Premier and then Minister of Health and Long-Term Care for 5 years. As a Director of Biome Grow, George has been instrumental with the company since its inception. George will remain a board member while in this role.
'George is an exceptional addition to our team and has the experience to enhance our global expansion strategy, lead our clinical strategy and retail plans which are expected to be launched in 2019,' said Khurram Malik, Biome Grow CEO. 'George's expertise in health policy and green energy and infrastructure, provides Biome Grow with a unique competitive advantage as we look to enhance the Biome platform in 2019 and beyond.'
About Biome: Biome wholly owns five subsidiaries, including: The Back Home Medical Cannabis Corporation, a company incorporated under the laws of the Province of Newfoundland and Labrador and in the late stages of applying for a license under the Cannabis Act; Great Lakes Cannabis, a company incorporated under the laws of the Province of Ontario and in the late stages of applying for a license under the ACMPR; Highland Grow Inc., a licensed producer in Nova Scotia under Canada's Cannabis Act; Red Sands Craft Cannabis Co., a company incorporated under the laws of the Province of Prince Edward Island, and; Weed Virtual Retail Inc., a company incorporated under the laws of the Province of Ontario in the business of operating a new virtual reality technology platform focused exclusively on the medical and recreational cannabis markets. Biome is a Canadian-based company with national and international business interests."
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Cannabis Sativa, Inc. (OTCQB: CBDS) is engaged in the licensing of cannabis-related intellectual property, marketing and branding for cannabis-based products and services, operation of cannabis-related technology services, and ancillary business activities. Cannabis Sativa, Inc. recently announced that the United States Patent Office will issue to CBDS the US Patent number 10105343 titled "Cannabis-based compositions and methods of treating hypertension" Marijuana Lozenge on October 23, 2018. The invention relates to a Cannabis-based pharmaceutical composition for the treatment of hypertensive disorders by submucosal delivery comprising a pharmaceutically acceptable base and an effective amount of at least one cannabinoid or endocannabinoid containing extract of a cloned hybrid of the plant Cannabis sativa, subspecies sativa and Cannabis sativa, subspecies indica of the CTSX-ISS lineage. "We are excited to see the patent finally get issued", said Chief Executive Officer Mike Gravel. "Cannabis Sativa made a bold deal acquiring this pending IP in the merger acquisition of Kush in 2014, which included Kubby Patent and Licenses. This lozenge patent is the second patent to be granted resulting from that agreement, following the December 2016 issuing of our patented marijuana strain, Ecuadorian Sativa."
22nd Century Group, Inc. (NYSE: XXII) is a plant biotechnology company focused on technology which allows the increase or decrease in the level of nicotine in tobacco plants and the level of cannabinoids in hemp/cannabis plants through genetic engineering and plant breeding. 22nd Century Group, Inc. recently announced that the 2018 Farm Bill will greatly enhance the Company's research activities around low-THC Cannabis sativa L. Recently, President Trump signed into law the 2018 Farm Bill, including an important provision to legalize hemp, defined as Cannabis sativa L. containing not more than 0.3% THC (the compound in cannabis responsible for psychotropic effects). Cannabis plants with higher levels of THC (i.e. marijuana) remain illegal under federal law. As a Research Partner of the State of New York Department of Agriculture and Markets, and with extensive experience in plant biotechnology and genetics, 22nd Century scientists are uniquely capable of exploiting cannabis DNA. The new law will allow 22nd Century to expand the Company's research activities, to add to the Company's cannabis intellectual property portfolio, and to increase the Company's cannabis germplasm library through the legal interstate commerce of proprietary low-THC Cannabis sativa L. plants. "In ending the legal uncertainty that low-THC cannabis research has entailed, and by opening the door for legal sales of hemp across state lines, the 2018 Farm Bill will result in a vibrant and growing marketplace for 22nd Century's unique varieties," explained Dr. Paul Rushton, Vice President of Biotechnology at 22nd Century Group. "With a sizeable head-start in low-THC Cannabis sativa research in collaboration with the Company's fully licensed and accredited partners, 22nd Century is poised to take advantage of hemp's new legal status and to develop and commercialize new hemp/cannabis varieties for the medical and agricultural fields."
Terra Tech Corp. (OTCQX: TRTC) operates through multiple subsidiary businesses including Blüm, IVXX Inc., Edible Garden, and MediFarm LLC. Terra Tech Corp. recently announced that the City Council of San Leandro, CA voted last night to approve an ordinance for adult-use cannabis sales in the City of San Leandro. The ordinance is subject to a second reading which is scheduled to occur on April 1, 2019, and will go into effect on May 1, 2019. The ordinance would allow for existing medical dispensaries to sell cannabis to recreational users 21 years of age or older, starting May 1, 2019. The Company currently operates the only licensed medical cannabis dispensary open in the City at 1915 Fairway Drive San Leandro, CA, 94577. Chief Executive Officer, Derek Peterson, said, "This ruling by the City Council of San Leandro brings us a step closer to serving the adult use market in that region. The Blüm, San Leandro medical cannabis dispensary opened in January this year, to strong demand, and we are excited to prepare for a ramp in sales. We are currently developing proprietary cannabis strains and genetics at our West Grand Avenue cultivation facility, which we plan to sell through our San Leandro dispensary under our IVXX® premium brand, and it is our expectation that, following the start of adult-use sales in May, the store will have the potential to generate a USD 5 Million run rate."
Isodiol International Inc. (OTCQB: ISOLF) (CSE: ISOL) is focused on the nutritional health benefits that are derived from hemp and is a product development, sales, marketing and distribution company of hemp-based Consumer Packaged Goods (CPG) and solutions. Isodiol International Inc. recently announced the launch of its products with Holland & Barrett International, beginning with an initial order of ten SKUs of hemp-extract based cannabidiol (CBD) products from the Company's RapidCBD™ and Iso-Sport™ brand catalogs for more than USD 1 Million. The RapidCBD™ and Iso-Sport™ food supplement and cosmetic skin care products contain Isodiol's proprietary ISO99™™ hemp extract and botanical blends that work synergistically to provide positive health and wellness benefits to the body and mind. All of the products in Isodiol's program for Holland & Barrett are specially formulated for the U.K. and E.U. markets. "This is a great deal for both Holland & Barrett and Isodiol, and we could not be more pleased with the great people at Holland & Barrett who embarked on this months-long journey with us," said Isodiol's Chief Executive Officer, Marcos Agramont. "Isodiol has been the pioneer of many firsts in the hemp-based consumer packaged goods (CPG) industry. This one is special because it provides equal access to quality CBD products for an entire demographic of consumers who have a pre-existing relationship with a trusted vendor."
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