Extensive Use of Cannabis Around the Globe Prompts Governments to Ponder Legalization – iCrowdNewswire
  • Spain
  • Brazil
  • Russia
  • France
  • Germany
  • China
  • Korea
  • Japan
 
x

RSS Newsfeeds

See all RSS Newsfeeds

Global Regions

United States ( XML Feed )

Mar 15, 2019 7:30 AM ET

Subject to Terms of Use.

Extensive Use of Cannabis Around the Globe Prompts Governments to Ponder Legalization

Disclosure NewswireTM

iCrowdNewswire - Mar 15, 2019

NEW YORK,– In 2017, over 182 million people consumed cannabis, but data suggests that the number could grow to be as high as 238 million people worldwide, according to the United Nations’ World Drug Report. Moreover, the UN’s report highlights that 135 countries were involved in some form of cultivation. Those countries account for 92% of the global population. Primarily, the North American region is the biggest driver of the cannabis marketplace, and with Canada’s recent legalization and the U.S.’s ongoing efforts, the two nations are seeing a proliferation of cannabis users. The North American segment itself accounts for 40 million users, or 22% of total global users, followed by Central and West Africa, which accounts for approximately 32 million users. Regions like Europe are also seeing a spur of users due to recent passages of medical cannabis legislation. Predominantly, the medical cannabis sector dominates the overall industry, however, the U.S. and Canada are expected to fuel the recreational market as well, possibly leading to a gradual shift. Furthermore, the emergence of new products such as oils, creams, tinctures, extracts, edibles, and beverages, is leading to more and more people starting to use cannabis for either recreational or medical applications. According to data compiled by Mordor Intelligence, the global cannabis market was valued at USD 7.7 Billion in 2016 and is expected to reach USD 65 Billion by 2023. Moreover, the market is projected to register a healthy CAGR of 37% during the period. Weekend Unlimited Inc. (OTC:  WKULF) (CSE: POT), Terra Tech Corp. (OTC: TRTC), Medicine Man Technologies (OTC: MDCL), Cannex Capital Holdings Inc. (OTC: CNXXF) (CSE: CNNX), Capstone Turbine Corporation (NASDAQ: CPST)

The North American region accounts for 95% of the global cannabis market value while the overall cannabis industry is very heavily driven by the U.S., which itself accounts for 90% of the global market share, despite not having legalized cannabis entirely. Nonetheless, the U.S. government has given states the authority to legalize cannabis for either recreational or medical use, leaving the Federal government removed from most of the decision making. As such, states such as CaliforniaColorado, and Washington are major factors to the overall growth of the U.S. industry. Those specific states drove in over a billion dollars of legal cannabis sales in 2017. Additionally, states such as Nevada and Michigan are expected to become billion-dollar cannabis states in the shortcoming future as well. The U.S.’s dominance in the cannabis industry could well lead other countries to legalize cannabis for the potential economic benefit. “We expect continued growth in newly established U.S. states, and more robust growth in Canada as more supply comes online and new form factors hit the market,” Cowen analyst Vivien Azer wrote in a note to clients earlier this year, “With the market set to expand to include novel form factors, and with expanded retail access, we remain encouraged at the market’s [Canada] potential for growth in 2019, where we expect adult use sales (at retail) to total CAD 3.1 Billion (including taxes).”

Weekend Unlimited Inc. (OTC:  WKULF) (CSE: POT) is also listed on the Canadian Securities Exchange under the ticker (CSE: POT). Earlier this week, the Company announced breaking news that, “it has established its office in New York City, USA.

‘Since our growth strategy is focused on product development and sales for recreational cannabis use across USA, it is important for us to establish our base in New York City for our team to accelerate business results,’ said New York City-based Weekend President and CEO, Mr. Paul Chu. ‘Being located in New York City gives us access to world-class talent across multiple industries,’ added Mr. Chu.

Weekend Unlimited’s New York City office will serve as the company’s global headquarters. Currently housed in one of the City’s most well-known neighborhoods, SoHo, the office is surrounded by a mix of major retail chains, high-end brand stores, art galleries and restaurants.

‘SoHo is the perfect laboratory for inspiring the design and launch of Weekend’s brands,” said Mr. Chu. “We have made significant strides with acquisitions in multiple states, and our leadership team is mainly located in New York City so this was a natural step for the company to take on its growth trajectory.'”

