NEW YORK, Feb. 25, 2019 /PRNewswire/ -- Cannabis spending is growing each year as more and more governments and consumers accept the plant and its benefits. The passage of the U.S. Farm Bill, which allows for the cultivation of hemp in regulated quantities, and the ongoing global legalization efforts, in particular, are fueling the industry. Consumers are found to be gravitating towards products such as flower, oils, vapes, creams, and tinctures for either recreational or medicinal use. The combination of the Farm Bill and more general widespread legalization is expected to bolster hemp-based product sales, especially hemp-derived cannabidiol or CBD products. Along with the legalization of cannabis in Canada and continuing efforts in the U.S. and Europe, the global industry is expected to accelerate tremendously. According to data compiled by ArcView Research in partnership with BDS Analytics, the worldwide consumer spending on legal cannabis was USD 9.5 Billion in 2017 and is expected to reach USD 12.2 Billion in 2018. Additionally, the research further suggests that 2019 consumer spending is projected to hit USD 16.9 Billion, representing a 39% annual growth. Weekend Unlimited Inc. (OTC: WKULF) (CSE: POT), Leafbuyer Technologies, Inc. (OTC: LBUY), Auxly Cannabis Group Inc. (OTC: CBWTF) (TSX-V: XLY), Choom Holdings Inc. (OTC: CHOOF) (CSE: CHOO), PotNetwork Holdings, Inc. (OTC: POTN)
The cannabis industry is witnessing large investments pouring in from various sectors and investors. For example, the alcoholic beverage and tobacco industry have entered into the marketplace by establishing or acquiring cannabis-based businesses. Emerging new players are integrating or working hand-in-hand with cannabis companies in order to bolster their financials. However, some large corporations have stated that they do not intend to enter into the cannabis marketplace because of legality concerns. Despite the statements, some corporations have openly announced that they are opened to the idea of exploring opportunities within the industry pending legalization. "The entry of one of the largest alcohol and one of the largest tobacco companies into the cannabis sector as well as the Congressional passage of a Farm Bill legalizing growing hemp in the United States, were key to making 2018 a year of historical importance," said Troy Dayton, Chief Executive Officer of The Arcview Group. "This year, we also saw two of the world's three largest legal medical markets – California and Canada – transition to legal regimes that allow all adult consumers to buy cannabis, while voters in the other top-3 market – Michigan – approved a ballot measure to do the same."
Weekend Unlimited Inc. (OTC: WKULF) (CSE: POT) is also listed on the Canadian Securities Exchange under the ticker (CSE: POT). Yesterday, the Company announced, "the signing of a definitive agreement on 13 February 2019 to acquire R&D Pharma's Jamaican interests, has completed the arms-length acquisition of R&D Pharma.
'We are thrilled to join the tremendous team at Weekend Unlimited under Paul Chu's leadership. With our Tier-3 cultivators license, our active focus is on medical tourism in Jamaica, having designed and constructed the first of our 'Ganja Café's' within a short tour bus ride from the cruise ship terminals in Ocho Rios,' said Richard Bailey, President of R&D Pharma.
'We just completed a harvest last week on our 98-acre property to stock the Ganja Café for first tourism visits beginning on May 15th. The Ganja Café will be stocked with branded Jamaican strains, extracts, and infused products that will serve as a precursor to our future wholesale distribution in Jamaica and internationally,' added Mr. Bailey.
Weekend issued 80 million shares at a deemed price of $0.25 as well as making available 25 million warrants to the shareholders of R & D Pharma. Each warrant entitles the holder to acquire an additional share for $0.35 for a period of 2 years. Approximately 49 million shares are subject to a voluntary escrow agreement that sees 20% released at closing and the balance in 6 equal instalments over 3 years.
