PALM BEACH, Florida, December 6, 2018 /PRNewswire/ —
The demand for cannabis products is surging as the market rapidly evolves and turns into a multi-billion dollar powerhouse. Fueled by favorable political conditions including sweeping legalization, as well as the creation of new customers, cannabis has become one of the hottest commodities in the market. According to Marijuana Business Daily, legal cannabis revenues could end up reaching as high as $9 billion by year-end, which would illustrate a roughly 42% growth from last year’s output. This drastic growth is forcing leaders in the industry to expand operations in order to keep up with demand and avoid product shortages. Leaders are investing in infrastructure, property, and new plant and equipment to maximize their operations. Active companies in the Cannabis markets this week include Cannabis Strategic Ventures, Inc. (OTC: NUGS), Sugarmade, Inc. (OTC: SGMD), MariMed Inc. (OTC: MRMD), Kona Gold Solutions Inc. (OTC: KGKG), Tilray Inc. (NASDAQ: TLRY).
Cannabis Strategic Ventures, Inc. (OTCPK:NUGS) BREAKING NEWS: Cannabis Strategic Ventures announced its pursuit of twenty cannabis licenses from the California Bureau of Cannabis Control that will lead to the development of a substantial cannabis growth operation of approximately 250,000 square feet of turnkey greenhouse space in California. The Company will commence cultivating as soon as licenses are issued.
The targeted cultivation site is located in central California, an area with a rich agricultural heritage and well-established distribution infrastructure. The targeted location is equipped with 250,000 square feet of greenhouse space and mostly in-place irrigation, storage facilities and other critical infrastructure components that will allow operations to begin under the Cannabis Strategic Ventures name immediately after receiving permitting.
Simon Yu, CEO, Cannabis Strategic commented, “This is a significant event for our Company and its investors. At approximately one quarter million square feet, this cultivation operation will have four or five cultivation cycles each year and each cycle will be capable of producing tens of thousands of pounds of high-quality flower.”
According to industry publication, Marijuana Business Daily, cannabis cultivators in the central California Valley are yielding an average of 30 grams per square foot of cultivation space within the “Mixed-light” environment for greenhouse with up to five cultivation cycles possible each year.
Yu added, “Our agents have filed for the licenses and with these greenhouses already in place we would plan a very rapid initiation of cultivation on the property. We are in the process of analyzing several other similar operations to further fuel our growth prospects.” Read this and more news for Cannabis Strategic Ventures at: http://www.financialnewsmedia.com/news-nugs
Other recent developments and major influences in the cannabis industry include:
Sugarmade, Inc. (OTCPK:SGMD) today makes comments on its expected revenue growth in hydroponic related supplies considering the rapidly changing California cannabis cultivation licensing situation. As a result of the expected mass “Green Lighting” of annual cultivation permits, Sugarmade is expecting accelerating revenue growth as large cultivation operations begin purchasing cultivation supplies after receiving annual permits. The situation relative to annual licenses required for legal cannabis cultivation in California remains fluid, but is expected to change rapidly over the coming weeks. As of the beginning of November 2018, there were approximately 2,547 annual cultivation licenses under review according to CalCannabis, the licensing agency within the state, with very little movement toward clearing the backlog. The approximately 6,000 licenses issued by the three California licensing agencies have been granted on only a temporary basis with expiration expected, according to California law, in January.
The state of California currently lists 1,054 temporary cultivation licenses as “About the Expire”. This uncertain status has caused many license holders to hold off on purchasing cultivation supplies. The California licensing agency has now begun issuing a limited number of annual permits and Sugarmade is expecting significant acceleration in licensing over the coming weeks, which the Company believes will result in a wave of purchasing of cultivation supplies. Jimmy Chan, CEO of Sugarmade commented, “Our customers, especially those in Santa Barbara, Monterey and Humbolt counties, the three most prolific cultivation areas in California, are indicating to us they too are expecting the permitting process to break free shortly and they are thus informing us of their plans to accelerate purchasing. We believe this will add to our already strong expected growth rate. We are seeing the cultivation market increasingly shift to the larger commercial growers and we view these operators as our prime markets. We believe, especially considering the recently announced acquisition of Sky Unlimited, LLC, which focuses primarily on these large cultivation operators, we are optimally positioned to meet this expected wave of purchasing cultivation supplies.” Sugarmade recently reiterated its annualized revenue guidance for calendar 2019 of $70 million, representing significant growth over previous annual periods.Read this and more news for SGMD at: http://www.financialnewsmedia.com/news-sgmd
MariMed Inc. (OTCQB:MRMD) and GenCanna Global Inc. (“GenCanna”) jointly announced that the companies have entered into an agreement whereby MariMed has invested $30 million in GenCanna, and the companies have created a strategic partnership, including a long-term supply agreement. The partnership expands MariMed’s robust product development capabilities and strengthens GenCanna’s position as a global leader in the Hemp CBD industry. MariMed, a multi-state operator that develops and manages cannabis facilities and branded product lines, intends to create a product and branding business unit focused on the development and distribution of Hemp CBD-derived products. GenCanna is deploying the proceeds of the investment to dramatically expand its production capacity, and extend its position as the global leader in high-quality hemp CBD production, with fully legal sales throughout the U.S. and internationally.
Kona Gold Solutions Inc. (OTCPK:KGKG) announced last week it will be producing a new Alkaline CBD water, HighDrate Storm. HighDrate Storm will be produced with the highest quality CBD and utilize Alkame water, which is produced with a patented technology to create very healthy Alkaline water that is oxygenated, contains antioxidants, and is formulated for more effective hydration and optimal pH balance boosting your metabolism and providing more energy for better health. The Company has been working with industry experts in the beverage and distribution fields during the development of its CBD Water to better understand the bottled water market. The Company is looking to produce its CBD waters in 24 oz and 1 liter offerings, which are currently the most popular sizes the market is demanding.
Tilray Inc. (NASDAQ: TLRY) earlier this week announced that after completing an acquisition of its existing import and distribution partner Alef Biotechnology SpA (“Alef”), the company has officially relaunched as Tilray Latin America SpA (“Tilray Latin America”), a wholly-owned subsidiary of Tilray. Tilray Latin America will further strengthen Tilray’s position as a global leader in the medical cannabis market. Tilray currently has medical cannabis products available in twelve countries and operates globally through its wholly-owned subsidiaries in Australia & New Zealand, Canada, Germany, and Portugal. Tilray Latin America will import, produce and distribute Tilray branded medical cannabis products in Chile and create a hub to distribute Tilray products throughout Latin America, subject to local laws.
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