For our latest “Buzz on the Street” Show featuring Weekend Unlimited Inc. recent corporate news, please head over to: https://www.youtube.com/watch?v=PI8KvnP9Hbo

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 it has completed the renovation of its cultivation facility located on West Grand Avenue, Oakland, in California. One of the goals of the facility will be to research and develop various cultivation techniques to optimize efficiencies and crop yields. Planting of new crops is expected to commence later this week and all cannabis cultivated at the facility will be sold under the Company’s premium IVXX™ brand to California’s medical and adult-use markets. Derek Peterson, Chief Executive Officer, said, “The renovation and upgrade of our cultivation facility in Oakland, California, which is located next to our Blüm, Oakland dispensary, provides expanded capacity to support sales growth of our IVXX™ cannabis products in California. This state-of-the-art cultivation facility is designed to enable us to cultivate a greater variety of cannabis strains and explore various growing styles in order to create high quality products at maximum efficiency, to make us more profitable growers.”

Medicine Man Technologies (OTCQX: MDCL) is a fully integrated operator in the cannabis industry, offering consulting, retail pharma-grade products, and turnkey solutions for cannabis cultivators for over a decade. Recently, Medicine Man Technologies announced a binding agreement that is expected to lead to the near-term acquisition of the Coloradolicensee, Medicine Man Denver (MMD). MMD is one of the pioneering operators that helped establish the burgeoning cannabis industry over the past decade, with brand recognition far beyond its immediate market.  Its operations include one of the largest indoor cultivations in the state of Colorado as well as four retail locations with combined sales that have kept it in the top tier of operators in the state. MDCL plans to pursue other acquisitions and partnerships with similar, mature industry leading operators, in the birth place of the legal cannabis industry and beyond. These planned and prospective transactions are helping to realize the promise of MDCL’s vision to establish an industry-leading, fully-integrated cannabis company that delivers resources to entrepreneurs in the industry and soon, products to consumers. “Building upon MMT’s established expertise as consultants that have helped win licenses and establish operations in 17 states with over 100 clients, these moves are keeping the promise of Medicine Man Technologies’ vision to become an operator in this space,” says Andy Williams, Medicine Man Technologies’ Chief Executive Officer. “Once officially brought into the fold, MDCL’s annual revenue run rate will exceed USD 40 Million. We couldn’t be more excited about what the future holds.”

Cannex Capital Holdings Inc. (OTCQX: CNXXF) (CSE: CNNX), through its wholly‐owned subsidiaries, provides a wide range of services including real estate, management, financial, branding and IP to licensed cannabis business operators domestically and internationally. Cannex Capital Holdings Inc. recently announced that, further to its press release dated November 26, 2018, it has signed a definitive agreement dated March 1, 2019 (the “Definitive Agreement”) with 4Front Holdings, LLC (“4Front”) with respect to the business combination (the “Transaction”) whereby the former securityholders of Cannex and 4Front will become securityholders in the combined company (the “Resulting Issuer”). Cannex and 4Front are arm’s length parties. In connection with the Transaction, an application will be made to list the Resulting Issuer’s subordinate voting shares (“Subordinate Voting Shares”) for trading on the Canadian Securities Exchange (the “CSE”) initially under Cannex’s symbol “CNNX”, and it is expected that a new ticker symbol will be obtained in connection with the Transaction. The Transaction is subject to CSE approval, approval of the 4Front members and approval of at least 66 2/3% of the votes cast by Cannex shareholders at a special meeting expected to take place on April 18, 2019. The Transaction will create a strong operator with expertise across the cannabis value chain, including cultivation, manufacturing, workflow, packaging, distribution and retail at scale, led by a team with longstanding industry credibility and strategic M&A capabilities. Initial collaboration in Massachusetts and Illinoisalready in motion, while collectively laying groundwork in new states including ArizonaCalifornia and Michigan. “Since starting 4Front with Kris Krane in early 2011, we’ve focused on building a company the right way, navigating the evolving landscape and trying to work with people we respect and trust. We’ve known Leo since late 2016 and have great respect for what he and his team built in Washington,” said Josh Rosen, Chief Executive Officer of 4Front. “I believe Cannex is the perfect match for 4Front and that our merger is representative of our belief that the industry is evolving from a game of Monopoly, where it’s about the perceived value of assets, to the game of Risk, where it’s about the combination of assets, strategy and execution. Cannex is all about execution and I’m already seeing the impact of the Cannex culture on our 4Front team and I look forward to closing this transaction and the full integration.”

