PALM BEACH, Florida, May 21, 2019 /PRNewswire/ -- Cannabis cultivation operations are exploding in both Canada and the U.S. due the projected demand and potential shortages if operations are not increased. Farming operations are blossoming all over Canada and the west coast of the U.S., but the rest of the U.S. is looking to expand acreage also. An article on new operations said: "Other owners of tens of thousands of acres of preserved agricultural land (in northeastern U.S.) are betting on a bill that's working it's way through the state Legislature that will allow them to join a business that's expected to be worth $22 billion by 2022. The demand for CBD products is exploding. At the moment the demand is far outpacing the supply," said Heather Darby, a hemp expert at the University of Vermont Extension who has advised agricultural officials and prospective hemp cultivators in Massachusetts. Farmers and businesses are scaling up production quickly and moving from producing an acre to producing 50 acres. About 1,500 to 2,000 hemp plants can be grown per acre generating between $40,000 and $50,000, according to information provided by Brightfield Group, a Chicago-based cannabis research firm.
Active Companies from around the Cannabis markets with current developments this week include: GTEC Holdings Ltd. (TSX-V: GTEC) (OTC: GGTTF), Choom Hldgs Inc. (CSE: CHOO) (OTC: CHOOF), Aurora Cannabis Inc. (TSX: ACB) (NYSE: ACB), Terra Tech Corp. (OTC: TRTC), The Supreme Cannabis Company, Inc. (TSX: FIRE) (OTC: SPRWF).
A couple of recent articles painted a rosy picture for hemp cultivation in the next few years. An article on Marijuana Moment said: "Industrial hemp production significantly increased in the U.S. in 2018, with farmers cultivating three times as many acres of the crop as compared to the previous year. Farmers grew more than 78,000 acres of legal hemp last year, the advocacy group VoteHemp reported. In 2017, they grew about 26,000 acres and in 2016, the total was just under 10,000 acres. But while those are impressive gains—the product of a growing number of state-level reform policies that expanded the pool of farmers licensed to grow hemp. expect another massive surge in 2019 thanks to hemp's outright legalization through the new Farm Bill. The legislation is a game-changer in terms of production estimates, advocates say.
GTEC Holdings Ltd. (TSX-V: GTEC) (OTCQB: GGTTF) BREAKING NEWS: GTEC Holdings is pleased to announce that its wholly owned subsidiary Grey Bruce Farms (the "Facility") has completed its build-out and submitted its Affirmation of Readiness and Video Evidence Package (the "Evidence Package") to Health Canada. The Evidence Package submission is the final step required in order to demonstrate and confirm to Health Canada that the Facility is fully built, operationally ready and in compliance with the Cannabis Act and Regulations, prior to being issued its Standard Cultivation License.
Grey Bruce's initial phase of 15,000 sq. ft., is estimated to produce 1.64 million grams annually. With the completion of Grey Bruce, the Company's current annual estimated output is approximately 4 million grams.
In addition to the existing Standard Cultivation license at Alberta Craft Cannabis in Edmonton, and the recently completed Tumbleweed Farms (currently awaiting its Standard Cultivation License) in Chase BC, Grey Bruce is the third facility that GTEC has completed in order to produce, market and distribute its premium indoor flower. The Company's 2019 planned cultivation facilities are expected to span a total of 120,000 sq. ft., across three Provinces (BC, Alberta and Ontario), with the anticipation of reaching an estimated annual output of 14,000 kg of indoor flower in late 2019 (through the completion of GreenTec Bio-Pharmaceuticals and 3PL, both in BC).
"With the recently announced changes to Health Canada's licensing system, we remain confident that Grey Bruce will be issued its Standard Cultivation license in a timely manner," said Norton Singhavon, Founder, Chairman and CEO of GTEC. "We would like to thank our stakeholders for your continued support as we work diligently to increase our overall production and sales over the course of 2019." Read more about GTEC by visiting: https://www.gtec.co/investors/
In the industry developments and happenings in the market this week include:
Choom Hldgs Inc. (CSE: CHOO) (OTCQB: CHOOF) is pleased to announce that Specialty Medijuana Products Inc. ("SMP"), of which Choom Holdings Inc. is a 9.8% equity stakeholder, has received a cultivation license on an additional and contiguous site in Sooke, B.C. The license was issued and effective on May 17, 2019.
"As a stakeholder in SMP, we are thrilled to see SMP receive an additional license from Health Canada." states Chris Bogart, President and CEO of Choom. "As a cannabis retailer, we cannot be more excited to have another craft focused cultivator from B.C. available in the market in the coming months. With the nation-wide cannabis shortage we're experiencing in Canada, the addition of a licensed production facility focused on craft grown product for the legal market benefits us as a retailer immensely."
Aurora Cannabis Inc. (TSX: ACB) (NYSE: ACB) and Radient Technologies Inc. announced laste week that Aurora has taken delivery of Radient's first commercial batch of finished cannabis derivatives, from Radient's proprietary extraction platform. With this first batch, Radient has proven its enhanced ability to produce cannabinoid derivatives at commercial scale, and will continue to scale up production at Radient's cannabis facility in Edmonton, reaching an expected eventual annual throughput of approximately 300,000 kg of cannabis biomass at this single location.
The partnership between Radient and Aurora was established in 2017 after the completion of a Research Joint Venture that validated Radient's MAPTM extraction technology was capable of superior cannabinoid extraction at commercial scale.
Terra Tech Corp. (OTCQX: TRTC), a vertically integrated cannabis-focused agriculture company, today announced that it has launched a legal cannabis delivery service, operating from its state licensed Blüm dispensary in Santa Ana, CA, as of Tuesday, May 14, 2019.
Through its Blüm Santa Ana dispensary, Terra Tech is now a major supplier of medical and adult-use cannabis to Santa Ana and the surrounding cities, such as Irvine, Laguna Beach and Newport Beach. All of the aforementioned cities suffer from a scarcity of existing cannabis dispensaries.
The Supreme Cannabis Company, Inc. (TSX: FIRE.TO) (OTCQX: SPRWF) and Blissco Cannabis Corp. recently announced that they have entered into a definitive arrangement agreement under which Supreme Cannabis will acquire, by way of a court-approved plan of arrangement under the Business Corporations Act, all of the issued and outstanding common shares of Blissco not already owned by Supreme Cannabis. The Arrangement is an all-stock transaction with a total value of approximately C$48 million.
"Supreme Cannabis is the best positioned company in the cannabis space to help Blissco achieve its ambition of delivering innovative, quality assured full-spectrum cannabis products to the world," said Damian Kettlewell, CEO of Blissco.
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