NEW YORK, May 6, 2020
NEW YORK, May 6, 2020 /PRNewswire/ -- Around the globe, countries are legalizing cannabis for both medical and recreational uses. The demand for cannabis has gradually increased over time, and particularly in the recent years as it captured the attention of consumers due to its unique properties, coupled with its medical benefits. Now, the growing therapeutic applications associated with cannabis are expected to create several opportunities for companies operating in the market. The advent of cannabis-infused products such as edibles and drinks is also anticipated to further aid the growth of the marijuana market in the coming years. In fact, the market has come so far that the United States passed the Farm Bill in late 2018. The bill legalized hemp-derived CBD products as long as they contained 0.3% THC or less, making CBD-derived products available across the U.S. However, industry experts believe that the recreational cannabis market will eventually dwarf its medical counterpart due to legalization efforts around the world gaining momentum. And according to data compiled by MarketsandMarkets, the global cannabis market was valued at USD 10.3 Billion in 2018. By 2023, the market is expected to reach USD 39.4 Billion while exhibiting a CAGR of 30.7% during the forecast period. World High Life Plc (OTC: WRHLF), KushCo Holdings, Inc. (OTC: KSHB), Organigram Holdings Inc. (NASDAQ: OGI), 22nd Century Group, Inc. (NYSE: XXII), Planet 13 Holdings Inc. (OTC: PLNHF)
CBD is the active chemical found within the hemp plant, which falls under the cannabis family. According to Healthline, certain CBD products may be effective for physical conditions as well; For example, one study on rats found that CBD oil may treat pain associated with arthritis, while another study on human cells found that CBD cream was an effective anti-inflammatory. "The work to date on marijuana and cannabinoids has given promising but conflicting signals on potential benefit for motor and non-motor symptoms as well as levodopa-induced dyskinesia. This therapy may represent a future treatment option for PD, but the correct dose and formulation are not clear, full side effects and drug interactions are unknown, and benefits have not been rigorously determined. Future studies should be large and well designed to provide clear data on the safety and efficacy of marijuana and cannabinoids in Parkinson's," said Rachel Dolhun, MD, Vice President, Medical Communications at The Michael J. Fox Foundation for Parkinson's Research.
World High Life Plc (OTCQB: WRHLF), the AQSE and OTCQB listed investment company announced breaking news today, "on the progress of its wholly owned subsidiary, Love Hemp, during the global covid-19 pandemic.
Love Hemp is passionate about creating the UK's leading range of trusted CBD products, with new product development at the heart of the brand. Love Hemp was the first functional spring water in the UK to be infused with CBD. Oils, sprays, vapes, chocolate, jelly domes and beauty products including the first CBD infused face mask and body salves have all followed. In response to current challenges, the brand has shifted its focus, building on the opportunity to achieve stronger online sales, achieving a 39% increase month-on-month since January 2020, whilst expanding its offerings to meet consumer demand.
Highlights Corporate Highlights
Having secured a number of notable listings with leading retailers including Boots, Ocado, Holland and Barrett and Sainsbury's, as well as being recognized on the list of Best CBD Oil Brands in the UK by the Evening Standard in August 2019, the brand also won The Beauty Shortlist Award 2020.
New product development is at the heart of the business, with Love Hemp Immune launching in April 2020, more than six-months ahead of schedule, highlighting the brands ability to be flexible and agile, whilst responding to consumer needs amidst the current circumstances. There is also a range of new products in development ranging from confectionary to drinks, oils and sprays. Re-branding work carried out by external marketing partners, Propaganda, will be live in retail stores and online from October 2020.
Additionally, the company's global online retailer, CBDOilsUK is expanding its product portfolio with the launch of three brands within the next two months, whilst its wholesale production unit LH Botanicals is committed to fully supporting customers through this challenging time and as such has increased production capacity with the acquisition of new capsule and bath bomb production machines.
Tony Calamita, CEO at Love Hemp commented: 'There's no question that the challenges businesses across the world are facing currently is unique. Whilst bricks and mortar stores have either closed or experienced less foot traffic and reduced hours, it has highlighted the need for us to have a robust online presence in order to keep people engaged with our brands and products. We have expanded our online offerings, and are committed to continuing to provide the best experience for our customers, so they are able to continue to purchase and engage with us in an efficient way, with minimal disruption. Fortunately, consumer demand for our products is growing and we have adapted thanks to a great team effort to be able to grow the business under new circumstances, ones like the expansion of our e-commerce presence and education marketing that will be the foundations of our model going forward.'"
KushCo Holdings, Inc. (OTCQX: KSHB) announced earlier this year that the partnership with Xtraction Services Holding Corp., a rapidly growing specialty finance company that provides equipment leasing solutions to owners and operators of cannabis and hemp companies in the United States, to offer equipment financing to KushCo's network of thousands of compliant cannabis and CBD operators. "For the past several months, we have been evaluating ways in which we can successfully enter the equipment financing arena, which we identified early on as being another growth driver and margin accretive business that can significantly complement our existing ecosystem of ancillary products and services," said Nick Kovacevich, KushCo's Co-founder, Chief Executive Officer, and Chairman.
Organigram Holdings Inc. (NASDAQ: OGI) announced on January 16th, 2020 that it had secured a supply agreement with Medical Cannabis by Shoppers, the online medical cannabis platform by Shoppers Drug Mart Inc. "We are extremely proud to partner with Shoppers and believe that our complementary approach to the medical cannabis market will offer the full strength of our combined national networks to Canadian patients," says Tim Emberg, Senior Vice President of Sales and Commercial Operations. "We are pleased that we will now be able to offer medical cannabis patients across the country even greater access to our growing portfolio of high-qutality products."
22nd Century Group, Inc. (NYSE: XXII) announced on March 11th, 2020 that lead scientists from 22nd Century Group and KeyGene have assembled a high quality genome sequence of two hemp/cannabis lines and established a new, proprietary hemp/cannabis bioinformatics platform. Both are believed to be among the highest quality, hemp/cannabis reference genomes in the world. "These exciting, new developments are already enabling the rapid breeding of new and proprietary hemp/cannabis plant lines with truly remarkable and potentially novel medicinal cannabinoid profiles," said Michael Zercher, President & Chief Operating Officer of 22nd Century Group. "Our research partnership with KeyGene will bolster our existing, proprietary hemp/cannabis plant lines and accelerate our molecular breeding work focused on the creation of valuable, new hemp/cannabis plant varieties and related intellectual property. We congratulate 22nd Century's science team as well as our partners at KeyGene on these very exciting achievements, and we look forward to even more exciting and valuable results in our hemp/cannabis plant genetics research," Zercher concluded.
Planet 13 Holdings Inc. (OTCQX: PLNHF) announced last month that following the announcement on April 13th, 2020 that it had terminated a definitive agreement to acquire a cannabis sales license and lease for a dispensary in Santa Ana, California from Newtonian Principles, Inc., it has renegotiated the terms of Acquisition and has entered into an amendment to the Initial Definitive Agreement. "We've evaluated hundreds of locations in California and continue to believe that our Santa Ana location is the best suited for a Planet 13 style dispensary," said Bob Groesbeck Co-CEO of Planet 13. "While we can't forecast how COVID-19 might affect our timeline, we've negotiated an agreement that reduces the upfront capital invested, gives us control over the timing of fixed costs and provides flexibility on dispensary buildout. We de-risked the transaction substantially while securing the next stage of growth for Planet 13."
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