About Weekend Unlimited Inc: Weekend Unlimited is capitalizing on its vast industry relationships to establish a lifestyle brand featuring premium products and delivering life's highest moments. The company aggregates and scales small to medium brands, primarily in the categories of flower, extracts and edibles. Weekend Unlimited brands have best of class operations, distribution and strong revenue trajectories, making them ideal candidates for the deployment of capital and expertise through access to technologies, infrastructure and centralized systems. Learn more at www.weekendunlimited.com"
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=HN3RdDnhkYM
Leafbuyer Technologies, Inc. (OTCQB: LBUY) is a multi-platform cannabis technology company connecting consumers with dispensaries and product companies through online, loyalty, print, and in-person initiatives. Leafbuyer Technologies, Inc. recently announced that its Total Network traffic reached 9.85 million impressions in January 2019. This increase reflects 25.48% growth recorded during the month versus the same month the previous year. February projections show The Leafbuyer Total Network may reach more than 11 million impressions, a more than 73% increase over the same month the previous year. "We develop partnerships with hand-selected external websites, like Dope Magazine and LA Weekly, in several markets across the country to help promote Leafbuyer dispensary customers," said Mark Breen, Chief Operating Officer of Leafbuyer. "Through these websites, cannabis consumers can interact with our customers and their deals through a Leafbuyer app plugin, all without leaving the original site."
Auxly Cannabis Group Inc. (OTCQX: CBWTF) (TSX-V: XLY) is a vertically integrated cannabis company with diverse operations across Canada and Uruguay. Auxly Cannabis Group Inc. recently announced that the Company has signed a definitive agreement with 2368523 Ontario Limited (d/b/a) Curative Cannabis. The Company will acquire 46% of the common shares of Curative and enter into a long-term cannabis purchase and sale agreement to fund the construction and development costs of Curative's cannabis cultivation facility in Chatham-Kent, Ontario. The Facility is designed as a purpose-built indoor facility for the production of ultra-premium cannabis product. With an initial footprint spanning approximately 30,000 sq. ft., the first phase of the Facility is expected to yield approximately 2,900 kg of cannabis per annum. Curative anticipates bringing a unique ultra-premium cannabis product to Canadian recreational cannabis consumers through its proprietary genetics database of over 90 stable, and highly sought-after, cannabis strains. Hugo Alves, President and Director of Auxly Cannabis Group commented: "Curative is a highly valued partner to Auxly, having been a part of the Auxly family since the inception of the Company. That being said, we could not be more pleased to have reached this stage of the project and to be signing a definitive agreement with Curative. Curative's optimization of indoor cultivation combined with their unique genetics will provide a highly desirable product offering to the Canadian recreational cannabis markets and to the Auxly platform as a whole. We are pleased to be working with Dave, Scott and their team as they build out additional phases of this project and bring their product to market.
Choom Holdings Inc. (OTCQB: CHOOF) (CSE: CHOO) is an emerging adult use cannabis company whose mission is to establish one of the largest retail networks in Canada. Choom recently announced that it has entered into a letter of intent agreement with one of the 25 Cannabis Retail lottery winners to open a location in Ontario. Choom, an emerging adult use cannabis retailer, is building out one of the largest retail cannabis networks in Canada. The LOI is with a winner of one of the 25 retail opportunities to apply for a license to operate a cannabis retail store granted as a result of the Alcohol and Gaming Commission of Ontario's Expression of Interest Application Lottery conducted on January 11, 2019. Choom is currently developing a network of retail stores which will feature a curated selection of products from various licensed producers with a strong focus on elevated customer experiences for the adult use market. "Being able to get an early start to establish Choom's presence in the private retail market in Ontario through an agreement with a lottery winner is a remarkable milestone for Choom. We are thrilled that the lottery winner chose Choom to help them successfully open and operate a retail cannabis store in Ontario." stated Chris Bogart, President and Chief Executive Officer of Choom. "With our branding and execution, consumers can expect a unique experience accompanied with knowledgeable staff, style, and sophistication reflected throughout the store design. Our goal is to ensure customers leave the store knowing more about what they're purchasing and creating a high retention customer base."
PotNetwork Holdings, Inc. (OTC: POTN) is a publicly traded company that acts as a holding company for its principal subsidiaries. Diamond CBD Inc., wholly owned subsidiary of PotNetwork Holdings, Inc. recently announced that it is presenting its popular line of Diamond CBD oils, edibles, and creams to several large pharmacy chains. Recently passed federal legislation that legalizes industrial hemp production in the United States has generated increased mainstream acceptance of CBD-based products and drawn interest from retailers looking to capitalize on the public's desire for products that reduce stress and anxiety. "Our array of CBD products already play an active role in the wellness routine of thousands of Americans," said Kevin Hagen, Chief Executive Officer of Diamond CBD parent company PotNetwork Holdings, Inc. "That's why we are happy to present the benefits of CBD and our popular oils, edibles and beauty products to several large pharmacy chains in the days ahead."
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