NEW YORK, Feb. 26, 2019 /PRNewswire/ -- Hemp is known to be associated with many diverse businesses such as those involved in industrial settings, consumer textiles, and more importantly, the cannabis industry. In 2017, the majority of hemp sales stemmed from hemp-derived cannabidiol, or CBD-based, products. Hemp-derived CBD accounted for USD 190 Million in sales during 2017, followed by the personal care segment, which delivered sales of USD 181 Million. Furthermore, the industrial and consumer textile segments still accounted for a significant share of market sales, as they delivered USD 144 Million and USD 105 Million in 2017, respectively. Now, with the recent passage of the U.S. Farm Bill, hemp-derived CBD products are expected to outpace the rest of the market growth. According to Hemp Business Journal, a division of New Frontier Data, the total sales for the U.S. Hemp industry totaled USD 820 Million in 2017 and is expected to reach USD 1.9 Billion by 2022. Additionally, the market is expected to witness a robust CAGR of 14.4% during the forecast period. Weekend Unlimited Inc. (OTC: WKULF) (CSE: POT), United Cannabis Corporation (OTC: CNAB), InMed Pharmaceuticals, Inc. (OTC: IMLFF) (TSX: IN), Freedom Leaf, Inc. (OTC: FRLF), Puration, Inc. (OTC: PURA)
The U.S. hemp industry grew by a modest 16% in 2017 amidst continued domestic legalization. By 2022, the marketplace is expected to explode as sales continue to flourish. In particular, the hemp-derived CBD will be the main market driver, as the research suggests that it will account for USD 646 Million in sales by 2022. Within the CBD market, consumers are using products such as tinctures, oils, creams, and flowers for either recreational or medicinal use due to its therapeutic effects. "On one hand, yes, it's really surprising to see this young industry be at such huge numbers so quickly—and still kind of pulling itself together—and on the other side, I don't think it's a surprise at all, because it's about time," Lex Pelger, Science Director at Bluebird Botanicals, said in an interview with Cannabis Dispensary. "With such a long human history of cannabis being an important plant, it makes sense that this is just exploding back onto the public consciousness like it does every couple decades."
Weekend Unlimited Inc. (OTC: WKULF) (CSE: POT) is also listed on the Canadian Securities Exchange under the ticker (CSE: POT). Just earlier today the company announced breaking cannabis news that, "it has signed a letter of intent (LOI) with PPK LLC. to acquire vertically integrated operations in Wilburton, Oklahoma.
"We have strategically targeted Oklahoma, the state has moved faster than any other state in embracing the industry, and we see the business-friendly market translating into a consumer-friendly environment where the best brands will succeed for the long term," said Weekend President and CEO, Paul Chu.
The 7-acre property includes 20,000 ft2 of indoor facilities. Of the two main buildings, the larger 15,000 ft2 facility houses nursery/cultivation and extraction activities and includes a 1500 ft2 retail designated space for a concept store to be developed as a first location in Oklahoma. The smaller building 5,000 ft2 is targeted to be production and packaging for existing Weekend brand Canna Candys for distribution and sales in Oklahoma. PPK has secured licenses in Oklahoma for cultivation, processing, transportation and has applied for a retail license.
The Company's product focus for the Oklahoma medical market will be centred upon vape cartridges, dab rigs and candy products. The brand strategy will be scalable and expand to beverages, topicals and supplements.
Weekend will provide expertise, capital and the brands to generate growth in the Oklahoma medical market. The growth strategy will focus upon quality, trusted products for Oklahoma patients, leveraging experience in markets such as California to establish a leadership position in the new, evolving Oklahoma market.
Facilities are in final stages of preparation to begin production in mid-March. The company's sales team is active, and delivery of the initial products are expected by 1 April 2019.
Under the terms of the LOI, Weekend will acquire 51% interest in the Oklahoma operation in exchange for $5,610,000, which will consist of 50% cash and 50% shares. Weekend shall have the option to purchase the balance of the operation on terms to be determined. The transaction is subject to the usual closing conditions for transactions of this nature, including due diligence, board approval and compliance with exchange policies.
