Cannabis Market Blossoms Despite Persistent Legal Roadblocks
NEW YORK, January 30, 2019 /PRNewswire/ --
FinancialBuzz.com News Commentary
The U.S. cannabis industry continues to grow tremendously, as the ongoing legalization efforts redouble. Perhaps surprisingly, the industry's market value is already comparable to major worldwide corporations like Netflix and McDonald's. However, the cannabis industry is heavily limited due to Federal regulations in the United States. Despite these regulatory laws though, the industry is still on track to witness significant growth and by the end of 2019, it is expected that legal cannabis sales will surpass the sales of firearms and ammunition. Furthermore, according to data compiled by Marijuana Business Daily, total sales of legal recreational and medical cannabis in the U.S. totaled approximately USD 5.2 Billion in 2017 and is projected to grow by more than 200% by 2022. The market will continue to grow larger due to various legalization efforts and developments of medical and recreational cannabis. Cannabis Strategic Ventures (OTC: NUGS), Youngevity International, Inc. (NASDAQ: YGYI), General Cannabis Corp. (OTC: CANN), KushCo Holdings, Inc. (OTC: KSHB), iAnthus Capital Holdings, Inc. (OTC: ITHUF)
The evolving cannabis industry has captured the attention of other major corporations who are all looking to enter into the market. Many companies have either entered the marketplace themselves or have invested to further expand upon the research and development of cannabis. In particular, the industry is seeing heavy investments stemming from tobacco and beverage-based companies, which will drive the recreational market. "This is what legal cannabis looks like," said F. Aaron Smith, Executive Director of the National Cannabis Industry Association, a trade group based in Washington. "You've got some of the larger players taking interest, and that's a good thing. It's going to create more economic vitality, more jobs."
Cannabis Strategic Ventures (OTC: NUGS) just announced earlier this morning that, "its plans to break ground on a six-acre canopy cultivation site in Northern California which will be known as The NUGS Farm. In addition to securing the land, the Company has obtained over 20 licenses for cannabis manufacturing, distribution and cultivation from the State of California which it will plan to deploy as soon as they break ground on the new locations.
"Establishing the NUGS Farm and securing over 20 licenses and a cultivation site that is nearly six and a half acres is a significant milestone for Cannabis Strategic Ventures. We are very proud of what we have been able to accomplish at this stage of the company," commented Simon Yu, CEO, Cannabis Strategic Ventures. "As the cannabis industry expands, and as we work to make cannabis legal on a federal level, Cannabis Strategic Ventures will be in position to touch on all areas of cannabis production. This Northern California cultivation site and the 20+ licenses that we will deploy for use, expedites the scaling of our existing brand strategies nicely."
New California Governor Gavin Newsom, an active proponent for Proposition 64 which legalized the recreational use of cannabis in 2016, is continuing to support the California Cannabis industry and recently recommended a sharp increase in spending for marijuana regulatory programs for the upcoming fiscal year.
"They say that the way California goes, the country goes," added Yu. "We remain optimistic that federal regulations will become more cannabis friendly in the near future and are excited for the positive impact it can have on our company."
About Cannabis Strategic Ventures - Cannabis Strategic Ventures is a Los Angeles based firm that incubates, develops and partners with category leaders within the cannabis sector. The Firm's NUGS brand experience provides operational and financial strategic partnerships and a range of essential services to emerging and existing Cannabis consumer brands. The Company recently completed a name and symbol change from Cascade Energy, Inc. Cannabis Strategic Ventures is publically traded on the U.S. Over the Counter Market with the stock symbol NUGS.