Capstone Turbine Corporation (NASDAQ: CPST) is the world’s leading producer of highly efficient, low-emission, resilient microturbine energy systems. Capstone Turbine Corporation recently announced that it has received two orders for separate cannabis cultivating operations in Southern and Northern California. Cal Microturbine, Capstone’s exclusive California distributor, secured the orders which are scheduled for commissioning this spring. Destined for a Northern California facility, the first order is for five C65 units and five absorption chillers. Together, the five-natural gas powered C65 units will provide 325 kilowatts (kW) of prime power plus 120-160RT cooling and 400kBTU/hr hot water for the indoor greenhouse facility. In addition to the on-site power generation, one of the C65 units includes the C65 ICHP California Air Resources Board (CARB) certified package which will also provide the added benefit of space conditioning and humidity control for the grow operation. “Cannabis grow houses require enormous amounts of energy and meticulous environmental conditions. These two orders represent an expanding niche market opportunity for our innovative low emission CHP and CCHP technology as we can help lower operating costs by reducing utility costs,” said Darren Jamison, President and Chief Executive Officer of Capstone. “These orders mark the second and third grow operations that have turned to Capstone’s microturbines within the past few months in California alone,” added Mr. Jamison.

Subscribe Now! Watch us report LIVE https://www.youtube.com/FinancialBuzzMedia

Follow us on Twitter for real time Financial News Updates: https://twitter.com/financialbuzz

Follow and talk to us on Instagram: https://www.instagram.com/financialbuzz

Facebook Like Us to receive live feeds: https://www.facebook.com/Financialbuzz/

About FinancialBuzz.com  

FinancialBuzz.com, a leading financial news informational web portal designed to provide the latest trends in Market News, Investing News, Personal Finance, Politics, Entertainment, in-depth broadcasts on Stock News, Market Analysis and Company Interviews. A pioneer in the financially driven digital space, video production and integration of social media, FinancialBuzz.com creates 100% unique original content. FinancialBuzz.com also provides financial news PR dissemination, branding, marketing and advertising for third parties for corporate news and original content through our unique media platform that includes Newswire Delivery, Digital Advertising, Social Media Relations, Video Production, Broadcasting, and Financial Publications.

Please Note FinancialBuzz.com is not a financial advisory or advisor, investment advisor or broker-dealer and do not undertake any activities that would require such registration. The information provided on http://www.FinancialBuzz.com (the ‘Site’) is either original financial news or paid advertisements provided [exclusively] by our affiliates (sponsored content), FinancialBuzz.com, a financial news media and marketing firm enters into media buys or service agreements with the companies which are the subject to the articles posted on the Site or other editorials for advertising such companies. We are not an independent news media provider and therefore do not represent or warrant that the information posted on the Site is accurate, unbiased or complete. FinancialBuzz.com receives fees for producing and presenting high quality and sophisticated content on FinancialBuzz.com along with other financial news PR media services. FinancialBuzz.com does not offer any personal opinions, recommendations or bias commentary as we purely incorporate public market information along with financial and corporate news. FinancialBuzz.com only aggregates or regurgitates financial or corporate news through our unique financial newswire and media platform. For weekend unlimited inc, financial and corporate news dissemination, FinancialBuzz.com has been compensated five thousand dollars by the company. Our fees may be either a flat cash sum or negotiated number of securities of the companies featured on this editorial or site, or a combination thereof. The securities are commonly paid in segments, of which a portion is received upon engagement and the balance is paid on or near the conclusion of the engagement. FinancialBuzz.com will always disclose any compensation in securities or cash payments for financial news advertising. FinancialBuzz.com does not undertake to update any of the information on the editorial or Site or continue to post information about any companies the information contained herein is not intended to be used as the basis for investment decisions and should not be considered as investment advice or a recommendation. The information contained herein is not an offer or solicitation to buy, hold or sell any security. FinancialBuzz.com, members and affiliates are not responsible for any gains or losses that result from the opinions expressed on this editorial or Site, company profiles, quotations or in other materials or presentations that it publishes electronically or in print. Investors accept full responsibility for any and all of their investment decisions based on their own independent research and evaluation of their own investment goals, risk tolerance, and financial condition. FinancialBuzz.com. By accessing this editorial and website and any pages thereof, you agree to be bound by the Terms of Use and Privacy Policy, as may be amended from time to time. None of the content issued by FinancialBuzz.com constitutes a recommendation for any investor to purchase, hold or sell any particular security, pursue a particular investment strategy or that any security is suitable for any investor. This publication is provided by FinancialBuzz.com. Each investor is solely responsible for determining whether a particular security or investment strategy is suitable based on their objectives, other securities holdings, financial situation needs, and tax status. You agree to consult with your investment advisor, tax and legal consultant before making any investment decisions. We make no representations as to the completeness, accuracy or timeless of the material provided. All materials are subject to change without notice. Information is obtained from sources believed to be reliable, but its accuracy and completeness are not guaranteed. For our full disclaimer, disclosure and Terms of Use, please visit: http://www.financialbuzz.com.

Contact Information:

Contact: [email protected]
+1-877-601-1879
Url: www.FinancialBuzz.com

View Related News >