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=dtsKTCDX2SI
United Cannabis Corporation (OTCQB: CNAB) is a biotechnology company dedicated to the development of phyto-therapeutic based products supported by patented technologies for the pharmaceutical, medical, and industrial markets. United Cannabis Corporation recently announced that it has entered into a Joint Venture with Blue Water Green Bridge, LLC a South Carolina company, to establish an industrial hemp processing plant. The new venture is named Magnolia Botanicals LLC. Initially, Magnolia will provide industrial hemp extraction services for South Carolina farmers working under the 2018 Federal Farm Bill and the South Carolina Department of Agriculture's Industrial Hemp Pilot Program. The Company expects to expand the services offered to include purification, testing and processing, as well as packaging, fulfillment, and secure storage capabilities. Longer term, Magnolia intends to cultivate and grow industrial hemp in the State. Earnest Blackmon, Chief Executive Officer of United Cannabis, commented on the announcement, ''The Company's successful expansion into Colorado's industrial hemp sector was the impetus for us to seek other regions where market demand was not being met and our expertise could provide value. Working in conjunction with Blue Water not only gives us a foothold in the South East's burgeoning industrial hemp market, it also provides us with a strong financial partner.''
InMed Pharmaceuticals, Inc. (OTCQX: IMLFF) (TSX: IN) is a pre-clinical stage biopharmaceutical company that specializes in developing novel therapies through the research and development into the extensive pharmacology of cannabinoids coupled with innovative drug delivery systems. InMed Pharmaceuticals Inc. recently reported financial results for the three and six months ended December 31, 2018, which is the Company's second quarter of the fiscal year 2019. "During the second quarter of fiscal 2019, InMed made some significant advancements, specifically with our two scientific priorities of 2019," stated President and Chief Executive Officer, Eric A. Adams. "Regarding our INM-750 program for the treatment of Epidermolysis Bullosa, we are nearing our final selection of the contract manufacturing organizations that will provide the process and analytical development and GMP production of the topical cream for our first-in-human trial; the final decision should be made by the end of this month. Between now and early summer, we will also be working on the GMP supply of the active pharmaceutical ingredients to be used in the Phase I clinical trial. During the balance of calendar 2019, we plan to initiate stability studies and other regulatory enabling studies, which will lead into Phase I trial. We are still currently targeting a Clinical Trial Application ("CTA") submission to Health Canada in the second half of calendar 2019, and the beginning of the Phase I trial by the end of calendar 2019."
Freedom Leaf, Inc. (OTCQB: FRLF) is a diversified, global leader in plant-based care providing premium Hemp CBD health products across advanced care, consumer and pet markets to promote greater health, wellness and longevity. Freedom Leaf, Inc. and Pura Naturals, Inc. (OTC: PNAT), makers of eco-friendly earth-conscious health and beauty products, recently announced a Strategic Alliance Agreement between the companies. On December 20, 2018, Pura and Freedom Leaf entered into a Strategic Alliance Agreement where Freedom Leaf will supply CBD to Pura as part of Pura's health and beauty line of products that contain CBD. The Pura Health and Beauty Line will feature "IrieCBD Inside" with Freedom Leaf, Inc. receiving a royalty. Freedom Leaf will also assist with marketing, distribution and sales of Pura's products and receive a fee for this work. Clifford J Perry, Chief Executive Officer and Member of the Board of Directors of Freedom Leaf, adds, "Freedom Leaf is happy to provide our CO2 extracted CBD to Pura Naturals for inclusion in their new health and beauty line of products. We are always looking for methods of increasing the reach of our IrieCBD brand."
Puration, Inc. (OTC: PURA) is a leading Texas-based, CBD-infused beverage provider. Puration, Inc. recently announced that its EVERx CBD Sports Water will be featured next month in Europe at an industry trade show by the company's first distribution partner in Europe. After achieving its first million dollars in sales, PURA recently updated its EVERx formula and introduced new packaging with a new EVERx logo. The new formula and packaging were launched last week at an event hosted by North American Cannabis Holdings (OTC: USMJ) ("USMJ") at West Coast Ventures Group Corp's (OTCQB: WCVC) Illegal Burger in Denver. "Our EVERx sales are exploding," said Brian Shibley, Chief Executive Officer of PURA. "We are signing new distributors in new regions across the United States and we now have our first distributor in Europe. Stay tuned for an upcoming announcement about our participation in an annual event that is near and dear to our hearts here at PURA. We will soon be announcing our third year at this event with our biggest role yet at this huge event."
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/
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.