Youngevity International, Inc. (NASDAQ: YGYI), is a leading omni-direct lifestyle company offering a hybrid of the direct selling business model, that also offers e-commerce and the power of social selling. Youngevity International, Inc. recently announced that it will be adding Icelandic Glacial™-The Purest Tasting Water on Earth-to its growing, multifaceted lineup of lifestyle brands in the health, wellness, and food and beverage industries by agreeing to an exclusive sales and marketing agreement with the brand. Icelandic Glacial and Youngevity will work exclusively with one another as joint development partners to create exciting new products across the lifestyle, health, and food and beverage industries with the potential for a drinkable CBD product being at the forefront of potential collaborations. "I'm ecstatic to have a brand like Icelandic Glacial join the Youngevity team," said Steve Wallach, Chief Executive Officer of Youngevity International, Inc. "Icelandic Glacial offers a product unlike anything else on the market. It's rare, naturally occurring high pH level and unique lava rock filtering system certainly set it apart. But beyond that, Icelandic Glacial is the world's first Carbon Neutral bottled water company. It's perfectly positioned to serve not only customers who want a pure tasting water that makes them feel and perform their best, but also eco-friendly consumers who want to make sure their money goes to brands with a conscience."
General Cannabis Corp. (OTCQX: CANN) is the comprehensive national resource for the highest-quality service providers available to the regulated cannabis industry. General Cannabis Corp. recently announced that it has secured a lease with WeWork Los Angeles in support of its Southern California expansion. The Company plans to leverage the flexibility of the WeWork shared office model for business development and sales efforts in California, as well as additional markets around the country as more states implement a regulated legalization framework for cannabis. "Having a Los Angeles presence allows us to deepen our relationships within the California cannabis industry," said Michael Feinsod, Chairman and Chief Executive Officer of General Cannabis. "The added flexibility provided by the WeWork model allows us to scale more efficiently than a traditional office lease. In addition, as we respond to rapid developments in new markets coming on line, we can expand our footprint effectively overnight in markets where WeWork has a presence such as Boston and Washington D.C. "
KushCo Holdings, Inc. (OTCQB: KSHB) the parent company of innovative industry leaders such as Kush Supply Co., Kush Energy, The Hybrid Creative, and Koleto Innovations, which provide a range of services and products for a variety of industries including the regulated cannabis and CBD industries, recently reported its financial results for its first fiscal quarter of 2019, for the period ended November 30, 2018. Revenue was up 186% Year-over-Year to USD 25.3 Million. Revenue exceeded the previous quarterly high of approximately USD 20 Million in the fourth fiscal quarter of 2018, representing a 26.5% increase. Nick Kovacevich, Chairman and Chief Executive Officer, commented, "Coming off an exceptionally strong fiscal 2018, we continued to retain and grow our customer base, grow market share and drive sales across all our key markets in the first fiscal quarter of 2019. This drove record growth in the quarter, with revenues of USD 25.3 Million, representing 186% growth, compared with approximately USD 8.8 Million in the first fiscal quarter of 2018. This strong performance reflects the strength of our business model, which leverages our ecosystem of diverse business units and product categories to cross-sell product classes, reinforce the sticky nature of our business and support stable revenue growth."
iAnthus Capital Holdings, Inc. (OTCQX: ITHUF) owns and operates best-in-class licensed cannabis cultivation, processing and dispensary facilities throughout the United States, providing investors diversified exposure to the U.S. regulated cannabis industry. iAnthus Capital Holdings, Inc. recently announced that it has opened its first and flagship dispensary in New York on December 30, 2018. The dispensary, located at 202 Flatbush Avenue directly across from Barclays Center and Atlantic Terminal, is the first in Brooklyn, New York's largest borough, with a population of roughly 2.6 million people. The dispensary will operate under iAnthus' "Citiva" New York dispensary brand. The 2,000 sq. ft. retail location initially will offer more than 30 locally-sourced, lab-tested products, including vape cartridges and tinctures, dispensed by a highly-knowledgeable patient care representatives. "The opening of our Brooklyn dispensary is a major milestone for iAnthus and Citiva. With an ideal location and an expert team in place, we expect this dispensary to be a major asset to the community and the Company," said Hadley Ford, Chief Executive Officer of iAnthus. "We are incredibly proud to be the first to open a dispensary in Brooklyn, which serves as a testament to iAnthus' track record of innovation and industry firsts."
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